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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 |
During the third quarter, the Corporation recorded a valuation allowance for its net deferred tax asset due to the losses experienced over the last three years as well as revised downward earnings forecasts in the immediate future from the acceleration of provision for loan losses and loan collection and other real estate owned expenses. Therefore, as of September 30, 2011, the carrying value of the Corporation's net deferred tax assets was reduced to $0.00 through the recognition of a $14,584,000 valuation allowance. Each quarter the Corporation will evaluate whether the current conditions support a change in the valuation allowance against deferred tax assets. Any reduction in the estimated valuation allowance in future quarters would lower the amount of income tax expense recognized by the Corporation.
Non-performing loans amounted to 14.51% of total loans at September 30, 2011 compared to 13.83% at December 31, 2010. This increase reflects continued stress on the commercial real estate market, primarily from persistent economic issues and their impact on consumer spending and the housing industry. The provision for loan loss expense recorded each quarter is determined by management's evaluation of the risk characteristics of the loan portfolio. The Corporation recorded a provision for loan loss of $7,975,000 in the third quarter of 2011 compared to $6,725,000 in the third quarter of 2010.
"The aggressive identification and resolution of problem loans remains an ongoing effort," stated Thomas D. Ogaard, President & CEO. "It is expected that these aggressive tactics will be beneficial in shortening the timeframe to when the Bank can return to a more normalized operating environment."
Net charge-offs increased during the third quarter of 2011 to $10,593,000, compared to net charge-offs of $4,147,000 for the third quarter of 2010. The Corporation's net charge-offs have grown and remain high due to the continued downward pressure on real estate values, particularly development properties. The growth trends in charge-offs and corresponding provision for loan losses are expected to begin to diminish due to the Corporation's aggressive efforts to identify and resolve problem loans and as signs of economic stabilization begin to appear in the commercial real estate market.
Princeton National Bancorp, Inc.'s net interest income before the provision for loan losses was $8,365,000 for the third quarter of 2011, compared to $9,245,000 for the third quarter of 2010 due to a decrease in the average interest-earning base of $113.5 million. The net interest margin decreased to 3.92% in the third quarter of 2011 from 4.14% in the third quarter of 2010, from the impact of a high level of non-accrual loans, a decrease in loans from the lack of sufficient quality loan demand and the historically low interest rate environment.
Non-interest income totaled $2,089,000 in the third quarter of 2011, compared to $2,474,000 in the third quarter of 2010. This decrease was primarily due to the recognition of impairment on originated mortgage servicing rights of $817,000 in the third quarter of 2011 compared to impairment of $333,000 in the third quarter of 2010. Annualized non-interest income as a percentage of total average assets decreased to 0.77% for the third quarter of 2011, from 0.87% for the same period in 2010.
Total non-interest expense for the third quarter of 2011 was $10,089,000, an increase from $9,047,000 in the third quarter of 2010. The primary difference between the two quarters was an increase in expenses related to other real estate owned of $407,000, due to updated property valuations, and an increase in loan collection expenses of $459,000. Annualized non-interest expense as a percentage of total average assets increased to 3.72% for the third quarter of 2011, compared to 3.19% for the same period in 2010.
Stockholders' equity as of September 30, 2011 decreased to $39,184,000 from $56,861,000 at December 31, 2010. Total stockholders' equity to total assets at September 30, 2011 decreased to 3.66% from 5.19% at December 31, 2010.
On October 27, 2011, the Corporation entered into a Written Agreement with the Federal Reserve Bank (the "FRB"). The Corporation has taken steps to address the issues raised in the Written Agreement and intends to fully comply with the requirements set forth. For details on the Written Agreement please refer to the Form 8-K which was filed on November 2, 2011.
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. Total assets at September 30, 2011 decreased to $1.070 billion from $1.096 billion at December 31, 2010. Total loan balances decreased by $65.5 million during the nine month period to $638.6 million due to seasonal pay downs in the agricultural portfolio and general decline in the overall demand for new low-risk credit. The decrease in assets reflects the Corporation's 2011 capital management objectives.
The Corporation 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. To obtain information about the stock purchase plan, 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 Corporation's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Corporation'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 Corporation'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 Corporation 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, 2011 2010 (unaudited) ------------- ------------- ASSETS Cash and due from banks $ 18,400 $ 12,992 Interest-bearing deposits with financial institutions 65,969 30,888 ------------- ------------- Total cash and cash equivalents 84,369 43,880 Loans held for sale, at lower of cost or market 2,113 5,515 Investment securities available-for-sale, at fair value 254,267 248,752 Investment securities held-to-maturity, at amortized cost 11,344 12,187 ------------- ------------- Total investment securities 265,611 260,939 Loans, net of unearned interest 638,553 704,074 Allowance for loan losses (16,511) (29,726) ------------- ------------- Net loans 622,042 674,348 Premises and equipment, net 25,937 26,901 Land held for sale, at lower of cost or market 2,244 2,244 Federal Reserve and Federal Home Loan Bank stock 4,500 4,498 Bank-owned life insurance 24,103 23,416 Interest receivable 7,179 7,482 Deferred income taxes 0 10,512 Intangible assets, net of accumulated amortization 2,020 2,531 Other real estate owned 18,502 20,652 Other assets 11,163 13,553 ------------- ------------- TOTAL ASSETS $ 1,069,783 $ 1,096,471 ============= ============= LIABILITIES Demand deposits $ 149,361 $ 138,683 Interest-bearing demand deposits 386,348 383,126 Savings deposits 79,635 74,817 Time deposits 323,881 366,335 ------------- ------------- Total deposits 939,225 962,961 Customer repurchase agreements 54,262 35,806 Advances from the Federal Home Loan Bank 5,000 9,000 Interest-bearing demand notes issued to the U.S. Treasury 1,538 1,753 Trust Preferred securities 25,000 25,000 ------------- ------------- Total borrowings 85,800 71,559 Other liabilities 5,574 5,090 ------------- ------------- Total liabilities 1,030,599 1,039,610 ------------- ------------- STOCKHOLDERS' EQUITY Preferred stock 25,008 24,986 Common stock 22,391 22,391 Common stock warrants 150 150 Additional paid-in capital 18,221 18,275 Retained earnings (deficit) (8,448) 11,589 Accumulated other comprehensive income (loss), net of tax 5,319 3,064 Less: Treasury stock (23,457) (23,594) ------------- ------------- Total stockholders' equity 39,184 56,861 ------------- ------------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,069,783 $ 1,096,471 ============= ============= CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 5.27% 6.62% Tier 1 leverage capital ratio 4.26% 5.93% Tier 1 risk-based capital ratio 6.38% 8.40% Total risk-based capital ratio 7.64% 9.68% Common book value per share $ 4.25 $ 9.58 Closing market price per share $ 3.18 $ 3.64 End of period shares outstanding 3,333,890 3,325,941 End of period treasury shares outstanding 1,144,405 1,152,354 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE MONTHS THREE MONTHS NINE MONTHS NINE MONTHS ENDED ENDED ENDED ENDED September 30, September 30, September 30, September 30, 2011 2010 2011 2010 (unaudited) (unaudited) (unaudited) (unaudited) ------------- ------------- ------------- ------------- INTEREST INCOME Interest and fees on loans $ 7,874 $ 9,632 $ 24,919 $ 30,059 Interest and dividends on investment securities 2,173 2,378 6,941 7,713 Interest on interest-bearing time deposits in other banks 37 32 93 104 ------------- ------------- ------------- ------------- Total Interest Income 10,084 12,042 31,953 37,876 ------------- ------------- ------------- ------------- INTEREST EXPENSE Interest on deposits 1,522 2,318 4,894 8,348 Interest on borrowings 197 479 581 1,615 ------------- ------------- ------------- ------------- Total Interest Expense 1,719 2,797 5,475 9,963 ------------- ------------- ------------- ------------- Net interest income 8,365 9,245 26,478 27,913 Provision for loan losses 7,975 6,725 17,900 13,300 ------------- ------------- ------------- ------------- Net interest income after provision 390 2,520 8,578 14,613 ------------- ------------- ------------- ------------- NON-INTEREST INCOME Trust & farm management fees 256 269 815 850 Service charges on deposit accounts 1,087 1,004 3,032 2,853 Other service charges 565 469 1,391 1,436 Gain on sales of securities available-for- sale 11 0 2,693 722 Brokerage fee income 148 134 494 547 Mortgage servicing rights recovery (impairment) (817) (333) (817) (922) Mortgage banking income 572 694 1,312 1,457 Bank-owned life insurance income 231 227 677 684 Other operating income 36 10 119 68 ------------- ------------- ------------- ------------- Total Non- Interest Income 2,089 2,474 9,716 7,695 ------------- ------------- ------------- ------------- NON-INTEREST EXPENSE Salaries and employee benefits 4,659 4,628 13,804 13,494 Occupancy 677 645 1,989 1,978 Equipment expense 754 782 2,316 2,296 Federal insurance assessments 681 603 1,768 1,835 Intangible assets amortization 144 204 513 606 Data processing 301 355 1,016 987 Marketing 151 154 445 536 ORE Expenses, net 853 446 2,868 1,567 Loan collection expenses 563 104 1,097 492 Write-down of land held-for- sale 0 110 0 110 Other operating expense 1,306 1,016 3,941 3,248 ------------- ------------- ------------- ------------- Total Non- Interest Expense 10,089 9,047 29,757 27,149 ------------- ------------- ------------- ------------- Loss before income taxes (7,610) (4,053) (11,463) (4,841) Income tax expense (benefit) 11,215 (2,142) 8,552 (3,609) ------------- ------------- ------------- ------------- Net loss (18,825) (1,911) (20,015) (1,232) Preferred stock dividends 0 314 0 941 Dividends in arrears on preferred stock 314 0 941 0 Accretion of preferred stock discount 7 7 22 21 ------------- ------------- ------------- ------------- Net loss available to common stockholders $ (19,146) $ (2,232) $ (20,978) $ (2,194) ============= ============= ============= ============= Net loss per share available to common stockholders: BASIC $ (5.75) $ (0.67) $ (6.30) $ (0.66) DILUTED $ (5.75) $ (0.67) $ (6.30) $ (0.66) Basic weighted average shares outstanding 3,330,080 3,313,029 3,328,041 3,309,869 Diluted weighted average shares outstanding 3,330,080 3,313,029 3,328,041 3,309,869 PERFORMANCE RATIOS (annualized) Net Income (Loss) Available to Common Stockholders to Average Assets -7.06% -0.79% -2.58% -0.25% Net Income (Loss) Available to Common Stockholders to Average Equity -135.49% -11.28% -49.04% -3.80% Net interest margin (tax- equivalent) 3.92% 4.14% 4.15% 4.00% Efficiency ratio (tax-equivalent) 93.35% 72.69% 79.40% 71.84% ASSET QUALITY Net loan charge- offs $ 10,593 $ 4,148 $ 31,115 $ 6,871 Total non- performing loans (non-accrual, past due over 90 days, troubled debt restructuring) $ 92,660 $ 82,655 $ 92,660 $ 82,655 Non-performing loans as a % of total loans 14.51% 11.36% 14.51% 11.36%
Inquiries should be directed to: Lou Ann Birkey Vice President - Investor Relations, Princeton National Bancorp, Inc. (815) 872-6131 E-Mail address: Email Contact
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