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Princeton National Bancorp, Inc. Releases 1st Quarter 2012 Results

PRINCETON, IL -- (Marketwire) -- 05/11/12 -- 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:


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.

(dollars in thousands, except share data)          March 31    December 31,
                                                     2012          2011
                                                ------------- -------------


Cash and due from banks                         $      11,986 $      16,307
Interest-bearing deposits with financial
 institutions                                          90,956        46,988
                                                ------------- -------------
  Total cash and cash equivalents                     102,942        63,295

Loans held for sale, at lower of cost or market           946         2,220

Investment securities available-for-sale, at
 fair value                                           284,282       251,747
Investment securities held-to-maturity, at
 amortized cost                                         7,893         9,836
                                                ------------- -------------
  Total investment securities                         292,175       261,583

Loans, net of unearned interest                       571,295       621,021
Allowance for loan losses                             (29,741)      (30,413)
                                                ------------- -------------
  Net loans                                           541,554       590,608

Premises and equipment, net                            25,615        25,850
Land held for sale, at lower of cost or market          2,164         2,164
Federal Reserve and Federal Home Loan Bank stock        4,500         4,500
Bank-owned life insurance                              24,559        24,330
Interest receivable                                     5,029         6,453
Deferred income taxes                                       0             0
Intangible assets, net of accumulated
 amortization                                           1,740         1,877
Other real estate owned                                12,389        21,848
Other assets                                            7,608         9,588
                                                ------------- -------------

  TOTAL ASSETS                                  $   1,021,221 $   1,014,316
                                                ============= =============


Demand deposits                                 $     173,816 $     171,939
Interest-bearing demand deposits                      358,298       353,462
Savings deposits                                       90,963        84,599
Time deposits                                         298,747       307,295
                                                ------------- -------------
  Total deposits                                      921,824       917,295

Customer repurchase agreements                         57,497        54,835
Advances from the Federal Home Loan Bank                5,000         5,000
Interest-bearing demand notes issued to the U.S.
 Treasury                                                   0             0
Trust Preferred securities                             25,000        25,000
                                                ------------- -------------
  Total borrowings                                     87,497        84,835

Other liabilities                                       6,156         7,251
                                                ------------- -------------
  Total liabilities                                 1,015,477     1,009,381
                                                ------------- -------------


Preferred stock                                        25,023        25,016
Common stock                                           22,391        22,391
Common stock warrants                                     150           150
Additional paid-in capital                             17,916        18,126
Accumulated Deficit                                   (41,791)      (42,791)
Accumulated other comprehensive income (loss),
 net of tax                                             5,133         5,378
Less: Treasury stock                                  (23,078)      (23,335)
                                                ------------- -------------
  Total stockholders' equity                            5,744         4,935
                                                ------------- -------------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY        $   1,021,221 $   1,014,316
                                                ============= =============


YTD average equity to average assets                     0.59%         4.80%
Tier 1 leverage capital ratio                           -0.14%        -0.24%
Tier 1 risk-based capital ratio                         -0.23%        -0.38%
Total risk-based capital ratio                          -0.23%        -0.38%
Common book value per share                     $       (5.74)$       (6.01)
Closing market price per share                  $        3.69 $        1.51
End of period shares outstanding                    3,356,025     3,341,029
End of period treasury shares outstanding           1,122,270     1,137,266

(dollars in thousands, except share data)
                                                 THREE MONTHS  THREE MONTHS
                                                    ENDED         ENDED
                                                  March 31,     March 31,
                                                     2012          2011
                                                 (unaudited)   (unaudited)
                                                ------------- -------------


Interest and fees on loans                      $       6,821 $       8,859
Interest and dividends on investment securities         2,086         2,414
Interest on interest-bearing time deposits in
 other banks                                               47            21
                                                ------------- -------------
  Total Interest Income                                 8,954        11,294
                                                ------------- -------------


Interest on deposits                                    1,018         1,738
Interest on borrowings                                    216           199
                                                ------------- -------------
  Total Interest Expense                                1,234         1,937
                                                ------------- -------------

Net interest income                                     7,720         9,357
Provision for loan losses                                  75         1,875
                                                ------------- -------------

Net interest income after provision                     7,645         7,482
                                                ------------- -------------

Trust & farm management fees                              290           290
Service charges on deposit accounts                       970           943
Other service charges                                     487           405
Gain on sales of securities available-for-sale            554         1,084
Brokerage fee income                                      154           139
Mortgage servicing rights recovery (impairment)             0             0
Mortgage banking income                                   367           451
Bank-owned life insurance income                          220           221
Other operating income                                    101            67
                                                ------------- -------------
  Total Non-Interest Income                             3,143         3,600
                                                ------------- -------------

Salaries and employee benefits                          4,774         4,616
Occupancy                                                 652           689
Equipment expense                                         763           781
Federal insurance assessments                             916           640
Intangible assets amortization                            140           194
Data processing                                           372           366
Marketing                                                 176           155
ORE Expenses, net                                        (347)          582
Loan collection expenses                                  910           163
Write-down of land held-for-sale                            0             0
Other operating expense                                 1,372         1,249
                                                ------------- -------------
  Total Non-Interest Expense                            9,728         9,435
                                                ------------- -------------

Income before income taxes                              1,060         1,647
Income tax expense (benefit)                               53           (88)
                                                ------------- -------------

Net income                                              1,007         1,735

Preferred stock dividends                                   0             0
Dividends in arrears on preferred stock                   314           314
Accretion of preferred stock discount                       7             7
                                                ------------- -------------

Net income available to common stockholders     $         686 $       1,414
                                                ============= =============

Net income per share available to common
  BASIC                                         $        0.20 $        0.43
  DILUTED                                       $        0.20 $        0.42

Basic weighted average shares outstanding           3,353,556     3,325,964
Diluted weighted average shares outstanding         3,353,556     3,329,409


Net Income Available to Common Stockholders to
 Average Assets                                          0.27%         0.52%
Net Income Available to Common Stockholders to
 Average Equity                                         45.81%         9.59%
Net interest margin (tax-equivalent)                     3.89%         4.42%
Efficiency ratio (tax-equivalent)                       87.04%        70.11%


Net loan charge-offs                            $         747 $       1,694
Total non-performing loans (non-accrual, past
 due over 90 days, troubled debt restructuring) $     100,665 $     104,333
Non-performing loans as a % of total loans              19.79%        15.16%

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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