Princeton National Bancorp, Inc. (NASDAQ: PNBC), the holding
company of Citizens First National Bank, announced a net loss
available to common stockholders of $62,000 or $0.02 per common
share, compared to net income available to common stockholders of
$914,000 or $0.28 in the first quarter of 2009.
"The Company's 2010 first quarter loss available to common
stockholders reflects credit-related costs associated with the
Company's continuing efforts to further improve the risk profile of
its balance sheet. During the first quarter, the net interest
margin improved and core deposits remained strong; however,
substantial credit costs continued to exert pressure on the
bottom-line. Despite the improvement over our fourth quarter of
2009, we remain unsatisfied with our financial performance and will
continue to focus on improving the profitability of the Company,"
said Thomas D. Ogaard, President and Chief Executive Officer.
"At the forefront of improving the Company's profitability, the
net interest margin improved to 3.90% for the first quarter from
3.40% for the same period in 2009, driven by an improvement of 81
basis points in the cost of funds or a reduction in interest
expense of $1.950 million; the net interest margin is expected to
continue to rise throughout 2010," stated Ogaard.
"In addition to focusing on improving our financial performance,
we will continue to strive to eliminate risk from our balance
sheet, implement best risk management practices and provide
excellent customer service," Ogaard concluded.
Total assets ended the quarter at $1.200 billion, a decrease of
4.8% from $1.261 billion at December 31, 2009. Princeton National
Bancorp, Inc. made a decision to restructure its balance sheet,
resulting in a $41.2 million decrease in total loans as of March
31, 2010 in comparison to December 31, 2009 (primarily due to an
increase in the number of loan participations, along with seasonal
agricultural paydowns).
The non-performing loans of $67.3 million show an increase from
$58.6 million at year-end. At the end of the first quarter,
specific loss provisions established for individual credits totaled
$6.3 million. The Subsidiary Bank staff will continue to work with
borrowers to resolve problem loan situations and to work through
the challenging remediation cycle for real estate and
construction-related credits. Recognizing this, and reflective of
current economic conditions, we have increased our level of loan
loss provisioning, bringing our level of reserves to 1.94% of total
loans, an increase from .76% one year ago. The loan loss provision
taken in the first quarter totaled $3,925,000 versus $6,000,000 and
$1,170,000 in the fourth and first quarters of 2009,
respectively.
In the fourth quarter of 2009, the subsidiary bank made a
decision to reduce its deposit concentration in specific sectors
and, as a result, total deposits decreased $44.0 million during the
first quarter of 2010.
In the first quarter of 2010, the Company saw the retirement of
Tony J. Sorcic as President & CEO, the promotion of Thomas D.
Ogaard as President & CEO, and promotion of Todd D. Fanning as
Executive Vice President & COO/CFO, and the appointment of Todd
D. Fanning to the Board of Directors. In addition, in March of
2010, Daryl Becker and Donald E. Grubb announced their retirement
from the Board of Directors of the Company and Subsidiary Bank in
April 2010. They have been strong members of the Boards of
Directors and their input has been invaluable.
The price of PNBC stock closed at $8.69 on March 31, 2010,
compared to $10.81 on December 31, 2009.
For detailed financial information, please refer to the attached
March 31, 2010 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 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. is the parent holding company
of Citizens First National Bank, a $1.200 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, December 31,
2010 2009
(unaudited)
-------------- --------------
ASSETS
Cash and due from banks $ 12,797 $ 15,546
Interest-bearing deposits with financial
institutions 81,387 55,527
-------------- --------------
Total cash and cash equivalents 94,184 71,073
Loans held for sale, at lower of cost or
market 932 3,296
Investment securities available-for-sale, at
fair value 250,459 288,474
Investment securities held-to-maturity, at
amortized cost 13,947 12,793
-------------- --------------
Total investment securities 264,406 301,267
Loans, net of unearned interest 756,836 798,074
Allowance for loan losses (14,682) (12,075)
-------------- --------------
Net loans 742,154 785,999
Premises and equipment, net 27,888 28,269
Land held for sale, at lower of cost or
market 2,354 2,354
Federal Reserve and Federal Home Loan Bank
stock 4,230 4,230
Bank-owned life insurance 22,781 22,540
Interest receivable 7,355 9,267
Intangible assets, net of accumulated
amortization 3,143 3,347
Other real estate owned 20,145 17,658
Other assets 10,902 11,430
-------------- --------------
TOTAL ASSETS $ 1,200,474 $ 1,260,730
============== ==============
---------------------------------------------------------- ----------------
LIABILITIES
Demand deposits $ 121,863 $ 136,026
Interest-bearing demand deposits 377,453 374,624
Savings deposits 72,984 68,292
Time deposits 459,154 496,597
-------------- --------------
Total deposits 1,031,454 1,075,539
Customer repurchase agreements 39,082 47,327
Advances from the Federal Home Loan Bank 22,500 31,500
Interest-bearing demand notes issued to the
U.S. Treasury 1,514 1,021
Trust Preferred securities 25,000 25,000
-------------- --------------
Total borrowings 88,096 104,848
Other liabilities 4,989 5,683
-------------- --------------
Total liabilities 1,124,539 1,186,070
-------------- --------------
STOCKHOLDERS' EQUITY
Preferred stock 24,958 24,958
Common stock 22,391 22,391
Common stock warrants 150 150
Additional paid-in capital 18,419 18,423
Retained earnings 29,796 29,851
Accumulated other comprehensive income
(loss), net of tax 4,093 2,816
Less: Treasury stock (23,872) (23,929)
-------------- --------------
Total stockholders' equity 75,935 74,660
-------------- --------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,200,474 $ 1,260,730
============== ==============
CAPITAL STATISTICS (UNAUDITED)
YTD average equity to average assets 6.25% 7.84%
Tier 1 leverage capital ratio 7.53% 7.48%
Tier 1 risk-based capital ratio 10.70% 10.25%
Total risk-based capital ratio 11.96% 11.50%
Common book value per share $ 15.40 $ 15.03
Closing market price per share $ 8.69 $ 10.81
End of period shares outstanding 3,309,710 3,306,369
End of period treasury shares outstanding 1,168,585 1,171,926
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except share data)
THREE MONTHS THREE MONTHS
ENDED ENDED
March 31, 2010 March 31, 2009
(unaudited) (unaudited)
-------------- --------------
INTEREST INCOME
Interest and fees on loans $ 10,585 $ 11,059
Interest and dividends on investment
securities 2,843 2,931
Interest on interest-bearing time deposits
in other banks 32 16
-------------- --------------
Total Interest Income 13,460 14,006
-------------- --------------
INTEREST EXPENSE
Interest on deposits 3,372 5,147
Interest on borrowings 605 780
-------------- --------------
Total Interest Expense 3,977 5,927
-------------- --------------
Net interest income 9,483 8,079
Provision for loan losses 3,925 1,170
-------------- --------------
Net interest income after provision 5,558 6,909
-------------- --------------
NON-INTEREST INCOME
Trust & farm management fees 264 314
Service charges on deposit accounts 891 976
Other service charges 495 446
Gain on sales of securities
available-for-sale 642 187
Brokerage fee income 189 198
Mortgage banking income 460 1
Bank-owned life insurance 229 243
Other operating income 22 430
-------------- --------------
Total Non-Interest Income 3,192 2,795
-------------- --------------
NON-INTEREST EXPENSE
Salaries and employee benefits 4,412 4,471
Occupancy 700 709
Equipment expense 767 773
Federal insurance assessments 698 697
Intangible assets amortization 204 208
Data processing 312 316
Advertising 176 197
ORE Expenses, net 735 113
Other operating expense 1,282 1,168
-------------- --------------
Total Non-Interest Expense 9,286 8,652
-------------- --------------
Income before income taxes (536) 1,052
Income tax expense (795) (104)
-------------- --------------
Net income 259 1,156
Preferred stock dividends 314 237
Accretion of preferred stock discount 7 5
-------------- --------------
Net income available to common stockholders $ (62) $ 914
============== ==============
Net income (loss) per share available to
common stockholders:
BASIC $ (0.02) $ 0.28
DILUTED $ (0.02) $ 0.28
Basic weighted average shares outstanding 3,306,762 3,298,064
Diluted weighted average shares outstanding 3,306,762 3,298,725
PERFORMANCE RATIOS (annualized)
Return on average assets 0.09% 0.40%
Return on average equity 1.38% 5.14%
Net interest margin (tax-equivalent) 3.90% 3.40%
Efficiency ratio (tax-equivalent) 69.26% 75.29%
ASSET QUALITY
Net loan charge-offs $ 1,366 $ 371
Total non-performing loans $ 67,291 $ 33,278
Non-performing loans as a % of total loans 9.08% 4.30%
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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