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Regional bank corporation reports quarterly income of $3 million

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Farmers Capital Bank Corp., a regional bank-holding company, reported third quarter net income of $3 million.

That equates to 34 cents per common share of stock to push the value for the first nine months of the year to $1.19 per share, the bank's news release said.

"We remain focused on identifying and addressing asset quality issues as they arise, the pace of which has moderated over the last several quarters," Lloyd C. Hillard, the company's president and CEO, said in a statement. "Overall credit quality has gradually improved, resulting in relatively low net charge-offs and a decrease in the provision for loan losses in recent periods."

The statement said interest expense decreased $1.6 million compared to the same quarter in 2012 and the allowance for loan losses declined to 2.17 percent of loans outstanding as of Sept. 30.

The Frankfort-based company operated 36 locations in 23 Kentucky communities, including all First Citizens Bank offices locally.