Attached files
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| 8-K - PORTER BANCORP, INC. 8-K - LIMESTONE BANCORP, INC. | a50740369.htm |
Exhibit 99.1
Porter Bancorp, Inc. Reports Third Quarter 2013 Results
Third Quarter 2013 Net Loss Available to Common Shareholders of $168,000
LOUISVILLE, Ky.--(BUSINESS WIRE)--October 30, 2013--Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported unaudited results for the third quarter of 2013.
The Company reported that the net loss attributable to common shareholders declined substantially to $168,000, or ($0.01) per diluted share, for the third quarter of 2013 compared with a net loss of $26.9 million, or ($2.29) per diluted share, for the third quarter of 2012. Net loss attributable to common shareholders for the nine months ended September 30, 2013 was $2.4 million, or ($0.20) per diluted common share, compared with net loss attributable to common shareholders of $26.4 million, or ($2.25) per diluted share, for the nine months ended September 30, 2012. The significant reduction in net loss since last year reflected our focus on asset quality remediation, regulatory capital restoration, and lowering the risk profile of the Company.
Third Quarter 2013 Financial Performance Highlights
- Balance Sheet Reduction - We have successfully reduced the size of our balance sheet in accordance with our capital plan. Average assets were $1.056 billion in the third quarter of 2013 compared with $1.105 billion in the second quarter of 2013 and $1.326 billion in the third quarter of 2012. This reduction was accomplished primarily by reducing our commercial real estate and construction and development loans within our loan portfolio and through the redemption of higher cost certificates of deposit accounts.
- Net Interest Income – Net interest income declined to $7.8 million for the third quarter of 2013 compared with $8.4 million in the second quarter of 2013 and $10.1 million in the third quarter of 2012 as our average loans declined to $756.1 million for the third quarter of 2013 compared with $806.9 million in the second quarter of 2013 and $1.008 billion in the third quarter of 2012. Our net interest margin declined to 3.14% in the third quarter of 2013 compared with 3.24% in the second quarter of 2013 and 3.23% in the third quarter of 2012.
- Non-interest Income – Non-interest income decreased $981,000 to $1.2 million in the third quarter of 2013 compared with $2.1 million in the second quarter of 2013 and decreased $554,000 compared with $1.7 million in the third quarter of 2012. The quarter over quarter decline from June 2013 to September 2013 is attributable primarily to a $679,000 reduction in the gain on sales of securities, a $230,000 reduction in income from bank owned life insurance and a $176,000 decline in other real estate owned income.
- Provision for Loan Losses - Provision for loan losses expense declined to $250,000 for the third quarter of 2013 and $700,000 for the first nine months of 2013 compared with $25.5 million for the third quarter of 2012 and $33.3 million for the first nine months of 2012. The significant reduction in provision for loan losses is being driven by the substantial shrinkage of the loan portfolio, declining historical loss rates, and a reduction in loans migrating downward in risk grade classification. Our reserve for loans evaluated collectively for impairment was 4.66% at September 30, 2013, compared with 4.56% at June 30, 2013 and 5.06% at September 30, 2012.
- Non-performing Assets - Non-performing assets, which include loans past due 90 days and still accruing, loans on nonaccrual, and other real estate owned, decreased on a dollar level basis to $148.8 million, or 14.33% of total assets at September 30, 2013, compared with $159.3 million, or 14.86% of total assets, at June 30, 2013. Non-performing loans and other real estate owned still remain at higher than normal levels and continue to impact negatively the Bank’s earnings performance.
Non-performing loans decreased to $106.9 million, or 14.56% of total loans, at September 30, 2013, compared with $112.3 million, or 14.49% of total loans, at June 30, 2013. However, net charge-offs increased from $2.3 million in the second quarter of 2013 to $6.1 million in the third quarter of 2013. Net charge-offs for the nine months ended September 30, 2013 decreased to $25.6 million from $31.8 million for the same period in 2012.
Total past due and nonaccrual loans increased approximately $687,000 to $124.5 million at September 30, 2013 from $123.8 million at June 30, 2013.
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September 30,
2013 |
June 30,
2013 |
March 31,
2013 |
December 31,
2012 |
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| (in thousands) | ||||||||||||||||
| Past Due Loans: | ||||||||||||||||
| 30 – 59 Days | $ | 10,018 | $ | 8,600 | $ | 8,052 | $ | 38,219 | ||||||||
| 60 – 89 Days | 7,582 | 2,979 | 2,960 | 20,303 | ||||||||||||
| 90 Days and Over | — | 71 | — | 86 | ||||||||||||
| Nonaccrual Loans | 106,922 | 112,185 | 120,943 | 94,517 | ||||||||||||
| Total Past Due and Nonaccrual Loans | $ | 124,522 | $ | 123,835 | $ | 131,955 | $ | 153,125 | ||||||||
Foreclosed properties at September 30, 2013 decreased to $41.9 million compared with $47.0 million at June 30, 2013, and $48.8 million at September 30, 2012. The Company acquired $3.0 million in other real estate owned and sold $8.0 million in other real estate owned during the third quarter of 2013. Fair value write-downs arising from new appraisals or lower marketing prices totaled $300,000 in the third quarter of 2013 compared with $4.3 million in the third quarter of 2012 and $977,000 in the second quarter of 2013.
- Non-interest Expense – Non-interest expense decreased $3.3 million to $8.5 million for the third quarter of 2013 compared with $11.8 million for the second quarter of 2013 and decreased $5.7 million compared with $14.2 million for the third quarter of 2012. The significant reduction in non-interest expense was attributable primarily to lower loan collection expenses and lower other real estate owned expenses.
- Capital – Our net loss available to common shareholders of $168,000 for the third quarter of 2013 was much improved compared to our net loss available to common shareholders of $1.7 million in the second quarter of 2013. In connection with the recent rise in long-term interest rates, our stockholders’ equity was negatively impacted from June 30, 2013 to September 30, 2013 by an increase in the net unrealized loss in our available for sale securities portfolio from $1.1 million at June 30, 2013, to $2.8 million at September 30, 2013.
At September 30, 2013, PBI Bank’s Tier 1 leverage ratio was 6.40% compared with 6.08% at June 30, 2013, and its Total risk-based capital ratio was 11.04% at September 30, 2013 compared with 10.60% at June 30, 2013, which are below the minimums of 9.0% and 12.0% required by the Bank’s Consent Order. At September 30, 2013, Porter Bancorp’s leverage ratio was 5.15% compared with 4.91% at June 30, 2013, and its Total risk-based capital ratio was 10.78% compared with 10.46% at June 30, 2013.
We are continuing our efforts to strengthen our capital levels and comply with the Consent Order. Management and the Board of Directors are evaluating appropriate strategies for increasing the Company’s capital in order to meet the capital requirements of our Consent Order. These include, among other things, a possible public offering or private placement of common stock to new and existing shareholders. As previously announced, we have engaged a financial advisor to assist our Board in this evaluation.
PBIB-G PBIB-F
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 third quarter ending September 30, 2013 follows.
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PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data) |
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| Three | Three | Three | Nine | Nine | ||||||||||||||||||
| Months | Months | Months | Months | Months | ||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||
| 9/30/13 | 6/30/13 | 9/30/12 | 9/30/13 | 9/30/12 | ||||||||||||||||||
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| Income Statement Data | ||||||||||||||||||||||
| Interest income | $ | 10,543 | $ | 11,168 | $ | 13,987 | $ | 32,969 | $ | 44,554 | ||||||||||||
| Interest expense | 2,694 | 2,816 | 3,855 | 8,470 | 12,173 | |||||||||||||||||
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| Net interest income | 7,849 | 8,352 | 10,132 | 24,499 | 32,381 | |||||||||||||||||
| Provision for loan losses | 250 | — | 25,500 | 700 | 33,250 | |||||||||||||||||
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| Net interest income after provision | 7,599 | 8,352 | (15,368 | ) | 23,799 | (869 | ) | |||||||||||||||
| Service charges on deposit accounts | 536 | 506 | 563 | 1,535 | 1,673 | |||||||||||||||||
| Income from fiduciary activities | — | — | 261 | 517 | 803 | |||||||||||||||||
| Bank card interchange fees | 174 | 196 | 180 | 542 | 553 | |||||||||||||||||
| Other real estate owned income | 54 | 230 | 180 | 396 | 242 | |||||||||||||||||
| Gains on sales of securities, net | 24 | 703 | — | 727 | 3,530 | |||||||||||||||||
| Income from bank owned life insurance | 75 | 305 | 79 | 459 | 238 | |||||||||||||||||
| Other | 304 | 208 | 458 | 786 | 1,145 | |||||||||||||||||
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| Non-interest income | 1,167 | 2,148 | 1,721 | 4,962 | 8,184 | |||||||||||||||||
| Salaries & employee benefits | 3,837 | 3,999 | 4,264 | 11,975 | 12,558 | |||||||||||||||||
| Occupancy and equipment | 884 | 913 | 971 | 2,728 | 2,826 | |||||||||||||||||
| Other real estate owned expense | 669 | 1,657 | 5,204 | 3,117 | 7,666 | |||||||||||||||||
| FDIC insurance | 578 | 650 | 559 | 1,867 | 2,264 | |||||||||||||||||
| Franchise tax | 537 | 537 | 496 | 1,611 | 1,680 | |||||||||||||||||
| Loan collection expense | 531 | 2,407 | 792 | 3,973 | 1,738 | |||||||||||||||||
| Professional fees | 503 | 499 | 776 | 1,408 | 1,699 | |||||||||||||||||
| Communications expense | 177 | 179 | 175 | 531 | 523 | |||||||||||||||||
| Postage and delivery | 99 | 102 | 108 | 314 | 339 | |||||||||||||||||
| Insurance expense | 171 | 160 | 96 | 482 | 296 | |||||||||||||||||
| Other | 482 | 706 | 709 | 1,835 | 1,870 | |||||||||||||||||
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| Non-interest expense | 8,468 | 11,809 | 14,150 | 29,841 | 33,459 | |||||||||||||||||
| Income (loss) before income taxes | 298 | (1,309 | ) | (27,797 | ) | (1,080 | ) | (26,144 | ) | |||||||||||||
| Income tax expense (benefit) | — | — | (65 | ) | — | (65 | ) | |||||||||||||||
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| Net income (loss) | 298 | (1,309 | ) | (27,732 | ) | (1,080 | ) | (26,079 | ) | |||||||||||||
| Less: | ||||||||||||||||||||||
| Dividends on preferred stock | 437 | 437 | 437 | 1,311 | 1,312 | |||||||||||||||||
| Accretion on preferred stock | 45 | 45 | 44 | 135 | 134 | |||||||||||||||||
| Earnings (loss) allocated to participating securities | (16 | ) | (110 | ) | (1,264 | ) | (174 | ) | (1,095 | ) | ||||||||||||
| Net income (loss) available to common | $ | (168 | ) | $ | (1,681 | ) | $ | (26,949 | ) | $ | (2,352 | ) | $ | (26,430 | ) | |||||||
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| Weighted average shares – Basic | 11,592,959 | 11,761,788 | 11,751,818 | 11,701,396 | 11,732,835 | |||||||||||||||||
| Weighted average shares – Diluted | 11,592,959 | 11,761,788 | 11,751,818 | 11,701,396 | 11,732,835 | |||||||||||||||||
| Basic earnings (loss) per common share | $ | (0.01 | ) | $ | (0.14 | ) | $ | (2.29 | ) | $ | (0.20 | ) | $ | (2.25 | ) | |||||||
| Diluted earnings (loss) per common share | $ | (0.01 | ) | $ | (0.14 | ) | $ | (2.29 | ) | $ | (0.20 | ) | $ | (2.25 | ) | |||||||
| Cash dividends declared per common share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||
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PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data) |
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| Three | Three | Three | Nine | Nine | |||||||||||||||||
| Months | Months | Months | Months | Months | |||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | |||||||||||||||||
| 9/30/13 | 6/30/13 | 9/30/12 | 9/30/13 | 9/30/12 | |||||||||||||||||
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| Average Balance Sheet Data | |||||||||||||||||||||
| Assets | $ | 1,056,300 | $ | 1,104,807 | $ | 1,326,457 | $ | 1,103,958 | $ | 1,367,318 | |||||||||||
| Loans | 756,132 | 806,941 | 1,008,053 | 811,433 | 1,068,356 | ||||||||||||||||
| Earning assets | 1,006,838 | 1,050,515 | 1,261,864 | 1,055,891 | 1,306,590 | ||||||||||||||||
| Deposits | 965,501 | 1,008,102 | 1,196,580 | 1,008,839 | 1,235,573 | ||||||||||||||||
| Long-term debt and advances | 36,123 | 36,652 | 38,328 | 36,644 | 38,944 | ||||||||||||||||
| Interest bearing liabilities | 903,607 | 941,059 | 1,126,045 | 942,423 | 1,164,309 | ||||||||||||||||
| Stockholders’ equity | 37,995 | 46,904 | 81,029 | 44,180 | 83,217 | ||||||||||||||||
| Performance Ratios | |||||||||||||||||||||
| Return on average assets | 0.11 | % | (0.48) | % | (8.32) | % | (0.13) | % | (2.55) | % | |||||||||||
| Return on average equity | 3.11 | (11.19) | (136.16) | (3.27) | (41.86) | ||||||||||||||||
| Yield on average earning assets (tax equivalent) | 4.21 | 4.31 | 4.45 | 4.22 | 4.59 | ||||||||||||||||
| Cost of interest bearing liabilities | 1.18 | 1.20 | 1.36 | 1.20 | 1.40 | ||||||||||||||||
| Net interest margin (tax equivalent) | 3.14 | 3.24 | 3.23 | 3.15 | 3.35 | ||||||||||||||||
| Efficiency ratio | 94.17 | 120.54 | 119.38 | 103.85 | 90.34 | ||||||||||||||||
| Loan Charge-off Data | |||||||||||||||||||||
| Loans charged-off | $ | (7,071 | ) | $ | (3,404 | ) | $ | (23,487 | ) | $ | (28,437 | ) | $ | (32,507 | ) | ||||||
| Recoveries | 1,016 | 1,124 | 412 | 2,811 | 697 | ||||||||||||||||
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| Net charge-offs | $ | (6,055 | ) | $ | (2,280 | ) | $ | (23,075 | ) | $ | (25,626 | ) | $ | (31,810 | ) | ||||||
| Nonaccrual Loan Activity | |||||||||||||||||||||
| Nonaccrual loans at beginning of period | $ | 112,185 | $ | 120,943 | $ | 81,653 | $ | 94,517 | $ | 92,020 | |||||||||||
| Net principal pay-downs | (7,408 | ) | (8,118 | ) | (5,768 | ) | (19,599 | ) | (15,092 | ) | |||||||||||
| Charge-offs | (5,388 | ) | (3,256 | ) | (13,442 | ) | (26,116 | ) | (20,656 | ) | |||||||||||
| Loans foreclosed and transferred to OREO | (2,987 | ) | (11,875 | ) | (3,339 | ) | (18,542 | ) | (22,411 | ) | |||||||||||
| Loans returned to accrual status | (678 | ) | (421 | ) | — | (1,099 | ) | — | |||||||||||||
| Loans placed on nonaccrual during the period | 11,198 | 14,912 | 29,528 | 77,761 | 54,771 | ||||||||||||||||
| Nonaccrual loans at end of period | $ | 106,922 | $ | 112,185 | $ | 88,632 | $ | 106,922 | $ | 88,632 | |||||||||||
| Troubled Debt Restructurings (TDRs) | |||||||||||||||||||||
| Accruing | $ | 43,968 | $ | 54,927 | $ | 81,930 | $ | 43,968 | $ | 81,930 | |||||||||||
| Nonaccrual | 49,255 | 46,510 | 35,552 | 49,255 | 35,552 | ||||||||||||||||
| Total | $ | 93,223 | $ | 101,437 | $ | 117,482 | $ | 93,223 | $ | 117,482 | |||||||||||
| Other Real Estate Owned (OREO) Activity (Net of Allowance) | |||||||||||||||||||||
| OREO at beginning of period | $ | 47,030 | $ | 44,192 | $ | 54,365 | $ | 43,671 | $ | 41,449 | |||||||||||
| Real estate acquired | 2,987 | 11,875 | 3,405 | 18,542 | 31,531 | ||||||||||||||||
| Valuation adjustment write-downs | (300 | ) | (977 | ) | (4,260 | ) | (1,584 | ) | (5,090 | ) | |||||||||||
| Proceeds from sales of properties | (8,029 | ) | (7,898 | ) | (4,140 | ) | (18,582 | ) | (17,573 | ) | |||||||||||
| Gain (loss) on sales, net | 169 | (162 | ) | (533 | ) | (190 | ) | (1,481 | ) | ||||||||||||
| Capital improvements | — | — | — | — | 1 | ||||||||||||||||
| OREO at end of period | $ | 41,857 | $ | 47,030 | $ | 48,837 | $ | 41,857 | $ | 48,837 | |||||||||||
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PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data) |
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| As of | As of | As of | As of | ||||||||||||||
| 9/30/13 | 6/30/13 | 12/31/12 | 9/30/12 | ||||||||||||||
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| Assets | |||||||||||||||||
| Loans | $ | 734,240 | $ | 774,785 | $ | 899,092 | $ | 951,811 | |||||||||
| Loan loss reserve | (31,754 | ) | (37,559 | ) | (56,680 | ) | (54,019 | ) | |||||||||
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| Net loans | 702,486 | 737,226 | 842,412 | 897,792 | |||||||||||||
| Mortgage loans held for sale | 123 | 133 | 507 | 210 | |||||||||||||
| Securities available for sale | 193,981 | 176,942 | 178,476 | 198,148 | |||||||||||||
| Federal funds sold & interest bearing deposits | 42,071 | 56,512 | 41,161 | 69,928 | |||||||||||||
| Cash and due from financial institutions | 11,362 | 7,754 | 8,411 | 11,854 | |||||||||||||
| Premises and equipment | 20,167 | 20,368 | 20,805 | 20,955 | |||||||||||||
| Other real estate owned | 41,857 | 47,030 | 43,671 | 48,837 | |||||||||||||
| Accrued interest receivable and other assets | 26,080 | 26,166 | 27,188 | 38,317 | |||||||||||||
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| Total Assets | $ | 1,038,127 | $ | 1,072,131 | $ | 1,162,631 | $ | 1,286,041 | |||||||||
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| Liabilities and Equity | |||||||||||||||||
| Certificates of deposit | $ | 658,940 | $ | 690,557 | $ | 760,573 | $ | 882,303 | |||||||||
| Interest checking | 71,851 | 78,218 | 87,234 | 80,524 | |||||||||||||
| Money market | 77,292 | 65,620 | 63,715 | 63,594 | |||||||||||||
| Savings | 37,622 | 40,121 | 39,227 | 39,703 | |||||||||||||
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| Total interest bearing deposits | 845,705 | 874,516 | 950,749 | 1,066,124 | |||||||||||||
| Demand deposits | 101,191 | 106,320 | 114,310 | 111,403 | |||||||||||||
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| Total deposits | 946,896 | 980,836 | 1,065,059 | 1,177,527 | |||||||||||||
| Federal funds purchased & repurchase agreements | 3,722 | 3,292 | 2,634 | 2,403 | |||||||||||||
| FHLB advances | 4,741 | 5,016 | 5,604 | 5,960 | |||||||||||||
| Junior subordinated debentures | 31,075 | 31,525 | 31,975 | 32,200 | |||||||||||||
| Accrued interest payable and other liabilities | 14,578 |
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12,710 | 10,169 | 12,967 | ||||||||||||
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| Total liabilities | 1,001,012 | 1,033,379 | 1,115,441 | 1,231,057 | |||||||||||||
| Stockholders’ equity | 37,115 | 38,752 | 47,190 | 54,984 | |||||||||||||
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| Total Liabilities and Stockholders’ Equity | $ | 1,038,127 | $ | 1,072,131 | $ | 1,162,631 | $ | 1,286,041 | |||||||||
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| Ending shares outstanding | 12,846,668 | 12,322,207 | 12,002,421 | 12,007,127 | |||||||||||||
| Book value per common share | $ | (0.09 | ) | $ | 0.04 | $ | 0.74 | $ | 1.39 | ||||||||
| Tangible book value per common share | (0.21 | ) | (0.10 | ) | 0.58 | 1.22 | |||||||||||
| Asset Quality Data | |||||||||||||||||
| Loan 90 days or more past due still on accrual | $ | — | $ | 71 | $ | 86 | $ | 1,486 | |||||||||
| Nonaccrual loans | 106,922 | 112,185 | 94,517 | 88,632 | |||||||||||||
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| Total non-performing loans | 106,922 | 112,256 | 94,603 | 90,118 | |||||||||||||
| Real estate acquired through foreclosures | 41,857 | 47,030 | 43,671 | 48,837 | |||||||||||||
| Other repossessed assets | 11 | — | — | 5 | |||||||||||||
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| Total non-performing assets | $ | 148,790 | $ | 159,286 | $ | 138,274 | $ | 138,960 | |||||||||
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| Non-performing loans to total loans | 14.56 | % | 14.49 | % | 10.52 | % | 9.47 | % | |||||||||
| Non-performing assets to total assets | 14.33 | 14.86 | 11.89 | 10.81 | |||||||||||||
| Allowance for loan losses to non-performing loans | 29.70 | 33.46 | 59.91 | 59.94 | |||||||||||||
| Allowance as % of loans evaluated individually | 3.06 | 5.82 | 11.14 | 8.48 | |||||||||||||
| Allowance as % of loans evaluated collectively | 4.66 | 4.56 | 5.02 | 5.06 | |||||||||||||
| Allowance for loan losses to total loans | 4.32 | 4.85 | 6.30 | 5.68 | |||||||||||||
| Risk-based Capital Ratios | |||||||||||||||||
| Tier I leverage ratio | 5.15 | % | 4.91 | % | 4.50 | % | 5.00 | % | |||||||||
| Tier I risk-based capital ratio | 7.19 | 6.88 | 6.46 | 7.03 | |||||||||||||
| Total risk-based capital ratio | 10.78 | 10.46 | 9.81 | 10.01 | |||||||||||||
| FTE employees | 260 | 264 | 278 | 291 | |||||||||||||
CONTACT:
Porter Bancorp, Inc.
John T. Taylor, 502-499-4800
President