Farmers Capital Bank Corporation (FFKT) has reported a 46.13 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $3.33 million, or $0.44 a share in the quarter, compared with $6.18 million, or $0.82 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.64 million, or $0.48 a share compared with $6.18 million or $0.82 a share, a year ago.
Revenue during the quarter dropped 22.18 percent to $18.13 million from $23.30 million in the previous year period. Net interest income for the quarter rose 1.32 percent over the prior year period to $13.46 million. Non-interest income for the quarter fell 44.97 percent over the last year period to $5.25 million.
Farmers Capital Bank Corp has made provision of $0.58 million for loan losses during the quarter, compared with a negative provision of $0.47 million in the same period last year.
"Loans grew $18.9 million or 1.9% for the quarter, which builds on the strong finish from the fourth quarter of 2016,” says Lloyd C. Hillard, Jr., president and chief executive officer of the Company. "Nonperforming assets are down $4.3 million or 10.7%, driven by the sale of repossessed real estate during the quarter. We have now had a reduction in nonperforming assets for 18 consecutive quarters, which represents a decrease of $81.4 million or 69.5% during that period of time."
Assets, liabilities fall
Total assets stood at $1,682.46 million as on Mar. 31, 2017, down 5.09 percent compared with $1,772.70 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,494.72 million as on Mar. 31, 2017, down 5.91 percent from $1,588.65 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $980.33 million as on Mar. 31, 2017, up 2.93 percent compared with $952.46 million on Mar. 31, 2016. Deposits stood at $1,388.08 million as on Mar. 31, 2017, up 0.99 percent compared with $1,374.46 million on Mar. 31, 2016.
Investments stood at $496.38 million as on Mar. 31, 2017, down 15.91 percent or $93.90 million from year-ago. Shareholders equity stood at $187.74 million as on Mar. 31, 2017, up 2 percent or $3.69 million from year-ago.
Return on average assets moved down 60 basis points to 0.81 percent in the quarter from 1.41 percent in the last year period. At the same time, return on average equity decreased 646 basis points to 7.27 percent in the quarter from 13.73 percent in the last year period.
Nonperforming assets moved down 31.57 percent or $16.49 million to $35.74 million on Mar. 31, 2017 from $52.22 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 2.10 percent in the quarter, down from 2.90 percent in the last year period.
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