FRANKFORT, Ky., Oct. 23, 2013 (GLOBE NEWSWIRE) — Farmers Capital Bank Corp. (Nasdaq:FFKT) reported net income of $3 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 $512,000 or 14.4 percent when compared with the linked quarter, which represents a decrease of $.07 per common share. Net income for the quarter decreased $56,000 or $.01 per share when compared to the third quarter of the prior year. For the year to date period, net income increased $827,000 or 8.7 percent 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/CEO 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. And although we increased end of period loans during the quarter, generating high quality loans remains a challenge in the current slow-growth economy.”