LOUISVILLE, Ky.--(BUSINESS WIRE)--Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, today reported unaudited results for the fourth quarter of 2015.
The Company reported a net loss attributable to common shareholders for the quarter ended December 31, 2015 of $579,000, or ($0.02) per diluted common share, compared to a net loss attributable to common shareholders of $1.031 million, or ($0.04) per diluted common share, for the three months ended September 30, 2015.
The Company reported a net loss attributable to common shareholders for the year ended December 31, 2015 of $2.9 million, or ($0.12) per diluted common share, compared to net income attributable to common shareholders of $19.4 million, or $1.59 per diluted common share, for the year ended December 31, 2014. In December 2014, the Company completed a non-cash equity exchange transaction with investors in which two series of its outstanding preferred stock having an aggregate book value of approximately $45.7 million and all accrued dividends thereon were cancelled in exchange for newly issued common and preferred securities having a fair value of approximately $9.6 million. The effect of the 2014 preferred stock exchange to common shareholders totaled approximately $36.1 million.
John T. Taylor, President and CEO of the Company noted, “PBI Bank has continued to make significant progress in reducing its non-performing assets. In the fourth quarter of 2015, non-performing assets were reduced by $12.9 million after achieving reductions of $23.7 million in the third quarter of 2015. In total, non-performing assets were reduced $60.2 million, or 64% in 2015.”
Net Interest Income – Net interest income before provision was $7.44 million for the fourth quarter of 2015 compared to $7.48 million in the third quarter of 2015 and $7.47 million in the fourth quarter of 2014. Average loans decreased to $619.5 million for the fourth quarter of 2015 compared with $640.0 million in the third quarter of 2015, and $634.9 million for the fourth quarter of 2014. Yields on average assets decreased to 4.02% for the fourth quarter of 2015, compared to 4.07% for the third quarter of 2015 and 4.06% for the fourth quarter of 2014. Cost of interest bearing liabilities decreased to 0.79% for the fourth quarter of 2015, compared to 0.83% for the third quarter of 2015 and 0.99% for the fourth quarter of 2014. Net interest margin remained steady at 3.32% in the fourth quarter of 2015 compared to 3.33% in the third quarter of 2015 and improved from 3.16% in the fourth quarter of 2014.
Allowance for Loan Losses and Negative Provision for Loan Losses – The allowance for loan losses to total loans was 1.95% at December 31, 2015, compared to 2.27% at September 30, 2015, and 3.10% at December 31, 2014. The allowance for loan losses for loans evaluated collectively for impairment was 1.98% at December 31, 2015, compared with 2.33% at September 30, 2015, and 3.37% at December 31, 2014.
The reduced level of the allowance and the negative provision for loan losses of $2.3 million in the fourth quarter of 2015 and $4.5 million for the full year were primarily driven by declining historical loss rates, improving trends in loan category risk ratings, and management’s assessment of lower risk in the portfolio. Substandard loans decreased by $11.1 million, or 23.3%, over the past quarter and $55.1 million, or 60.2%, for the full year. Nonaccrual loans decreased by $2.9 million, or 17.1%, over the past quarter and $33.1 million, or 70.1%, over the course of 2015. Net loan charge-offs decreased to $2.8 million for 2015 compared to $15.9 million in 2014. The Company had net recoveries of $143,000 for the fourth quarter of 2015 compared to net charge-offs of $411,000 for the third quarter of 2015 and net charge-offs of $5.6 million 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 considerably to $33.3 million, or 3.51% of total assets at December 31, 2015, compared with $46.2 million, or 4.85% of total assets, at September 30, 2015, and $93.5 million, or 9.19% of total assets, at December 31, 2014.
Non-performing loans decreased to $14.1 million, or 2.28% of total loans, at December 31, 2015, compared with $17.0 million, or 2.72% of total loans, at September 30, 2015, and $47.3 million, or 7.57% of total loans, at December 31, 2014. The decrease from the previous year was primarily driven by $27.6 million in principal payments received on nonaccrual loans, $5.5 million of nonaccrual loans migrating to OREO, and $5.1 million of charge-offs.
OREO at December 31, 2015 decreased to $19.2 million, compared with $29.2 million at September 30, 2015, and $46.2 million at December 31, 2014. The Company acquired $1.1 million in OREO and sold $8.2 million in OREO during the fourth quarter of 2015. Fair value write-downs arising from reductions in listing prices for certain properties and updated appraisals totaled $2.8 million in the fourth quarter of 2015 compared with $4.5 million in the third quarter of 2015 and $3.0 million in the fourth quarter of 2014. Progress continues in the disposition of OREO. Currently, $5.5 million of OREO property is subject to a contract for sale or letter of intent.
The following table details past due loans and non-performing assets as of:
December 31,
2015 |
September 30,
2015 |
June 30,
2015 |
March 31,
2015 |
December 31,
2014 |
||||||||||||||||
(in thousands) | ||||||||||||||||||||
Past due loans: | ||||||||||||||||||||
30 – 59 days | $ | 3,133 | $ | 1,972 | $ | 1,941 | $ | 4,370 | $ | 3,960 | ||||||||||
60 – 89 days | 241 | 578 | 650 | 1,769 | 980 | |||||||||||||||
90 days or more | — | — | 92 | 18 | 151 | |||||||||||||||
Nonaccrual loans | 14,087 | 16,987 | 30,215 | 36,500 | 47,175 | |||||||||||||||
Total past due and nonaccrual loans |
$ |
17,461 |
$ |
19,537 |
$ | 32,898 | $ | 42,657 | $ | 52,266 | ||||||||||
Loans past due 90 days or more |
$ |
— |
$ |
— |
$ | 92 | $ | 18 | $ | 151 | ||||||||||
Nonaccrual loans | 14,087 | 16,987 | 30,215 | 36,500 | 47,175 | |||||||||||||||
OREO | 19,214 | 29,177 | 39,545 | 43,618 | 46,197 | |||||||||||||||
Other repossessed assets | — | — | — | — | — | |||||||||||||||
Total non-performing assets |
$ |
33,301 |
$ |
46,164 |
$ | 69,852 | $ | 80,136 | $ | 93,523 | ||||||||||
In addition to nonaccrual loans and OREO, loans classified as Troubled Debt Restructures (TDRs) and on accrual totaled $17.4 million at December 31, 2015, compared to $17.7 million at September 30, 2015, and $22.0 million at December 31, 2014.
Non-interest Income - Non-interest income increased $3.6 million to $7.7 million for the year ended December 31, 2015, compared with $4.1 million for the year ended December 31, 2014. The increase in non-interest income was driven primarily by nonrecurring items including $1.8 million in net gains on sales of securities in 2015 compared to $92,000 in 2014, $1.3 million of rental income from other real estate owned in 2015 compared to $256,000 in 2014, and a gain of $883,000 recognized in the extinguishment of $4.0 million of the Company’s junior subordinated debt in the third quarter of 2015.
Non-interest Expense – Non-interest expense decreased $1.4 million to $11.6 million for the fourth quarter of 2015 compared with $13.0 million for the third quarter of 2015, and decreased $283,000 compared with $11.8 million for the fourth quarter of 2014. The decrease from the third quarter of 2015 and fourth quarter of 2014 was due primarily to lower OREO expenses.
OREO expenses increased by $6.5 million in 2015 compared to 2014. This increase was driven primarily by fair value write-downs resulting from declines in the fair value of the real estate based upon the liquidation of certain properties through auctions, reductions in listing prices for certain properties, and updated appraisals. Non-interest expense before OREO expenses totaled $8.1 million, $7.8 million, and $8.0 million, respectively for the fourth quarter 2015, the third quarter 2015, and the fourth quarter 2014.
Professional fees decreased to $572,000 in the fourth quarter 2015 from $620,000 in the third quarter 2015 and $819,000 in the fourth quarter of 2014. On a year over year basis, professional fees increased by $1.2 million to $2.9 million for 2015 compared to $1.7 million in 2014 and were driven primarily by legal fees and litigation expenses.
Capital – At December 31, 2015, PBI Bank’s Tier 1 leverage ratio improved to 6.08% compared with 6.01% at September 30, 2015, and its Total risk-based capital ratio was 10.58% at December 31, 2015, compared with 10.50% at September 30, 2015. Both are below the minimums of 9.0% and 12.0% required by PBI Bank’s consent order. Management and the Board of Directors remain committed to evaluating and implementing appropriate strategies for increasing the Company’s capital in order to meet the requirements of the consent order.
At December 31, 2015, Porter Bancorp’s leverage ratio was 4.74% compared with 4.73% at September 30, 2015, and its Total risk-based capital ratio was 10.46%, compared with 10.40% at September 30, 2015. At December 31, 2015, PBI Bank’s Common equity Tier I risk-based capital ratio was 8.84% compared with 8.73% at September 30, 2015. Porter Bancorp’s Common equity Tier I risk-based capital ratio was 5.09% compared with 5.07% at September 30, 2015.
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, 2015 follows.
PORTER BANCORP, INC. |
||||||||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||||||||
12/31/15 | 9/30/15 | 12/31/14 | 12/31/15 | 12/31/14 | ||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||||
Interest income | $ | 9,025 | $ | 9,179 | $ | 9,636 | $ | 36,574 | $ | 39,513 | ||||||||||||||||
Interest expense | 1,585 | 1,697 | 2,169 | 7,023 | 9,795 | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Net interest income | 7,440 | 7,482 | 7,467 | 29,551 | 29,718 | |||||||||||||||||||||
Provision for loan losses | (2,300 | ) | (2,200 | ) | 800 | (4,500 | ) | 7,100 | ||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
Net interest income after provision | 9,740 | 9,682 | 6,667 | 34,051 | 22,618 | |||||||||||||||||||||
Service charges on deposits | 475 | 492 | 498 | 1,851 | 1,988 | |||||||||||||||||||||
Bank card interchange fees | 195 | 212 | 190 | 839 | 765 | |||||||||||||||||||||
Other real estate owned income | 237 | 380 | 226 | 1,346 | 256 | |||||||||||||||||||||
Gains (losses) on sales of securities, net | 70 | — | — | 1,766 | 92 | |||||||||||||||||||||
Gain on extinguishment of debt | — | 883 | — | 883 | — | |||||||||||||||||||||
Other | 247 | 243 | 244 | 1,010 | 978 | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Non-interest income | 1,224 | 2,210 | 1,158 | 7,695 | 4,079 | |||||||||||||||||||||
Salaries & employee benefits | 4,062 | 3,920 | 3,927 | 15,857 | 15,658 | |||||||||||||||||||||
Occupancy and equipment | 936 | 815 | 852 | 3,449 | 3,497 | |||||||||||||||||||||
Professional fees | 572 | 620 | 819 | 2,885 | 1,665 | |||||||||||||||||||||
FDIC insurance | 539 | 539 | 590 | 2,212 | 2,272 | |||||||||||||||||||||
Data processing expense | 268 | 278 | 288 | 1,128 | 1,106 | |||||||||||||||||||||
State franchise and deposit tax | 265 | 285 | 210 | 1,120 | 1,445 | |||||||||||||||||||||
Other real estate owned expense | 3,506 | 5,131 | 3,843 | 12,302 | 5,839 | |||||||||||||||||||||
Loan collection expense | 246 | 321 | 348 | 1,141 | 2,994 | |||||||||||||||||||||
Other | 1,171 | 1,059 | 971 | 4,865 | 4,959 | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Non-interest expense | 11,565 | 12,968 | 11,848 | 44,959 | 39,435 | |||||||||||||||||||||
Loss before income taxes | (601 | ) | (1,076 | ) | (4,023 | ) | (3,213 | ) | (12,738 | ) | ||||||||||||||||
Income tax expense (benefit) | — | — | (238 | ) | — | (1,583 | ) | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Net loss | (601 | ) | (1,076 | ) | (3,785 | ) | (3,213 | ) | (11,155 | ) | ||||||||||||||||
Less: | ||||||||||||||||||||||||||
Dividends and accretion on preferred stock | — | — | — | — | 2,362 | |||||||||||||||||||||
Effect of exchange of preferred stock to common stock | — | — | (36,104 | ) | — | (36,104 | ) | |||||||||||||||||||
Earnings (losses) allocated to participating securities | (22 | ) | (45 | ) | 7,977 | (336 | ) | 3,159 | ||||||||||||||||||
Net income (loss) attributable to common | $ | (579 | ) | $ | (1,031 | ) | $ | 24,342 | $ | (2,877 | ) | $ | 19,428 | |||||||||||||
|
|
|
|
|||||||||||||||||||||||
Weighted average shares – Basic | 25,967,066 | 24,681,547 | 12,767,430 | 23,245,009 | 12,240,889 | |||||||||||||||||||||
Weighted average shares – Diluted | 25,967,066 | 24,681,547 | 12,767,430 | 23,245,009 | 12,240,889 | |||||||||||||||||||||
Basic earnings (loss) per common share | $ | (0.02 | ) | $ | (0.04 | ) | $ | 1.91 | $ | (0.12 | ) | $ | 1.59 | |||||||||||||
Diluted earnings (loss) per common share | $ | (0.02 | ) | $ | (0.04 | ) | $ | 1.91 | $ | (0.12 | ) | $ | 1.59 | |||||||||||||
Cash dividends declared per common share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
PORTER BANCORP, INC. |
||||||||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||||||||
12/31/15 | 9/30/15 | 12/31/14 | 12/31/15 | 12/31/14 | ||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||
Assets | $ | 954,934 | $ | 968,471 | $ | 1,033,327 | $ | 984,419 | $ | 1,049,232 | ||||||||||||||||
Loans | 619,506 | 639,954 | 634,872 | 635,948 | 662,442 | |||||||||||||||||||||
Earning assets | 900,418 | 903,857 | 952,946 | 917,546 | 979,187 | |||||||||||||||||||||
Deposits | 882,046 | 893,262 | 948,899 | 907,785 | 961,671 | |||||||||||||||||||||
Long-term debt and advances | 28,421 | 32,769 | 34,127 | 32,062 | 34,981 | |||||||||||||||||||||
Interest bearing liabilities | 793,182 | 813,753 | 865,042 | 826,858 | 885,757 | |||||||||||||||||||||
Stockholders’ equity | 33,697 | 30,920 | 29,928 | 33,083 | 33,881 | |||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||
Return on average assets | (0.25 | )% | (0.44 | )% | (1.45 | )% | (0.33 | )% | (1.06 | )% | ||||||||||||||||
Return on average equity | (7.08 | ) | (13.81 | ) | (50.18 | ) | (9.71 | ) | (32.92 | ) | ||||||||||||||||
Yield on average earning assets (tax equivalent) | 4.02 | 4.07 | 4.06 | 4.03 | 4.09 | |||||||||||||||||||||
Cost of interest bearing liabilities | 0.79 | 0.83 | 0.99 | 0.85 | 1.11 | |||||||||||||||||||||
Net interest margin (tax equivalent) | 3.32 | 3.33 | 3.16 | 3.27 | 3.09 | |||||||||||||||||||||
Efficiency ratio | 134.57 | 133.80 | 137.37 | 126.72 | 117.00 | |||||||||||||||||||||
Loan Charge-off Data | ||||||||||||||||||||||||||
Loans charged-off | $ | (961 | ) | $ | (1,580 | ) | $ | (6,197 | ) | $ | (6,132 | ) | $ | (19,426 | ) | |||||||||||
Recoveries | 1,104 | 1,169 | 563 | 3,309 | 3,566 | |||||||||||||||||||||
Net (charge-offs) recoveries | $ | 143 | $ | (411 | ) | $ | (5,634 | ) | $ | (2,823 | ) | $ | (15,860 | ) | ||||||||||||
Nonaccrual Loan Activity | ||||||||||||||||||||||||||
Nonaccrual loans at beginning of period | $ | 16,987 | $ | 30,215 | $ | 44,670 | $ | 47,175 | $ | 101,767 | ||||||||||||||||
Net principal pay-downs | (2,472 | ) | (9,028 | ) | (1,825 | ) | (27,590 | ) | (27,494 | ) | ||||||||||||||||
Charge-offs | (756 | ) | (1,333 | ) | (2,291 | ) | (5,126 | ) | (14,105 | ) | ||||||||||||||||
Loans foreclosed and transferred to OREO | (1,063 | ) | (3,495 | ) | (675 | ) | (5,503 | ) | (31,698 | ) | ||||||||||||||||
Loans returned to accrual status | (29 | ) | (902 | ) | (116 | ) | (1,629 | ) | (3,405 | ) | ||||||||||||||||
Loans placed on nonaccrual during the period | 1,420 | 1,530 | 7,412 | 6,760 | 22,110 | |||||||||||||||||||||
Nonaccrual loans at end of period | $ | 14,087 | $ | 16,987 | $ | 47,175 | $ | 14,087 | $ | 47,175 | ||||||||||||||||
Troubled Debt Restructurings (TDRs) | ||||||||||||||||||||||||||
Accruing | $ | 17,440 | $ | 17,656 | $ | 21,985 | $ | 17,440 | $ | 21,985 | ||||||||||||||||
Nonaccrual | 3,544 | 3,788 | 20,507 | 3,544 | 20,507 | |||||||||||||||||||||
Total | $ | 20,984 | $ | 21,444 | $ | 42,492 | $ | 20,984 | $ | 42,492 | ||||||||||||||||
Other Real Estate Owned (OREO) Activity | ||||||||||||||||||||||||||
OREO at beginning of period | $ | 29,177 | $ | 39,545 | $ | 54,507 | $ | 46,197 | $ | 30,892 | ||||||||||||||||
Real estate acquired | 1,063 | 3,495 | 675 | 5,513 | 32,338 | |||||||||||||||||||||
Valuation adjustment write-downs | (2,775 | ) | (4,450 | ) | (3,005 | ) | (9,855 | ) | (4,255 | ) | ||||||||||||||||
Proceeds from sales of properties | (8,150 | ) | (9,397 | ) | (5,831 | ) | (22,567 | ) | (13,084 | ) | ||||||||||||||||
Gain (loss) on sales, net | (101 | ) | (16 | ) | (149 | ) | (74 | ) | 306 | |||||||||||||||||
OREO at end of period | $ | 19,214 | $ | 29,177 | $ | 46,197 | $ | 19,214 | $ | 46,197 |
PORTER BANCORP, INC. |
|||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Loans | $ | 618,666 | $ | 624,414 | $ | 648,321 | $ | 632,428 | $ | 624,999 | $ | 638,360 | |||||||||||||||||||
Allowance for loan losses | (12,041 | ) | (14,198 | ) | (16,809 | ) | (18,597 | ) | (19,364 | ) | (24,198 | ) | |||||||||||||||||||
Net loans | 606,625 | 610,216 | 631,512 | 613,831 | 605,635 | 614,162 | |||||||||||||||||||||||||
Loans held for sale | 186 | 71 | 125 | — | 8,926 | — | |||||||||||||||||||||||||
Securities held to maturity | 42,075 | 42,138 | 42,202 | 42,263 | 42,325 | 42,386 | |||||||||||||||||||||||||
Securities available for sale | 144,978 | 146,837 | 151,758 | 157,290 | 190,791 | 192,146 | |||||||||||||||||||||||||
Federal funds sold & interest bearing deposits | 85,329 | 73,940 | 63,987 | 101,872 | 66,011 | 73,494 | |||||||||||||||||||||||||
Cash and due from financial institutions | 8,006 | 6,540 | 7,403 | 7,899 | 14,169 | 11,336 | |||||||||||||||||||||||||
Premises and equipment | 18,812 | 19,109 | 19,167 | 19,323 | 19,507 | 19,649 | |||||||||||||||||||||||||
Bank owned life insurance | 9,441 | 9,381 | 9,320 | 9,231 | 9,167 | 9,103 | |||||||||||||||||||||||||
FHLB Stock | 7,323 | 7,323 | 7,323 | 7,323 | 7,323 | 7,323 | |||||||||||||||||||||||||
Other real estate owned | 19,214 | 29,177 | 39,545 | 43,618 | 46,197 | 54,507 | |||||||||||||||||||||||||
Accrued interest receivable and other assets | 6,733 | 6,748 | 6,998 | 7,056 | 7,938 | 6,608 | |||||||||||||||||||||||||
Total Assets | $ | 948,722 | $ | 951,480 | $ | 979,340 | $ | 1,009,706 | $ | 1,017,989 | $ | 1,030,714 | |||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||
Certificates of deposit | $ | 499,827 | $ | 534,031 | $ | 564,253 | $ | 597,117 | $ | 574,681 | $ | 609,682 | |||||||||||||||||||
Interest checking | 97,515 | 83,247 | 84,627 | 86,614 | 91,086 | 76,431 | |||||||||||||||||||||||||
Money market | 125,935 | 119,324 | 110,529 | 102,349 | 109,734 | 100,890 | |||||||||||||||||||||||||
Savings | 34,677 | 35,131 | 35,942 | 36,418 | 36,430 | 36,364 | |||||||||||||||||||||||||
Total interest bearing deposits | 757,954 | 771,733 | 795,351 | 822,498 | 811,931 | 823,367 | |||||||||||||||||||||||||
Demand deposits | 120,043 | 106,160 | 108,800 | 108,011 | 114,910 | 110,165 | |||||||||||||||||||||||||
Total deposits | 877,997 | 877,893 | 904,151 | 930,509 | 926,841 | 933,532 | |||||||||||||||||||||||||
Federal funds purchased & repurchase agreements | — | — | 1,265 | 1,145 | 1,341 | 1,817 | |||||||||||||||||||||||||
FHLB advances | 3,081 | 3,255 | 3,430 | 3,597 | 15,752 | 16,940 | |||||||||||||||||||||||||
Junior subordinated debentures | 25,050 | 25,275 | 29,500 | 29,725 | 29,950 | 30,175 | |||||||||||||||||||||||||
Accrued interest payable and other liabilities | 10,577 | 11,249 | 10,949 | 10,758 | 10,640 | 18,922 | |||||||||||||||||||||||||
Total liabilities | 916,705 | 917,672 | 949,295 | 975,734 | 984,524 | 1,001,386 | |||||||||||||||||||||||||
Preferred stockholders’ equity | 2,771 | 2,771 | 2,771 | 2,771 | 8,552 | 38,283 | |||||||||||||||||||||||||
Common stockholders’ equity (deficit) | 29,246 | 31,037 | 27,274 | 31,201 | 24,913 | (8,955 | ) | ||||||||||||||||||||||||
Total stockholders’ equity | 32,017 | 33,808 | 30,045 | 33,972 | 33,465 | 29,328 | |||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 948,722 | $ | 951,480 | $ | 979,340 | $ | 1,009,706 | $ | 1,017,989 | $ | 1,030,714 | |||||||||||||||||||
Ending shares outstanding | 26,947,533 | 26,949,205 | 25,759,223 | 25,663,495 | 14,890,514 | 13,099,400 | |||||||||||||||||||||||||
Book value per common share | $ | 1.09 | $ | 1.15 | $ | 1.06 | $ | 1.22 | $ | 1.67 | $ | (0.68 | ) | ||||||||||||||||||
Tangible book value per common share | 1.07 | 1.13 | 1.03 | 1.18 | 1.61 | (0.76 | ) |
PORTER BANCORP, INC. |
|||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | ||||||||||||||||||||||||||
Asset Quality Data | |||||||||||||||||||||||||||||||
Loans 90 days or more past due still on accrual | $ | — | $ | — | $ | 92 | $ | 18 | $ | 151 | $ | — | |||||||||||||||||||
Nonaccrual loans | 14,087 | 16,987 | 30,215 | 36,500 | 47,175 | 44,670 | |||||||||||||||||||||||||
Total non-performing loans | 14,087 | 16,987 | 30,307 | 36,518 | 47,326 | 44,670 | |||||||||||||||||||||||||
Real estate acquired through foreclosures | 19,214 | 29,177 | 39,545 | 43,618 | 46,197 | 54,507 | |||||||||||||||||||||||||
Other repossessed assets | — | — | — | — | — | — | |||||||||||||||||||||||||
Total non-performing assets | $ | 33,301 | $ | 46,164 | $ | 69,852 | $ | 80,136 | $ | 93,523 | $ | 99,177 | |||||||||||||||||||
Non-performing loans to total loans | 2.28 | % | 2.72 | % | 4.67 | % | 5.77 | % | 7.57 | % | 7.00 | % | |||||||||||||||||||
Non-performing assets to total assets | 3.51 | 4.85 | 7.13 | 7.94 | 9.19 | 9.62 | |||||||||||||||||||||||||
Allowance for loan losses to non-performing loans | 85.48 | 83.58 | 55.46 | 50.93 | 40.92 | 54.17 | |||||||||||||||||||||||||
Allowance for loans evaluated individually | $ | 428 | $ | 469 | $ | 842 | $ | 254 | $ | 752 | $ | 1,788 | |||||||||||||||||||
Loans evaluated individually for impairment | 31,776 | 34,895 | 49,011 | 55,299 | 71,993 | 78,695 | |||||||||||||||||||||||||
Allowance as % of loans evaluated individually | 1.35 | % | 1.34 | % | 1.72 | % | 0.46 | % | 1.04 | % | 2.27 | % | |||||||||||||||||||
Allowance for loans evaluated collectively | $ | 11,613 | $ | 13,729 | $ | 15,967 | $ | 18,343 | $ | 18,612 | $ | 22,410 | |||||||||||||||||||
Loans evaluated collectively for impairment | 586,890 | 589,519 | 599,310 | 577,129 | 553,006 | 559,665 | |||||||||||||||||||||||||
Allowance as % of loans evaluated collectively | 1.98 | % | 2.33 | % | 2.66 | % | 3.18 | % | 3.37 | % | 4.00 | % | |||||||||||||||||||
Allowance for loan losses to total loans | 1.95 | % | 2.27 | % | 2.59 | % | 2.94 | % | 3.10 | % | 3.79 | % | |||||||||||||||||||
Loans by Risk Category | |||||||||||||||||||||||||||||||
Pass | $ | 517,484 | $ | 508,470 | $ | 509,843 | $ | 480,545 | $ | 461,126 | $ | 446,166 | |||||||||||||||||||
Watch | 63,363 | 66,726 | 67,712 | 76,876 | 68,200 | 83,711 | |||||||||||||||||||||||||
Special Mention | 1,395 | 1,700 | 1,718 | 1,110 | 4,189 | 4,431 | |||||||||||||||||||||||||
Substandard | 36,424 | 47,518 | 69,048 | 73,897 | 91,484 | 104,052 | |||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 618,666 | $ | 624,414 | $ | 648,321 | $ | 632,428 | $ | 624,999 | $ | 638,360 | |||||||||||||||||||
Risk-based Capital Ratios - Company | |||||||||||||||||||||||||||||||
Tier I leverage ratio | 4.74 | % | 4.73 | % | 4.25 | % | 4.13 | % | 4.51 | % | 4.02 | % | |||||||||||||||||||
Common equity Tier I risk-based capital ratio | 5.09 | 5.07 | 4.42 | 4.68 | N/A | N/A | |||||||||||||||||||||||||
Tier I risk-based capital ratio | 6.89 | 6.86 | 6.02 | 5.85 | 6.70 | 5.93 | |||||||||||||||||||||||||
Total risk-based capital ratio | 10.46 | 10.40 | 10.25 | 10.00 | 10.61 | 10.05 | |||||||||||||||||||||||||
Risk-based Capital Ratios – PBI Bank | |||||||||||||||||||||||||||||||
Tier I leverage ratio | 6.08 | % | 6.01 | % | 5.95 | % | 5.84 | % | 5.78 | % | 6.09 | % | |||||||||||||||||||
Common equity Tier I risk-based capital ratio | 8.84 | 8.73 | 8.43 | 8.32 | N/A | N/A | |||||||||||||||||||||||||
Tier I risk-based capital ratio | 8.84 | 8.73 | 8.43 | 8.32 | 8.59 | 8.99 | |||||||||||||||||||||||||
Total risk-based capital ratio | 10.58 | 10.50 | 10.34 | 10.26 | 10.57 | 11.01 | |||||||||||||||||||||||||
FTE employees | 244 | 246 | 253 | 258 | 264 | 268 | |||||||||||||||||||||||||