Farmers Capital Bank Corporation Announces First Quarter Earnings

Apr 16, 2001, 01:00 ET from Farmers Capital Bank Corporation

    FRANKFORT, Ky., April 16 /PRNewswire/ --
     Farmers Capital Bank Corporation (Nasdaq SmallCap: FFKT) reported net
 income of $3,906,000 for the first quarter of 2001, a decrease of $92
 thousand, or 2.3%, compared to $3,998,000 for the same period in 2000.
 However, due to the share buy-back program, net income per share actually
 increased.  Diluted net income per share was $.55 for the first quarter of
 2001 and $.54 for the same period in 2000.  This represents an increase of
 1.9%.
     In comparing the first quarter of 2001 with the first quarter of 2000,
 interest income increased $2.1 million, or 11.7%; however, this was more than
 offset by an increase in interest expense of $2.3 million, or 32.9%.  The
 provision for loan losses decreased $37 thousand, or 14.2%.  Noninterest
 income for the first quarter of 2001 increased $468 thousand, or 15.3%, in
 comparison with the same period in 2000.  The components that primarily
 influenced this increase were service charges and fees on deposits and
 securities gains.  Service charges and fees on deposits for the first quarter
 of 2001 were $1.6 million compared to $1.3 million for the same period in
 2000.  This represents an increase of $265 thousand, or 20.6%.  The net gain
 on the sale of available for sale investment securities totaled $279 thousand
 in 2001.  No securities were sold in the same period of 2000.  Noninterest
 expense for the first quarter of 2001 was $8.5 million, an increase of only
 $226 thousand, or 2.7%, over the same period in the prior year.  The
 components that primarily influenced this increase were salaries and benefits,
 equipment expense, and other expense.  Salaries and benefits increased $170
 thousand, or 3.6%, equipment expense increased $132 thousand, or 19.6%, and
 other expense decreased $106 thousand, or 5.7%.
     A share buy-back program has been in effect for several years.  The
 Company purchased 206 thousand shares at a total price of $7.3 million during
 the first quarter of 2001.  The positive impact of the buy-back program is
 most visible in the earnings per share results.  The diluted earnings per
 share growth is 415 basis points higher than the net income results for the
 quarter ended March 31, 2001.
     Farmers Capital Bank Corporation is a financial holding company
 headquartered in Frankfort, Kentucky.  The Company operates 23 banking
 locations in 13 communities throughout Kentucky, a leasing company, a data
 processing company, and an insurance agency.  Its stock is publicly traded on
 the National Association of Securities Dealers Automated Quotation System
 (NASDAQ) SmallCap Market tier, under the symbol:  FFKT.
 
 
                       Consolidated Financial Highlights
                      (In thousands except per share data)
 
                                                       Quarter ended March 31,
                                                         2001           2000
 
     Income before income tax expense             $     5,437       $  5,381
     Income tax expense                                 1,531          1,383
     Net income                                   $     3,906       $  3,998
     Per common share:
     Net income - basic and diluted                     $0.55          $0.54
     Cash dividend declared                              0.30           0.29
     Book value                                         17.37          16.98
 
 
     Averages for the three months ended March 31,       2001           2000
 
     Assets                                       $ 1,101,368       $993,880
     Deposits                                         874,260        820,358
     Loans, net of unearned interest                  684,025        649,263
     Shareholders' equity                             124,001        124,658
 
     Weighted average shares outstanding - basic        7,099          7,422
     Weighted average shares outstanding - diluted      7,121          7,423
 
     Return on average assets                           1.44%          1.61%
     Return on average equity                          12.78%         12.86%
 
 

SOURCE Farmers Capital Bank Corporation
    FRANKFORT, Ky., April 16 /PRNewswire/ --
     Farmers Capital Bank Corporation (Nasdaq SmallCap: FFKT) reported net
 income of $3,906,000 for the first quarter of 2001, a decrease of $92
 thousand, or 2.3%, compared to $3,998,000 for the same period in 2000.
 However, due to the share buy-back program, net income per share actually
 increased.  Diluted net income per share was $.55 for the first quarter of
 2001 and $.54 for the same period in 2000.  This represents an increase of
 1.9%.
     In comparing the first quarter of 2001 with the first quarter of 2000,
 interest income increased $2.1 million, or 11.7%; however, this was more than
 offset by an increase in interest expense of $2.3 million, or 32.9%.  The
 provision for loan losses decreased $37 thousand, or 14.2%.  Noninterest
 income for the first quarter of 2001 increased $468 thousand, or 15.3%, in
 comparison with the same period in 2000.  The components that primarily
 influenced this increase were service charges and fees on deposits and
 securities gains.  Service charges and fees on deposits for the first quarter
 of 2001 were $1.6 million compared to $1.3 million for the same period in
 2000.  This represents an increase of $265 thousand, or 20.6%.  The net gain
 on the sale of available for sale investment securities totaled $279 thousand
 in 2001.  No securities were sold in the same period of 2000.  Noninterest
 expense for the first quarter of 2001 was $8.5 million, an increase of only
 $226 thousand, or 2.7%, over the same period in the prior year.  The
 components that primarily influenced this increase were salaries and benefits,
 equipment expense, and other expense.  Salaries and benefits increased $170
 thousand, or 3.6%, equipment expense increased $132 thousand, or 19.6%, and
 other expense decreased $106 thousand, or 5.7%.
     A share buy-back program has been in effect for several years.  The
 Company purchased 206 thousand shares at a total price of $7.3 million during
 the first quarter of 2001.  The positive impact of the buy-back program is
 most visible in the earnings per share results.  The diluted earnings per
 share growth is 415 basis points higher than the net income results for the
 quarter ended March 31, 2001.
     Farmers Capital Bank Corporation is a financial holding company
 headquartered in Frankfort, Kentucky.  The Company operates 23 banking
 locations in 13 communities throughout Kentucky, a leasing company, a data
 processing company, and an insurance agency.  Its stock is publicly traded on
 the National Association of Securities Dealers Automated Quotation System
 (NASDAQ) SmallCap Market tier, under the symbol:  FFKT.
 
 
                       Consolidated Financial Highlights
                      (In thousands except per share data)
 
                                                       Quarter ended March 31,
                                                         2001           2000
 
     Income before income tax expense             $     5,437       $  5,381
     Income tax expense                                 1,531          1,383
     Net income                                   $     3,906       $  3,998
     Per common share:
     Net income - basic and diluted                     $0.55          $0.54
     Cash dividend declared                              0.30           0.29
     Book value                                         17.37          16.98
 
 
     Averages for the three months ended March 31,       2001           2000
 
     Assets                                       $ 1,101,368       $993,880
     Deposits                                         874,260        820,358
     Loans, net of unearned interest                  684,025        649,263
     Shareholders' equity                             124,001        124,658
 
     Weighted average shares outstanding - basic        7,099          7,422
     Weighted average shares outstanding - diluted      7,121          7,423
 
     Return on average assets                           1.44%          1.61%
     Return on average equity                          12.78%         12.86%
 
 SOURCE  Farmers Capital Bank Corporation