Enterprising Investor
12年前
Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Citizens First National Bank, Princeton, Illinois (11/02/12)
FOR IMMEDIATE RELEASE
November 2, 2012
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
Citizens First National Bank, Princeton, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Citizens First National Bank.
The 21 branches of Citizens First National Bank will reopen on Saturday as branches of Heartland Bank and Trust Company. Depositors of Citizens First National Bank will automatically become depositors of Heartland Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Citizens First National Bank should continue to use their existing branch until they receive notice from Heartland Bank and Trust Company that it has completed systems changes to allow other Heartland Bank and Trust Company branches to process their accounts as well.
This evening and over the weekend, depositors of Citizens First National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of September 30, 2012, Citizens First National Bank had approximately $924.0 million in total assets and $869.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust Company agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-830-4698. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., Central Standard Time (CST); on Monday from 8 a.m. to 8 p.m., CST; and thereafter from 9:00 a.m. to 5:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/cfnb.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.2 million. Compared to other alternatives, Heartland Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Citizens First National Bank is the 49th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois. The last FDIC-insured institution closed in the state was First United Bank, Crete, on September 28, 2012.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,246 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-128-2012
http://www.fdic.gov/news/news/press/2012/pr12128.html
Enterprising Investor
13年前
PNBC to Move Stock Listing From the Nasdaq Global Market (6/21/12)
PRINCETON, IL--(Marketwire - Jun 21, 2012) - Princeton National Bancorp, Inc. (NASDAQ: PNBC), parent company of Citizens First National Bank, today announced that it was delisting its common stock from the Nasdaq Global Market and that it expects that the stock will begin trading on the OTCQB Marketplace effective June 29, 2012.
The Company received notification on April 18, 2012 from the Nasdaq Stock Market that it was not in compliance with Nasdaq's Marketplace Rule 5450(b)(1)(A), which requires it to maintain a minimum Stock Holders Equity of $10,000,000. The notification provided 45 days from their respective notification dates within which to regain compliance.
After considering its available options to regain compliance and the costs associated with its Nasdaq listing, the Company concluded that efforts to secure a continuation of the current listing of its common stock and the costs associated therewith were not in its best interests. The Company notified Nasdaq on June 18, 2012 of its intention to voluntarily delist its common stock from The Nasdaq Global Market. The Company expects that trading of its common stock will be suspended from The Nasdaq Global Market beginning with the close of trading on June 29, 2012.
Operated by the OTC Markets Group Inc., the OTCQB is a market for OTC traded companies (approximately 4,000) that are registered and reporting with the Securities and Exchange Commission. The Company's common stock will continue to be registered with the SEC under the Securities Exchange Act of 1934.
The Company's shares will continue to trade under the symbol PNBC on the computerized OTCQB system. Investors will be able to view stock quotes for PNBC at www.otcmarkets.com and through their preferred broker-dealers.
About the Company
Princeton National Bancorp, Inc. is a regional financial services company headquartered in Princeton, Illinois and devotes special attention to personal service.
Further information about the Company will be available at its website at http://www.pnbc-inc.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934 as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," or "project" or similar expressions. The Company's ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and the subsidiaries include, but are not limited to, changes in: interest rates; general economic conditions; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality and composition of the loan or securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market areas; the Company's implementation of new technologies; the Company's ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Contact Information
Inquiries should be directed to:
Thomas Ogaard
President and Chief Executive Officer
Lou Ann Birkey
Vice President- Investor Relations
Princeton National Bancorp, Inc.
(815) 875-4444
http://www.marketwire.com/press-release/princeton-national-bancorp-inc-to-move-stock-listing-from-the-nasdaq-global-market-nasdaq-pnbc-1672441.htm
Enterprising Investor
13年前
PNBC Releases 1st Quarter 2012 Results (5/11/12)
PRINCETON, IL--(Marketwire - May 11, 2012) - Princeton National Bancorp, Inc. (the "Corporation" or "PNBC") (NASDAQ: PNBC), parent corporation of Citizens First National Bank (the "Bank"), ended the first quarter 2012 with net income available to common stockholders of $686,000, or $.20 per common share on a fully diluted basis, compared to $1.414 million for the first quarter of 2011, or $.42 per common share on a fully diluted basis. This decrease is primarily attributable to a lower level of net interest income and fewer gains recognized on the sale of available for sale investment securities, partially offset by a reduction in the provision for loan losses. The net income available to common stockholders to average equity increased to 45.81%, for the first quarter of 2012, compared with 9.95% for the first quarter of 2011.
Net interest income, before the provision for loan losses, was $7.720 million for the quarter and the net yield on interest-bearing assets (on a fully taxable equivalent basis) was 3.89%. There was a decrease in the net interest margin in comparison to the first quarter of 2011 due to continued yield compression, in both the loan and investment portfolios in this historically low interest rate environment. The yield compression was partially offset by a reduction in the cost of interest-bearing liabilities, primarily time deposits, which decreased to .60% from 0.88% for the first quarter of 2011.
The Corporation's provision for loan loss expense recorded each quarter is determined by management's evaluation of the risk characteristics of the loan portfolio. Net charge-offs decreased during the first quarter of 2012 to $747,000, compared to net charge-offs of $1.694 million for the first quarter of 2011. The Corporation recorded a loan loss provision of $75,000 in the first quarter of 2012 compared to a provision of $1.875 million in the first quarter of 2011.
Non-interest income totaled $3.143 million for the first quarter of 2012, compared to $3.600 million in the first quarter of 2011. This decrease was due to a reduction in the realization of gains on securities sold of $530,000 in the first quarter of 2012 compared to the same period in 2011. Annualized non-interest income as a percentage of total average assets decreased to 1.24% for the first three months of 2012, from 1.33% for the same period in 2011.
Total non-interest expense for the first quarter of 2012 was $9.728 million up from $9.435 million in the first quarter of 2011. The largest differences between the first quarters of 2012 and 2011 were an increase in loan collection costs and deposit insurance assessments of $747,000 and $276,000, respectively, due to increased costs incurred in the aggressive collection of problem loans and higher risk-assessed FDIC insurance premiums. These increases were partially offset by net gains realized on the sale of other real estate owned properties. Annualized non-interest expense as a percentage of total average assets increased to 3.85% for the first three months of 2012, compared to 3.50% for the same period in 2011.
Total assets at March 31, 2012 increased to $1.021 billion from $1.014 billion at December 31, 2011. Total loan balances decreased by $49.7 million during the three month period to $571.3 million due to seasonal pay downs in the agricultural portfolio and continued general decline in the overall demand for new low-risk credit. The continued negative effects of the current economic environment in which business and consumer borrowers have reduced demand and capacity for new indebtedness has impacted growth in our loan portfolio and resulted in a higher percentage of loans being charged off or transferred to other real estate owned. Non-performing loans amounted to 19.8% of total loans at March 31, 2012 compared to 16.26% at December 31, 2011. The increase reflects a continued high level of stress in the commercial real estate industry. Investment balances totaled $292.2 million at March 31, 2012, compared to $261.6 million at December 31, 2011. Total deposits increased to $921.8 million at March 31, 2012 from $917.3 million at December 31, 2011.
The allowance for loan losses of $29.7 million and $30.4 million, respectively, was 5.21% and 4.90% of total loans as of March 31, 2012 and December 31, 2011. The Corporation's net charge-offs as a percentage of average loans was 0.15% and 8.74% for the three months ended March 31, 2012 and year ended December 31, 2011, respectively. The Corporation's net charge-offs and the level of required allowance for loan losses declined in the first three months of 2012 from the high levels experienced in 2010 and 2011 due to the Corporation's aggressive efforts to identify and recognize the impact of the troubled loan portfolio. The allowance for loan losses as a percentage of non-performing loans decreased to 29.5% as of March 31, 2012 from 30.1% as of December 31, 2011. The allowance for loan losses calculation takes into consideration continuing economic declines and resulting increases in non-performing loans in the quantitative and qualitative factors used to adjust the reserve percentages on loans not specifically reserved for in the calculation.
Total stockholders' equity has increased $809,000 to $5.744 million as of March 31, 2012 from $4.935 million at December 31, 2011, due to net income of $686,000 and the change in the unrealized gain on available for sale investment securities.
The Bank continues to operate under a Consent Order entered into on September 20, 2011 with the Office of the Comptroller of the Currency, its principal regulator. On March 29, 2012, the subsidiary bank's Board of Directors received a Prompt Corrective Action Notice under 12 U.S.C. 1831o and 12 C.F.R. Part 6 due to its amended Call Report filed with the OCC on March 22, 2012 reflecting capital ratios in the Significantly Undercapitalized PCA capital category. This Notice places the Bank under certain restrictions regarding the payment of capital distributions and management fees, as well as restrictions on asset growth, on certain expansion activities and on payment of bonuses and compensation to senior executive officers. These mandatory requirements also include a requirement that the Bank submit an acceptable Capital Restoration Plan ("CRP") to the OCC, addressing the steps the Bank will take to become adequately capitalized, the levels of capital to be attained during each quarter of each year of the CRP, the types and level of activities in which the Bank will engage; and how management will comply with the restrictions against asset growth, and acquisition, branching and new lines of business. The CRP was submitted on May 7, 2012.
The Corporation entered into a Written Agreement with the Federal Reserve Bank, which included similar items as the OCC Consent Order, on October 27, 2011 and is taking steps to fully comply with the requirements in that agreement.
On April 18, 2012, the Corporation received written notice from the Listing Qualifications Staff of the NASDAQ stock market that as of December 31, 2011 the Corporation was no longer in compliance with the minimum stockholders' equity requirement for continued listing on the NASDAQ Global Market of $10 million. The Listing Notice does not result in the immediate delisting of the Corporation's common stock from the NASDAQ Global Market. Rather, in accordance with the NASDAQ Listing Rules, the Corporation has 45 calendar days from the date of the Listing Notice to submit to the Staff a plan to regain compliance with this continued listing requirement. The plan has been submitted and if it is accepted by NASDAQ they may grant an extension of up to 180 calendar days from the date of the Listing Notice for the Corporation to provide evidence of compliance.
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.
http://www.marketwire.com/press-release/princeton-national-bancorp-inc-releases-1st-quarter-2012-results-nasdaq-pnbc-1656288.htm
Enterprising Investor
13年前
PNBC Releases 2011 Results (4/12/12)
PRINCETON, IL--(Marketwire - Apr 12, 2012) - Princeton National Bancorp, Inc. (the "Corporation" or "PNBC") (NASDAQ: PNBC), parent corporation of Citizens First National Bank (the "Bank"), ended the year with a net loss available to common stockholders of $55.6 million, or $(16.71) per common share on a fully diluted basis. The Corporation recorded loan loss provision of $51.8 million in 2011 to resolve problem loan assets that are materially impacting the Corporation's wholly-owned subsidiary, Citizens First National Bank. At the end of 2010 and throughout 2011, a credit administration division was created at the Bank to help proactively identify and address the Bank's loan portfolio challenges, and help pave the way for a return to a more normal loan loss provision level.
Net income available to common stockholders, on a pre-tax, pre-provision basis, was $4.1 million at year-end 2011 compared to $10.4 million at year-end 2010. This decline is due to an increase in loan collection expenses and continuing write-downs of assets placed in other real estate owned.
The net interest margin for 2011 was a strong 4.08%, as compared to 3.98% for 2010. The Bank was able to increase the net interest margin during 2011 despite the impact of a decrease in loans from the lack of sufficient quality loan demand and the historically low interest rate environment.
Non-interest income grew to $12.6 million in 2011, from $11.5 million in 2010. In 2011, non-interest income was positively impacted by increased gains from the sales of securities, an increase in service charges on deposits, and negatively impacted by a mortgage impairment write-down of $1,017,000.
Net loan charge-offs grew from $22.9 million in 2010 to $51.1 million in 2011 due to a proactive charge-off stance, which was the result of the Bank's focus on problem loan identification and resolution. We anticipate that these aggressive tactics will assist in stabilizing the Bank's charge-offs with the goal to have them decline significantly.
Total assets at December 31, 2011 decreased to $1.014 billion from $1.096 billion at December 31, 2010. Total net loan balances decreased by $83.7 million during the twelve month period to $590.6 million due to seasonal pay downs in the agricultural portfolio, non-performing loans being transferred into OREO, and a general decline in the overall demand for new low-risk credit. Deposits totaled $917.3 million, down from $963.0 million in 2010, reflecting managed efforts to reduce deposit levels to positively impact capital ratios. The Bank benefitted from a very low cost of funds in 2011, while maintaining consistent funding levels and increased levels of liquidity. The balance sheet reduction strategy did not impact the Bank's core customer base and was managed via slightly lower CD rates and high-yield money market rates, while seizing appropriate opportunities to lower higher cost public and non-public deposits.
Stockholders' equity was $4.9 million at year-end 2011, compared to $56.9 million in 2010. At December 31, 2011, the Bank's tier-one leverage, tier one and total risk-based capital ratios were 2.14%, 3.31% and 4.60%, respectively.
The Bank continues to operate under a Consent Order entered into on September 20, 2011 with the Office of the Comptroller of the Currency, its principal regulator. Actions have been implemented to ensure that an adequate loan loss allowance and workout plan for substandard loans is maintained and to improve the loan risk rating system.
The Corporation entered into a Written Agreement with the Federal Reserve Bank, which included similar items as the OCC Consent Order, on October 27, 2011 and is taking steps to fully comply with the requirements in that agreement.
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.
http://www.marketwire.com/press-release/princeton-national-bancorp-inc-releases-2011-results-nasdaq-pnbc-1643454.htm
Enterprising Investor
13年前
KILL - Princeton National Bancorp, Inc.
Editors and other readers are advised to disregard the news release with the headline, "Princeton National Bancorp, Inc. Releases 2011 Results," issued earlier today by Princeton National Bancorp, Inc. (NASDAQ: PNBC).
Princeton National Bancorp, Inc., parent corporation of Citizens First National Bank, announced today that in light of certain subsequent events related to information received on previously impaired loans that arose after the release of the Company's Press Release on Friday, March 30, 2012 requiring recognition and disclosure in the Company's Annual Report, the Company has determined that it is in its best interest and the best interest of its shareholders to retract the March 30th Press Release, which should not be relied upon, until the Company is able to fully evaluate and address the financial impact of the developments that arose on March 30, 2012. This information was received after the initial press release and before the filing of the Annual Report with the SEC.
Enterprising Investor
13年前
PNBC Releases 2011 Results (3/30/12)
PRINCETON, IL--(Marketwire - Mar 30, 2012) - Princeton National Bancorp, Inc. (the "Corporation" or "PNBC") (NASDAQ: PNBC), parent corporation of Citizens First National Bank (the "Bank"), ended the year with a net loss available to common stockholders of $49.6 million, or $(14.89) per common share on a fully diluted basis. The Corporation recorded loan loss provision of $46.0 million in 2011 to resolve problem loan assets that are materially impacting the Corporation's wholly-owned subsidiary, Citizens First National Bank. At the end of 2010 and throughout 2011, a credit administration division was created at the Bank to help proactively identify and address the Bank's loan portfolio challenges, and help pave the way for a return to a more normal loan loss provision level.
Net income available to common stockholders, on a pre-tax, pre-provision basis, was $4.3 million at year-end 2011 compared to $10.4 million at year-end 2010. This decline is due to an increase in loan collection expenses and continuing write-downs of assets placed in other real estate owned.
The net interest margin for 2011 was a strong 4.08%, as compared to 3.98% for 2010. The Bank was able to increase the net interest margin during 2011 despite 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 grew to $12.8 million in 2011, from $11.5 million in 2010. In 2011, non-interest income was positively impacted by increased gains from the sales of securities, an increase in service charges on deposits, and negatively impacted by a mortgage impairment write-down of $817,000.
Net loan charge-offs grew from $22.9 million in 2010 to $46.4 million in 2011 due to a proactive charge-off stance, which was the result of the Bank's focus on problem loan identification and resolution. We anticipate that these aggressive tactics will assist in stabilizing the Bank's charge-offs with the goal to have them decline significantly.
Total assets at December 31, 2011 decreased to $1.020 billion from $1.096 billion at December 31, 2010. Total net loan balances decreased by $77.9 million during the twelve month period to $596.5 million due to seasonal pay downs in the agricultural portfolio, non-performing loans being transferred into OREO, and a general decline in the overall demand for new low-risk credit. Deposits totaled $917.3 million, down from $963.0 million in 2010, reflecting managed efforts to reduce deposit levels to positively impact capital ratios. The Bank benefitted from a very low cost of funds in 2011, while maintaining consistent funding levels and increased levels of liquidity. The balance sheet reduction strategy did not impact the Bank's core customer base and was managed via slightly lower CD rates and high-yield money market rates, while seizing appropriate opportunities to lower higher cost public and non-public deposits.
Stockholders' equity was $11.0 million at year-end 2011, compared to $56.9 million in 2010. At December 31, 2011, the Bank's tier-one leverage, tier one and total risk-based capital ratios were 2.71%, 4.15% and 5.44%, respectively.
The Bank continues to operate under a Consent Order entered into on September 20, 2011 with the Office of the Comptroller of the Currency, its principal regulator. Actions have been implemented to ensure that an adequate loan loss allowance and workout plan for substandard loans is maintained and to improve the loan risk rating system.
The Corporation entered into a Written Agreement with the Federal Reserve Bank, which included similar items as the OCC Consent Order, on October 27, 2011 and is taking steps to fully comply with the requirements in that agreement.
The Corporation offers stockholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan, which allows for optional cash contributions to purchase stock. To obtain information about the stock purchase plan, please contact us at 815-872-6131.
Princeton National Bancorp, Inc.'s Web Address: www.pnbc-inc.com.
http://www.marketwire.com/press-release/princeton-national-bancorp-inc-releases-2011-results-nasdaq-pnbc-1638729.htm
Penny Roger$
13年前
Princeton National Bancorp, Inc. (PNBC) is a single-bank holding company, which operates in one business segment conducting a full-service banking and trust business through its subsidiary bank, Citizens First National Bank (Citizens Bank or the Bank). Citizens Bank has twenty-one offices in seventeen different communities in north central Illinois: Aurora, DePue, Genoa, Hampshire, Henry, Huntley, Millbrook, Minooka, Newark, Oglesby, Peru, Plainfield, Plano, Princeton, Sandwich, Somonauk, and Spring Valley. Citizens Bank serves individuals, businesses and governmental bodies in Bureau, DeKalb, Grundy, Kane, Kendall, LaSalle, Marshall, McHenry, Will and contiguous counties. Citizens Bank operates a full-service community commercial bank and trust business that offers a range of financial services to customers.
http://www.google.com/finance?q=PNBC
Enterprising Investor
13年前
PNBC Releases Third Quarter Results (11/10/11)
PRINCETON, IL--(Marketwire - Nov 10, 2011) - Princeton National Bancorp, Inc. (the "Corporation") (NASDAQ: PNBC), parent corporation of Citizens First National Bank ("Subsidiary Bank"), announced a net loss available to common stockholders for the third quarter of 2011 of $19,146,000 or $(5.75) per basic and diluted common share ("EPS"), compared to a loss of $2,232,000 or $(0.67) EPS in the third quarter of 2010. The net loss was caused by the recording of a net deferred tax asset valuation allowance of $14,584,000; a provision for loan losses expense of $7,975,000 (resulting from the continued collateral de-valuation in troubled real estate markets); increasing costs to carry and manage other real estate owned properties of $853,000; and recognition of an impairment on originated mortgage servicing rights of $817,000 due to the historically low interest rate environment.
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.
Enterprising Investor
14年前
PNBC Releases Second Quarter Results (7/29/11)
PRINCETON, IL--(Marketwire - Jul 29, 2011) - Princeton National Bancorp, Inc. (the "Corporation") (NASDAQ: PNBC), parent corporation of Citizens First National Bank ("Subsidiary Bank"), announced a net loss available to common stockholders for the second quarter of 2011 of $2,932,000 million or $(0.88) per basic and diluted common share ("EPS"), compared to net income of $99,000 or $0.03 EPS in the second quarter of 2010. The net loss is primarily attributable to a higher loan loss provision required due to continued real estate collateral devaluation and increasing costs to carry other real estate owned properties, partially offset by gains on sales of available-for-sale securities.
Princeton National Bancorp, Inc.'s net interest margin rose to 4.12% in the second quarter of 2011 compared to 3.96% in the second quarter of 2010. The increase in the net interest margin continues to be driven by a reduction in the cost of funds, which decreased by 46 basis points quarter over quarter (a reduction of $1.4 million in interest expense). Net interest income before the provision for loan losses was $8,756,000 for the second quarter of 2011, compared to $9,185,000 for the second quarter of 2010.
"We continue to work through the migration process of underperforming loans and the still eroding property values of our collateral, primarily in our eastern markets," noted Thomas Ogaard, President & CEO. "Our focus on resolving credit issues remains our top priority as evidenced by the results of the quarter," added Ogaard.
Non-performing loans amounted to 14.74% of total loans at June 30, 2011 compared to 15.16% at March 31, 2011 and 13.83% at December 31, 2010. Net charge-offs increased during the second quarter of 2011 to $18.8 million, compared to net charge-offs of $1.4 million for the second quarter of 2010. The Corporation recorded a loan loss provision of $8.1 million in the second quarter of 2011 which reflects management's focus on problem credit resolution, despite ongoing high levels of stress in the commercial real estate industry. Given the current state of the economy, management has assessed the impact of the recession on each category of loans and adjusted historical loss factors for more recent economic trends. Also, several economic uncertainties were taken into consideration in developing the appropriate level of reserve.
Non-interest income for the second quarter of 2011 was $4.0 million compared to $2.0 million in the second quarter of 2010. This increase was primarily due to the realization of gains on sales of available-for-sale securities of $1,598,000 in the second quarter of 2011, compared to $80,000 in the second quarter of 2010. Also negatively impacting results in the second quarter of 2010 was the recognition of a $589,000 impairment charge on mortgage servicing rights. Service charges on deposits experienced an increase of $44,000 or 4.6% due to an increase in overdraft fee income. Annualized non-interest income as a percentage of total average assets increased to 1.49% for the second quarter of 2011, from 0.70% for the same period in 2010.
Non-interest expense for the second quarter of 2011 totaled $10.2 million, up from $8.8 million during the same quarter in 2010. The primary difference between the two quarters was an increase in expenses related to other real estate owned of $1,046,000 and an increase in loan collection expenses of $187,000. Annualized non-interest expense as a percentage of total average assets increased to 3.78% for the second quarter of 2011, compared to 3.04% for the same period in 2010.
Stockholders' equity as of June 30, 2011 decreased slightly to $55.0 million from $56.9 million at December 31, 2010.
The price of PNBC stock closed at $5.00 on June 30, 2011, compared to $3.64 on December 31, 2010.
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 June 30, 2011 decreased to $1.070 billion from $1.096 billion at December 31, 2010. Total loan balances decreased by $46.4 million during the six month period to $657.7 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.
http://www.marketwire.com/press-release/princeton-national-bancorp-inc-releases-second-quarter-results-nasdaq-pnbc-1544121.htm
56Chevy
14年前
Kickin' the tires on this bank with EI..this came up:
On January 23, 2009, the Corporation received $25,083,000 of equity capital by issuing to the United States Department of Treasury 25,083 shares of the Corporation’s 5.00% Series B Non-voting Cumulative Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share and a ten-year warrant to purchase up to 155,025 shares of the Corporation’s common stock, par value $5.00 per share, at an exercise price of $24.27 per share.
[Long way to go...]
The proceeds received were allocated to the preferred stock and additional paid-in capital based on their relative fair values. The resulting discount on the preferred stock is amortized against retained earnings and is reflected in the Corporation’s condensed Consolidated Statements of Income as “Dividends on preferred shares,” resulting in additional dilution to the Corporation’s earnings per share. The warrants are exercisable, in whole or in part, over a term of 10 years. The warrants were included in the Corporation’s diluted average common shares outstanding (subject to anti-dilution). Both the preferred securities and warrants were accounted for as additions to the Corporation’s regulatory Tier 1 and total capital.
The Series B Preferred stock is not mandatorily redeemable and will pay cumulative dividends at a rate of 5% per year for the first five years and 9% per year thereafter. The Corporation can redeem the preferred securities at any time with Federal Reserve approval. The Series B Preferred stock ranks on equal priority with the Corporation’s currently authorized Series A Preferred stock.
[Need to replace capital before dividend rate resets to 9 percent]
A company that participates must adopt certain standards for executive compensation, including (a) prohibiting “golden parachute” payments as defined in the Emergency Economic Stabilization Act of 2008 (EESA) to senior Executive Officers; (b) requiring recovery of any compensation paid to senior Executive Officers based on criteria that is later proven to be materially inaccurate; (c) prohibiting incentive compensation that encourages unnecessary and excessive risks that threaten the value of the financial institution; and (d) accepting restrictions on the payment of dividends and the repurchase of common stock.
On January 24, 2011, the Corporation notified the U.S. Treasury that it will defer regularly scheduled payments on the Corporation’s 25,083 shares in Series B Preferred Stock. As of March 31, 2011, “dividends in arrears” on the preferred stock, which must be paid prior to the payment of dividends on the common shares, total approximately $314,000.
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