This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Porter Bancorp, Inc. Announces Fourth Quarter And 2012 Results

Stocks in this article: PBIB

Asset quality remediation, capital restoration, and lowering the risk profile of the Company will be major objectives during 2013. Under the direction of John T. Taylor, President and CEO of PBI Bank, our leadership team remains focused on serving the bank’s customers and communities throughout Central Kentucky.

PBIB-G PBIB-F

Forward-Looking Statements

Statements in this press release relating to Porter Bancorp’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on management’s current expectations. Porter Bancorp’s actual results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed under “Risk Factors” in the Company’s Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of the release and Porter Bancorp does not assume any responsibility to update these statements.

Additional Information

Unaudited supplemental financial information for the fourth quarter and year ending December 31, 2012 follows.

         
PORTER BANCORP, INC.
Unaudited Financial Information

(in thousands, except share and per share data)

 
Three Three Three Twelve Twelve
Months Months Months Months Months
Ended Ended Ended Ended Ended
12/31/12 9/30/12 12/31/11 12/31/12 12/31/11  
Income Statement Data
Interest income $ 13,175 $ 13,987 $ 16,637 $ 57,729 $ 73,554
Interest expense 3,601 3,855 4,986 15,774 22,039
Net interest income 9,574 10,132 11,651 41,955 51,515
Provision for loan losses 7,000 25,500 35,800 40,250 62,600
Net interest income after provision 2,574 (15,368 ) (24,149 ) 1,705 (11,085 )
 
Service charges on deposit accounts 566 563 630 2,239 2,609
Income from fiduciary activities 374 261 255 1,177 993
Bank card interchange fees 174 180 168 727 668
Other real estate owned rental income 178 180 53 420 200
Gains on sales of loans originated for sale 78 138 49 338 713
Gains on sales of securities, net (294 ) 3,236 1,108
Other than temporary impairment on securities (41 ) (41 )
Other 330 399 367 1,453 1,583
Non-interest income 1,406 1,721 1,481 9,590 7,833
 
Salaries & employee benefits 4,090 4,264 3,134 16,648 15,218
Occupancy and equipment 816 971 819 3,642 3,729
Goodwill impairment 23,794
Other real estate owned expense 2,883 5,204 7,020 10,549 47,525
FDIC insurance 571 559 830 2,835 3,470
Loan collection expense 704 792 520 2,442 2,509
Franchise tax 494 496 482 2,174 2,228
Professional fees 286 776 429 1,985 1,392
Communications expense 187 175 169 710 678
Borrowing prepayment fees 486 486
Postage and delivery 115 108 117 454 485
Advertising 49 44 32 154 314
Other 638 761 658 2,699 2,445
Non-interest expense 10,833 14,150 14,696 44,292 104,273
 
(Loss) before income taxes (6,853 ) (27,797 ) (37,364 ) (32,997 ) (107,525 )
Income tax expense (benefit) (65 ) 18,591 (65 ) (218 )
Net (loss) (6,853 ) (27,732 ) (55,955 ) (32,932 ) (107,307 )
Less:
Dividends on preferred stock (438 ) (437 ) (438 ) (1,750 ) (1,750 )
Accretion on preferred stock (45 ) (44 ) (44 ) (179 ) (177 )
Loss allocated to participating securities 343 1,264 1,980 1,429 4,080
Net (loss) to common shareholders $ (6,993 ) $ (26,949 ) $ (54,457 ) $ (33,432 ) $ (105,154 )
 
Weighted average shares – Basic 11,762,330 11,751,818 11,724,456 11,746,719 11,715,461
Weighted average shares – Diluted 11,762,330 11,751,818 11,724,456 11,746,719 11,715,461
 
Basic (loss) per common share $ (0.59 ) $ (2.29 ) $ (4.64 ) $ (2.85 ) $ (8.98 )
Diluted (loss) per common share $ (0.59 ) $ (2.29 ) $ (4.64 ) $ (2.85 ) $ (8.98 )
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 Twelve Twelve
Months Months Months Months Months
Ended Ended Ended Ended Ended
12/31/12 9/30/12 12/31/11 12/31/12 12/31/11
Average Balance Sheet Data
Assets $ 1,264,867 $ 1,326,457 $ 1,569,669 $ 1,341,565 $ 1,659,959
Loans 928,974 1,008,053 1,189,123 1,033,320 1,243,474
Earning assets 1,207,711 1,261,864 1,463,093 1,281,735 1,534,875
Deposits 1,162,015 1,196,580 1,379,093 1,217,083 1,434,462
Long-term debt and advances 37,710 38,328 44,040 38,634 48,523
Interest bearing liabilities 1,085,424 1,126,045 1,320,481 1,144,480 1,386,740
Stockholders’ equity 53,229 81,029 130,250 75,679 159,434
 
Performance Ratios
Return on average assets (2.16) % (8.32) % (14.14) % (2.45) % (6.46) %
Return on average equity (51.22) (136.16) (170.44) (43.52) (67.30)
Yield on average earning assets (tax equivalent) 4.38 4.45 4.55 4.54 4.83
Cost of interest bearing liabilities 1.32 1.36 1.50 1.38 1.59
Net interest margin (tax equivalent) 3.19 3.23 3.20 3.31 3.40
Efficiency ratio 96.09 119.38 111.56 91.68 138.09
 
Loan Charge-off Data
Loans charged-off $ (5,008 ) $ (23,487 ) $ (22,816 ) $ (37,515 ) $ (44,646 )
Recoveries 669 412 103 1,366   340
Net charge-offs $ (4,339 ) $ (23,075 ) $ (22,713 ) $ (36,149 ) $ (44,306 )
 
 
Non-Accrual Loan Activity
Non-accrual loans at beginning of period $ 88,632 $ 81,653 $ 59,132 $ 92,020 $ 59,799
Loans returned to accrual status (123 ) (7,792 )
Net principal pay-downs (3,576 ) (5,768 ) (5,918 ) (18,668 ) (15,838 )
Charge-offs (3,856 ) (13,442 ) (14,820 ) (24,512 ) (30,358 )
Loans foreclosed and transferred to OREO (1,998 ) (3,339 ) (7,516 ) (24,409 ) (24,549 )
Loan collateral repossessed (10 )
Loans placed on non-accrual during the period 15,315 29,528 61,265 70,086 110,768
Non-accrual loans at end of period $ 94,517 $ 88,632 $ 92,020 $ 94,517 $ 92,020
 
Other Real Estate Owned (OREO) Activity (Net of Allowance)
OREO at beginning of period $ 48,837 $ 54,365 $ 44,933 $ 41,449 $ 67,635
Real estate acquired 1,997 3,405 10,685 33,528 41,917
Valuation adjustment write-downs (2,064 ) (4,260 ) (4,172 ) (7,154 ) (34,874 )
Proceeds from sales of properties (4,908 ) (4,140 ) (8,657 ) (22,481 ) (25,990 )
Loss on sales, net (191 ) (533 ) (1,340 ) (1,672 ) (8,889 )
Capital improvements 1 1,650
OREO at end of period $ 43,671 $ 48,837 $ 41,449 $ 43,671 $ 41,449
 

     
PORTER BANCORP, INC.
Unaudited Financial Information

(in thousands, except share and per share data)

 
As of As of As of
12/31/12 9/30/12 12/31/11
Assets
Loans $ 899,599 $ 952,021 $ 1,136,717
Loan loss reserve   (56,680 ) (54,019 ) (52,579 )
Net loans 842,919 898,002 1,084,138
Securities available for sale 178,476 198,148 158,833
Federal funds sold & interest bearing deposits 41,161 69,928 92,034
Cash and due from financial institutions 8,411 11,854 13,928
Premises and equipment 20,805 20,955 21,541
Other real estate owned 43,671 48,837 41,449
Deferred tax assets
Accrued interest receivable and other assets   27,188 38,317   43,501
Total Assets $ 1,162,631 $ 1,286,041 $ 1,455,424
 
Liabilities and Equity
Certificates of deposit $ 760,573 $ 882,303 $ 1,024,333
Interest checking 87,234 80,524 87,653
Money market 63,715 63,594 64,302
Savings   39,227 39,703   36,357
Total interest bearing deposits 950,749 1,066,124 1,212,645
Demand deposits   114,310 111,403   111,118
Total deposits 1,065,059 1,177,527 1,323,763
Federal funds purchased & repurchase agreements 2,634 2,403 1,738
FHLB advances 5,604 5,960 7,116
Junior subordinated debentures 31,975 32,200 32,650
Accrued interest payable and other liabilities   10,169 12,967   7,628
Total liabilities 1,115,441 1,231,057 1,372,895
Stockholders’ equity   47,190 54,984   82,529
Total Liabilities and Stockholders’ Equity $ 1,162,631 $ 1,286,041 $ 1,455,424
 
Ending shares outstanding 12,002,421 12,007,127 11,824,472
Book value per common share $ 0.74 $ 1.39 $ 3.74
Tangible book value per common share 0.58 1.22 3.54
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 86 $ 1,486 $ 1,350
Non-accrual loans   94,517 88,632   92,020
Total non-performing loans 94,603 90,118 93,370
Real estate acquired through foreclosures 43,671 48,837 41,449
Other repossessed assets   5 5
Total non-performing assets $ 138,274 $ 138,960   $ 134,824
Non-performing loans to total loans 10.52 % 9.47 % 8.22 %
Non-performing assets to total assets 11.89 10.81 9.26
Allowance for loan losses to non-performing loans 59.91 59.94 56.31
Allowance for loan losses to total loans 6.30 5.68 4.63
 
Risk-based Capital Ratios
Tier 1 leverage ratio 4.50 % 5.00 % 6.53 %
Tier 1 risk-based capital ratio 6.46 7.03 9.23
Total risk-based capital ratio 9.81 10.01 11.22
 
FTE employees 278 291 291




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs