- Current report filing (8-K)
October 24 2008 - 5:01PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Current
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
October 13, 2008
(Date of earliest event reported)
First Financial Service Corporation
(Exact name of registrant as specified in its
charter)
Securities and Exchange Commission File
Number:
0-18832
KENTUCKY
|
|
61-1168311
|
(State or other jurisdiction
of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
2323 Ring Road, Elizabethtown, Kentucky,
42701
(Address of principal executive offices) (Zip
Code)
Registrants telephone, including area code:
(270) 765-2131
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02: Results of Operations
and Financial Condition
On October 24, 2008, First Financial
Service Corporation issued a press release announcing its third quarter 2008
results. A copy of the press release as
well as supplemental information is furnished with this report as Exhibit 99.1,
and is incorporated herein by reference.
The information in this report is being
furnished, not filed, for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and pursuant to Item 2.02 of Form 8-K
will not be incorporated by reference into any filing under the Securities Act
of 1933, as amended, unless specifically identified therein as being
incorporated therein by reference.
Item
2.06 Material Impairments
On October 13, 2008, executive
management of First Financial Service Corporation determined that an additional
$1.4 million in specific reserve was required on one impaired commercial real
estate relationship held within the Companys loan portfolio. In determining the amount of impairment, the
Company gave considerable weight to an updated appraisal received in the third
quarter 2008. This appraised value of
the property had dropped considerably from the original appraisal obtained in
2006 at loan origination. The appraised
value was reflective of distressed prices for real estate subdivision
developments in the area brought on by adverse market conditions.
The $1.4 million impairment charge was in
accordance with SFAS No. 114, Accounting by Creditors for Impairment of a
Loan and is reflective in the Companys financial statements as of September 30,
2008. The after tax impact of the
impairment to both quarter and year-to-date earnings is approximately $0.19 per
diluted share. The Company remains well
capitalized per regulatory guidelines as of September 30, 2008.
Item 9.01:
Financial Statements and Exhibits
Attached is the press release for the third quarter results.
(d)
Exhibits
Exhibit Number
|
|
Description
|
99.1
|
|
Press release dated October 24, 2008
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
FIRST FINANCIAL SERVICE CORPORATION
|
|
|
Date: October 24, 2008
|
By: /s/
|
Steven M. Zagar
|
|
|
Steven M. Zagar
|
|
|
Chief Financial Offcer &
|
|
|
Principal Accounting Officer
|
2
First Financial Service Corp. (NASDAQ:FFKY)
Historical Stock Chart
From Jun 2024 to Jul 2024
First Financial Service Corp. (NASDAQ:FFKY)
Historical Stock Chart
From Jul 2023 to Jul 2024