FRANKFORT, Ky., (July 19, 2012) — Farmers Capital Bank Corp. (Nasdaq:FFKT) reported net income of $3.1 million or $.36 per common share and $6.5 million or $.74 per common share for the second quarter and first six months of 2012, respectively. This represents an increase of $3 million or $.40 per common share and $5.2 million or $.70 per common share when compared to the same periods in 2011.
Net income for the current quarter decreased $162,000 or 4.9 percent compared with $3.3 million reported in the linked quarter. On a per common share basis, net income for the current quarter decreased $.02 or 5.3 percent in the linked quarter comparison.
“We continue to see incremental progress in our march toward strengthening the company’s financial condition,” said Lloyd C. Hillard Jr., president and CEO. “While we still have a significant challenge ahead of us, our nonperforming assets are now at their lowest level since the fourth quarter of 2009. Net interest income quarter to quarter is up, as is pretax income.”
Hillard attributes progress in recent quarters to a cultural change taking place in the company.
“I am pleased with the direction we are headed, but not satisfied,” he said. “We understand the responsibility we have to our shareholders and customers and we will continue to seek improvements on a daily basis.”.