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Farmers Capital Bank Corporation Announces Second Quarter Earnings

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.

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