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Porter Bancorp, Inc. Announces Fourth Quarter And 2012 Results

Provision for loan losses totaled $7.0 million for the fourth quarter of 2012 and declined from $25.5 million in the third quarter of 2012, and $35.8 million in the fourth quarter of 2011. Provision for loan losses totaled $40.3 million for the year ended December 31, 2012, compared to $62.6 million for the year ended December 31, 2011.

Net loan charge-offs totaled $4.3 million for the fourth quarter of 2012 and was down from $23.1 million in the third quarter of 2012, and $22.7 million in the fourth quarter of 2011. Net loan charge-offs totaled $36.1 million for the year ended December 31, 2012, compared with $44.3 million for the year ended December 31, 2011.

Net interest income was lower in the three and twelve months ended December 31, 2012, compared with the same periods in 2011, as average earning assets, primarily loans, declined $253.1 million and net interest margin declined 9 basis points between the twelve months ended December 31, 2012, and the twelve months ended December 31, 2011.

At December 31, 2012, PBI Bank’s Tier 1 leverage ratio was 5.37% and its Total risk-based capital ratio was 9.82%, which are below the minimums of 9.0% and 12.0% required by the Bank’s Consent Order with its primary regulators. At December 31, 2012, Porter Bancorp’s Tier 1 leverage ratio was 4.50%, compared with 5.00% at September 30, 2012, and 6.53% at December 31, 2011, and its Total risk-based capital ratio was 9.81% compared with 10.01% at September 30, 2012, and 11.22% at December 31, 2011.

Management and the Board of Directors are evaluating appropriate strategies for increasing the Company’s capital in order to meet the capital requirements of our Consent Order. These include, among other things, a possible public offering or private placement of common stock to new and existing shareholders. We have engaged Sandler O’Neill & Partners, LP to act as our financial advisor and to assist our Board in this evaluation.

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