Farmers Capital Bank Corporation Announces 2010 Earnings
FRANKFORT, Ky., Jan. 19, 2011 (GLOBE NEWSWIRE) -- Farmers Capital Bank Corporation (Nasdaq:FFKT) (the "Company") reported net income of $891 thousand or $.06 per common share for the quarter ended December 31, 2010, a decrease of $364 thousand compared to net income of $1.3 million or $.11 per common share for the linked quarter ended September 30, 2010. For the fourth quarter a year ago, the Company reported a net loss of $47.1 million or $6.45 per common share. Net income for the twelve months ended December 31, 2010 was $6.9 million or $.68 per common share compared to a net loss of $44.7 million or $6.32 per common share for the year ended December 31, 2009.
Lloyd C. Hillard, Jr., who is nearing the one-year mark as the Company's President and Chief Executive Officer, says: "2010 was an extremely challenging year for our Company, but we are laying the groundwork that will result in a stronger and more financially sound company moving forward. We are already experiencing positive trends that are the result of many difficult decisions that have and continue to be made. For instance, nonperforming loans have decreased in three consecutive quarters and numerous noninterest expense categories have been trending down. The provision for loan losses for 2010 declined while our allowance for loan losses increased. We've also managed to increase net interest income in 2010 while strategically realigning our balance sheet."
Mr. Hillard further stated, "We have also begun a very important Company wide effort of improving our customers' experience and establishing a culture of service. I've been extremely pleased with the response of our employees in this regard. We continue to take steps in building a stronger credit culture by expanding employee training and reinforcement, strengthening our loan policy, and improving underwriting standards."
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