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Farmers Capital Bank Corporation Announces Third Quarter Earnings

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
Nonaccrual loans $43,150 $54,598 $61,358 $59,755 $60,322
Loans 90 days or more past due and still accruing 28 29 50 1 2
Restructured loans 26,449 17,540 17,551 19,125 28,742
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 

Activity during the current quarter for nonaccrual loans, restructured loans, and other real estate owned is as follows:

       
(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  -- --
Loans restructured -- 9,103  --
Principal paydowns (992) (194) --
Transfers to other real estate owned (10,787) -- 11,320 
Charge-offs/write-downs (1,348) -- (1,052)
Proceeds from sales -- -- (2,219)
Net loss on sales -- -- (135)
Balance at September 30, 2012 $43,150 $26,449 $47,480 

The more significant changes to nonperforming assets during the current quarter include the transfer of $10.8 million of collateral previously securing nonaccrual loans to other real estate owned and the addition to restructured loans of a previously identified impaired, but accruing, single commercial real estate credit in the amount of $9.1 million. There were four larger-balance nonaccrual loans totaling $8.8 million that moved to other real estate owned during the quarter as a result of repossession, one of which includes a real estate development property representing $6.2 million. The other larger-balance properties include a real estate development project of $939 thousand and two residential real estate properties totaling $1.7 million in the aggregate.

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