Farmers Capital Bank has reported a net income of $2 million, or $0.27 per share, for the fourth quarter ended December 31, 2008, compared to $1.9 million, or $0.26 per share, for the fourth quarter ended December 31, 2007.
Net interest income for the quarter decreased $741,000 or 5.1% to $13.9 million, as compared to $14.77 million for the corresponding quarter of 2007. Interest income on loans declined $3.4 million or 14.2% partially offset by lower interest expense on deposits of $2.2 million, the company said.
Net income for the 12 months ended December 31, 2008 was $4.39 million, or $0.60 per share, compared to $15.63 million, or $2.03 per share, for the 12 months ended December 31, 2007. Net interest income was $58.79 million for 2008, an increase of $572,000 or 1%, compared with $58.22 million posted during the 12-month period of 2007.
Total assets were $2.2 billion at December 31, 2008, an increase of $47.7 million or 2.2% compared to September 30, 2008. Net loans increased $7.9 million or 0.6% compared to the linked quarter as the company continues to take a measured and cautious lending approach in the near term, noted Farmers Capital Bank.
