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Form 8-K Porter Bancorp, Inc. For: Oct 30

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October 30, 2015 4:08 PM EDT

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): October 30, 2015


PORTER BANCORP, INC.
(Exact name of registrant as specified in its charter)


Kentucky

001-33033

61-1142247

(State or other jurisdiction of

incorporation and organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)


2500 Eastpoint Parkway, Louisville, Kentucky, 40223
(Address of principal executive offices)


(502) 499-4800
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On October 30, 2015, Porter Bancorp, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 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.   Description of Exhibit
99.1 Press Release issued by Porter Bancorp, Inc. on October 30, 2015

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: October 30, 2015

Porter Bancorp, Inc.

 

 

 

 

By:

/s/ Phillip W. Barnhouse

Phillip W. Barnhouse

Chief Financial Officer

EXHIBIT INDEX

Exhibit

Description

 
99.1

Press Release dated October 30, 2015

Exhibit 99.1

Porter Bancorp Reports Third Quarter 2015 Net Loss of $1.0 Million or ($0.04) Per Diluted Share; Book Value Per Share Increased from $1.06 to $1.15 on Debt Extinguishment

Non-Performing Assets Reduced by $23.7 Million or 33.9% in Third Quarter

LOUISVILLE, Ky.--(BUSINESS WIRE)--October 30, 2015--Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, today reported unaudited results for the third quarter of 2015.

The Company reported net loss attributable to common shareholders for the third quarter of 2015 of $1.0 million, or ($0.04) per basic and diluted common share, compared with net loss attributable to common shareholders of $1.5 million, or ($0.12) per basic and diluted share, for the third quarter of 2014. Net loss attributable to common shareholders for the nine months ended September 30, 2015, was $2.3 million, or ($0.10) per diluted common share, compared with net loss attributable to common shareholders of $8.8 million, or ($0.73) per diluted share, for the nine months ended September 30, 2014.

“We are pleased to report that during the third quarter we were able to buy back and retire $4.0 million of junior subordinated debt and $330,000 of accrued unpaid interest at a $2.6 million discount by issuing a total of 1.2 million common shares,” said John T. Taylor, Chief Executive Officer of the Company. In the transaction, $2.67 million of the debt was exchanged for equity with related parties and transferred directly to common equity and $1.33 million of the debt was exchanged for equity with an unrelated third party resulting in a gain on extinguishment of the debt totaling $883,000.

“Additionally, we have continued to make significant progress in reducing our non-performing assets. In this quarter alone, we reduced non-performing assets by $23.7 million or 33.9% from $69.9 million at June 30, 2015 to $46.2 million at September 30, 2015,” said Taylor.

Net Interest Income – Net interest income before provision increased to $7.48 million for the third quarter of 2015 compared to $7.34 million in the second quarter of 2015 and $7.34 million in the third quarter of 2014. While average loans decreased slightly to $640.0 million for the third quarter of 2015 compared with $641.6 million in the second quarter of 2015, and were consistent with the third quarter of 2014, net interest margin increased to 3.33% in the third quarter of 2015 compared to 3.21% in the second quarter of 2015 and 3.10% in the third quarter of 2014. The increase in net interest margin was primarily driven by the continued reduction in cost of funds, which declined to 0.83% in the third quarter of 2015 compared with 0.87% in the second quarter of 2015 and 1.13% in the third quarter of 2014.

Allowance for Loan Losses and Recovery of Provision – The allowance for loan losses to total loans was 2.27% at September 30, 2015, compared to 2.59% at June 30, 2015, and 3.79% at September 30, 2014. The allowance for loan losses for loans evaluated collectively for impairment was 2.33% at September 30, 2015, compared with 2.66% at June 30, 2015 and 4.00% at September 30, 2014.

The reduced level of the allowance and the $2.2 million recovery of provision in the third quarter 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 $21.5 million or 31.2% over the past quarter and $44.0 million or 48.1% over the first nine months of 2015, net charge-offs were $3.0 million for the first nine months of 2015 compared to $10.2 million for the first nine months of 2014, and non-accrual loans decreased by $13.2 million or 43.8% over the past quarter and $30.2 million or 64.0% over the first nine months of 2015.

Net loan charge-offs decreased to $411,000 for the third quarter of 2015 compared to $1.8 million for the second quarter of 2015 and $935,000 for the third 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 $46.2 million, or 4.85% of total assets at September 30, 2015, compared with $69.9 million, or 7.13% of total assets at June 30, 2015, and $99.2 million, or 9.62% of total assets at September 30, 2014.

Non-performing loans decreased to $17.0 million, or 2.72% of total loans, at September 30, 2015, compared with $30.3 million, or 4.67% of total loans at June 30, 2015, and $44.7 million, or 7.00% of total loans at September 30, 2014. The decrease from the previous quarter was primarily driven by $9.0 million in principal payments received on nonaccrual loans, $3.5 million of nonaccrual loans migrating to OREO, and $1.3 million of charge-offs.

OREO at September 30, 2015 decreased to $29.2 million, compared with $39.5 million at June 30, 2015 and $54.5 million at September 30, 2014. The Company acquired $3.5 million in OREO and sold $9.4 million in OREO during the third quarter of 2015. Fair value write-downs arising from reductions in listing prices for certain properties, updated appraisals, and certain properties liquidated through auctions near and after the end of the third quarter totaled $4.5 million in the third quarter of 2015 compared with $2.3 million in the second quarter of 2015 and $600,000 in the third quarter of 2014. Progress continues in the disposition of OREO. At quarter end, $6.5 million of OREO property was subject to a contract for sale or letter of intent.

 

The following table details past due loans and non-performing assets as of:

 
    September 30,

2015

    June 30,

2015

    March 31,

2015

    December 31,

2014

    September 30,

2014

(in thousands)

Past due loans:
30 – 59 days $ 1,972 $         1,941 $         4,370 $ 3,960 $ 3,507
60 – 89 days 578 650 1,769 980 3,333
90 days or more — 92 18 151 —
Nonaccrual loans   16,987           30,215           36,500   47,175   44,670

Total past due and nonaccrual loans

$

19,537

$

       

32,898

$         42,657 $ 52,266 $ 51,510
 

Loans past due 90 days or more

$

—

$

92

$ 18 $ 151 $ —
Nonaccrual loans 16,987 30,215 36,500 47,175 44,670
OREO 29,177 39,545 43,618 46,197 54,507
Other repossessed assets   —           —           —   —   —

Total non-performing assets

$

46,164

$

       

69,852

$         80,136 $ 93,523 $ 99,177
 

In addition to nonaccrual loans and OREO, loans classified as Troubled Debt Restructures (TDRs) and on accrual totaled $17.7 million at September 30, 2015, compared to $18.5 million at June 30, 2015, and $28.1 million at September 30, 2014.

Non-interest Income – Non-interest income increased $645,000 to $2.2 million for the third quarter of 2015 compared with $1.6 million for the second quarter of 2015, and increased $1.2 million compared with $1.1 million for the third quarter of 2014. The increase in non-interest income was driven primarily by a gain of $883,000 recognized in relation to the extinguishment of our junior subordinated debt, offset by a reduction in gains on the sales of securities which totaled $199,000 in the second quarter of 2015, with no sales in the third quarter. The increase from the third quarter of 2014 was primarily due to an increase in OREO rental income of $375,000, as well as the gain on debt extinguishment noted above.

Non-interest Expense – Non-interest expense increased $1.9 million to $13.0 million for the third quarter of 2015 compared with $11.0 million for the second quarter of 2015, and increased $3.7 million compared with $9.3 million for the third quarter of 2014. The increase from the second quarter of 2015 was primarily due to an increase in OREO expenses of approximately $2.2 million, partially offset by decreases in professional fees and other non-interest expenses. OREO expenses increased quarter over quarter primarily due to an increase in fair value write-downs of $2.0 million resulting from declines in the fair value of the real estate based upon reductions in listing prices for certain properties, updated appraisals, and certain properties liquidated through auctions near and after the end of the third quarter 2015. The increase from the third quarter of 2014 was also due to an increase in OREO expenses from $560,000 to $5.1 million, primarily due to declines in fair value as noted above. For the third quarter 2015, the second quarter 2015, and the third quarter 2014, non-interest expense before OREO expenses totaled $7.8 million, $8.1 million, and $8.7 million, respectively and $13.0 million, $11.0 million, and $9.3 million after OREO expenses, respectively.

Capital – At September 30, 2015, PBI Bank’s Tier 1 leverage ratio improved slightly to 6.01% compared with 5.95% at June 30, 2015, and its Total risk-based capital ratio was 10.50% at September 30, 2015 compared with 10.34% at June 30, 2015. Both are below the minimums of 9.0% and 12.0% required by the Bank’s Consent Order. At September 30, 2015, Porter Bancorp’s leverage ratio was 4.73% compared with 4.25% at June 30, 2015, and its Total risk-based capital ratio was 10.40%, compared with 10.25% at June 30, 2015. At September 30, 2015, PBI Bank’s Common equity Tier I risk-based capital ratio was 8.73% compared with 8.43% at June 30, 2015. Porter Bancorp’s Common equity Tier I risk-based capital ratio was 5.07% compared with 4.42% at June 30, 2015.

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.

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 September 30, 2015 follows.

 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
    Three     Three     Three     Nine     Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/15 6/30/15 9/30/14 9/30/15 9/30/14

 

 

 

Income Statement Data
Interest income $ 9,179 $ 9,167 $ 9,814 $ 27,549 $ 29,877
Interest expense   1,697     1,828     2,477     5,438     7,626  
Net interest income 7,482 7,339 7,337 22,111 22,251
Provision for loan losses   (2,200 )   —     —     (2,200 )   6,300  
Net interest income after provision 9,682 7,339 7,337 24,311 15,951
 
Service charges on deposit accounts 492 475 535 1,376 1,490
Bank card interchange fees 212 229 209 644 575
Other real estate owned income 380 372 5 1,109 30
Gains (losses) on sales of securities, net — 199 46 1,696 92
Gain on extinguishment of debt 883 — — 883 —
Other   243     290     262     763     734  
Non-interest income 2,210 1,565 1,057 6,471 2,921
 
Salaries & employee benefits 3,920 4,028 4,041 11,795 11,731
Occupancy and equipment 815 828 857 2,513 2,645
Professional fees 620 714 361 2,313 1,134
FDIC insurance 539 564 571 1,673 1,682
Data processing expense 278 278 269 860 818
State franchise and deposit tax 285 285 405 855 1,235
Other real estate owned expense 5,131 2,932 560 8,796 1,996
Loan collection expense 321 291 858 895 2,646
Other   1,059     1,114     1,359     3,694     3,700  
Non-interest expense 12,968 11,034 9,281 33,394 27,587
 
Income (loss) before income taxes (1,076 ) (2,130 ) (887 ) (2,612 ) (8,715 )
Income tax expense (benefit)   —     —     (38 )   —     (1,345 )
Net income (loss) (1,076 ) (2,130 ) (849 ) (2,612 ) (7,370 )
Less:
Dividends on preferred stock — — 786 — 2,361
Earnings (loss) allocated to participating securities   (45 )   (91 )   (162 )   (338 )   (928 )
Net income (loss) attributable to common $ (1,031 ) $ (2,039 ) $ (1,473 ) $ (2,274 ) $ (8,803 )
 
Weighted average shares – Basic 24,681,547 24,589,507 12,086,843 22,313,501 12,044,858
Weighted average shares – Diluted 24,681,547 24,589,507 12,086,843 22,313,501 12,044,858
 
Basic earnings (loss) per common share $ (0.04 ) $ (0.08 ) $ (0.12 ) $ (0.10 ) $ (0.73 )
Diluted earnings (loss) per common share $ (0.04 ) $ (0.08 ) $ (0.12 ) $ (0.10 ) $ (0.73 )
Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
    Three     Three     Three     Nine     Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/15 6/30/15 9/30/14 9/30/15 9/30/14

 

 

 

Average Balance Sheet Data
Assets $ 968,471 $ 1,003,507 $ 1,033,818 $ 994,355 $ 1,054,592
Loans 639,954 641,587 640,011 641,489 671,733
Earning assets 903,857 930,415 954,217 923,318 988,031
Deposits 893,262 924,840 947,989 916,459 965,975
Long-term debt and advances 32,769 33,208 35,202 33,289 35,269
Interest bearing liabilities 813,753 846,892 873,520 838,207 892,738
Stockholders’ equity 30,920 33,770 31,101 32,876 35,213
 
 
Performance Ratios
Return on average assets (0.44 )% (0.85 )% (0.33 )% (0.35 )% (0.93 )%
Return on average equity (13.81 ) (25.30 ) (10.83 ) (10.62 ) (27.98 )
Yield on average earning assets (tax equivalent) 4.07 4.00 4.13 4.03 4.09
Cost of interest bearing liabilities 0.83 0.87 1.13 0.87 1.14
Net interest margin (tax equivalent) 3.33 3.21 3.10 3.25 3.06
Efficiency ratio 133.80 126.75 111.18 124.21 110.00
 
 
Loan Charge-off Data
Loans charged-off $ (1,580 ) $ (2,264 ) $ (1,824 ) $ (5,171 ) $ (13,229 )
Recoveries   1,169     476     889     2,205     3,003  
Net charge-offs $ (411 ) $ (1,788 ) $ (935 ) $ (2,966 ) $ (10,226 )
 
 
Nonaccrual Loan Activity
Nonaccrual loans at beginning of period $ 30,215 $ 36,500 $ 44,375 $ 47,175 $ 101,767
Net principal pay-downs (9,028 ) (5,336 ) (3,229 ) (25,118 ) (25,669 )
Charge-offs (1,333 ) (2,082 ) (1,217 ) (4,370 ) (11,814 )
Loans foreclosed and transferred to OREO (3,495 ) (608 ) (797 ) (4,440 ) (31,023 )
Loans returned to accrual status (902 ) (620 ) (57 ) (1,600 ) (3,289 )
Loans placed on nonaccrual during the period   1,530     2,361     5,595     5,340     14,698  
Nonaccrual loans at end of period $ 16,987   $ 30,215   $ 44,670   $ 16,987   $ 44,670  
 
Troubled Debt Restructurings (TDRs)
Accruing $ 17,656 $ 18,548 $ 28,114 $ 17,656 $ 28,114
Nonaccrual   3,788     15,006     21,415     3,788     21,415  
Total $ 21,444 $ 33,554 $ 49,529 $ 21,444 $ 49,529
 
Other Real Estate Owned (OREO) Activity (Net of Allowance)
OREO at beginning of period $ 39,545 $ 43,618 $ 56,882 $ 46,197 $ 30,892
Real estate acquired 3,495 608 797 4,450 31,663
Valuation adjustment write-downs (4,450 ) (2,330 ) (600 ) (7,080 ) (1,250 )
Proceeds from sales of properties (9,397 ) (2,391 ) (2,973 ) (14,417 ) (7,253 )
Gain (loss) on sales, net   (16 )   40     401     27     455  
OREO at end of period $ 29,177   $ 39,545   $ 54,507   $ 29,177   $ 54,507  
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
    As of
9/30/15     6/30/15     3/31/15     12/31/14     9/30/14     6/30/14
 
Assets
Loans $ 624,414 $ 648,321 $ 632,428 $ 624,999 $ 638,360 $ 643,030
Allowance for loan losses   (14,198 )   (16,809 )   (18,597 )   (19,364 )   (24,198 )   (25,133 )
Net loans 610,216 631,512 613,831 605,635 614,162 617,897
Loans held for sale 71 125 — 8,926 — 280
Securities held to maturity 42,138 42,202 42,263 42,325 42,386 43,488
Securities available for sale 146,837 151,758 157,290 190,791 192,146 180,723
Federal funds sold & interest bearing deposits 73,940 63,987 101,872 66,011 73,494 95,353
Cash and due from financial institutions 6,540 7,403 7,899 14,169 11,336 6,913
Premises and equipment 19,109 19,167 19,323 19,507 19,649 19,788
Bank owned life insurance 9,381 9,320 9,231 9,167 9,103 9,039
FHLB Stock 7,323 7,323 7,323 7,323 7,323 7,323
Other real estate owned 29,177 39,545 43,618 46,197 54,507 56,882
Accrued interest receivable and other assets   6,748     6,998     7,056     7,938     6,608     7,181  
Total Assets $ 951,480   $ 979,340   $ 1,009,706   $ 1,017,989   $ 1,030,714   $ 1,044,867  
 
Liabilities and Equity
Certificates of deposit $ 534,031 $ 564,253 $ 597,117 $ 574,681 $ 609,682 $ 631,110
Interest checking 83,247 84,627 86,614 91,086 76,431 76,625
Money market 119,324 110,529 102,349 109,734 100,890 95,946
Savings   35,131     35,942     36,418     36,430     36,364     37,178  
Total interest bearing deposits 771,733 795,351 822,498 811,931 823,367 840,859
Demand deposits   106,160     108,800     108,011     114,910     110,165     109,956  
Total deposits 877,893 904,151 930,509 926,841 933,532 950,815
Federal funds purchased & repurchase agreements — 1,265 1,145 1,341 1,817 2,451
FHLB advances 3,255 3,430 3,597 15,752 16,940 14,134
Junior subordinated debentures 25,275 29,500 29,725 29,950 30,175 30,400
Accrued interest payable and other liabilities   11,249     10,949     10,758     10,640     18,922     16,453  
Total liabilities 917,672 949,295 975,734 984,524 1,001,386 1,014,253
 
Preferred stockholders’ equity 2,771 2,771 2,771 8,552 38,283 38,283
Common stockholders’ equity (deficit)   31,037     27,274     31,201     24,913     (8,955 )   (7,669 )
Total stockholders’ equity   33,808     30,045     33,972     33,465     29,328     30,614  
Total Liabilities and Stockholders’ Equity $ 951,480   $ 979,340   $ 1,009,706   $ 1,017,989   $ 1,030,714   $ 1,044,867  
 
Ending shares outstanding 26,949,205 25,759,223 25,663,495 14,890,514 13,099,400 13,104,853
Book value per common share $ 1.15 $ 1.06 $ 1.22 $ 1.67 $ (0.68 ) $ (0.59 )
Tangible book value per common share 1.13 1.03 1.18 1.61 (0.76 ) (0.67 )
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 
    As of
9/30/15     6/30/15     3/31/15     12/31/14     9/30/14     6/30/14
Asset Quality Data
Loan 90 days or more past due still on accrual $ — $ 92 $ 18 $ 151 $ — $ —
Nonaccrual loans   16,987     30,215     36,500     47,175     44,670     44,375  
Total non-performing loans 16,987 30,307 36,518 47,326 44,670 44,375
Real estate acquired through foreclosures 29,177 39,545 43,618 46,197 54,507 56,882
Other repossessed assets   —     —     —     —     —     —  
Total non-performing assets $ 46,164   $ 69,852   $ 80,136   $ 93,523   $ 99,177   $ 101,257  
 
Non-performing loans to total loans 2.72 % 4.67 % 5.77 % 7.57 % 7.00 % 6.90 %
Non-performing assets to total assets 4.85 7.13 7.94 9.19 9.62 9.69
Allowance for loan losses to non-performing loans 83.58 55.46 50.93 40.92 54.17 56.64
 
Allowance for loans evaluated individually $ 469 $ 842 $ 254 $ 752 $ 1,788 $ 1,753
Loans evaluated individually for impairment 34,895 49,011 55,299 71,993 78,695 79,742
Allowance as % of loans evaluated individually 1.34 % 1.72 % 0.46 % 1.04 % 2.27 % 2.20 %
 
Allowance for loans evaluated collectively $ 13,729 $ 15,967 $ 18,343 $ 18,612 $ 22,410 $ 23,380
Loans evaluated collectively for impairment 589,519 599,310 577,129 553,006 559,665 563,288
Allowance as % of loans evaluated collectively 2.33 % 2.66 % 3.18 % 3.37 % 4.00 % 4.15 %
 
Allowance for loan losses to total loans 2.27 % 2.59 % 2.94 % 3.10 % 3.79 % 3.91 %
 
Loans by Risk Category
Pass $ 508,470 $ 509,843 $ 480,545 $ 461,126 $ 446,166 $ 434,853
Watch 66,726 67,712 76,876 68,200 83,711 91,208
Special Mention 1,700 1,718 1,110 4,189 4,431 3,223
Substandard 47,518 69,048 73,897 91,484 104,052 113,746
Doubtful   —     —     —     —     —     —  
Total $ 624,414 $ 648,321 $ 632,428 $ 624,999 $ 638,360 $ 643,030
 
Risk-based Capital Ratios - Company
Tier I leverage ratio 4.73 % 4.25 % 4.13 % 4.51 % 4.02 % 4.10 %
Common equity Tier I risk-based capital ratio 5.07 4.42 4.68 N/A N/A N/A
Tier I risk-based capital ratio 6.86 6.02 5.85 6.70 5.93 6.19
Total risk-based capital ratio 10.40 10.25 10.00 10.61 10.05 10.27
 
Risk-based Capital Ratios – PBI Bank
Tier I leverage ratio 6.01 % 5.95 % 5.84 % 5.78 % 6.09 % 5.96 %
Common equity Tier I risk-based capital ratio 8.73 8.43 8.32 N/A N/A N/A
Tier I risk-based capital ratio 8.73 8.43 8.32 8.59 8.99 9.00
Total risk-based capital ratio 10.50 10.34 10.26 10.57 11.01 11.06
 
FTE employees 246 253 258 264 268 275
 

CONTACT:
Porter Bancorp, Inc.
John T. Taylor, 502-499-4800
Chief Executive Officer


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