PNBC reports 
quarterly earnings

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Princeton National Bancorp Inc. of Princeton, the holding company of Citizens First National Bank, reported Oct. 30 the results of operations and financial condition for the third quarter of 2009.

Net income for the third quarter of 2009 was $760,000 as compared to $1,898,000 in the second quarter of 2009. The lower net income is attributable to an increase in the loan loss provision and insurance assessments by the FDIC.

In comparing Sept. 30, to Sept. 30, 2008, total deposits increased $127.4 million and total loans increased $10.1 million.

Non-interest expense increased $3.781 million; which represents a minimal increase in core operating expenses considering FDIC assessments increased $1.822 million and other real estate expenses increased $670,000.

Return on average equity was 3.02 percent for the third quarter 2009, compared to 7.77 percent for the second quarter 2009.

Total assets ended the quarter at $1.287 billion, up 9.2 percent annualized, from $1.258 billion at June 30 and 10.7 percent from $1.163 billion at Dec. 31, 2008.

Princeton National Bancorp Inc. recorded a loan loss provision of $2.410 million during the quarter, compared to $1.465 million in the second quarter and $550,000 in the third quarter of 2008.

Although loan charge-offs during 2009 remain low at $2.350 million, non-performing loans increased $5.5 million to $38.5 million compared to $33 million as of Dec. 31, 2008.

The board of directors declared a 14 cents per common share dividend payable Dec. 7 to those shareholders of record as of Nov. 16. This represents the company’s 99th consecutive dividend.

On Sept. 29, the FDIC adopted a Notice of Proposed Rulemaking that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009, and all of 2010, 2011, and 2012.

The corporation estimates the amount of the prepaid assessment to be about $6 million.

The Subsidiary Bank has been providing financial solutions to meet the financial needs of its customers since 1865. Princeton National Bancorp Inc. and Citizens First National Bank continue to focus on positioning themselves to benefit as conditions improve.

The price of PNBC stock closed at $15.75 on Sept. 30, compared to $14.60 on June 30, $14 on March 31, and $22.14 on Dec. 31, 2008.

For detailed additional information, refer to the company’s Web site at www.pnbc-inc.com.

Princeton National Bancorp Inc. is the parent holding company of Citizens First National Bank, a $1.287 billion community bank with locations in eight counties in northern Illinois.

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