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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
President Tony J. Sorcic stated, "Our first quarter operating results reflect both the impact of current economic conditions on our credit costs as well as accruing for one-fourth of the FDIC special assessment, which will be assessed on all banks."
"At the April Board of Directors' meeting, the Board made the difficult decision to reduce the dividend from $0.28 per share to $0.14 per share. The dividend is payable May 26, 2009, to those shareholders of record as of May 11, 2009. The Company has always focused on generating a strong, consistent return for shareholders, but these extraordinary times require extraordinary measures. The reduction in dividend is being done as a precautionary measure to ensure we remain in a strong capital position to take advantage of opportunities in the future. The reduction is also in anticipation of the additional $1.2 million which will be accrued for the FDIC special assessment. Our highest obligation to our shareholders is to keep the Company strong and in a position to grow when economic times improve."
"The Subsidiary Bank retains servicing of residential mortgages sold into the secondary market for which fees are earned. Accounting standards require the servicing value of these fees to be capitalized into the asset category, mortgage servicing rights. The Subsidiary Bank has been utilizing an accepted multiple for determining this asset value. Given the high level of refinancing due to the historic decrease in mortgage interest rates, the value of existing servicing rights has decreased. This resulted in a pre-tax charge of $556,419 to earnings in the first quarter of 2009."
"On February 27, 2009, the FDIC announced it had adopted an interim rule to impose an emergency special assessment on June 30, 2009 which will be collected on September 30, 2009. It is anticipated the impact of the emergency special assessment on the Subsidiary Bank will be approximately 16 basis points or $1.6 million. During the first quarter, $416,000 was accrued toward this assessment and the remaining $1.2 million will be accrued for during the second quarter of 2009."
Mr. Sorcic concluded, "The Company's solid capital base and ability to generate core earnings will be an advantage as we continue to work through the current credit cycle. This advantage enables Citizens First National Bank to meet the financial needs of customers and the communities it serves and positions Princeton National Bancorp, Inc. to benefit as conditions improve."
Total assets ended the quarter at $1.215 billion, up 4.5% from $1.163 billion at December 31, 2008. Princeton National Bancorp, Inc. experienced a $16.0 million decrease in total loans as of March 31, 2009 in comparison to December 31, 2008 (primarily due to a decrease in the residential real estate category as variable rate loans were refinanced into fixed rate loans and sold in the secondary market, along with seasonal agricultural paydowns).
The non-performing loans of $33.3 million represent 4.30% of the total loan portfolio as of March 31, 2009, up slightly from 4.18% at December 31, 2008 due to the difficult economic environment. Most of the non-performing loans remain secured by the value of collateral pledged. At the end of the first quarter, specific loss provisions for individual credits totaled $1.3 million. The Subsidiary Bank staff will continue to work with borrowers to resolve problem loan situations and to work through the challenging remediation cycle for real estate and construction-related credits. Recognizing this, and reflective of current conditions, we have increased our level of loan loss provisioning, bringing our level of reserves to .76% of total loans, an increase from .43% one year ago. The loan loss provision taken in the first quarter totaled $1,170,000 versus $1,600,000 in the fourth quarter of 2008 and $368,000 in the first quarter of 2008.
The Company ended the first quarter of 2009 with total core deposits and repurchase agreements of $1.050 million, a $52.1 million increase from December 31, 2008 and $96.1 million increase from March 31, 2008.
In review of the March 31, 2009 consolidated statements of income, net-interest income (before provision) was $8.079 million, non-interest income was $2.795 million and the net interest margin was 3.40%, compared to $8.078 million, $2.837 million and 3.38%, respectively, for the fourth quarter of 2008.
As reported previously, on January 23rd, the Company received a $25.1 million investment from the U.S. Treasury Department Capital Purchase Program and Emergency Economic Stabilization Act of 2008 ("EESA"). On February 17, 2009 the American Recovery and Reinvestment Act ("ARRA") of 2009 was enacted. The ARRA contains numerous provisions which modify the EESA and which require additional rule making by various regulatory bodies. The precise impact of ARRA and the rules promulgated under it continue to be announced.
The price of PNBC stock closed at $14.00 on March 31, 2009, compared to $22.14 on December 31, 2008. The decrease in stock price from year-end 2008 is reflective of the banking industry as a whole. Financial stocks continue to be impacted by poor earnings reports by many institutions, due to the current credit cycle.
For detailed financial information, please refer to the attached March 31, 2009 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 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 $1.215 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.
CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31, 2009 December 31, (unaudited) 2008 ----------- ----------- ASSETS Cash and due from banks $ 67,755 $ 20,163 Interest-bearing deposits with financial institutions 113 98 Federal funds sold 0 0 ----------- ----------- Total cash and cash equivalents 67,868 20,261 Loans held for sale, at lower of cost or market 1,084 2,155 Investment securities available-for-sale, at fair value 259,397 236,883 Investment securities held-to-maturity, at amortized cost 15,137 14,232 ----------- ----------- Total investment securities 274,534 251,115 Loans, net of unearned interest 774,802 790,837 Allowance for loan losses (5,864) (5,064) ----------- ----------- Net loans 768,938 785,773 Premises and equipment, net 29,243 29,297 Land held for sale, at lower of cost or market 2,354 2,354 Federal Reserve and Federal Home Loan Bank stock 4,211 4,211 Bank-owned life insurance 21,842 21,588 Interest receivable 8,301 9,693 Goodwill, net of accumulated amortization 24,521 24,521 Intangible assets, net of accumulated amortization 3,991 4,207 Other real estate owned 3,170 2,487 Other assets 5,427 5,468 ----------- ----------- TOTAL ASSETS $ 1,215,484 $ 1,163,130 =========== =========== LIABILITIES Demand deposits $ 105,477 $ 110,559 Interest-bearing demand deposits 256,113 246,714 Savings deposits 66,234 61,089 Time deposits 583,140 543,770 ----------- ----------- Total deposits 1,010,964 962,132 Customer repurchase agreements 38,799 35,532 Advances from the Federal Home Loan Bank 32,494 32,493 Interest-bearing demand notes issued to the U.S. Treasury 773 2,441 Federal funds purchased 0 6,500 Trust Preferred securities 25,000 25,000 Note payable 0 16,050 ----------- ----------- Total borrowings 97,066 118,016 Other liabilities 9,499 10,511 ----------- ----------- Total liabilities 1,117,529 1,090,659 ----------- ----------- STOCKHOLDERS' EQUITY Preferred stock 24,938 22,391 Common stock 22,391 0 Common stock warrants 150 0 Additional paid-in capital 18,377 18,420 Retained earnings 54,479 54,329 Accumulated other comprehensive income, net of tax 1,655 1,402 Less: Treasury stock (24,035) (24,071) ----------- ----------- Total stockholders' equity 97,955 72,471 ----------- ----------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,215,484 $ 1,163,130 =========== =========== CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 7.68% 6.25% Tier 1 leverage capital ratio 7.99% 6.22% Tier 1 risk-based capital ratio 10.84% 7.72% Total risk-based capital ratio 11.53% 8.30% Common book value per share $ 22.13 $ 21.97 Closing market price per share $ 14.00 $ 22.14 End of period shares outstanding 3,300,139 3,298,041 End of period treasury shares outstanding 1,178,156 1,180,254 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE MONTHS THREE MONTHS ENDED ENDED March 31, March 31, 2009 2008 (unaudited) (unaudited) ------------ ------------ INTEREST INCOME Interest and fees on loans $ 11,059 $ 12,350 Interest and dividends on investment securities 2,931 2,679 Interest on federal funds sold 0 25 Interest on interest-bearing time deposits in other banks 16 12 ------------ ------------ Total Interest Income 14,006 15,066 ------------ ------------ INTEREST EXPENSE Interest on deposits 5,147 6,674 Interest on borrowings 780 938 ------------ ------------ Total Interest Expense 5,927 7,612 ------------ ------------ Net interest income 8,079 7,454 Provision for loan losses 1,170 368 ------------ ------------ Net interest income after provision 6,909 7,086 ------------ ------------ NON-INTEREST INCOME Trust & farm management fees 314 476 Service charges on deposit accounts 976 1,092 Other service charges 446 457 Gain on sales of securities available-for-sale 187 276 Brokerage fee income 198 219 Mortgage banking income 1 348 Bank-owned life insurance 243 215 Other operating income 430 70 ------------ ------------ Total Non-Interest Income 2,795 3,153 ------------ ------------ NON-INTEREST EXPENSE Salaries and employee benefits 4,471 4,398 Occupancy 709 679 Equipment expense 773 718 Federal insurance assessments 697 84 Intangible assets amortization 208 179 Data processing 316 277 Advertising 197 168 Other operating expense 1,281 1,057 ------------ ------------ Total Non-Interest Expense 8,652 7,560 ------------ ------------ Income before income taxes 1,052 2,679 Income tax expense (benefit) (104) 589 ------------ ------------ Net income $ 1,156 $ 2,090 Preferred stock dividends 237 0 Accretion on preferred stock discount 5 0 ------------ ------------ Net income available to common stockholders 914 2,090 ============ ============ Per share information: BASIC net income per common share available to common stockholders $ 0.28 $ 0.63 DILUTED net income per common share available to common stockholders $ 0.28 $ 0.63 Basic weighted average shares outstanding 3,298,064 3,304,063 Diluted weighted average shares outstanding 3,298,725 3,309,907 PERFORMANCE RATIOS (annualized) Return on average assets 0.40% 0.78% Return on average equity 5.14% 12.22% Net interest margin (tax-equivalent) 3.40% 3.39% Efficiency ratio (tax-equivalent) 75.30% 67.66% ASSET QUALITY Net loan charge-offs $ 371 $ 481 Total non-performing loans $ 33,278 $ 14,110 Non-performing loans as a % of total loans 4.30% 1.93%
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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