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
2016
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4Q
2015
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1Q
2015
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Net income
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$11,602
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$11,870
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$10,938
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Earnings per share
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$0.66
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$0.68
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$0.63
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Earnings per share – diluted
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$0.66
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$0.68
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$0.63
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Return on average assets
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1.20%
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1.22%
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1.18%
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Return on average equity
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9.63%
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9.91%
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9.70%
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Efficiency ratio
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58.63%
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56.35%
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58.66%
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Tangible common equity
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11.01%
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10.68%
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10.60%
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Dividends declared per share
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$0.310
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$0.310
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$0.300
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Book value per share
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$27.67
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$27.12
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$26.17
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Weighted average shares
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17,513
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17,464
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17,400
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Weighted average shares – diluted
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17,533
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17,516
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17,451
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Community Trust Bancorp, Inc. (NASDAQ:CTBI) reports earnings for the
first quarter 2016 of $11.6 million, or $0.66 per basic share, compared
to $10.9 million, or $0.63 per basic share, earned during the first
quarter 2015 and $11.9 million, or $0.68 per basic share, earned during
the fourth quarter 2015.
1st Quarter 2016 Highlights
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Our loan portfolio increased $142.8 million from March 31, 2015 and
$15.3 million during the quarter.
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Our investment portfolio decreased $45.4 million from March 31, 2015
and $14.0 million during the quarter.
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Deposits, including repurchase agreements, increased $109.2 million
from March 31, 2015 and $61.3 million during the quarter.
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Nonperforming loans at $27.0 million decreased $8.1 million from March
31, 2015 and $1.6 million from December 31, 2015. Nonperforming assets
at $66.1 million decreased $7.9 million from March 31, 2015 and $3.4
million from December 31, 2015.
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Net loan charge-offs for the quarter ended March 31, 2016 were $1.5
million, or 0.21% of average loans annualized, compared to $1.7
million, or 0.26%, experienced for the first quarter 2015 and $1.4
million, or 0.19%, for the fourth quarter 2015.
Net Interest Income
Net interest income for the quarter of $33.3 million was an increase of
$0.4 million, or 1.3%, from prior year first quarter and $0.1 million,
or 0.4%, from prior quarter. Our net interest margin decreased 13 basis
points and increased 2 basis points during the respective time periods.
Average earning assets increased $139.7 million, or 4.0%, from first
quarter 2015 and $41.8 million, or 1.2%, from prior quarter, while our
yield on average earning assets decreased 10 basis points and increased
4 basis points, respectively, during these time periods. The cost of
interest bearing funds increased 4 basis points from prior year first
quarter and 1 basis points from prior quarter. Our ratio of average
loans to deposits, including repurchase agreements, for the quarter
ended March 31, 2016 was 88.4% compared to 86.6% for the quarter ended
March 31, 2015 and 87.5% for the quarter ended December 31, 2015.
Noninterest Income
Noninterest income for the quarter ended March 31, 2016 of $11.0 million
was an increase of $0.2 million, or 2.2%, from prior year same quarter
but a decrease of $0.8 million, or 7.1%, from prior quarter. The
increase from prior year same quarter was primarily due to a $0.3
million increase in deposit service charges. The decrease in noninterest
income from prior quarter was impacted by decreases in gains on sales of
loans ($0.1 million), deposit service charges ($0.5 million), trust
revenue ($0.1 million), and loan related fees ($0.5 million), partially
offset by $0.1 million in securities gains compared to $0.2 million in
securities losses in the prior quarter. The decrease in deposit related
fees was primarily seasonal. Loan related fees decreased from prior year
and prior quarter as a result of fluctuations in the fair value
adjustments of our mortgage servicing rights ($0.2 million year over
year and $0.5 million quarter over quarter).
Noninterest Expense
Noninterest expense for the quarter ended March 31, 2016 of $26.2
million was an increase of $0.4 million, or 1.6%, from prior year first
quarter and $0.5 million, or 1.8%, from prior quarter. The increase in
noninterest expense was primarily due to increases in personnel expense
($0.5 million year over year and $0.8 million quarter over quarter).
Personnel expense year over year was impacted by a $0.3 million increase
in salaries, a $0.2 million increase in bonuses and incentives, and a
$0.2 million increase in the cost of group medical and life insurance.
The year over year increase was partially offset by a $0.4 million
decline in data processing expense. Quarter over quarter personnel
expense was impacted a $0.7 million increase in bonuses and incentives
and a $0.3 million increase in payroll taxes. The quarter over quarter
increase in bonuses and incentives was due to a true up in the fourth
quarter 2015 that resulted in lower than normal expense for the quarter.
This increase was partially offset by a $0.5 million decrease in net
other real estate owned expense.
Balance Sheet Review
CTBI’s total assets at $3.9 billion increased $120.5 million, or 3.2%,
from March 31, 2015 but decreased $24.1 million, or an annualized 2.5%,
during the quarter. Loans outstanding at March 31, 2016 were $2.9
billion, increasing $142.8 million, or 5.2%, from March 31, 2015 and
$15.3 million, or an annualized 2.1%, during the quarter. We experienced
growth during the quarter of $18.6 million in the indirect loan
portfolio, partially offset by decreases of $2.8 million in the
residential loan portfolio, $0.2 million in the commercial loan
portfolio, and $0.3 million in the consumer direct loan portfolio.
CTBI’s investment portfolio decreased $45.4 million, or 7.2%, from March
31, 2015 and $14.0 million, or an annualized 9.4%, during the quarter.
Cash flows generated from the decline in the investment portfolio year
over year were utilized to support loan growth. Deposits, including
repurchase agreements, at $3.3 billion increased $109.2 million, or
3.4%, from March 31, 2015 and $61.3 million, or an annualized 7.6%, from
prior quarter.
Shareholders’ equity at March 31, 2016 was $485.6 million compared to
$457.4 million at March 31, 2015 and $475.6 million at December 31,
2015. CTBI’s annualized dividend yield to shareholders as of March 31,
2016 was 3.51%.
Asset Quality
CTBI’s total nonperforming loans were $27.0 million at March 31, 2016, a
23.1% decrease from the $35.1 million at March 31, 2015 and a 5.7%
decrease from the $28.6 million at December 31, 2015. Loans 90+ days
past due decreased $3.5 million during the quarter while nonaccrual
loans increased $1.9 million. Loans 30-89 days past due at $19.1 million
was an increase of $4.7 million from December 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
March 31, 2016 totaled $59.5 million, a $3.0 million increase from the
$56.5 million at March 31, 2015 and a $9.6 million increase from the
$49.9 million at December 31, 2015.
Our level of foreclosed properties at $39.0 million at March 31, 2016
was a slight increase from $38.7 million at March 31, 2015 but a
decrease from the $40.7 million at December 31, 2015. Sales of
foreclosed properties for the quarter ended March 31, 2016 totaled $2.8
million while new foreclosed properties totaled $1.3 million. At March
31, 2016, 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 quarter ended March 31, 2016 were $1.5
million, or 0.21% of average loans annualized, compared to $1.7 million,
or 0.26%, experienced for the first quarter 2015 and $1.4 million, or
0.19%, for the fourth quarter 2015. Of the net charge-offs for the
quarter, $0.4 million were in commercial loans, $0.6 million were in
indirect auto loans, $0.3 million were in residential real estate
mortgage loans, and $0.2 million were in consumer direct loans.
Allocations to loan loss reserves were $1.8 million for the quarter
ended March 31, 2016 compared to $1.9 million for the quarters ended
March 31, 2015 and December 31, 2015. Our reserve coverage (allowance
for loan and lease loss reserve to nonperforming loans) at March 31,
2016 was 134.7% compared to 98.7% at March 31, 2015 and 126.2% at
December 31, 2015. Our loan loss reserve as a percentage of total loans
outstanding remained at 1.26% at March 31, 2016 from March 31, 2015 and
December 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. Community Trust Bancorp, Inc.’s
(“CTBI”) actual results may differ materially from those included in the
forward-looking statements. Forward-looking statements are typically
identified by words or phrases such as “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and
similar expressions or future or conditional verbs such as “will,”
“should,” “would,” and “could.” These forward-looking statements involve
risks and uncertainties including, but not limited to, economic
conditions, portfolio growth, the credit performance of the portfolios,
including bankruptcies, and seasonal factors; changes in general
economic conditions including the performance of financial markets,
prevailing inflation and interest rates, realized gains from sales of
investments, gains from asset sales, and losses on commercial lending
activities; results of various investment activities; the effects of
competitors’ pricing policies, changes in laws and regulations,
competition, and demographic changes on target market populations’
savings and financial planning needs; industry changes in information
technology systems on which we are highly dependent; failure of
acquisitions to produce revenue enhancements or cost savings at levels
or within the time frames originally anticipated or unforeseen
integration difficulties; and the resolution of legal proceedings and
related matters. In addition, the banking industry in general is subject
to various monetary, operational, and fiscal policies and regulations,
which include, but are not limited to, those determined by the Federal
Reserve Board, the Federal Deposit Insurance Corporation, the Consumer
Financial Protection Bureau, and state regulators, whose policies 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 $3.9 billion, is
headquartered in Pikeville, Kentucky and has 70 banking locations across
eastern, northeastern, central, and south central Kentucky, six banking
locations in southern West Virginia, four banking locations in
northeastern Tennessee, four trust offices across Kentucky, and one
trust office in Tennessee.
Additional information follows.
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Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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March 31, 2016
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(in thousands except per share data and # of employees)
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Three
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Three
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Three
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Months
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Months
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Months
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Ended
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Ended
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Ended
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March 31, 2016
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December 31, 2015
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March 31, 2015
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Interest income
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$
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36,527
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$
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36,300
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$
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35,725
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Interest expense
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3,203
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3,105
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2,820
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Net interest income
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33,324
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33,195
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32,905
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Loan loss provision
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1,765
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1,910
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1,901
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Gains on sales of loans
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316
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403
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290
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Deposit service charges
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5,845
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6,306
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5,582
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Trust revenue
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2,275
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2,384
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2,239
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Loan related fees
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611
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1,074
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864
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Securities gains (losses)
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68
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(248
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144
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Other noninterest income
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1,856
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1,891
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1,617
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Total noninterest income
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10,971
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11,810
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10,736
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Personnel expense
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14,133
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13,321
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13,645
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Occupancy and equipment
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2,772
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2,643
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2,864
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Data processing expense
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1,569
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1,539
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1,932
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FDIC insurance premiums
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583
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584
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606
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Other noninterest expense
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7,185
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7,691
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6,771
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Total noninterest expense
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26,242
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25,778
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25,818
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Net income before taxes
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16,288
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17,317
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15,922
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Income taxes
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4,686
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5,447
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4,984
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Net income
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$
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11,602
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$
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11,870
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$
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10,938
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Memo: TEQ interest income
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$
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37,058
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$
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36,797
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$
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36,238
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Average shares outstanding
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17,513
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17,464
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17,400
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Diluted average shares outstanding
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17,533
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17,516
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17,451
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Basic earnings per share
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$
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0.66
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$
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0.68
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$
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0.63
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Diluted earnings per share
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$
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0.66
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$
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0.68
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$
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0.63
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Dividends per share
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$
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0.310
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$
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0.310
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$
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0.300
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Average balances:
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Loans
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$
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2,878,833
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$
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2,847,128
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$
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2,733,297
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Earning assets
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3,620,318
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3,578,521
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3,480,600
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Total assets
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3,887,581
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3,844,441
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3,745,141
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Deposits, including repurchase agreements
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3,255,222
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3,253,160
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3,155,059
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Interest bearing liabilities
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2,624,218
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2,586,609
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2,560,596
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Shareholders' equity
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484,750
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475,261
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457,407
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Performance ratios:
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Return on average assets
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1.20
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%
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1.22
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%
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1.18
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%
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Return on average equity
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9.63
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%
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9.91
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%
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9.70
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%
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Yield on average earning assets (tax equivalent)
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4.12
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%
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4.08
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%
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4.22
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%
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Cost of interest bearing funds (tax equivalent)
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0.49
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%
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0.48
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%
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0.45
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%
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Net interest margin (tax equivalent)
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3.76
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%
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3.74
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%
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3.89
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%
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Efficiency ratio (tax equivalent)
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58.63
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%
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56.35
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%
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58.66
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%
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Loan charge-offs
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$
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2,465
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$
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2,051
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$
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2,636
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Recoveries
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(935
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(695
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)
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(894
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)
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Net charge-offs
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$
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1,530
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$
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1,356
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$
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1,742
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Market Price:
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High
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$
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36.00
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$
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37.15
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$
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36.47
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Low
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$
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30.89
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$
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33.68
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$
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31.53
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Close
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$
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35.32
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$
|
34.96
|
|
|
|
$
|
33.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
March 31, 2016
(in thousands except per share data and # of employees)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
|
December 31, 2015
|
|
|
March 31, 2015
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
$
|
2,889,291
|
|
|
|
$
|
2,873,961
|
|
|
|
$
|
2,746,482
|
|
Loan loss reserve
|
|
|
|
|
|
|
|
(36,329
|
)
|
|
|
|
(36,094
|
)
|
|
|
|
(34,606
|
)
|
Net loans
|
|
|
|
|
|
|
|
|
2,852,962
|
|
|
|
|
2,837,867
|
|
|
|
|
2,711,876
|
|
Loans held for sale
|
|
|
|
|
|
|
|
2,707
|
|
|
|
|
1,172
|
|
|
|
|
1,505
|
|
Securities AFS
|
|
|
|
|
|
|
|
|
580,950
|
|
|
|
|
594,936
|
|
|
|
|
626,335
|
|
Securities HTM
|
|
|
|
|
|
|
|
1,661
|
|
|
|
|
1,661
|
|
|
|
|
1,661
|
|
Other equity investments
|
|
|
|
|
|
|
22,814
|
|
|
|
|
22,814
|
|
|
|
|
22,814
|
|
Other earning assets
|
|
|
|
|
|
|
|
112,104
|
|
|
|
|
141,313
|
|
|
|
|
88,207
|
|
Cash and due from banks
|
|
|
|
|
|
|
53,727
|
|
|
|
|
51,974
|
|
|
|
|
61,351
|
|
Premises and equipment
|
|
|
|
|
|
|
48,160
|
|
|
|
|
48,188
|
|
|
|
|
49,363
|
|
Goodwill and core deposit intangible
|
|
|
|
|
|
65,742
|
|
|
|
|
65,781
|
|
|
|
|
65,914
|
|
Other assets
|
|
|
|
|
|
|
|
|
139,011
|
|
|
|
|
138,228
|
|
|
|
|
130,322
|
|
Total Assets
|
|
|
|
|
|
|
|
$
|
3,879,838
|
|
|
|
$
|
3,903,934
|
|
|
|
$
|
3,759,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
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|
|
NOW accounts
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|
|
|
|
|
|
|
$
|
55,672
|
|
|
|
$
|
44,567
|
|
|
|
$
|
36,913
|
|
Savings deposits
|
|
|
|
|
|
|
|
1,026,527
|
|
|
|
|
997,042
|
|
|
|
|
962,101
|
|
CD's >=$100,000
|
|
|
|
|
|
|
|
568,090
|
|
|
|
|
559,497
|
|
|
|
|
583,112
|
|
Other time deposits
|
|
|
|
|
|
|
|
626,099
|
|
|
|
|
629,701
|
|
|
|
|
653,264
|
|
Total interest bearing deposits
|
|
|
|
|
|
|
2,276,388
|
|
|
|
|
2,230,807
|
|
|
|
|
2,235,390
|
|
Noninterest bearing deposits
|
|
|
|
|
|
|
757,830
|
|
|
|
|
749,975
|
|
|
|
|
704,150
|
|
Total deposits
|
|
|
|
|
|
|
|
|
3,034,218
|
|
|
|
|
2,980,782
|
|
|
|
|
2,939,540
|
|
Repurchase agreements
|
|
|
|
|
|
|
259,083
|
|
|
|
|
251,225
|
|
|
|
|
244,570
|
|
Other interest bearing liabilities
|
|
|
|
|
|
|
68,220
|
|
|
|
|
165,993
|
|
|
|
|
74,523
|
|
Noninterest bearing liabilities
|
|
|
|
|
|
|
32,680
|
|
|
|
|
30,351
|
|
|
|
|
43,266
|
|
Total liabilities
|
|
|
|
|
|
|
|
|
3,394,201
|
|
|
|
|
3,428,351
|
|
|
|
|
3,301,899
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
485,637
|
|
|
|
|
475,583
|
|
|
|
|
457,449
|
|
Total Liabilities and Equity
|
|
|
|
|
|
$
|
3,879,838
|
|
|
|
$
|
3,903,934
|
|
|
|
$
|
3,759,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding
|
|
|
|
|
|
|
17,553
|
|
|
|
|
17,537
|
|
|
|
|
17,479
|
|
Memo: Market value of HTM securities
|
|
|
|
|
$
|
1,662
|
|
|
|
$
|
1,651
|
|
|
|
$
|
1,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 - 89 days past due loans
|
|
|
|
|
|
$
|
19,125
|
|
|
|
$
|
14,401
|
|
|
|
$
|
17,826
|
|
90 days past due loans
|
|
|
|
|
|
|
|
8,534
|
|
|
|
|
12,046
|
|
|
|
|
17,798
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
18,446
|
|
|
|
|
16,563
|
|
|
|
|
17,264
|
|
Restructured loans (excluding 90 days past due and nonaccrual)
|
|
|
|
58,404
|
|
|
|
|
49,283
|
|
|
|
|
47,148
|
|
Foreclosed properties
|
|
|
|
|
|
|
|
38,985
|
|
|
|
|
40,674
|
|
|
|
|
38,735
|
|
Other repossessed assets
|
|
|
|
|
|
|
136
|
|
|
|
|
183
|
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital
|
|
|
|
|
|
|
14.84
|
%
|
|
|
|
14.58
|
%
|
|
|
|
14.01
|
%
|
Tier 1 leverage ratio
|
|
|
|
|
|
|
|
12.44
|
%
|
|
|
|
12.40
|
%
|
|
|
|
12.16
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
|
|
|
16.97
|
%
|
|
|
|
16.70
|
%
|
|
|
|
16.17
|
%
|
Total risk based capital ratio
|
|
|
|
|
|
|
18.22
|
%
|
|
|
|
17.95
|
%
|
|
|
|
17.41
|
%
|
Tangible equity to tangible assets ratio
|
|
|
|
|
|
11.01
|
%
|
|
|
|
10.68
|
%
|
|
|
|
10.60
|
%
|
FTE employees
|
|
|
|
|
|
|
|
|
990
|
|
|
|
|
984
|
|
|
|
|
1,007
|
|
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