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, 2014

PORTER BANCORP, INC.
(Exact name of registrant as specified in its charter)

Kentucky

001-33033

61-1142247

(State or other jurisdiction of

incorporation and organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

2500 Eastpoint Parkway, Louisville, Kentucky, 40223
(Address of principal executive offices)

(502) 499-4800
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On July 30, 2014, Porter Bancorp, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2014. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and in Exhibit 99.1 attached hereto is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d)

Exhibits

Exhibit No.		Description of Exhibit
99.1		Press Release issued by Porter Bancorp, Inc. on July 30, 2014

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.

Date: July 30, 2014	Porter Bancorp Inc.

	By:	/s/ Phillip W. Barnhouse
		Phillip W. Barnhouse
		Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description

99.1	Press Release dated July 30, 2014

Exhibit 99.1

Porter Bancorp, Inc. Reports Second Quarter Results

Second Quarter 2014 Net Loss Attributable to Common Shareholders of $672,000

LOUISVILLE, Ky.--(BUSINESS WIRE)--July 30, 2014--Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported unaudited results for the second quarter of 2014.

The Company reported a net loss attributable to common shareholders of $672,000, or ($0.06) per diluted share, for the second quarter of 2014 compared with a net loss of $1.7 million, or ($0.14) per diluted share, for the second quarter of 2013. Net loss attributable to common shareholders for the six months ended June 30, 2014, was $1.6 million, or ($0.14) per diluted common share, compared with net loss attributable to common shareholders of $2.2 million, or ($0.19) per diluted share, for the six months ended June 30, 2013.

Our primary initiatives for 2014 are to continue reducing non-performing assets, restore capital, and return to sustainable profitability while continuing to serve our customers and develop new quality financial relationships.

Second Quarter 2014 Financial Performance Highlights

Net Interest Income – Net interest income increased to $7.6 million for the second quarter of 2014 compared with $7.3 million in the first quarter of 2014 and decreased from $8.4 million in the second quarter of 2013 as average loans declined to $677.6 million for the second quarter of 2014 compared with $698.2 million in the first quarter of 2014 and $806.9 million in the second quarter of 2013. Net interest margin increased to 3.13% in the second quarter of 2014, compared with 2.96% in the first quarter of 2014, and declined from 3.24% in the second quarter of 2013. While earning assets have decreased and interest expense has remained relatively flat, net interest margin was positively impacted in the second quarter by the collection of previously charged-off accrued uncollected interest and late charges of approximately $240,000 along with the full unpaid principal balance on three nonaccrual loans.
Provision for Loan Losses – No provision for loan losses expense was recorded for the second or first quarters of 2014, or in the second quarter of 2013 due to the downsizing of the loan portfolio, declining historical loss rates, and a reduction in loans migrating downward in risk grade classification. The allowance for loan losses for loans evaluated collectively for impairment was 3.95% at June 30, 2014, compared with 4.10% at March 31, 2014, and 4.56% at June 30, 2013.

Non-performing Assets - Non-performing assets, which include loans past due 90 days and still accruing, loans on nonaccrual, and other real estate owned (OREO), decreased to $107.3 million, or 10.20% of total assets at June 30, 2014, compared with $123.3 million, or 11.59% of total assets, at March 31, 2014, and $159.3 million, or 14.86% of total assets, at June 30, 2013.

Non-performing loans decreased to $44.4 million, or 6.90% of total loans, at June 30, 2014, compared with $77.3 million, or 11.33% of total loans, at March 31, 2014. The decline was primarily driven by $18.5 million of nonaccrual loans migrating to OREO, $12.2 million in principal payments received on nonaccrual loans, and $2.9 million of charge-offs.

Non-performing loans and OREO remain at elevated levels and continue to negatively impact financial performance.

	June 30, 2014		March 31, 2014		December 31, 2013			September 30, 2013		June 30, 2013
		(in thousands)
Past due loans:
30 – 59 days	$	3,057	$	5,667		$	10,696	$	10,018		$	8,600
60 – 89 days		991		1,232			775		7,582			2,979
90 days or more		—		—			232		—			71
Nonaccrual loans		44,375		77,344			101,767		106,922			112,185
Total past due and nonaccrual loans	$	48,423	$	84,243		$	113,470	$	124,522		$	123,835

Loans past due 90 days or more	$	—	$	—		$	232	$	—		$	71
Nonaccrual loans		44,375		77,344			101,767		106,922			112,185
OREO		62,935		45,918			30,892		41,857			47,030
Total non-performing assets	$	107,310	$	123,262		$	132,891	$	148,779		$	159,286

In addition to nonaccrual loans and OREO, loans classified as Troubled Debt Restructures (TDRs) and on accrual totaled $32.4 million at June 30, 2014, compared to $41.8 million at March 31, 2014 and $54.9 million at June 30, 2013.

OREO at June 30, 2014 increased to $62.9 million, compared with $45.9 million at March 31, 2014, and $47.0 million at June 30, 2013. The Company acquired $19.6 million in OREO and sold $2.2 million in OREO during the second quarter of 2014. Fair value write-downs arising from new appraisals or lower marketing prices totaled $400,000 in the second quarter of 2014, compared with $250,000 in the first quarter of 2014 and $977,000 in the second quarter of 2013.

Non-interest Expense – Non-interest expense increased $442,000 to $8.9 million for the second quarter of 2014, compared with $8.5 million for the first quarter of 2014, and decreased $2.9 million compared with $11.8 million for the second quarter of 2013. The increase from the first quarter of 2014 was due to increases in salary and employee benefit expenses, OREO expenses, and professional fees. The reduction in non-interest expense from the second quarter of 2013 was attributable primarily to lower loan collection expenses and lower OREO expenses.
Income Tax Benefit – The calculation for the income tax provision or benefit generally does not consider the tax effects of changes in other comprehensive income, or OCI, which is a component of stockholders’ equity on the balance sheet. However, an exception is provided in certain circumstances, such as when there is a full valuation allowance against net deferred tax assets, there is a loss from continuing operations and income in other components of the financial statements. In such a case, pre-tax income from other categories, such as changes in OCI, must be considered in determining a tax benefit to be allocated to the loss from continuing operations. Our June 30, 2014 tax benefit is entirely due to gains in other comprehensive income that are presented in current operations in accordance with applicable accounting standards.
Capital – At June 30, 2014, PBI Bank’s Tier 1 leverage ratio was 6.51% compared with 6.36% at March 31, 2014, and its Total risk-based capital ratio was 11.79% at June 30, 2014 compared with 11.50% at March 31, 2014, which are below the minimums of 9.0% and 12.0% required by the Bank’s Consent Order. At June 30, 2014, Porter Bancorp’s leverage ratio was 4.89% compared with 4.87% at March 31, 2014, and its Total risk-based capital ratio was 11.07%, compared with 10.93% at March 31, 2014.

Management and the Board of Directors continue to evaluate appropriate strategies for increasing the Company’s capital in order to meet the capital requirements of the Consent Order. These include, among other things, a possible public offering or private placement of common stock to new and existing shareholders. As previously announced, the Company has engaged a financial advisor to assist the Board of Directors in this evaluation.

PBIB-G

Forward-Looking Statements

Statements in this press release relating to Porter Bancorp’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “possible,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on management’s current expectations. Porter Bancorp’s actual results in future periods may differ materially from those indicated by forward-looking statements due to various risks and uncertainties, including our ability to reduce our level of higher risk loans such as commercial real estate and real estate development loans, reduce our level of non-performing loans and other real estate owned, and increase net interest income in a low interest rate environment, as well as our need to increase capital. These and other risks and uncertainties are described in greater detail under “Risk Factors” in the Company’s Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of the release and Porter Bancorp does not assume any responsibility to update these statements.

Additional Information

Unaudited supplemental financial information for the second quarter ending June 30, 2014 follows.




PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)

	Three			Three			Three			Six			Six
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	6/30/14			3/31/14			6/30/13			6/30/14			6/30/13

Income Statement Data
Interest income	$	10,166		$	9,897		$	11,168		$	20,063		$	22,426
Interest expense		2,552			2,597			2,816			5,149			5,776

Net interest income		7,614			7,300			8,352			14,914			16,650
Provision for loan losses		—			—			—			—			450

Net interest income after provision		7,614			7,300			8,352			14,914			16,200

Service charges on deposit accounts		487			468			506			955			999
Income from fiduciary activities		—			—			—			—			517
Bank card interchange fees		205			161			196			366			368
Other real estate owned income		18			7			230			25			342
Gains (losses) on sales of securities, net		2			44			703			46			703
Income from bank owned life insurance		62			76			305			138			384
Other		175			159			208			334			482

Non-interest income		949			915			2,148			1,864			3,795

Salaries & employee benefits		3,949			3,741			3,999			7,690			8,138
Occupancy and equipment		896			892			913			1,788			1,844
Other real estate owned expense		774			662			1,657			1,436			2,448
FDIC insurance		571			540			650			1,111			1,289
Franchise tax		405			425			537			830			1,074
Loan collection expense		389			539			2,407			928			3,442
Professional fees		764			558			499			1,322			905
Communications expense		165			235			179			400			354
Postage and delivery		94			110			102			204			215
Insurance expense		153			149			160			302			311
Other		784			651			706			1,435			1,353

Non-interest expense		8,944			8,502			11,809			17,446			21,373

Income (loss) before income taxes		(381	)		(287	)		(1,309	)		(668	)		(1,378	)
Income tax expense (benefit)		(424	)		—			—			(424	)		—

Net income (loss)		43			(287	)		(1,309	)		(244	)		(1,378	)
Less:
Dividends on preferred stock		789			786			437			1,574			875
Accretion on preferred stock		—			—			45			—			90
Earnings allocated to participating securities		(74	)		(97	)		(110	)		(173	)		(131	)

Net income (loss) attributable to common	$	(672	)	$	(976	)	$	(1,681	)	$	(1,645	)	$	(2,212	)


Weighted average shares – Basic		11,981,121			12,021,313			11,761,788			11,992,925			11,801,663
Weighted average shares – Diluted		11,981,121			12,021,313			11,761,788			11,992,925			11,801,663

Basic earnings (loss) per common share	$	(0.06	)	$	(0.08	)	$	(0.14	)	$	(0.14	)	$	(0.19	)
Diluted earnings (loss) per common share	$	(0.06	)	$	(0.08	)	$	(0.14	)	$	(0.14	)	$	(0.19	)
Cash dividends declared per common share	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00




PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)

	Three			Three			Three			Six			Six
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	6/30/14			3/31/14			6/30/13			6/30/14			6/30/13

Average Balance Sheet Data
Assets	$	1,056,888		$	1,073,586		$	1,104,807		$	1,065,191		$	1,128,182
Loans		677,643			698,184			806,941			687,857			839,542
Earning assets		991,416			1,019,173			1,050,515			1,005,218			1,080,824
Deposits		966,164			984,169			1,008,102			975,117			1,030,867
Long-term debt and advances		35,372			35,233			36,652			35,303			36,909
Interest bearing liabilities		893,921			911,186			941,059			902,506			962,153
Stockholders’ equity		37,690			36,992			46,904			37,343			47,324


Performance Ratios
Return on average assets		0.02	%		(0.11	)%		(0.48	)%		(0.05	)%		(0.25	)%
Return on average equity		0.46			(3.15	)		(11.19	)		(1.32	)		(5.87	)
Yield on average earning assets (tax equivalent)		4.16			3.99			4.31			4.08			4.23
Cost of interest bearing liabilities		1.15			1.16			1.20			1.15			1.21
Net interest margin (tax equivalent)		3.13			2.96			3.24			3.04			3.15
Efficiency ratio		104.47			104.05			120.54			104.27			108.26


Loan Charge-off Data
Loans charged-off	$	(3,130	)	$	(3,082	)	$	(3,404	)	$	(6,212	)	$	(21,366	)
Recoveries		1,741			373			1,124			2,114			1,795
Net charge-offs	$	(1,389	)	$	(2,709	)	$	(2,280	)	$	(4,098	)	$	(19,571	)


Nonaccrual Loan Activity
Nonaccrual loans at beginning of period	$	77,344		$	101,767		$	120,943		$	101,767		$	94,517
Net principal pay-downs		(12,195	)		(10,245	)		(8,118	)		(22,440	)		(12,223	)
Charge-offs		(2,932	)		(2,472	)		(3,256	)		(5,404	)		(20,728	)
Loans foreclosed and transferred to OREO		(18,524	)		(16,895	)		(11,875	)		(35,419	)		(15,523	)
Loans returned to accrual status		(2,362	)		(870	)		(421	)		(3,232	)		(421	)
Loans placed on nonaccrual during the period		3,044			6,059			14,912			9,103			66,563
Nonaccrual loans at end of period	$	44,375		$	77,344		$	112,185		$	44,375		$	112,185


Troubled Debt Restructurings (TDRs)
Accruing	$	32,389		$	41,813		$	54,927		$	32,389		$	54,927
Nonaccrual		18,500			30,640			46,510			18,500			46,510
Total	$	50,889		$	72,453		$	101,437		$	50,889		$	101,437

Other Real Estate Owned (OREO) Activity (Net of Allowance)
OREO at beginning of period	$	45,918		$	30,892		$	44,192		$	30,892		$	43,671
Real estate acquired		19,569			17,351			11,875			36,920			15,555
Valuation adjustment write-downs		(400	)		(250	)		(977	)		(650	)		(1,284	)
Proceeds from sales of properties		(2,206	)		(2,075	)		(7,898	)		(4,281	)		(10,553	)
Gain (loss) on sales, net		54			—			(162	)		54			(359	)
OREO at end of period	$	62,935		$	45,918		$	47,030		$	62,935		$	47,030




PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)

	As of			As of			As of			As of
	6/30/14			3/31/14			12/31/13			6/30/13
Assets
Loans	$	643,030		$	682,591		$	709,326		$	774,785
Loan loss reserve		(24,026	)		(25,415	)		(28,124	)		(37,559	)

Net loans		619,004			657,176			681,202			737,226
Mortgage loans held for sale		280			—			149			133
Securities held to maturity		43,488			43,550			43,612			—
Securities available for sale		180,723			166,442			163,344			176,942
Federal funds sold & interest bearing deposits		95,353			99,286			103,669			56,512
Cash and due from financial institutions		6,913			7,449			7,465			7,754
Premises and equipment		19,788			19,821			19,983			20,368
FHLB Stock		7,323			7,323			10,072			10,072
Other real estate owned		62,935			45,918			30,892			47,030
Accrued interest receivable and other assets		16,220			16,565			15,733			16,094

Total Assets	$	1,052,027		$	1,063,530		$	1,076,121		$	1,072,131

Liabilities and Equity
Certificates of deposit	$	631,110		$	656,475		$	679,952		$	690,557
Interest checking		76,625			79,689			84,626			78,218
Money market		95,946			89,678			79,349			65,620
Savings		37,178			38,524			36,292			40,121

Total interest bearing deposits		840,859			864,366			880,219			874,516
Demand deposits		109,956			110,507			107,486			106,320

Total deposits		950,815			974,873			987,705			980,836
Federal funds purchased & repurchase agreements		2,451			2,240			2,470			3,292
FHLB advances		14,134			4,345			4,492			5,016
Junior subordinated debentures		30,400			30,625			30,850			31,525
Accrued interest payable and other liabilities		16,453			15,110			14,673			12,710

Total liabilities		1,014,253			1,027,193			1,040,190			1,033,379
Stockholders’ equity		37,774			36,337			35,931			38,752

Total Liabilities and Stockholders’ Equity	$	1,052,027		$	1,063,530		$	1,076,121		$	1,072,131


Ending shares outstanding		13,104,853			12,894,741			12,840,999			12,322,207
Book value per common share	$	(0.04	)	$	(0.15	)	$	(0.18	)	$	0.04
Tangible book value per common share		(0.13	)		(0.25	)		(0.29	)		(0.10	)

Asset Quality Data
Loan 90 days or more past due still on accrual	$	—		$	—		$	232		$	71
Nonaccrual loans		44,375			77,344			101,767			112,185
Total non-performing loans		44,375			77,344			101,999			112,256
Real estate acquired through foreclosures		62,935			45,918			30,892			47,030
Other repossessed assets		—			—			—			—
Total non-performing assets	$	107,310		$	123,262		$	132,891		$	159,286

Non-performing loans to total loans		6.90	%		11.33	%		14.38	%		14.49	%
Non-performing assets to total assets		10.20			11.59			12.35			14.86
Allowance for loan losses to non-performing loans		54.14			32.86			27.57			33.46
Allowance as % of loans evaluated individually		2.20			2.01			2.32			5.82
Allowance as % of loans evaluated collectively		3.95			4.10			4.41			4.56
Allowance for loan losses to total loans		3.74			3.72			3.96			4.85

Risk-based Capital Ratios
Tier I leverage ratio		4.89	%		4.87	%		4.95	%		4.91	%
Tier I risk-based capital ratio		7.31			7.22			7.34			6.88
Total risk-based capital ratio		11.07			10.93			11.03			10.46

FTE employees		275			263			260			264

CONTACT:
Porter Bancorp, Inc.
John T. Taylor, President, 502-499-4800