Community Trust Bancorp, Inc. Reports Record Earnings for 2012
Community Trust Bancorp, Inc. (NASDAQ: CTBI):
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Earnings Summary
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(in thousands except per share data)
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4Q
2012
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3Q
2012
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4Q
2011
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Year
2012
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Year
2011
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Net income
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$10,552
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$10,209
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$9,888
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$44,862
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$38,827
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Earnings per share
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$0.68
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$0.66
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$0.64
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$2.90
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$2.54
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Earnings per share – diluted
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$0.68
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$0.66
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$0.64
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$2.89
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$2.53
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Return on average assets
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1.15%
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1.11%
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1.09%
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1.23%
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1.11%
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Return on average equity
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10.47%
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10.26%
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10.71%
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11.52%
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10.91%
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Efficiency ratio
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60.75%
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58.19%
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60.15%
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57.93%
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60.23%
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Tangible common equity
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9.36%
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9.22%
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8.52%
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9.36%
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8.52%
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Dividends declared per share
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$0.315
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$0.315
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$0.310
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$1.25
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$1.23
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Book value per share
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$25.64
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$25.38
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$23.78
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$25.64
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$23.78
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Weighted average shares
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15,516
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15,491
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15,332
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15,466
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15,313
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Weighted average shares – diluted
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15,572
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15,555
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15,384
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15,521
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15,364
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Community Trust Bancorp, Inc. (NASDAQ: CTBI) reports earnings for the
fourth quarter 2012 of $10.6 million, or $0.68 per basic share, compared
to $9.9 million, or $0.64 per basic share, earned during the fourth
quarter 2011 and $10.2 million, or $0.66 per basic share, earned during
the third quarter 2012. Earnings for the year ended December 31, 2012
were $44.9 million, or $2.90 per basic share, a 15.5% increase from the
$38.8 million, or $2.54 per basic share earned during the year 2011.
4th Quarter and Year 2012 Highlights
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CTBI’s basic earnings per share for the quarter increased $0.04 per
share from the fourth quarter 2011 and $0.02 per share from the third
quarter 2012. Basic earnings per share for the year 2012 increased
$0.36 per share from prior year. The increase in earnings from prior
year was supported by increased net interest income and noninterest
income and decreased provision for loan loss and noninterest expense.
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Net interest income for the quarter increased 2.6% from prior year
fourth quarter and 2.2% from prior quarter as our net interest margin
increased 5 basis points and 7 basis points, respectively, for those
time periods. Net interest income for the year increased 0.5% while
our net interest margin declined 14 basis points.
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Nonperforming loans at $36.0 million decreased $1.3 million from
December 31, 2011 but increased $2.0 million from September 30, 2012.
Nonperforming assets at $83.0 million decreased $10.9 million from
prior year and $6.6 million from prior quarter.
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Net loan charge-offs for both of the quarters ended December 31, 2012
and September 30, 2012 were $2.9 million, or 0.45% of average loans
annualized, compared to $4.9 million, or 0.75%, experienced for the
fourth quarter 2011. Net charge-offs for the year 2012 were $9.4
million compared to $14.9 million for the year 2011.
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Our loan loss provision for the quarter decreased $0.09 million from
prior year fourth quarter and $0.03 million from prior quarter. Our
loan loss provision for the year 2012 was $3.8 million below 2011 as
net charge-offs declined $5.5 million and loans declined $6.0 million.
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Our loan loss reserve as a percentage of total loans outstanding
remained at 1.30% from December 31, 2011 to December 31, 2012. Our
reserve coverage (allowance for loan loss reserve to nonperforming
loans) at December 31, 2012 was 92.3% compared to 89.0% at December
31, 2011 and 97.5% at September 30, 2012.
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Noninterest income increased 3.3% for the quarter ended December 31,
2012 compared to the same period in 2011 and 10.2% from prior quarter.
Noninterest income for the year 2012 has increased 4.8% as a result of
increased gains on sales of loans, trust revenue, and loan related
fees, as well as a $1.0 million increase in net securities gains.
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Noninterest expense for the quarter ended December 31, 2012 increased
from prior year fourth quarter and prior quarter, primarily as a
result of increased personnel expense associated with the employee
incentive accrual. Noninterest expense for the year decreased 2.7%
from prior year as a result of decreases in FDIC insurance premiums,
legal fees, other real estate owned expense, and repossession expense,
partially offset by an increase in personnel expense.
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Our loan portfolio decreased $6.0 million from prior year and $1.0
million during the quarter.
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Our investment portfolio increased $75.9 million from prior year but
decreased $17.9 million during the quarter.
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Deposits, including repurchase agreements, increased $18.4 million
from prior year but declined $16.4 million from prior quarter.
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Our tangible common equity/tangible assets ratio remains strong at
9.36%.
Net Interest Income
Net interest income for the quarter increased $0.9 million from prior
year and $0.7 million from prior quarter with average earning assets
increasing 1.9% and 0.3% and our net interest margin increasing 5 basis
points and 7 basis points for the same periods. The yield on average
earning assets decreased 19 basis points from prior year fourth quarter
and 6 basis points from prior quarter. Loans represented 75.5% of our
average earning assets for the quarter ended December 31, 2012 compared
to 77.3% for the quarter ended December 31, 2011 and 75.4% for the
quarter ended September 30, 2012. The cost of interest bearing funds
decreased 28 basis points from prior year fourth quarter and 16 basis
points from prior quarter. Net interest income for the year 2012
increased $0.7 million as our net interest margin declined 14 basis
points and average earning assets increased 4.2%. The increased cost of
our Hoops CD product resulting from the University of Kentucky’s
national championship win increased our cost of interest bearing funds
and decreased our net interest margin by approximately 2 basis points
during the fourth quarter 2012, approximately 6 basis points during the
third quarter 2012, and approximately 4 basis points for the year.
Noninterest Income
Noninterest income increased 3.3% for the fourth quarter 2012 compared
to the fourth quarter 2011 and 10.2% from prior quarter, primarily as a
result of increased loan related fees. Noninterest income for the year
2012 has increased 4.8% as a result of increased gains on sales of
loans, trust revenue, and loan related fees, partially offset by a
decline in deposit service charges. Loan related fees were impacted by a
$0.8 million variance year over year in adjustments to the fair value of
our mortgage servicing rights, as well as the receipt of a $0.4 million
commercial loan prepayment penalty. Noninterest income was also impacted
by $1.2 million in net securities gains for the year 2012 compared to
$0.2 million for the year 2011.
Noninterest Expense
Noninterest expense for the fourth quarter 2012 increased from prior
year fourth quarter and prior quarter, primarily as a result of
increased personnel expense associated with the employee incentive
accrual. Noninterest expense for the year decreased 2.7% from prior year
as a result of decreases in FDIC insurance premiums, legal fees, other
real estate owned expense, and repossession expense, partially offset by
an increase in personnel expense.
Balance Sheet Review
CTBI’s total assets at $3.6 billion increased $44.5 million, or 1.2%,
from December 31, 2011 but declined $5.9 million, or an annualized 0.6%,
during the quarter. Loans outstanding at December 31, 2012 were $2.6
billion, decreasing $6.0 million, or 0.2%, from December 31, 2011 and
$1.0 million, or an annualized 0.2%, during the quarter. Loan growth
during the year of $8.5 million in the commercial loan portfolio and
$45.8 million in the residential loan portfolio was offset by a decline
of $60.3 million in the consumer loan portfolio, primarily in our
indirect auto lending area. CTBI’s investment portfolio increased $75.9
million, or 14.4%, from December 31, 2011 but decreased $17.9 million,
or an annualized 11.4%, during the quarter. Deposits, including
repurchase agreements, at $3.1 billion increased $18.4 million, or 0.6%,
from December 31, 2011 but decreased $16.4 million, or an annualized
2.1%, from prior quarter.
Shareholders’ equity at December 31, 2012 was $400.3 million compared to
$366.9 million at December 31, 2011 and $396.1 million at September 30,
2012. CTBI’s annualized dividend yield to shareholders as of December
31, 2012 was 3.84%.
Asset Quality
CTBI’s total nonperforming loans were $36.0 million at December 31,
2012, a 3.4% decrease from the $37.3 million at December 31, 2011 but a
5.8% increase from the $34.0 million at September 30, 2012. The increase
for the quarter included a $3.3 million increase in the 90+ days past
due category partially offset by a $1.3 million decrease in nonaccrual
loans. The increase in the 90+ past due loans is made up of various
commercial loans that are considered to be well secured and in the
process of collection. Loans 30-89 days past due at $27.0 million is an
increase of $5.3 million from December 31, 2011 and a $5.5 million
increase from prior quarter. The increase in our 30-89 days past due
loans is primarily one commercial relationship collateralized by income
producing property and is considered well secured. Our loan portfolio
management processes focus on the immediate identification, management,
and resolution of problem loans to maximize recovery and minimize loss.
Impaired loans, loans not expected to meet contractual principal and
interest payments other than insignificant delays, at December 31, 2012
totaled $60.7 million, compared to $47.4 million at December 31, 2011
and $60.9 million at September 30, 2012.
Our level of foreclosed properties at $47.0 million at December 31, 2012
was a decrease from $56.5 million at December 31, 2011 and $55.6 million
at September 30, 2012. Sales of foreclosed properties for the year ended
December 31, 2012 totaled $19.3 million while new foreclosed properties
totaled $12.0 million. At December 31, 2012, the book value of
properties under contracts to sell was $3.3 million; however, the
closings had not occurred at quarter-end.
Net loan charge-offs for the quarters ended December 31, 2012 and
September 30, 2012 were $2.9 million, or 0.45% of average loans
annualized, compared to $4.9 million, or 0.75%, experienced for the
fourth quarter 2011. Of the total net charge-offs for the quarter, $0.8
million were in commercial loans, $0.9 million were in indirect auto
loans, and $0.4 million were in residential real estate mortgage loans.
Allocations to loan loss reserves were $2.9 million for the quarters
ended September 30, 2012 and December 31, 2012 compared to $3.0 million
for the quarter ended December 31, 2011. Net charge-offs for the year
2012 were $9.4 million, or 0.37% of average loans, compared to $14.9
million, or 0.58% of average loans, for the year 2011. Our loan loss
reserve as a percentage of total loans outstanding has remained at 1.30%
from December 31, 2011 to December 31, 2012. Our reserve coverage was
92.3% at December 31, 2012.
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. CTBI’s 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, the performance of coal and coal
related industries, prevailing inflation and interest rates, realized
gains from sales of investments, gains from asset sales, and losses on
commercial lending activities; results of various investment activities;
the effects of competitors’ pricing policies, of changes in laws and
regulations on competition and of 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; the adoption by CTBI of an FFIEC policy that
provides guidance on the reporting of delinquent consumer loans and the
timing of associated credit charge-offs for financial institution
subsidiaries; and the resolution of legal proceedings and related
matters. In addition, the banking industry in general is subject to
various monetary and fiscal policies and regulations, which include
those determined by the Federal Reserve Board, the Federal Deposit
Insurance Corporation, and state regulators, whose policies and
regulations 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 $3.6 billion, is
headquartered in Pikeville, Kentucky and has 71 banking locations across
eastern, northeastern, central, and south central Kentucky, six banking
locations in southern West Virginia, four banking locations in
northeastern Tennessee, four trust offices across Kentucky, and one
trust office in Tennessee.
Additional information follows.
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Community Trust Bancorp, Inc. Financial Summary
(Unaudited) December 31, 2012 (in thousands
except per share data and # of employees)
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Three
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Three
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Three
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Twelve
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Twelve
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Months
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Months
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Months
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Months
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Months
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Ended
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Ended
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Ended
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Ended
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Ended
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December 31, 2012
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September 30, 2012
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December 31, 2011
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December 31, 2012
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December 31, 2011
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Interest income
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$
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38,091
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$
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38,450
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$
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39,051
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$
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153,722
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$
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158,460
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Interest expense
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4,328
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5,404
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6,143
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21,588
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27,005
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Net interest income
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33,763
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33,046
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32,908
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132,134
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131,455
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Loan loss provision
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2,946
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2,919
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3,040
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9,450
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13,262
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Gains on sales of loans
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580
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660
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583
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2,562
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1,749
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Deposit service charges
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6,131
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6,038
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6,577
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23,996
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25,576
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Trust revenue
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1,749
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1,734
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1,564
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6,918
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6,354
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Loan related fees
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1,514
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631
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763
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4,042
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2,372
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Securities gains
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336
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-
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218
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1,155
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218
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Other noninterest income
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1,633
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1,775
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1,854
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7,284
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7,563
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Total noninterest income
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11,943
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10,838
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11,559
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45,957
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43,832
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Personnel expense
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13,388
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13,285
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11,754
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51,888
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48,795
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Occupancy and equipment
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2,871
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2,926
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2,855
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11,422
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11,679
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FDIC insurance premiums
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640
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643
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638
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2,553
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3,192
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Amortization of core deposit intangible
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53
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53
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53
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213
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213
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Other noninterest expense
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10,891
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8,906
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11,567
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37,478
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42,508
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Total noninterest expense
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27,843
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25,813
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26,867
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103,554
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106,387
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Net income before taxes
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14,917
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15,152
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14,560
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65,087
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55,638
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Income taxes
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4,365
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4,943
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4,672
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20,225
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16,811
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Net income
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$
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10,552
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$
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10,209
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$
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9,888
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$
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44,862
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$
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38,827
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Memo: TEQ interest income
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$
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38,549
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$
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38,922
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$
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39,468
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$
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155,556
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$
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160,037
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Average shares outstanding
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15,516
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15,491
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15,332
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15,466
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15,313
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Diluted average shares outstanding
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15,572
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15,555
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15,384
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15,521
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15,364
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Basic earnings per share
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$
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0.68
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$
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0.66
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$
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0.64
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$
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2.90
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$
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2.54
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Diluted earnings per share
|
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$
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0.68
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$
|
0.66
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|
|
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$
|
0.64
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|
|
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$
|
2.89
|
|
|
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$
|
2.53
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Dividends per share
|
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$
|
0.315
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|
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$
|
0.315
|
|
|
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$
|
0.310
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|
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$
|
1.25
|
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$
|
1.23
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
2,554,130
|
|
|
|
$
|
2,542,832
|
|
|
|
$
|
2,566,047
|
|
|
|
$
|
2,549,459
|
|
|
|
$
|
2,580,351
|
|
Earning assets
|
|
|
|
3,381,936
|
|
|
|
|
3,371,420
|
|
|
|
|
3,320,294
|
|
|
|
|
3,357,134
|
|
|
|
|
3,221,648
|
|
Total assets
|
|
|
|
3,658,845
|
|
|
|
|
3,650,422
|
|
|
|
|
3,611,517
|
|
|
|
|
3,641,660
|
|
|
|
|
3,505,903
|
|
Deposits
|
|
|
|
2,933,737
|
|
|
|
|
2,940,138
|
|
|
|
|
2,868,998
|
|
|
|
|
2,928,579
|
|
|
|
|
2,811,333
|
|
Interest bearing liabilities
|
|
|
|
2,598,929
|
|
|
|
|
2,611,981
|
|
|
|
|
2,593,362
|
|
|
|
|
2,610,495
|
|
|
|
|
2,540,317
|
|
Shareholders’ equity
|
|
|
|
400,846
|
|
|
|
|
395,902
|
|
|
|
|
366,352
|
|
|
|
|
389,377
|
|
|
|
|
355,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
1.15
|
%
|
|
|
|
1.11
|
%
|
|
|
|
1.09
|
%
|
|
|
|
1.23
|
%
|
|
|
|
1.11
|
%
|
Return on average equity
|
|
|
|
10.47
|
%
|
|
|
|
10.26
|
%
|
|
|
|
10.71
|
%
|
|
|
|
11.52
|
%
|
|
|
|
10.91
|
%
|
Yield on average earning assets (tax equivalent)
|
|
|
|
4.53
|
%
|
|
|
|
4.59
|
%
|
|
|
|
4.72
|
%
|
|
|
|
4.63
|
%
|
|
|
|
4.97
|
%
|
Cost of interest bearing funds (tax equivalent)
|
|
|
|
0.66
|
%
|
|
|
|
0.82
|
%
|
|
|
|
0.94
|
%
|
|
|
|
0.83
|
%
|
|
|
|
1.06
|
%
|
Net interest margin (tax equivalent)
|
|
|
|
4.03
|
%
|
|
|
|
3.96
|
%
|
|
|
|
3.98
|
%
|
|
|
|
3.99
|
%
|
|
|
|
4.13
|
%
|
Efficiency ratio (tax equivalent)
|
|
|
|
60.75
|
%
|
|
|
|
58.19
|
%
|
|
|
|
60.15
|
%
|
|
|
|
57.93
|
%
|
|
|
|
60.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan charge-offs
|
|
|
$
|
3,593
|
|
|
|
$
|
3,664
|
|
|
|
$
|
5,446
|
|
|
|
$
|
12,590
|
|
|
|
$
|
17,534
|
|
Recoveries
|
|
|
|
(703
|
)
|
|
|
|
(800
|
)
|
|
|
|
(578
|
)
|
|
|
|
(3,214
|
)
|
|
|
|
(2,638
|
)
|
Net charge-offs
|
|
|
$
|
2,890
|
|
|
|
$
|
2,864
|
|
|
|
$
|
4,868
|
|
|
|
$
|
9,376
|
|
|
|
$
|
14,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
$
|
36.40
|
|
|
|
$
|
36.92
|
|
|
|
$
|
29.99
|
|
|
|
$
|
36.92
|
|
|
|
$
|
30.35
|
|
Low
|
|
|
|
29.60
|
|
|
|
|
33.15
|
|
|
|
|
22.28
|
|
|
|
|
29.13
|
|
|
|
|
22.28
|
|
Close
|
|
|
|
32.78
|
|
|
|
|
35.53
|
|
|
|
|
29.42
|
|
|
|
|
32.78
|
|
|
|
|
29.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc. Financial Summary
(Unaudited) December 31, 2012 (in thousands
except per share data and # of employees)
|
|
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
|
|
December 31, 2011
|
Assets:
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
2,550,573
|
|
|
|
$
|
2,551,537
|
|
|
|
$
|
2,556,548
|
|
Loan loss reserve
|
|
|
|
(33,245
|
)
|
|
|
|
(33,189
|
)
|
|
|
|
(33,171
|
)
|
Net loans
|
|
|
|
2,517,328
|
|
|
|
|
2,518,348
|
|
|
|
|
2,523,377
|
|
Loans held for sale
|
|
|
|
22,486
|
|
|
|
|
771
|
|
|
|
|
536
|
|
Securities AFS
|
|
|
|
603,343
|
|
|
|
|
621,230
|
|
|
|
|
527,398
|
|
Securities HTM
|
|
|
|
1,662
|
|
|
|
|
1,662
|
|
|
|
|
1,662
|
|
Other equity investments
|
|
|
|
30,558
|
|
|
|
|
30,558
|
|
|
|
|
30,556
|
|
Other earning assets
|
|
|
|
141,290
|
|
|
|
|
153,663
|
|
|
|
|
182,484
|
|
Cash and due from banks
|
|
|
|
73,451
|
|
|
|
|
59,480
|
|
|
|
|
69,723
|
|
Premises and equipment
|
|
|
|
54,321
|
|
|
|
|
55,068
|
|
|
|
|
54,297
|
|
Goodwill and core deposit intangible
|
|
|
|
66,394
|
|
|
|
|
66,447
|
|
|
|
|
66,607
|
|
Other assets
|
|
|
|
124,831
|
|
|
|
|
134,304
|
|
|
|
|
134,539
|
|
Total Assets
|
|
|
$
|
3,635,664
|
|
|
|
$
|
3,641,531
|
|
|
|
$
|
3,591,179
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
NOW accounts
|
|
|
$
|
28,717
|
|
|
|
$
|
22,200
|
|
|
|
$
|
19,113
|
|
Savings deposits
|
|
|
|
853,716
|
|
|
|
|
848,068
|
|
|
|
|
821,036
|
|
CD's >=$100,000
|
|
|
|
643,629
|
|
|
|
|
647,433
|
|
|
|
|
647,557
|
|
Other time deposits
|
|
|
|
771,338
|
|
|
|
|
794,159
|
|
|
|
|
805,918
|
|
Total interest bearing deposits
|
|
|
|
2,297,400
|
|
|
|
|
2,311,860
|
|
|
|
|
2,293,624
|
|
Noninterest bearing deposits
|
|
|
|
606,448
|
|
|
|
|
599,984
|
|
|
|
|
584,735
|
|
Total deposits
|
|
|
|
2,903,848
|
|
|
|
|
2,911,844
|
|
|
|
|
2,878,359
|
|
Repurchase agreements
|
|
|
|
210,120
|
|
|
|
|
218,511
|
|
|
|
|
217,177
|
|
Other interest bearing liabilities
|
|
|
|
75,084
|
|
|
|
|
71,634
|
|
|
|
|
96,054
|
|
Noninterest bearing liabilities
|
|
|
|
46,268
|
|
|
|
|
43,445
|
|
|
|
|
32,723
|
|
Total liabilities
|
|
|
|
3,235,320
|
|
|
|
|
3,245,434
|
|
|
|
|
3,224,313
|
|
Shareholders' equity
|
|
|
|
400,344
|
|
|
|
|
396,097
|
|
|
|
|
366,866
|
|
Total Liabilities and Equity
|
|
|
$
|
3,635,664
|
|
|
|
$
|
3,641,531
|
|
|
|
$
|
3,591,179
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
|
15,613
|
|
|
|
|
15,604
|
|
|
|
|
15,430
|
|
Memo: Market value of HTM securities
|
|
|
$
|
1,659
|
|
|
|
$
|
1,664
|
|
|
|
$
|
1,661
|
|
|
|
|
|
|
|
|
|
|
|
30 - 89 days past due loans
|
|
|
$
|
27,030
|
|
|
|
$
|
21,539
|
|
|
|
$
|
21,721
|
|
90 days past due loans
|
|
|
|
19,215
|
|
|
|
|
15,928
|
|
|
|
|
11,515
|
|
Nonaccrual loans
|
|
|
|
16,791
|
|
|
|
|
18,098
|
|
|
|
|
25,753
|
|
Restructured loans (included in impaired loans, excluding 90+ days
past due and nonaccrual)
|
|
|
|
22,242
|
|
|
|
|
22,745
|
|
|
|
|
19,305
|
|
Foreclosed properties
|
|
|
|
46,986
|
|
|
|
|
55,551
|
|
|
|
|
56,545
|
|
Other repossessed assets
|
|
|
|
5
|
|
|
|
|
25
|
|
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
10.65
|
%
|
|
|
|
10.51
|
%
|
|
|
|
9.89
|
%
|
Tier 1 risk based ratio
|
|
|
|
15.23
|
%
|
|
|
|
14.86
|
%
|
|
|
|
13.88
|
%
|
Total risk based ratio
|
|
|
|
16.49
|
%
|
|
|
|
16.12
|
%
|
|
|
|
15.14
|
%
|
Tangible equity to tangible assets ratio
|
|
|
|
9.36
|
%
|
|
|
|
9.22
|
%
|
|
|
|
8.52
|
%
|
FTE employees
|
|
|
|
1,035
|
|
|
|
|
1,032
|
|
|
|
|
1,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc. Financial Summary
(Unaudited) December 31, 2012 (in thousands
except per share data and # of employees)
|
|
Community Trust Bancorp, Inc. reported earnings for the three and
twelve months ending December 31, 2012 and 2011 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Net income
|
|
|
$
|
10,552
|
|
|
|
$
|
9,888
|
|
|
|
$
|
44,862
|
|
|
|
$
|
38,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.68
|
|
|
|
$
|
0.64
|
|
|
|
$
|
2.90
|
|
|
|
$
|
2.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
0.68
|
|
|
|
$
|
0.64
|
|
|
|
$
|
2.89
|
|
|
|
$
|
2.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding
|
|
|
|
15,516
|
|
|
|
|
15,332
|
|
|
|
|
15,466
|
|
|
|
|
15,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (end of period)
|
|
|
$
|
3,635,664
|
|
|
|
$
|
3,591,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
|
10.47
|
%
|
|
|
|
10.71
|
%
|
|
|
|
11.52
|
%
|
|
|
|
10.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
1.15
|
%
|
|
|
|
1.09
|
%
|
|
|
|
1.23
|
%
|
|
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
$
|
2,946
|
|
|
|
$
|
3,040
|
|
|
|
$
|
9,450
|
|
|
|
$
|
13,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of loans
|
|
|
$
|
580
|
|
|
|
$
|
583
|
|
|
|
$
|
2,562
|
|
|
|
$
|
1,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|