Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, today reported unaudited results for the fourth quarter of 2016. Per share amounts in this release have been adjusted to reflect the 1-for-5 reverse stock split of the Company’s common shares that was effective on December 16, 2016.
The Company reported a net loss attributable to common shareholders for the fourth quarter of 2016 of $6.4 million, or ($1.07) per basic and diluted common share, compared to a net loss attributable to common shareholders of $579,000, or ($0.11) per basic and diluted share, for the fourth quarter of 2015 and a net loss attributable to common shareholders for the year ended December 31, 2016, of $2.7 million, or ($0.46) per basic and diluted common share, compared to net loss attributable to common shareholders of $2.9 million, or ($0.62) per basic and diluted common share, for the year ended December 31, 2015.
As the Company reported on December 2, 2016, the fourth quarter of 2016 was negatively impacted by the Kentucky Court of Appeals ruling against the Bank in a decision with a partial dissent that upheld the award of $1.515 million in compensatory damages and $5.5 million in punitive damages by the trial court. The Bank previously accrued the compensatory damages along with interest at the statutory rate. The punitive damages and statutory interest of approximately $8.0 million had not been previously accrued and impacted fourth quarter 2016 earnings. On December 30, 2016, the Bank filed a motion for discretionary review with the Kentucky Supreme Court. Funds to retire all amounts due are on hand and available to meet this obligation with no material impact to liquidity should a decision be made to retire the accrued liability.
John T. Taylor, President and CEO noted, “While we were very disappointed with the court’s decision regarding this legacy issue, the Bank’s capital and liquidity remain strong and its mission to serve our customers remains unchanged. After adjusting for the additional $8.0 million cost of the December 2016 ruling, net income available to common shareholders would have been approximately $5.3 million, or $0.92 per basic and diluted common share in 2016. It is also important to note that the Company’s core financial performance improved significantly in 2016 as the balance sheet stabilized after a meaningful reduction in size over the past several years, asset quality improved significantly with non-performing assets and accruing TDRs declining from 5.3% to 2.3% of total assets, and net interest margin improved from 3.27% in 2015 to 3.42% in 2016. We are excited about our prospects for 2017 as we work to grow the franchise.”
Net Interest Income – Net interest income before provision was $7.3 million for the fourth quarter of 2016 compared to $7.5 million in the third quarter of 2016 and $7.4 million in the fourth quarter of 2015. Average loans decreased to $619.6 million for the fourth quarter of 2016 compared with $626.1 million in the third quarter of 2016, and $619.5 million for the fourth quarter of 2015. Net interest margin decreased to 3.35% in the fourth quarter of 2016 compared to 3.47% in the third quarter of 2016 and 3.32% in the fourth quarter of 2015.
Our yield on earning assets decreased to 4.01% in the fourth quarter of 2016, compared to 4.15% for the third quarter of 2016 and 4.02% in the fourth quarter of 2015. Our cost of funds was 0.78% in both the third and fourth quarters of 2016, compared to 0.79% for the fourth quarter of 2015.
Allowance for Loan Losses and Negative Provision for Loan Losses – The allowance for loan losses to total loans was 1.40% at December 31, 2016, compared to 1.53% at September 30, 2016, and 1.95% at December 31, 2015. The declining level of the allowance is primarily driven by declining charge-off levels and improving trends in credit quality. Net loan recoveries were $28,000 for the fourth quarter of 2016, compared to net loan recoveries of $135,000 for the third quarter of 2016 and net loan recoveries of $143,000 for the fourth quarter of 2015. The allowance for loan losses for loans evaluated collectively for impairment was 1.37% at December 31, 2016, compared with 1.51% at September 30, 2016, and 1.98% at December 31, 2015.
Because of ongoing improvements in asset quality and management’s assessment of risk in the loan portfolio, a negative provision of $550,000 was recorded for the fourth quarter of 2016, compared to a negative provision of $750,000 for the third quarter of 2016 and negative provision of $2.3 million in the fourth quarter of 2015.
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 $16.0 million, or 1.70% of total assets at December 31, 2016, compared with $17.2 million, or 1.88% of total assets at September 30, 2016, and $33.3 million, or 3.51% of total assets, at December 31, 2015.
Non-performing loans decreased to $9.2 million, or 1.44% of total loans at December 31, 2016, compared with $10.1 million, or 1.62% of total loans at September 30, 2016, and $14.1 million, or 2.28% of total loans, at December 31, 2015. The decrease from the previous year was primarily driven by $5.3 million in principal payments received on nonaccrual loans, $1.3 million of nonaccrual loans migrating to OREO, and $1.7 million of charge-offs offset by $4.4 million in loans placed on nonaccrual during 2016.
OREO at December 31, 2016, decreased to $6.8 million, compared with $7.1 million at September 30, 2016, and $19.2 million at December 31, 2015. The Company acquired $30,000 in OREO and sold $98,000 in OREO during the fourth quarter of 2016. Fair value write-downs arising from lower market prices or new appraisals totaled $210,000 in the fourth quarter of 2016 compared with $320,000 in the third quarter of 2016 and $2.8 million in the fourth quarter of 2015.
The following table details past due loans and non-performing assets as of:
| December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | |||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Past due loans: | |||||||||||||||||||||||
| 30 – 59 days | $ | 2,302 | $ | 2,335 | $ | 2,401 | $ | 1,829 | $ | 3,133 | |||||||||||||
| 60 – 89 days | 315 | 273 | 336 | 62 | 241 | ||||||||||||||||||
| 90 days or more | — | — | — | — | — | ||||||||||||||||||
| Nonaccrual loans | 9,216 | 10,099 | 11,599 | 11,119 | 14,087 | ||||||||||||||||||
Total past due and nonaccrual loans | $ | 11,833 | $ | 12,707 | $ | 14,336 | $ | 13,010 | $ | 17,461 | |||||||||||||
Loans past due 90 days or more | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
| Nonaccrual loans | 9,216 | 10,099 | 11,599 | 11,119 | 14,087 | ||||||||||||||||||
| OREO | 6,821 | 7,098 | 12,322 | 17,861 | 19,214 | ||||||||||||||||||
| Other repossessed assets | — | — | — | — | — | ||||||||||||||||||
Total non-performing assets | $ | 16,037 | $ | 17,197 | $ | 23,921 | $ | 28,980 | $ | 33,301 | |||||||||||||
In addition to nonaccrual loans and OREO, loans classified as Troubled Debt Restructures (TDRs) and on accrual totaled $5.4 million at December 31, 2016, compared to $6.1 million at September 30, 2016, and $17.4 million at December 31, 2015.
Non-interest Income – Non-interest income was unchanged at $1.1 million for the fourth quarter of 2016 as compared to the third quarter of 2016 and the fourth quarter of 2015.
Non-interest income decreased $2.9 million to $4.8 million for the year ended December 31, 2016, compared with $7.7 million for the year ended December 31, 2015. The decrease in non-interest income was primarily due to a $1.6 million decrease in net gain on sale and call of securities. Non-interest income for 2015 was positively impacted by the gain on extinguishment of junior subordinated debt of $883,000 recognized in 2015. Additionally, OREO income has continued to decline as income producing properties have been sold.
Non-interest Expense – Non-interest expense increased $7.7 million to $15.6 million for the fourth quarter of 2016 compared with $7.9 million for the third quarter of 2016, and increased $4.1 million compared with $11.6 million for the fourth quarter of 2015. The increase from the third quarter of 2016 was due primarily to the accrual of the punitive damages and statutory interest totaling $8.0 million related to the Kentucky Court of Appeals matter discussed above.
Non-interest expense decreased $5.4 million to $39.6 million for the year ended December 31, 2016, compared with $45.0 million for the year ended December 31, 2015. The decrease in non-interest expense was due primarily to lower OREO expenses, which decreased $10.8 million to $1.5 million in 2016 from $12.3 million in 2015. The size of the OREO portfolio declined from $46.2 million to $19.2 million to $6.8 million at December 31, 2014, 2015, and 2016, respectively. Non-interest expense also benefited from declining professional fees expense, FDIC insurance expense, and state franchise and deposit tax expense. These decreases were partially offset by the Kentucky Court of Appeals matter discussed above.
Capital – At December 31, 2016, PBI Bank’s Tier 1 leverage ratio was 6.24% compared with 6.08% at December 31, 2015, and its Total risk-based capital ratio was 9.88% at December 31, 2016, compared with 10.58% at December 31, 2015. Both are below the minimums of 9.0% and 12.0% required by PBI Bank’s consent order. At December 31, 2016, Porter Bancorp’s leverage ratio was 5.27% compared with 4.74% at December 31, 2015, and its Total risk-based capital ratio was 10.21%, compared with 10.46% at December 31, 2015. At December 31, 2016, PBI Bank’s Common equity Tier I risk-based capital ratio was 8.28% compared with 8.84% at December 31, 2015. Porter Bancorp’s Common equity Tier I risk-based capital ratio was 5.20% compared with 5.09% at December 31, 2015.
As previously announced on December 16, 2016, the Company completed a 1-for-5 reverse stock split of its issued and outstanding common and non-voting common shares. As a result of the reverse stock split, all share and per share data has been adjusted in the accompanying tables. Preferred shares were not impacted by the 1-for-5 reverse stock split.
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 quarter ending December 31, 2016 follows.
| PORTER BANCORP, INC. | ||||||||||||||||||||||||||
| Unaudited Financial Information | ||||||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||||||||
| 12/31/16 | 9/30/16 | 12/31/15 | 12/31/16 | 12/31/15 | ||||||||||||||||||||||
| Income Statement Data | ||||||||||||||||||||||||||
| Interest income | $ | 8,781 | $ | 8,931 | $ | 9,025 | $ | 35,602 | $ | 36,574 | ||||||||||||||||
| Interest expense | 1,465 | 1,473 | 1,585 | 5,981 | 7,023 | |||||||||||||||||||||
| Net interest income | 7,316 | 7,458 | 7,440 | 29,621 | 29,551 | |||||||||||||||||||||
| Provision (negative provision) for loan losses | (550 | ) | (750 | ) | (2,300 | ) | (2,450 | ) | (4,500 | ) | ||||||||||||||||
| Net interest income after provision | 7,866 | 8,208 | 9,740 | 32,071 | 34,051 | |||||||||||||||||||||
| Service charges on deposit accounts | 536 | 520 | 475 | 1,958 | 1,851 | |||||||||||||||||||||
| Bank card interchange fees | 212 | 214 | 195 | 849 | 839 | |||||||||||||||||||||
| Other real estate owned income | 5 | 46 | 237 | 456 | 1,346 | |||||||||||||||||||||
| Bank owned life insurance income | 101 | 101 | 66 | 417 | 295 | |||||||||||||||||||||
| Gains (losses) on sales and calls of securities, net | 29 | (16 | ) | 70 | 216 | 1,766 | ||||||||||||||||||||
| Gain on extinguishment of debt | — | — | — | — | 883 | |||||||||||||||||||||
| Other | 233 | 240 | 181 | 868 | 715 | |||||||||||||||||||||
| Non-interest income | 1,116 | 1,105 | 1,224 | 4,764 | 7,695 | |||||||||||||||||||||
| Salaries & employee benefits | 3,884 | 3,945 | 4,062 | 15,508 | 15,857 | |||||||||||||||||||||
| Occupancy and equipment | 1,013 | 842 | 936 | 3,517 | 3,449 | |||||||||||||||||||||
| Professional fees | 317 | 374 | 572 | 1,568 | 2,885 | |||||||||||||||||||||
| FDIC insurance | 202 | 442 | 539 | 1,660 | 2,212 | |||||||||||||||||||||
| Data processing expense | 298 | 295 | 268 | 1,185 | 1,128 | |||||||||||||||||||||
| State franchise and deposit tax | 200 | 255 | 265 | 965 | 1,120 | |||||||||||||||||||||
| Other real estate owned expense | 257 | 322 | 3,506 | 1,541 | 12,302 | |||||||||||||||||||||
| Litigation and loan collection expense | 8,230 | 222 | 246 | 8,805 | 1,141 | |||||||||||||||||||||
| Other | 1,219 | 1,223 | 1,171 | 4,818 | 4,865 | |||||||||||||||||||||
| Non-interest expense | 15,620 | 7,920 | 11,565 | 39,567 | 44,959 | |||||||||||||||||||||
| Income (loss) before income taxes | (6,638 | ) | 1,393 | (601 | ) | (2,732 | ) | (3,213 | ) | |||||||||||||||||
| Income tax expense (benefit) | — | — | — | 21 | — | |||||||||||||||||||||
| Net income (loss) | (6,638 | ) | 1,393 | (601 | ) | (2,753 | ) | (3,213 | ) | |||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Earnings (loss) allocated to participating securities | (202 | ) | 46 | (22 | ) | (88 | ) | (336 | ) | |||||||||||||||||
| Net income (loss) attributable to common | $ | (6,436 | ) | $ | 1,347 | $ | (579 | ) | $ | (2,665 | ) | $ | (2,877 | ) | ||||||||||||
| Weighted average shares – Basic | 6,035,403 | 6,016,216 | 5,193,414 | 5,788,713 | 4,649,002 | |||||||||||||||||||||
| Weighted average shares – Diluted | 6,035,403 | 6,016,216 | 5,193,414 | 5,788,713 | 4,649,002 | |||||||||||||||||||||
| Basic earnings (loss) per common share | $ | (1.07 | ) | $ | 0.22 | $ | (0.11 | ) | $ | (0.46 | ) | $ | (0.62 | ) | ||||||||||||
| Diluted earnings (loss) per common share | $ | (1.07 | ) | $ | 0.22 | $ | (0.11 | ) | $ | (0.46 | ) | $ | (0.62 | ) | ||||||||||||
| 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 Months Ended | Years Ended | ||||||||||||||||||||||||
| 12/31/16 | 9/30/16 | 12/31/15 | 12/31/16 | 12/31/15 | |||||||||||||||||||||
| Average Balance Sheet Data | |||||||||||||||||||||||||
| Assets | $ | 925,721 | $ | 917,625 | $ | 954,934 | $ | 929,140 | $ | 984,419 | |||||||||||||||
| Loans | 619,640 | 626,095 | 619,506 | 621,275 | 635,948 | ||||||||||||||||||||
| Earning assets | 878,470 | 864,307 | 900,418 | 875,262 | 917,546 | ||||||||||||||||||||
| Deposits | 847,168 | 839,926 | 882,046 | 852,717 | 907,785 | ||||||||||||||||||||
| Long-term debt and advances | 27,753 | 27,270 | 28,421 | 27,675 | 32,062 | ||||||||||||||||||||
| Interest bearing liabilities | 748,159 | 748,585 | 793,182 | 760,656 | 826,858 | ||||||||||||||||||||
| Stockholders’ equity | 42,696 | 42,170 | 33,697 | 39,423 | 33,083 | ||||||||||||||||||||
| Performance Ratios | |||||||||||||||||||||||||
| Return on average assets | (2.85) | % | 0.60 | % | (0.25) | % | (0.30) | % | (0.33) | % | |||||||||||||||
| Return on average equity | (61.85) | 13.14 | (7.08) | (6.98) | (9.71) | ||||||||||||||||||||
| Yield on average earning assets (tax equivalent) | 4.01 | 4.15 | 4.02 | 4.11 | 4.03 | ||||||||||||||||||||
| Cost of interest bearing liabilities | 0.78 | 0.78 | 0.79 | 0.79 | 0.85 | ||||||||||||||||||||
| Net interest margin (tax equivalent) | 3.35 | 3.47 | 3.32 | 3.42 | 3.27 | ||||||||||||||||||||
| Efficiency ratio | 185.89 | 92.32 | 134.57 | 115.80 | 126.72 | ||||||||||||||||||||
| Loan Charge-off Data | |||||||||||||||||||||||||
| Loans charged-off | $ | (547 | ) | $ | (405 | ) | $ | (961 | ) | $ | (2,629 | ) | $ | (6,132 | ) | ||||||||||
| Recoveries | 575 | 540 | 1,104 | 2,005 | 3,309 | ||||||||||||||||||||
| Net recoveries (charge-offs) | $ | 28 | $ | 135 | $ | 143 | $ | (624 | ) | $ | (2,823 | ) | |||||||||||||
| Nonaccrual Loan Activity | |||||||||||||||||||||||||
| Nonaccrual loans at beginning of period | $ | 10,099 | $ | 11,599 | $ | 16,987 | $ | 14,087 | $ | 47,175 | |||||||||||||||
| Net principal pay-downs | (1,251 | ) | (592 | ) | (2,472 | ) | (5,286 | ) | (27,590 | ) | |||||||||||||||
| Charge-offs | (434 | ) | (303 | ) | (756 | ) | (1,725 | ) | (5,126 | ) | |||||||||||||||
| Loans foreclosed and transferred to OREO | (30 | ) | (667 | ) | (1,063 | ) | (1,273 | ) | (5,503 | ) | |||||||||||||||
| Loans returned to accrual status | (283 | ) | (402 | ) | (29 | ) | (1,034 | ) | (1,629 | ) | |||||||||||||||
| Loans placed on nonaccrual during the period | 1,115 | 464 | 1,420 | 4,447 | 6,760 | ||||||||||||||||||||
| Nonaccrual loans at end of period | $ | 9,216 | $ | 10,099 | $ | 14,087 | $ | 9,216 | $ | 14,087 | |||||||||||||||
| Troubled Debt Restructurings (TDRs) | |||||||||||||||||||||||||
| Accruing | $ | 5,350 | $ | 6,114 | $ | 17,440 | $ | 5,350 | $ | 17,440 | |||||||||||||||
| Nonaccrual | 3,374 | 3,379 | 3,544 | 3,374 | 3,544 | ||||||||||||||||||||
| Total | $ | 8,724 | $ | 9,493 | $ | 20,984 | $ | 8,724 | $ | 20,984 | |||||||||||||||
| Other Real Estate Owned (OREO) Activity | |||||||||||||||||||||||||
| OREO at beginning of period | $ | 7,098 | $ | 12,322 | $ | 29,177 | $ | 19,214 | $ | 46,197 | |||||||||||||||
| Real estate acquired | 30 | 667 | 1,063 | 1,273 | 5,513 | ||||||||||||||||||||
| Valuation adjustment write-downs | (210 | ) | (320 | ) | (2,775 | ) | (1,180 | ) | (9,855 | ) | |||||||||||||||
| Proceeds from sales of properties | (98 | ) | (5,623 | ) | (8,150 | ) | (12,708 | ) | (22,567 | ) | |||||||||||||||
| Gain (loss) on sales, net | 1 | 52 | (101 | ) | 222 | (74 | ) | ||||||||||||||||||
| OREO at end of period | $ | 6,821 | $ | 7,098 | $ | 19,214 | $ | 6,821 | $ | 19,214 | |||||||||||||||
| PORTER BANCORP, INC. | |||||||||||||||||||||
| Unaudited Financial Information | |||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||
| As of | |||||||||||||||||||||
| 12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | |||||||||||||||||
| Assets | |||||||||||||||||||||
| Loans | $ | 639,236 | $ | 621,697 | $ | 624,136 | $ | 619,827 | $ | 618,666 | |||||||||||
| Allowance for loan losses | (8,967 | ) | (9,489 | ) | (10,104 | ) | (11,340 | ) | (12,041 | ) | |||||||||||
| Net loans | 630,269 | 612,208 | 614,032 | 608,487 | 606,625 | ||||||||||||||||
| Loans held for sale | — | 134 | — | 113 | 186 | ||||||||||||||||
| Securities held to maturity | 41,818 | 41,883 | 41,948 | 42,011 | 42,075 | ||||||||||||||||
| Securities available for sale | 152,790 | 142,433 | 143,145 | 141,525 | 144,978 | ||||||||||||||||
| Federal funds sold & interest bearing deposits | 56,867 | 57,578 | 49,313 | 72,209 | 85,329 | ||||||||||||||||
| Cash and due from financial institutions | 9,449 | 6,266 | 8,289 | 8,097 | 8,006 | ||||||||||||||||
| Premises and equipment | 17,848 | 18,481 | 18,618 | 18,751 | 18,812 | ||||||||||||||||
| Bank owned life insurance | 14,838 | 14,741 | 14,646 | 14,531 | 9,441 | ||||||||||||||||
| FHLB Stock | 7,323 | 7,323 | 7,323 | 7,323 | 7,323 | ||||||||||||||||
| Other real estate owned | 6,821 | 7,098 | 12,322 | 17,861 | 19,214 | ||||||||||||||||
| Accrued interest receivable and other assets | 7,154 | 7,135 | 6,916 | 7,251 | 6,733 | ||||||||||||||||
| Total Assets | $ | 945,177 | $ | 915,280 | $ | 916,552 | $ | 938,159 | $ | 948,722 | |||||||||||
| Liabilities and Equity | |||||||||||||||||||||
| Certificates of deposit | $ | 444,639 | $ | 454,742 | $ | 461,183 | $ | 478,965 | $ | 499,827 | |||||||||||
| Interest checking | 103,876 | 88,386 | 90,806 | 96,465 | 97,515 | ||||||||||||||||
| Money market | 142,497 | 140,995 | 135,643 | 134,684 | 125,935 | ||||||||||||||||
| Savings | 34,518 | 33,816 | 34,616 | 35,197 | 34,677 | ||||||||||||||||
| Total interest bearing deposits | 725,530 | 717,939 | 722,248 | 745,311 | 757,954 | ||||||||||||||||
| Demand deposits | 124,395 | 119,005 | 117,843 | 120,302 | 120,043 | ||||||||||||||||
| Total deposits | 849,925 | 836,944 | 840,091 | 865,613 | 877,997 | ||||||||||||||||
| FHLB advances | 22,458 | 2,619 | 2,775 | 2,932 | 3,081 | ||||||||||||||||
| Junior subordinated debentures | 24,150 | 24,375 | 24,600 | 24,825 | 25,050 | ||||||||||||||||
| Accrued interest payable and other liabilities | 15,911 | 7,721 | 7,651 | 10,181 | 10,577 | ||||||||||||||||
| Total liabilities | 912,444 | 871,659 | 875,117 | 903,551 | 916,705 | ||||||||||||||||
| Preferred stockholders’ equity | 2,771 | 2,771 | 2,771 | 2,771 | 2,771 | ||||||||||||||||
| Common stockholders’ equity | 29,962 | 40,850 | 38,664 | 31,837 | 29,246 | ||||||||||||||||
| Total stockholders’ equity | 32,733 | 43,621 | 41,435 | 34,608 | 32,017 | ||||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 945,177 | $ | 915,280 | $ | 916,552 | $ | 938,159 | $ | 948,722 | |||||||||||
| Ending shares outstanding | 6,224,533 | 6,222,994 | 6,223,661 | 5,388,836 | 5,389,507 | ||||||||||||||||
| Book value per common share | $ | 4.81 | $ | 6.56 | $ | 6.21 | $ | 5.91 | $ | 5.43 | |||||||||||
| Tangible book value per common share | 4.79 | 6.53 | 6.16 | 5.83 | 5.33 | ||||||||||||||||
| PORTER BANCORP, INC. | |||||||||||||||||||||
| Unaudited Financial Information | |||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||
| As of | |||||||||||||||||||||
| 12/31/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | |||||||||||||||||
| Asset Quality Data | |||||||||||||||||||||
| Loan 90 days or more past due still on accrual | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| Nonaccrual loans | 9,216 | 10,099 | 11,599 | 11,119 | 14,087 | ||||||||||||||||
| Total non-performing loans | 9,216 | 10,099 | 11,599 | 11,119 | 14,087 | ||||||||||||||||
| Real estate acquired through foreclosures | 6,821 | 7,098 | 12,322 | 17,861 | 19,214 | ||||||||||||||||
| Other repossessed assets | — | — | — | — | — | ||||||||||||||||
| Total non-performing assets | $ | 16,037 | $ | 17,197 | $ | 23,921 | $ | 28,980 | $ | 33,301 | |||||||||||
| Non-performing loans to total loans | 1.44 | % | 1.62 | % | 1.86 | % | 1.79 | % | 2.28 | % | |||||||||||
| Non-performing assets to total assets | 1.70 | 1.88 | 2.61 | 3.09 | 3.51 | ||||||||||||||||
| Allowance for loan losses to non-performing loans | 97.30 | 93.96 | 87.11 | 101.99 | 85.48 | ||||||||||||||||
| Allowance for loans evaluated individually | $ | 399 | $ | 339 | $ | 146 | $ | 464 | $ | 428 | |||||||||||
| Loans evaluated individually for impairment | 15,131 | 16,214 | 25,535 | 26,236 | 31,776 | ||||||||||||||||
| Allowance as % of loans evaluated individually | 2.64 | % | 2.09 | % | 0.57 | % | 1.77 | % | 1.35 | % | |||||||||||
| Allowance for loans evaluated collectively | $ | 8,568 | $ | 9,150 | $ | 9,958 | $ | 10,876 | $ | 11,613 | |||||||||||
| Loans evaluated collectively for impairment | 624,105 | 605,483 | 598,601 | 593,591 | 586,890 | ||||||||||||||||
| Allowance as % of loans evaluated collectively | 1.37 | % | 1.51 | % | 1.66 | % | 1.83 | % | 1.98 | % | |||||||||||
| Allowance for loan losses to total loans | 1.40 | % | 1.53 | % | 1.62 | % | 1.83 | % | 1.95 | % | |||||||||||
| Loans by Risk Category | |||||||||||||||||||||
| Pass | $ | 586,430 | $ | 551,075 | $ | 547,853 | $ | 534,451 | $ | 517,484 | |||||||||||
| Watch | 30,431 | 46,049 | 50,024 | 59,265 | 63,363 | ||||||||||||||||
| Special Mention | 497 | 603 | 622 | 1,383 | 1,395 | ||||||||||||||||
| Substandard | 21,878 | 23,970 | 25,637 | 24,728 | 36,424 | ||||||||||||||||
| Doubtful | — | — | — | — | — | ||||||||||||||||
| Total | $ | 639,236 | $ | 621,697 | $ | 624,136 | $ | 619,827 | $ | 618,666 | |||||||||||
| Risk-based Capital Ratios - Company | |||||||||||||||||||||
| Tier I leverage ratio | 5.27 | % | 6.21 | % | 5.87 | % | 5.03 | % | 4.74 | % | |||||||||||
| Common equity Tier I risk-based capital ratio | 5.20 | 6.37 | 6.11 | 5.21 | 5.09 | ||||||||||||||||
| Tier I risk-based capital ratio | 6.99 | 8.48 | 8.16 | 7.03 | 6.89 | ||||||||||||||||
| Total risk-based capital ratio | 10.21 | 11.57 | 11.31 | 10.46 | 10.46 | ||||||||||||||||
| Risk-based Capital Ratios – PBI Bank | |||||||||||||||||||||
| Tier I leverage ratio | 6.24 | % | 6.97 | % | 6.65 | % | 6.39 | % | 6.08 | % | |||||||||||
| Common equity Tier I risk-based capital ratio | 8.28 | 9.53 | 9.22 | 8.94 | 8.84 | ||||||||||||||||
| Tier I risk-based capital ratio | 8.28 | 9.53 | 9.22 | 8.94 | 8.84 | ||||||||||||||||
| Total risk-based capital ratio | 9.88 | 11.18 | 10.87 | 10.64 | 10.58 | ||||||||||||||||
| FTE employees | 238 | 233 | 239 | 246 | 244 | ||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170125005927/en/
Contacts:
John T. Taylor, 502-499-4800
Chief
Executive Officer
