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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2Q
2015
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1Q
2015
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2Q
2014
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6 Months
2015
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6 Months
2014
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Net income
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$12,402
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$10,938
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$12,195
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$23,340
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$22,335
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Earnings per share
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$0.71
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$0.63
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$0.70
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$1.34
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$1.29
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Earnings per share - diluted
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$0.71
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$0.63
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$0.70
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$1.34
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$1.28
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Return on average assets
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1.32%
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1.18%
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1.33%
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1.25%
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1.23%
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Return on average equity
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10.78%
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9.70%
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11.32%
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10.25%
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10.53%
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Efficiency ratio
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57.28%
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58.66%
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56.96%
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57.96%
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59.45%
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Tangible common equity
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10.68%
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10.60%
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10.26%
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Dividends declared per share
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$0.300
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$0.300
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$0.290
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$0.600
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$0.581
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Book value per share
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$26.39
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$26.17
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$24.90
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Weighted average shares
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17,421
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17,400
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17,318
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17,411
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17,313
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Weighted average shares - diluted
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17,465
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17,451
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17,393
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17,458
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17,393
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Community Trust Bancorp, Inc. (NASDAQ:CTBI) reports earnings for the
second quarter 2015 of $12.4 million, or $0.71 per basic share, compared
to $12.2 million, or $0.70 per basic share, earned during the second
quarter 2014 and $10.9 million, or $0.63 per basic share, earned during
the first quarter 2015. Earnings for the six months ended June 30, 2015
were $23.3 million, or $1.34 per basic share compared to $22.3 million,
or $1.29 per basic share, for the six months ended June 30, 2014.
Our overall core banking metrics continued to improve during the second
quarter 2015 as we experienced significant loan growth, improvements in
asset quality, stable loan charge-offs, increased noninterest income,
and a nominal increase in noninterest expense.
2nd Quarter 2015 Highlights
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Our loan portfolio increased $160.2 million from June 30, 2014 and
$46.3 million during the quarter.
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Our investment portfolio decreased $66.3 million from June 30, 2014
and $45.1 million during the quarter.
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Deposits, including repurchase agreements, increased $49.7 million
from June 30, 2014 but decreased $29.3 million during the quarter.
Additional funding for loan growth was provided through an increase in
short-term FHLB borrowings of $50 million during the quarter.
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Nonperforming loans at $33.4 million decreased $11.1 million from June
30, 2014 and $1.7 million from March 31, 2015. Nonperforming assets at
$70.0 million decreased $7.6 million from June 30, 2014 and $4.0
million from March 31, 2015.
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Net loan charge-offs for the quarter ended June 30, 2015 were $1.7
million, or 0.25% of average loans annualized, compared to $0.7
million, or 0.11%, experienced for the second quarter 2014 and $1.7
million, or 0.26%, for the first quarter 2015.
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CTBI invests in limited partnerships that offer low income housing,
new markets, and historic tax credits in exchange for investments in
low income housing and other community related investments. Our
investments in these partnerships increased by $7.2 million during the
quarter and $9.3 million year-to-date. Our tax credits for the second
quarter 2015, used to offset current income tax expense, totaled $0.9
million compared to $0.3 million in the second quarter 2014 and the
first quarter 2015. Year-to-date credits used to offset current income
tax expense totaled $1.2 million compared to $0.5 million for the
first six months of 2014. The amortization of our investment in these
partnerships increased as well. Amortization for the second quarter
2015 totaled $0.7 million compared to $0.2 million for the second
quarter 2014 and $0.3 million for the first quarter 2015. Year-to-date
amortization was $1.0 million compared to $0.4 million for the first
six months of 2014.
Net Interest Income
Net interest income for the quarter increased $0.3 million, or 1.1%,
from prior year second quarter and $0.3 million, or 0.8%, from prior
quarter, while our net interest margin decreased 7 basis points and 4
basis points during the respective time periods. Average earning assets
increased $100.1 million, or 2.9%, from second quarter 2014 and $33.2
million, or 1.0%, from prior quarter, while our yield on average earning
assets decreased 8 basis points and 4 basis points, respectively, during
these time periods. The cost of interest bearing funds decreased 2 basis
points from prior year same quarter but remained flat to prior quarter.
Our ratio of average loans to deposits, including repurchase agreements,
for the quarter ended June 30, 2015 were 87.1% compared to 83.2% for the
quarter ended June 30, 2014 and 86.6% for the quarter ended March 31,
2015. Year-to-date net interest income increased $0.5 million, or 0.8%
from prior year.
Noninterest Income
Noninterest income for the quarter ended June 30, 2015 increased $1.3
million, or 11.4%, from prior year same quarter and $1.5 million, or
13.9%, from prior quarter. We experienced increases in gains on sales of
loans, deposit service charges, trust revenue, and loan related fees
year over year and quarter over quarter. Year-to-date noninterest income
increased $1.9 million, or 9.2% from prior year. Gains on sales of loans
increased $0.6 million, loan related fees increased $0.7 million, trust
revenue increased $0.3 million, and deposit service charges increased
$0.2 million. The increase in loan related fees resulted primarily from
the $0.5 million fluctuation in the fair value adjustments of our
mortgage servicing rights.
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2015 increased $1.1
million, or 4.2%, from prior year second quarter and $0.5 million, or
1.9%, from prior quarter. Occupancy and equipment expense and data
processing expense for the second quarter 2015 both decreased $0.2
million from same period last year and prior quarter. However, these
decreases were offset year over year by a $0.5 million increase in
amortization expense related to tax credits and a $0.3 million increase
in personnel expense and quarter over quarter by a $0.4 million increase
in amortization expense and a $0.3 million increase in net other real
estate owned expense. Year-to-date noninterest expense remained
relatively flat to prior year as a $0.6 million increase in amortization
expense related to tax credits and a $0.6 million increase in personnel
expense due to an increase in group medical and life insurance were
offset by a $1.0 million decrease in net other real estate owned expense.
Balance Sheet Review
CTBI’s total assets at $3.8 billion increased $117.5 million, or 3.2%,
from June 30, 2014 and $10.7 million, or an annualized 1.1%, during the
quarter. Loans outstanding at June 30, 2015 were $2.8 billion,
increasing $160.2 million, or 6.1%, from June 30, 2014 and $46.3
million, or an annualized 6.8%, during the quarter. We experienced
growth during the quarter of $25.5 million in the commercial loan
portfolio, $21.7 million in the indirect loan portfolio, and $1.6
million in consumer direct loan portfolio, partially offset by a
decrease of $2.5 million in the residential loan portfolio. CTBI’s
investment portfolio decreased $66.3 million, or 10.2%, from June 30,
2014 and $45.1 million, or an annualized 28.8%, during the quarter. The
decline in the investment portfolio was utilized to provide additional
liquidity to support loan growth. Deposits, including repurchase
agreements, at $3.2 billion increased $49.7 million, or 1.6%, from June
30, 2014 but decreased $29.3 million, or an annualized 3.7%, from prior
quarter. Additional funding for loan growth was provided through an
increase in short-term FHLB borrowings of $50 million during the quarter.
Shareholders’ equity at June 30, 2015 was $461.6 million compared to
$433.9 million at June 30, 2014 and $457.4 million at March 31, 2015.
CTBI’s annualized dividend yield to shareholders as of June 30, 2015 was
3.44%.
Asset Quality
CTBI’s total nonperforming loans were $33.4 million at June 30, 2015, a
25.0% decrease from the $44.5 million at June 30, 2014 and a 4.7%
decrease from the $35.1 million at March 31, 2015. Nonaccrual loans
decreased $0.8 million for the quarter and loans 90+ days past due
decreased $0.9 million. Loans 30-89 days past due at $16.0 million was a
decrease of $1.8 million from March 31, 2015. 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 June 30, 2015
totaled $50.2 million, a $16.0 million decline from the $66.2 million at
June 30, 2014 and a $6.3 million decline from the $56.5 million at March
31, 2015.
Our level of foreclosed properties at $36.4 million at June 30, 2015 was
an increase from $33.1 million at June 30, 2014 but a decrease from the
$38.7 million at March 31, 2015. Sales of foreclosed properties for the
quarter ended June 30, 2015 totaled $2.4 million while new foreclosed
properties totaled $0.4 million. At June 30, 2015, the book value of
properties under contracts to sell was $2.3 million; however, the
closings had not occurred at quarter-end.
Net loan charge-offs for the quarter ended June 30, 2015 were $1.7
million, or 0.25% of average loans annualized, compared to $0.7 million,
or 0.11%, experienced for the second quarter 2014 and $1.7 million, or
0.26%, for the first quarter 2015. Of the net charge-offs for the
quarter, $1.0 million were in commercial loans, $0.3 million were in
indirect auto loans, $0.2 million were in residential real estate
mortgage loans, and $0.2 million were in consumer direct loans.
Allocations to loan loss reserves were $2.3 million for the quarter
ended June 30, 2015 compared to $0.7 million for the quarter ended June
30, 2014 and $1.9 million for the quarter ended March 31, 2015. Our
provision increased from prior quarter due to higher loan growth. Our
reserve coverage (allowance for loan and lease loss reserve to
nonperforming loans) at June 30, 2015 was 105.4% compared to 75.5% at
June 30, 2014 and 98.7% at March 31, 2015. Our loan loss reserve as a
percentage of total loans outstanding decreased from the 1.28% at June
30, 2014 but remained at 1.26% from March 31, 2015.
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 $3.8 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, 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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June 30, 2015
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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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Six
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Six
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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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June 30, 2015
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March 31, 2015
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June 30, 2014
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June 30, 2015
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June 30, 2014
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Interest income
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$
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36,083
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$
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35,725
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$
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35,811
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$
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71,808
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$
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71,504
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Interest expense
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2,901
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2,820
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2,978
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5,721
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5,921
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Net interest income
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33,182
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32,905
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32,833
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66,087
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65,583
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Loan loss provision
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2,319
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1,901
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735
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4,220
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2,080
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Gains on sales of loans
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823
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290
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288
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1,113
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478
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Deposit service charges
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6,046
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5,582
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5,987
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11,628
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11,418
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Trust revenue
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2,366
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2,239
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2,199
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4,605
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4,308
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Loan related fees
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1,242
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864
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766
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2,106
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1,445
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Securities gains (losses)
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(14
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144
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(51
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130
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(111
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Other noninterest income
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1,765
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1,617
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1,783
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3,382
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3,499
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Total noninterest income
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12,228
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10,736
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10,972
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22,964
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21,037
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Personnel expense
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13,622
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13,645
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13,274
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27,267
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26,691
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Occupancy and equipment
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2,680
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2,864
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2,875
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5,544
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5,939
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Data processing expense
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1,695
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1,932
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1,933
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3,627
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3,858
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FDIC insurance premiums
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586
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606
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558
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1,192
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1,207
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Other noninterest expense
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7,730
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6,771
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6,616
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14,501
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14,422
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Total noninterest expense
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26,313
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25,818
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25,256
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52,131
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52,117
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Net income before taxes
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16,778
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15,922
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17,814
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32,700
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32,423
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Income taxes
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4,376
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4,984
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5,619
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9,360
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10,088
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Net income
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$
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12,402
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$
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10,938
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$
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12,195
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$
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23,340
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$
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22,335
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Memo: TEQ interest income
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$
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36,598
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$
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36,238
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$
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36,298
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$
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72,836
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$
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72,439
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Average shares outstanding
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17,421
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17,400
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17,318
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17,411
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17,313
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Diluted average shares outstanding
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17,465
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17,451
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17,393
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17,458
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17,393
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Basic earnings per share
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$
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0.71
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$
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0.63
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$
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0.70
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$
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1.34
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$
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1.29
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Diluted earnings per share
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$
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0.71
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$
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0.63
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$
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0.70
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$
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1.34
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$
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1.28
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Dividends per share
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$
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0.300
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$
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0.300
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$
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0.290
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$
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0.600
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$
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0.581
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Average balances:
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Loans
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$
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2,782,350
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$
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2,733,297
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$
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2,604,064
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$
|
2,757,959
|
|
|
|
$
|
2,599,920
|
|
Earning assets
|
|
|
|
3,513,774
|
|
|
|
|
3,480,600
|
|
|
|
|
3,413,628
|
|
|
|
|
3,497,279
|
|
|
|
|
3,401,626
|
|
Total assets
|
|
|
|
3,781,553
|
|
|
|
|
3,745,141
|
|
|
|
|
3,670,820
|
|
|
|
|
3,763,447
|
|
|
|
|
3,659,744
|
|
Deposits, including repurchase agreements
|
|
|
|
3,193,743
|
|
|
|
|
3,155,059
|
|
|
|
|
3,129,289
|
|
|
|
|
3,174,508
|
|
|
|
|
3,121,771
|
|
Interest bearing liabilities
|
|
|
|
2,567,687
|
|
|
|
|
2,560,596
|
|
|
|
|
2,554,122
|
|
|
|
|
2,564,161
|
|
|
|
|
2,550,453
|
|
Shareholders' equity
|
|
|
|
461,392
|
|
|
|
|
457,407
|
|
|
|
|
432,211
|
|
|
|
|
459,411
|
|
|
|
|
427,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
1.32
|
%
|
|
|
|
1.18
|
%
|
|
|
|
1.33
|
%
|
|
|
|
1.25
|
%
|
|
|
|
1.23
|
%
|
Return on average equity
|
|
|
|
10.78
|
%
|
|
|
|
9.70
|
%
|
|
|
|
11.32
|
%
|
|
|
|
10.25
|
%
|
|
|
|
10.53
|
%
|
Yield on average earning assets (tax equivalent)
|
|
|
|
4.18
|
%
|
|
|
|
4.22
|
%
|
|
|
|
4.26
|
%
|
|
|
|
4.20
|
%
|
|
|
|
4.29
|
%
|
Cost of interest bearing funds (tax equivalent)
|
|
|
|
0.45
|
%
|
|
|
|
0.45
|
%
|
|
|
|
0.47
|
%
|
|
|
|
0.45
|
%
|
|
|
|
0.47
|
%
|
Net interest margin (tax equivalent)
|
|
|
|
3.85
|
%
|
|
|
|
3.89
|
%
|
|
|
|
3.92
|
%
|
|
|
|
3.87
|
%
|
|
|
|
3.94
|
%
|
Efficiency ratio (tax equivalent)
|
|
|
|
57.28
|
%
|
|
|
|
58.66
|
%
|
|
|
|
56.96
|
%
|
|
|
|
57.96
|
%
|
|
|
|
59.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan charge-offs
|
|
|
$
|
2,284
|
|
|
|
$
|
2,636
|
|
|
|
$
|
1,629
|
|
|
|
$
|
4,920
|
|
|
|
$
|
4,174
|
|
Recoveries
|
|
|
|
(549
|
)
|
|
|
|
(894
|
)
|
|
|
|
(896
|
)
|
|
|
|
(1,443
|
)
|
|
|
|
(1,703
|
)
|
Net charge-offs
|
|
|
$
|
1,735
|
|
|
|
$
|
1,742
|
|
|
|
$
|
733
|
|
|
|
$
|
3,477
|
|
|
|
$
|
2,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
$
|
35.49
|
|
|
|
$
|
36.47
|
|
|
|
$
|
38.60
|
|
|
|
$
|
36.47
|
|
|
|
$
|
41.13
|
|
Low
|
|
|
$
|
31.54
|
|
|
|
$
|
31.53
|
|
|
|
$
|
32.33
|
|
|
|
$
|
31.53
|
|
|
|
$
|
32.33
|
|
Close
|
|
|
$
|
34.87
|
|
|
|
$
|
33.16
|
|
|
|
$
|
34.22
|
|
|
|
$
|
34.87
|
|
|
|
$
|
34.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc.
|
Financial Summary (Unaudited)
|
June 30, 2015
|
(in thousands except per share data and # of employees)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
|
|
June 30, 2015
|
|
|
March 31, 2015
|
|
|
June 30, 2014
|
Assets:
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
2,792,831
|
|
|
|
$
|
2,746,482
|
|
|
|
$
|
2,632,609
|
|
Loan loss reserve
|
|
|
|
(35,190
|
)
|
|
|
|
(34,606
|
)
|
|
|
|
(33,617
|
)
|
Net loans
|
|
|
|
2,757,641
|
|
|
|
|
2,711,876
|
|
|
|
|
2,598,992
|
|
Loans held for sale
|
|
|
|
1,993
|
|
|
|
|
1,505
|
|
|
|
|
895
|
|
Securities AFS
|
|
|
|
581,236
|
|
|
|
|
626,335
|
|
|
|
|
647,536
|
|
Securities HTM
|
|
|
|
1,661
|
|
|
|
|
1,661
|
|
|
|
|
1,662
|
|
Other equity investments
|
|
|
|
22,814
|
|
|
|
|
22,814
|
|
|
|
|
22,814
|
|
Other earning assets
|
|
|
|
95,422
|
|
|
|
|
88,207
|
|
|
|
|
76,653
|
|
Cash and due from banks
|
|
|
|
58,118
|
|
|
|
|
61,351
|
|
|
|
|
72,637
|
|
Premises and equipment
|
|
|
|
48,833
|
|
|
|
|
49,363
|
|
|
|
|
50,552
|
|
Goodwill and core deposit intangible
|
|
|
|
65,861
|
|
|
|
|
65,914
|
|
|
|
|
66,074
|
|
Other assets
|
|
|
|
136,478
|
|
|
|
|
130,322
|
|
|
|
|
114,787
|
|
Total Assets
|
|
|
$
|
3,770,057
|
|
|
|
$
|
3,759,348
|
|
|
|
$
|
3,652,602
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
NOW accounts
|
|
|
$
|
32,258
|
|
|
|
$
|
36,913
|
|
|
|
$
|
28,851
|
|
Savings deposits
|
|
|
|
955,125
|
|
|
|
|
962,101
|
|
|
|
|
911,073
|
|
CD's >=$100,000
|
|
|
|
576,785
|
|
|
|
|
583,112
|
|
|
|
|
601,602
|
|
Other time deposits
|
|
|
|
646,945
|
|
|
|
|
653,264
|
|
|
|
|
694,075
|
|
Total interest bearing deposits
|
|
|
|
2,211,113
|
|
|
|
|
2,235,390
|
|
|
|
|
2,235,601
|
|
Noninterest bearing deposits
|
|
|
|
701,958
|
|
|
|
|
704,150
|
|
|
|
|
651,588
|
|
Total deposits
|
|
|
|
2,913,071
|
|
|
|
|
2,939,540
|
|
|
|
|
2,887,189
|
|
Repurchase agreements
|
|
|
|
241,776
|
|
|
|
|
244,570
|
|
|
|
|
217,979
|
|
Other interest bearing liabilities
|
|
|
|
124,673
|
|
|
|
|
74,523
|
|
|
|
|
77,774
|
|
Noninterest bearing liabilities
|
|
|
|
28,914
|
|
|
|
|
43,266
|
|
|
|
|
35,782
|
|
Total liabilities
|
|
|
|
3,308,434
|
|
|
|
|
3,301,899
|
|
|
|
|
3,218,724
|
|
Shareholders' equity
|
|
|
|
461,623
|
|
|
|
|
457,449
|
|
|
|
|
433,878
|
|
Total Liabilities and Equity
|
|
|
$
|
3,770,057
|
|
|
|
$
|
3,759,348
|
|
|
|
$
|
3,652,602
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
|
17,489
|
|
|
|
|
17,479
|
|
|
|
|
17,421
|
|
Memo: Market value of HTM securities
|
|
|
$
|
1,641
|
|
|
|
$
|
1,653
|
|
|
|
$
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
30 - 89 days past due loans
|
|
|
$
|
16,001
|
|
|
|
$
|
17,826
|
|
|
|
$
|
21,466
|
|
90 days past due loans
|
|
|
|
16,915
|
|
|
|
|
17,798
|
|
|
|
|
18,807
|
|
Nonaccrual loans
|
|
|
|
16,486
|
|
|
|
|
17,264
|
|
|
|
|
25,725
|
|
Restructured loans (excluding 90 days past due and nonaccrual)
|
|
|
|
42,447
|
|
|
|
|
47,148
|
|
|
|
|
45,756
|
|
Foreclosed properties
|
|
|
|
36,405
|
|
|
|
|
38,735
|
|
|
|
|
33,062
|
|
Other repossessed assets
|
|
|
|
157
|
|
|
|
|
201
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital
|
|
|
|
14.34
|
%
|
|
|
|
14.01
|
%
|
|
|
|
-
|
|
Tier 1 leverage ratio
|
|
|
|
12.24
|
%
|
|
|
|
12.16
|
%
|
|
|
|
11.83
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
16.50
|
%
|
|
|
|
16.17
|
%
|
|
|
|
16.66
|
%
|
Total risk based capital ratio
|
|
|
|
17.75
|
%
|
|
|
|
17.41
|
%
|
|
|
|
17.91
|
%
|
Tangible equity to tangible assets ratio
|
|
|
|
10.68
|
%
|
|
|
|
10.60
|
%
|
|
|
|
10.26
|
%
|
FTE employees
|
|
|
|
995
|
|
|
|
|
1,007
|
|
|
|
|
1,016
|
|
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