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Share Name | Share Symbol | Market | Type |
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Princeton National Bancorp Inc (CE) | USOTC:PNBC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
PRINCETON, IL
Tony J. Sorcic, President & CEO, stated, "The Company is very pleased to announce the outstanding results generated in the fourth quarter of 2007. Net income was $2,048,000, fully diluted earnings per share totaled $.62, and the return on average equity was 12.18%. This is an improvement of 17.7%, 19.2% and 14.4%, respectively, from the third quarter of 2007."
Sorcic continued, "Net income for 2007 was $6,770,000, a 4.4% increase from 2006 net income of $6,488,000. Significant progress was made during 2007, as net income of $1,429,000 in the first quarter increased 8.7% to $1,553,000 in the second quarter, 12.1% to $1,740,000 in the third quarter, and 17.7% to $2,048,000 in the fourth quarter. In comparing the fourth quarter of 2007 to the first quarter, there was a 43.3% increase in net income. The Bank's plan to increase the net interest margin was executed, with the outcome being a steady improvement throughout 2007. Net interest income for 2007 was $27,054,000 compared to $25,896,000 in 2006."
Sorcic continued, "There was also consistent improvement in the diluted earnings per share during the year. Diluted earnings per share for 2007 totaled $2.03, an improvement of 6.3% from $1.91 in 2006. The return on average equity for 2007 increased to 10.32% from 10.07% in 2006."
Princeton National Bancorp, Inc. also reached a record level of total assets at $1.081 billion as of December 31, 2007. This represents growth of 4.7% when compared to total assets at December 31, 2006 of $1.032 billion. The Company's loan portfolio grew $93.2 million over the last twelve months. Growth was experienced in existing offices, as well as from the acquisition of the Plainfield office of HomeStar Bank, Manteno, Illinois which was completed in February 2007. The Company's loan portfolio continues to be high-quality and had minimal loan charge-offs during the year. Non-performing loans represent 1.03% of the total loan portfolio at December 31, 2007. The funding of loans was achieved primarily through maturing securities in the investment portfolio and secondarily through deposit growth. This resulted in the loan to asset ratio improving to 66.9% at December 31, 2007 from 61.0% one year earlier.
Non-interest income increased $1,053,000 in 2007 to $11,298,000 compared to $10,245,000 in 2006. Growth was generated in service charges on deposits ($196,000), brokerage fee income ($184,000), mortgage banking income ($148,000), other service charges (184,000), and income from bank owned life insurance ($46,000). The Company's non-interest income exceeded 1% of average assets for the year 2007. Non-interest expense, although slightly higher than 2006, represents 2.85% of total assets compared to 2.95% in 2006 and was below budgeted expectations.
The Company ended 2007 with total deposits and repurchase agreements of $925.6 million, an increase from $913.2 million at year-end 2006.
During 2007, the Company purchased 50,000 shares under the Stock Repurchase Plans at an average price of $29.19 per share. Since 1997, the Company has repurchased 1,344,271 shares of common stock through stock repurchase programs.
The stock price closed the year at $24.25, a decrease from the December 31, 2006 stock price of $32.55. The decrease in the PNBC stock price is reflective of the banking industry as a whole. The Subsidiary Bank does not have sub-prime loans in its loan portfolio or as underlying collateral within the investment portfolio.
For additional financial information, please refer to the attached December 31, 2007 financial statements for Princeton National Bancorp, Inc. You may also visit our website at www.pnbc-inc.com to obtain financial information, as well as press releases, stock prices and information on the Company.
The Company has set its annual meeting date for April 29, 2008 at 10:00 A.M. at The Galleria Convention Center in Princeton, Illinois. The record date for the Annual Meeting will be February 29, 2008.
The Company offers shareholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan. The Company also offers electronic direct deposit of dividends. To obtain information about the stock purchase plan or electronic direct deposit, please contact us at 815-875-4445, extension 650.
Princeton National Bancorp, Inc. is the parent holding company of Citizens First National Bank, a $1.081 billion community bank with strategic locations in 8 counties in northern Illinois. The Company is well-positioned in the high-growth counties of Will, Kendall, Kane, Grundy, DeKalb and LaSalle plus Bureau and Marshall. Communities include: Aurora, DePue, Genoa, Hampshire, Henry, Huntley, Millbrook, Minooka, Newark, Oglesby, Peru, Plainfield, Plano, Princeton, Sandwich, Somonauk and Spring Valley. The Subsidiary Bank, Citizens First National Bank, provides financial services to meet the needs of individuals, businesses and public entities.
This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements are identified by the use of words such as 1) believes, 2) anticipates, 3) estimates, 4) expects, 5) projects or similar words. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. The figures included in this press release are unaudited and may vary from the audited results.
Princeton National Bancorp, Inc. CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) December 31, 2007 December 31, REVISED (unaudited) 2006 ----------- ----------- ASSETS Cash and due from banks $ 25,801 $ 33,882 Interest-bearing deposits with financial institutions 1,803 103 Federal funds sold 0 5,200 ----------- ----------- Total cash and cash equivalents 27,604 39,185 Loans held for sale, at lower of cost or market 928 4,512 Investment securities available-for-sale, at fair value 218,095 252,467 Investment securities held-to-maturity, at amortized cost 14,578 15,449 ----------- ----------- Total investment securities 232,673 267,916 Loans, net of unearned interest 722,647 629,472 Allowance for loan losses (3,248) (3,053) ----------- ----------- Net loans 719,399 626,419 Premises and equipment, net 30,801 28,670 Land held for sale, at lower of cost or market 1,344 0 Bank-owned life insurance 22,461 21,470 Interest receivable 10,876 11,139 Goodwill, net of accumulated amortization 24,521 23,029 Intangible assets, net of accumulated amortization 5,090 5,921 Other real estate owned 833 0 Other assets 4,172 3,698 ----------- ----------- TOTAL ASSETS $ 1,080,702 $ 1,031,959 =========== =========== LIABILITIES Demand deposits $ 102,452 $ 107,834 Interest-bearing demand deposits 241,749 231,953 Savings deposits 58,401 66,060 Time deposits 488,805 476,052 ----------- ----------- Total deposits 891,407 881,899 Customer repurchase agreements 34,217 31,344 Advances from the Federal Home Loan Bank 6,984 6,970 Interest-bearing demand notes issued to the U.S. Treasury 1,838 2,333 Federal funds purchased 26,500 0 Trust Preferred securities 25,000 25,000 Note payable 14,550 8,500 ----------- ----------- Total borrowings 109,089 74,147 Other liabilities 11,864 10,558 ----------- ----------- Total liabilities 1,012,360 966,604 ----------- ----------- STOCKHOLDERS' EQUITY Common stock 22,391 22,391 Surplus 18,275 18,158 Retained earnings 51,279 48,109 Accumulated other comprehensive income (loss), net of tax 79 (960) Less: Treasury stock (23,682) (22,343) ----------- ----------- Total stockholders' equity 68,342 65,355 ----------- ----------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,080,702 $ 1,031,959 =========== =========== CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 6.33% 6.70% Tier 1 leverage capital ratio 6.16% 6.33% Tier 1 risk-based capital ratio 8.00% 8.75% Total risk-based capital ratio 8.41% 9.18% Book value per share $ 20.66 $ 19.50 Closing market price per share $ 24.25 $ 32.55 End of period shares outstanding 3,308,447 3,351,410 End of period treasury shares outstanding 1,169,848 1,126,885 Princeton National Bancorp, Inc. CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE THREE FOR THE FOR THE MONTHS MONTHS YEAR YEAR REVISED ENDED ENDED ENDED ENDED December December December December 31, 2007 31, 2006 31, 2007 31, 2006 (unaudited) (unaudited) (unaudited) (unaudited) ----------- ----------- --------- ----------- INTEREST INCOME Interest and fees on loans $ 13,102 $ 11,365 $ 49,982 $ 41,923 Interest and dividends on investment securities 2,652 3,085 11,124 10,990 Interest on federal funds sold 86 142 332 499 Interest on interest-bearing time deposits in other banks 37 37 121 114 ----------- ----------- --------- ----------- Total Interest Income 15,877 14,629 61,559 53,526 ----------- ----------- --------- ----------- INTEREST EXPENSE Interest on deposits 7,547 7,107 30,324 23,843 Interest on borrowings 1,105 997 4,181 3,787 ----------- ----------- --------- ----------- Total Interest Expense 8,652 8,104 34,505 27,630 ----------- ----------- --------- ----------- Net interest income 7,225 6,525 27,054 25,896 Provision for loan losses 90 110 640 285 ----------- ----------- --------- ----------- Net interest income after provision 7,135 6,415 26,414 25,611 ----------- ----------- --------- ----------- NON-INTEREST INCOME Trust & farm management fees 382 309 1,507 1,467 Service charges on deposit accounts 1,173 1,069 4,431 4,235 Other service charges 473 445 1,966 1,782 Gain on sales of securities available-for-sale 183 92 541 250 Gain on sale of loans 0 0 0 90 Brokerage fee income 279 174 920 736 Mortgage banking income 237 220 903 755 Bank-owned life insurance 208 188 816 770 Other operating income 61 35 214 160 ----------- ----------- --------- ----------- Total Non-Interest Income 2,996 2,532 11,298 10,245 ----------- ----------- --------- ----------- NON-INTEREST EXPENSE Salaries and employee benefits 4,300 3,940 16,874 15,884 Occupancy 623 527 2,393 1,985 Equipment expense 788 795 3,158 2,933 Federal insurance assessments 83 78 338 313 Intangible assets amortization 176 163 704 651 Data processing 304 251 1,101 1,032 Advertising 183 207 722 841 Other operating expense 1,055 1,171 4,275 4,696 ----------- ----------- --------- ----------- Total Non-Interest Expense 7,512 7,132 29,565 28,335 ----------- ----------- --------- ----------- Income before income taxes 2,619 1,815 8,147 7,521 Income tax expense 571 165 1,377 1,033 ----------- ----------- --------- ----------- Net income $ 2,048 $ 1,650 $ 6,770 $ 6,488 =========== =========== ========= =========== Net income per share: BASIC $ 0.62 $ 0.49 $ 2.04 $ 1.93 DILUTED $ 0.62 $ 0.49 $ 2.03 $ 1.91 Basic weighted average shares outstanding 3,310,487 3,360,033 3,326,467 3,369,567 Diluted weighted average shares outstanding 3,316,573 3,379,394 3,334,507 3,389,765 PERFORMANCE RATIOS (annualized) Return on average assets 0.77% 0.65% 0.65% 0.68% Return on average equity 12.18% 9.92% 10.32% 10.07% Net interest margin (tax-equivalent) 3.29% 3.16% 3.20% 3.33% Efficiency ratio (tax-equivalent) 69.69% 73.64% 72.72% 73.36% ASSET QUALITY Net loan charge-offs $ 64 $ 221 $ 445 $ 422 Total non-performing loans $ 7,434 $ 3,926 $ 7,434 $ 3,926 Non-performing loans as a % of total loans 1.03% 0.62% 1.03% 0.62%
Inquiries should be directed to: Lou Ann Birkey Vice President - Investor Relations Princeton National Bancorp, Inc. (815) 875-4444 E-Mail address: Email Contact
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