-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KcWhqMz3CTEQ5TOq5Mql4zLbvNq6Zr0p1o7fzVUJzbVKkEvJHl08+pEfqwZeaF4S 0/UMsBnn6ACzb6Kvkau+fw== 0000713095-04-000001.txt : 20040120 0000713095-04-000001.hdr.sgml : 20040119 20040120085014 ACCESSION NUMBER: 0000713095-04-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040116 ITEM INFORMATION: FILED AS OF DATE: 20040120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FARMERS CAPITAL BANK CORP CENTRAL INDEX KEY: 0000713095 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 611017851 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14412 FILM NUMBER: 04530984 BUSINESS ADDRESS: STREET 1: PO BOX 309 STREET 2: 202 W MAIN ST CITY: FRANKFORT STATE: KY ZIP: 40602 BUSINESS PHONE: 5022271668 MAIL ADDRESS: STREET 1: P O BOX 309 STREET 2: 202 WEST MAIN STREET CITY: FRANKFORT STATE: KY ZIP: 40602 8-K 1 a8k011604.txt 8-K PRESS RELEASE 1-16-04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report January 16, 2004 FARMERS CAPITAL BANK CORPORATION ----------------------------------------------------- (Exact name of registrant as specified in its charter) Kentucky -------------------------------------------- State or other jurisdiction of incorporation 0-14412 61-1017851 - ---------------------------------------- ------------------------------------ (Commission File Number) (I.R.S. Employer Identification No.) P.O. Box 309 Frankfort, Kentucky 40602 - ---------------------------------------- ------------------------------------ (Address of principle executive offices) (Zip Code) Registrant's telephone number, including area code: (502) 227-1600 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit 99.1 - Press Release Dated January 16, 2004. Item 12. Results of Operations and Financial Condition On January 16, 2004 Farmers Capital Bank Corporation issued a press release announcing its earnings for the twelve months ended December 31, 2003. A copy of the press release is attached hereto as Exhibit 99.1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused the report to be signed on its behalf by the undersigned hereunto duly authorized. Farmers Capital Bank Corporation January 16, 2004 By:/s/ G. Anthony Busseni --------------------------------------------- G. Anthony Busseni President and Chief Executive Officer EX-99 3 pr011604.txt 1-16-04 PRESS RELEASE Exhibit 99.1 Press Release Dated January 16, 2004 NEWS RELEASE January 16, 2004 FARMERS CAPITAL BANK CORPORATION ANNOUNCES 2003 EARNINGS Frankfort, Kentucky - Farmers Capital Bank Corporation reported net income of $12,963,000 for the twelve months ended December 31, 2003, an increase of $402,000 or 3.2% compared to $12,561,000 reported for the twelve months ended December 31, 2002. Basic and diluted net income per share were $1.93 and $1.92, respectively, for the current twelve month period. This represents an increase of $.10 or 5.5% on both a basic and diluted basis. For the three months ended December 31, 2003, net income was $2,443,000, an increase of $506,000 or 26.1% compared to $1,937,000 for the same period in 2002. On a basic and diluted per share basis, net income was $0.36 for the current three months, an increase of $.07 or 24.1% compared to the prior year. A decrease in net interest income continued to have a significant effect on net income in each of the reporting periods presented. Net interest income decreased $379,000 or 3.7% and $2,015,000 or 5.0% in the current three and twelve months, respectively, compared to the same periods in 2002. Net interest income for the current quarter and twelve month periods declined mainly as a result of continued declines in the overall market interest rate environment. Interest rates earned on earning assets have declined more rapidly than the interest rates paid on interest paying liabilities since many of the Company's funding sources, particularly deposits, have neared their repricing floors. The provision for loan losses decreased $1,556,000 or 56.2% and $2,156,000 or 45.4% in the three and twelve month periods ended December 31, 2003. The improvement in the provision for loan losses is attributed primarily to unusually large provisions in the three months ended December 31, 2002 that related to the decline in credit quality of a pool of construction loans secured by residential real estate. Total noninterest income increased $65,000 or 1.6% and $1,257,000 or 7.6% in the three and twelve month comparisons. Income from the purchase of company-owned life insurance, instituted in the first quarter of 2003 to offset the rising costs of the Company's employee benefit plans, totaled $420,000 and $1,509,000 for the current three and twelve months. This income offset a decrease in service charges and fees on deposits of $107,000 and a decrease from gains on the sale of loans of $144,000 in the three month comparison. Income from company-owned life insurance offset a decrease in securities gains of $468,000 and a decrease in service charges and fees on deposits of $170,000 in the twelve month comparison. Total noninterest expenses increased $356,000 or 3.8% and $1,401,000 or 3.9% in the three and twelve month comparisons. Noninterest expenses increased primarily due to an increase in salaries and employee benefits of $165,000 or 3.3% for the current three months and $650,000 or 3.2% for the current twelve months. These increases mainly represent employee benefits and normal salary increases. Income before income tax expense for the twelve months ended December 31, 2003 was nearly unchanged compared to the same period in 2002. The effective income tax rate for the three months ended December 31, 2003 was 18.65% compared to 8.50% in the same three months of the prior year. The unusually low effective income tax rate in the prior period was due to the increased recognition of allowable federal tax credits and the increased percentage of tax exempt income to total income resulting from the increased provision for loan losses. In the twelve month comparison, the effective income tax rate declined 248 basis points to 20.61% due primarily to the addition of nontaxable income accrued from the increase in cash surrender value on company-owned life insurance purchased on key employees. Farmers Capital Bank Corporation is a financial holding company headquartered in Frankfort, Kentucky. The Company operates 23 banking locations in 13 communities throughout Kentucky, a leasing company, a data processing company, and an insurance company. Its stock is publicly traded on the National Association of Securities Dealers Automated Quotation System (NASDAQ) SmallCap Market tier, under the symbol: FFKT.
Consolidated Financial Highlights (In thousands except per share data) - ---------------------------------------------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 - ---------------------------------------------------------------------------------------------------------------------------- Interest income $ 14,359 $ 16,146 $ 58,413 $ 66,291 Interest expense 4,554 5,962 19,883 25,746 - ---------------------------------------------------------------------------------------------------------------------------- Net interest income 9,805 10,184 38,530 40,545 - ---------------------------------------------------------------------------------------------------------------------------- Provision for loan losses 1,214 2,770 2,592 4,748 - ---------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 8,591 7,414 35,938 35,797 - ---------------------------------------------------------------------------------------------------------------------------- Noninterest income 4,098 4,033 17,893 16,636 Noninterest expenses 9,686 9,330 37,502 36,101 - ---------------------------------------------------------------------------------------------------------------------------- Income before income tax expense 3,003 2,117 16,329 16,332 - ---------------------------------------------------------------------------------------------------------------------------- Income tax expense 560 180 3,366 3,771 - ---------------------------------------------------------------------------------------------------------------------------- Net income $ 2,443 $ 1,937 $ 12,963 $ 12,561 - ---------------------------------------------------------------------------------------------------------------------------- Per common share: Net income - basic $ 0.36 $ 0.29 $ 1.93 1 $ 1.83 Net income - diluted 0.36 0.29 1.92 1.82 Cash dividend declared 0.33 0.32 1.29 1.25 Weighted average shares outstanding - basic 6,712 6,839 6,727 6,870 Weighted average shares outstanding - diluted 6,768 6,884 6,770 6,910 - ---------------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents $ 127,216 $ 67,101 Investment securities 382,958 441,557 Loans, net of allowance of $11,292 (2003) and $11,061 (2002) 744,653 727,578 Other assets 63,738 39,366 - ---------------------------------------------------------------------------------------------------------------------------- Total assets $ 1,318,565 $ 1,275,602 - ---------------------------------------------------------------------------------------------------------------------------- Deposits $ 1,068,322 $ 957,480 Federal funds purchased and securities sold under agreements to repurchase 56,698 115,979 Other borrowings 56,831 66,359 Other liabilities 10,243 10,011 - ---------------------------------------------------------------------------------------------------------------------------- Total liabilities 1,192,094 1,149,829 - ---------------------------------------------------------------------------------------------------------------------------- Shareholders' equity 126,471 125,773 - ---------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 1,318,565 $ 1,275,602 - ---------------------------------------------------------------------------------------------------------------------------- End of period book value per share2 $ 18.83 $ 18.52 End of period share value 34.01 33.25 End of period dividend yield3 3.88% 3.85% AVERAGES FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003 2002 - ---------------------------------------------------------------------------------------------------------------------------- Assets $ 1,250,749 $ 1,206,362 Deposits 983,875 938,291 Loans, net of unearned interest 742,319 705,090 Shareholders' equity 124,822 125,136 Return on average assets 1.04% 1.04% Return on average equity 10.39% 10.04% - ----------------------------------------------------------------------------------------------------------------------------- 1The sum of basic earnings per common share of each of the quarters in 2003 does not add to the year-to-date figure reported due to rounding. 2Represents total equity divided by the number of shares outstanding at the end of the period. 3Represents current annualized dividend declared divided by the end of period share value.
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