Princeton National Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Loan Charge-Offs for the Fourth Quarter of 2011
April 12, 2012 at 05:00 pm
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Princeton National Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, net loss available to common stockholders was $34,656,000 or $10.39 per basic and diluted share against $16,068,000 or $4.85 per basic and diluted share for the same period in the last year. Total interest income was $9,621,000 against $11,690,000 for the same period in the last year. Net interest income was $8,207,000 against $9,415,000 for the same period in the last year. Negative net interest income after provision was $25,696,000 against $17,835,000 for the same period in the last year. Loss before income taxes was $35,000,000 against $24,042,000 for the same period in the last year. Negative net income available to common stockholders to average equity was 384.69% against 84.88% for the same period in the last year. Negative net income available to common stockholders to average assets was 12.96% against 5.67% for the same period in the last year.
For the year, net loss available to common stockholders was $55,634,000 or $16.71 per basic and diluted share against $18,262,000 or $5.52 per basic and diluted share for the same period in the last year. Total interest income was $41,575,000 against $49,566,000 for the same period in the last year. Net interest income was $34,686,000 against $37,328,000 for the same period in the last year. Negative net interest income after provision was $17,117,000 against $3,222,000 for the same period in the last year. Loss before income taxes was $46,463,000 against $28,883,000 for the same period in the last year. 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. Negative net income available to common stockholders to average assets was 5.15% against 1.58% for the same period in the last year. Negative net income available to common stockholders to average equity was 107.44% against 23.82% for the same period in the last year.
For the quarter, the company reported net loan charge-offs of $20,001,000 against $16,076,000 for the same period in the last year.
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 Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Loan Charge-Offs for the Fourth Quarter of 2011