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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1Q
2014
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4Q
2013
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1Q
2013
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Net income
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$10,140
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$8,757
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$11,820
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Earnings per share
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$0.64
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$0.56
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$0.76
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Earnings per share – diluted
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$0.64
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$0.55
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$0.76
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Return on average assets
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1.13%
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0.95%
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1.31%
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Return on average equity
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9.72%
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8.33%
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11.82%
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Efficiency ratio
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62.00%
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69.62%
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57.72%
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Tangible common equity
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9.88%
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9.85%
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9.44%
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Dividends declared per share
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$0.320
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$0.320
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$0.315
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Book value per share
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$26.66
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$26.07
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$25.98
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Weighted average shares
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15,735
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15,691
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15,539
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Weighted average shares – diluted
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15,821
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15,782
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15,592
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Community Trust Bancorp, Inc. (NASDAQ:CTBI) reports earnings for the
first quarter 2014 of $10.1 million, or $0.64 per basic share, compared
to $11.8 million, or $0.76 per basic share, earned during the first
quarter 2013 and $8.8 million, or $0.56 per basic share, earned during
the fourth quarter 2013. The variance from prior quarter was impacted by
the $6.2 million in accrued expenses during the fourth quarter 2013
related to the Federal Reserve determination previously disclosed.
1st Quarter 2014 Highlights
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CTBI’s basic earnings per share for the quarter decreased $0.12 per
share from the first quarter 2013 but increased $0.08 from fourth
quarter 2013.
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Net interest income for the quarter decreased 1.3% from prior year
first quarter and 3.7% from prior quarter as our net interest margin
decreased 5 basis points and 8 basis points, respectively, for those
time periods. Average earning assets decreased 0.1% from first quarter
2013 but increased 0.4% from prior quarter while our yield on average
earning assets decreased 13 basis points and 9 basis points,
respectively.
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Nonperforming loans at $42.4 million increased $8.6 million from March
31, 2013 but declined $1.1 million from December 31, 2013.
Nonperforming assets at $78.7 million decreased $0.3 million from
March 31, 2013 and $4.0 million from December 31, 2013.
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Net loan charge-offs for the quarter ended March 31, 2014 were $1.7
million, or 0.27% of average loans annualized, compared to $1.4
million, or 0.22%, experienced for the first quarter 2013 and $1.2
million, or 0.19%, for the fourth quarter 2013.
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Our loan loss provision for the quarter decreased $0.2 million from
prior year first quarter but increased $0.1 million from prior quarter.
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Our loan loss reserve as a percentage of total loans outstanding
remained at 1.30% from March 31, 2013 to March 31, 2014. Our reserve
coverage (allowance for loan loss reserve to nonperforming loans) at
March 31, 2014 was 79.2% compared to 98.6% at March 31, 2013 and 78.1%
at December 31, 2013.
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Noninterest income decreased 15.6% for the quarter ended March 31,
2014 compared to the same period in 2013 and decreased 16.4% from
prior quarter. The decrease was primarily attributable to decreases in
gains on sales of loans, deposit service charges, and loan related
fees.
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Noninterest expense for the quarter ended March 31, 2014 increased
2.1% from prior year first quarter but decreased 17.0% from prior
quarter. The variance from prior quarter was primarily due to the $6.2
million accrued expenses related to the Federal Reserve investigation
in the fourth quarter 2013.
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Our loan portfolio increased $22.2 million from March 31, 2013 but
declined $29.8 million during the quarter.
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Our investment portfolio decreased $27.4 million from March 31, 2013
but increased $40.7 million during the quarter.
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Deposits, including repurchase agreements, declined $5.3 million from
March 31, 2013 but increased $78.7 million during the quarter.
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Our tangible common equity/tangible assets ratio remains strong at
9.88%.
Net Interest Income
Net interest income for the quarter decreased $0.4 million, or 1.3%,
from prior year first quarter and $1.2 million, or 3.7% from prior
quarter as our net interest margin decreased 5 basis points and 8 basis
points, respectively, for those time periods. The decrease in our net
interest margin is attributable to the reversal of $0.5 million in
accrued interest, representing 7 basis points of the margin, with the
placement of an income producing commercial real estate loan on
nonaccrual. Average earning assets decreased 0.1% from first quarter
2013 but increased 0.4% from prior quarter. The yield on average earning
assets decreased 13 basis points and 9 basis points for these respective
time periods. Loans represented 76.6% of our average earning assets for
the quarter ended March 31, 2014 compared to 75.2% for the quarter ended
March 31, 2013 and 77.1% for the quarter ended December 31, 2013. The
cost of interest bearing funds decreased 9 basis points from prior year
first quarter and 2 basis points from prior quarter.
Noninterest Income
Noninterest income decreased 15.6% for the quarter ended March 31, 2014
compared to the same period in 2013 and 16.4% from prior quarter. The
decrease was primarily attributable to decreases in gains on sales of
loans, deposit service charges, and loan related fees. Gains on sales of
loans decreased $1.2 million from prior year same quarter and $0.1
million from prior quarter which is reflective of the decline in
secondary market residential real estate mortgage activity. Deposit
service charges decreased $0.3 million from the first quarter 2013 and
$0.9 million from the fourth quarter 2013. The decrease from first
quarter 2013 was primarily a result of a change in our processing of
overdrafts, while the decrease from the fourth quarter 2013 was also a
result of seasonality. Loan related fees decreased $0.3 million and $0.5
million, respectively, from the first quarter 2013 and the fourth
quarter 2013, primarily due to variances in fair value adjustments to
our mortgage servicing rights.
Noninterest Expense
Noninterest expense for the quarter ended March 31, 2014 increased 2.1%
from prior year first quarter but decreased 17.0% from prior quarter.
The increase from prior year same quarter included increases in
personnel expense, occupancy and equipment expense, and data processing
expense. The variance from prior quarter was primarily due to the $6.2
million accrued expenses related to the Federal Reserve determination in
the fourth quarter 2013. During the first quarter of 2014, this accrual
was reduced by $0.6 million as a result of updated information obtained
regarding the amount of refunds to be issued. This reduction, however,
was offset by higher than anticipated operational losses during the
first quarter 2014.
Balance Sheet Review
CTBI’s total assets at $3.7 billion decreased $3.5 million, or 0.1%,
from March 31, 2013 but increased $86.9 million, or an annualized 9.8%,
during the quarter. Loans outstanding at March 31, 2014 were $2.6
billion, increasing $22.2 million, or 0.9%, from March 31, 2013 but
decreasing $29.8 million, or an annualized 4.6%, during the quarter. We
experienced declines during the quarter of $21.6 million in the
commercial loan portfolio and $9.7 million in the consumer loan
portfolio, partially offset by growth of $1.4 million in the residential
loan portfolio. CTBI’s investment portfolio decreased $27.4 million, or
4.0%, from March 31, 2013 but increased $40.7 million, or an annualized
27.0%, during the quarter. Deposits, including repurchase agreements, at
$3.1 billion decreased $5.3 million, or 0.2%, from March 31, 2013 but
increased $78.7 million, or an annualized 10.4%, from prior quarter.
Shareholders’ equity at March 31, 2014 was $422.0 million compared to
$406.6 million at March 31, 2013 and $412.5 million at December 31,
2013. CTBI’s annualized dividend yield to shareholders as of March 31,
2014 was 3.09%.
Asset Quality
CTBI’s total nonperforming loans were $42.4 million at March 31, 2014, a
25.3% increase from the $33.9 million at March 31, 2013 but a 2.6%
decrease from the $43.6 million at December 31, 2013. Loans 90+ days
past due decreased $8.1 million for the quarter, primarily due to the
movement of a $7.3 million income producing commercial real estate loan
relationship to nonaccrual. Without the movement of this loan, both 90+
days past due and nonaccrual loans would have shown improvement. Loans
30-89 days past due at $23.5 million is a decrease of $2.6 million from
March 31, 2013 but an increase of $7.6 million from December 31, 2013.
The increase in 30-89 days past due loans is attributable to one
borrower relationship which was negatively impacted during the first
quarter by weather and permit issues. 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 March 31, 2014
totaled $65.5 million, compared to $66.5 million at March 31, 2013 and
$65.3 million at December 31, 2013.
We continue to experience improvement in other real estate owned. Our
level of foreclosed properties at $36.3 million at March 31, 2014 was a
decrease from $45.2 million at March 31, 2013 and $39.2 million at
December 31, 2013. Sales of foreclosed properties for the quarter ended
March 31, 2014 totaled $3.3 million while new foreclosed properties
totaled $1.3 million. At March 31, 2014, the book value of properties
under contracts to sell was $6.1 million; however, the closings had not
occurred at quarter-end.
Net loan charge-offs for the quarter ended March 31, 2014 were $1.7
million, or 0.27% of average loans annualized, compared to $1.4 million,
or 0.22%, experienced for the first quarter 2013 and $1.2 million, or
0.19%, for the fourth quarter 2013. Of the total net charge-offs for the
quarter, $0.7 million were in commercial loans, $0.5 million were in
indirect auto loans, and $0.2 million were in residential real estate
mortgage loans. Allocations to loan loss reserves were $1.3 million for
the quarter ended March 31, 2014 compared to $1.6 million for the
quarter ended March 31, 2013 and $1.2 million for the quarter ended
December 31, 2013. Our loan loss reserve as a percentage of total loans
outstanding has remained at 1.30% from March 31, 2013 to March 31, 2014.
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 $3.7 billion, is
headquartered in Pikeville, Kentucky and has 71 banking locations across
eastern, northeastern, central, and south central Kentucky, six banking
locations in southern West Virginia, four banking locations in
northeastern Tennessee, four trust offices across Kentucky, and one
trust office in Tennessee.
Additional information follows.
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Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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March 31, 2014
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(in thousands except per share data and # of employees)
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Three
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Three
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Three
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Months
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Months
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Months
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Ended
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Ended
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Ended
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March 31, 2014
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December 31, 2013
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March 31, 2013
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Interest income
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$
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35,693
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$
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37,113
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$
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36,776
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Interest expense
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2,943
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3,115
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3,579
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Net interest income
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32,750
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33,998
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33,197
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Loan loss provision
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1,345
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1,219
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1,559
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Gains on sales of loans
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190
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293
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1,397
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Deposit service charges
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5,431
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6,352
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5,767
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Trust revenue
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2,109
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2,171
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2,000
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Loan related fees
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679
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1,165
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948
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Securities gains (losses)
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(60
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(14
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-
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Other noninterest income
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1,716
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2,072
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1,808
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Total noninterest income
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10,065
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12,039
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11,920
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Personnel expense
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13,417
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13,399
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12,982
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Occupancy and equipment
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3,064
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2,939
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2,905
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Data processing expense
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1,925
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1,870
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1,813
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FDIC insurance premiums
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649
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579
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602
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Other noninterest expense
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7,806
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13,587
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7,997
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Total noninterest expense
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26,861
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32,374
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26,299
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Net income before taxes
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14,609
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12,444
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17,259
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Income taxes
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4,469
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3,687
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5,439
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Net income
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$
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10,140
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$
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8,757
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$
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11,820
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Memo: TEQ interest income
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$
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36,141
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$
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37,567
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$
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37,221
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Average shares outstanding
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15,735
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15,691
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15,539
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Diluted average shares outstanding
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15,821
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15,782
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15,592
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Basic earnings per share
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$
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0.64
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$
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0.56
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$
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0.76
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Diluted earnings per share
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$
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0.64
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$
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0.55
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$
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0.76
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Dividends per share
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$
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0.320
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$
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0.320
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$
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0.315
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Average balances:
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Loans
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$
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2,595,729
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$
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2,602,680
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$
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2,552,461
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Earning assets
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3,389,490
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3,377,207
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3,393,848
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Total assets
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3,648,545
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3,642,620
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3,659,884
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Deposits, including repurchase agreements
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3,114,169
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3,114,880
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3,135,605
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Interest bearing liabilities
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2,546,743
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2,547,073
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2,599,957
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Shareholders' equity
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423,175
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417,245
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405,550
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Performance ratios:
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Return on average assets
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1.13
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%
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0.95
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%
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1.31
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%
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Return on average equity
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9.72
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%
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8.33
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%
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11.82
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%
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Yield on average earning assets (tax equivalent)
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4.32
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%
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4.41
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%
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4.45
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%
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Cost of interest bearing funds (tax equivalent)
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0.47
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%
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0.49
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%
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0.56
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%
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Net interest margin (tax equivalent)
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3.97
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%
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4.05
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%
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4.02
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%
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Efficiency ratio (tax equivalent)
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62.00
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%
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69.62
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%
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57.72
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%
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Loan charge-offs
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$
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2,545
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$
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2,227
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$
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2,188
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Recoveries
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(807
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)
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(1,003
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)
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(777
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)
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Net charge-offs
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$
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1,738
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$
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1,224
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$
|
1,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
|
|
|
|
|
|
$
|
45.24
|
|
|
|
$
|
46.28
|
|
|
|
$
|
35.00
|
|
Low
|
|
|
|
|
|
|
|
|
$
|
37.60
|
|
|
|
$
|
38.09
|
|
|
|
$
|
32.27
|
|
Close
|
|
|
|
|
|
|
|
|
$
|
41.48
|
|
|
|
$
|
45.16
|
|
|
|
$
|
34.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc.
|
Financial Summary (Unaudited)
|
March 31, 2014
|
(in thousands except per share data and # of employees)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
March 31, 2014
|
|
|
December 31, 2013
|
|
|
March 31, 2013
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
$
|
2,585,508
|
|
|
|
$
|
2,615,354
|
|
|
|
$
|
2,563,314
|
|
Loan loss reserve
|
|
|
|
|
|
|
|
(33,615
|
)
|
|
|
|
(34,008
|
)
|
|
|
|
(33,393
|
)
|
Net loans
|
|
|
|
|
|
|
|
|
2,551,893
|
|
|
|
|
2,581,346
|
|
|
|
|
2,529,921
|
|
Loans held for sale
|
|
|
|
|
|
|
|
1,610
|
|
|
|
|
828
|
|
|
|
|
1,449
|
|
Securities AFS
|
|
|
|
|
|
|
|
650,127
|
|
|
|
|
609,405
|
|
|
|
|
677,510
|
|
Securities HTM
|
|
|
|
|
|
|
|
1,662
|
|
|
|
|
1,662
|
|
|
|
|
1,662
|
|
Other equity investments
|
|
|
|
|
|
|
22,814
|
|
|
|
|
30,559
|
|
|
|
|
30,559
|
|
Other earning assets
|
|
|
|
|
|
|
140,715
|
|
|
|
|
53,225
|
|
|
|
|
124,519
|
|
Cash and due from banks
|
|
|
|
|
|
|
64,386
|
|
|
|
|
64,828
|
|
|
|
|
54,589
|
|
Premises and equipment
|
|
|
|
|
|
|
51,182
|
|
|
|
|
52,000
|
|
|
|
|
53,491
|
|
Goodwill and core deposit intangible
|
|
|
|
|
|
66,127
|
|
|
|
|
66,180
|
|
|
|
|
66,340
|
|
Other assets
|
|
|
|
|
|
|
|
|
118,062
|
|
|
|
|
121,683
|
|
|
|
|
132,055
|
|
Total Assets
|
|
|
|
|
|
|
|
$
|
3,668,578
|
|
|
|
$
|
3,581,716
|
|
|
|
$
|
3,672,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts
|
|
|
|
|
|
|
$
|
27,819
|
|
|
|
$
|
31,017
|
|
|
|
$
|
25,464
|
|
Savings deposits
|
|
|
|
|
|
|
|
931,135
|
|
|
|
|
874,907
|
|
|
|
|
884,000
|
|
CD's >=$100,000
|
|
|
|
|
|
|
|
605,478
|
|
|
|
|
613,735
|
|
|
|
|
641,574
|
|
Other time deposits
|
|
|
|
|
|
|
707,587
|
|
|
|
|
714,094
|
|
|
|
|
762,723
|
|
Total interest bearing deposits
|
|
|
|
|
|
2,272,019
|
|
|
|
|
2,233,753
|
|
|
|
|
2,313,761
|
|
Noninterest bearing deposits
|
|
|
|
|
|
652,170
|
|
|
|
|
621,321
|
|
|
|
|
619,819
|
|
Total deposits
|
|
|
|
|
|
|
|
2,924,189
|
|
|
|
|
2,855,074
|
|
|
|
|
2,933,580
|
|
Repurchase agreements
|
|
|
|
|
|
|
217,656
|
|
|
|
|
208,067
|
|
|
|
|
213,573
|
|
Other interest bearing liabilities
|
|
|
|
|
|
71,321
|
|
|
|
|
75,092
|
|
|
|
|
78,000
|
|
Noninterest bearing liabilities
|
|
|
|
|
|
33,369
|
|
|
|
|
30,991
|
|
|
|
|
40,308
|
|
Total liabilities
|
|
|
|
|
|
|
|
3,246,535
|
|
|
|
|
3,169,224
|
|
|
|
|
3,265,461
|
|
Shareholders' equity
|
|
|
|
|
|
|
422,043
|
|
|
|
|
412,492
|
|
|
|
|
406,634
|
|
Total Liabilities and Equity
|
|
|
|
|
$
|
3,668,578
|
|
|
|
$
|
3,581,716
|
|
|
|
$
|
3,672,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
|
|
|
|
15,832
|
|
|
|
|
15,821
|
|
|
|
|
15,653
|
|
Memo: Market value of HTM securities
|
|
|
|
$
|
1,619
|
|
|
|
$
|
1,601
|
|
|
|
$
|
1,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 - 89 days past due loans
|
|
|
|
|
$
|
23,532
|
|
|
|
$
|
15,980
|
|
|
|
$
|
26,115
|
|
90 days past due loans
|
|
|
|
|
|
|
15,546
|
|
|
|
|
23,599
|
|
|
|
|
15,533
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
26,884
|
|
|
|
|
19,958
|
|
|
|
|
18,337
|
|
Restructured loans (excluding 90 days past due and nonaccrual)
|
|
|
|
44,991
|
|
|
|
|
44,327
|
|
|
|
|
36,777
|
|
Foreclosed properties
|
|
|
|
|
|
|
36,299
|
|
|
|
|
39,188
|
|
|
|
|
45,168
|
|
Other repossessed assets
|
|
|
|
|
|
|
5
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
|
|
|
11.68
|
%
|
|
|
|
11.51
|
%
|
|
|
|
10.86
|
%
|
Tier 1 risk based ratio
|
|
|
|
|
|
|
16.57
|
%
|
|
|
|
16.15
|
%
|
|
|
|
15.33
|
%
|
Total risk based ratio
|
|
|
|
|
|
|
17.81
|
%
|
|
|
|
17.40
|
%
|
|
|
|
16.58
|
%
|
Tangible equity to tangible assets ratio
|
|
|
|
|
9.88
|
%
|
|
|
|
9.85
|
%
|
|
|
|
9.44
|
%
|
FTE employees
|
|
|
|
|
|
|
|
1,024
|
|
|
|
|
1,022
|
|
|
|
|
1,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc.
|
Financial Summary (Unaudited)
|
March 31, 2014
|
(in thousands except per share data and # of employees)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc. reported earnings for the three months
ending March 31, 2014 and 2013 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
Net income
|
|
|
|
|
|
|
|
|
$
|
10,140
|
|
|
|
$
|
11,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding
|
|
|
|
|
|
|
15,735
|
|
|
|
|
15,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (end of period)
|
|
|
|
|
|
$
|
3,668,578
|
|
|
|
$
|
3,672,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
|
|
|
|
|
9.72
|
%
|
|
|
|
11.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
|
|
|
|
1.13
|
%
|
|
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
|
|
|
|
$
|
1,345
|
|
|
|
$
|
1,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of loans
|
|
|
|
|
|
|
$
|
190
|
|
|
|
$
|
1,397
|
|
Copyright Business Wire 2014