Princeton National Bancorp, Inc. Financial Ratios — PNBC

Profitability (USD)

	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Return on Common Equity (%)	20.09	13.48	9.39	17.71	10.57	11.3	11.45	11.24	11.56	9.36	9.39	9.74	-34.67	-42.3	- -
Return on Assets (%)	1.01	0.93	0.81	1.64	1.01	1.07	1.1	1.09	0.95	0.66	0.64	0.65	-1.74	-1.44	-5.15
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	6.11	- -	10.35	7.12	9.54	11.2	11.71	10.79	7.15	6.21	6.09	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	7.29	35.68	8.7	47.62	37.16	40.96	47.69	42.4	39.59	29.28	28.98	27.73	-41.06	-53.12	5.21
Operating Margin (%)	- -	28.14	- -	42.01	29.92	31.26	32.25	31.37	29.72	20.81	21.24	20.93	-47.27	-59.03	- -
Incremental Operating Margin (%)	-250	800	-700	144.21	109.41	48.69	48.58	-5.65	18.1	-75.62	28.31	18.4	- -	- -	-4,505.93
Pretax Margin (%)	30.73	29.15	26.57	42.01	29.92	31.26	32.25	31.37	29.72	20.81	21.24	20.93	-47.27	-59.03	-96.22
Profit Margin (%)	22.92	21.61	18.84	28.03	21.83	23	23.34	23.73	22.89	17.95	17.65	16.99	-43.94	-34.7	-112.55
Net Income to Common Margin (%)	22.92	21.61	18.84	28.03	21.83	23	23.34	23.73	22.89	17.95	17.65	16.99	-46.49	-37.27	-115.15
Effective Tax Rate (%)	25.42	25.86	29.09	33.29	27.02	26.43	27.63	24.37	22.97	13.73	16.9	18.81	- -	- -	- -
Dvd Payout Ratio (%)	25	27.91	33.33	16.38	45	45.26	42.84	43.16	44.01	54.59	53.13	50.45	-9.39	- -	2.26
Sustainable Growth Rate (%)	15.07	9.72	6.26	14.81	5.81	6.18	6.54	6.39	6.47	4.25	4.4	4.83	-37.92	-42.3	- -

Credit (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Total Debt	17	34	34	36	21	9	6	8	17	36	48	51	33	11	5
ST Debt	13	24	5	4	2	4	1	3	1	- -	2	18	1	2	- -
LT Debt	4	9	28	32	19	6	5	5	16	36	47	32	32	9	5
Total Debt/EBITDA	12.14	4.73	18.61	2.61	2.24	0.86	0.48	0.62	1.31	3.39	4.35	4.26	-1.65	-0.41	1.99
Net Debt/EBITDA	-11.57	-2.89	7.89	1.4	-0.3	-0.57	-0.55	-0.52	-0.5	0.17	1.87	2.57	1.95	1.27	-23.15
Total Debt/EBIT	- -	6	- -	2.96	2.78	1.13	0.71	0.84	1.75	4.76	5.94	5.65	-1.43	-0.37	- -
Net Debt/EBIT	- -	-3.66	- -	1.59	-0.37	-0.74	-0.82	-0.71	-0.67	0.25	2.55	3.4	1.7	1.15	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.23	8.42	8.86	9.64	9.48	9.53	9.75	9.59	7.21	6.83	6.82	6.6	4.14	3.1	-2.01
Long-Term Debt/Equity (%)	8.9	21.83	69.68	68.21	39.3	11.26	10.12	9.55	25.02	54.83	67.83	44.84	42.19	15.83	101.32
Long-Term Debt/Capital (%)	9.38	12.58	37.35	37.66	25.49	8.79	7.81	7.09	18.51	33.7	38.13	25.44	28.71	12.91	52
Long-Term Debt/Total Assets (%)	0.85	1.94	5.9	6.29	3.36	0.98	0.84	0.76	1.67	3.47	4.31	2.79	2.5	0.82	0.49
Total Debt/Equity (%)	39.81	78.87	81.91	76.5	43.36	18.5	12.77	14.64	27.24	54.83	70.51	70.35	43.56	18.91	101.32
Total Debt/Capital (%)	41.98	45.47	43.91	42.24	28.12	14.44	9.86	10.87	20.15	33.7	39.64	39.92	29.64	15.42	52
Total Debt/Total Assets (%)	3.78	7.02	6.94	7.05	3.71	1.61	1.07	1.17	1.82	3.47	4.48	4.38	2.58	0.98	0.49
Net Debt to Equity	-37.94	-48.12	34.72	41.16	-5.75	-12.14	-14.63	-12.27	-10.37	2.83	30.27	42.39	-51.64	-58.26	-1,181.26
Net Debt/Capital (%)	-221.92	-103.54	24.91	28.24	-5.47	-12.46	-14.32	-11.39	-10.62	2.55	21.99	28.59	-99.75	-128.21	108.6
EBITDA	1	7	2	14	9	11	13	12	13	11	11	12	-20	-26	3
EBITDA-CapEx	1	7	2	14	9	11	13	12	13	11	11	10	-21	-27	2
Operating Income (Loss)	- -	6	- -	12	7	8	9	9	10	8	8	9	-23	-29	- -

Liquidity (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.23	8.42	8.86	9.64	9.48	9.53	9.75	9.59	7.21	6.83	6.82	6.6	4.14	3.1	-2.01
Long-Term Debt/Equity (%)	8.9	21.83	69.68	68.21	39.3	11.26	10.12	9.55	25.02	54.83	67.83	44.84	42.19	15.83	101.32
Long-Term Debt/Capital (%)	9.38	12.58	37.35	37.66	25.49	8.79	7.81	7.09	18.51	33.7	38.13	25.44	28.71	12.91	52
Long-Term Debt/Total Assets (%)	0.85	1.94	5.9	6.29	3.36	0.98	0.84	0.76	1.67	3.47	4.31	2.79	2.5	0.82	0.49
Total Debt/Equity (%)	39.81	78.87	81.91	76.5	43.36	18.5	12.77	14.64	27.24	54.83	70.51	70.35	43.56	18.91	101.32
Total Debt/Capital (%)	41.98	45.47	43.91	42.24	28.12	14.44	9.86	10.87	20.15	33.7	39.64	39.92	29.64	15.42	52
Total Debt/Total Assets (%)	3.78	7.02	6.94	7.05	3.71	1.61	1.07	1.17	1.82	3.47	4.48	4.38	2.58	0.98	0.49
CFO/Total Liabilities	1.79	0.41	0.52	3.2	-1.27	1.69	2.33	1.48	0.74	0.24	1.28	0.93	0.41	1.36	1.96
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.9	4.29	20.04	24.39
Altman's Z-Score	0.12	0.14	0.11	0.22	0.17	0.18	0.28	0.27	0.21	0.2	0.18	0.17	0.03	-0.02	-0.01

Working Capital (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	11.59	4.82	3.64	3.48	4.19	5.07	5.84	6.93
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	31.5	75.65	100.25	104.76	87.07	71.97	62.47	52.66
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	91	89	106	110	81	73	36	12	5
- Cash & Cash Equivalents	33	54	19	17	23	16	14	14	24	34	28	20	71	44	63
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25	25	25
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	17	34	34	36	21	9	6	8	17	36	48	51	33	11	5
Enterprise Value	-16	-20	14	20	-3	-6	83	83	99	112	101	104	22	4	-28
Total Capital	40	74	76	86	73	65	66	71	85	106	122	128	110	70	10
Total Debt/Capital (%)	41.98	45.47	43.91	42.24	28.12	14.44	9.86	10.87	20.15	33.7	39.64	39.92	29.64	15.42	52
Total Debt / EV	-1.05	-1.64	2.36	1.86	-7.54	-1.52	0.08	0.09	0.17	0.32	0.48	0.49	1.47	2.75	-0.18
EV/Sales	- -	- -	0.69	0.67	- -	- -	2.95	2.85	2.99	3.09	2.64	2.41	0.46	0.08	- -
EV/EBITDA	- -	- -	7.89	1.4	- -	- -	6.18	6.72	7.56	10.54	9.13	8.68	- -	- -	- -
EV/EBIT	- -	- -	- -	1.59	- -	- -	9.14	9.08	10.07	14.83	12.45	11.5	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	6.17	1.3	- -	- -	6.39	9.24	15.19	48.51	7.85	10.18	4.51	0.28	- -
EV/Free Cash Flow to Firm	- -	- -	6.17	1.3	- -	- -	6.39	9.24	15.19	48.51	7.85	8.71	3.66	0.26	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	92	90	106	110	81	73	36	12	5
Diluted Enterprise Value	-16	-20	14	20	-3	-6	84	83	100	112	102	104	22	4	-28
EV per Share	- -	- -	3.77	5.55	- -	- -	26.21	26.72	31.19	33.1	30.49	31.45	6.69	1.18	- -
TTM Sales	19	20	21	29	25	27	28	29	33	36	38	43	48	49	48
TTM EBITDA	1	7	2	14	9	11	13	12	13	11	11	12	-20	-26	3
TTM Operating Income	- -	6	- -	12	7	8	9	9	10	8	8	9	-23	-29	- -
TTM Cash Flow to Firm	7	2	2	15	-6	9	13	9	7	2	13	10	5	14	20
TTM Free Cash Flow to Firm	7	2	2	15	-6	9	13	9	7	2	13	12	6	15	21

Multiples (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	7.05	10.05	16.33	47.99	6.25	6.16	5.91	0.81	0.24
EV/EBIT	- -	- -	- -	1.59	- -	- -	9.14	9.08	10.07	14.83	12.45	11.5	- -	- -	- -
Enterprise Value	-16	-20	14	20	-3	-6	83	83	99	112	101	104	22	4	-28
Low Price	- -	- -	- -	- -	- -	- -	24.39	27	28.8	32.02	23.04	22.05	9.7	2.73	0.86
EV/Sales	- -	- -	0.69	0.67	- -	- -	2.95	2.85	2.99	3.09	2.64	2.41	0.46	0.08	- -
EV/EBITDA	- -	- -	7.89	1.4	- -	- -	6.18	6.72	7.56	10.54	9.13	8.68	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	13.76	12.95	13.94	16.9	11.92	9.96	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	12.89	12.94	13.28	17.24	14.06	11.81	-2.21	-1.25	-0.25
Price/Earnings High	- -	- -	- -	- -	- -	- -	14.03	13.37	14.25	18.41	16.57	13.39	-3.41	-2.09	-0.44
Price/Earnings Low	- -	- -	- -	- -	- -	- -	11.75	12.14	12.07	16.63	11.32	9.93	-1.43	-0.5	-0.05
Price/Book Value	- -	- -	- -	- -	- -	- -	1.53	1.42	1.55	1.56	1.09	0.95	0.68	0.35	-0.25
Price/Book Value Average	- -	- -	- -	- -	- -	- -	1.43	1.41	1.47	1.59	1.29	1.13	0.95	0.67	-0.69
Price/Book Value High	- -	- -	- -	- -	- -	- -	1.56	1.46	1.58	1.69	1.52	1.28	1.46	1.12	-1.19
Price/Book Value Low	- -	- -	- -	- -	- -	- -	1.31	1.33	1.34	1.53	1.04	0.95	0.61	0.27	-0.14
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	1.89	1.79	3.14	3.01	2.07	1.67	0.77	0.41	-0.23
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	1.77	1.79	2.99	3.07	2.44	1.98	1.07	0.78	-0.64
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	1.93	1.85	3.21	3.28	2.88	2.24	1.64	1.3	-1.11
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	1.62	1.68	2.72	2.96	1.97	1.66	0.69	0.31	-0.13
Price/Sales	- -	- -	- -	- -	- -	- -	3.21	3.07	3.19	3.03	2.1	1.69	0.74	0.25	0.1
Price/Sales Average	- -	- -	- -	- -	- -	- -	3.01	3.07	3.04	3.09	2.48	2.01	1.03	0.47	0.29
Price/Sales High	- -	- -	- -	- -	- -	- -	3.27	3.17	3.26	3.3	2.92	2.28	1.58	0.78	0.5
Price/Sales Low	- -	- -	- -	- -	- -	- -	2.74	2.88	2.76	2.99	2	1.69	0.67	0.18	0.06
Price/Cash Flow	- -	- -	- -	- -	- -	- -	6.96	9.96	16.2	47.71	6.24	7.17	7.29	0.85	0.25
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	6.53	9.96	15.43	48.65	7.36	8.5	10.09	1.61	0.71
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	7.1	10.29	16.56	51.96	8.68	9.63	15.54	2.69	1.23
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	5.95	9.34	14.03	46.93	5.93	7.14	6.54	0.64	0.14
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	6.61	10.05	15.56	48.94	7.38	7.3	8.18	1.53	0.68
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	7.19	10.38	16.7	52.27	8.7	8.28	12.61	2.56	1.18
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	6.02	9.42	14.15	47.21	5.94	6.14	5.3	0.61	0.14
EV/Sales Average	- -	- -	0.69	0.67	- -	- -	2.75	2.85	2.84	3.15	3.02	2.72	0.74	0.3	- -
EV/Sales High	- -	- -	0.69	0.67	- -	- -	3.01	2.95	3.06	3.36	3.47	2.99	1.3	0.61	- -
EV/Sales Low	- -	- -	0.69	0.67	- -	- -	2.48	2.66	2.57	3.04	2.54	2.4	0.38	0.02	- -
EV/EBITDA Average	-11.57	-2.89	7.89	1.4	-0.3	-0.57	5.76	6.72	7.18	10.74	10.43	9.81	-1.81	-0.56	-7.63
EV/EBITDA High	-11.57	-2.89	7.89	1.4	-0.3	-0.57	6.31	6.96	7.74	11.46	11.96	10.78	-3.17	-1.15	-3.54
EV/EBITDA Low	-11.57	-2.89	7.89	1.4	-0.3	-0.57	5.2	6.27	6.48	10.37	8.76	8.65	-0.93	-0.03	-12.09
EV/EBIT Average	- -	-3.66	- -	1.59	-0.37	-0.74	8.51	9.08	9.56	15.12	14.24	13	-1.58	-0.51	- -
EV/EBIT High	- -	-3.66	- -	1.59	-0.37	-0.74	9.34	9.41	10.31	16.13	16.32	14.28	-2.75	-1.04	- -
EV/EBIT Low	- -	-3.66	- -	1.59	-0.37	-0.74	7.69	8.47	8.63	14.59	11.96	11.46	-0.81	-0.03	- -
Last Price	- -	- -	- -	- -	- -	- -	28.55	28.8	33.25	32.55	24.25	22.14	10.81	3.64	1.51
High Price	- -	- -	- -	- -	- -	- -	29.12	29.75	34	35.45	33.72	29.75	23.06	11.5	7.32
Enterprise Value Average	-16	-20	14	20	-3	-6	78	83	94	114	116	117	36	15	-19
Enterprise Value High	-16	-20	14	20	-3	-6	85	85	101	121	133	129	63	30	-9
Enterprise Value Low	-16	-20	14	20	-3	-6	70	77	85	110	97	103	18	1	-30

	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
Shares Outstanding	4	4	3	3	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	4	4	4	4	3	3	3	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	4	4	4	4	3	3	3	3	3	3	3	3	3	3	3
Revenue per Share	4.72	5.04	5.49	8.3	7.44	8.12	8.89	9.38	10.42	10.73	11.53	13.07	14.57	14.78	14.5
EBITDA per Share	0.34	1.8	0.48	3.95	2.76	3.33	4.24	3.98	4.13	3.14	3.34	3.63	-5.98	-7.85	0.76
Operating Income per Share	- -	1.42	- -	3.49	2.22	2.54	2.87	2.94	3.1	2.23	2.45	2.74	-6.88	-8.72	- -
Basic EPS, GAAP	1.08	1.09	1.04	2.33	1.62	1.87	2.08	2.22	2.39	1.93	2.04	2.22	-6.77	-5.51	-16.7
Basic EPS from Cont Ops	1.08	1.09	1.04	2.33	1.62	1.87	2.08	2.22	2.39	1.93	2.04	2.22	-6.4	-5.13	-16.32
Diluted EPS, GAAP	1.08	1.09	1.03	2.33	1.62	1.86	2.05	2.21	2.37	1.91	2.03	2.21	-6.77	-5.51	-16.7
Diluted EPS from Cont Ops	1.08	1.09	1.03	2.33	1.62	1.86	2.05	2.21	2.37	1.91	2.03	2.21	-6.4	-5.13	-16.32
Dividend per Share	0.27	0.3	0.35	0.38	0.73	0.85	0.89	0.96	1.05	1.05	1.08	1.12	1.01	0.38	- -
Cash Flow per Share	1.8	0.46	0.61	4.26	-1.94	2.76	4.1	2.89	2.05	0.68	3.89	3.09	1.48	4.28	5.96
Free Cash Flow per Basic Share	1.8	0.46	0.61	4.26	-1.94	2.76	4.1	2.89	2.05	0.68	3.89	2.57	1.14	4.07	5.71
Cash & Equivalents per Share	8.17	13.69	5.12	4.77	7	4.77	4.38	4.56	7.48	10.09	8.3	6.14	21.53	13.25	19.01
Book Value per Share	5.78	10.2	11.36	14.11	15.8	17.04	18.68	20.35	21.48	20.92	22.15	23.26	15.83	10.26	-6.13
Tangible Book Value per Share	9.2	9.62	9.63	12.33	13.09	14.62	15.09	16.09	10.6	10.8	11.72	13.26	14.04	8.86	-6.59

Princeton National Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)