Farmers Capital Bank Corp. (FFKT, Financial) filed Quarterly Report for the period ended 2009-03-31.
FARMERS CAPITAL BANK CORP. is a bank holding company engaged in general banking business. Farmers Capital Bank Corp. has a market cap of $145.8 million; its shares were traded at around $19.82 with a P/E ratio of 50.8 and P/S ratio of 1.2. The dividend yield of Farmers Capital Bank Corp. stocks is 5.1%. Farmers Capital Bank Corp. had an annual average earning growth of 3.3% over the past 10 years. GuruFocus rated Farmers Capital Bank Corp. the business predictability rank of 2.5-star.
Net interest income was $14.2 million for the first three months of 2009, a decrease of $516 thousand or 3.5% from $14.8 million a year earlier. The decrease in net interest income is attributed mainly to a $2.8 million or 12.4% decline in interest income on loans that was partially offset by a $2.4 million or 21.7% decrease in interest expense on deposit accounts. The decrease in both of these line items was driven by rate declines, which countered the effect on net interest income of volume increases in both loans and deposits.
Total interest income was $26.3 million in the first quarter of 2009, a decrease of $3.7 million or 12.3% and was driven by lower interest income on loans of $2.8 million or 12.4%. The average rate earned on loans was 6.2% in the current period, down 95 basis points from 7.2% a year earlier. Similar declines were experienced in other earning asset categories. Interest income from deposits held in other banks and federal funds sold and securities purchased under agreements to resell was down $489 thousand or 86.1% as a 289 basis point decrease in the average rate earned offset a volume increase of $71.9 million or 98%. Interest on taxable securities decreased $384 thousand or 6.5% which is also attributed to a 37 basis point lower average rate earned.
Total interest expense was $12.1 million in the current quarter. This represents a decrease of $3.2 million or 20.9% compared to $15.3 million a year ago. The decrease in interest expense was driven by lower interest expense on deposits of $2.4 million or 21.7%. The average rate paid on deposit accounts was 2.54% in the current period, a decrease of 83 basis points compared to 3.36% a year earlier. Interest expense on time deposits, the largest component of interest expense on deposits, declined $1.3 million or 14.6% in the quarterly comparison. Interest expense on short and long-term borrowings decreased $590 thousand or 83.6% and $228 thousand or 6.3%, respectively. These decreases were mainly driven by the overall lower interest rate environment.
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FARMERS CAPITAL BANK CORP. is a bank holding company engaged in general banking business. Farmers Capital Bank Corp. has a market cap of $145.8 million; its shares were traded at around $19.82 with a P/E ratio of 50.8 and P/S ratio of 1.2. The dividend yield of Farmers Capital Bank Corp. stocks is 5.1%. Farmers Capital Bank Corp. had an annual average earning growth of 3.3% over the past 10 years. GuruFocus rated Farmers Capital Bank Corp. the business predictability rank of 2.5-star.
Highlight of Business Operations:
The Company reported net income of $3.3 million for the quarter ended March 31, 2009. This represents a decrease of $1.1 million or 24.5% compared to $4.4 million for the quarter ended March 31, 2008. Net income per common share was $.39 in the current quarter, a decrease of $.20 or 33.9% compared to $.59 a year ago. A summary of the quarterly comparison follows.Net interest income was $14.2 million for the first three months of 2009, a decrease of $516 thousand or 3.5% from $14.8 million a year earlier. The decrease in net interest income is attributed mainly to a $2.8 million or 12.4% decline in interest income on loans that was partially offset by a $2.4 million or 21.7% decrease in interest expense on deposit accounts. The decrease in both of these line items was driven by rate declines, which countered the effect on net interest income of volume increases in both loans and deposits.
Total interest income was $26.3 million in the first quarter of 2009, a decrease of $3.7 million or 12.3% and was driven by lower interest income on loans of $2.8 million or 12.4%. The average rate earned on loans was 6.2% in the current period, down 95 basis points from 7.2% a year earlier. Similar declines were experienced in other earning asset categories. Interest income from deposits held in other banks and federal funds sold and securities purchased under agreements to resell was down $489 thousand or 86.1% as a 289 basis point decrease in the average rate earned offset a volume increase of $71.9 million or 98%. Interest on taxable securities decreased $384 thousand or 6.5% which is also attributed to a 37 basis point lower average rate earned.
Total interest expense was $12.1 million in the current quarter. This represents a decrease of $3.2 million or 20.9% compared to $15.3 million a year ago. The decrease in interest expense was driven by lower interest expense on deposits of $2.4 million or 21.7%. The average rate paid on deposit accounts was 2.54% in the current period, a decrease of 83 basis points compared to 3.36% a year earlier. Interest expense on time deposits, the largest component of interest expense on deposits, declined $1.3 million or 14.6% in the quarterly comparison. Interest expense on short and long-term borrowings decreased $590 thousand or 83.6% and $228 thousand or 6.3%, respectively. These decreases were mainly driven by the overall lower interest rate environment.
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