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Report for: PBI Bank
LOUISVILLE, Ky.–(BUSINESS WIRE)–
Porter Bancorp, Inc. (PBIB), parent company of PBI Bank, today reported unaudited results for the first quarter of 2016.
The Company reported that net income attributable to common shareholders for the first quarter of 2016 was $1.4 million, or $0.05 per basic and diluted common share, compared with $409,000, or $0.02 per basic and diluted share, for the first quarter of 2015.
John T. Taylor, President and CEO of the Company noted, “PBI Bank has continued to make significant progress in reducing its non-performing assets. In the first quarter of 2016, non-performing assets were reduced by $4.3 million after achieving reductions of $12.9 million in the fourth quarter of 2015. In addition to lowering the risk profile of the Company, we are pleased to see a return to profitability, as the cost to remediate non-performing assets continues to decline, and we continued the all-important work to attract new customers and provide high quality service to our existing customer base.”
Net Interest Income – Net interest income before provision expense increased to $7.7 million for the first quarter of 2016 compared with $7.4 million in the fourth quarter of 2015, and $7.3 million in the first quarter of 2015. Average loans remained consistent at $620.1 million for the first quarter of 2016 compared with $619.5 million in the fourth quarter of 2015 and declined compared to $643.0 million in the first quarter of 2015. Net interest margin increased to 3.53% in the first quarter of 2016, compared with 3.32% in the fourth quarter of 2015 and 3.21% in the first quarter of 2015.
Our yield on earning assets improved to 4.23% in the first quarter of 2016 compared to 4.02% in the fourth quarter of 2015 and 4.03% in the first quarter of 2015. The yield on earning assets was positively impacted in the first quarter of 2016 by the collection of previously charged-off accrued uncollected interest of approximately $285,000 along with the full unpaid balance on three nonaccrual loans. Our cost of funds was 0.79% in the first quarter of 2016 and the fourth quarter of 2015 and improved from 0.91% in the first quarter of 2015.
Allowance for Loan Losses – The allowance for loan losses to total loans was 1.83% at March 31, 2016 compared to 1.95% at December 31, 2015, and 2.94% at March 31, 2015. The declining level of the allowance is primarily driven by declining historical charge-off levels and improving trends in loan category risk ratings. Net loan charge-offs were $151,000 for the first quarter of 2016, compared to net recoveries of $143,000 for the fourth quarter of 2015 and net charge-offs of $767,000 for the first quarter of 2015. The allowance for loan losses for loans evaluated collectively for impairment was 1.83% at March 31, 2016, compared with 1.98% at December 31, 2015, and 3.18% at March 31, 2015. Because of ongoing improvements in asset quality and management’s assessment of risk in the loan portfolio, a negative provision of $550,000 was recorded for the first quarter of 2016, compared to a negative provision of $2.3 million for the fourth quarter of 2015 and no provision for loan losses in the first quarter of 2015.
Non-performing Assets – Non-performing assets, which include loans past due 90 days and still accruing, loans on nonaccrual, and other real estate owned (“OREO”), decreased to $29.0 million, or 3.09% of total assets at March 31, 2016, compared with $33.3 million, or 3.51% of total assets at December 31, 2015, and $80.1 million, or 7.94% of total assets at March 31, 2015.
Non-performing loans decreased to $11.1 million, or 1.79% of total loans at March 31, 2016, compared with $14.1 million, or 2.28% of total loans at December 31, 2015, and decreased from $36.5 million, or 5.77% of total loans at March 31, 2015. The decrease from the previous quarter was primarily driven by $2.7 million in principal payments received on nonaccrual loans, $441,000 of nonaccrual loans migrating to OREO, and $644,000 in charge-offs.
OREO at March 31, 2016, decreased to $17.9 million, compared with $19.2 million at December 31, 2015, and $43.6 million at March 31, 2015. The Company acquired $441,000 in OREO and sold $1.3 million in OREO during the first quarter of 2016. Fair value write-downs arising from lower marketing prices or new appraisals totaled $500,000 in the first quarter of 2016, compared with $2.8 million in the fourth quarter of 2015 and $300,000 in the first quarter of 2015.
Source –
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
Broad Street Alerts was previously compensated eighteen thousand five hundred dollars by star media llc for the mention of FNJN however, that contract has expired.
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