Profile: Porter Bancorp Inc (PBIB.O)
4 Dec 2013
Porter Bancorp, Inc. is a bank holding company for PBI Bank (the Bank). Through its wholly owned subsidiary the Bank, it operates 18 full-service banking offices in 12 counties in Kentucky. The Company’s markets include Louisville in Jefferson County and the surrounding counties of Henry and Bullitt, and extend south along the Interstate 65 corridor to Tennessee. It serves south central Kentucky and southern Kentucky from banking offices in Butler, Green, Hart, Edmonson, Barren, Warren, Ohio, and Daviess Counties. It also has an office in Lexington. The Bank is both a community bank with a range of commercial and personal banking products, including wealth management and trust services, and an online bank, which delivers deposit products and services through an online banking division operating under the name of Ascencia. As of December 31, 2011, it had total assets of $1.5 billion, total net loans of $1.1 billion and total deposits of $1.3 billion.
The Company offers its customers drive-through banking facilities, automatic teller machines, night depository, personalized checks, credit cards, debit cards, internet banking, electronic funds transfers through automated clearing house (ACH) services, domestic and foreign wire transfers, travelers’ checks, cash management, vault services, loan and deposit sweep accounts and lock box services. Through the Company’s trust division, it offers personal trust services, employer retirement plan services and personal financial and retirement planning services.
The Company’s lending services include real estate, commercial, mortgage and consumer loans to small to medium-sized businesses, the owners and employees of those businesses, and other executives and professionals. Approximately 89.3% of its loan portfolio as of December 31, 2011, consisted of loans collateralized by real estate. Approximately 8.9% of its loan portfolio as of December 31, 2011, consisted of real estate construction and development loans.
The Company held 40 equity securities at December 31, 2011. There were no securities classified as held-to-maturity as of December 31, 2011. As of December 31, 2011, its securities portfolio included the United States Treasury and agencies, agency mortgage-backed securities-residential, state and municipal, corporate, other debt, and equity.
Sources of Funds
Deposits are the primary source of funds for its lending and investment activities and for its general business purposes. The Company attracts both short-term and long-term deposits from the general public by offering a range of deposit accounts and interest rates. The Company offers an array of retail and commercial deposit products. It offers savings accounts, negotiable order of withdrawal (NOW) accounts, money market accounts and fixed rate certificates with varying maturities. At December 31, 2011, it had $7.1 million in advances outstanding from the Federal Home Loan Bank (FHLB).
Porter Bancorp Inc
2500 Eastpoint Parkway
LOUISVILLE KY 40223