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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 | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
"The biggest driver of earnings is the level of loan loss reserves needed on a quarter by quarter basis," said Thomas Ogaard, President & C.E.O. "Our recognition of problem loans in the prior two quarters had a direct impact on the improved results for the first quarter of 2011. The loan loss provision for the quarter was $1.875 million, compared to $27.250 million in the fourth quarter of 2010 and $3.925 million for the first quarter of 2010. While we believe the rate of deterioration in our loan portfolio is beginning to level off, we anticipate there being additional provision expense in 2011, but not to the extent of the last two years, and additional charged off loans," continued Ogaard.
Net loan charge-offs during the first quarter totaled $1.694 million; a decline from $16.1 million in the fourth quarter of 2010. Other real estate owned as of March 31, 2011 totaled $20.6 million, unchanged from year-end 2010. The Corporation is very cognizant of the credit and repayment issues which have resulted from the current economic conditions; as a result, we have continued to increase our provision for loan losses, maintaining the current reserves at 4.34% of total loans, up from 4.22% at year-end 2010. As of March 31, 2011, the balance in the allowance for loan losses totaled $29.9 million and there were specific loss provisions for individual credits totaling $19.6 million, compared to $29.7 million and $12.2 million, respectively, at December 31, 2010. The Subsidiary Bank evaluates many risk factors within the loan portfolio on a monthly basis and considers the allowance for loan losses adequate to meet probable losses as of March 31, 2011.
"Our net interest margin continues to remain robust and is the key contributor to our ability to generate positive results," noted Ogaard. "The net interest margin for the first quarter was 4.42%, an increase of 26 and 52 basis points, respectively, from the fourth and first quarters of 2010. This reflects our ability to drive revenue at a level sufficient to offset expenses."
Total interest income did show a decline of 16.1% to $11.3 million when comparing the first quarter of 2011 to the same period in 2010; however, total interest expense declined by 51.3% to $1.9 million during the same period. The resulting net interest income of $9.4 million represents a minimal decrease of only 1.3% versus the same period in 2010. However, this was achieved with average interest-earning assets being $157.5 million lower over the comparable periods. During the first quarter of 2011, the reduction in interest expense continued to be a major focus in conjunction with the planned reduction in assets. PNBC was able to continue to capitalize on opportunities to lower interest expense, reducing the cost of interest bearing liabilities 71 basis points from 1.59% to .88%, when comparing the first quarters of 2010 and 2011, respectively.
Non-interest income increased to $3.6 million in the first quarter of 2011 from $3.2 million during the first quarter of 2010. During the quarter, the Corporation restructured a portion of its investment portfolio to reduce the level of municipal bonds and reposition mortgage backed securities to enhance future portfolio liquidity. As a result of the steps taken to improve the quality of the investment portfolio and enhance liquidity, security gains of $1.1 million were generated in the first quarter of 2011, compared to $642,000 in the first quarter of 2010.
Non-interest expense totaled $9.4 million, up slightly from $9.3 million during the first quarter of 2010. When comparing the two quarters, negatively impacting other expenses were salary and insurance expenses.
Stockholders' equity was $57.7 million at March 31, 2011, up from $56.9 million at December 31, 2010, resulting in a tier one capital ratio of 6.19% for the first quarter of 2011 and a risk based regulatory capital ratio of 10.01%.
The Corporation ended the first quarter of 2011 with total assets of $1.081 billion, a decrease of $15.7 million (1.4%) from year-end 2010. Additionally, total deposits decreased $12.3 million to $950.7 million from year-end 2010.
The price of PNBC stock closed at $5.39 on March 31, 2011, compared to $3.64 on December 31, 2010. While we believe the level of credit-related costs will begin to decline to more historical levels in 2011, which will positively impact operating results, the community bank stock prices continue to be negatively impacted by earnings due to credit related costs.
The Corporation maintains its focus on ensuring adequate controls are in place to comply with disclosure and financial certification requirements as well as fairly disclosing all aspects of its business in a timely and appropriate fashion.
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 audited results.
CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31, December 31, 2011 2010 (unaudited) ----------- ----------- ASSETS Cash and due from banks $ 15,059 $ 12,992 Interest-bearing deposits with financial institutions 41,152 30,888 ----------- ----------- Total cash and cash equivalents 56,211 43,880 Loans held for sale, at lower of cost or market 3,240 5,515 Investment securities available-for-sale, at fair value 242,452 248,752 Investment securities held-to-maturity, at amortized cost 11,425 12,187 ----------- ----------- Total investment securities 253,877 260,939 Loans, net of unearned interest 688,313 704,074 Allowance for loan losses (29,907) (29,726) ----------- ----------- Net loans 658,406 674,348 Premises and equipment, net 26,576 26,901 Land held for sale, at lower of cost or market 2,244 2,244 Federal Reserve and Federal Home Loan Bank stock 4,498 4,498 Bank-owned life insurance 23,646 23,416 Interest receivable 6,159 7,482 Deferred income taxes 11,817 10,512 Intangible assets, net of accumulated amortization 2,337 2,531 Other real estate owned 20,572 20,652 Other assets 11,151 13,553 ----------- ----------- TOTAL ASSETS $ 1,080,734 $ 1,096,471 =========== =========== ----------- ----------- LIABILITIES Demand deposits $ 135,210 $ 138,683 Interest-bearing demand deposits 379,584 383,126 Savings deposits 83,191 74,817 Time deposits 352,682 366,335 ----------- ----------- Total deposits 950,667 962,961 Customer repurchase agreements 35,666 35,806 Advances from the Federal Home Loan Bank 5,000 9,000 Interest-bearing demand notes issued to the U.S. Treasury 1,064 1,753 Trust Preferred securities 25,000 25,000 ----------- ----------- Total borrowings 66,730 71,559 Other liabilities 5,671 5,090 ----------- ----------- Total liabilities 1,023,068 1,039,610 ----------- ----------- STOCKHOLDERS' EQUITY Preferred stock 24,993 24,986 Common stock 22,391 22,391 Common stock warrants 150 150 Additional paid-in capital 18,279 18,275 Retained earnings 13,317 11,589 Accumulated other comprehensive income (loss), net of tax 2,095 3,064 Less: Treasury stock (23,559) (23,594) ----------- ----------- Total stockholders' equity 57,666 56,861 ----------- ----------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,080,734 $ 1,096,471 =========== =========== CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 5.26% 6.62% Tier 1 leverage capital ratio 6.19% 5.76% Tier 1 risk-based capital ratio 8.73% 8.40% Total risk-based capital ratio 10.01% 9.68% Common book value per share $ 9.72 $ 9.58 Closing market price per share $ 5.39 $ 3.64 End of period shares outstanding 3,328,013 3,325,941 End of period treasury shares outstanding 1,150,282 1,152,354 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE MONTHS THREE MONTHS ENDED ENDED March 31, March 31, 2011 2010 (unaudited) (unaudited) ----------- ----------- INTEREST INCOME Interest and fees on loans $ 8,859 $ 10,585 Interest and dividends on investment securities 2,414 2,843 Interest on interest-bearing time deposits in other banks 21 32 ----------- ----------- Total Interest Income 11,294 13,460 ----------- ----------- INTEREST EXPENSE Interest on deposits 1,738 3,372 Interest on borrowings 199 605 ----------- ----------- Total Interest Expense 1,937 3,977 ----------- ----------- Net interest income 9,357 9,483 Provision for loan losses 1,875 3,925 ----------- ----------- Net interest income after provision 7,482 5,558 ----------- ----------- NON-INTEREST INCOME Trust & farm management fees 290 264 Service charges on deposit accounts 943 891 Other service charges 405 459 Gain on sales of securities available-for-sale 1,084 642 Brokerage fee income 139 189 Mortgage servicing rights recovery (impairment) 0 0 Mortgage banking income 451 496 Bank-owned life insurance income 221 229 Other operating income 67 22 ----------- ----------- Total Non-Interest Income 3,600 3,192 ----------- ----------- NON-INTEREST EXPENSE Salaries and employee benefits 4,616 4,413 Occupancy 689 700 Equipment expense 781 767 Federal insurance assessments 640 698 Intangible assets amortization 194 201 Data processing 366 312 Advertising 155 176 ORE Expenses, net 582 735 Loan collection expenses 163 205 Other operating expense 1,249 1,079 ----------- ----------- Total Non-Interest Expense 9,435 9,286 ----------- ----------- Income before income taxes 1,647 (536) Income tax expense (88) (795) ----------- ----------- Net income 1,735 259 Preferred stock dividends 0 314 Accretion of preferred stock discount 7 7 ----------- ----------- Net income available to common stockholders $ 1,728 ($ 62) =========== =========== Net income (loss) per share available to common stockholders: BASIC $ 0.52 ($ 0.02) DILUTED $ 0.52 ($ 0.02) Basic weighted average shares outstanding 3,325,964 3,306,762 Diluted weighted average shares outstanding 3,335,925 3,306,762 PERFORMANCE RATIOS (annualized) Net Income (Loss) Available to Common Stockholders to Average Assets 0.64% -0.02% Net Income (Loss) Available to Common Stockholders to Average Equity 12.16% -0.32% Net interest margin (tax-equivalent) 4.42% 3.90% Efficiency ratio (tax-equivalent) 70.11% 69.26% ASSET QUALITY Net loan charge-offs $ 1,694 $ 1,366 Total non-performing loans (non-accrual, past due over 90 days, troubled debt restructuring) $ 104,333 $ 67,291 Non-performing loans as a % of total loans 15.16% 9.08%
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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