Farmers Capital Bank Corp. (FFKT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Farmers Capital Bank Corp. has a market cap of $56.8 million; its shares were traded at around $7.7 with and P/S ratio of 0.5. FFKT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net interest income was $13.5 million for the first three months of 2010, a decrease of $789 thousand or 5.5% from $14.2 million a year earlier. The decrease in net interest income is attributed mainly to a $2.2 million or 11.1% decline in interest income on loans that was partially offset by a $1.9 million or 21.9% decrease in interest expense on deposit accounts. The decrease in both of these line items was driven mainly by rate declines, which countered the effect on net interest income of volume increases in deposits.
Total interest income was $23.4 million in the first quarter of 2010, a decrease of $2.9 million or 11.2% and was driven by lower interest income on loans of $2.2 million or 11.1%. The average rate earned on loans was 5.8% in the current period, down 44 basis points from 6.2% a year earlier. Interest on taxable securities decreased $784 thousand or 14.3% which is primarily attributed to a 77 basis point lower average rate earned.
Total interest expense was $9.9 million in the first quarter of 2010. This represents a decrease of $2.2 million or 17.8% compared to $12.1 million a year ago. The decrease in interest expense was driven by lower interest expense on deposits of $1.9 million or 21.9%. The average rate paid on deposit accounts was 1.90% in the current period, a decrease of 64 basis points compared to 2.54% a year earlier. Interest expense on time deposits, the largest component of interest expense on deposits, declined $1.8 million or 22.8% in the comparison. Interest expense on long-term borrowings decreased $256 thousand or 7.5% due in part to both a lower average balance outstanding of $19.5 million or 5.8% and a lower overall average interest rate paid of 7 basis points.
The net interest margin on a taxable equivalent basis decreased 10 basis points to 2.93% during the first quarter of 2010 compared to 3.03% in the same quarter of 2009. The decrease in net interest margin is attributed to a lower net interest position in the current three months compared to the first quarter of 2009. Net interest position represents the amount of earning assets in excess of interest paying liabilities. The Company s net interest position was $148 million for the three months ended March 31, 2010, a decrease of $54.3 million 26.8% compared to $202 million for the first three months of 2009. The Company s net interest position provided 17 basis points to its net interest margin for the first quarter of 2010 compared to 28 basis points a year earlier.
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Farmers Capital Bank Corp. has a market cap of $56.8 million; its shares were traded at around $7.7 with and P/S ratio of 0.5. FFKT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company reported net income of $1.9 million for the quarter ended March 31, 2010. This represents a decrease of $1.4 million or 41.1% compared to $3.3 million for the quarter ended March 31, 2009. Net income per common share was $.20 in the current quarter, a decrease of $.19 or 48.7% compared to $.39 a year ago. A summary of the quarterly comparison follows.Net interest income was $13.5 million for the first three months of 2010, a decrease of $789 thousand or 5.5% from $14.2 million a year earlier. The decrease in net interest income is attributed mainly to a $2.2 million or 11.1% decline in interest income on loans that was partially offset by a $1.9 million or 21.9% decrease in interest expense on deposit accounts. The decrease in both of these line items was driven mainly by rate declines, which countered the effect on net interest income of volume increases in deposits.
Total interest income was $23.4 million in the first quarter of 2010, a decrease of $2.9 million or 11.2% and was driven by lower interest income on loans of $2.2 million or 11.1%. The average rate earned on loans was 5.8% in the current period, down 44 basis points from 6.2% a year earlier. Interest on taxable securities decreased $784 thousand or 14.3% which is primarily attributed to a 77 basis point lower average rate earned.
Total interest expense was $9.9 million in the first quarter of 2010. This represents a decrease of $2.2 million or 17.8% compared to $12.1 million a year ago. The decrease in interest expense was driven by lower interest expense on deposits of $1.9 million or 21.9%. The average rate paid on deposit accounts was 1.90% in the current period, a decrease of 64 basis points compared to 2.54% a year earlier. Interest expense on time deposits, the largest component of interest expense on deposits, declined $1.8 million or 22.8% in the comparison. Interest expense on long-term borrowings decreased $256 thousand or 7.5% due in part to both a lower average balance outstanding of $19.5 million or 5.8% and a lower overall average interest rate paid of 7 basis points.
The net interest margin on a taxable equivalent basis decreased 10 basis points to 2.93% during the first quarter of 2010 compared to 3.03% in the same quarter of 2009. The decrease in net interest margin is attributed to a lower net interest position in the current three months compared to the first quarter of 2009. Net interest position represents the amount of earning assets in excess of interest paying liabilities. The Company s net interest position was $148 million for the three months ended March 31, 2010, a decrease of $54.3 million 26.8% compared to $202 million for the first three months of 2009. The Company s net interest position provided 17 basis points to its net interest margin for the first quarter of 2010 compared to 28 basis points a year earlier.
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