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): April 30, 2015
PORTER
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Kentucky
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001-33033
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61-1142247
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(State
or other jurisdiction of
incorporation
and organization)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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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 April 30, 2015, Porter Bancorp, Inc. issued a press release
announcing its financial results for the first quarter ended March 31,
2015. 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
(d) Exhibits
Exhibit No.
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Description of Exhibit
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99.1
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Press Release issued by Porter Bancorp, Inc. on April 30, 2015
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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: April 30, 2015
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Porter Bancorp Inc.
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By:
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/s/ Phillip W. Barnhouse
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Phillip W. Barnhouse
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit
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Description
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99.1
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Press Release dated April 30, 2015
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Exhibit 99.1
Porter
Bancorp, Inc. Reports $409,000 First Quarter 2015 Net Income
Continued
Improvement in Asset Quality
LOUISVILLE, Ky.--(BUSINESS WIRE)--April 30, 2015--Porter Bancorp, Inc.
(NASDAQ: PBIB), parent company of PBI Bank, today reported unaudited
results for the first quarter of 2015.
The Company reported that net income attributable to common shareholders
for the first quarter of 2015 was $409,000, or $0.02 per basic and
diluted common share, compared with a net loss attributable to common
shareholders of $976,000, or $(0.08) per basic and diluted share, for
the first quarter of 2014.
Net Interest Income – Net interest income before provision
expense decreased to $7.3 million for the first quarter of 2015 compared
with $7.5 million in the fourth quarter of 2014, and remained consistent
compared to $7.3 million in the first quarter of 2014. Average loans
increased to $643.0 million for the first quarter of 2015 compared with
$634.9 million in the fourth quarter of 2014 and declined compared to
$698.2 million in the first quarter of 2014. Net interest margin
increased to 3.21% in the first quarter of 2015, compared with 3.16% in
the fourth quarter of 2014 and 2.96% in the first quarter of 2014
primarily driven by improving cost of funds which declined to 0.91% in
the first quarter of 2015, compared with 0.99% in the fourth quarter of
2014 and 1.16% in the first quarter of 2014.
Allowance for Loan Losses – The allowance for loan losses to
total loans was 2.94% at March 31, 2015 compared to 3.10% at December
31, 2014, and 3.72% at March 31, 2014. The declining level of the
allowance is primarily driven by declining historical charge-off levels
and improving trends in loan category risk ratings. Net loan charge-offs
declined to $767,000 for the first quarter of 2015, compared to $5.6
million for the fourth quarter of 2014 and $2.7 million for the first
quarter of 2014. The allowance for loan losses for loans evaluated
collectively for impairment was 3.18% at March 31, 2015, compared with
3.37% at December 31, 2014, and 4.10% at March 31, 2014. Because of
ongoing improvements in asset quality and management’s assessment of
risk in the loan portfolio, no provision expense was recorded for the
first quarter of 2015, compared to $800,000 for the fourth quarter of
2014.
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 $80.1 million, or
7.94% of total assets at March 31, 2014, compared with $93.5 million, or
9.19% of total assets at December 31, 2014, and $123.3 million, or
11.59% of total assets at March 31, 2014.
Non-performing loans decreased to $36.5 million, or 5.77% of total
loans, at March 31, 2015, compared with $47.3 million, or 7.57% of total
loans at December 31, 2014 and decreased from $77.3 million, or 11.33%
of total loans at March 31, 2014. The decrease from the previous quarter
was primarily driven by $10.8 million in principal payments received on
nonaccrual loans, $337,000 of nonaccrual loans migrating to OREO, and
$955,000 of net charge-offs.
OREO at March 31, 2015 decreased to $43.6 million, compared with $46.2
million at December 31, 2014 and $45.9 million at March 31, 2014. The
Company acquired $347,000 in OREO and sold $2.6 million in OREO during
the first quarter of 2015. Fair value write-downs arising from new
appraisals or lower marketing prices totaled $300,000 in the first
quarter of 2015, compared with $3.0 million in the fourth quarter of
2014 and $250,000 in the first quarter of 2014.
The following table details past due loans and non-performing assets as
of:
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March 31, 2015
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December 31, 2014
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September 30, 2014
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June 30, 2014
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March 31, 2014
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(in thousands)
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Past due loans:
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30 – 59 days
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$
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4,370
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$
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3,960
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$
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3,507
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$
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3,057
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$
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5,667
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60 – 89 days
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1,769
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980
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3,333
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991
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1,232
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90 days or more
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18
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151
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—
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—
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—
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Nonaccrual loans
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36,500
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47,175
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44,670
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44,375
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77,344
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Total past due and nonaccrual loans
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$
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42,657
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$
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52,266
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$
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51,510
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$
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48,423
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$
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84,243
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Loans past due 90 days or more
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$
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18
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$
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151
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$
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—
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$
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—
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$
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—
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Nonaccrual loans
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36,500
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47,175
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44,670
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44,375
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77,344
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OREO
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43,618
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46,197
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54,507
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56,882
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45,918
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Other repossessed assets
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—
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—
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—
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—
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—
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Total non-performing assets
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$
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80,136
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$
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93,523
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$
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99,177
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$
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101,257
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$
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123,262
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In addition to nonaccrual loans and OREO, loans classified as Troubled
Debt Restructures (TDRs) and on accrual totaled $18.8 million at March
31, 2015, compared to $22.0 million at December 31, 2014 and $41.8
million at March 31, 2014.
Non-interest Income – Non-interest income increased $1.5 million
to $2.7 million for the first quarter of 2015, compared with $1.2
million for the fourth quarter of 2014, and increased $1.8 million
compared with $915,000 for the first quarter of 2014 driven primarily by
gains on the sales of securities totaling $1.5 million in the first
quarter of 2015. There were no securities sales gains in the fourth
quarter of 2014, and gains of $44,000 in the first quarter of 2014.
Non-interest Expense – Non-interest expense decreased $2.5
million to $9.4 million for the first quarter of 2015, compared with
$11.8 million for the fourth quarter of 2014, and increased $890,000
compared with $8.5 million for the first quarter of 2014. This decrease
from the fourth quarter of 2014 was primarily due to a reduction in OREO
expenses of approximately $3.1 million, partially offset by an increase
in professional fees of $448,000 driven primarily by legal fees and
litigation expenses. OREO expenses decreased primarily due to a
reduction in fair value write-downs from $3.0 million in the fourth
quarter of 2014 to $300,000 in the first quarter of 2015. These
write-downs result from declines in the fair value of the real estate
based upon updated appraisals as well as reductions in listing prices.
Capital – At March 31, 2015, PBI Bank’s Tier 1 leverage
ratio was 5.84% compared with 5.78% at December 31, 2014, and its Total
risk-based capital ratio was 10.25% at March 31, 2015 compared with
10.57% at December 31, 2014, which are below the minimums of 9.0% and
12.0% required by the Bank’s Consent Order. At March 31, 2015, Porter
Bancorp’s leverage ratio was 4.13% compared with 4.51% at December 31,
2014, and its Total risk-based capital ratio was 10.05%, compared with
10.61% at December 31, 2014. At March 31, 2015, PBI Bank’s Common equity
Tier I risk-based capital ratio was 8.32%, and Porter Bancorp’s Common
equity Tier I risk-based capital ratio was 4.71%.
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 including, among other things,
a possible private placement of common stock to new and existing
shareholders.
Shares Issued and Outstanding – On February 25, 2015,
shareholders approved the conversion of all mandatorily convertible
Series B Preferred Shares into 4,053,600 common shares and the
conversion of all mandatorily convertible Series D Preferred Shares into
6,458,000 non-voting common shares. The conversion reduced preferred
stockholders’ equity by $5.8 million and increased common stockholders’
equity by the same amount. Total issued and outstanding common shares
and non-voting common shares were 25,663,495 at March 31, 2015.
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 first quarter
ending March 31, 2015 follows.
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PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
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Three Months Ended
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3/31/15
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12/31/14
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3/31/14
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Income Statement Data
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Interest income
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$
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9,203
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$
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9,636
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$
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9,897
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Interest expense
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1,913
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2,169
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2,597
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Net interest income
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7,290
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7,467
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7,300
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Provision for loan losses
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—
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800
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—
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Net interest income after provision
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7,290
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6,667
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7,300
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Service charges on deposits
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409
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498
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468
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Bank card interchange fees
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203
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190
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161
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Other real estate owned income
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357
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226
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7
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Gains (losses) on sales of securities, net
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1,497
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—
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44
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Other
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230
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244
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235
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Non-interest income
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2,696
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1,158
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915
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Salaries & employee benefits
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3,847
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3,927
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3,741
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Occupancy and equipment
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870
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852
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892
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Professional fees
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979
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531
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289
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FDIC insurance
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570
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590
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540
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Data processing expense
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304
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288
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269
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State Franchise and deposit tax
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285
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210
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425
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Other real estate owned expense
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733
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3,843
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662
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Loan collection expense
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283
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348
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539
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Other
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1,521
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1,259
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1,145
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Non-interest expense
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9,392
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11,848
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8,502
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Income (loss) before income taxes
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594
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(4,023
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)
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(287
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)
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Income tax expense (benefit)
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—
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(238
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)
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—
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Net income (loss)
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594
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(3,785
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)
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(287
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)
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Less:
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Dividends and accretion on preferred stock
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—
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—
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786
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Effect of exchange of preferred stock to common stock
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—
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(36,104
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)
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—
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Earnings allocated to participating securities
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|
185
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7,977
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(97
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)
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Net income (loss) attributable to common
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$
|
409
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$
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24,342
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$
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(976
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)
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|
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|
Weighted average shares – Basic
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17,493,397
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12,767,430
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|
12,021,313
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Weighted average shares – Diluted
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17,493,397
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12,767,430
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|
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|
12,021,313
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|
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|
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|
|
|
|
|
|
|
|
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Basic earnings (loss) per common share
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$
|
0.02
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$
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1.91
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$
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(0.08
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)
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Diluted earnings (loss) per common share
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|
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$
|
0.02
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|
$
|
1.91
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$
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(0.08
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)
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Cash dividends declared per common share
|
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$
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0.00
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|
|
$
|
0.00
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|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
|
|
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|
|
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|
Three Months Ended
|
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|
|
3/31/15
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12/31/14
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3/31/14
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Average Balance Sheet Data
|
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Assets
|
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$
|
1,011,561
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$
|
1,033,327
|
|
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$
|
1,073,586
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|
Loans
|
|
|
|
642,959
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|
|
|
|
634,872
|
|
|
|
|
698,184
|
|
Earning assets
|
|
|
|
936,037
|
|
|
|
|
952,946
|
|
|
|
|
1,019,173
|
|
Deposits
|
|
|
|
931,698
|
|
|
|
|
948,899
|
|
|
|
|
984,169
|
|
Long-term debt and advances
|
|
|
|
33,902
|
|
|
|
|
34,127
|
|
|
|
|
35,233
|
|
Interest bearing liabilities
|
|
|
|
854,423
|
|
|
|
|
865,042
|
|
|
|
|
911,186
|
|
Stockholders’ equity
|
|
|
|
33,971
|
|
|
|
|
29,928
|
|
|
|
|
36,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
0.24
|
%
|
|
|
|
(1.45)
|
%
|
|
|
|
(0.11)
|
%
|
Return on average equity
|
|
|
|
7.09
|
|
|
|
|
(50.18)
|
|
|
|
|
(3.15)
|
|
Yield on average earning assets (tax equivalent)
|
|
|
|
4.03
|
|
|
|
|
4.06
|
|
|
|
|
3.99
|
|
Cost of interest bearing liabilities
|
|
|
|
0.91
|
|
|
|
|
0.99
|
|
|
|
|
1.16
|
|
Net interest margin (tax equivalent)
|
|
|
|
3.21
|
|
|
|
|
3.16
|
|
|
|
|
2.96
|
|
Efficiency ratio
|
|
|
|
110.64
|
|
|
|
|
137.37
|
|
|
|
|
104.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Charge-off Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged-off
|
|
|
$
|
(1,327
|
)
|
|
|
$
|
(6,197
|
)
|
|
|
$
|
(3,082
|
)
|
Recoveries
|
|
|
|
560
|
|
|
|
|
563
|
|
|
|
|
373
|
|
Net charge-offs
|
|
|
$
|
(767
|
)
|
|
|
$
|
(5,634
|
)
|
|
|
$
|
(2,709
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loan Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans at beginning of period
|
|
|
$
|
47,175
|
|
|
|
$
|
44,670
|
|
|
|
$
|
101,767
|
|
Net principal pay-downs
|
|
|
|
(10,754
|
)
|
|
|
|
(1,825
|
)
|
|
|
|
(10,245
|
)
|
Charge-offs
|
|
|
|
(955
|
)
|
|
|
|
(2,291
|
)
|
|
|
|
(2,472
|
)
|
Loans foreclosed and transferred to OREO
|
|
|
|
(337
|
)
|
|
|
|
(675
|
)
|
|
|
|
(16,895
|
)
|
Loans returned to accrual status
|
|
|
|
(78
|
)
|
|
|
|
(116
|
)
|
|
|
|
(870
|
)
|
Loans placed on nonaccrual during the period
|
|
|
|
1,449
|
|
|
|
|
7,412
|
|
|
|
|
6,059
|
|
Nonaccrual loans at end of period
|
|
|
$
|
36,500
|
|
|
|
$
|
47,175
|
|
|
|
$
|
77,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings (TDRs)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing
|
|
|
$
|
18,798
|
|
|
|
$
|
21,985
|
|
|
|
$
|
41,813
|
|
Nonaccrual
|
|
|
|
19,002
|
|
|
|
|
20,507
|
|
|
|
|
30,640
|
|
Total
|
|
|
$
|
37,800
|
|
|
|
$
|
42,492
|
|
|
|
$
|
72,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Real Estate Owned (OREO) Activity
|
|
|
|
|
|
|
OREO at beginning of period
|
|
|
$
|
46,197
|
|
|
|
$
|
54,507
|
|
|
|
$
|
30,892
|
|
Real estate acquired
|
|
|
|
347
|
|
|
|
|
675
|
|
|
|
|
17,351
|
|
Valuation adjustment write-downs
|
|
|
|
(300
|
)
|
|
|
|
(3,005
|
)
|
|
|
|
(250
|
)
|
Proceeds from sales of properties
|
|
|
|
(2,629
|
)
|
|
|
|
(5,831
|
)
|
|
|
|
(2,075
|
)
|
Gain (loss) on sales, net
|
|
|
|
3
|
|
|
|
|
(149
|
)
|
|
|
|
—
|
|
OREO at end of period
|
|
|
$
|
43,618
|
|
|
|
$
|
46,197
|
|
|
|
$
|
45,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
3/31/15
|
|
|
12/31/14
|
|
|
9/30/14
|
|
|
6/30/14
|
|
|
3/31/14
|
|
|
|
12/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
632,428
|
|
|
|
$
|
624,999
|
|
|
|
$
|
638,360
|
|
|
|
$
|
643,030
|
|
|
|
$
|
682,591
|
|
|
|
$
|
709,326
|
|
Allowance for loan losses
|
|
|
|
(18,597
|
)
|
|
|
|
(19,364
|
)
|
|
|
|
(24,198
|
)
|
|
|
|
(25,133
|
)
|
|
|
|
(25,415
|
)
|
|
|
|
(28,124
|
)
|
Net loans
|
|
|
|
613,831
|
|
|
|
|
605,635
|
|
|
|
|
614,162
|
|
|
|
|
617,897
|
|
|
|
|
657,176
|
|
|
|
|
681,202
|
|
Loans held for sale
|
|
|
|
—
|
|
|
|
|
8,926
|
|
|
|
|
—
|
|
|
|
|
280
|
|
|
|
|
—
|
|
|
|
|
149
|
|
Securities held to maturity
|
|
|
|
42,263
|
|
|
|
|
42,325
|
|
|
|
|
42,386
|
|
|
|
|
43,488
|
|
|
|
|
43,550
|
|
|
|
|
43,612
|
|
Securities available for sale
|
|
|
|
157,290
|
|
|
|
|
190,791
|
|
|
|
|
192,146
|
|
|
|
|
180,723
|
|
|
|
|
166,442
|
|
|
|
|
163,344
|
|
Federal funds sold & interest bearing deposits
|
|
|
|
101,872
|
|
|
|
|
66,011
|
|
|
|
|
73,494
|
|
|
|
|
95,353
|
|
|
|
|
99,286
|
|
|
|
|
103,669
|
|
Cash and due from financial institutions
|
|
|
|
7,899
|
|
|
|
|
14,169
|
|
|
|
|
11,336
|
|
|
|
|
6,913
|
|
|
|
|
7,449
|
|
|
|
|
7,465
|
|
Premises and equipment
|
|
|
|
19,323
|
|
|
|
|
19,507
|
|
|
|
|
19,649
|
|
|
|
|
19,788
|
|
|
|
|
19,821
|
|
|
|
|
19,983
|
|
Bank owned life insurance
|
|
|
|
9,231
|
|
|
|
|
9,167
|
|
|
|
|
9,103
|
|
|
|
|
9,039
|
|
|
|
|
8,981
|
|
|
|
|
8,911
|
|
FHLB Stock
|
|
|
|
7,323
|
|
|
|
|
7,323
|
|
|
|
|
7,323
|
|
|
|
|
7,323
|
|
|
|
|
7,323
|
|
|
|
|
10,072
|
|
Other real estate owned
|
|
|
|
43,618
|
|
|
|
|
46,197
|
|
|
|
|
54,507
|
|
|
|
|
56,882
|
|
|
|
|
45,918
|
|
|
|
|
30,892
|
|
Accrued interest receivable and other assets
|
|
|
|
7,056
|
|
|
|
|
7,938
|
|
|
|
|
6,608
|
|
|
|
|
7,181
|
|
|
|
|
7,584
|
|
|
|
|
6,822
|
|
Total Assets
|
|
|
$
|
1,009,706
|
|
|
|
$
|
1,017,989
|
|
|
|
$
|
1,030,714
|
|
|
|
$
|
1,044,867
|
|
|
|
$
|
1,063,530
|
|
|
|
$
|
1,076,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
|
$
|
597,117
|
|
|
|
$
|
574,681
|
|
|
|
$
|
609,682
|
|
|
|
$
|
631,110
|
|
|
|
$
|
656,475
|
|
|
|
$
|
679,952
|
|
Interest checking
|
|
|
|
86,614
|
|
|
|
|
91,086
|
|
|
|
|
76,431
|
|
|
|
|
76,625
|
|
|
|
|
79,689
|
|
|
|
|
84,626
|
|
Money market
|
|
|
|
102,349
|
|
|
|
|
109,734
|
|
|
|
|
100,890
|
|
|
|
|
95,946
|
|
|
|
|
89,678
|
|
|
|
|
79,349
|
|
Savings
|
|
|
|
36,418
|
|
|
|
|
36,430
|
|
|
|
|
36,364
|
|
|
|
|
37,178
|
|
|
|
|
38,524
|
|
|
|
|
36,292
|
|
Total interest bearing deposits
|
|
|
|
822,498
|
|
|
|
|
811,931
|
|
|
|
|
823,367
|
|
|
|
|
840,859
|
|
|
|
|
864,366
|
|
|
|
|
880,219
|
|
Demand deposits
|
|
|
|
108,011
|
|
|
|
|
114,910
|
|
|
|
|
110,165
|
|
|
|
|
109,956
|
|
|
|
|
110,507
|
|
|
|
|
107,486
|
|
Total deposits
|
|
|
|
930,509
|
|
|
|
|
926,841
|
|
|
|
|
933,532
|
|
|
|
|
950,815
|
|
|
|
|
974,873
|
|
|
|
|
987,705
|
|
Federal funds purchased & repurchase agreements
|
|
|
|
1,145
|
|
|
|
|
1,341
|
|
|
|
|
1,817
|
|
|
|
|
2,451
|
|
|
|
|
2,240
|
|
|
|
|
2,470
|
|
FHLB advances
|
|
|
|
3,597
|
|
|
|
|
15,752
|
|
|
|
|
16,940
|
|
|
|
|
14,134
|
|
|
|
|
4,345
|
|
|
|
|
4,492
|
|
Junior subordinated debentures
|
|
|
|
29,725
|
|
|
|
|
29,950
|
|
|
|
|
30,175
|
|
|
|
|
30,400
|
|
|
|
|
30,625
|
|
|
|
|
30,850
|
|
Accrued interest payable and other liabilities
|
|
|
|
10,758
|
|
|
|
|
10,640
|
|
|
|
|
18,922
|
|
|
|
|
16,453
|
|
|
|
|
15,110
|
|
|
|
|
14,673
|
|
Total liabilities
|
|
|
|
975,734
|
|
|
|
|
984,524
|
|
|
|
|
1,001,386
|
|
|
|
|
1,014,253
|
|
|
|
|
1,027,193
|
|
|
|
|
1,040,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stockholders’ equity
|
|
|
|
2,771
|
|
|
|
|
8,552
|
|
|
|
|
38,283
|
|
|
|
|
38,283
|
|
|
|
|
38,283
|
|
|
|
|
38,283
|
|
Common stockholders’ equity (deficit)
|
|
|
|
31,201
|
|
|
|
|
24,913
|
|
|
|
|
(8,955
|
)
|
|
|
|
(7,669
|
)
|
|
|
|
(1,946
|
)
|
|
|
|
(2,352
|
)
|
Total stockholders’ equity
|
|
|
|
33,972
|
|
|
|
|
33,465
|
|
|
|
|
29,328
|
|
|
|
|
30,614
|
|
|
|
|
36,337
|
|
|
|
|
35,931
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
$
|
1,009,706
|
|
|
|
$
|
1,017,989
|
|
|
|
$
|
1,030,714
|
|
|
|
$
|
1,044,867
|
|
|
|
$
|
1,063,530
|
|
|
|
$
|
1,076,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
|
25,663,495
|
|
|
|
|
14,890,514
|
|
|
|
|
13,099,400
|
|
|
|
|
13,104,853
|
|
|
|
|
12,894,741
|
|
|
|
|
12,840,999
|
|
Book value per common share
|
|
|
$
|
1.22
|
|
|
|
$
|
1.67
|
|
|
|
$
|
(0.68
|
)
|
|
|
$
|
(0.59
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.18
|
)
|
Tangible book value per common share
|
|
|
|
1.18
|
|
|
|
|
1.61
|
|
|
|
|
(0.76
|
)
|
|
|
|
(0.67
|
)
|
|
|
|
(0.25
|
)
|
|
|
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTER BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
3/31/15
|
|
|
|
12/31/14
|
|
|
|
9/30/14
|
|
|
|
6/30/14
|
|
|
|
3/31/14
|
|
|
|
12/31/13
|
Asset Quality Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan 90 days or more past due still on accrual
|
|
|
$
|
18
|
|
|
|
$
|
151
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
232
|
|
Nonaccrual loans
|
|
|
|
36,500
|
|
|
|
|
47,175
|
|
|
|
|
44,670
|
|
|
|
|
44,375
|
|
|
|
|
77,344
|
|
|
|
|
101,767
|
|
Total non-performing loans
|
|
|
|
36,518
|
|
|
|
|
47,326
|
|
|
|
|
44,670
|
|
|
|
|
44,375
|
|
|
|
|
77,344
|
|
|
|
|
101,999
|
|
Real estate acquired through foreclosures
|
|
|
|
43,618
|
|
|
|
|
46,197
|
|
|
|
|
54,507
|
|
|
|
|
56,882
|
|
|
|
|
45,918
|
|
|
|
|
30,892
|
|
Other repossessed assets
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Total non-performing assets
|
|
|
$
|
80,136
|
|
|
|
$
|
93,523
|
|
|
|
$
|
99,177
|
|
|
|
$
|
101,257
|
|
|
|
$
|
123,262
|
|
|
|
$
|
132,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans
|
|
|
|
5.77
|
%
|
|
|
|
7.57
|
%
|
|
|
|
7.00
|
%
|
|
|
|
6.90
|
%
|
|
|
|
11.33
|
%
|
|
|
|
14.38
|
%
|
Non-performing assets to total assets
|
|
|
|
7.94
|
|
|
|
|
9.19
|
|
|
|
|
9.62
|
|
|
|
|
9.69
|
|
|
|
|
11.59
|
|
|
|
|
12.35
|
|
Allowance for loan losses to non-performing loans
|
|
|
|
50.93
|
|
|
|
|
40.92
|
|
|
|
|
54.17
|
|
|
|
|
56.64
|
|
|
|
|
32.86
|
|
|
|
|
27.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loans evaluated individually
|
|
|
$
|
254
|
|
|
|
$
|
752
|
|
|
|
$
|
1,788
|
|
|
|
$
|
1,753
|
|
|
|
$
|
2,453
|
|
|
|
$
|
3,471
|
|
Loans evaluated individually for impairment
|
|
|
|
55,299
|
|
|
|
|
71,993
|
|
|
|
|
78,695
|
|
|
|
|
79,742
|
|
|
|
|
122,158
|
|
|
|
|
149,883
|
|
Allowance as % of loans evaluated individually
|
|
|
|
0.46
|
%
|
|
|
|
1.04
|
%
|
|
|
|
2.27
|
%
|
|
|
|
2.20
|
%
|
|
|
|
2.01
|
%
|
|
|
|
2.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loans evaluated collectively
|
|
|
$
|
18,343
|
|
|
|
$
|
18,612
|
|
|
|
$
|
22,410
|
|
|
|
$
|
23,380
|
|
|
|
$
|
22,962
|
|
|
|
$
|
24,653
|
|
Loans evaluated collectively for impairment
|
|
|
|
577,129
|
|
|
|
|
553,006
|
|
|
|
|
559,665
|
|
|
|
|
563,288
|
|
|
|
|
560,433
|
|
|
|
|
559,443
|
|
Allowance as % of loans evaluated collectively
|
|
|
|
3.18
|
%
|
|
|
|
3.37
|
%
|
|
|
|
4.00
|
%
|
|
|
|
4.15
|
%
|
|
|
|
4.10
|
%
|
|
|
|
4.41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans
|
|
|
|
2.94
|
%
|
|
|
|
3.10
|
%
|
|
|
|
3.79
|
%
|
|
|
|
3.91
|
%
|
|
|
|
3.72
|
%
|
|
|
|
3.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
|
$
|
480,545
|
|
|
|
$
|
461,126
|
|
|
|
$
|
446,166
|
|
|
|
$
|
434,853
|
|
|
|
$
|
415,144
|
|
|
|
$
|
369,529
|
|
Watch
|
|
|
|
76,876
|
|
|
|
|
68,200
|
|
|
|
|
83,711
|
|
|
|
|
91,208
|
|
|
|
|
104,171
|
|
|
|
|
144,316
|
|
Special Mention
|
|
|
|
1,110
|
|
|
|
|
4,189
|
|
|
|
|
4,431
|
|
|
|
|
3,223
|
|
|
|
|
4,069
|
|
|
|
|
5,865
|
|
Substandard
|
|
|
|
73,897
|
|
|
|
|
91,484
|
|
|
|
|
104,052
|
|
|
|
|
113,746
|
|
|
|
|
159,207
|
|
|
|
|
189,616
|
|
Doubtful
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Total
|
|
|
$
|
632,428
|
|
|
|
$
|
624,999
|
|
|
|
$
|
638,360
|
|
|
|
$
|
643,030
|
|
|
|
$
|
682,591
|
|
|
|
$
|
709,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-based Capital Ratios - Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio
|
|
|
|
4.13
|
%
|
|
|
|
4.51
|
%
|
|
|
|
4.02
|
%
|
|
|
|
4.10
|
%
|
|
|
|
4.87
|
%
|
|
|
|
4.95
|
%
|
Common equity Tier I risk-based capital ratio
|
|
|
|
4.71
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
Tier I risk-based capital ratio
|
|
|
|
5.88
|
|
|
|
|
6.70
|
|
|
|
|
5.93
|
|
|
|
|
6.19
|
|
|
|
|
7.22
|
|
|
|
|
7.34
|
|
Total risk-based capital ratio
|
|
|
|
10.05
|
|
|
|
|
10.61
|
|
|
|
|
10.05
|
|
|
|
|
10.27
|
|
|
|
|
10.93
|
|
|
|
|
11.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-based Capital Ratios – PBI Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio
|
|
|
|
5.84
|
%
|
|
|
|
5.78
|
%
|
|
|
|
6.09
|
%
|
|
|
|
5.96
|
%
|
|
|
|
6.36
|
%
|
|
|
|
6.28
|
%
|
Common equity Tier I risk-based capital ratio
|
|
|
|
8.32
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
|
|
N/A
|
|
Tier I risk-based capital ratio
|
|
|
|
8.32
|
|
|
|
|
8.59
|
|
|
|
|
8.99
|
|
|
|
|
9.00
|
|
|
|
|
9.44
|
|
|
|
|
9.35
|
|
Total risk-based capital ratio
|
|
|
|
10.25
|
|
|
|
|
10.57
|
|
|
|
|
11.01
|
|
|
|
|
11.06
|
|
|
|
|
11.50
|
|
|
|
|
11.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE employees
|
|
|
|
258
|
|
|
|
|
264
|
|
|
|
|
268
|
|
|
|
|
275
|
|
|
|
|
263
|
|
|
|
|
260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
Porter Bancorp, Inc.
John T. Taylor, 502-499-4800
Chief
Executive Officer
Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Porter Bancorp, Inc. (delisted) (NASDAQ:PBIB)
Historical Stock Chart
From Jul 2023 to Jul 2024