CTBI
$36.10
Community TR Bancp
$1.56
4.52%
Earnings Details
3rd Quarter September 2020
Wednesday, October 21, 2020 8:15:00 AM
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Summary

Community TR Bancp (CTBI) Recent Earnings

Community TR Bancp (CTBI) reported 3rd Quarter September 2020 earnings of $0.98 per share on revenue of $58.5 million. The consensus earnings estimate was $0.60 per share on revenue of $52.5 million. Revenue fell 1.4% compared to the same quarter a year ago.

Community Trust Bancorp, Inc. is a bank holding company, through its subsidiaries provides commercial and personal banking and wealth management services.

Results
Reported Earnings
$0.98
Earnings Whisper
-
Consensus Estimate
$0.60
Reported Revenue
$58.5 Mil
Revenue Estimate
$52.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Community Trust Bancorp, Inc. Reports Earnings for the Third Quarter 2020

PIKEVILLE, Ky.--(BUSINESS WIRE)--Community Trust Bancorp, Inc. (NASDAQ: CTBI)

Earnings Summary

 

 

 

 

 

 

 

 

 

 

(in thousands except per share data)

 

3Q

2020

 

2Q

2020

 

3Q

2019

 

9 Months

2020

 

9 Months

2019

Net income

 

$

17,447

 

 

$

19,652

 

 

$

15,269

 

 

$

43,678

 

 

$

48,532

 

Earnings per share

 

$

0.98

 

 

$

1.11

 

 

$

0.86

 

 

$

2.46

 

 

$

2.74

 

Earnings per share - diluted

 

$

0.98

 

 

$

1.11

 

 

$

0.86

 

 

$

2.46

 

 

$

2.74

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.38

%

 

 

1.63

%

 

 

1.40

%

 

 

1.23

%

 

 

1.50

%

Return on average equity

 

 

10.81

%

 

 

12.66

%

 

 

10.02

%

 

 

9.26

%

 

 

11.01

%

Efficiency ratio

 

 

55.99

%

 

 

55.17

%

 

 

60.89

%

 

 

56.72

%

 

 

61.32

%

Tangible common equity

 

 

11.68

%

 

 

11.42

%

 

 

12.64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.385

 

 

$

0.380

 

 

$

0.380

 

 

$

1.145

 

 

$

1.100

 

Book value per share

 

$

36.20

 

 

$

35.51

 

 

$

34.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares

 

 

17,746

 

 

 

17,739

 

 

 

17,726

 

 

 

17,746

 

 

 

17,720

 

Weighted average shares - diluted

 

 

17,752

 

 

 

17,742

 

 

 

17,743

 

 

 

17,753

 

 

 

17,733

 

Community Trust Bancorp, Inc. (NASDAQ: CTBI) reports earnings for the third quarter 2020 of $17.4 million, or $0.98 per basic share, compared to $19.7 million, or $1.11 per basic share, earned during the second quarter 2020 and $15.3 million, or $0.86 per basic share, earned during the third quarter 2019. Year-to-date earnings for the nine months ended September 30, 2020 were $43.7 million, or $2.46 per basic share, compared to $48.5 million, or $2.74 per basic share, for the nine months ended September 30, 2019.

3rd Quarter 2020 Highlights

  • Net interest income for the quarter of $37.7 million was $0.8 million, or 2.0%, below prior quarter but $1.2 million, or 3.2%, above third quarter 2019.
  • Provision for credit losses for the quarter ended September 30, 2020 increased $2.5 million from prior quarter and $1.2 million from prior year same quarter. The increase in provision resulted from management’s decision to increase the qualitative factors in our allowance model due to uncertainty caused by the CARES Act deferrals.
  • Our loan portfolio increased $19.1 million, an annualized 2.2%, during the quarter and $343.1 million, or 10.7%, from September 30, 2019.
  • Net loan charge-offs for the quarter ended September 30, 2020 decreased to $1.1 million, or 0.12% of average loans annualized, compared to $2.8 million, or 0.32%, experienced for the second quarter 2020 and $1.4 million, or 0.18%, for the third quarter 2019.
  • Nonperforming loans at $29.9 million decreased $6.3 million from June 30, 2020 and $1.6 million from September 30, 2019. Nonperforming assets at $45.5 million decreased $8.4 million from June 30, 2020 and $5.8 million from September 30, 2019.
  • Deposits, including repurchase agreements, decreased $6.3 million, an annualized 0.6%, during the quarter but increased $643.7 million, or 17.8%, from September 30, 2019.
  • Noninterest income for the quarter ended September 30, 2020 of $14.9 million was a $2.0 million, or 15.8%, increase from prior quarter and a $2.5 million, or 20.3%, increase from prior year same quarter.
  • Noninterest expense for the quarter ended September 30, 2020 of $29.5 million increased $1.6 million, or 5.6%, from prior quarter, but decreased $0.4 million, or 1.4%, from prior year same quarter.

COVID-19

We continue working through the COVID-19 pandemic. Through September 30, 2020, we have approved 3,274 CARES Act loan deferrals totaling $716 million, consisting of 829 commercial loan deferrals totaling $621 million, 500 residential loan deferrals totaling $60 million, and 1,945 consumer loan deferrals totaling $36 million, in addition to 73 serviced loan deferrals, pursuant to Freddie Mac guidelines, totaling $9.2 million. We also had 189 customers who had previously received CARES Act loan deferrals that have requested payment deferral for a second time. Those deferrals total $211 million. Five customers have requested payment deferral for a third time. Those deferrals total $1 million. These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act. Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below. Please see below for further detail regarding the types of deferrals received and the repayment status of those loans.

CARES Act Loan Deferral Status

 

Deferrals

 

 

 

One Time

 

Two Times

 

Three Times

 

Resumed Payments

(dollars in thousands)

Number

 

Amount

 

Number

 

Amount

 

Number

 

Amount

 

Number

 

Amount

Commercial

829

 

$

620,509

 

125

 

$

203,431

 

4

 

$

1,365

 

617

 

$

435,296

Mortgage

500

 

 

59,660

 

59

 

 

7,026

 

1

 

 

27

 

290

 

 

37,778

Consumer

1,945

 

 

35,629

 

5

 

 

81

 

0

 

 

0

 

1,646

 

 

31,171

3,274

 

$

715,798

 

189

 

$

210,538

 

5

 

$

1,392

 

2,553

 

$

504,245

Also, we have continued participating in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. As of September 30, 2020, we have closed 2,962 PPP loans totaling $277.0 million. Of these, 2,817 are under $350 thousand, 132 are between $350 thousand and $2.0 million, and 13 are over $2.0 million. The PPP program expired on August 8, 2020, and no additional loans may be made under the program. Loan forgiveness began in August 2020. In October 2020, the U.S. Small Business Administration (SBA) released an updated loan forgiveness application for PPP loans of $50,000 or less. We currently have 2,031 PPP loans totaling $37.7 million that fall within this category. We have begun the application process; however, the timing regarding SBA forgiveness remains a significant unknown.

Net Interest Income

Net interest income for the quarter of $37.7 million was a decrease of $0.8 million, or 2.0%, from second quarter 2020 but an increase of $1.2 million, or 3.2%, from third quarter 2019. Our net interest margin at 3.16% decreased 25 basis points from prior quarter and 43 basis points from prior year same quarter, while our average earning assets increased $209.2 million and $707.5 million, respectively, during those same periods. Our yield on average earning assets decreased 32 basis points from prior quarter and 95 basis points from prior year same quarter, and our cost of funds decreased 12 basis points from prior quarter and 72 basis points from prior year same quarter. We continue to experience pressure on our net interest margin driven by reductions in rates by the Federal Reserve during the first half of 2020 in response to the COVID 19 pandemic. The net interest margin was negatively impacted primarily by the repricing of interest-bearing assets exceeding that of interest-bearing liabilities in the current low rate environment (14 basis points) and also, by an adjustment for recognition of fee income on our Small Business Administration Paycheck Protection Program loans (11 basis points).

Our ratio of average loans to deposits, including repurchase agreements, was 82.8% for the quarter ended September 30, 2020 compared to 84.5% for the quarter ended June 30, 2020 and 88.1% for the quarter ended September 30, 2019. Year-to-date net interest income for the nine months ended September 30, 2020 was $112.4 million compared to $108.5 million for the nine months ended September 30, 2019.

Noninterest Income

Noninterest income for the quarter ended September 30, 2020 of $14.9 million was a $2.0 million, or 15.8%, increase from prior quarter and a $2.5 million, or 20.3%, increase from prior year same quarter. The increase in noninterest income from prior quarter was primarily the result of increases in deposit service charges ($1.3 million), gains on sales of loans ($0.7 million), and loan related fees ($0.6 million), partially offset by a decline in securities gains ($0.8 million). The increase from prior year same quarter resulted from increases in gains on sales of loans ($2.0 million) and loan related fees ($0.8 million), partially offset by a decline in deposit service charges ($0.6 million). The increase in gains on sales of loans is the result of the increased loan volume discussed in the Balance Sheet Review section below. The increase in loan related fees is due to fluctuation in the fair value of our mortgage servicing rights. The variance in deposit related fees is the result of a 30-day waiver of overdraft charges as a result of the COVID-19 pandemic which resulted in a $0.7 million loss in revenue in April, in addition to a general decline in overdraft fees due to reduced activity during the pandemic. Although overdraft fees have remained below normal, we have started to see improvement during the third quarter 2020. Year-to-date noninterest income for the nine months ended September 30, 2020 at $39.3 million increased $2.5 million, or 6.8%, compared to the nine months ended September 30, 2019.

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2020 of $29.5 million increased $1.6 million, or 5.6%, from prior quarter, but decreased $0.4 million, or 1.4%, from prior year same quarter. The increase from prior quarter was primarily due to a $1.0 million increase in personnel expense and a $0.2 million increase in charitable contributions. The increase in personnel expense included a $0.8 million increase in the cost of group medical and life insurance and a $0.1 million increase in salaries. Year over year quarterly increases in personnel expense ($1.1 million) and FDIC insurance ($0.6 million) were offset by a $2.0 million decline in net other real estate owned expense. The decline in net other real estate owned was the result of $3.3 million in fair market value adjustments year over year, partially offset by a $0.3 million increase in carrying costs. Noninterest expense for the nine months ended September 30, 2020 was $3.4 million below the nine months ended September 30, 2019 as net other real estate owned expense decreased $2.3 million and personnel expense decreased $0.7 million year over year, with decreases of $1.3 million in bonuses and incentives and $0.4 million in the cost of group medical and life insurance, offset partially by an increase of $0.9 million in salaries. The accruals for incentive payments are lower than prior year based on our current projected earnings for the year.

Balance Sheet Review

CTBI’s total assets at $5.0 billion decreased $2.4 million, or 0.2% annualized, from June 30, 2020 but increased $682.8 million, or 15.7%, from September 30, 2019. Loans outstanding at September 30, 2020 were $3.6 billion, an increase of $19.1 million, an annualized 2.2%, from June 30, 2020 and $343.1 million, or 10.7%, from September 30, 2019. We experienced increases during the quarter of $19.3 million in the indirect consumer loan portfolio, $6.4 million in the direct consumer loan portfolio, and $0.1 million in the residential loan portfolio, partially offset by a decrease of $6.7 million in the commercial loan portfolio. The historically low mortgage loan rates have created a significant refinancing boom. In the quarter ended September 30, 2020, we closed and delivered 670 secondary market mortgage loans for a total of $118.3 million compared to 160 loans totaling $20.9 million in the third quarter 2019. Correspondingly, our total mortgage servicing portfolio increased by $74.7 million during the quarter to $561.0 million. CTBI’s investment portfolio increased $208.7 million, or an annualized 111.8%, from June 30, 2020 and $299.1 million, or 45.9%, from September 30, 2019. Deposits in other banks decreased $215.3 million from prior quarter but increased $46.2 million from prior year same quarter. The decline in deposits in other banks is due to management’s decision to redeploy Federal Reserve funds into AFS securities during the quarter. Deposits, including repurchase agreements, at $4.3 billion decreased $6.3 million, or an annualized 0.6%, from June 30, 2020 but increased $643.7 million, or 17.8%, from September 30, 2019.

Shareholders’ equity at September 30, 2020 was $644.4 million, a $12.6 million increase from the $631.8 million at June 30, 2020 and a $38.9 million increase from the $605.5 million at September 30, 2019. CTBI’s annualized dividend yield to shareholders as of September 30, 2020 was 5.45%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $29.9 million, or 0.84% of total loans, at September 30, 2020 compared to $36.2 million, or 1.02% of total loans, at June 30, 2020 and $31.4 million, or 0.98% of total loans, at September 30, 2019. Accruing loans 90+ days past due decreased $3.8 million from prior quarter and $2.3 million from September 30, 2019. Nonaccrual loans decreased $2.5 million during the quarter but increased $0.8 million from September 30, 2019. Accruing loans 30-89 days past due at $13.3 million decreased $0.3 million from prior quarter and $9.6 million from September 30, 2019. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties at $15.6 million at September 30, 2020 was a $2.1 million decrease from the $17.7 million at June 30, 2020 and a $4.2 million decrease from the $19.8 million at September 30, 2019. Sales of foreclosed properties for the quarter ended September 30, 2020 totaled $2.1 million while new foreclosed properties totaled $0.2 million. The suspension of residential foreclosure actions as a result of COVID-19 has continued through the third quarter 2020. At September 30, 2020, the book value of properties under contracts to sell was $3.1 million; however, the closings had not occurred at quarter-end. Write-downs on foreclosed properties for the third quarter 2020 totaled $0.3 million compared to $0.3 million in the second quarter 2020 and $2.2 million in the third quarter 2019. As disclosed in our Form 10-K for the year ended December 31, 2019, CTBI is required to dispose of any foreclosed property that has not been sold within 10 years. As of September 30, 2020, four foreclosed properties with a total book value of $7.0 million had been held by us for at least nine years.

Net loan charge-offs for the quarter ended September 30, 2020 were $1.1 million, or 0.12% of average loans annualized, compared to $2.8 million, or 0.32%, experienced for the second quarter 2020 and $1.4 million, or 0.18%, for the third quarter 2019. Of the net charge-offs for the quarter, $1.0 million were in commercial loans, $0.1 million were in direct consumer loans, and $0.1 million were in residential loans, partially offset by a recovery of $(0.1) million in indirect loans. Year-to-date net charge-offs as of September 30, 2020 totaled $5.2 million, or 0.20% of average loans annualized, compared to $4.1 million, or 0.17% of average loans annualized at September 30, 2019.

Allowance for Credit Losses

The allowance for credit losses (ACL) increased by $1.4 million during the quarter ended September 30, 2020. During the calculation of the allowance for credit losses (ACL) in the Current Expected Credit Loss model, management noted that the qualitative factors for current delinquency trends and our levels of nonperforming loans were driving a reduction in the overall calculation for our ACL. Management remains concerned that these factors may have been artificially influenced by the current economic environment resulting from the COVID-19 pandemic and the number of loans that have received payment deferrals. Given this uncertainty, management elected to increase the qualitative factors in our allowance model to offset this reduction and, in fact, increase the ACL by three basis points quarter over quarter. As a result, allocations to the allowance for credit losses for the quarter ended September 30, 2020 totaled $2.4 million, an increase of $2.5 million from prior quarter and $1.2 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2020 was 160.7% compared to 129.0% at June 30, 2020 and allowance for loan and lease losses to nonperforming loans of 110.8% at September 30, 2019. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2020 increased to 1.35% from the 1.32% at June 30, 2020 and above the allowance for loan loss reserve incurred loss model of 1.08% from September 30, 2019.

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.0 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
September 30, 2020
(in thousands except per share data and # of employees)
 
ThreeThreeThreeNineNine
MonthsMonthsMonthsMonthsMonths
EndedEndedEndedEndedEnded
September 30, 2020June 30, 2020September 30, 2019September 30, 2020September 30, 2019
Interest income

$

43,626

 

$

44,968

 

$

46,987

 

$

133,293

 

$

139,693

 

Interest expense

 

5,946

 

 

6,506

 

 

10,468

 

 

20,907

 

 

31,164

 

Net interest income

 

37,680

 

 

38,462

 

 

36,519

 

 

112,386

 

 

108,529

 

Loan loss provision

 

2,433

 

 

(49

)

 

1,253

 

 

15,091

 

 

3,006

 

 
Gains on sales of loans

 

2,470

 

 

1,753

 

 

450

 

 

4,706

 

 

1,298

 

Deposit service charges

 

6,296

 

 

4,967

 

 

6,859

 

 

17,179

 

 

19,504

 

Trust revenue

 

2,692

 

 

2,569

 

 

2,725

 

 

8,145

 

 

8,065

 

Loan related fees

 

1,383

 

 

822

 

 

622

 

 

2,300

 

 

1,635

 

Securities gains (losses)

 

142

 

 

937

 

 

14

 

 

1,328

 

 

574

 

Other noninterest income

 

1,928

 

 

1,831

 

 

1,719

 

 

5,653

 

 

5,735

 

Total noninterest income

 

14,911

 

 

12,879

 

 

12,389

 

 

39,311

 

 

36,811

 

 
Personnel expense

 

16,137

 

 

15,153

 

 

15,020

 

 

46,321

 

 

47,066

 

Occupancy and equipment

 

2,724

 

 

2,624

 

 

2,807

 

 

8,054

 

 

8,158

 

Data processing expense

 

1,936

 

 

1,875

 

 

1,987

 

 

5,789

 

 

5,539

 

FDIC insurance premiums

 

295

 

 

294

 

 

(280

)

 

736

 

 

266

 

Other noninterest expense

 

8,381

 

 

7,963

 

 

10,348

 

 

24,703

 

 

27,966

 

Total noninterest expense

 

29,473

 

 

27,909

 

 

29,882

 

 

85,603

 

 

88,995

 

 
Net income before taxes

 

20,685

 

 

23,481

 

 

17,773

 

 

51,003

 

 

53,339

 

Income taxes

 

3,238

 

 

3,829

 

 

2,504

 

 

7,325

 

 

4,807

 

Net income

$

17,447

 

$

19,652

 

$

15,269

 

$

43,678

 

$

48,532

 

 
Memo: TEQ interest income

$

43,815

 

$

45,149

 

$

47,170

 

$

133,832

 

$

140,288

 

 
Average shares outstanding

 

17,746

 

 

17,739

 

 

17,726

 

 

17,746

 

 

17,720

 

Diluted average shares outstanding

 

17,752

 

 

17,742

 

 

17,743

 

 

17,753

 

 

17,733

 

Basic earnings per share

$

0.98

 

$

1.11

 

$

0.86

 

$

2.46

 

$

2.74

 

Diluted earnings per share

$

0.98

 

$

1.11

 

$

0.86

 

$

2.46

 

$

2.74

 

Dividends per share

$

0.385

 

$

0.380

 

$

0.380

 

$

1.145

 

$

1.100

 

 
Average balances:
Loans

$

3,539,520

 

$

3,461,505

 

$

3,188,446

 

$

3,421,749

 

$

3,187,540

 

Earning assets

 

4,768,869

 

 

4,559,670

 

 

4,061,410

 

 

4,475,200

 

 

4,032,753

 

Total assets

 

5,035,874

 

 

4,837,293

 

 

4,341,985

 

 

4,752,895

 

 

4,316,483

 

Deposits, including repurchase agreements

 

4,276,496

 

 

4,096,647

 

 

3,617,671

 

 

4,002,194

 

 

3,604,780

 

Interest bearing liabilities

 

3,238,474

 

 

3,094,931

 

 

2,857,468

 

 

3,060,851

 

 

2,851,830

 

Shareholders' equity

 

642,306

 

 

624,111

 

 

604,271

 

 

630,320

 

 

589,139

 

 
Performance ratios:
Return on average assets

 

1.38

%

 

1.63

%

 

1.40

%

 

1.23

%

 

1.50

%

Return on average equity

 

10.81

%

 

12.66

%

 

10.02

%

 

9.26

%

 

11.01

%

Yield on average earning assets (tax equivalent)

 

3.66

%

 

3.98

%

 

4.61

%

 

3.99

%

 

4.65

%

Cost of interest bearing funds (tax equivalent)

 

0.73

%

 

0.85

%

 

1.45

%

 

0.91

%

 

1.46

%

Net interest margin (tax equivalent)

 

3.16

%

 

3.41

%

 

3.59

%

 

3.37

%

 

3.62

%

Efficiency ratio (tax equivalent)

 

55.99

%

 

55.17

%

 

60.89

%

 

56.72

%

 

61.32

%

 
Loan charge-offs

$

2,268

 

$

3,809

 

$

2,316

 

$

8,492

 

$

7,168

 

Recoveries

 

(1,187

)

 

(1,047

)

 

(876

)

 

(3,251

)

 

(3,065

)

Net charge-offs

$

1,081

 

$

2,762

 

$

1,440

 

$

5,241

 

$

4,103

 

 
Market Price:
High

$

35.09

 

$

37.07

 

$

44.22

 

$

46.87

 

$

44.22

 

Low

$

28.00

 

$

26.45

 

$

38.05

 

$

26.45

 

$

38.03

 

Close

$

28.26

 

$

32.76

 

$

42.58

 

$

28.26

 

$

42.58

 

 
      As ofAs ofAs of
      September 30, 2020June 30, 2020September 30, 2019
Assets:      
Loans      

$

3,557,899

 

$

3,538,770

 

$

3,214,785

 

Loan loss reserve      

 

(47,986

)

 

(46,634

)

 

(34,811

)

Net loans      

 

3,509,913

 

 

3,492,136

 

 

3,179,974

 

Loans held for sale      

 

20,125

 

 

28,987

 

 

1,943

 

Securities AFS      

 

949,089

 

 

740,479

 

 

649,976

 

Securities HTM      

 

-

 

 

-

 

 

517

 

Equity securities at fair value      

 

2,212

 

 

2,093

 

 

1,743

 

Other equity investments      

 

15,010

 

 

15,295

 

 

15,681

 

Other earning assets      

 

201,651

 

 

416,980

 

 

155,441

 

Cash and due from banks      

 

58,206

 

 

63,194

 

 

68,472

 

Premises and equipment      

 

42,115

 

 

42,810

 

 

44,223

 

Right of use asset      

 

13,536

 

 

13,867

 

 

14,702

 

Goodwill and core deposit intangible      

 

65,490

 

 

65,490

 

 

65,490

 

Other assets      

 

143,074

 

 

141,510

 

 

139,501

 

Total Assets      

$

5,020,421

 

$

5,022,841

 

$

4,337,663

 

       
Liabilities and Equity:      
Interest bearing checking      

$

78,989

 

$

77,518

 

$

54,365

 

Savings deposits      

 

1,667,120

 

 

1,696,805

 

 

1,385,188

 

CD's >=$100,000      

 

533,103

 

 

537,124

 

 

533,019

 

Other time deposits      

 

511,106

 

 

550,989

 

 

567,401

 

Total interest bearing deposits      

 

2,790,318

 

 

2,862,436

 

 

2,539,973

 

Noninterest bearing deposits      

 

1,103,863

 

 

1,109,873

 

 

849,582

 

Total deposits      

 

3,894,181

 

 

3,972,309

 

 

3,389,555

 

Repurchase agreements      

 

367,788

 

 

296,007

 

 

228,755

 

Other interest bearing liabilities      

 

60,641

 

 

59,246

 

 

64,162

 

Lease liability      

 

14,257

 

 

14,550

 

 

15,286

 

Other noninterest bearing liabilities      

 

39,104

 

 

48,882

 

 

34,387

 

Total liabilities      

 

4,375,971

 

 

4,390,994

 

 

3,732,145

 

Shareholders' equity      

 

644,450

 

 

631,847

 

 

605,518

 

Total Liabilities and Equity      

$

5,020,421

 

$

5,022,841

 

$

4,337,663

 

       
Ending shares outstanding      

 

17,802

 

 

17,795

 

 

17,777

 

       
30 - 89 days past due loans      

$

13,324

 

$

13,666

 

$

22,927

 

90 days past due loans      

 

17,989

 

 

21,799

 

 

20,330

 

Nonaccrual loans      

 

11,880

 

 

14,358

 

 

11,090

 

Restructured loans (excluding 90 days past due and nonaccrual)      

 

67,500

 

 

59,823

 

 

60,413

 

Foreclosed properties      

 

15,586

 

 

17,675

 

 

19,833

 

       
Common equity Tier 1 capital      

 

17.25

%

 

17.21

%

 

17.03

%

Tier 1 leverage ratio      

 

12.65

%

 

12.92

%

 

13.84

%

Tier 1 risk-based capital ratio      

 

18.94

%

 

18.93

%

 

18.82

%

Total risk based capital ratio      

 

20.19

%

 

20.18

%

 

19.93

%

Tangible equity to tangible assets ratio      

 

11.68

%

 

11.42

%

 

12.64

%

FTE employees      

 

966

 

 

979

 

 

1,001

 

 

Community Trust Bancorp, Inc.
Jean R. Hale, (606) 437-3294
Chairman, President, And C.E.O.

Source: Community Trust Bancorp, Inc.