8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549_____________

FORM 8-KCURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934Date of Report (Date of earliest event reported): April 18, 2018PORTER BANCORP, INC.(Exact name of registrant as specified in its charter)

Kentucky	001-33033	61-1142247
(State or other jurisdiction of incorporation or 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company	⃞
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	⃞

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On April 18, 2018, Porter Bancorp, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2018. 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 April 18, 2018

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: April 18, 2018	Porter Bancorp, Inc.
	By:	/s/ Phillip W. Barnhouse
		Phillip W. Barnhouse
		Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated April 18, 2018

EX-99.1

Exhibit 99.1

Porter Bancorp Reports 1st Quarter 2018 Net Income of $1.9 million or $0.31 per Diluted Share

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 18, 2018--Porter Bancorp, Inc. (NASDAQ: PBIB) (“the Company”), parent company of Limestone Bank (“the Bank”), today reported unaudited results for the first quarter of 2018. The Company reported net income available to common shareholders for the first quarter of 2018 of $1.9 million, or $0.31 per basic and diluted common share, compared to net income available to common shareholders of $1.6 million, or $0.27 per basic and diluted share, for the first quarter of 2017.

“We are pleased with the favorable financial results for the first quarter of 2018 which were largely driven by quality loan production, net interest income growth, and expense management,” said John T. Taylor, President and CEO. “We are also pleased with the $14.95 million private placement of common stock completed on March 30, 2018, which will provide capital to support the growth of our banking franchise.”

Rebranding – Effective February, 20, 2018, the Bank changed its name to Limestone Bank. We believe the new name reflects the Bank’s Kentucky heritage, which can be traced back more than 110 years. Changing the name of Porter Bancorp, Inc. to Limestone Bancorp, Inc. is on the agenda for the 2018 annual meeting of shareholders.

Net Interest Income – Net interest income before provision expense increased to $8.2 million for the first quarter of 2018, compared with $8.0 million in the fourth quarter of 2017, and $7.7 million in the first quarter of 2017. Average loans increased to $724.2 million for the first quarter of 2018, compared with $695.6 million in the fourth quarter of 2017 and $649.3 million in the first quarter of 2017. Net interest margin increased to 3.63% in the first quarter of 2018, compared with 3.50% in the fourth quarter of 2017 and 3.55% in the first quarter of 2017.

Our yield on earning assets improved to 4.45% in the first quarter of 2018, compared to 4.24% in the fourth quarter of 2017 and 4.23% in the first quarter of 2017. The cost of interest bearing liabilities was 0.96% in the first quarter of 2018, compared to 0.88% for the fourth quarter of 2017, and 0.78% in the first quarter of 2017.

Provision and Allowance for Loan Losses – There was no provision for loan losses in the first quarter of 2017 or 2018 due to ongoing improvements in asset quality and management’s assessment of risk in the loan portfolio.

The allowance for loan losses to total loans was 1.17% at March 31, 2018, compared to 1.15% at December 31, 2017, and 1.35% at March 31, 2017. The reduced level of the allowance from a year over year comparison is primarily driven by declining historical charge-off levels and improving trends in credit quality. Net loan recoveries were $324,000 for the first quarter of 2018, compared to net recoveries of $25,000 for the fourth quarter of 2017, and net charge-offs of $1,000 for the first quarter of 2017.

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 $8.8 million, or 0.88% of total assets at March 31, 2018, compared with $9.9 million, or 1.02% of total assets at December 31, 2017, and $14.7 million, or 1.56% of total assets at March 31, 2017.

Non-performing loans decreased to $4.4 million, or 0.60% of total loans at March 31, 2018, compared with $5.5 million, or 0.77% of total loans at December 31, 2017, and decreased from $8.1 million, or 1.22% of total loans at March 31, 2017. The decrease from the previous quarter was primarily driven by $995,000 in principal payments received on nonaccrual loans. OREO remained unchanged at March 31, 2018, at $4.4 million, compared to December 31, 2017, and decreased compared to $6.6 million at March 31, 2017. The Company acquired $110,000 in OREO and sold $70,000 in OREO during the first quarter of 2018. Fair value write-downs arising from lower marketing prices or new appraisals totaled $60,000 in the first quarter of 2018, compared with $1.9 million in the fourth quarter of 2017, and no write-downs in the first quarter of 2017.

In addition to nonaccrual loans and OREO, loans classified as Troubled Debt Restructures (TDRs) and on accrual totaled $922,000 at March 31, 2018, compared to $1.2 million at December 31, 2017 and March 31, 2017.

Non-interest Income and Expense – Non-interest income for the first quarter of 2018 increased $59,000 to $1.3 million, compared with $1.2 million for the first quarter of 2017. The increase from the first quarter of 2017 was primarily due to an increase in bank card interchange fees of $64,000 as well as an increase in service charges on deposit accounts of $67,000. These increases were partially offset by a decrease in other non-interest income of $69,000.

Non-interest expense decreased $84,000, or 1.20% to $7.2 million for the first quarter of 2018, compared with $7.3 million for the first quarter of 2017.

Capital – The Company completed a private placement of common stock on March 30, 2018. In the transaction, the Company issued 150,000 common shares and 1.0 million non-voting common shares to Patriot Financial Partners III, L.P. at $13.00 per share resulting in total proceeds of $14.950 million of which $5.0 million was contributed as capital to the Bank. The balance of the proceeds will be used for general corporate purposes and to support the growth of the Bank.

At March 31, 2018, the Bank’s Tier 1 leverage ratio was 9.31%, compared with 8.70% at December 31, 2017, and its Total risk-based capital ratio was 12.43% at March 31, 2018, compared with 11.61% at December 31, 2017. At March 31, 2018, the Bank’s Common equity Tier 1 risk-based capital ratio was 11.18%, compared with 10.35% at December 31, 2017. At March 31, 2018, the Company’s Tier 1 leverage ratio was 9.18%, compared with 7.11% at December 31, 2017, and its Total risk-based capital ratio was 12.56%, compared with 10.55% at December 31, 2017. At March 31, 2018, the Company’s Common equity Tier 1 risk-based capital ratio was 8.98%, compared with 6.92% at December 31, 2017.

Deferred Tax Assets and Liabilities – The Company has a net deferred tax asset of $31.0 million at March 31, 2018. Deferred tax assets and liabilities are shown below:

	March 31,		December 31,
	2018		2017
	(in thousands)
Deferred tax assets:
Net operating loss carry-forward	$	25,362	$	25,645
Allowance for loan losses		1,790		1,723
Other real estate owned write-down		2,445		2,432
Other		2,269		2,388
		31,866		32,188
Deferred tax liabilities:
FHLB stock dividends		557		557
Other		312		318
		869		875
Net deferred tax asset	$	30,997	$	31,313

About Porter Bancorp, Inc.

Porter Bancorp, Inc. (NASDAQ: PBIB) is a Louisville, Kentucky-based bank holding company which operates banking centers in 12 counties through its wholly-owned subsidiary Limestone Bank. Our markets include metropolitan Louisville in Jefferson County and the surrounding counties of Henry and Bullitt, and extend south along the Interstate 65 corridor. We serve southern and south central Kentucky from banking centers in Butler, Green, Hart, Edmonson, Barren, Warren, Ohio and Daviess counties. We also have a banking center in Lexington, Kentucky, the second largest city in the state. Limestone Bank is a traditional community bank with a wide range of personal and business banking products and services.

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 that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2017.

Additional Information

Unaudited supplemental financial information for the first quarter ending March 31, 2018, follows.

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
	Three Months Ended
	3/31/18		12/31/17			3/31/17
Income Statement Data
Interest income	$	10,015	$	9,717		$	9,225
Interest expense		1,834		1,716			1,484
Net interest income		8,181		8,001			7,741
Provision (negative provision) for loan losses		—		(800	)		—
Net interest income after provision		8,181		8,801			7,741
Service charges on deposit accounts		568		636			501
Bank card interchange fees		401		403			337
Bank owned life insurance income		99		103			102
Gains (loss) on sales and calls of securities, net		—		293			—
Other		183		207			252
Non-interest income		1,251		1,642			1,192
Salaries & employee benefits		3,788		3,657			3,947
Occupancy and equipment		895		919			821
Professional fees		205		202			303
Marketing expense		300		218			254
FDIC insurance		182		357			342
Data processing expense		324		325			292
State franchise and deposit tax		282		281			225
Other real estate owned expense		82		1,881			(16	)
Litigation and loan collection expense		53		58			3
Other		1,058		1,174			1,082
Non-interest expense		7,169		9,072			7,253
Income before income taxes		2,263		1,371			1,680
Income tax expense (benefit)		329		(31,899	)		—
Net income		1,934		33,270			1,680
Less:
Earnings allocated to participating securities		34		797			44
Net income attributable to common	$	1,900	$	32,473		$	1,636
Weighted average shares – Basic		6,173,397		6,109,991			6,063,026
Weighted average shares – Diluted		6,173,397		6,109,991			6,063,026
Basic earnings per common share	$	0.31	$	5.31		$	0.27
Diluted earnings per common share	$	0.31	$	5.31		$	0.27
Cash dividends declared per common share	$	0.00	$	0.00		$	0.00

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
	Three Months Ended
	3/31/18			12/31/17			3/31/17
Average Balance Sheet Data
Assets	$	987,390		$	960,269		$	937,616
Loans		724,203			695,646			649,325
Earning assets		915,762			916,561			892,292
Deposits		834,695			862,625			853,556
Long-term debt and advances		74,063			50,335			35,956
Interest bearing liabilities		777,140			774,507			767,461
Stockholders’ equity		73,205			41,397			33,732
Performance Ratios
Return on average assets		0.79	%		13.75	%		0.73	%
Return on average equity		10.71			318.85			20.20
Yield on average earning assets (tax equivalent)		4.45			4.24			4.23
Cost of interest bearing liabilities		0.96			0.88			0.78
Net interest margin (tax equivalent)		3.63			3.50			3.55
Efficiency ratio		76.01			97.03			81.19
Loan Charge-off Data
Loans charged-off	$	(47	)	$	(201	)	$	(326	)
Recoveries		371			226			325
Net recoveries (charge-offs)	$	324		$	25		$	(1	)
Nonaccrual Loan Activity
Nonaccrual loans at beginning of period	$	5,457		$	5,769		$	9,216
Net principal pay-downs		(995	)		(488	)		(1,452	)
Charge-offs		(1	)		(137	)		(229	)
Loans foreclosed and transferred to OREO		(110	)		—			(100	)
Loans returned to accrual status		—			—			(136	)
Loans placed on nonaccrual during the period		19			313			803
Nonaccrual loans at end of period	$	4,370		$	5,457		$	8,102
Troubled Debt Restructurings (TDRs)
Accruing	$	922		$	1,217		$	1,244
Nonaccrual		1,362			1,829			3,374
Total	$	2,284		$	3,046		$	4,618
Other Real Estate Owned (OREO) Activity
OREO at beginning of period	$	4,409		$	6,330		$	6,821
Real estate acquired		110			—			100
Valuation adjustment write-downs		(60	)		(1,865	)		—
Proceeds from sales of properties		(70	)		(55	)		(388	)
Gain (loss) on sales, net		(4	)		(1	)		38
OREO at end of period	$	4,385		$	4,409		$	6,571

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
	As of
	3/31/18			12/31/17			9/30/17			6/30/17			3/31/17
Assets
Loans	$	729,432		$	712,115		$	682,511		$	654,938		$	664,183
Allowance for loan losses		(8,526	)		(8,202	)		(8,977	)		(8,885	)		(8,966	)
Net loans		720,906			703,913			673,534			646,053			655,217
Loans held for sale		—			70			—			—			—
Securities held to maturity		—			—			41,424			41,635			41,752
Securities available for sale		160,812			152,720			149,797			154,993			156,001
Federal funds sold & interest bearing deposits		30,073			25,966			37,812			51,413			32,329
Cash and due from financial institutions		7,610			8,137			9,557			9,297			5,456
Premises and equipment		16,789			16,789			16,975			17,164			17,687
Bank owned life insurance		15,323			15,229			15,131			15,033			14,935
FHLB Stock		7,323			7,323			7,323			7,323			7,323
Other real estate owned		4,385			4,409			6,330			6,318			6,571
Deferred taxes, net		30,997			31,313			—			—			—
Accrued interest receivable and other assets		5,886			4,932			5,082			5,228			5,083
Total Assets	$	1,000,104		$	970,801		$	962,965		$	954,457		$	942,354
Liabilities and Equity
Certificates of deposit	$	431,921		$	424,235		$	445,577		$	458,068		$	470,029
Interest checking		92,048			99,383			94,523			97,169			104,811
Money market		150,974			151,388			156,905			153,700			122,434
Savings		35,984			34,632			35,946			36,363			36,380
Total interest bearing deposits		710,927			709,638			732,951			745,300			733,654
Demand deposits		135,984			137,386			133,896			129,518			127,049
Total deposits		846,911			847,024			866,847			874,818			860,703
FHLB advances		26,752			11,797			16,847			2,158			17,313
Junior subordinated debentures		23,025			23,250			23,475			23,700			23,925
Senior debt		10,000			10,000			10,000			10,000			—
Accrued interest payable and other liabilities		5,186			6,057			5,728			5,388			4,908
Total liabilities		911,874			898,128			922,897			916,064			906,849
Preferred stockholders’ equity		2,771			2,771			2,771			2,771			2,771
Common stockholders’ equity		85,459			69,902			37,297			35,622			32,734
Total stockholders’ equity		88,230			72,673			40,068			38,393			35,505
Total Liabilities and Stockholders’ Equity	$	1,000,104		$	970,801		$	962,965		$	954,457		$	942,354
Ending shares outstanding		7,409,864			6,259,864			6,259,864			6,259,864			6,247,520
Book value per common share	$	11.53		$	11.17		$	5.96		$	5.69		$	5.24
Tangible book value per common share		11.53			11.17			5.96			5.69			5.23

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
	As of
	3/31/18			12/31/17			9/30/17			6/30/17			3/31/17
Asset Quality Data
Loan 90 days or more past due still on accrual	$	—		$	1		$	—		$	—		$	—
Nonaccrual loans		4,370			5,457			5,769			6,509			8,102
Total non-performing loans		4,370			5,458			5,769			6,509			8,102
Real estate acquired through foreclosures		4,385			4,409			6,330			6,318			6,571
Other repossessed assets		—			—			—			—			—
Total non-performing assets	$	8,755		$	9,867		$	12,099		$	12,827		$	14,673
Non-performing loans to total loans		0.60	%		0.77	%		0.85	%		0.99	%		1.22	%
Non-performing assets to total assets		0.88			1.02			1.26			1.34			1.56
Allowance for loan losses to non-performing loans		195.10			150.27			155.61			136.50			110.66
Allowance for loans evaluated individually	$	282		$	219		$	425		$	254		$	332
Loans evaluated individually for impairment		5,775			7,173			7,509			8,273			9,891
Allowance as % of loans evaluated individually		4.88	%		3.05	%		5.66	%		3.07	%		3.36	%
Allowance for loans evaluated collectively	$	8,244		$	7,983		$	8,552		$	8,631		$	8,634
Loans evaluated collectively for impairment		723,657			704,942			675,002			646,665			654,292
Allowance as % of loans evaluated collectively		1.14	%		1.13	%		1.27	%		1.33	%		1.32	%
Allowance for loan losses to total loans		1.17	%		1.15	%		1.32	%		1.36	%		1.35	%
Loans by Risk Category
Pass	$	695,507		$	673,033		$	633,203		$	610,356		$	617,361
Watch		17,938			25,715			35,167			29,433			26,442
Special Mention		162			164			598			604			492
Substandard		15,825			13,203			13,543			14,545			19,888
Doubtful		—			—			—			—			—
Total	$	729,432		$	712,115		$	682,511		$	654,938		$	664,183
Loans by Past Due Status
Past due loans:
30 – 59 days	$	6,402		$	1,478		$	872		$	1,328		$	972
60 – 89 days		472			171			612			765			289
90 days or more		—			1			—			—			—
Nonaccrual loans		4,370			5,457			5,769			6,509			8,102
Total past due and nonaccrual loans	$	11,244		$	7,107		$	7,253		$	8,602		$	9,363
Risk-based Capital Ratios - Company
Tier I leverage ratio		9.18	%		7.11	%		5.85	%		5.65	%		5.43	%
Common equity Tier I risk-based capital ratio		8.98			6.92			5.49			5.58			5.29
Tier I risk-based capital ratio		11.03			8.44			7.31			7.46			7.09
Total risk-based capital ratio		12.56			10.55			10.05			10.44			10.15
Risk-based Capital Ratios – Limestone Bank
Tier I leverage ratio		9.31	%		8.70	%		7.73	%		7.54	%		6.37	%
Common equity Tier I risk-based capital ratio		11.18			10.35			9.66			9.97			8.33
Tier I risk-based capital ratio		11.18			10.35			9.66			9.97			8.33
Total risk-based capital ratio		12.43			11.61			11.10			11.50			9.89
FTE employees		214			217			217			221			230

Non-GAAP Financial Measures Reconciliation

Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value per common share by excluding the balance of intangible assets from common stockholders’ equity. We calculate tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing common stockholders’ equity by common shares outstanding. We believe this is consistent with bank regulatory agency treatment, which excludes tangible assets from the calculation of risk-based capital.

The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and fee income. We calculate the efficiency ratio by dividing total non-interest expenses as determined under GAAP by net interest income and total non-interest income, but excluding net gains on the sale of securities from the calculation. We believe this provides a reasonable measure of primary banking expenses relative to primary banking revenue.

	As of
	3/31/18		12/31/17		9/30/17		6/30/17		3/31/17
Tangible Book Value Per Share	(in thousands, except share and per share data)
Common stockholder’s equity	$	85,459	$	69,902	$	37,297	$	35,622	$	32,734
Less: Intangible assets		—		—		—		—		42
Tangible common equity		85,459		69,902		37,297		35,622		32,692
Shares Outstanding		7,409,864		6,259,864		6,259,864		6,259,864		6,247,520
Tangible book value per common share	$	11.53	$	11.17	$	5.96	$	5.69	$	5.23
Book value per common share		11.53		11.17		5.96		5.69		5.24

	Three Months Ended
	3/31/18			12/31/17			3/31/17
Efficiency Ratio	(in thousands)
Net interest income	$	8,181		$	8,001		$	7,741
Non-interest income		1,251			1,642			1,192
Less: Net gain on securities		—			293			—
Revenue used for efficiency ratio		9,432			9,350			8,933
Non-interest expense		7,169			9,072			7,253
Efficiency ratio		76.01	%		97.03	%		81.19	%

CONTACT:
Porter Bancorp, Inc.
John T. Taylor, 502-499-4800
Chief Executive Officer