Princeton National Bancorp Inc (PNBC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Princeton National Bancorp Inc

CIK: 707855 Ticker: PNBC
    EXHIBIT 99.1
Princeton National Bancorp, Inc. Increases
Fully Diluted Earnings Per Share 9.4% In 2008
PRINCETON, Illinois — January 26, 2009— Princeton National Bancorp, Inc. (“Princeton” or “the Company”) (NASDAQ: PNBC)
Tony J. Sorcic, President & CEO, stated, “Princeton National Bancorp, Inc. continues to perform well in light of the unprecedented turmoil in the financial markets and the continued deterioration of the housing market. During 2008, fully diluted earnings per share of $2.22 were generated compared to $2.03 in 2007. Net income for the year was $7.326 million, up 8.2% from $6.770 million in 2007. The return on average equity also increased to 10.59% from 10.32%. Net income for Citizens First National Bank, the subsidiary bank, reached a record level of $8.746 million.”
Sorcic continued, “The Board of Directors has declared a dividend of $.28 per share, payable February 25, 2009, to those shareholders of record as of February 6, 2009. This is the Company’s 96th consecutive dividend. The 2008 total dividend of $1.12 represents an increase of 220% over the last ten years.”
Sorcic concluded, “In these uncertain economic times, Management believes it is prudent to position the Company with extra capital, which will also allow us to take advantage of future opportunities. With the changes in the financial industry, the well-capitalized banking organizations in attractive markets will be the survivors when the turmoil settles. On January 23rd, the Company received a $25.1 million investment from the U.S. Treasury Department TARP Capital Purchase Program. This Program is designed to provide additional capital to healthy, well-managed financial institutions. We are confident the funds received from the Treasury can be leveraged to increase revenue, fund loan growth and make acquisitions.”
The investment by the U.S. Treasury Department is comprised of $25.1 million in senior preferred shares, with warrants to purchase 155,025 shares of Princeton common stock at a price of $24.27, and at a term of 10 years. The senior preferred stock will pay a cumulative dividend at a coupon rate of 5% for the first five years and 9% thereafter. This investment can be redeemed after three years at par value plus unpaid dividends. As of December 31, 2008, the Tier 1 Capital Ratio for Princeton was 5.98% at December 31, 2008. If the TARP funds were included, this ratio increases to 8.22%. Likewise, the Risk Based Capital Ratio would increase from 8.30% to 11.19%. As of December 31, 2008, Princeton National Bancorp, Inc. had 3,298,041 shares of common stock outstanding.
The Board of Directors is pleased to announce Gretta E. Bieber has been appointed to the Princeton National Bancorp, Inc. Board of Directors. Bieber served on the Somonauk FSB Bancorp, Inc. Board of Directors from 2001 to 2005 and then joined the Citizens First National Bank Board of Directors’ after the acquisition of Somonauk FSB Bancorp, Inc. Bieber will fill the vacancy created upon Thomas Longman’s retirement. Bieber is an attorney for Alschuler, Simantz & Hem, LLC in Aurora. The Company is pleased to have someone of Bieber’s quality join the Board of Directors.
Sharon Covert, who has served on the Princeton National Bancorp, Inc. Board of Directors since 2001, was appointed to serve on the Citizens First National Bank Board of Directors. Covert will fill the vacancy created by Thomas Longman’s retirement. Covert is a successful businesswoman, has been actively involved in the promotion of agriculture at the local, state, and national level, and is currently on the Board


The following information was filed by Princeton National Bancorp Inc (PNBC) on Thursday, January 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: PNBC
CIK: 707855
Form Type: 10-K Annual Report
Accession Number: 0000897101-09-000538
Submitted to the SEC: Mon Mar 16 2009 4:00:55 PM EST
Accepted by the SEC: Mon Mar 16 2009
Period: Wednesday, December 31, 2008
Industry: National Commercial Banks

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