EX-99 3 pr041803.txt PRESS RELEASE 4-18-03 Exhibit 99.1 Press Release Dated April 18, 2003 NEWS RELEASE April 18, 2003 FARMERS CAPITAL BANK CORPORATION ANNOUNCES FIRST QUARTER EARNINGS Frankfort, Kentucky - Farmers Capital Bank Corporation reported net income of $3,593,000 for the first quarter of 2003, a decrease of $189,000 or 5.0% compared to $3,782,000 for the same period in 2002. Basic net income per share was $.53 for the current quarter, a decrease of $.02 or 3.6% compared to $.55 a year earlier. On a diluted per share basis, net income decreased $.01 or 1.9% to $.53 in the quarterly comparison. The 3.6% decrease in basic net income per share is 140 basis points better than the 5.0% decrease reported in dollar terms due to the effect of fewer common shares outstanding pursuant to the Company's stock purchase program. The decrease in net income is primarily attributed to a $450,000 or 75.4% decrease in gains on the sale of available for sale securities included in noninterest income. Other factors contributing to the decrease in net income include a $103,000 thousand or 1.0% decrease in net interest income to $10,052,000, a $264,000 or 218.2% increase in the provision for loan losses to $385,000, and a $102,000 or 1.1% increase in noninterest expenses to $9,139,000. Results that had a positive effect on net income include an increase in noninterest income (excluding securities gains) of $495,000 or 14.0% to $4,019,000 and a reduction in income tax expense of $235,000 or 17.6% to $1,101,000. 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 agency. 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) -------------------------------------------------------------------------------- QUARTER ENDED MARCH 31, 2003 2002 ------------- -------------- Interest income $ 15,508 $ 16,948 Interest expense 5,456 6,793 ------------- -------------- Net interest income 10,052 10,155 Provision for loan losses 385 121 ------------- -------------- Net interest income after provision for loan losses 9,667 10,034 Noninterest income 4,166 4,121 Noninterest expenses 9,139 9,037 ------------- -------------- Income before income tax expense 4,694 5,118 Income tax expense 1,101 1,336 ------------- -------------- Net income $ 3,593 $ 3,782 ------------- -------------- Per common share: Net income - basic $ 0.53 $ 0.55 Net income - diluted 0.53 0.54 Cash dividend declared 0.32 0.31 Book value* 18.50 17.94 AVERAGES FOR THE THREE MONTHS ENDED MARCH 31, 2003 2002 --------------------------------------------- ------------- -------------- Assets $ 1,244,535 $ 1,199,434 Deposits 964,574 924,759 Loans, net of unearned interest 736,039 689,158 Shareholders' equity 124,989 124,167 Weighted average shares outstanding - basic 6,764 6,901 Weighted average shares outstanding - diluted 6,798 6,961 Return on average assets 1.17% 1.28% Return on average equity 11.66% 12.35% -------------------------------------------------------------------------------- *Represents total equity divided by the number of shares outstanding at the end of the period.