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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 |
PRINCETON, IL
President Tony J. Sorcic stated, "Princeton National Bancorp, Inc. is proud to report net income rose 46.3% to $2.090 million in the first quarter of 2008, compared to $1.429 million in the first quarter 2007. Fully diluted earnings per share of $.63 represent an increase of 50.0% from $.42 in the first quarter of 2007. The return on average equity for the first quarter of 2008 improved 38.9% to 12.22% from 8.80% for the same period in 2007."
Mr. Sorcic concluded, "The Company also experienced a significant increase in net interest income. While many financial institutions were faced with a shrinking net interest margin due to the prime rate decreases, Princeton National Bancorp, Inc.'s net interest margin (tax equivalent) grew to 3.39% in the first quarter of 2008 from 3.11% in the first quarter of 2007. Based on the current level of assets, this equates to an increase in net (annualized pre-tax) interest income of $2.7 million. The net interest income for the quarter was $7.454 million, compared to $6.392 million in the first quarter of 2007."
There was also an increase in non-interest income for the first quarter of 2008, $3.153 million versus $2.645 million for the quarter ending March 31, 2007. When comparing the two quarters, the majority of the increase was in the following categories: trust and farm management fees, service charges on deposit accounts, gains on sales of securities available for sale and mortgage banking income. The Company's non-interest income has equaled or exceeded 1% of average assets for 31 consecutive quarters. Although non-interest expense increased to $7,560,000 in the first quarter of 2008, from $7,272,000 in the first quarter of 2007, as a percentage of average assets non-interest expense decreased from 2.87% to 2.83% over the same timeframe. This is the lowest level since 1991.
Princeton National Bancorp, Inc. experienced a $7.1 million increase in total loans as of March 31, 2008 in comparison to December 31, 2007 and a $73.0 million increase compared to March 31, 2007. The loan to asset ratio improved to 67.1% at March 31, 2008 compared to 63.6% one year earlier. The improved asset mix of the balance sheet added to the outstanding earnings results. The non-performing loans represent 1.93% of the total loan portfolio as of March 31, 2008.
The Company ended the first quarter of 2008 with total core deposits and repurchase agreements of $953.6 million, a $28.0 million increase from year-end 2007 and a $40.0 million increase from March 31, 2007.
At the April 2008 Board of Directors' meeting, the Directors voted to extend the expiration date of the current 50,000 Share Stock Repurchase Plan for an additional six months. There are currently 30,000 shares remaining under this plan. Under the plan, the Company will repurchase shares of its outstanding common stock in the open market or in private transactions over the next six months. Purchases will be dependent upon market conditions and the availability of shares. The Company currently has 3,299,490 outstanding shares of common stock. Since 1997, the Company has repurchased a total of 1,354,271 shares through stock repurchase programs.
The Board of Directors of Princeton National Bancorp, Inc. declared a dividend of $.28 payable May 27, 2008 to those shareholders of record as of May 9, 2008. This represents an increase of 3.7% from the May 2007 dividend and is the 93rd consecutive dividend.
The stock price closed at $29.73 on March 31, 2008, compared to $24.25 on December 31, 2007 and $30.00 on March 31, 2007. The decrease in stock price from March 2007 is reflective of the banking industry as a whole. Financial stocks have been negatively impacted by the poor earnings reports of many institutions, due to a compressed net interest margin, loan charge-offs and the sub-prime loan issue. As stated in previous communications, the Company has no sub-prime loans in its loan portfolio or as underlying collateral in its investment portfolio.
For detailed financial information, please refer to the attached March 31, 2008 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 $1.087 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, 2008 December 31, (unaudited) 2007 ------------ ------------ ASSETS Cash and due from banks $ 24,115 $ 25,801 Interest-bearing deposits with financial institutions 570 1,803 Federal funds sold 745 0 ------------ ------------ Total cash and cash equivalents 25,430 27,604 Loans held for sale, at lower of cost or market 3,178 928 Investment securities available-for-sale, at fair value 220,022 218,095 Investment securities held-to-maturity, at amortized cost 16,168 14,578 ------------ ------------ Total investment securities 236,190 232,673 Loans, net of unearned interest 729,717 722,647 Allowance for loan losses (3,134) (3,248) ------------ ------------ Net loans 726,583 719,399 Premises and equipment, net 30,466 30,801 Land held for sale, at lower of cost or market 1,344 1,344 Bank-owned life insurance 21,054 22,461 Interest receivable 8,267 10,876 Goodwill, net of accumulated amortization 24,521 24,521 Intangible assets, net of accumulated amortization 4,870 5,090 Other real estate owned 605 833 Other assets 4,448 4,172 ------------ ------------ TOTAL ASSETS $ 1,086,956 $ 1,080,702 ============ ============ -------------------------------------------------------------------------- LIABILITIES Demand deposits $ 105,823 $ 102,452 Interest-bearing demand deposits 254,336 241,749 Savings deposits 62,986 58,401 Time deposits 495,993 488,805 ------------ ------------ Total deposits 919,138 891,407 Customer repurchase agreements 34,482 34,217 Advances from the Federal Home Loan Bank 10,986 6,984 Interest-bearing demand notes issued to the U.S. Treasury 551 1,838 Federal funds purchased 0 26,500 Trust Preferred securities 25,000 25,000 Note payable 14,550 14,550 ------------ ------------ Total borrowings 85,569 109,089 Other liabilities 12,048 11,599 ------------ ------------ Total liabilities 1,016,755 1,012,095 ------------ ------------ STOCKHOLDERS' EQUITY Common stock 22,391 22,391 Surplus 18,306 18,275 Retained earnings 51,864 51,279 Accumulated other comprehensive income (loss), net of tax 1,574 344 Less: Treasury stock (23,934) (23,682) ------------ ------------ Total stockholders' equity 70,201 68,607 ------------ ------------ TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,086,956 $ 1,080,702 ============ ============ CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 6.39% 6.33% Tier 1 leverage capital ratio 6.12% 6.16% Tier 1 risk-based capital ratio 7.96% 8.00% Total risk-based capital ratio 8.35% 8.41% Book value per share $ 21.28 $ 20.66 Closing market price per share $ 29.73 $ 24.25 End of period shares outstanding 3,299,490 3,308,447 End of period treasury shares outstanding 1,178,805 1,169,848 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE MONTHS THREE MONTHS REVISED ENDED ENDED Mar. 31, Mar. 31, 2008 2007 (unaudited) (unaudited) ------------ ------------ INTEREST INCOME Interest and fees on loans $ 12,350 $ 11,607 Interest and dividends on investment securities 2,679 3,013 Interest on federal funds sold 25 147 Interest on interest-bearing time deposits in other banks 12 50 ------------ ------------ Total Interest Income 15,066 14,817 ------------ ------------ INTEREST EXPENSE Interest on deposits 6,674 7,478 Interest on borrowings 938 947 ------------ ------------ Total Interest Expense 7,612 8,425 ------------ ------------ Net interest income 7,454 6,392 Provision for loan losses 368 185 ------------ ------------ Net interest income after provision 7,086 6,207 ------------ ------------ NON-INTEREST INCOME Trust & farm management fees 476 414 Service charges on deposit accounts 1,092 990 Other service charges 457 461 Gain on sales of securities available-for-sale 276 47 Gain on sale of loans 0 0 Brokerage fee income 219 203 Mortgage banking income 348 272 Bank-owned life insurance 215 196 Other operating income 70 62 ------------ ------------ Total Non-Interest Income 3,153 2,645 ------------ ------------ NON-INTEREST EXPENSE Salaries and employee benefits 4,398 4,180 Occupancy 679 602 Equipment expense 718 779 Federal insurance assessments 84 85 Intangible assets amortization 179 188 Data processing 277 272 Advertising 168 173 Other operating expense 1,057 994 ------------ ------------ Total Non-Interest Expense 7,560 7,272 ------------ ------------ Income before income taxes 2,679 1,579 Income tax expense 589 150 ------------ ------------ Net income $ 2,090 $ 1,429 ============ ============ Net income per share: BASIC $ 0.63 $ 0.43 DILUTED $ 0.63 $ 0.42 Basic weighted average shares outstanding 3,304,063 3,347,099 Diluted weighted average shares outstanding 3,315,210 3,363,959 PERFORMANCE RATIOS (annualized) Return on average assets 0.78% 0.57% Return on average equity 12.22% 8.80% Net interest margin (tax-equivalent) 3.39% 3.11% Efficiency ratio (tax-equivalent) 67.66% 75.42% ASSET QUALITY Net loan charge-offs $ 481 $ 101 Total non-performing loans $ 14,110 $ 4,909 Non-performing loans as a % of total loans 1.93% 0.75%
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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