This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs