-----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, QVGGiTXS9re2tdZoKK3i9/kfKfOVkDpTrRuHRzdtpo084suBR8XUXTfPBViDrRXe nVMkkpQqSCLUnRcuhF+DIw== 0000713095-04-000019.txt : 20040719 0000713095-04-000019.hdr.sgml : 20040719 20040719115128 ACCESSION NUMBER: 0000713095-04-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040716 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040719 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: 04919513 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 a8k071604.txt FORM 8-K JULY 16, 2004 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 July 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 July 16, 2004. Item 12. Results of Operations and Financial Condition On July 16, 2004 Farmers Capital Bank Corporation issued a press release announcing its earnings for the six months ended June 30, 2004. 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 July 19, 2004 By: /s/ G. Anthony Busseni -------------------------------------- G. Anthony Busseni President and Chief Executive Officer EX-99 2 pr071604.txt PRESS RELEASE RE EARNINGS ANNOUNCEMENT Exhibit 99.1 Press Release Dated July 16, 2004 NEWS RELEASE JULY 16, 2004 FARMERS CAPITAL BANK CORPORATION ANNOUNCES SIX MONTHS EARNINGS Frankfort, Kentucky - Farmers Capital Bank Corporation reported net income of $7,249,000 for the six months ended June 30, 2004, an increase of $630,000 or 9.5% compared to $6,619,000 reported for the six months ended June 30, 2003. Basic and diluted net income per share were $1.08 and $1.07 for the current six months, an increase of $.10 or 10.2% and $.09 or 9.2%, respectively. For the three months ended June 30, 2004, net income was $3,741,000, an increase of $715,000 or 23.6% compared to $3,026,000 for the same period in 2003. Basic and diluted net income per share were $.56 and $.55 for the current three months, an increase of $.11 or 24.4% and $.10 or 22.2%, respectively. The increase in net income for the three and six months ended June 30, 2004 is primarily attributed to an increase in net interest income. Net interest income for the current quarter was $10,549,000, an increase of $1,308,000 or 14.2% compared to the same period a year earlier. Net interest income for the current six-month period was $20,894,000, an increase of $1,601,000 or 8.3% compared to the same six months in 2003. The increase in net interest income in the quarterly comparison can be attributed to both an increase in interest income totaling $536,000 or 3.7% along with a decline in interest expense of $772,000 or 15.1%. In the six-month comparison, the increase in net interest income is due to the reduction in interest expense of $1,834,000 or 17.3%, which offset a slight decline in interest income of $233,000 or .8%. Lower noninterest income and an increase in noninterest expenses partially offset the reported increase in net interest income in the current three and six-month reporting periods. Noninterest income declined $242,000 or 5.4% and $321,000 or 3.7% in the three and six-month periods primarily due to lower gains on the sale of mortgage loans of $252,000 and $397,000, respectively. The decline is the result of lower origination activity in each of the current periods. Noninterest expenses increased $161,000 or 1.7% and $704,000 or 3.8% in the current three and six-month periods, respectively, due mainly to increases in salaries and employee benefits of $170,000 or 3.3% and $496,000 or 4.8%. The increase in salaries and employee benefits in both periods was affected by normal salary increases and an increase in the average number of full time equivalent employees of seven and three in the quarterly and year to date periods, respectively. The effective income tax rate declined 187 basis points to 20.5% for the three months ended June 30, 2004 and 270 basis points to 20.3% for the six months ended June 30, 2004 compared to the same periods a year earlier. As previously disclosed, the Company completed its acquisition of Citizens Bank (Kentucky), Inc. on July 1, 2004. The results presented herein do not include any results related to this acquisition, which occurred during the third quarter of 2004. Farmers Capital Bank Corporation is a financial holding company headquartered in Frankfort, Kentucky. The Company operates 28 banking locations in 15 communities throughout Kentucky, a leasing company, a data processing company, an insurance company, and a mortgage 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 SIX MONTHS ENDED JUNE 30, JUNE 30, 2004 2003 2004 2003 - ---------------------------------------------------------------------------------------------------------------------------- Interest income $ 14,893 $ 14,357 $ 29,632 $ 29,865 Interest expense 4,344 5,116 8,738 10,572 - ---------------------------------------------------------------------------------------------------------------------------- Net interest income 10,549 9,241 20,894 19,293 - ---------------------------------------------------------------------------------------------------------------------------- Provision for loan losses 448 351 813 736 - ---------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 10,101 8,890 20,081 18,557 - ---------------------------------------------------------------------------------------------------------------------------- Noninterest income 4,236 4,478 8,323 8,644 Noninterest expenses 9,629 9,468 19,311 18,607 - ---------------------------------------------------------------------------------------------------------------------------- Income before income tax expense 4,708 3,900 9,093 8,594 - ---------------------------------------------------------------------------------------------------------------------------- Income tax expense 967 874 1,844 1,975 - ---------------------------------------------------------------------------------------------------------------------------- Net income $ 3,741 $ 3,026 $ 7,249 $ 6,619 - ---------------------------------------------------------------------------------------------------------------------------- Per common share: Net income - basic $ .56 $ .45 $ 1.08 $ .98 Net income - diluted .55 .45 1.07 .98 Cash dividend declared .33 .32 .66 .64 - ---------------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents $ 70,704 $ 138,303 Investment securities 374,648 326,989 Loans, net of allowance of $11,419 (2004) and $11,155 (2003) 781,475 731,757 Other assets 67,342 62,957 - ---------------------------------------------------------------------------------------------------------------------------- Total assets $ 1,294,169 $ 1,260,006 - ---------------------------------------------------------------------------------------------------------------------------- Deposits $ 1,002,581 $ 980,361 Federal funds purchased and securities sold under agreements to repurchase 101,148 73,639 Other borrowings 55,263 68,547 Other liabilities 9,794 11,268 - ---------------------------------------------------------------------------------------------------------------------------- Total liabilities 1,168,786 1,133,815 - ---------------------------------------------------------------------------------------------------------------------------- Shareholders' equity 125,383 126,191 - ---------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 1,294,169 $ 1,260,006 - ---------------------------------------------------------------------------------------------------------------------------- End of period book value per share1 $ 18.63 $ 18.79 End of period share value 35.75 31.96 End of period dividend yield2 3.69% 4.01% AVERAGES FOR THE SIX MONTHS ENDED JUNE 30, 2004 2003 - ---------------------------------------------------------------------------------------------------------------------------- Assets $ 1,297,621 $ 1,242,051 Deposits 1,027,489 967,259 Loans, net of unearned interest 773,642 739,127 Shareholders' equity 126,648 124,969 Weighted average shares outstanding - basic 6,727 6,743 Weighted average shares outstanding - diluted 6,780 6,781 Return on average assets 1.12% 1.07% Return on average equity 11.51% 10.68% - ------------------------------------------------------------------------------------------------------------------------------ 1Represents total equity divided by the number of shares outstanding at the end of the period. 2Represents current annualized dividend declared divided by the end of period share value.
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