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Farmers Capital Bank Corporation Announces Fourth Quarter Earnings

A summary of nonperforming assets is as follows for the periods indicated.

 
(In thousands) December 31,  2012 September 30,  2012 June 30,  2012 March 31,  2012 December 31, 2011
Nonaccrual loans $27,408 $43,150 $54,598 $61,358 $59,755
Loans 90 days or more past due and still accruing 103 28 29 50 1
Restructured loans 26,349 26,449 17,540 17,551 19,125
Total nonperforming loans 53,860 69,627 72,167 78,959 78,881
           
Other real estate owned 52,562 47,480 39,566 41,750 38,157
Other foreclosed assets -- -- 16 36 36
Total nonperforming assets $106,422 $117,107 $111,749 $120,745 $117,074
           
Ratio of total nonperforming loans to total loans (net of unearned income) 5.4% 6.8% 6.9% 7.5% 7.4%
Ratio of total nonperforming assets to total assets 5.9  6.3  6.0  6.4  6.2 

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 September 30, 2012 $43,150 $26,449 $47,480 
Loans placed on nonaccrual status 1,106  (72) --
Loans restructured (38) 38  --
Principal paydowns (2,929) (66) --
Transfers to other real estate owned (12,069) -- 12,211 
Charge-offs/write-downs (1,647) -- (1,558)
Reclassified to performing status (165) -- --
Proceeds from sales -- -- (5,488)
Net loss on sales -- -- (83)
Balance at December 31, 2012 $27,408 $26,349 $52,562 

The more significant changes to nonperforming assets during the current quarter include the transfer of $12.1 million of collateral previously securing nonaccrual loans to other real estate owned. There were six larger-balance nonaccrual credits totaling $11.1 million that moved to other real estate owned during the quarter as a result of repossession, including four related to real estate development properties totaling $7.3 million, one related to commercial real estate of $2.9 million, and one group of related residential properties totaling $911 thousand. The Company received principal payments on nonaccrual loans of $2.9 million during the quarter and received proceeds of $5.5 million on the sale of other real estate.

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