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Porter Bancorp, Inc. Announces Third Quarter 2012 Results

Stocks in this article: PBIB

Additional Information

Unaudited supplemental financial information for the third quarter ending September 30, 2012 follows.

 
 
 

PORTER BANCORP, INC. Unaudited Financial Information(in thousands, except share and per share data)

 
  Three   Three   Three   Nine   Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/12 6/30/12 9/30/11 9/30/12 9/30/11

 

 

 

Income Statement Data
Interest income $ 13,987 $ 14,812 $ 18,103 $44,554 $ 56,917
Interest expense   3,855     4,017     5,448   12,173     17,053  

 

 

 

Net interest income 10,132 10,795 12,655 32,381 39,864
Provision for loan losses   25,500     4,000     8,000   33,250     26,800  

 

 

 

 

Net interest income after provision (15,368 ) 6,795 4,655 (869 ) 13,064
 
Service charges on deposit accounts 563 556 690 1,673 1,979
Income from fiduciary activities 261 291 237 803 738
Bank card interchange fees 180 196 168 553 500
Other real estate owned rental income 180 25 93 242 147
Gains on sales of loans originated for sale 138 77 123 260 664
Gains on sales of securities, net 1,511 3,530 1,108
Other   399     362     389   1,123     1,216  

 

 

 

Non-interest income 1,721 3,018 1,700 8,184 6,352
 
Salaries & employee benefits 4,264 3,982 3,780 12,558 12,084
Occupancy and equipment 971 969 957 2,826 2,910
Goodwill impairment 23,794
Other real estate owned expense 5,204 1,205 17,029 7,666 40,505
FDIC insurance 559 832 930 2,264 2,640
Loan collection expense 792 586 802 1,738 1,989
Professional fees 776 567 329 1,699 963
Franchise tax 496 592 582 1,680 1,746
Communications expense 175 168 176 523 509
Postage and delivery 108 109 117 339 368
Advertising 44 28 93 105 282
Other   761     624     628   2,061     1,787  

 

 

 

Non-interest expense 14,150 9,662 25,423 33,459 89,577
 
Income (loss) before income taxes (27,797 ) 151 (19,068 ) (26,144 ) (70,161 )
Income tax expense (benefit)   (65 )       (6,906 ) (65 )   (18,809 )

 

 

 

Net income (loss) (27,732 ) 151 (12,162 ) (26,079 ) (51,352 )
Less:
Dividends on preferred stock 437 438 437 1,312 1,312
Accretion on preferred stock 44 45 45 134 133
Earnings (loss) allocated to participating securities   (1,264 )   (13 )   (463 ) (1,095 )   (1,995 )
 
Net income (loss) available to common $ (26,949 ) $ (319 ) $ (12,181 ) $(26,430 ) $ (50,802 )

 

 

 

 
Weighted average shares – Basic 11,751,818 11,733,156 11,721,591 11,732,835 11,713,040
Weighted average shares – Diluted 11,751,818 11,733,156 11,721,591 11,732,835 11,713,040
 
Basic earnings (loss) per common share $ (2.29 ) $ (0.03 ) $ (1.04 ) $ (2.25 ) $ (4.34 )
Diluted earnings (loss) per common share $ (2.29 ) $ (0.03 ) $ (1.04 ) $ (2.25 ) $ (4.34 )
Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.02

 
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
  Three   Three   Three   Nine   Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/12 6/30/12 9/30/11 9/30/12 9/30/11

 

 

 

Average Balance Sheet Data
Assets $ 1,326,457 $ 1,363,340 $ 1,625,590 $ 1,367,318 $ 1,690,386
Loans 1,008,053 1,078,497 1,227,024 1,068,356 1,261,790
Earning assets 1,261,864 1,307,520 1,506,384 1,306,590 1,559,065
Deposits 1,196,580 1,231,281 1,405,543 1,235,573 1,453,121
Long-term debt and advances 38,328 38,959 50,463 38,944 50,034
Interest bearing liabilities 1,126,045 1,159,447 1,361,537 1,164,309 1,409,069
Stockholders’ equity 81,029 83,987 151,055 83,217 169,269
 
 
Performance Ratios
Return on average assets (8.32 )% 0.04 % (2.97 )% (2.55 )% (4.06 )%
Return on average equity (136.16 ) 0.72 (31.94 ) (41.86 ) (40.56 )
Yield on average earning assets (tax equivalent) 4.45 4.59 4.81 4.59 4.92
Cost of interest bearing liabilities 1.36 1.39 1.59 1.40 1.62
Net interest margin (tax equivalent) 3.23 3.35 3.38 3.35 3.46
Efficiency ratio 119.38 78.54 177.10 90.34 145.83
 
 
Loan Charge-off Data
Loans charged-off $ (23,487 ) $ (6,438 ) $ (7,367 ) $ (32,507 ) $ (21,830 )
Recoveries   412     79     142     697     237  

 

 

 

 

Net charge-offs $ (23,075 ) $ (6,359 ) $ (7,225 ) $ (31,810 ) $ (21,593 )
 
 
Non-Accrual Loan Activity
Non-accrual loans at beginning of period $ 81,653 $ 97,230 $ 60,331 $ 92,020 $ 59,799
Loans returned to accrual status (929 )
Net principal pay-downs (5,768 ) (4,084 ) (3,059 ) (15,092 ) (9,920 )
Charge-offs (13,442 ) (4,902 ) (4,804 ) (20,656 ) (15,538 )
Loans foreclosed and transferred to OREO (3,339 ) (15,243 ) (3,613 ) (22,411 ) (17,043 )
Loan collateral repossessed (10 )
Loans placed on non-accrual during the period   29,528     8,652     11,216     54,771     41,834  
 
Non-accrual loans at end of period $ 88,632   $ 81,653   $ 59,132   $ 88,632   $ 59,132  
 
 
 
Other Real Estate Owned (OREO) Activity (Net of Allowance)
OREO at beginning of period $ 54,365 $ 35,574 $ 49,913 $ 41,449 $ 67,635
Real estate acquired 3,405 23,910 15,971 31,531 31,232
Valuation adjustment write-downs (4,260 ) (350 ) (15,265 ) (5,090 ) (30,702 )
Proceeds from sales of properties (4,140 ) (4,223 ) (5,189 ) (17,573 ) (17,279 )
Gain (loss) on sales, net (533 ) (546 ) (673 ) (1,481 ) (7,549 )
Capital improvements           176     1     1,596  
 
OREO at end of period $ 48,837   $ 54,365   $ 44,933   $ 48,837   $ 44,933  

 
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
  As of   As of   As of   As of
9/30/12 6/30/12 12/31/11 9/30/11

 

 

 

Assets
Loans $ 952,021 $ 1,041,292 $ 1,136,717 $ 1,206,341
Loan loss reserve   (54,019 )   (51,594 )   (52,579 )   (39,492 )

 

 

 

1
Net loans 898,002 989,698 1,084,138 1,166,849
Securities available for sale 198,148 194,091 158,833 158,813
Federal funds sold & interest bearing deposits 69,928 30,762 92,034 93,062
Cash and due from financial institutions 11,854 5,599 13,928 27,319
Premises and equipment 20,955 21,223 21,541 21,791
Other real estate owned 48,837 54,365 41,449 44,933
Deferred tax assets 24,005
Accrued interest receivable and other assets   38,317     39,114     43,501     41,251  

 

 

 

 

Total Assets $ 1,286,041   $ 1,334,852   $ 1,455,424   $ 1,578,023  

 

 

 

 

 
Liabilities and Equity
Certificates of deposit $ 882,303 $ 909,504 $ 1,024,333 $ 1,075,226
Interest checking 80,524 82,208 87,653 77,229
Money market 63,594 60,704 64,302 79,790
Savings   39,703     39,509     36,357     36,508  

 

 

 

 

Total interest bearing deposits 1,066,124 1,091,925 1,212,645 1,268,753
Demand deposits   111,403     112,797     111,118     104,694  

 

 

 

 

Total deposits 1,177,527 1,204,722 1,323,763 1,373,447
Federal funds purchased & repurchase agreements 2,403 2,501 1,738 11,328
FHLB advances 5,960 6,398 7,116 13,155
Junior subordinated debentures 32,200 32,200 32,650 32,875
Accrued interest payable and other liabilities   12,967     7,526     7,628     8,000  

 

 

 

 

Total liabilities 1,231,057 1,253,347 1,372,895 1,438,805
Stockholders’ equity   54,984     81,505     82,529     139,218  

 

 

 

 

Total Liabilities and Stockholders’ Equity $ 1,286,041   $ 1,334,852   $ 1,455,424   $ 1,578,023  

 

 

 

 

 
Ending shares outstanding 12,007,127 11,934,872 11,824,472 11,830,581
Book value per common share $ 1.39 $ 3.62 $ 3.74 $ 8.53
Tangible book value per common share 1.22 3.44 3.54 8.32
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 1,486 $ 88 $ 1,350 $ 655
Non-accrual loans   88,632     81,653     92,020     59,132  

 

 

 

 

Total non-performing loans 90,118 81,741 93,370 59,787
Real estate acquired through foreclosures 48,837 54,365 41,449 44,933
Other repossessed assets   5     5     5     19  

 

 

 

 

Total non-performing assets $ 138,960   $ 136,111   $ 134,824   $ 104,739  

 

 

 

 

Non-performing loans to total loans 9.47 % 7.85 % 8.22 % 4.96 %
Non-performing assets to total assets 10.81 10.20 9.26 6.64
Allowance for loan losses to non-performing loans 59.94 63.12 56.31 66.05
Allowance for loan losses to total loans 5.68 4.96 4.63 3.27
 
Risk-based Capital Ratios
Tier 1 leverage ratio 5.00 % 7.56 % 6.53 % 9.72 %
Tier 1 risk-based capital ratio 7.03 9.95 9.23 13.13
Total risk-based capital ratio 10.01 11.94 11.22 15.07
 
FTE employees 291 300 291 298




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