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Porter Bancorp, Inc. Announces Fourth Quarter And 2012 Results

Stocks in this article: PBIB

Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported unaudited results for the fourth quarter and year ended December 31, 2012.

The Company reported net loss to common shareholders of $7.0 million, or ($0.59) per diluted share, for the fourth quarter of 2012 compared with net loss to common shareholders of $54.5 million, or ($4.64) per diluted share, for the fourth quarter of 2011. Net loss to common shareholders for the year ended December 31, 2012, was $33.4 million, or ($2.85) per diluted common share, compared with net loss to common shareholders of $105.2 million, or ($8.98) per diluted share, for the year ended December 31, 2011. The loss for the year ended December 31, 2011, includes a non-recurring 100% goodwill impairment charge of $23.8 million recorded in the second quarter of 2011, and the establishment of a 100% deferred tax valuation allowance of $31.7 million in the fourth quarter of 2011.

Financial performance continues to be negatively impacted by the Bank’s high level of nonperforming loans and other real estate owned. Non-performing loans increased to $94.6 million, or 10.52% of total loans, at December 31, 2012, compared with $90.1 million, or 9.47% of total loans, at September 30, 2012. Non-performing assets decreased on a dollar basis and increased on a percentage basis to $138.3 million, or 11.9% of total assets, compared with $139.0 million, or 10.8% of total assets, at September 30, 2012.

Foreclosed properties at December 31, 2012, decreased to $43.7 million compared with $48.8 million at September 30, 2012, and increased compared with $41.4 million at December 31, 2011. During the fourth quarter of 2012, the Company acquired $2.0 million of OREO, sold $5.1 million of OREO, and recorded OREO fair value write-downs totaling $2.1 million to reflect new appraisals or marketing prices during the fourth quarter of 2012.

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