Community Trust Bancorp, Inc. (NASDAQ: CTBI): Earnings Summary (in
thousands except per share data) � 4Q 2007 � 3Q 2007 � 4Q 2006 � 12
Months 2007 � 12 Months 2006 Net income � $ 9,271 � $ 10,476 � $
9,520 � $ 36,627 � $ 39,064 Earnings per share $ 0.62 $ 0.69 $ 0.63
$ 2.42 $ 2.59 Earnings per share (diluted) $ 0.61 $ 0.68 $ 0.62 $
2.38 $ 2.55 � Return on average assets 1.26% 1.39% 1.28% 1.23%
1.33% Return on average equity 12.22% 14.04% 13.45% 12.45% 14.51%
Efficiency ratio 55.60% 52.36% 57.43% 57.62% 56.67% � Dividends
declared per share $ 0.29 $ 0.27 $ 0.27 $ 1.10 $ 1.05 Book value
per share $ 20.03 $ 19.62 $ 18.63 $ 20.03 $ 18.63 � Weighted
average shares 15,042 15,183 15,154 15,150 15,086 Weighted average
shares (diluted) � � 15,192 � � 15,342 � � 15,417 � � 15,372 � �
15,300 Community Trust Bancorp, Inc. (NASDAQ:CTBI) reports earnings
for the quarter ended December 31, 2007 of $9.3 million or $0.62
per basic share compared to $10.5 million or $0.69 per share earned
during the quarter ended September 30, 2007 and $9.5 million or
$0.63 per share earned during the fourth quarter of 2006. Earnings
for year ended December 31, 2007 were $36.6 million or $2.42 per
share compared to $39.1 million or $2.59 per share earned for the
year 2006. Fourth Quarter and Year 2007 Highlights CTBI's basic
earnings per share for the fourth quarter 2007 decreased 10.1% from
prior quarter and 1.6% from prior year fourth quarter. Year-to-date
earnings per share decreased 6.6% from the year ended December 31,
2006. Current quarter and year-to-date earnings have been impacted
by an increase in provision for loan losses of $0.4 million quarter
over quarter and $2.2 million year over year. The decrease in
earnings quarter over quarter was also impacted by the third
quarter receipt of a $1.2 million fee in relation to the
termination of the acquisition of Eagle Fidelity, Inc. and the
third quarter reversal of an employee incentive accrual in the
amount of $1.5 million. Core earnings for the year 2007 reflect the
pressure on our net interest income as CTBI operated within an
inverted yield curve through most of 2007. Net interest income year
over year decreased $1.7 million. Nonperforming loans at December
31, 2007 were $31.9 million, an increase of $0.4 million over prior
quarter and a $17.7 million increase from 2006. Our loan portfolio
was relatively flat for the fourth quarter compared to prior
quarter, but increased 2.8% from December 31, 2006. The market
remains highly competitive and CTBI is continuing to focus on asset
quality and loan yield. Our investment portfolio declined 7.2% from
prior quarter and 22.1% from prior year. The year over year decline
resulted from the payment of a $40 million FHLB advance and a
decline in deposits which were funded through the sale of auction
rate securities. Our efficiency ratio improved during the year 2007
primarily resulting from the acquisition termination fee and the
reversal of the incentive accrual in the third quarter. Net
Interest Income Our quarterly net interest margin increased 16
basis points to 4.02% from prior quarter; however, there was a 12
basis point decline year over year in the year-to-date margin. Net
interest income for the quarter of $26.9 million was a slight
increase from prior quarter and prior year fourth quarter, but
year-to-date net interest income decreased $1.7 million from prior
year. The yield on average earnings assets for the year 2007
increased 17 basis points from 2006 in comparison to the 39 basis
point increase in the cost of interest bearing funds. Average
earning assets have increased 1.6% from prior year-end. Noninterest
Income Noninterest income for the fourth quarter 2007 increased
approximately $0.5 million from prior quarter after normalizing for
the receipt of the $1.2 million fee associated with the termination
of the Eagle Fidelity, Inc. acquisition in the third quarter,
primarily a result of increased deposit service charges and loan
related fees. Year-to-date noninterest income normalized increased
8.8% from the year ended December 31, 2006, with increases in gains
on sales of loans, deposit service charges, trust revenue, and loan
related fees. Noninterest Expense Noninterest expense for the
quarter increased 5.0% from prior quarter, primarily as a result of
the reversal of an employee incentive accrual in the third quarter,
but decreased 1.0% from prior year fourth quarter. Year-to-date
noninterest expense increased 3.3% as the third quarter accrual
reversal was offset by the first quarter charge related to
unamortized debt issuance costs with the redemption of trust
preferred securities. Balance Sheet Review CTBI�s total assets
decreased $26.5 million or 0.9% from prior quarter and $67.1
million or 2.3% from prior year. The year over year decrease
resulted from the payoff of a $40 million FHLB advance and a
decline in deposits which were funded through the sale of auction
rate securities. Loans outstanding at December 31, 2007 were $2.2
billion reflecting a $6.6 million or 0.3% decrease during the
quarter, and a $60.4 million or 2.8% increase year over year.
CTBI's investment portfolio decreased $29.9 million from prior
quarter and $109.2 million from prior year-end. Deposits, including
repurchase agreements, declined $27.6 million or 1.1% during the
quarter as CTBI continued its focus on managing deposit growth and
pricing controls due to its liquidity position. Deposits have
declined $50.7 million or 2.0% year over year. Shareholders� equity
of $301.4 million on December 31, 2007 was an increase of 2.2% from
September 30, 2007 and a 6.7% increase from December 31, 2006.
CTBI's annualized dividend yield to shareholders as of December 31,
2007 was 4.21%. Asset Quality Nonperforming loans at December 31,
2007 were $31.9 million compared to $31.5 million at September 30,
2007 and $14.2 million at December 31, 2006. All nonperforming
loans are individually reviewed with specific reserves established
when appropriate. The increase in nonperforming loans is driven
primarily by the increased inventory and the number of days on the
market of residential real estate developments in Central Kentucky.
We anticipate nonperforming loans to remain higher than recent
history as the normal legal collection time period for real estate
secured assets has been slowed due to increased volumes in the
industry. Our loan portfolio management processes focus on
maintaining appropriate reserves for potential losses. Foreclosed
properties at December 31, 2007 of $7.9 million were an approximate
$1.3 million increase from the $6.6 million on September 30, 2007
and an approximate $3.4 million increase from the $4.5 million on
December 31, 2006. The year over year increase was driven by a $2.6
million increase in single family residential properties from our
Central Kentucky Region where the market has softened. The market
has not experienced deflation in residential real estate, but the
time on the market before sale has extended. Net loan charge-offs
for the quarter of $2.2 million, or 0.39% of average loans
annualized, was an increase from prior quarter's 0.30% of average
loans annualized and from the 0.31% from prior year fourth quarter.
Net loan charge-offs for the year ended December 31, 2007 of 0.27%
of average loans annualized was a decrease from the 0.29% for 2006.
Our reserve for losses on loans as a percentage of total loans
outstanding at December 31, 2007 was 1.26% compared to 1.25% at
September 31, 2007 and 1.27% at December 31, 2006. The adequacy of
our reserve for losses on loans is analyzed quarterly and adjusted
as necessary. 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 $2.9 billion, is headquartered in
Pikeville, Kentucky and has 71 banking locations across eastern,
northeast, central, and south central Kentucky, five banking
locations in southern West Virginia, and five trust offices across
Kentucky. Additional information follows. Community Trust Bancorp,
Inc.Financial Summary (Unaudited)December 31, 2007(in thousands
except per share data and # of employees) � � � � � Three Months
Ended December 31, 2007 Three Months Ended September 30, 2007 Three
Months Ended December 31, 2006 Twelve Months Ended December 31,
2007 Twelve Months Ended December 31, 2006 Interest income $ 47,881
$ 49,719 $ 49,234 $ 196,864 $ 189,305 Interest expense � 20,942 � �
23,127 � � 22,496 � � 90,832 � � 81,538 � Net interest income
26,939 26,592 26,738 106,032 107,767 Loan loss provision 2,309
1,915 1,200 6,540 4,305 � Gains on sales of loans 342 384 380 1,338
1,265 Deposit service charges 5,567 5,302 5,081 21,003 20,162 Trust
revenue 1,240 1,240 1,074 4,859 3,743 Loan related fees 702 606 700
3,196 2,473 Other noninterest income � 1,351 � � 2,402 � � 1,337 �
� 6,212 � � 4,916 � Total noninterest income 9,202 9,934 8,572
36,608 32,559 � Personnel expense 10,480 9,604 11,607 42,298 44,145
Occupancy and equipment 2,902 2,843 2,779 11,609 11,467
Amortization of core deposit intangible 158 159 158 634 634 Other
noninterest expense � 6,757 � � 6,718 � � 5,962 � � 28,514 � �
24,161 � Total noninterest expense � 20,297 � � 19,324 � � 20,506 �
� 83,055 � � 80,407 � � Net income before taxes 13,535 15,287
13,604 53,045 55,614 Income taxes � 4,264 � � 4,811 � � 4,084 � �
16,418 � � 16,550 � Net income $ 9,271 � $ 10,476 � $ 9,520 � $
36,627 � $ 39,064 � � Memo: TEQ interest income $ 48,245 $ 50,098 $
49,631 $ 198,377 $ 190,879 � Average shares outstanding 15,042
15,183 15,154 15,150 15,086 Basic earnings per share $ 0.62 $ 0.69
$ 0.63 $ 2.42 $ 2.59 Diluted earnings per share $ 0.61 $ 0.68 $
0.62 $ 2.38 $ 2.55 Dividends per share $ 0.29 $ 0.27 $ 0.27 $ 1.10
$ 1.05 � Average balances: Loans, net of unearned income $
2,233,594 $ 2,222,451 $ 2,160,249 $ 2,205,431 $ 2,131,649 Earning
assets 2,694,129 2,770,100 2,727,043 2,760,014 2,717,325 Total
assets 2,918,398 2,989,727 2,951,213 2,980,713 2,942,892 Deposits
2,317,078 2,356,589 2,328,294 2,352,902 2,294,385 Interest bearing
liabilities 2,156,633 2,233,762 2,220,325 2,231,347 2,214,162
Shareholders' equity 300,952 296,001 280,707 294,106 269,202 �
Performance ratios: Return on average assets 1.26 % 1.39 % 1.28 %
1.23 % 1.33 % Return on average equity 12.22 % 14.04 % 13.45 %
12.45 % 14.51 % Yield on average earning assets (tax equivalent)
7.10 % 7.18 % 7.22 % 7.19 % 7.02 % Cost of interest bearing funds
(tax equivalent) 3.85 % 4.11 % 4.02 % 4.07 % 3.68 % Net interest
margin (tax equivalent) 4.02 % 3.86 % 3.95 % 3.90 % 4.02 %
Efficiency ratio (tax equivalent) 55.60 % 52.36 % 57.43 % 57.62 %
56.67 % � Loan charge-offs $ 2,627 $ 2,311 $ 2,413 $ 8,432 $ 9,430
Recoveries � (439 ) � (641 ) � (733 ) � (2,420 ) � (3,145 ) Net
charge-offs $ 2,188 $ 1,670 $ 1,680 $ 6,012 $ 6,285 � Market Price:
High $ 32.50 $ 33.46 $ 42.59 $ 41.50 $ 42.59 Low 26.09 26.47 36.51
26.09 30.60 Close 27.53 30.01 41.53 27.53 41.53 � � � Community
Trust Bancorp, Inc.Financial Summary (Unaudited)December 31,
2007(in thousands except per share data and # of employees) � As of
December 31, 2007 As of September 30, 2007 As of December 31, 2006
Assets: Loans, net of unearned $ 2,227,897 $ 2,234,494 $ 2,167,458
Loan loss reserve � (28,054 ) � (27,933 ) � (27,526 ) Net loans
2,199,843 2,206,561 2,139,932 Loans held for sale 2,334 1,719 1,431
Securities AFS 324,153 352,973 425,851 Securities HTM 32,959 34,107
40,508 Other equity investments 28,060 28,041 28,027 Other earning
assets 37,689 45,993 65,043 Cash and due from banks 101,412 83,804
94,336 Premises and equipment 53,391 53,650 55,665 Goodwill and
core deposit intangible 66,976 67,134 67,610 Other assets � 55,867
� � 55,160 � � 51,358 � Total Assets $ 2,902,684 � $ 2,929,142 � $
2,969,761 � � Liabilities and Equity: NOW accounts $ 18,663 $
17,942 $ 18,107 Savings deposits 636,156 664,561 669,263 CD's
>=$100,000 442,831 436,833 438,080 Other time deposits � 745,653
� � 787,171 � � 785,723 � Total interest bearing deposits 1,843,303
1,906,507 1,911,173 Noninterest bearing deposits � 449,861 � �
426,368 � � 429,994 � Total deposits 2,293,164 2,332,875 2,341,167
Repurchase agreements 158,980 146,876 161,630 Other interest
bearing liabilities 120,611 117,762 158,526 Noninterest bearing
liabilities � 28,574 � � 36,713 � � 26,063 � Total liabilities
2,601,329 2,634,226 2,687,386 Shareholders' equity � 301,355 � �
294,916 � � 282,375 � Total Liabilities and Equity $ 2,902,684 � $
2,929,142 � $ 2,969,761 � � Ending shares outstanding 15,044 15,032
15,158 Memo: Market value of HTM securities $ 32,350 $ 33,090 $
39,015 � 90 days past due loans $ 9,622 $ 12,261 $ 4,294 Nonaccrual
loans 22,237 19,192 9,863 Restructured loans 20 61 66 Foreclosed
properties 7,851 6,624 4,524 � Tier 1 leverage ratio 10.32 % 9.87 %
9.58 % Tier 1 risk based ratio 13.24 % 12.75 % 12.21 % Total risk
based ratio 14.49 % 13.99 % 13.43 % FTE employees 1,011 999 1,021
Community Trust Bancorp, Inc.Financial Summary (Unaudited)December
31, 2007(in thousands except per share data and # of employees) �
Community Trust Bancorp, Inc. reported earnings for the three and
twelve months ending December 31, 2007 and 2006 as follows: � � � �
Three Months Ended Twelve Months Ended December 31 December 31 2007
2006 2007 2006 Net income $ 9,271 $ 9,520 $ 36,627 $ 39,064 � Basic
earnings per share $ 0.62 $ 0.63 $ 2.42 $ 2.59 � Diluted earnings
per share $ 0.61 $ 0.62 $ 2.38 $ 2.55 � Average shares outstanding
15,042 15,154 15,150 15,086 � Total assets (end of period) $
2,902,684 $ 2,969,761 � Return on average equity 12.22 % 13.45 %
12.45 % 14.51 % � Return on average assets 1.26 % 1.28 % 1.23 %
1.33 % � Provision for loan losses $ 2,309 $ 1,200 $ 6,540 $ 4,305
� Gains on sales of loans $ 342 $ 380 $ 1,338 $ 1,265
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