Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2023
Compared to:
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
|
3Q
2023
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
YTD
2023
|
|
|
YTD
2022
|
|
|
Percent Change
|
|
Components of net interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income on earning assets
|
|
$
|
69,499
|
|
|
$
|
64,827
|
|
|
$
|
51,405
|
|
|
|
7.2
|
%
|
|
|
35.2
|
%
|
|
$
|
195,321
|
|
|
$
|
140,284
|
|
|
|
39.2
|
%
|
Expense on interest bearing liabilities
|
|
|
26,359
|
|
|
|
21,748
|
|
|
|
7,869
|
|
|
|
21.2
|
%
|
|
|
234.9
|
%
|
|
|
65,186
|
|
|
|
15,926
|
|
|
|
309.3
|
%
|
Net interest income
|
|
|
43,140
|
|
|
|
43,079
|
|
|
|
43,536
|
|
|
|
0.1
|
%
|
|
|
(0.9
|
%)
|
|
|
130,135
|
|
|
|
124,358
|
|
|
|
4.6
|
%
|
TEQ
|
|
|
298
|
|
|
|
298
|
|
|
|
240
|
|
|
|
0.0
|
%
|
|
|
24.1
|
%
|
|
|
894
|
|
|
|
707
|
|
|
|
26.4
|
%
|
Net interest income, tax equivalent
|
|
$
|
43,438
|
|
|
$
|
43,377
|
|
|
$
|
43,776
|
|
|
|
0.1
|
%
|
|
|
(0.8
|
%)
|
|
$
|
131,029
|
|
|
$
|
125,065
|
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average yield and rates paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets yield
|
|
|
5.25
|
%
|
|
|
5.03
|
%
|
|
|
3.97
|
%
|
|
|
4.3
|
%
|
|
|
32.3
|
%
|
|
|
5.05
|
%
|
|
|
3.66
|
%
|
|
|
37.8
|
%
|
Rate paid on interest bearing liabilities
|
|
|
2.93
|
%
|
|
|
2.54
|
%
|
|
|
0.93
|
%
|
|
|
15.4
|
%
|
|
|
215.4
|
%
|
|
|
2.52
|
%
|
|
|
0.63
|
%
|
|
|
298.1
|
%
|
Gross interest margin
|
|
|
2.32
|
%
|
|
|
2.49
|
%
|
|
|
3.04
|
%
|
|
|
(7.0
|
%)
|
|
|
(23.7
|
%)
|
|
|
2.53
|
%
|
|
|
3.03
|
%
|
|
|
(16.7
|
%)
|
Net interest margin
|
|
|
3.27
|
%
|
|
|
3.35
|
%
|
|
|
3.36
|
%
|
|
|
(2.5
|
%)
|
|
|
(2.9
|
%)
|
|
|
3.37
|
%
|
|
|
3.25
|
%
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
1,178,707
|
|
|
$
|
1,230,556
|
|
|
$
|
1,380,881
|
|
|
|
(4.2
|
%)
|
|
|
(14.6
|
%)
|
|
$
|
1,220,135
|
|
|
$
|
1,438,769
|
|
|
|
(15.2
|
%)
|
Loans
|
|
$
|
3,952,096
|
|
|
$
|
3,836,446
|
|
|
$
|
3,568,174
|
|
|
|
3.0
|
%
|
|
|
10.8
|
%
|
|
$
|
3,843,441
|
|
|
$
|
3,516,114
|
|
|
|
9.3
|
%
|
Earning assets
|
|
$
|
5,274,542
|
|
|
$
|
5,189,716
|
|
|
$
|
5,163,624
|
|
|
|
1.6
|
%
|
|
|
2.1
|
%
|
|
$
|
5,199,072
|
|
|
$
|
5,146,251
|
|
|
|
1.0
|
%
|
Interest-bearing liabilities
|
|
$
|
3,567,343
|
|
|
$
|
3,435,072
|
|
|
$
|
3,359,242
|
|
|
|
3.9
|
%
|
|
|
6.2
|
%
|
|
$
|
3,455,666
|
|
|
$
|
3,361,097
|
|
|
|
2.8
|
%
|
Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but
$0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased
$84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased
39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30,
2022.
Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the
quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022.
|
|
|
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2023
Compared to:
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
|
3Q
2023
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
YTD
2023
|
|
|
YTD
2022
|
|
|
Percent Change
|
|
Deposit related fees
|
|
$
|
7,823
|
|
|
$
|
7,513
|
|
|
$
|
7,629
|
|
|
|
4.1
|
%
|
|
|
2.5
|
%
|
|
$
|
22,623
|
|
|
$
|
21,638
|
|
|
|
4.6
|
%
|
Trust revenue
|
|
|
3,277
|
|
|
|
3,351
|
|
|
|
2,989
|
|
|
|
(2.2
|
%)
|
|
|
9.6
|
%
|
|
|
9,707
|
|
|
|
9,435
|
|
|
|
2.9
|
%
|
Gains on sales of loans
|
|
|
105
|
|
|
|
115
|
|
|
|
235
|
|
|
|
(8.8
|
%)
|
|
|
(55.3
|
%)
|
|
|
341
|
|
|
|
1,351
|
|
|
|
(74.7
|
%)
|
Loan related fees
|
|
|
1,283
|
|
|
|
1,197
|
|
|
|
1,589
|
|
|
|
7.2
|
%
|
|
|
(19.3
|
%)
|
|
|
3,325
|
|
|
|
5,066
|
|
|
|
(34.4
|
%)
|
Bank owned life insurance revenue
|
|
|
1,108
|
|
|
|
735
|
|
|
|
743
|
|
|
|
50.7
|
%
|
|
|
49.1
|
%
|
|
|
2,701
|
|
|
|
2,136
|
|
|
|
26.5
|
%
|
Brokerage revenue
|
|
|
452
|
|
|
|
388
|
|
|
|
453
|
|
|
|
16.5
|
%
|
|
|
(0.2
|
%)
|
|
|
1,188
|
|
|
|
1,502
|
|
|
|
(20.9
|
%)
|
Other
|
|
|
1,448
|
|
|
|
1,457
|
|
|
|
1,041
|
|
|
|
(0.6
|
%)
|
|
|
39.1
|
%
|
|
|
4,049
|
|
|
|
3,017
|
|
|
|
34.2
|
%
|
Total noninterest income
|
|
$
|
15,496
|
|
|
$
|
14,756
|
|
|
$
|
14,679
|
|
|
|
5.0
|
%
|
|
|
5.6
|
%
|
|
$
|
43,934
|
|
|
$
|
44,145
|
|
|
|
(0.5
|
%)
|
Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior
quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank
owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5
million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the
fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022.
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2023
Compared to:
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
|
3Q
2023
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
YTD
2023
|
|
|
YTD
2022
|
|
|
Percent Change
|
|
Salaries
|
|
$
|
12,755
|
|
|
$
|
12,732
|
|
|
$
|
12,537
|
|
|
|
0.2
|
%
|
|
|
1.7
|
%
|
|
$
|
38,120
|
|
|
$
|
36,495
|
|
|
|
4.5
|
%
|
Employee benefits
|
|
|
5,298
|
|
|
|
5,573
|
|
|
|
6,009
|
|
|
|
(4.9
|
%)
|
|
|
(11.8
|
%)
|
|
|
17,146
|
|
|
|
18,123
|
|
|
|
(5.4
|
%)
|
Net occupancy and equipment
|
|
|
2,875
|
|
|
|
2,895
|
|
|
|
2,897
|
|
|
|
(0.7
|
%)
|
|
|
(0.8
|
%)
|
|
|
8,798
|
|
|
|
8,507
|
|
|
|
3.4
|
%
|
Data processing
|
|
|
2,410
|
|
|
|
2,383
|
|
|
|
2,270
|
|
|
|
1.1
|
%
|
|
|
6.2
|
%
|
|
|
7,096
|
|
|
|
6,566
|
|
|
|
8.1
|
%
|
Legal and professional fees
|
|
|
722
|
|
|
|
912
|
|
|
|
752
|
|
|
|
(20.8
|
%)
|
|
|
(3.9
|
%)
|
|
|
2,450
|
|
|
|
2,503
|
|
|
|
(2.1
|
%)
|
Advertising and marketing
|
|
|
767
|
|
|
|
704
|
|
|
|
768
|
|
|
|
9.0
|
%
|
|
|
(0.1
|
%)
|
|
|
2,291
|
|
|
|
2,180
|
|
|
|
5.1
|
%
|
Taxes other than property and payroll
|
|
|
420
|
|
|
|
433
|
|
|
|
422
|
|
|
|
(3.1
|
%)
|
|
|
(0.4
|
%)
|
|
|
1,285
|
|
|
|
1,274
|
|
|
|
0.9
|
%
|
Net other real estate owned expense
|
|
|
165
|
|
|
|
61
|
|
|
|
42
|
|
|
|
169.9
|
%
|
|
|
292.9
|
%
|
|
|
345
|
|
|
|
438
|
|
|
|
(21.2
|
%)
|
Other
|
|
|
5,435
|
|
|
|
5,332
|
|
|
|
5,778
|
|
|
|
1.9
|
%
|
|
|
(5.9
|
%)
|
|
|
16,231
|
|
|
|
14,726
|
|
|
|
10.2
|
%
|
Total noninterest expense
|
|
$
|
30,847
|
|
|
$
|
31,025
|
|
|
$
|
31,475
|
|
|
|
(0.6
|
%)
|
|
|
(2.0
|
%)
|
|
$
|
93,762
|
|
|
$
|
90,812
|
|
|
|
3.2
|
%
|
Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest
expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses
and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses
and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8
million for the nine months ended September 30, 2022.
Balance Sheet Review
Total Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2023 Compared to:
|
|
($ in thousands)
|
|
3Q
2023
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
Commercial nonresidential real estate
|
|
$
|
788,287
|
|
|
$
|
787,598
|
|
|
$
|
756,138
|
|
|
|
0.1
|
%
|
|
|
4.3
|
%
|
Commercial residential real estate
|
|
|
404,779
|
|
|
|
393,309
|
|
|
|
359,643
|
|
|
|
2.9
|
%
|
|
|
12.6
|
%
|
Hotel/motel
|
|
|
386,067
|
|
|
|
372,981
|
|
|
|
335,253
|
|
|
|
3.5
|
%
|
|
|
15.2
|
%
|
Other commercial
|
|
|
377,449
|
|
|
|
396,741
|
|
|
|
385,356
|
|
|
|
(4.9
|
%)
|
|
|
(2.1
|
%)
|
Total commercial
|
|
|
1,956,582
|
|
|
|
1,950,629
|
|
|
|
1,836,390
|
|
|
|
0.3
|
%
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
|
|
916,580
|
|
|
|
883,104
|
|
|
|
814,944
|
|
|
|
3.8
|
%
|
|
|
12.5
|
%
|
Home equity loans/lines
|
|
|
139,085
|
|
|
|
132,033
|
|
|
|
115,400
|
|
|
|
5.3
|
%
|
|
|
20.5
|
%
|
Total residential
|
|
|
1,055,665
|
|
|
|
1,015,137
|
|
|
|
930,344
|
|
|
|
4.0
|
%
|
|
|
13.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer indirect
|
|
|
812,060
|
|
|
|
806,081
|
|
|
|
703,016
|
|
|
|
0.7
|
%
|
|
|
15.5
|
%
|
Consumer direct
|
|
|
160,712
|
|
|
|
157,848
|
|
|
|
160,866
|
|
|
|
1.8
|
%
|
|
|
(0.1
|
%)
|
Total consumer
|
|
|
972,772
|
|
|
|
963,929
|
|
|
|
863,882
|
|
|
|
0.9
|
%
|
|
|
12.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
$
|
3,985,019
|
|
|
$
|
3,929,695
|
|
|
$
|
3,630,616
|
|
|
|
1.4
|
%
|
|
|
9.8
|
%
|
Total Deposits and Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2023 Compared to:
|
|
($ in thousands)
|
|
3Q
2023
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
|
2Q
2023
|
|
|
3Q
2022
|
|
Non-interest bearing deposits
|
|
$
|
1,314,189
|
|
|
$
|
1,361,078
|
|
|
$
|
1,481,078
|
|
|
|
(3.4
|
%)
|
|
|
(11.3
|
%)
|
Interest bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
125,107
|
|
|
|
142,542
|
|
|
|
100,680
|
|
|
|
(12.2
|
%)
|
|
|
24.3
|
%
|
Money market savings
|
|
|
1,412,679
|
|
|
|
1,389,081
|
|
|
|
1,268,682
|
|
|
|
1.7
|
%
|
|
|
11.4
|
%
|
Savings accounts
|
|
|
556,820
|
|
|
|
611,772
|
|
|
|
683,697
|
|
|
|
(9.0
|
%)
|
|
|
(18.6
|
%)
|
Time deposits
|
|
|
1,219,097
|
|
|
|
1,012,187
|
|
|
|
1,000,931
|
|
|
|
20.4
|
%
|
|
|
21.8
|
%
|
Repurchase agreements
|
|
|
232,577
|
|
|
|
229,020
|
|
|
|
230,123
|
|
|
|
1.6
|
%
|
|
|
1.1
|
%
|
Total interest bearing deposits and repurchase agreements
|
|
|
3,546,280
|
|
|
|
3,384,602
|
|
|
|
3,284,113
|
|
|
|
4.8
|
%
|
|
|
8.0
|
%
|
Total deposits and repurchase agreements
|
|
$
|
4,860,469
|
|
|
$
|
4,745,680
|
|
|
$
|
4,765,191
|
|
|
|
2.4
|
%
|
|
|
2.0
|
%
|
CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2%
annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from
September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan
portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in
other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3
million, or 2.0%, from September 30, 2022.
Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the
quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30,
2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to
hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%.
Asset Quality
Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million
at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to
implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million
from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 2022. Our loan portfolio management processes
focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.
Our level of foreclosed properties was $2.2 million at September 30, 2023 compared to $2.0
million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book
value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end.
We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third
quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended
September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022.
Allowance for Credit Losses
Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and
$0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve
as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 2022.
Forward-Looking Statements
Certain of the statements
contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included
in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios,
including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and
losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and
demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost
savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various
monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state
regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.
Community Trust Bancorp, Inc., with assets of $5.6 billion, is headquartered in Pikeville,
Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and
one trust office in Tennessee.
Additional information follows.