FRANKFORT, Ky. (April 23, 2015) — Farmers Capital Bank Corporation (Nasdaq:FFKT) reported net income of $4.1 million or $.51 per common share for the quarter ended March 31, 2015. Net income for the current quarter decreased $84 thousand or 2.0% compared to the quarter ended December 31, 2014, unchanged on a per common share basis. Net income for the current quarter is up $704 thousand or 20.9% when compared to the first quarter of 2014, which represents an increase of $.13 per common share.
“The level of progress we’ve made in recent quarters in the overall credit quality of the loan portfolio remains strong,” says Lloyd C. Hillard, Jr., president and chief executive officer of the company. “While restructured loans edged up for the quarter, our overall nonperforming loans remain near the five-year low point of the previous quarter. Other credit quality metrics, including our watch list, adversely classified loans, and loans past due 30-89 days, are each at five-year lows.”
“We are pleased with the termination during the first quarter of the agreement entered into between our subsidiary, United Bank & Trust Company, and its banking regulators. This action reflects the overall improvements made in the Company’s financial condition and credit quality,” continued Hillard.
“Looking forward, we intend to redeem the remaining 10,000 shares of our outstanding preferred stock during the second quarter of 2015. The timing of any such redemption, however, is contingent on receiving approval from our banking regulators,” Hillard said.