Exhibit 99.3
Porter Bancorp, Inc.
Proforma Financial Information Reconciliation
(dollars in thousands except for share and per share data)
| | | | | | | | | | | | | | | | |
| | | 2006 Quarters | | | 2006 YTD
Annualized | |
| | | First | | | Second | | | Third | | |
Net Income | | | | | | | | | | | | | | | | |
Actual | | $ | 3,403 | | | $ | 3,430 | | | $ | 3,809 | | | $ | 14,189 | |
Adjustments | | | | | | | | | | | | | | | | |
Opportunity Cost of Net Offering Proceeds at 6.0%(1) | | | 400 | | | | 400 | | | | 360 | (2) | | | | |
Tax Effect at 32.0% | | | (128 | ) | | | (128 | ) | | | (115 | ) | | | | |
| | | | | | | | | | | | | | | | |
Net Income Adjustment | | | 272 | | | | 272 | | | | 245 | | | | | |
| | | | | | | | | | | | | | | | |
Net Income Adjusted for the Offering | | $ | 3,675 | | | $ | 3,702 | | | $ | 4,054 | | | $ | 15,240 | |
Average Equity | | | | | | | | | | | | | | | | |
Actual | | $ | 73,541 | | | $ | 75,830 | | | $ | 78,410 | | | $ | 75,927 | |
Adjustments | | | | | | | | | | | | | | | | |
New Equity from Offering | | | 26,634 | | | | 26,634 | | | | 23,971 | (3) | | | | |
| | | | | | | | | | | | | | | | |
Average Equity Adjusted for the Offering | | $ | 100,175 | | | $ | 102,464 | | | $ | 102,381 | | | $ | 101,673 | |
Return on Average Equity | | | 18.8 | % | | | 18.1 | % | | | 19.3 | % | | | 18.7 | % |
Return on Average Equity Adjusted for the Offering | | | 14.7 | % | | | 14.5 | % | | | 15.8 | % | | | 15.0 | % |
Average Assets | | | | | | | | | | | | | | | | |
Actual | | $ | 987,381 | | | $ | 979,566 | | | $ | 988,265 | | | $ | 985,071 | |
Adjustments | | | | | | | | | | | | | | | | |
New Assets from Offering | | | 26,634 | | | | 26,634 | | | | 23,971 | (3) | | | | |
| | | | | | | | | | | | | | | | |
Average Assets Adjusted for the Offering | | $ | 1,014,015 | | | $ | 1,006,200 | | | $ | 1,012,236 | | | $ | 1,010,817 | |
Return on Average Assets | | | 1.40 | % | | | 1.40 | % | | | 1.53 | % | | | 1.44 | % |
Return on Average Assets Adjusted for the Offering | | | 1.45 | % | | | 1.47 | % | | | 1.60 | % | | | 1.51 | % |
Average Fully-Diluted Shares Outstanding | | | | | | | | | | | | | | | | |
Actual | | | 6,332,447 | | | | 6,352,000 | | | | 6,454,730 | | | | 6,379,726 | |
Average Fully-Diluted Shares Adjusted for the Offering(4) | | | 7,620,497 | | | | 7,620,497 | | | | 7,620,497 | | | | 7,620,497 | |
Earnings per Share | | $ | 0.54 | | | $ | 0.54 | | | $ | 0.59 | | | $ | 2.22 | |
Earnings per Share Adjusted for the Offering | | $ | 0.48 | | | $ | 0.49 | | | $ | 0.53 | | | $ | 2.00 | |
| (1) | Net offering proceeds from the IPO were $26,634 |
| (2) | As the IPO closed on 9/22/06, actual third quarter net income includes 9 days of income from offering proceeds |
| (3) | As the IPO closed on 9/22/06, actual third quarter averages include 9 days of assets and equity from the offering |
| (4) | There were 7,620,497 total shares oustanding at 9/30/06; all options are currently out-of-the money and therefore do not impact the fully-diluted share count |
