Travel gets new meaning

One state. Many worlds. This tag earned by Karnataka tourism is going places. On Monday, the Silver Chariot and Southern Splendour were added to the famed Golden Chariot fleet, now chugging to neighbouring states as well.

The net increase in assetsis primarily related to $46.1 million or 20.3% higher cash andequivalents and higher net investment securities of $11.8 million or2.2% partially offset by lower net loans of $7.2 million or 0.6%.–The decrease in net loans compared to March 31, 2009 is mainlyattributed to a $5.1 million increase in repossessed properties and ahigher allowance for loan losses of $3.5 million.–Total deposits were up $35.7 million or 2.2% in the linked quartercomparison. The Company’s effective income tax rate wasrelatively unchanged at 24.1%.Balance Sheet–Total assets were $2.3 billion at June 30, 2009, an increase of $55.1million or 2.5% compared to March 31, 2009. Net interest margin declined to 2.94% compared to3.36%a year ago.–Noninterest income increased $2.0 million or 15.7%, driven by highersecurities gains, allotment processing fees, and net gains on the saleof loans.–Noninterest expenses increased $2.5 million or 8.7% due mainly to theincrease in deposit insurance.–Income tax expense decreased $2.3 million due to an overall lowertaxable position. In addition, preferred stock dividends andrelated accretion, which did not exist in the prior year, account for$.12 of the decrease in per common share earnings.–The higher provision for loan losses is attributed to a sharp increasein nonperforming assets, primarily nonaccrual loans secured by realestate developments.–The increase in deposit insurance expense was driven by the FDICspecialassessment mentioned above.–Margin compression, primarily due to a 106 basis point decline in theaverage rate earned on earning assets, lowered net interest income$2.5million or 8.2%. Net interest margin declined to 2.85% compared to3.43% in the same period a year earlier.–Noninterest income increased $1.6 million or 26.4%, mainly attributedtohigher securities gains and moderate increases in other fee incomecategories.–Noninterest expenses increased $1.8 million or 12.3% due mainly to theincrease in deposit insurance premiums.–Income tax expense decreased $1.8 million due to the net loss in thecurrent quarter.Six-month Comparison–The $1.04 decrease in per common share earnings for the six-monthperiodended June 30, 2009 compared to the same period for 2008 is mainlyattributed to a $6.0 million increase in the provision for loanlosses,lower net interest income of $2.5 million, and higher depositinsuranceexpense of $2.0 million. In addition, preferred stock dividends and relatedaccretion, which did not exist in the prior year, account for $.06 ofthe decrease in per common share earnings.–The higher provision for loan losses is attributed to the increase innonperforming assets, primarily nonaccrual loans secured by realestatedevelopments.–The increase in deposit insurance expense was driven by the FDICspecialassessment mentioned above.–Margin compression, primarily due to a 107 basis point decline in theaverage rate earned on earning assets, lowered net interest income$1.9million or 12.7%.

Net charge-offs as apercentage of outstanding loans (net of unearned income) were 0.18% and .055%in the current and linked quarters, respectively. Net interest margin declined to 2.85% compared to3.03% in the linked quarter.–Noninterest income increased $1.1 million or 16.4%, boosted bysecurities gains and moderate increases in other fee income lineitems.–Noninterest expenses increased $1.1 million or 7.0% due mainly to theincrease in deposit insurance.–Income tax expense decreased $945 thousand due the decline in incomebefore tax.Second Quarter 2009 Compared to Second Quarter 2008–The $.84 decrease in per common share earnings in the second quarterof2009 compared to the second quarter of 2008 is driven mainly by a $5.5million increase in the provision for loan losses, a decrease in netinterest income of $1.9 million, and higher deposit insurance expenseof$1.6 million. Nonaccrualloans increased $11.8 million or 51.9% to $34.7 million. The increase innonperforming assets is the result of continued economic stress that hasnegatively impacted the Company’s lending portfolio, particularly loans toreal estate developers and related businesses.Net loan charge-offs were $2.4 million in the current three months ended June30, 2009 versus $727 thousand for the linked quarter. Loans past due 90 days or more and stillaccruing interest increased $3.5 million or 56.8% to $9.7 million. This represents an increase of $20.5 million or46.7% in the linked quarter comparison. Other real estate owned, whichrepresents properties acquired through foreclosure, totaled $20.0 million, anincrease of $5.1 million or 33.9%.

TheCompany’s regulatory capital level remains in excess of “well-capitalized” asdefined by its regulators. At June 30, 2009 the Company’s regulatory Tier 1and total capital ratios were 13.39% and 14.65%, respectively.Nonperforming assets were $64.4 million at June 30, 2009 compared to $43.9million at March 31, 2009. Excluding the special depositinsurance assessment of $1.1 million or $.096 per common share referred tobelow, the Company’s net loss per common share was $.08 for the currentquarter and for the current six months earnings per common share was $.32. Net income for the six months ended June 30, 2009 was $2.5million or $.22 per common share compared to $9.3 million or $1.26 per commonshare for the same six months a year earlier. Higher provision for loanlosses, increased deposit insurance expense, and lower net interest income arethe primary drivers of the lower earnings. FRANKFORT, Ky., July 21 /PRNewswire-FirstCall/ — Farmers Capital BankCorporation (Nasdaq:FFKT) (the “Company”) reported a net loss of $801thousand or $.17 per common share for the quarter ended June 30, 2009 comparedto net income of $3.3 million or $.39 per common share for the quarter endedMarch 31, 2009 and $4.9 million or $.67 per common share for the quarter endedJune 30, 2008.

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