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Community Trust Bancorp, Inc. Reports Earnings for the 3rd Quarter 2022

Community Trust Bancorp, Inc. (NASDAQ:CTBI):

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

3Q

2022

2Q

2022

3Q

2021

YTD

2022

YTD

2021

Net income

$19,372

$20,271

$21,142

$59,371

$68,691

Earnings per share

$1.09

$1.14

$1.19

$3.33

$3.86

Earnings per share - diluted

$1.08

$1.14

$1.19

$3.33

$3.86

 

 

 

 

 

 

Return on average assets

1.40%

1.49%

1.54%

1.46%

1.71%

Return on average equity

12.08%

12.75%

12.06%

12.20%

13.55%

Efficiency ratio

53.70%

53.77%

53.50%

53.58%

52.35%

Tangible common equity

9.93%

10.53%

11.77%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.44

$0.40

$0.40

$1.24

$1.17

Book value per share

$33.66

$35.32

$38.78

 

 

 

 

 

 

 

 

Weighted average shares

17,841

17,835

17,790

17,832

17,783

Weighted average shares - diluted

17,857

17,843

17,808

17,844

17,798

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2022 of $19.4 million, or $1.09 per basic share, compared to $20.3 million, or $1.14 per basic share, earned during the second quarter 2022 and $21.1 million, or $1.19 per basic share, earned during the third quarter 2021. Total revenue was $2.9 million above prior quarter and $1.8 million above prior year same quarter. Net interest revenue increased $2.7 million compared to prior quarter and $1.5 million compared to prior year same quarter, and noninterest income increased $0.2 million compared to prior quarter and $0.3 million compared to prior year same quarter. Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021. Noninterest expense increased $1.5 million compared to prior quarter and $1.1 million compared to prior year same quarter. Net income for the nine months ended September 30, 2022 was below prior year by $9.3 million, primarily due to the $6.9 million recovery of provision for credit losses taken in 2021 and the $4.2 million decline in gains on sales of loans.

3rd Quarter 2022 Highlights

  • Net interest income for the quarter of $43.5 million was $2.7 million above prior quarter and $1.5 million above prior year same quarter.
  • Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021.
  • Our loan portfolio increased $72.2 million, an annualized 8.0%, from June 30, 2022 and $232.4 million, or 6.8%, from September 30, 2021.
  • Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 compared to $0.04 million, or less than 0.01% of average loans annualized, for the second quarter 2022 and $0.3 million, or 0.04% of average loans annualized for the quarter ended September 30, 2021.
  • Our nonperforming loans, excluding troubled debt restructurings, decreased slightly to $13.7 million at September 30, 2022 from $13.8 million at June 30, 2022 but were $5.0 million below the $18.7 million at September 30, 2021. Nonperforming assets at $15.6 million decreased $0.2 million from June 30, 2022 and $7.5 million from September 30, 2021.
  • Deposits, including repurchase agreements, at $4.8 billion increased $53.5 million, or an annualized 4.5%, from June 30, 2022 and $176.9 million, or 3.9%, from September 30, 2021.
  • Shareholders’ equity declined $29.5 million, or an annualized 18.5%, during the quarter and $89.1 million, or 12.9%, from September 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio.
  • Noninterest income for the quarter ended September 30, 2022 of $14.7 million was $0.2 million, or 1.2%, above prior quarter and $0.3 million, or 2.0%, above prior year same quarter.
  • Noninterest expense for the quarter ended September 30, 2022 of $31.5 million was $1.5 million, or 5.0%, higher than prior quarter and $1.1 million, or 3.8%, above prior year same quarter.

Net Interest Income

Percent Change

 

3Q 2022 Compared to:

($ in thousands)

3Q

2022

2Q

2022

3Q

2021

2Q

2022

3Q

2021

YTD

2022

YTD

2021

Percent

Change

Components of net interest income:

Income on earning assets

$51,405

$45,352

$45,726

13.3%

12.4%

$140,284

$133,812

4.8%

Expense on interest bearing liabilities

7,869

4,562

3,712

72.5%

112.0%

15,926

11,549

37.9%

Net interest income

43,536

40,790

42,014

6.7%

3.6%

124,358

122,263

1.7%

TEQ

240

233

226

3.0%

6.2%

707

673

5.1%

Net interest income, tax equivalent

$43,776

$41,023

$42,240

6.7%

3.6%

$125,065

$122,936

1.7%

 

 

 

 

 

 

 

 

Average yield and rates paid:

 

 

 

 

 

 

 

 

Earning assets yield

3.97%

3.56%

3.52%

11.6%

12.8%

3.66%

3.52%

4.1%

Rate paid on interest bearing liabilities

0.93%

0.54%

0.43%

71.4%

115.2%

0.63%

0.46%

39.1%

Gross interest margin

3.04%

3.02%

3.09%

0.7%

(1.6%)

3.03%

3.06%

(1.0%)

Net interest margin

3.36%

3.20%

3.23%

5.1%

4.1%

3.25%

3.22%

1.0%

 

 

 

 

 

 

 

 

Average balances:

 

 

 

 

 

 

 

 

Investment securities

$1,380,881

$1,452,021

$1,511,178

(4.9%)

(8.6%)

$1,438,769

$1,266,850

13.6%

Loans

$3,568,174

$3,538,324

$3,400,194

0.8%

4.9%

$3,516,114

$3,480,860

1.0%

Earning assets

$5,163,624

$5,140,656

$5,184,749

0.4%

(0.4%)

$5,146,251

$5,109,934

0.7%

Interest-bearing liabilities

$3,359,242

$3,373,741

$3,410,286

(0.4%)

(1.5%)

$3,361,097

$3,390,178

(0.9%)

Net interest income for the quarter of $43.5 million was $2.7 million above prior quarter and $1.5 million above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.36% increased 16 basis points from prior quarter and 13 basis points from prior year same quarter, as our average earning assets increased $23.0 million from prior quarter but decreased $21.1 million from prior year same quarter. Our yield on average earning assets increased 41 basis points from prior quarter and 45 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 50 basis points from prior year same quarter. Noninterest bearing deposits increased $72.9 million over prior quarter and $162.9 million over prior year. Net interest income for the nine months ended September 30, 2022 increased $2.1 million or 1.7% from the nine months ended September 30, 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 75.4% for the quarter ended September 30, 2022 compared to 75.2% for the quarter ended June 30, 2022 and 73.1% for the quarter ended September 30, 2021.

Noninterest Income

Percent Change

 

3Q 2022 Compared to:

($ in thousands)

3Q

2022

2Q

2022

3Q

2021

2Q

2022

3Q

2021

YTD

2022

YTD

2021

Percent

Change

Deposit related fees

$7,629

$7,263

$7,066

5.0%

8.0%

$21,638

$19,446

11.3%

Trust revenue

2,989

3,198

3,039

(6.5%)

(1.6%)

9,435

9,339

1.0%

Gains on sales of loans

235

519

1,239

(54.7%)

(81.0%)

1,351

5,579

(75.8%)

Loan related fees

1,589

1,415

1,050

12.3%

51.3%

5,066

4,324

17.2%

Bank owned life insurance revenue

743

702

654

5.8%

13.6%

2,136

1,808

18.1%

Brokerage revenue

453

459

519

(1.3%)

(12.8%)

1,502

1,530

(1.8%)

Other

1,041

945

821

10.3%

26.9%

3,017

3,460

(12.8%)

Total noninterest income

$14,679

$14,501

$14,388

1.2%

2.0%

$44,145

$45,486

(2.9%)

Noninterest income for the quarter ended September 30, 2022 of $14.7 million was $0.2 million, or 1.2%, above prior quarter and $0.3 million, or 2.0%, above prior year same quarter. The quarter over quarter increase included a $0.4 million increase in deposit related fees and a $0.2 million increase in loan related fees, partially offset by a $0.3 million decrease in gains on sales of loans and a $0.2 million decrease in trust revenue. Year-to-date noninterest income decreased $1.3 million from the nine months ended September 30, 2021 due to a $4.2 million decline in gains on sales of loans, partially offset by a $2.2 million increase in deposit related fees and a $0.7 million increase in loan related fees. Gains on sales of loans continue to be impacted by the slowdown in the industry-wide mortgage refinancing boom. Deposit related fees were primarily impacted by debit card income and overdraft charges. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights. The decrease in trust revenue quarter over quarter was due to the decline in the market value of managed assets.

Noninterest Expense

Percent Change

 

3Q 2022 Compared to:

($ in thousands)

3Q

2022

2Q

2022

3Q

2021

2Q

2022

3Q

2021

YTD

2022

YTD

2021

Percent Change

Salaries

$12,537

$12,219

$11,962

2.6%

4.8%

$36,495

$35,080

4.0%

Employee benefits

6,009

6,315

6,891

(4.8%)

(12.8%)

18,123

19,566

(7.4%)

Net occupancy and equipment

2,897

2,756

2,733

5.1%

6.0%

8,507

8,229

3.4%

Data processing

2,270

2,095

1,911

8.3%

18.8%

6,566

5,940

10.5%

Legal and professional fees

752

884

685

(15.0%)

9.7%

2,503

2,331

7.4%

Advertising and marketing

769

659

819

16.7%

(6.1%)

2,180

2,251

(3.2%)

Taxes other than property and payroll

422

425

464

(0.8%)

(9.1%)

1,274

1,209

5.4%

Net other real estate owned expense

41

43

296

(4.3%)

(86.2%)

438

1,102

(60.2%)

Other

5,778

4,582

4,567

26.1%

26.5%

14,726

12,428

18.5%

Total noninterest expense

$31,475

$29,978

$30,328

5.0%

3.8%

$90,812

$88,136

3.0%

Noninterest expense for the quarter ended September 30, 2022 of $31.5 million was $1.5 million, or 5.0%, higher than prior quarter and $1.1 million, or 3.8%, above prior year same quarter. The increase in noninterest expense quarter over quarter was primarily the result of a $1.4 million accrual for customer refunds of re-presented returned item fees. Noninterest expense for the nine months ended September 30, 2022 was $2.7 million higher than the nine months ended September 30, 2021.

Balance Sheet Review

Total Loans

Percent Change

3Q 2022 Compared to:

($ in thousands)

3Q

2022

2Q

2022

3Q

2021

2Q

2022

3Q

2021

Commercial nonresidential real estate

$756,138

$758,227

$732,442

(0.3%)

3.2%

Commercial residential real estate

359,643

354,668

330,660

1.4%

8.8%

Hotel/motel

335,253

280,956

252,951

19.3%

32.5%

SBA guaranteed PPP loans

1,958

7,788

99,116

(74.9%)

(98.0%)

Other commercial

383,398

395,876

347,632

(3.2%)

10.3%

Total commercial

1,836,390

1,797,515

1,762,801

2.2%

4.2%

 

Residential mortgage

814,944

793,249

763,005

2.7%

6.8%

Home equity loans/lines

115,400

110,828

105,007

4.1%

9.9%

Total residential

930,344

904,077

868,012

2.9%

7.2%

 

Consumer indirect

703,016

697,060

612,394

0.9%

14.8%

Consumer direct

160,866

159,791

155,022

0.7%

3.8%

Total consumer

863,882

856,851

767,416

0.8%

12.6%

 

Total loans

$3,630,616

$3,558,443

$3,398,229

2.0%

6.8%

Total Deposits and Repurchase Agreements

Percent Change

3Q 2022 Compared to:

($ in thousands)

3Q

2022

2Q

2022

3Q

2021

2Q

2022

3Q

2021

Non-interest bearing deposits

$1,481,078

$1,408,148

$1,318,158

5.2%

12.4%

Interest bearing deposits

Interest checking

100,680

99,055

90,657

1.6%

11.1%

Money market savings

1,268,682

1,243,817

1,210,551

2.0%

4.8%

Savings accounts

683,697

671,349

616,561

1.8%

10.9%

Time deposits

1,000,931

1,050,559

1,060,309

(4.7%)

(5.6%)

Repurchase agreements

230,123

238,733

292,022

(3.6%)

(21.2%)

Total interest bearing deposits and repurchase agreements

3,284,113

3,303,513

3,270,100

(0.6%)

0.4%

Total deposits and repurchase agreements

$4,765,191

$4,711,661

$4,588,258

1.1%

3.9%

CTBI’s total assets at $5.5 billion increased $27.0 million, or 2.0% annualized, from June 30, 2022 and $88.8 million, or 1.6%, from September 30, 2021. Loans outstanding at September 30, 2022 were $3.6 billion, an increase of $72.2 million, an annualized 8.0%, from June 30, 2022 and $232.4 million, or 6.8%, from September 30, 2021. The increase in loans included a $38.9 million increase in the commercial loan portfolio, a $26.3 million increase in the residential loan portfolio, a $5.9 million increase in the indirect consumer loan portfolio, and a $1.1 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $103.7 million, or an annualized 29.3%, from June 30, 2022 and $227.6 million, or 14.9%, from September 30, 2021. Deposits in other banks increased $62.8 million from prior quarter and $58.4 million from prior year same quarter. Deposits, including repurchase agreements, at $4.8 billion increased $53.5 million, or an annualized 4.5%, from June 30, 2022 and $176.9 million, or 3.9%, from September 30, 2021.

Shareholders’ equity declined $29.5 million, or an annualized 18.5%, during the quarter and $89.1 million, or 12.9%, from September 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio due to the current increasing interest rate environment. Management has the ability and intent to hold these securities to recovery or maturity. We experienced a $41.5 million increase in accumulated other comprehensive loss, net of tax, resulting from increases in unrealized losses on our securities portfolio during the quarter. CTBI’s annualized dividend yield to shareholders as of September 30, 2022 was 4.34%.

Asset Quality

Our total nonperforming loans, excluding troubled debt restructurings, decreased slightly to $13.7 million at September 30, 2022 from $13.8 million at June 30, 2022 but were $5.0 million below the $18.7 million at September 30, 2021. Accruing loans 90+ days past due at $5.6 million increased $0.5 million from prior quarter but decreased $1.1 million from September 30, 2021. Nonaccrual loans at $8.1 million decreased $0.7 million from prior quarter and $3.9 million from September 30, 2021. Accruing loans 30-89 days past due at $12.1 million increased $1.5 million from prior quarter and $3.2 million from September 30, 2021. 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 were $1.9 million at September 30, 2022 compared to $2.0 million at June 30, 2022 and $4.3 million at September 30, 2021. Sales of foreclosed properties for the quarter ended September 30, 2022 totaled $0.1 million while new foreclosed properties totaled $0.03 million. At September 30, 2022, the book value of properties under contracts to sell was $0.4 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 compared to $0.04 million, or less than 0.01% of average loans annualized, for the second quarter 2022 and $0.3 million, or 0.04% of average loans annualized for the quarter ended September 30, 2021. Year-to-date net loan charge-offs were $0.7 million, or 0.03% of average loans annualized, compared to a net recovery of loan charge-offs of $0.1 million for the first nine months of 2021.

Allowance for Credit Losses

Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021. Year-to-date provision was $3.4 million compared to a recovery of $6.9 million during the first nine months of 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2022 was 324.5% compared to 305.9% at June 30, 2022 and 220.0% at September 30, 2021. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2022 was 1.22% compared to 1.19% at June 30, 2022 and 1.21% at September 30, 2021.

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 $5.5 billion, is headquartered in Pikeville, Kentucky and has 68 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, 2022
(in thousands except per share data and # of employees)
 
Three Three Three Nine Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
September 30, 2022 June 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Interest income

$

51,405

$

45,352

$

45,726

$

140,284

$

133,812

Interest expense

 

7,869

 

4,562

 

3,712

 

15,926

 

11,549

Net interest income

 

43,536

 

40,790

 

42,014

 

124,358

 

122,263

Loan loss provision

 

2,414

 

77

 

(163)

 

3,366

 

(6,919)

 
Gains on sales of loans

 

235

 

519

 

1,239

 

1,351

 

5,579

Deposit related fees

 

7,629

 

7,263

 

7,066

 

21,638

 

19,446

Trust revenue

 

2,989

 

3,198

 

3,039

 

9,435

 

9,339

Loan related fees

 

1,589

 

1,415

 

1,050

 

5,066

 

4,324

Securities gains (losses)

 

(159)

 

(225)

 

(62)

 

(285)

 

50

Other noninterest income

 

2,396

 

2,331

 

2,056

 

6,940

 

6,748

Total noninterest income

 

14,679

 

14,501

 

14,388

 

44,145

 

45,486

 
Personnel expense

 

18,546

 

18,534

 

18,853

 

54,618

 

54,646

Occupancy and equipment

 

2,897

 

2,756

 

2,733

 

8,507

 

8,229

Data processing expense

 

2,270

 

2,095

 

1,911

 

6,566

 

5,940

FDIC insurance premiums

 

360

 

358

 

393

 

1,073

 

1,042

Other noninterest expense

 

7,402

 

6,235

 

6,438

 

20,048

 

18,279

Total noninterest expense

 

31,475

 

29,978

 

30,328

 

90,812

 

88,136

 
Net income before taxes

 

24,326

 

25,236

 

26,237

 

74,325

 

86,532

Income taxes

 

4,954

 

4,965

 

5,095

 

14,954

 

17,841

Net income

$

19,372

$

20,271

$

21,142

$

59,371

$

68,691

 
Memo: TEQ interest income

$

51,645

$

45,584

$

45,952

$

140,991

$

134,485

 
Average shares outstanding

 

17,841

 

17,835

 

17,790

 

17,832

 

17,783

Diluted average shares outstanding

 

17,857

 

17,843

 

17,808

 

17,844

 

17,798

Basic earnings per share

$

1.09

$

1.14

$

1.19

$

3.33

$

3.86

Diluted earnings per share

$

1.08

$

1.14

$

1.19

$

3.33

$

3.86

Dividends per share

$

0.440

$

0.400

$

0.400

$

1.240

$

1.170

 
Average balances:
Loans

$

3,568,174

$

3,538,324

$

3,400,194

$

3,516,114

$

3,480,860

Earning assets

 

5,163,624

 

5,140,656

 

5,184,749

 

5,146,251

 

5,109,934

Total assets

 

5,477,596

 

5,446,263

 

5,457,558

 

5,447,439

 

5,376,588

Deposits, including repurchase agreements

 

4,733,393

 

4,705,492

 

4,650,885

 

4,691,322

 

4,585,812

Interest bearing liabilities

 

3,359,242

 

3,373,741

 

3,410,286

 

3,361,097

 

3,390,178

Shareholders' equity

 

636,038

 

637,542

 

695,490

 

650,877

 

677,632

 
Performance ratios:
Return on average assets

 

1.40%

 

1.49%

 

1.54%

 

1.46%

 

1.71%

Return on average equity

 

12.08%

 

12.75%

 

12.06%

 

12.20%

 

13.55%

Yield on average earning assets (tax equivalent)

 

3.97%

 

3.56%

 

3.52%

 

3.66%

 

3.52%

Cost of interest bearing funds (tax equivalent)

 

0.93%

 

0.54%

 

0.43%

 

0.63%

 

0.46%

Net interest margin (tax equivalent)

 

3.36%

 

3.20%

 

3.23%

 

3.25%

 

3.22%

Efficiency ratio (tax equivalent)

 

53.70%

 

53.77%

 

53.50%

 

53.58%

 

52.35%

 
Loan charge-offs

$

1,203

$

828

$

1,042

$

3,351

$

3,460

Recoveries

 

(878)

 

(786)

 

(725)

 

(2,662)

 

(3,572)

Net charge-offs

$

325

$

42

$

317

$

689

$

(112)

 
Market Price:
High

$

45.37

$

42.91

$

42.95

$

46.30

$

47.53

Low

$

39.65

$

39.10

$

38.20

$

39.10

$

36.02

Close

$

40.55

$

40.44

$

42.10

$

40.55

$

42.10

 
As of As of As of
September 30, 2022 June 30, 2022 September 30, 2021
Assets:
Loans

$

3,630,616

$

3,558,443

$

3,398,229

Loan loss reserve

 

(44,433)

 

(42,344)

 

(41,215)

Net loans

 

3,586,183

 

3,516,099

 

3,357,014

Loans held for sale

 

1,043

 

936

 

12,056

Securities AFS

 

1,298,592

 

1,402,127

 

1,525,738

Equity securities at fair value

 

1,969

 

2,128

 

2,461

Other equity investments

 

11,563

 

13,026

 

13,026

Other earning assets

 

201,196

 

140,384

 

143,789

Cash and due from banks

 

60,527

 

75,373

 

66,075

Premises and equipment

 

41,593

 

40,704

 

40,145

Right of use asset

 

12,131

 

12,005

 

12,399

Goodwill and core deposit intangible

 

65,490

 

65,490

 

65,490

Other assets

 

194,051

 

179,078

 

147,392

Total Assets

$

5,474,338

$

5,447,350

$

5,385,585

 
Liabilities and Equity:
Interest bearing checking

$

100,680

$

99,055

$

90,657

Savings deposits

 

1,952,379

 

1,915,166

 

1,827,112

CD's >=$100,000

 

537,233

 

573,519

 

565,869

Other time deposits

 

463,698

 

477,040

 

494,440

Total interest bearing deposits

 

3,053,990

 

3,064,780

 

2,978,078

Noninterest bearing deposits

 

1,481,078

 

1,408,148

 

1,318,158

Total deposits

 

4,535,068

 

4,472,928

 

4,296,236

Repurchase agreements

 

230,123

 

238,733

 

292,022

Other interest bearing liabilities

 

58,701

 

58,706

 

58,721

Lease liability

 

12,636

 

12,479

 

13,229

Other noninterest bearing liabilities

 

35,250

 

32,454

 

33,734

Total liabilities

 

4,871,778

 

4,815,300

 

4,693,942

Shareholders' equity

 

602,560

 

632,050

 

691,643

Total Liabilities and Equity

$

5,474,338

$

5,447,350

$

5,385,585

 
Ending shares outstanding

 

17,901

 

17,895

 

17,837

 
30 - 89 days past due loans

$

12,058

$

10,595

$

8,874

90 days past due loans

 

5,554

 

5,018

 

6,650

Nonaccrual loans

 

8,138

 

8,824

 

12,084

Restructured loans (excluding 90 days past due and nonaccrual)

 

79,092

 

75,264

 

70,932

Foreclosed properties

 

1,864

 

1,954

 

4,314

 
Community bank leverage ratio

 

13.24%

 

13.14%

 

12.71%

Tangible equity to tangible assets ratio

 

9.93%

 

10.53%

 

11.77%

FTE employees

 

964

 

958

 

960

 

Contacts

Mark A. Gooch

Vice Chairman, President, and Ceo

Community Trust Bancorp, Inc.

(606) 437-3229

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