Quarterly report 10-Q

Click here to view the quarterly report for the first quarter of 2012.

By stockholder, too Posted in action

One comment on “Quarterly report 10-Q

  1. Yikes. Net income of $.20 – normally a good thing. But they did it how?

    ” 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″ – so they let the allowance for loan loss provisions drift a little down by .6%. Other banks try to keep it at around 50% or more – so already I`m unimpressed.

    “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.” wow – $1.8 million less set aside. Did huge number of borrowers suddenly start paying back their loans…

    “Non-performing loans amounted to 19.8% of total loans at March 31, 2012 compared to 16.26% at December 31, 2011.“ – so um, PNBC`s total non-performing loans increased 3.5% of a billion dollars. So they have $35 mil more in bad loans and they increased their loan provisions in the same quarter by $75k. They should have matched at least 31% of it – maybe $10 mil – but they didn`t. They put aside pennies.

    This is a tragic story not yet ended. My opinion is that management is lying and Wall St will recognize the accounting oversights and know to get out. But Main St will be left holding the bag. This stuff makes me angry.

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