This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Farmers Capital Bank Corporation Announces Second Quarter Earnings

Stocks in this article: FFKT

FRANKFORT, Ky., July 17, 2013 (GLOBE NEWSWIRE) -- Farmers Capital Bank Corporation (Nasdaq:FFKT) (the "Company") reported net income of $3.5 million or $.41 per common share for the second quarter and $7.3 million or $.85 per common share for the first six months of 2013. Net income for the current quarter decreased $245 thousand or 6.5% compared with the linked quarter, which represents a decrease of $.03 per common share. Compared to a year earlier, net income increased $400 thousand or 12.7% for the current quarter and $883 thousand or 13.7% for the first six months. On a per common share basis, net income increased $.05 or 13.9% and $.11 or 14.9% over the prior-year three and six month periods, respectively.

"The overall result from the quarter is another positive step for our Company and shareholders," says Lloyd C. Hillard, Jr., President and Chief Executive Officer of the Company. "Although loan balances are down $13.2 million from the prior quarter, $7.1 million or 54% of the decrease is attributed to a decline in nonperforming loans – primarily nonaccrual loans. Repossessed real estate is down $2.7 million or 5.4%, which includes $5.5 million of properties sold at book value," Mr. Hillard continues. "Total nonperforming assets are down $9.8 million or 9.4% during the quarter. Net loan charge offs were relatively low and the allowance for loan losses remains strong."

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

 
(In thousands) June 30,  2013 March 31,  2013 December 31,  2012 September 30,  2012 June 30,  2012
Nonaccrual loans $21,259 $27,994 $27,408 $43,150 $54,598
Loans 90 days or more past due and still accruing -- 82 103 28 29
Restructured loans 26,238 26,529 26,349 26,449 17,540
Total nonperforming loans 47,497 54,605 53,860 69,627 72,167
           
Other real estate owned 46,465 49,130 52,562 47,480 39,566
Other foreclosed assets -- -- -- -- 16
Total nonperforming assets $93,962 $103,735 $106,422 $117,107 $111,749
           
Ratio of total nonperforming loans to total loans (net of unearned income) 4.7% 5.4% 5.4% 6.8% 6.9%
Ratio of total nonperforming assets to total assets 5.2  5.8  5.9  6.3  6.0 

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 March 31, 2013 $27,994 $26,529 $49,130 
Loans placed on nonaccrual status 677  -- --
Loans restructured -- 32  --
Principal paydowns (3,468) (323) --
Transfers to performing status (56) -- --
Transfers to other real estate owned (3,557) -- 3,905 
Charge-offs/write-downs (331) -- (1,029)
Proceeds from sales -- -- (5,552)
Net gain on sales/other -- -- 11 
Balance at June 30, 2013 $21,259 $26,238 $46,465 

For nonaccrual loans, principal paydowns during the quarter include $2.8 million related to three commercial credits. Two of these paydowns totaling $2.4 million relate to loans secured by real estate. The decrease in other real estate owned during the quarter was led by the sale of three larger-balance properties with an aggregate carrying amount of $2.8 million. Out of the $2.8 million larger-balance properties sold, $1.8 million represents real estate development properties and $1.0 million represents commercial real estate. In total, the Company received proceeds of $5.6 million during the quarter from the sale of other real estate that resulted in a net gain of $11 thousand. Additions to other real estate owned during the quarter include properties in the aggregate amount of $3.1 million that previously secured three credits, of which $2.0 million relates to commercial real estate and $1.1 million to residential real estate. Each of these credits was classified as nonaccrual prior to the Company acquiring the underlying collateral.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs