FRANKFORT, Ky., Oct. 17, 2012 (GLOBE NEWSWIRE) -- Farmers Capital Bank Corporation (Nasdaq:FFKT) (the "Company") reported net income of $3.1 million or $.35 per common share and $9.5 million or $1.09 per common share for the third quarter and first nine months of 2012, respectively. This represents an increase of $2.8 million or $.38 per common share and $8.1 million or $1.08 per common share when compared to the same periods in 2011. Net income for the current quarter decreased $56 thousand or 1.8%, relatively unchanged compared with $3.1 million reported for the linked quarter. On a per common share basis, net income for the current quarter decreased $.01 or 2.8% in the linked quarter comparison.
"There are several positives to highlight that took place during the quarter," says Lloyd C. Hillard, Jr., President and Chief Executive Officer of the Company. "The Company repurchased the warrant it issued in 2009 that would have allowed the U.S. Treasury to purchase common shares in the Company. The parent company also received $9.5 million in dividend payments from its subsidiaries, including $4 million from Farmers Bank," Mr. Hillard continues. "The dividend from Farmers Bank, which required regulatory approval, represents the first such payment since the bank entered into its agreement with regulators during 2009. And while nonperforming loans declined in the quarter, we are mindful that overall nonperforming assets moved upward - primarily from the addition of a single large restructured credit, and we will continue to work in a methodical fashion to bring those levels down."
A summary of nonperforming assets is as follows for the periods indicated.
|(In thousands)||September 30, 2012||June 30, 2012||March 31, 2012||December 31, 2011||September 30, 2011|
|Loans 90 days or more past due and still accruing||28||29||50||1||2|
|Total nonperforming loans||69,627||72,167||78,959||78,881||89,066|
|Other real estate owned||47,480||39,566||41,750||38,157||35,993|
|Other foreclosed assets||--||16||36||36||40|
|Total nonperforming assets||$117,107||$111,749||$120,745||$117,074||$125,099|
|Ratio of total nonperforming loans to total loans (net of unearned income)||6.8%||6.9%||7.5%||7.4%||8.1%|
|Ratio of total nonperforming assets to total assets||6.3||6.0||6.4||6.2||6.6|
|(In thousands)||Nonaccrual Loans||Restructured Loans||Other Real Estate Owned|
|Balance at June 30, 2012||$54,598||$17,540||$39,566|
|Loans placed on nonaccrual status||1,679||--||--|
|Transfers to other real estate owned||(10,787)||--||11,320|
|Proceeds from sales||--||--||(2,219)|
|Net loss on sales||--||--||(135)|
|Balance at September 30, 2012||$43,150||$26,449||$47,480|
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