UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 30, 1998 (July 20, 1998)
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Princeton National Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-20050 36-3210283
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(Commission File Number) (IRS Employer Identification No.)
606 South Main Street
Princeton, Illinois 61356
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (815) 875-4444
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Exhibit Index is located on page 4.
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ITEM 5. OTHER EVENTS
On July 20, 1998, the Registrant issued a press release relating to the
implementation of a stock repurchase program whereby the Registrant may
repurchase from time to time up to 5% of its outstanding shares of common
stock in the open market or in private transactions over the next twelve
months. For information regarding the stock repurchase program, reference
is made to the press release dated July 20, 1998, which is attached hereto
as Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits:
Exhibit 99 July 20, 1998 Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PRINCETON NATIONAL BANCORP, INC.
(Registrant)
By: Tony J. Sorcic
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President and
Chief Executive Officer
Dated: July 22, 1998
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EXHIBIT INDEX
NUMBER DESCRIPTION
99 July 20, 1998 Press Release
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[LOGO] NEWS RELEASE
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DATE: 7/20/98
Princeton National Bancorp, Inc. of Princeton, Illinois reported second
quarter 1998 net income of $1,218,096. This is an 11.0% increase compared to
the second quarter of 1997 and a 10.2% increase from the first quarter of
1998. Earnings per share for the second quarter were $.31 per share, which
is a 10.7% increase from $.28 for the first quarter of 1998 and an increase
of 14.8% from $.27 per share for the second quarter of 1997. Total assets
as of June 30, 1998 were $452,528,189 compared to $428,405,191 on June 30,
1997. Return on Equity for the second quarter of 1998 was 11.38%, which is
a 5.7% increase from 10.77% during the second quarter of 1997. Net interest
income of $4,093,000 for the second quarter of 1998 compares favorably to
$3,961,000 during the second quarter of 1997 as does non-interest income of
$964,000 compared to $838,000 for the same period. Year-to-date net income
is $2,323,405 and year-to-date earnings per share increased to $.58. These
both compare favorably to $2,173,783 and $.53 respectively as of June 30,
1997.
The Board of Directors declared an $.08 dividend per share payable
August 15, 1998 to those shareholders of record as of July 31, 1998.
The Board announced that it is implementing a repurchase program whereby
the Company may repurchase from time to time up to 5% of its outstanding
shares of common stock in the open market or in private transactions over
the next twelve months. Purchases will be dependent upon market conditions
and the availability of shares. The Company currently has 3,971,741
outstanding shares of common stock.
Tony J. Sorcic, President & Chief Executive Officer of the Company,
stated that the repurchase program represents an attractive use of capital
relative to other investment alternatives and benefits both the Company and
the shareholders.
PNBC's subsidiary, Citizens First National Bank, has community banking
offices in Princeton, Peru, Genoa, Oglesby, Spring Valley, Sandwich, Henry,
Minooka, DePue and Hampshire.
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Inquiries should be directed to:
Lou Ann Birkey
Secretary
Princeton National Bancorp, Inc.
606 S. Main Street
Princeton, IL 61356
(815) 875-4444
