UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
_____________
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 30, 2014
PORTER
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Kentucky
|
001-33033
|
61-1142247
|
(State
or other jurisdiction of
incorporation
and organization)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
2500 Eastpoint Parkway, Louisville, Kentucky, 40223
(Address
of principal executive offices)
(502)
499-4800
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
⃞
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
⃞
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
⃞
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
On July 30, 2014, Porter Bancorp, Inc. issued a press release announcing
its financial results for the second quarter ended June 30, 2014. A copy
of the press release is attached hereto as Exhibit 99.1.
The information in this Form 8-K and in Exhibit 99.1 attached hereto is
being furnished to the Securities and Exchange Commission pursuant to
Item 2.02 – Results of Operations and Financial Condition and shall not
be deemed filed for purposes of Section 18 of the Securities Act of
1934, or otherwise subject to the liabilities of that section, nor shall
it be deemed incorporated by reference in any filing under the
Securities Act of 1933, except as shall be expressly set forth by
specific reference in such filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No.
|
|
Description of Exhibit
|
99.1
|
|
Press Release issued by Porter Bancorp, Inc. on July 30, 2014
|
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 30, 2014
|
Porter Bancorp Inc.
|
|
|
|
|
|
By:
|
/s/ Phillip W. Barnhouse
|
|
|
|
Phillip W. Barnhouse
|
|
|
|
Chief Financial Officer
|
EXHIBIT INDEX
Exhibit
|
Description
|
|
|
99.1
|
Press Release dated July 30, 2014
|
Exhibit 99.1
Porter
Bancorp, Inc. Reports Second Quarter Results
Second
Quarter 2014 Net Loss Attributable to Common Shareholders of $672,000
LOUISVILLE, Ky.--(BUSINESS WIRE)--July 30, 2014--Porter Bancorp, Inc.
(NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking
offices in Kentucky, today reported unaudited results for the second
quarter of 2014.
The Company reported a net loss attributable to common shareholders of
$672,000, or ($0.06) per diluted share, for the second quarter of 2014
compared with a net loss of $1.7 million, or ($0.14) per diluted share,
for the second quarter of 2013. Net loss attributable to common
shareholders for the six months ended June 30, 2014, was $1.6 million,
or ($0.14) per diluted common share, compared with net loss attributable
to common shareholders of $2.2 million, or ($0.19) per diluted share,
for the six months ended June 30, 2013.
Our primary initiatives for 2014 are to continue reducing non-performing
assets, restore capital, and return to sustainable profitability while
continuing to serve our customers and develop new quality financial
relationships.
Second Quarter 2014 Financial Performance Highlights
-
Net Interest Income – Net interest income increased to
$7.6 million for the second quarter of 2014 compared with $7.3 million
in the first quarter of 2014 and decreased from $8.4 million in the
second quarter of 2013 as average loans declined to $677.6 million for
the second quarter of 2014 compared with $698.2 million in the first
quarter of 2014 and $806.9 million in the second quarter of 2013. Net
interest margin increased to 3.13% in the second quarter of 2014,
compared with 2.96% in the first quarter of 2014, and declined from
3.24% in the second quarter of 2013. While earning assets have
decreased and interest expense has remained relatively flat, net
interest margin was positively impacted in the second quarter by the
collection of previously charged-off accrued uncollected interest and
late charges of approximately $240,000 along with the full unpaid
principal balance on three nonaccrual loans.
-
Provision for Loan Losses – No provision for loan losses
expense was recorded for the second or first quarters of 2014, or in
the second quarter of 2013 due to the downsizing of the loan
portfolio, declining historical loss rates, and a reduction in loans
migrating downward in risk grade classification. The allowance for
loan losses for loans evaluated collectively for impairment was 3.95%
at June 30, 2014, compared with 4.10% at March 31, 2014, and 4.56% at
June 30, 2013.
-
Non-performing Assets - Non-performing assets, which include
loans past due 90 days and still accruing, loans on nonaccrual, and
other real estate owned (OREO), decreased to $107.3 million, or 10.20%
of total assets at June 30, 2014, compared with $123.3 million, or
11.59% of total assets, at March 31, 2014, and $159.3 million, or
14.86% of total assets, at June 30, 2013.
Non-performing loans decreased to $44.4 million, or 6.90% of total
loans, at June 30, 2014, compared with $77.3 million, or 11.33% of total
loans, at March 31, 2014. The decline was primarily driven by $18.5
million of nonaccrual loans migrating to OREO, $12.2 million in
principal payments received on nonaccrual loans, and $2.9 million of
charge-offs.
Non-performing loans and OREO remain at elevated levels and continue to
negatively impact financial performance.
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December 31,
2013
|
|
September 30,
2013
|
|
June 30,
2013
|
|
|
|
(in thousands)
|
|
Past due loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 – 59 days
|
|
$
|
3,057
|
|
$
|
5,667
|
|
|
$
|
10,696
|
|
|
$
|
10,018
|
|
|
$
|
8,600
|
60 – 89 days
|
|
|
991
|
|
|
1,232
|
|
|
|
775
|
|
|
|
7,582
|
|
|
|
2,979
|
90 days or more
|
|
|
—
|
|
|
—
|
|
|
|
232
|
|
|
|
—
|
|
|
|
71
|
Nonaccrual loans
|
|
|
44,375
|
|
|
77,344
|
|
|
|
101,767
|
|
|
|
106,922
|
|
|
|
112,185
|
Total past due and nonaccrual loans
|
|
$
|
48,423
|
|
$
|
84,243
|
|
|
$
|
113,470
|
|
|
$
|
124,522
|
|
|
$
|
123,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
232
|
|
|
$
|
—
|
|
|
$
|
71
|
Nonaccrual loans
|
|
|
44,375
|
|
|
77,344
|
|
|
|
101,767
|
|
|
|
106,922
|
|
|
|
112,185
|
OREO
|
|
|
62,935
|
|
|
45,918
|
|
|
|
30,892
|
|
|
|
41,857
|
|
|
|
47,030
|
Total non-performing assets
|
|
$
|
107,310
|
|
$
|
123,262
|
|
|
$
|
132,891
|
|
|
$
|
148,779
|
|
|
$
|
159,286
|
|
In addition to nonaccrual loans and OREO, loans classified as Troubled
Debt Restructures (TDRs) and on accrual totaled $32.4 million at June
30, 2014, compared to $41.8 million at March 31, 2014 and $54.9 million
at June 30, 2013.
OREO at June 30, 2014 increased to $62.9 million, compared with $45.9
million at March 31, 2014, and $47.0 million at June 30, 2013. The
Company acquired $19.6 million in OREO and sold $2.2 million in OREO
during the second quarter of 2014. Fair value write-downs arising from
new appraisals or lower marketing prices totaled $400,000 in the second
quarter of 2014, compared with $250,000 in the first quarter of 2014 and
$977,000 in the second quarter of 2013.
-
Non-interest Expense – Non-interest expense increased $442,000
to $8.9 million for the second quarter of 2014, compared with $8.5
million for the first quarter of 2014, and decreased $2.9 million
compared with $11.8 million for the second quarter of 2013. The
increase from the first quarter of 2014 was due to increases in salary
and employee benefit expenses, OREO expenses, and professional fees.
The reduction in non-interest expense from the second quarter of 2013
was attributable primarily to lower loan collection expenses and lower
OREO expenses.
-
Income Tax Benefit – The calculation for the income tax
provision or benefit generally does not consider the tax effects of
changes in other comprehensive income, or OCI, which is a component of
stockholders’ equity on the balance sheet. However, an exception is
provided in certain circumstances, such as when there is a full
valuation allowance against net deferred tax assets, there is a loss
from continuing operations and income in other components of the
financial statements. In such a case, pre-tax income from other
categories, such as changes in OCI, must be considered in determining
a tax benefit to be allocated to the loss from continuing operations.
Our June 30, 2014 tax benefit is entirely due to gains in other
comprehensive income that are presented in current operations in
accordance with applicable accounting standards.
-
Capital – At June 30, 2014, PBI Bank’s Tier 1 leverage
ratio was 6.51% compared with 6.36% at March 31, 2014, and its Total
risk-based capital ratio was 11.79% at June 30, 2014 compared with
11.50% at March 31, 2014, which are below the minimums of 9.0% and
12.0% required by the Bank’s Consent Order. At June 30, 2014, Porter
Bancorp’s leverage ratio was 4.89% compared with 4.87% at March 31,
2014, and its Total risk-based capital ratio was 11.07%, compared with
10.93% at March 31, 2014.
Management and the Board of Directors continue to evaluate appropriate
strategies for increasing the Company’s capital in order to meet the
capital requirements of the Consent Order. These include, among other
things, a possible public offering or private placement of common stock
to new and existing shareholders. As previously announced, the Company
has engaged a financial advisor to assist the Board of Directors in this
evaluation.
PBIB-G
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,” “possible,” “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 indicated by
forward-looking statements due to various risks and uncertainties,
including our ability to reduce our level of higher risk loans such as
commercial real estate and real estate development loans, reduce our
level of non-performing loans and other real estate owned, and increase
net interest income in a low interest rate environment, as well as our
need to increase capital. These and other risks and uncertainties are
described in greater detail 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 second quarter
ending June 30, 2014 follows.
|
|
|
PORTER BANCORP, INC. Unaudited Financial Information (in
thousands, except share and per share data)
|
|
|
|
Three
|
|
Three
|
|
Three
|
|
Six
|
|
Six
|
|
|
Months
|
|
Months
|
|
Months
|
|
Months
|
|
Months
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
6/30/14
|
|
3/31/14
|
|
6/30/13
|
|
6/30/14
|
|
6/30/13
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
10,166
|
|
|
$
|
9,897
|
|
|
$
|
11,168
|
|
|
$
|
20,063
|
|
|
$
|
22,426
|
|
Interest expense
|
|
|
2,552
|
|
|
|
2,597
|
|
|
|
2,816
|
|
|
|
5,149
|
|
|
|
5,776
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
7,614
|
|
|
|
7,300
|
|
|
|
8,352
|
|
|
|
14,914
|
|
|
|
16,650
|
|
Provision for loan losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
450
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision
|
|
|
7,614
|
|
|
|
7,300
|
|
|
|
8,352
|
|
|
|
14,914
|
|
|
|
16,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
487
|
|
|
|
468
|
|
|
|
506
|
|
|
|
955
|
|
|
|
999
|
|
Income from fiduciary activities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
517
|
|
Bank card interchange fees
|
|
|
205
|
|
|
|
161
|
|
|
|
196
|
|
|
|
366
|
|
|
|
368
|
|
Other real estate owned income
|
|
|
18
|
|
|
|
7
|
|
|
|
230
|
|
|
|
25
|
|
|
|
342
|
|
Gains (losses) on sales of securities, net
|
|
|
2
|
|
|
|
44
|
|
|
|
703
|
|
|
|
46
|
|
|
|
703
|
|
Income from bank owned life insurance
|
|
|
62
|
|
|
|
76
|
|
|
|
305
|
|
|
|
138
|
|
|
|
384
|
|
Other
|
|
|
175
|
|
|
|
159
|
|
|
|
208
|
|
|
|
334
|
|
|
|
482
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
|
|
|
949
|
|
|
|
915
|
|
|
|
2,148
|
|
|
|
1,864
|
|
|
|
3,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & employee benefits
|
|
|
3,949
|
|
|
|
3,741
|
|
|
|
3,999
|
|
|
|
7,690
|
|
|
|
8,138
|
|
Occupancy and equipment
|
|
|
896
|
|
|
|
892
|
|
|
|
913
|
|
|
|
1,788
|
|
|
|
1,844
|
|
Other real estate owned expense
|
|
|
774
|
|
|
|
662
|
|
|
|
1,657
|
|
|
|
1,436
|
|
|
|
2,448
|
|
FDIC insurance
|
|
|
571
|
|
|
|
540
|
|
|
|
650
|
|
|
|
1,111
|
|
|
|
1,289
|
|
Franchise tax
|
|
|
405
|
|
|
|
425
|
|
|
|
537
|
|
|
|
830
|
|
|
|
1,074
|
|
Loan collection expense
|
|
|
389
|
|
|
|
539
|
|
|
|
2,407
|
|
|
|
928
|
|
|
|
3,442
|
|
Professional fees
|
|
|
764
|
|
|
|
558
|
|
|
|
499
|
|
|
|
1,322
|
|
|
|
905
|
|
Communications expense
|
|
|
165
|
|
|
|
235
|
|
|
|
179
|
|
|
|
400
|
|
|
|
354
|
|
Postage and delivery
|
|
|
94
|
|
|
|
110
|
|
|
|
102
|
|
|
|
204
|
|
|
|
215
|
|
Insurance expense
|
|
|
153
|
|
|
|
149
|
|
|
|
160
|
|
|
|
302
|
|
|
|
311
|
|
Other
|
|
|
784
|
|
|
|
651
|
|
|
|
706
|
|
|
|
1,435
|
|
|
|
1,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
|
|
|
8,944
|
|
|
|
8,502
|
|
|
|
11,809
|
|
|
|
17,446
|
|
|
|
21,373
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(381
|
)
|
|
|
(287
|
)
|
|
|
(1,309
|
)
|
|
|
(668
|
)
|
|
|
(1,378
|
)
|
Income tax expense (benefit)
|
|
|
(424
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(424
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
43
|
|
|
|
(287
|
)
|
|
|
(1,309
|
)
|
|
|
(244
|
)
|
|
|
(1,378
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred stock
|
|
|
789
|
|
|
|
786
|
|
|
|
437
|
|
|
|
1,574
|
|
|
|
875
|
|
Accretion on preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
45
|
|
|
|
—
|
|
|
|
90
|
|
Earnings allocated to participating securities
|
|
|
(74
|
)
|
|
|
(97
|
)
|
|
|
(110
|
)
|
|
|
(173
|
)
|
|
|
(131
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common
|
|
$
|
(672
|
)
|
|
$
|
(976
|
)
|
|
$
|
(1,681
|
)
|
|
$
|
(1,645
|
)
|
|
$
|
(2,212
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic
|
|
|
11,981,121
|
|
|
|
12,021,313
|
|
|
|
11,761,788
|
|
|
|
11,992,925
|
|
|
|
11,801,663
|
|
Weighted average shares – Diluted
|
|
|
11,981,121
|
|
|
|
12,021,313
|
|
|
|
11,761,788
|
|
|
|
11,992,925
|
|
|
|
11,801,663
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share
|
|
$
|
(0.06
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.19
|
)
|
Diluted earnings (loss) per common share
|
|
$
|
(0.06
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.19
|
)
|
Cash dividends declared per common share
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
|
|
PORTER BANCORP, INC. Unaudited Financial Information (in
thousands, except share and per share data)
|
|
|
|
Three
|
|
Three
|
|
Three
|
|
Six
|
|
Six
|
|
|
Months
|
|
Months
|
|
Months
|
|
Months
|
|
Months
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
6/30/14
|
|
3/31/14
|
|
6/30/13
|
|
6/30/14
|
|
6/30/13
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,056,888
|
|
|
$
|
1,073,586
|
|
|
$
|
1,104,807
|
|
|
$
|
1,065,191
|
|
|
$
|
1,128,182
|
|
Loans
|
|
|
677,643
|
|
|
|
698,184
|
|
|
|
806,941
|
|
|
|
687,857
|
|
|
|
839,542
|
|
Earning assets
|
|
|
991,416
|
|
|
|
1,019,173
|
|
|
|
1,050,515
|
|
|
|
1,005,218
|
|
|
|
1,080,824
|
|
Deposits
|
|
|
966,164
|
|
|
|
984,169
|
|
|
|
1,008,102
|
|
|
|
975,117
|
|
|
|
1,030,867
|
|
Long-term debt and advances
|
|
|
35,372
|
|
|
|
35,233
|
|
|
|
36,652
|
|
|
|
35,303
|
|
|
|
36,909
|
|
Interest bearing liabilities
|
|
|
893,921
|
|
|
|
911,186
|
|
|
|
941,059
|
|
|
|
902,506
|
|
|
|
962,153
|
|
Stockholders’ equity
|
|
|
37,690
|
|
|
|
36,992
|
|
|
|
46,904
|
|
|
|
37,343
|
|
|
|
47,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
0.02
|
%
|
|
|
(0.11
|
)%
|
|
|
(0.48
|
)%
|
|
|
(0.05
|
)%
|
|
|
(0.25
|
)%
|
Return on average equity
|
|
|
0.46
|
|
|
|
(3.15
|
)
|
|
|
(11.19
|
)
|
|
|
(1.32
|
)
|
|
|
(5.87
|
)
|
Yield on average earning assets (tax equivalent)
|
|
|
4.16
|
|
|
|
3.99
|
|
|
|
4.31
|
|
|
|
4.08
|
|
|
|
4.23
|
|
Cost of interest bearing liabilities
|
|
|
1.15
|
|
|
|
1.16
|
|
|
|
1.20
|
|
|
|
1.15
|
|
|
|
1.21
|
|
Net interest margin (tax equivalent)
|
|
|
3.13
|
|
|
|
2.96
|
|
|
|
3.24
|
|
|
|
3.04
|
|
|
|
3.15
|
|
Efficiency ratio
|
|
|
104.47
|
|
|
|
104.05
|
|
|
|
120.54
|
|
|
|
104.27
|
|
|
|
108.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Charge-off Data
|
|
|
|
|
|
|
|
|
|
|
Loans charged-off
|
|
$
|
(3,130
|
)
|
|
$
|
(3,082
|
)
|
|
$
|
(3,404
|
)
|
|
$
|
(6,212
|
)
|
|
$
|
(21,366
|
)
|
Recoveries
|
|
|
1,741
|
|
|
|
373
|
|
|
|
1,124
|
|
|
|
2,114
|
|
|
|
1,795
|
|
Net charge-offs
|
|
$
|
(1,389
|
)
|
|
$
|
(2,709
|
)
|
|
$
|
(2,280
|
)
|
|
$
|
(4,098
|
)
|
|
$
|
(19,571
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loan Activity
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans at beginning of period
|
|
$
|
77,344
|
|
|
$
|
101,767
|
|
|
$
|
120,943
|
|
|
$
|
101,767
|
|
|
$
|
94,517
|
|
Net principal pay-downs
|
|
|
(12,195
|
)
|
|
|
(10,245
|
)
|
|
|
(8,118
|
)
|
|
|
(22,440
|
)
|
|
|
(12,223
|
)
|
Charge-offs
|
|
|
(2,932
|
)
|
|
|
(2,472
|
)
|
|
|
(3,256
|
)
|
|
|
(5,404
|
)
|
|
|
(20,728
|
)
|
Loans foreclosed and transferred to OREO
|
|
|
(18,524
|
)
|
|
|
(16,895
|
)
|
|
|
(11,875
|
)
|
|
|
(35,419
|
)
|
|
|
(15,523
|
)
|
Loans returned to accrual status
|
|
|
(2,362
|
)
|
|
|
(870
|
)
|
|
|
(421
|
)
|
|
|
(3,232
|
)
|
|
|
(421
|
)
|
Loans placed on nonaccrual during the period
|
|
|
3,044
|
|
|
|
6,059
|
|
|
|
14,912
|
|
|
|
9,103
|
|
|
|
66,563
|
|
Nonaccrual loans at end of period
|
|
$
|
44,375
|
|
|
$
|
77,344
|
|
|
$
|
112,185
|
|
|
$
|
44,375
|
|
|
$
|
112,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings (TDRs)
|
|
|
|
|
|
|
|
|
|
|
Accruing
|
|
$
|
32,389
|
|
|
$
|
41,813
|
|
|
$
|
54,927
|
|
|
$
|
32,389
|
|
|
$
|
54,927
|
|
Nonaccrual
|
|
|
18,500
|
|
|
|
30,640
|
|
|
|
46,510
|
|
|
|
18,500
|
|
|
|
46,510
|
|
Total
|
|
$
|
50,889
|
|
|
$
|
72,453
|
|
|
$
|
101,437
|
|
|
$
|
50,889
|
|
|
$
|
101,437
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Real Estate Owned (OREO) Activity (Net of Allowance)
|
|
|
|
|
|
|
OREO at beginning of period
|
|
$
|
45,918
|
|
|
$
|
30,892
|
|
|
$
|
44,192
|
|
|
$
|
30,892
|
|
|
$
|
43,671
|
|
Real estate acquired
|
|
|
19,569
|
|
|
|
17,351
|
|
|
|
11,875
|
|
|
|
36,920
|
|
|
|
15,555
|
|
Valuation adjustment write-downs
|
|
|
(400
|
)
|
|
|
(250
|
)
|
|
|
(977
|
)
|
|
|
(650
|
)
|
|
|
(1,284
|
)
|
Proceeds from sales of properties
|
|
|
(2,206
|
)
|
|
|
(2,075
|
)
|
|
|
(7,898
|
)
|
|
|
(4,281
|
)
|
|
|
(10,553
|
)
|
Gain (loss) on sales, net
|
|
|
54
|
|
|
|
—
|
|
|
|
(162
|
)
|
|
|
54
|
|
|
|
(359
|
)
|
OREO at end of period
|
|
$
|
62,935
|
|
|
$
|
45,918
|
|
|
$
|
47,030
|
|
|
$
|
62,935
|
|
|
$
|
47,030
|
|
|
|
|
PORTER BANCORP, INC. Unaudited Financial Information (in
thousands, except share and per share data)
|
|
|
|
As of
|
|
As of
|
|
As of
|
|
As of
|
|
|
6/30/14
|
|
3/31/14
|
|
12/31/13
|
|
6/30/13
|
Assets
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
643,030
|
|
|
$
|
682,591
|
|
|
$
|
709,326
|
|
|
$
|
774,785
|
|
Loan loss reserve
|
|
|
(24,026
|
)
|
|
|
(25,415
|
)
|
|
|
(28,124
|
)
|
|
|
(37,559
|
)
|
|
|
|
|
|
|
|
|
|
Net loans
|
|
|
619,004
|
|
|
|
657,176
|
|
|
|
681,202
|
|
|
|
737,226
|
|
Mortgage loans held for sale
|
|
|
280
|
|
|
|
—
|
|
|
|
149
|
|
|
|
133
|
|
Securities held to maturity
|
|
|
43,488
|
|
|
|
43,550
|
|
|
|
43,612
|
|
|
|
—
|
|
Securities available for sale
|
|
|
180,723
|
|
|
|
166,442
|
|
|
|
163,344
|
|
|
|
176,942
|
|
Federal funds sold & interest bearing deposits
|
|
|
95,353
|
|
|
|
99,286
|
|
|
|
103,669
|
|
|
|
56,512
|
|
Cash and due from financial institutions
|
|
|
6,913
|
|
|
|
7,449
|
|
|
|
7,465
|
|
|
|
7,754
|
|
Premises and equipment
|
|
|
19,788
|
|
|
|
19,821
|
|
|
|
19,983
|
|
|
|
20,368
|
|
FHLB Stock
|
|
|
7,323
|
|
|
|
7,323
|
|
|
|
10,072
|
|
|
|
10,072
|
|
Other real estate owned
|
|
|
62,935
|
|
|
|
45,918
|
|
|
|
30,892
|
|
|
|
47,030
|
|
Accrued interest receivable and other assets
|
|
|
16,220
|
|
|
|
16,565
|
|
|
|
15,733
|
|
|
|
16,094
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
1,052,027
|
|
|
$
|
1,063,530
|
|
|
$
|
1,076,121
|
|
|
$
|
1,072,131
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$
|
631,110
|
|
|
$
|
656,475
|
|
|
$
|
679,952
|
|
|
$
|
690,557
|
|
Interest checking
|
|
|
76,625
|
|
|
|
79,689
|
|
|
|
84,626
|
|
|
|
78,218
|
|
Money market
|
|
|
95,946
|
|
|
|
89,678
|
|
|
|
79,349
|
|
|
|
65,620
|
|
Savings
|
|
|
37,178
|
|
|
|
38,524
|
|
|
|
36,292
|
|
|
|
40,121
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing deposits
|
|
|
840,859
|
|
|
|
864,366
|
|
|
|
880,219
|
|
|
|
874,516
|
|
Demand deposits
|
|
|
109,956
|
|
|
|
110,507
|
|
|
|
107,486
|
|
|
|
106,320
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
|
950,815
|
|
|
|
974,873
|
|
|
|
987,705
|
|
|
|
980,836
|
|
Federal funds purchased & repurchase agreements
|
|
|
2,451
|
|
|
|
2,240
|
|
|
|
2,470
|
|
|
|
3,292
|
|
FHLB advances
|
|
|
14,134
|
|
|
|
4,345
|
|
|
|
4,492
|
|
|
|
5,016
|
|
Junior subordinated debentures
|
|
|
30,400
|
|
|
|
30,625
|
|
|
|
30,850
|
|
|
|
31,525
|
|
Accrued interest payable and other liabilities
|
|
|
16,453
|
|
|
|
15,110
|
|
|
|
14,673
|
|
|
|
12,710
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,014,253
|
|
|
|
1,027,193
|
|
|
|
1,040,190
|
|
|
|
1,033,379
|
|
Stockholders’ equity
|
|
|
37,774
|
|
|
|
36,337
|
|
|
|
35,931
|
|
|
|
38,752
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
1,052,027
|
|
|
$
|
1,063,530
|
|
|
$
|
1,076,121
|
|
|
$
|
1,072,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
13,104,853
|
|
|
|
12,894,741
|
|
|
|
12,840,999
|
|
|
|
12,322,207
|
|
Book value per common share
|
|
$
|
(0.04
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
0.04
|
|
Tangible book value per common share
|
|
|
(0.13
|
)
|
|
|
(0.25
|
)
|
|
|
(0.29
|
)
|
|
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
|
Loan 90 days or more past due still on accrual
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
232
|
|
|
$
|
71
|
|
Nonaccrual loans
|
|
|
44,375
|
|
|
|
77,344
|
|
|
|
101,767
|
|
|
|
112,185
|
|
Total non-performing loans
|
|
|
44,375
|
|
|
|
77,344
|
|
|
|
101,999
|
|
|
|
112,256
|
|
Real estate acquired through foreclosures
|
|
|
62,935
|
|
|
|
45,918
|
|
|
|
30,892
|
|
|
|
47,030
|
|
Other repossessed assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total non-performing assets
|
|
$
|
107,310
|
|
|
$
|
123,262
|
|
|
$
|
132,891
|
|
|
$
|
159,286
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans
|
|
|
6.90
|
%
|
|
|
11.33
|
%
|
|
|
14.38
|
%
|
|
|
14.49
|
%
|
Non-performing assets to total assets
|
|
|
10.20
|
|
|
|
11.59
|
|
|
|
12.35
|
|
|
|
14.86
|
|
Allowance for loan losses to non-performing loans
|
|
|
54.14
|
|
|
|
32.86
|
|
|
|
27.57
|
|
|
|
33.46
|
|
Allowance as % of loans evaluated individually
|
|
|
2.20
|
|
|
|
2.01
|
|
|
|
2.32
|
|
|
|
5.82
|
|
Allowance as % of loans evaluated collectively
|
|
|
3.95
|
|
|
|
4.10
|
|
|
|
4.41
|
|
|
|
4.56
|
|
Allowance for loan losses to total loans
|
|
|
3.74
|
|
|
|
3.72
|
|
|
|
3.96
|
|
|
|
4.85
|
|
|
|
|
|
|
|
|
|
|
Risk-based Capital Ratios
|
|
|
|
|
|
|
|
|
Tier I leverage ratio
|
|
|
4.89
|
%
|
|
|
4.87
|
%
|
|
|
4.95
|
%
|
|
|
4.91
|
%
|
Tier I risk-based capital ratio
|
|
|
7.31
|
|
|
|
7.22
|
|
|
|
7.34
|
|
|
|
6.88
|
|
Total risk-based capital ratio
|
|
|
11.07
|
|
|
|
10.93
|
|
|
|
11.03
|
|
|
|
10.46
|
|
|
|
|
|
|
|
|
|
|
FTE employees
|
|
|
275
|
|
|
|
263
|
|
|
|
260
|
|
|
|
264
|
|
|
CONTACT:
Porter Bancorp, Inc.
John T. Taylor, President,
502-499-4800
Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
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Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
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