Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank,
announced today that it filed its 10-Q with the Securities and
Exchange Commission for the second quarter ended June 30, 2010. The
filing included an ‘other than temporary impairment’ (OTTI) charge
of $465,000 for the second quarter ended June 30, 2010, that was
not included in the Company’s financial results previously reported
on July 23, 2010. The addition of the OTTI charge for the
quarter ended June 30, 2010, reduced non-interest income to
$1,497,000 from the previously reported $1,962,000, increased the
net loss to $1,131,000 from the previously reported $829,000, and
increased the net loss available to common shareholders to
$1,614,000, or $0.19 per fully diluted share, from the previously
reported $1,310,000, or $0.15 per fully diluted share. The OTTI
charge is reflected in the revised income statement included with
this release for the three and six months ended June 30, 2010. For
a more detailed review of the second quarter 2010 OTTI charge,
please refer to Porter Bancorp’s 10-Q for the quarter ending June
30, 2010, as filed with the Securities and Exchange Commission.
The Company determined that the OTTI charge should be included
in its second quarter 2010 results after reviewing stock price
trends in June, July and August following the release of its
financial results on July 23, 2010. After the review, the Company
determined that it could not objectively assert that its basis in
these equity securities that have been in an unrealized loss
position greater than 12 months was recoverable in the near term.
As such, for the second quarter, the Company recorded an OTTI
charge totaling $465,000 for equity securities held in its
portfolio with an original cost of $1.6 million. The market prices
of the stocks have been below the Company’s initial investment for
more than twelve months and after consideration of the issuers’
financial conditions and the likelihood the market value would
recover to the Company’s cost basis in a reasonable period of time,
the investments were written down to fair value.
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in
Louisville, Kentucky, had $1.8 billion in assets as of June
30, 2010. Through Porter’s subsidiary PBI Bank, it operates 18 full
service banking offices in Kentucky. Porter Bancorp’s common stock
is traded on the Nasdaq Global Market under the symbol “PBIB.”
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. 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.
PBIB-F PBIB-G
PORTER BANCORP, INC. AND
SUBSIDIARY
Unaudited Consolidated
Statements of Income
(dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30,
2010 2009 2010 2009 Interest income
Loans, including fees $ 19,771 $ 21,102 $ 39,644 $ 42,372 Taxable
securities 1,999 2,152 4,334 4,014 Tax exempt securities 215 223
431 444 Fed funds sold and other 141 168
343
317
22,126
23,645
44,752
47,147
Interest expense Deposits 6,543 9,468 13,926 19,386 Federal Home
Loan Bank advances 500 937 1,220 2,086 Subordinated capital note 77
98 152 200 Junior subordinated debentures 159 209 311 460 Federal
funds purchased and other 120 120 239
235 7,399 10,832 15,848
22,367 Net interest income 14,727 12,813 28,904
24,780 Provision for loan losses 6,600 1,600
9,600 3,200 Net interest income after
provision for loan losses 8,127 11,213 19,304 21,580
Non-interest income Service charges on deposit accounts 793 788
1,513 1,476 Income from fiduciary activities 273 198 525 418
Secondary market brokerage fees 130 73 190 131 Title insurance
commissions 39 44 76 64 Net gain on sales of loans originated for
sale 184 241 275 241 Net gain on sales of securities 24 – 81 1
Other than temporary impairment on securities (465 ) – (465 ) –
Other 519 551 994 1,050
1,497 1,895 3,189 3,381
Non-interest expense Salaries and employee benefits 3,931 3,813
7,878 7,691 Occupancy and equipment 1,015 981 2,037 1,979 Other
real estate owned expense 3,854 226 4,232 353 FDIC Insurance 706
503 1,411 962 FDIC special assessment – 781 – 781 State franchise
tax 543 450 1,086 900 Professional fees 292 203 558 431 Postage and
delivery 198 184 386 368 Communications 173 230 359 385 Advertising
77 125 173 283 Other 724 732 1,442
1,371 11,513 8,228 19,562
15,504 Income (loss) before income taxes (1,889 )
4,880 2,931 9,457 Income tax expense (benefit) (758 )
1,635 806 3,151 Net income (loss) (1,131 )
3,245 2,125 6,306 Less: Dividends on preferred stock 437 437 875
875 Accretion on Series A preferred stock 44 44 88 88 Earnings
allocated to participating securities 2 –
83 – Net income (loss) available to common
shareholders $ (1,614 ) $ 2,764 $ 1,079 $ 5,343 Basic and
diluted earnings (loss) per common share $ (0.19 ) $ 0.31 $ 0.13
$ 0.61
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