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FRANKFORT, Ky., Oct. 23, 2013 (GLOBE NEWSWIRE) -- Farmers Capital Bank Corporation (Nasdaq:FFKT) (the "Company") reported net income of $3.0 million or $.34 per common share and $10.4 million or $1.19 per common share for the third quarter and first nine months of 2013, respectively. Net income for the current quarter decreased $512 thousand or 14.4% when compared with the linked quarter, which represents a decrease of $.07 per common share. Net income for the quarter decreased $56 thousand or $.01 per share when compared to the third quarter of the prior year. For the year to date period, net income increased $827 thousand or 8.7% compared to a year earlier, representing an increase of $.10 per common share.
"We remain focused on identifying and addressing asset quality issues as they arise, the pace of which has moderated over the last several quarters," says Lloyd C. Hillard, Jr., President and Chief Executive Officer of the Company. "Overall credit quality has gradually improved, resulting in relatively low net charge-offs and a decrease in the provision for loan losses in recent periods," continues Mr. Hillard. "And although we increased end of period loans during the quarter, generating high quality loans remains a challenge in the current slow-growth economy."
A summary of nonperforming assets is as follows for the periods indicated.
September 30, 2013
June 30, 2013
March 31, 2013
December 31, 2012
September 30, 2012
Loans 90 days or more past due and still accruing
Total nonperforming loans
Other real estate owned
Total nonperforming assets
Ratio of total nonperforming loans to total loans (net of unearned income)
Ratio of total nonperforming assets to total assets
Activity during the current quarter for nonaccrual loans, restructured loans, and other real estate owned is as follows:
Other Real Estate Owned
Balance at June 30, 2013
Loans placed on nonaccrual status
Transfers to performing status
Transfers to other real estate owned
Proceeds from sales
Net loss on sales/other
Balance at September 30, 2013
Nonaccrual loan activity for the quarter includes the addition of a single credit in the amount of $3.1 million secured by commercial real estate. There have been no charge-offs related to this credit, as the outstanding balance is 75% of the recently appraised collateral net of selling costs. The decrease in other real estate owned is mainly attributed to transactions totaling $2.4 million in the aggregate related to two separate properties. The Company sold one larger-balance commercial real estate property with a carrying amount of $1.3 million at a loss of $56 thousand during the quarter. The Company has a residential development property where it sold units during the quarter with a carrying amount of $436 thousand at an aggregate loss of $204 thousand. This development was subsequently written down $700 thousand to its estimated fair value less costs to sell. Additionally, impairment charges totaling $857 thousand were recorded on three other larger-balance properties during the quarter.