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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 |
"Results for the third quarter reflect the more aggressive approach the Subsidiary Bank is taking with regard to credits that have deteriorated," stated President & CEO Thomas D. Ogaard. "This approach resulted in a $6.7 million loan loss provision and net charge-offs of $4.1 million. Year-to-date, we have taken a provision expense of $13.3 million and incurred charge-offs of $6.9 million, compared to $5.0 million and $2.4 million respectively for the same period in 2009. Because the economic and business climate in any given industry or market and its impact on any given borrower can change rapidly, the risk profile of the loan portfolio is continually assessed and adjusted when appropriate. We will continue to move forward with this aggressive approach in the fourth quarter of 2010 and first quarter of 2011; where after, we anticipate a more moderate need for loan loss provisions."
At the forefront of the Company's ability to generate core earnings is the continued improvement in the net interest margin, resulting in an increase of 74 basis points to 4.14% in the third quarter of 2010 from 3.40% in the third quarter of 2009. Driving the increase in the net interest margin continues to be the reduction in the cost of funds, 88 basis points year over year (a reduction of $7.3 million in interest expense). "The disciplines we have put into place to maintain asset yields and control funding costs will continue to be beneficial," noted Ogaard.
The staff of the Subsidiary Bank continues their focus on addressing problem loan situations. The net loan losses for the nine months ending September 30, 2010 totaled 1.21% (as a percent of loans, annualized). The level of reserve now represents 2.55% of total loans, an increase from 1.00% one year ago. Stockholders' equity was $76.5 million at September 30, 2010, down from $103.0 million at September 30, 2009 (primarily from the write-down of goodwill at year-end 2009), resulting in a tier one capital ratio of 8.01% and risk based regulatory capital ratio of 12.31%, both of which exceed the "well-capitalized" regulatory requirements.
Princeton National Bancorp, Inc., through its wholly owned subsidiary Citizens First National Bank, operates community banking offices with strategic locations in 8 counties in northern Illinois. At September 30, 2010, the Company's total assets and total loans outstanding were $1.11 billion and $727.8 million, respectively. The Company made a decision to restructure its balance sheet in the fourth quarter of 2009 to lower total assets, and that restructuring continued in the third quarter of 2010.
Non-performing loans at September 30, 2010 totaled $82.7 million, compared to $58.6 million at December 31, 2009. Our classified substandard & doubtful loans continue to move within the various categories, which is part of the natural progression and a result of our remediation efforts.
Non-interest income for the third quarter of 2010 was $2.5 million and non-interest expense was $9.0 million; non-interest income is down slightly from $2.8 million in the third quarter of 2009 (due to further impairment of the mortgage servicing rights portfolio in this recent low-rate environment) and non-interest expense is unchanged.
The price of PNBC stock closed at $4.75 on September 30, 2010, compared to $10.81 on December 31, 2009.
The Company offers stockholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan, which allows for optional cash contributions to purchase stock. 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 815-872-6131.
Princeton National Bancorp, Inc.'s Web Address: www.pnbc-inc.com.
FORWARD-LOOKING INFORMATION:
This press release may contain certain forward-looking statements, including certain plans, revenues, earnings, 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 "believe," "anticipate," "estimate," "expect," "intend," "plan," "project" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements by their very nature are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission describe some of these factors, including certain credit, market, operational, liquidity and interest rate risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, legislation including the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward-looking statements are made.
CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) September 30, December 31, 2010 2009 Revised (unaudited) ----------- ----------- ASSETS Cash and due from banks $ 18,485 $ 15,546 Interest-bearing deposits with financial institutions 42,789 55,527 ----------- ----------- Total cash and cash equivalents 61,274 71,073 Loans held for sale, at lower of cost or market 1,088 3,296 Investment securities available-for-sale, at fair value 229,336 288,474 Investment securities held-to-maturity, at amortized cost 15,075 12,793 ----------- ----------- Total investment securities 244,411 301,267 Loans, net of unearned interest 727,774 798,074 Allowance for loan losses (18,553) (12,075) ----------- ----------- Net loans 709,221 785,999 Premises and equipment, net 27,109 28,269 Land held for sale, at lower of cost or market 2,244 2,354 Federal Reserve and Federal Home Loan Bank stock 4,498 4,230 Bank-owned life insurance 23,189 22,540 Interest receivable 7,952 9,267 Intangible assets, net of accumulated amortization 2,734 3,347 Other real estate owned 18,372 17,658 Other assets 9,135 11,430 ----------- ----------- TOTAL ASSETS $ 1,111,227 $ 1,260,730 =========== =========== LIABILITIES Demand deposits $ 133,023 $ 136,026 Interest-bearing demand deposits 368,294 374,624 Savings deposits 72,184 68,292 Time deposits 386,045 496,597 ----------- ----------- Total deposits 959,546 1,075,539 Customer repurchase agreements 31,299 47,327 Advances from the Federal Home Loan Bank 16,000 31,500 Interest-bearing demand notes issued to the U.S. Treasury 778 1,021 Trust Preferred securities 25,000 25,000 ----------- ----------- Total borrowings 73,077 104,848 Other liabilities 2,118 5,683 ----------- ----------- Total liabilities 1,034,741 1,186,070 ----------- ----------- STOCKHOLDERS' EQUITY Preferred stock 24,979 24,958 Common stock 22,391 22,391 Common stock warrants 150 150 Additional paid-in capital 18,397 18,423 Retained earnings 27,657 29,851 Accumulated other comprehensive income (loss), net of tax 6,686 2,816 Less: Treasury stock (23,774) (23,929) ----------- ----------- Total stockholders' equity 76,486 74,660 ----------- ----------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,111,227 $ 1,260,730 =========== =========== CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 6.61% 7.84% Tier 1 leverage capital ratio 8.01% 7.48% Tier 1 risk-based capital ratio 11.05% 10.25% Total risk-based capital ratio 12.31% 11.50% Common book value per share $ 15.54 $ 15.03 Closing market price per share $ 4.75 $ 10.81 End of period shares outstanding 3,315,397 3,306,369 End of period treasury shares outstanding 1,162,898 1,171,926 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE THREE MONTHS MONTHS NINE MONTHS NINE MONTHS Revised ENDED ENDED ENDED ENDED September September September September 30, 2010 30, 2009 30, 2010 30, 2009 (unaudited) (unaudited) (unaudited) (unaudited) ---------- ----------- ---------- ----------- INTEREST INCOME Interest and fees on loans $ 9,632 $ 10,951 $ 30,059 $ 33,494 Interest and dividends on investment securities 2,378 3,448 7,713 9,594 Interest on interest-bearing time deposits in other banks 32 25 104 76 ---------- ----------- ---------- ----------- Total Interest Income 12,042 14,424 37,876 43,164 ---------- ----------- ---------- ----------- INTEREST EXPENSE Interest on deposits 2,318 4,829 8,348 15,079 Interest on borrowings 479 712 1,615 2,178 ---------- ----------- ---------- ----------- Total Interest Expense 2,797 5,541 9,963 17,257 ---------- ----------- ---------- ----------- Net interest income 9,245 8,883 27,913 25,907 Provision for loan losses 6,725 2,410 13,300 5,045 ---------- ----------- ---------- ----------- Net interest income after provision 2,520 6,473 14,613 20,862 ---------- ----------- ---------- ----------- NON-INTEREST INCOME Trust & farm management fees 269 296 850 1,004 Service charges on deposit accounts 1,004 1,050 2,853 3,004 Other service charges 469 446 1,436 1,346 Gain on sales of securities available-for-sale 0 38 722 799 Brokerage fee income 134 192 547 638 Mortgage servicing rights impairment (333) 0 (922) (556) Mortgage banking income 694 498 1,457 1,984 Bank-owned life insurance 227 235 684 708 Other operating income 10 17 68 165 ---------- ----------- ---------- ----------- Total Non-Interest Income 2,474 2,772 7,695 9,092 ---------- ----------- ---------- ----------- NON-INTEREST EXPENSE Salaries and employee benefits 4,628 4,821 13,494 13,514 Occupancy 645 640 1,978 1,952 Equipment expense 782 768 2,296 2,304 Federal insurance assessments 603 566 1,835 2,089 Intangible assets amortization 204 204 606 620 Data processing 355 319 987 974 Advertising 154 169 536 577 ORE Expenses, net 446 312 1,567 821 Loan collection expenses 104 123 492 325 Write-down of land held-for-sale 110 0 110 0 Other operating expense 1,016 1,079 3,248 3,301 ---------- ----------- ---------- ----------- Total Non-Interest Expense 9,047 9,001 27,149 26,477 ---------- ----------- ---------- ----------- Income before income taxes (4,053) 244 (4,841) 3,477 Income tax expense (2,142) (516) (3,609) (338) ---------- ----------- ---------- ----------- Net income (1,911) 760 (1,232) 3,815 Preferred stock dividends 314 313 941 868 Accretion of preferred stock discount 7 7 21 18 ---------- ----------- ---------- ----------- Net income available to common stockholders $ (2,232) $ 440 $ (2,194) $ 2,929 ========== =========== ========== =========== Net income (loss) per share available to common stockholders: BASIC $ (0.67) $ 0.13 $ (0.66) $ 0.89 DILUTED $ (0.67) $ 0.13 $ (0.66) $ 0.89 Basic weighted average shares outstanding 3,313,029 3,302,172 3,309,869 3,300,148 Diluted weighted average shares outstanding 3,313,029 3,302,812 3,309,869 3,300,688 PERFORMANCE RATIOS (annualized) Net Income (Loss) Available to Common Stockholders to Average Assets -0.79% 0.14% -0.25% 0.32% Net Income (Loss) Available to Common Stockholders to Average Equity -11.28% 1.75% -3.80% 4.07% Net interest margin (tax-equivalent) 4.14% 3.40% 4.00% 3.45% Efficiency ratio (tax-equivalent) 72.69% 72.41% 71.84% 71.38% ASSET QUALITY Net loan charge-offs $ 4,148 $ 811 $ 6,871 $ 2,350 Total non-performing loans (non-accrual, past due over 90 days, troubled debt restructuring) $ 82,655 $ 38,513 $ 82,655 $ 38,513 Non-performing loans as a % of total loans 11.36% 4.99% 11.36% 4.99%
Inquiries should be directed to: Lou Ann Birkey Vice President - Investor Relations, Princeton National Bancorp, Inc. (815) 872-6131 Email Contact
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