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Community Trust Bancorp, Inc. Reports Earnings for the 3rd Quarter 2023

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

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

3Q

2023

 

2Q

2023

 

3Q

2022

 

YTD

2023

 

YTD

2022

Net income

$20,628

$19,404

$19,372

$59,345

$59,371

Earnings per share

$1.15

$1.09

$1.09

$3.32

$3.33

Earnings per share - diluted

$1.15

$1.08

$1.08

$3.32

$3.33

 

 

 

 

 

 

Return on average assets

1.46%

1.41%

1.40%

1.44%

1.46%

Return on average equity

12.30%

11.72%

12.08%

12.02%

12.20%

Efficiency ratio

52.66%

53.52%

53.70%

53.82%

53.58%

Tangible common equity

10.55%

10.90%

9.93%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.46

$0.44

$0.44

$1.34

$1.24

Book value per share

$36.30

$36.71

$33.66

 

 

 

 

 

 

 

 

Weighted average shares

17,893

17,884

17,841

17,882

17,832

Weighted average shares - diluted

17,904

17,890

17,857

17,892

17,844

Community Trust Bancorp, Inc. (NASDAQ: CTBI) achieved earnings for the third quarter 2023 of $20.6 million, or $1.15 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the second quarter 2023 and $19.4 million, or $1.09 per basic share, earned during the third quarter 2022. Total revenue was $0.8 million above prior quarter and $0.4 million above prior year same quarter. Net interest revenue increased $0.1 million compared to prior quarter but decreased $0.4 million compared to prior year same quarter, and noninterest income increased $0.7 million compared to prior quarter and $0.8 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million for the quarter and $0.5 million from prior year third quarter. Noninterest expense decreased $0.2 million compared to prior quarter and $0.6 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2023 were $59.3 million, or $3.32 per basic share, compared to $59.4 million, or $3.33 per basic share for the nine months ended September 30, 2022.

3rd Quarter 2023 Highlights

  • Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter.
  • Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter.
  • Our loan portfolio at $4.0 billion increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022.
  • We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022.
  • Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Nonperforming assets at $15.2 million increased $1.4 million from June 30, 2023 but decreased $0.4 million from September 30, 2022.
  • Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0% from September 30, 2022.
  • Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022.
  • Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity.
  • Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter.
  • Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter.

Net Interest Income

 

 

 

 

 

 

Percent Change

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2023

Compared to:

 

 

 

 

 

 

($ in thousands)

3Q

2023

 

2Q

2023

 

3Q

2022

 

2Q

2023

 

3Q

2022

 

YTD

2023

 

YTD

2022

 

Percent

Change

Components of net interest income:

Income on earning assets

$69,499

$64,827

$51,405

7.2%

35.2%

$195,321

$140,284

39.2%

Expense on interest bearing liabilities

26,359

21,748

7,869

21.2%

234.9%

65,186

15,926

309.3%

Net interest income

43,140

43,079

43,536

0.1%

(0.9%)

130,135

124,358

4.6%

TEQ

298

298

240

0.0%

24.1%

894

707

26.4%

Net interest income, tax equivalent

$43,438

$43,377

$43,776

0.1%

(0.8%)

$131,029

$125,065

4.8%

 

 

 

 

 

 

 

 

Average yield and rates paid:

 

 

 

 

 

 

 

 

Earning assets yield

5.25%

5.03%

3.97%

4.3%

32.3%

5.05%

3.66%

37.8%

Rate paid on interest bearing liabilities

2.93%

2.54%

0.93%

15.4%

215.4%

2.52%

0.63%

298.1%

Gross interest margin

2.32%

2.49%

3.04%

(7.0%)

(23.7%)

2.53%

3.03%

(16.7%)

Net interest margin

3.27%

3.35%

3.36%

(2.5%)

(2.9%)

3.37%

3.25%

3.7%

 

 

 

 

 

 

 

 

Average balances:

 

 

 

 

 

 

 

 

Investment securities

$1,178,707

$1,230,556

$1,380,881

(4.2%)

(14.6%)

$1,220,135

$1,438,769

(15.2%)

Loans

$3,952,096

$3,836,446

$3,568,174

3.0%

10.8%

$3,843,441

$3,516,114

9.3%

Earning assets

$5,274,542

$5,189,716

$5,163,624

1.6%

2.1%

$5,199,072

$5,146,251

1.0%

Interest-bearing liabilities

$3,567,343

$3,435,072

$3,359,242

3.9%

6.2%

$3,455,666

$3,361,097

2.8%

Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased $84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022.

Noninterest Income

 

 

 

 

 

 

Percent Change

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2023

Compared to:

 

 

 

 

 

 

($ in thousands)

3Q

2023

 

2Q

2023

 

3Q

2022

 

2Q

2023

 

3Q

2022

 

YTD

2023

 

YTD

2022

 

Percent

Change

Deposit related fees

$7,823

$7,513

$7,629

4.1%

2.5%

$22,623

$21,638

4.6%

Trust revenue

3,277

3,351

2,989

(2.2%)

9.6%

9,707

9,435

2.9%

Gains on sales of loans

105

115

235

(8.8%)

(55.3%)

341

1,351

(74.7%)

Loan related fees

1,283

1,197

1,589

7.2%

(19.3%)

3,325

5,066

(34.4%)

Bank owned life insurance revenue

1,108

735

743

50.7%

49.1%

2,701

2,136

26.5%

Brokerage revenue

452

388

453

16.5%

(0.2%)

1,188

1,502

(20.9%)

Other

1,448

1,457

1,041

(0.6%)

39.1%

4,049

3,017

34.2%

Total noninterest income

$15,496

$14,756

$14,679

5.0%

5.6%

$43,934

$44,145

(0.5%)

Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5 million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022.

Noninterest Expense

 

 

 

 

 

 

Percent Change

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2023

Compared to:

 

 

 

 

 

 

($ in thousands)

3Q

2023

 

2Q

2023

 

3Q

2022

 

2Q

2023

 

3Q

2022

 

YTD

2023

 

YTD

2022

 

Percent

Change

Salaries

$12,755

$12,732

$12,537

0.2%

1.7%

$38,120

$36,495

4.5%

Employee benefits

5,298

5,573

6,009

(4.9%)

(11.8%)

17,146

18,123

(5.4%)

Net occupancy and equipment

2,875

2,895

2,897

(0.7%)

(0.8%)

8,798

8,507

3.4%

Data processing

2,410

2,383

2,270

1.1%

6.2%

7,096

6,566

8.1%

Legal and professional fees

722

912

752

(20.8%)

(3.9%)

2,450

2,503

(2.1%)

Advertising and marketing

767

704

768

9.0%

(0.1%)

2,291

2,180

5.1%

Taxes other than property and payroll

420

433

422

(3.1%)

(0.4%)

1,285

1,274

0.9%

Net other real estate owned expense

165

61

42

169.9%

292.9%

345

438

(21.2%)

Other

5,435

5,332

5,778

1.9%

(5.9%)

16,231

14,726

10.2%

Total noninterest expense

$30,847

$31,025

$31,475

(0.6%)

(2.0%)

$93,762

$90,812

3.2%

Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8 million for the nine months ended September 30, 2022.

Balance Sheet Review

Total Loans

 

 

 

 

 

 

Percent Change

 

 

 

 

 

 

3Q 2023 Compared to:

($ in thousands)

3Q

2023

 

2Q

2023

 

3Q

2022

 

2Q

2023

 

3Q

2022

Commercial nonresidential real estate

$788,287

$787,598

$756,138

0.1%

4.3%

Commercial residential real estate

404,779

393,309

359,643

2.9%

12.6%

Hotel/motel

386,067

372,981

335,253

3.5%

15.2%

Other commercial

377,449

396,741

385,356

(4.9%)

(2.1%)

Total commercial

1,956,582

1,950,629

1,836,390

0.3%

6.5%

 

Residential mortgage

916,580

883,104

814,944

3.8%

12.5%

Home equity loans/lines

139,085

132,033

115,400

5.3%

20.5%

Total residential

1,055,665

1,015,137

930,344

4.0%

13.5%

 

Consumer indirect

812,060

806,081

703,016

0.7%

15.5%

Consumer direct

160,712

157,848

160,866

1.8%

(0.1%)

Total consumer

972,772

963,929

863,882

0.9%

12.6%

 

Total loans

$3,985,019

$3,929,695

$3,630,616

1.4%

9.8%

Total Deposits and Repurchase Agreements

 

 

 

 

 

 

Percent Change

 

 

 

 

 

 

3Q 2023 Compared to:

($ in thousands)

3Q

2023

 

2Q

2023

 

3Q

2022

 

2Q

2023

 

3Q

2022

Non-interest bearing deposits

$1,314,189

$1,361,078

$1,481,078

(3.4%)

(11.3%)

Interest bearing deposits

Interest checking

125,107

142,542

100,680

(12.2%)

24.3%

Money market savings

1,412,679

1,389,081

1,268,682

1.7%

11.4%

Savings accounts

556,820

611,772

683,697

(9.0%)

(18.6%)

Time deposits

1,219,097

1,012,187

1,000,931

20.4%

21.8%

Repurchase agreements

232,577

229,020

230,123

1.6%

1.1%

Total interest bearing deposits and repurchase agreements

3,546,280

3,384,602

3,284,113

4.8%

8.0%

Total deposits and repurchase agreements

$4,860,469

$4,745,680

$4,765,191

2.4%

2.0%

CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2% annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0%, from September 30, 2022.

Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%.

Asset Quality

Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 2022. 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 was $2.2 million at September 30, 2023 compared to $2.0 million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end.

We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 2022.

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 $5.6 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, 2023

(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, 2023

 

June 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Interest income

$

69,499

 

$

64,827

 

$

51,405

 

$

195,321

 

$

140,284

 

Interest expense

 

26,359

 

 

21,748

 

 

7,869

 

 

65,186

 

 

15,926

 

Net interest income

 

43,140

 

 

43,079

 

 

43,536

 

 

130,135

 

 

124,358

 

Loan loss provision

 

1,871

 

 

2,009

 

 

2,414

 

 

4,996

 

 

3,366

 

 
Gains on sales of loans

 

105

 

 

115

 

 

235

 

 

341

 

 

1,351

 

Deposit related fees

 

7,823

 

 

7,513

 

 

7,629

 

 

22,623

 

 

21,638

 

Trust revenue

 

3,277

 

 

3,351

 

 

2,989

 

 

9,707

 

 

9,435

 

Loan related fees

 

1,283

 

 

1,197

 

 

1,589

 

 

3,325

 

 

5,066

 

Securities gains (losses)

 

355

 

 

165

 

 

(159

)

 

738

 

 

(285

)

Other noninterest income

 

2,653

 

 

2,415

 

 

2,396

 

 

7,200

 

 

6,940

 

Total noninterest income

 

15,496

 

 

14,756

 

 

14,679

 

 

43,934

 

 

44,145

 

 
Personnel expense

 

18,053

 

 

18,305

 

 

18,546

 

 

55,266

 

 

54,618

 

Occupancy and equipment

 

2,875

 

 

2,895

 

 

2,897

 

 

8,798

 

 

8,507

 

Data processing expense

 

2,410

 

 

2,383

 

 

2,270

 

 

7,096

 

 

6,566

 

FDIC insurance premiums

 

612

 

 

610

 

 

360

 

 

1,828

 

 

1,073

 

Other noninterest expense

 

6,897

 

 

6,832

 

 

7,402

 

 

20,774

 

 

20,048

 

Total noninterest expense

 

30,847

 

 

31,025

 

 

31,475

 

 

93,762

 

 

90,812

 

 
Net income before taxes

 

25,918

 

 

24,801

 

 

24,326

 

 

75,311

 

 

74,325

 

Income taxes

 

5,290

 

 

5,397

 

 

4,954

 

 

15,966

 

 

14,954

 

Net income

$

20,628

 

$

19,404

 

$

19,372

 

$

59,345

 

$

59,371

 

 
Memo: TEQ interest income

$

69,797

 

$

65,125

 

$

51,645

 

$

196,215

 

$

140,991

 

 
Average shares outstanding

 

17,893

 

 

17,884

 

 

17,841

 

 

17,882

 

 

17,832

 

Diluted average shares outstanding

 

17,904

 

 

17,890

 

 

17,857

 

 

17,892

 

 

17,844

 

Basic earnings per share

$

1.15

 

$

1.09

 

$

1.09

 

$

3.32

 

$

3.33

 

Diluted earnings per share

$

1.15

 

$

1.08

 

$

1.08

 

$

3.32

 

$

3.33

 

Dividends per share

$

0.46

 

$

0.44

 

$

0.44

 

$

1.34

 

$

1.24

 

 
Average balances:
Loans

$

3,952,096

 

$

3,836,446

 

$

3,568,174

 

$

3,843,441

 

$

3,516,114

 

Earning assets

 

5,274,542

 

 

5,189,716

 

 

5,163,624

 

 

5,199,072

 

 

5,146,251

 

Total assets

 

5,603,586

 

 

5,509,776

 

 

5,477,596

 

 

5,524,343

 

 

5,447,439

 

Deposits, including repurchase agreements

 

4,750,448

 

 

4,727,386

 

 

4,733,393

 

 

4,722,207

 

 

4,691,322

 

Interest bearing liabilities

 

3,567,343

 

 

3,435,072

 

 

3,359,242

 

 

3,455,666

 

 

3,361,097

 

Shareholders' equity

 

665,129

 

 

663,896

 

 

636,038

 

 

660,063

 

 

650,877

 

 
Performance ratios:
Return on average assets

 

1.46

%

 

1.41

%

 

1.40

%

 

1.44

%

 

1.46

%

Return on average equity

 

12.30

%

 

11.72

%

 

12.08

%

 

12.02

%

 

12.20

%

Yield on average earning assets (tax equivalent)

 

5.25

%

 

5.03

%

 

3.97

%

 

5.05

%

 

3.66

%

Cost of interest bearing funds (tax equivalent)

 

2.93

%

 

2.54

%

 

0.93

%

 

2.52

%

 

0.63

%

Net interest margin (tax equivalent)

 

3.27

%

 

3.35

%

 

3.36

%

 

3.37

%

 

3.25

%

Efficiency ratio (tax equivalent)

 

52.66

%

 

53.52

%

 

53.70

%

 

53.82

%

 

53.58

%

 
Loan charge-offs

$

2,012

 

$

1,953

 

$

1,203

 

$

5,730

 

$

3,351

 

Recoveries

 

(842

)

 

(1,279

)

 

(878

)

 

(3,472

)

 

(2,662

)

Net charge-offs

$

1,170

 

$

674

 

$

325

 

$

2,258

 

$

689

 

 
Market Price:
High

$

39.86

 

$

40.30

 

$

45.37

 

$

47.35

 

$

46.30

 

Low

$

33.48

 

$

32.68

 

$

39.65

 

$

32.68

 

$

39.10

 

Close

$

34.26

 

$

35.57

 

$

40.55

 

$

34.26

 

$

40.55

 

 
 

As of

 

As of

 

As of

September 30, 2023

 

June 30, 2023

 

September 30, 2022

Assets:
Loans

$

3,985,019

 

$

3,929,695

 

$

3,630,616

 

Loan loss reserve

 

(48,719

)

 

(48,018

)

 

(44,433

)

Net loans

 

3,936,300

 

 

3,881,677

 

 

3,586,183

 

Loans held for sale

 

-

 

 

238

 

 

1,043

 

Securities AFS

 

1,135,878

 

 

1,201,253

 

 

1,298,592

 

Equity securities at fair value

 

2,900

 

 

2,545

 

 

1,969

 

Other equity investments

 

12,557

 

 

11,432

 

 

11,563

 

Other earning assets

 

152,064

 

 

62,726

 

 

201,196

 

Cash and due from banks

 

69,291

 

 

48,915

 

 

60,527

 

Premises and equipment

 

44,962

 

 

42,911

 

 

41,593

 

Right of use asset

 

16,100

 

 

16,678

 

 

12,131

 

Goodwill and core deposit intangible

 

65,490

 

 

65,490

 

 

65,490

 

Other assets

 

199,390

 

 

186,933

 

 

194,051

 

Total Assets

$

5,634,932

 

$

5,520,798

 

$

5,474,338

 

 
Liabilities and Equity:
Interest bearing checking

$

125,107

 

$

142,542

 

$

100,680

 

Savings deposits

 

1,969,499

 

 

2,000,853

 

 

1,952,379

 

CD's >=$100,000

 

666,808

 

 

538,492

 

 

537,233

 

Other time deposits

 

552,289

 

 

473,695

 

 

463,698

 

Total interest bearing deposits

 

3,313,703

 

 

3,155,582

 

 

3,053,990

 

Noninterest bearing deposits

 

1,314,189

 

 

1,361,078

 

 

1,481,078

 

Total deposits

 

4,627,892

 

 

4,516,660

 

 

4,535,068

 

Repurchase agreements

 

232,577

 

 

229,020

 

 

230,123

 

Other interest bearing liabilities

 

65,136

 

 

65,195

 

 

58,701

 

Lease liability

 

16,801

 

 

17,317

 

 

12,636

 

Other noninterest bearing liabilities

 

39,492

 

 

32,481

 

 

35,250

 

Total liabilities

 

4,981,898

 

 

4,860,673

 

 

4,871,778

 

Shareholders' equity

 

653,034

 

 

660,125

 

 

602,560

 

Total Liabilities and Equity

$

5,634,932

 

$

5,520,798

 

$

5,474,338

 

 
Ending shares outstanding

 

17,991

 

 

17,984

 

 

17,901

 

 
30 - 89 days past due loans

$

12,098

 

$

12,158

 

$

12,058

 

90 days past due loans

 

8,069

 

 

6,399

 

 

5,554

 

Nonaccrual loans

 

4,916

 

 

5,345

 

 

8,138

 

Foreclosed properties

 

2,175

 

 

2,047

 

 

1,864

 

 
Community bank leverage ratio

 

13.78

%

 

13.82

%

 

13.24

%

Tangible equity to tangible assets ratio

 

10.55

%

 

10.90

%

 

9.93

%

FTE employees

 

951

 

 

975

 

 

964

 

 
 

 

Contacts

Mark A. Gooch

Vice Chairman, President, and CEO

Community Trust Bancorp, Inc.

(606) 437-3229

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