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Farmers Capital Bank Corporation Announces Fourth Quarter Earnings

Farmers Capital Bank Corporation is a bank holding company headquartered in Frankfort, Kentucky. The Company operates 36 banking locations in 23 communities throughout Central and Northern Kentucky, a data processing company, and an insurance company. Its stock is publicly traded on the NASDAQ Stock Market LLC exchange in the Global Select Market tier under the symbol: FFKT.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations, but are subject to certain risks and uncertainties that may cause actual results to differ materially. Among the risks and uncertainties that could cause actual results to differ materially are economic conditions generally and in the subject market areas, overall loan demand, increased competition in the financial services industry which could negatively impact the ability of the subject entities to increase total earning assets, and retention of key personnel. Actions by the Federal Reserve Board and changes in interest rates, loan prepayments by, and the financial health of, borrowers, and other factors described in the reports filed by the Company with the Securities and Exchange Commission ("SEC") could also impact current expectations. For more information about these factors please see the Company's Annual Report on Form 10-K on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements.

These forward-looking statements were based on information, plans and estimates at the date of this press release, and the Company does not promise to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Consolidated Financial Highlights-Unaudited (In thousands except per share data)
  Three Months Ended Twelve Months Ended
  December 31, 2012 September 30, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Interest income $  17,147  $  17,578  $  18,555  $  71,222  $  78,349 
Interest expense 3,824  4,511  5,751  18,258  24,670 
Net interest income 13,323  13,067  12,804  52,964  53,679 
Provision for loan losses 710  (256) 3,286  2,772  13,487 
Net interest income after provision for loan losses  12,613  13,323  9,518  50,192  40,192 
Noninterest income 6,048  6,166  5,898  24,654  24,391 
Noninterest expenses 15,446  15,347  14,744  59,787  62,492 
Income before income tax expense 3,215  4,142  672  15,059  2,091 
Income tax expense (benefit) 613  1,051  (580) 2,910  (647)
Net income $ 2,602   $ 3,091   $ 1,252   $ 12,149   $ 2,738  
           
Net income $ 2,602   $ 3,091   $ 1,252   $ 12,149   $ 2,738  
Less preferred stock dividends and discount accretion 483  481  477  1,922  1,896 
Net income available to common shareholders $ 2,119  $ 2,610  $ 775  $ 10,227  $ 842 
           
Basic and diluted net income per common share $  .28  $  .35  $ .10  $ 1.37  $  .11 
           
Averages          
Loans, net of unearned interest $1,011,204  $1,032,914  $1,084,839  $1,035,959  $1,130,273 
Total assets 1,877,016  1,886,412  1,934,320  1,891,359  1,945,362 
Deposits 1,414,894  1,407,895  1,448,496  1,419,787  1,456,644 
Shareholders' equity 168,969  166,722  156,613  164,606  154,560 
           
Weighted average common shares outstanding – basic and diluted 7,466  7,461  7,437  7,457  7,424 
           
Return on average assets .55%  .65%  .26% .64%  .14%
Return on average equity 6.13%  7.38%  3.17% 7.38%  1.77%
  December 31, 2012 September 30, 2012 December 31, 2011
Cash and cash equivalents $ 95,855 $ 110,218 $ 94,309
Investment securities 573,928 601,431 598,694
Loans, net of allowance of $24,445, $25,144, and $28,264 980,550 993,167 1,043,844
Other assets 156,899 150,166 146,743
Total assets $1,807,232 $1,854,982 $1,883,590
       
Deposits $1,410,810 $1,403,991 $1,435,065
Federal funds purchased and other short-term borrowings 24,083 25,740 27,022
Other borrowings 178,267 229,350 239,664
Other liabilities 26,051 27,223 24,782
Total liabilities 1,639,211 1,686,304 1,726,533
       
Shareholders' equity 168,021 168,678 157,057
Total liabilities and shareholders' equity $1,807,232 $1,854,982 $1,883,590
       
End of period tangible book value per common share 1 $ 18.35 $ 18.43 $ 16.86
End of period common share value 12.25 10.50 4.49
       
1Represents total common equity less intangible assets divided by the number of common shares outstanding at the end of the period.  
CONTACT: Farmers Capital Bank Corporation
         Doug Carpenter
         502-227-1686

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