Princeton National Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Reports Net Charge-Offs for the First Quarter Ended March 31, 2012
May 11, 2012 at 05:47 pm
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Princeton National Bancorp Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the period, the company reported net interest income of $7,720,000 against $9,357,000 a year ago. Net interest income after provision was $7,645,000 against $7,482,000 a year ago. Income before income taxes was $1,060,000 against $1,647,000 a year ago. Net income available to common stockholders was $686,000 or $0.20 per diluted share against $1,414,000 or $0.42 per diluted share a year ago. Net income available to common stockholders to average assets was 0.27% against 0.52% a year ago. Net income available to common stockholders to average equity was 45.81% against 9.59% a year ago. The decrease in net income 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. Total interest income was $8,954,000 compared to the $11,294,000 for the same quarter year ago.
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.
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). As of December 31, 2011, Citizens Bank had 21 offices in 17 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 operates a full-service community commercial bank and trust business that offers a range of financial services to customers. Citizens Bankâs services consist primarily of commercial, real estate and agricultural lending, consumer deposit and financial services, and trust, brokerage, insurance, and farm management services.
Princeton National Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Reports Net Charge-Offs for the First Quarter Ended March 31, 2012