FRANKFORT, Ky., April 17, 2013 (GLOBE NEWSWIRE) -- Farmers Capital Bank Corporation (Nasdaq:FFKT) (the "Company") reported net income of $3.8 million for the quarter ended March 31, 2013. This represents an increase of $1.2 million or 45.7% when compared to net income of $2.6 million for the quarter ended December 31, 2012. On a per common share basis, net income was $.44 for the current quarter, up $.16 or 57.1% compared to $.28 for the linked quarter. The $3.8 million of net income for the current quarter is an improvement of $483 thousand or 14.6% when compared to the first quarter a year earlier. On a per common share basis, net income for the current quarter was up $.06 or 15.8% compared to $.38 for the first quarter of 2012.
"First quarter results mark another step forward in our quest to improve the Company's overall financial condition and profitability," says Lloyd C. Hillard, Jr., President and Chief Executive Officer of the Company. "There were several positive events that took place during the quarter, including an overall increase in loans. This reverses a string of fifteen consecutive quarters of decline," says Mr. Hillard. "We also had a decline in our holdings of repossessed real estate, where we sold properties with a book value of $3.8 million at a gain of $269 thousand. Furthermore, we have signed agreements where we expect to receive $2.6 million from the sale of additional repossessed properties with a carrying value of $2.5 million that are scheduled to close during the second quarter," continues Mr. Hillard. "Overall nonperforming assets declined during the quarter to the lowest level since the third quarter of 2009. We have not reached our goal, but this is a positive step."
"Net interest margin improved to 3.44%," states Mr. Hillard. "That's an increase of 22 basis points from the previous quarterly amount of 3.22%. The increase in margin resulted from improvements to both the yield on earning assets and cost of funds. Our overall cost of funds declined to 0.95% for the current quarter."