Farmers Capital Bank Corp. Reports Operating Results (10-K)
Farmers Capital Bank Corp. has a market cap of $52.1 million; its shares were traded at around $7.04 with a P/E ratio of 10.2 and P/S ratio of 0.4. Farmers Capital Bank Corp. had an annual average earning growth of 2% over the past 10 years.
Highlight of Business Operations:Farmers Bank is the largest bank operating in Franklin County based on total bank deposits in the county. It conducts business at its principal office and four branches in Frankfort, the capital of Kentucky, as well as two branches in Anderson County, Kentucky, and one branch each in Mercer County, Kentucky and Boyle County, Kentucky. The market served by Farmers Bank is diverse, and includes government, commerce, finance, industry, medicine, education and agriculture. The bank serves many individuals and corporations throughout Central Kentucky. On December 31, 2010, it had total consolidated assets of $750 million, including loans net of unearned income of $422 million. On the same date, total deposits were $570 million and shareholders' equity totaled $67.2 million.
Leasing One was incorporated in August 1993 to operate as a commercial equipment leasing company. It is located in Frankfort and is licensed to conduct business in twelve states. At year-end 2010, it had total assets of $14.7 million, including leases net of unearned income of $7.8 million. The board of directors of Leasing One has reduced the staff and curtailed new lending for the present time. Servicing existing leases and terming out residuals are the extent of its ongoing activity at the present time.
In July 2008, Farmers Bank incorporated FA Properties, which owns automobiles that are used by the Company and Farmers Bank in the ordinary course of business. It had total assets of $380 thousand at year-end 2010. FORE Realty and LORE Realty were organized in December 2009 and February 2010, respectively, for the purpose of managing and liquidating certain other properties repossessed by Farmers Bank. At year-end 2010 FORE Realty had total assets of $67 thousand; LORE Realty was dissolved effective January 1, 2011.
Farmers Bank is a limited partner in Austin Park and Frankfort Apartments, two low income housing tax credit partnerships located in Frankfort, Kentucky. These investments provide for federal income tax credits to the Company. Farmers Bank s aggregate investment in these partnerships was $417 thousand at year-end 2010. In December 2009 Farmers Bank became a limited partner in St. Clair Properties. The objective of St. Clair Properties is to restore and preserve certain qualifying historic structures in Frankfort for which the Company receives federal and state tax credits. Farmers Bank s investment in St. Clair Properties was less than $10 thousand at year-end 2010.
Based on total bank deposits in Hardin County, First Citizens ranks third in size compared to all banks operating in Hardin County. Total assets were $296 million and total deposits were $250 million at December 31, 2010.
On December 6, 2005, the Company acquired Citizens Bancorp in Newport, Kentucky. Citizens Bancorp was subsequently merged into Citizens Acquisition, a former bank holding company subsidiary of the Company. During January 2007, Citizens Acquisition was merged into the Company, leaving Citizens Northern as a direct subsidiary of the Company. Citizens Northern is a state chartered bank organized in 1993 and is engaged in a general banking business providing full service banking to individuals, businesses, and governmental customers. It conducts business in its principal office in Newport and four branches in Campbell County, Kentucky, one branch in Boone County, Kentucky and two branches in Kenton County, Kentucky. Based on total bank deposits in Campbell County, Citizens Northern ranks third in size compared to all banks operating in Campbell County. At year-end 2010 it had total assets and deposits of $250 million and $201 million, respectively. Citizens Financial Services, formerly an investment brokerage subsidiary of Citizens Acquisition, was dissolved during 2006.
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