Community Trust Bancorp, Inc. (NASDAQ:CTBI):
Earnings Summary
(in thousands except per share data)
2Q 2021
1Q 2021
2Q 2020
YTD 2021
YTD 2020
Net income
$
23,931
$
23,618
$
19,652
$
47,549
$
26,231
Earnings per share
$
1.35
$
1.33
$
1.11
$
2.67
$
1.48
Earnings per share - diluted
$
1.34
$
1.33
$
1.11
$
2.67
$
1.48
Return on average assets
1.76
%
1.84
%
1.63
%
1.80
%
1.14
%
Return on average equity
14.20
%
14.48
%
12.66
%
14.34
%
8.45
%
Efficiency ratio
53.17
%
50.37
%
55.17
%
51.76
%
57.12
%
Tangible common equity
11.39
%
11.27
%
11.42
%
Dividends declared per share
$
0.385
$
0.385
$
0.380
$
0.770
$
0.760
Book value per share
$
38.36
$
37.14
$
35.51
Weighted average shares
17,784
17,774
17,739
17,779
17,746
Weighted average shares - diluted
17,800
17,787
17,742
17,794
17,753
Community Trust Bancorp, Inc. (NASDAQ:CTBI) experienced record
earnings for the second consecutive quarter as our loan portfolio
quality and the industry outlook continue to see improvement,
allowing a reduction in credit loss reserves. Earnings for the
second quarter 2021 were a record $23.9 million, or $1.35 per basic
share, compared to $23.6 million, or $1.33 per basic share, earned
during the first quarter 2021 and $19.7 million, or $1.11 per basic
share, earned during the second quarter 2020. Earnings for the six
months ended June 30, 2021 were $47.5 million compared to $26.2
million for the six months ended June 30, 2020. Deposit growth as a
result of the government stimulus, along with lack of loan growth,
continues to put pressure on our net interest margin. Total revenue
declined from prior quarter as a result of the continued pressure
on our net interest margin, but noninterest income remained
steady.
2nd Quarter 2021 Highlights
- Net interest income for the quarter of $40.0 million was $0.2
million, or 0.6%, below prior quarter but $1.5 million, or 4.0%,
above second quarter 2020.
- We recovered $4.3 million of our provision for credit losses
during the quarter ended June 30, 2021. The reduction to our
allowance for credit losses was the result of continued positive
credit metrics, the lack of pandemic related losses provided for in
the first quarter 2020, and an improvement in the industry outlook
for certain industries included in our concentrations of credit. We
also recognized a recapture of allowance for credit losses in the
first quarter 2021 and the second quarter 2020 with credits to the
provision for credit losses of $2.5 million and $49 thousand,
respectively.
- Our loan portfolio decreased $90.3 million, an annualized
10.2%, during the quarter and $90.3 million, or 2.6%, from June 30,
2020.
- CTBI experienced continued improvement in loan losses, as we
saw a net recovery of loan losses of $0.6 million for the quarter
ended June 30, 2021, compared to net loan charge-offs of $0.2
million, or 0.02% of average loans annualized, for the quarter
ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the
second quarter 2020.
- Asset quality remains strong from prior quarter as our
nonperforming loans, excluding troubled debt restructurings,
remained relatively flat from $21.0 million at March 31, 2021 to
$21.1 million at June 30, 2021, down $15.0 million from June 30,
2020. Nonperforming assets at $27.0 million decreased $0.3 million
from March 31, 2021 and $26.8 million from June 30, 2020.
- Deposits, including repurchase agreements, increased $106.3
million, an annualized 9.3%, during the quarter and $426.0 million,
or 10.0%, from June 30, 2020.
- Noninterest income for the quarter ended June 30, 2021 of $15.5
million decreased slightly from prior quarter by $0.1 million, or
0.4%, but increased $2.6 million, or 20.5%, from prior year same
quarter.
- Noninterest expense for the quarter ended June 30, 2021 of
$29.5 million increased $1.2 million, or 4.2%, from prior quarter,
and $1.6 million, or 5.7%, from prior year same quarter.
COVID-19
We continue working with our customers through the COVID-19
pandemic. At June 30, 2021, the number of customers with CARES Act
deferrals reduced to 60 for a total outstanding amount of $28.6
million. The majority of our CARES Act deferrals have been 90 day
deferrals. Total outstanding deferrals include 21 commercial loan
deferrals with a total outstanding amount of $26.0 million, 29
residential loan deferrals with a total outstanding amount of $2.4
million, and 10 consumer loan deferrals with a total outstanding
amount of $0.2 million. These loan deferrals and modifications have
been executed consistent with the guidelines of the CARES Act.
Pursuant to the CARES Act, these loan deferrals are not included in
our nonperforming loans disclosed below.
At June 30, 2021, we had closed 6,312 Paycheck Protection
Program (PPP) loans totaling $401.3 million, including $124.3
million stemming from the Consolidated Appropriations Act 2021.
Through June 30, 2021, we have had $217.2 million of our PPP loans
forgiven by the SBA.
Net Interest Income
Percent Change
2Q 2021 Compared to:
($ in thousands)
2Q 2021
1Q 2021
2Q 2020
1Q 2021
2Q 2020
YTD 2021
YTD 2020
Percent Change
Components of net interest income
Income on earning assets
$
44,105
$
44,428
$
45,149
(0.7
%)
(2.3
%)
$
88,533
$
90,017
(1.6
%)
Expense on interest bearing
liabilities
3,868
3,969
6,506
(2.5
%)
(40.5
%)
7,837
14,961
(47.6
%)
Net interest income (tax equivalent)
$
40,237
$
40,459
$
38,643
(0.5
%)
4.1
%
$
80,696
$
75,056
7.5
%
Average yield and rates paid
Earning assets yield
3.41
%
3.63
%
3.98
%
(6.1
%)
(14.3
%)
3.52
%
4.18
%
(15.8
%)
Rate paid on interest bearing
liabilities
0.45
%
0.48
%
0.85
%
(6.3
%)
(47.1
%)
0.47
%
1.01
%
(53.5
%)
Gross interest margin
2.96
%
3.15
%
3.13
%
(6.0
%)
(5.4
%)
3.05
%
3.17
%
(3.8
%)
Net interest margin
3.11
%
3.31
%
3.41
%
(6.0
%)
(8.8
%)
3.21
%
3.49
%
(8.0
%)
Average balances
Investment securities
$
1,223,123
$
1,061,304
$
711,336
15.2
%
71.9
%
$
1,142,660
$
681,094
67.8
%
Loans
$
3,495,655
$
3,548,358
$
3,461,505
(1.5
%)
1.0
%
$
3,521,861
$
3,362,217
4.7
%
Earning assets
$
5,184,923
$
4,957,636
$
4,559,670
4.6
%
13.7
%
$
5,071,907
$
4,326,752
17.2
%
Interest-bearing liabilities
$
3,424,218
$
3,335,206
$
3,094,931
2.7
%
10.6
%
$
3,379,958
$
2,971,064
13.8
%
Net interest income for the quarter of $40.0 million decreased
$0.2 million, or 0.6%, from first quarter 2021 but increased $1.5
million, or 4.0%, from second quarter 2020. Our net interest margin
at 3.11% decreased 20 basis points from prior quarter and 30 basis
points from prior year same quarter, as our average earning assets
increased $227.3 million and $625.3 million, respectively, during
those same periods. Our yield on average earning assets decreased
22 basis points from prior quarter and 57 basis points from prior
year same quarter, and our cost of funds decreased 3 basis points
from prior quarter and 40 basis points from prior year same
quarter. Net interest income for the six months ended June 30, 2021
increased $5.5 million, or 7.4%, compared to the six months ended
June 30, 2020.
The PPP loan portfolio had an annualized yield for the quarter
of 6.04%, a one basis point increase from the 6.03% yield in the
first quarter 2021. Interest income on the portfolio was $0.6
million during the quarter, down $0.1 million from prior quarter,
while the amortization of net loan origination fees from current
outstanding loans and recognition of net fee income from paid and
forgiven loans was $3.0 million, down $0.3 million from prior
quarter. These fees are amortized over the life of the loan with
any unamortized balance fully recognized at the time of loan
forgiveness. The impact to the net interest margin of the $3.0
million in fee income recognized was 23 basis points for the second
quarter 2021, a 4 basis point decline from the 27 basis points for
the first quarter 2021. While the PPP loan portfolio significantly
impacted the net interest margin year over year, the decrease from
prior quarter was primarily the result of a reduction in yield on
our commercial real estate and indirect loan portfolios, along with
an increase in our lower yielding financial assets due to the
decrease in our loan portfolio and an increase in our investment
portfolio.
Our ratio of average loans to deposits, including repurchase
agreements, was 75.0% for the quarter ended June 30, 2021 compared
to 79.9% for the quarter ended March 31, 2021 and 84.5% for the
quarter ended June 30, 2020.
Noninterest Income
Percent Change
2Q 2021 Compared to:
($ in thousands)
2Q 2021
1Q 2021
2Q 2020
1Q 2021
2Q 2020
YTD 2021
YTD 2020
Percent Change
Deposit service charges
$
6,358
$
6,022
$
4,967
5.6
%
28.0
%
$
12,380
$
10,883
13.8
%
Trust revenue
3,349
2,951
2,569
13.5
%
30.4
%
6,300
5,453
15.5
%
Gains on sales of loans
1,907
2,433
1,753
(21.6
%)
8.8
%
4,340
2,236
94.1
%
Loan related fees
1,004
2,270
822
(55.8
%)
22.1
%
3,274
917
257.0
%
Bank owned life insurance revenue
581
573
564
1.4
%
3.0
%
1,154
1,137
1.5
%
Brokerage revenue
554
457
313
21.2
%
77.0
%
1,011
685
47.6
%
Other
1,768
871
1,891
103.0
%
(6.5
%)
2,639
3,089
(14.6
%)
Total noninterest income
$
15,521
$
15,577
$
12,879
(0.4
%)
20.5
%
$
31,098
$
24,400
27.5
%
Noninterest income for the quarter ended June 30, 2021 of $15.5
million was a slight decrease of $0.1 million, or 0.4%, from prior
quarter but a $2.6 million, or 20.5%, increase from prior year same
quarter. Increases from prior quarter in deposit service charges,
trust revenue, and securities gains were offset by declines in
gains on sales of loans and loan related fees. The increase in
noninterest income from prior year same quarter was primarily the
result of increases in gains on sales of loans, deposit service
charges, trust revenue, and loan related fees. Noninterest income
for the six months ended June 30, 2021 of $31.1 million was a $6.7
million, or 27.5% increase from the six months ended June 30,
2020.
Deposit service charges were impacted during the quarter and
year over year by the continued increase in deposits due to the
government stimulus, as gains on sales of loans have been impacted
by the slowdown in the industry-wide refinancing boom. Loan related
fees were primarily impacted by the change in the fair market value
of mortgage servicing rights. As trust revenue is largely driven by
the market value of the portfolios managed, it has benefited from
an increase in equity market values, a larger volume of managed
assets, and robust sales. Brokerage revenue has benefited from a
change in sales mix moving more to fee based revenue and from the
low interest rates driving some investors into annuities and out of
lower paying deposit products.
Noninterest Expense
Percent Change
2Q 2021 Compared to:
($ in thousands)
2Q 2021
1Q 2021
2Q 2020
1Q 2021
2Q 2020
YTD 2021
YTD 2020
Percent Change
Salaries
$
11,706
$
11,412
$
11,481
2.6
%
2.0
%
$
23,118
$
23,011
0.5
%
Employee benefits
7,254
5,421
3,672
33.8
%
97.5
%
12,675
7,173
76.7
%
Net occupancy and equipment
2,668
2,828
2,624
(5.7
%)
1.7
%
5,496
5,330
3.1
%
Data processing
1,870
2,159
1,875
(13.4
%)
(0.3
%)
4,029
3,853
4.6
%
Legal and professional fees
753
893
1,010
(15.7
%)
(25.4
%)
1,646
2,056
(19.9
%)
Advertising and marketing
710
722
568
(1.7
%)
25.0
%
1,432
1,202
19.1
%
Telephone
502
509
457
(1.4
%)
9.8
%
1,011
890
13.6
%
Other
4,035
4,366
6,222
(7.6
%)
(35.1
%)
8,401
12,615
(33.4
%)
Total noninterest expense
$
29,498
$
28,310
$
27,909
4.2
%
5.7
%
$
57,808
$
56,130
3.0
%
Noninterest expense for the quarter ended June 30, 2021 of $29.5
million increased $1.2 million, or 4.2%, from prior quarter, and
$1.6 million, or 5.7%, from prior year same quarter. The increase
in noninterest expense was the result of an increase in personnel
expense. The increase in personnel expense quarter over quarter
included a $1.5 million increase in bonuses and incentives as we
increased the accruals for incentive payments based on our current
projected earnings for the year. Noninterest expense for the six
months ended June 30, 2021 increased $1.7 million, or 3.0%,
compared to the six months ended June 30, 2020.
Balance Sheet Review
Total Loans
Percent Change
2Q 2021 Compared to:
($ in thousands)
2Q 2021
1Q 2021
2Q 2020
1Q 2021
2Q 2020
Commercial nonresidential real estate
$
979,760
$
732,978
$
772,537
33.7
%
26.8
%
Commercial residential real estate
309,627
305,079
257,517
1.5
%
20.2
%
SBA guaranteed PPP loans
175,983
254,732
266,951
(30.9
%)
(34.1
%)
Other commercial
356,359
607,695
609,004
(41.4
%)
(41.5
%)
Total commercial
1,821,729
1,900,484
1,906,009
(4.1
%)
(4.4
%)
Residential mortgage
762,649
770,026
780,632
(1.0
%)
(2.3
%)
Home equity loans/lines
102,551
101,595
108,531
0.9
%
(5.5
%)
Total residential
865,200
871,621
889,163
(0.7
%)
(2.7
%)
Consumer indirect
610,024
617,305
596,314
(1.2
%)
2.3
%
Consumer direct
151,540
149,394
147,284
1.4
%
2.9
%
Total consumer
761,564
766,699
743,598
(0.7
%)
2.4
%
Total loans
$
3,448,493
$
3,538,804
$
3,538,770
(2.6
%)
(2.6
%)
Total Deposits and Repurchase
Agreements
Percent Change
2Q 2021 Compared to:
($ in thousands)
2Q 2021
1Q 2021
2Q 2020
1Q 2021
2Q 2020
Non-interest bearing deposits
$
1,286,989
$
1,283,309
$
1,109,873
0.3
%
16.0
%
Interest bearing deposits
Interest checking
99,226
91,803
77,518
8.1
%
28.0
%
Money market savings
1,281,431
1,240,530
1,209,633
3.3
%
5.9
%
Savings accounts
596,426
574,181
487,172
3.9
%
22.4
%
Time deposits
1,059,630
1,043,949
1,088,113
1.5
%
(2.6
%)
Repurchase agreements
370,568
354,235
296,007
4.6
%
25.2
%
Total interest bearing deposits and
repurchase agreements
$
3,407,281
$
3,304,698
$
3,158,443
3.1
%
7.9
%
Total deposits and repurchase
agreements
$
4,694,270
$
4,588,007
$
4,268,316
2.3
%
10.0
%
CTBI’s total assets at $5.5 billion increased $134.0 million, or
10.0% annualized, from March 31, 2021 and $471.3 million, or 9.4%,
from June 30, 2020. Loans outstanding at June 30, 2021 were $3.4
billion, a decrease of $90.3 million, an annualized 10.2%, from
March 31, 2021 and $90.3 million, or 2.6%, from June 30, 2020.
Loans, excluding PPP loans, declined $11.6 million during the
quarter, with a $7.3 million decrease in the indirect consumer loan
portfolio and a $6.4 million decrease in the residential loan
portfolio, offset partially by a $2.1 million increase in the
direct consumer loan portfolio. The commercial loan portfolio
decreased as the result of a $78.8 million decline in PPP loans.
CTBI’s investment portfolio increased $202.7 million, or an
annualized 70.2%, from March 31, 2021 and $617.5 million, or 83.2%,
from June 30, 2020 as we continued to deploy our increased
liquidity in investments due to continued soft loan demand.
Deposits in other banks increased $34.1 million from prior quarter
but decreased $24.4 million from prior year same quarter. Deposits,
including repurchase agreements, at $4.7 billion increased $106.3
million, or an annualized 9.3%, from March 31, 2021 and $426.0
million, or 10.0%, from June 30, 2020, due to the ongoing
government stimulus.
Shareholders’ equity at June 30, 2021 was $684.1 million, a
$22.0 million increase from the $662.1 million at March 31, 2021
and a $52.2 million increase from the $631.8 million at June 30,
2020. CTBI’s annualized dividend yield to shareholders as of June
30, 2021 was 3.81%.
Asset Quality
CTBI’s total nonperforming loans, not including performing
troubled debt restructurings, were $21.1 million, or 0.61% of total
loans, at June 30, 2021 compared to $21.0 million, or 0.59% of
total loans, at March 31, 2021 and $36.2 million, or 1.02% of total
loans, at June 30, 2020. Accruing loans 90+ days past due decreased
$0.5 million from prior quarter and $13.5 million from June 30,
2020. Nonaccrual loans increased $0.6 million during the quarter
but decreased $1.5 million from March 31, 2020. Accruing loans
30-89 days past due at $10.8 million decreased $2.4 million from
prior quarter and $2.8 million from June 30, 2020. 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 at $5.8 million at June 30,
2021 was a $0.4 million decrease from the $6.2 million at March 31,
2021 and an $11.8 million decrease from the $17.7 million at June
30, 2020. Sales of foreclosed properties for the quarter ended June
30, 2021 totaled $0.4 million while new foreclosed properties
totaled $0.4 million. At June 30, 2021, the book value of
properties under contracts to sell was $0.3 million; however, the
closings had not occurred at quarter-end.
CTBI experienced continued improvement in loan losses, as we saw
a net recovery of loan losses of $0.6 million for the quarter ended
June 30, 2021, compared to net loan charge-offs of $0.2 million, or
0.02% of average loans annualized, for the quarter ended March 31,
2021 and $2.8 million, or 0.32% annualized, for the second quarter
2020. For the six months ended June 30, 2021 we experienced a net
recovery of loan losses of $0.4 million compared to net charge-offs
of $4.2 million, or 0.25% of average loans annualized, for the six
months ended June 30, 2020.
Allowance for Credit Losses
We recovered $4.3 million of our provision for credit losses
during the quarter ended June 30, 2021. The reduction was the
result of continued positive credit metrics, the lack of pandemic
related losses provided for in Q1 2020 as well as an improvement in
the industry outlook for certain industries included in our
concentrations of credit.. We also recognized a recapture of
allowance for credit losses in the first quarter 2021 and the
second quarter 2020 with credits to the provision for credit losses
of $2.5 million and $49 thousand, respectively. Our reserve
coverage (allowance for credit losses to nonperforming loans) at
June 30, 2021 was 197.2% compared to 215.5% at March 31, 2021 and
129.0% at June 30, 2020. Our credit loss reserve as a percentage of
total loans outstanding at June 30, 2021 was 1.21% (1.27% excluding
PPP loans) compared to 1.28% at March 31, 2021 (1.38% excluding PPP
loans) and 1.32% at June 30, 2020 (1.43% excluding PPP loans).
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 $5.5 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.
Community Trust Bancorp, Inc. Financial Summary
(Unaudited) June 30, 2021 (in thousands except per share
data and # of employees) Three Three Three Six Six Months
Months Months Months Months Ended Ended Ended Ended Ended June 30,
2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Interest income
$
43,875
$
44,211
$
44,968
$
88,086
$
89,667
Interest expense
3,868
3,969
6,506
7,837
14,961
Net interest income
40,007
40,242
38,462
80,249
74,706
Loan loss provision
(4,257
)
(2,499
)
(49
)
(6,756
)
12,658
Gains on sales of loans
1,907
2,433
1,753
4,340
2,236
Deposit service charges
6,358
6,022
4,967
12,380
10,883
Trust revenue
3,349
2,951
2,569
6,300
5,453
Loan related fees
1,004
2,270
822
3,274
917
Securities gains (losses)
280
(168
)
937
112
1,186
Other noninterest income
2,623
2,069
1,831
4,692
3,725
Total noninterest income
15,521
15,577
12,879
31,098
24,400
Personnel expense
18,960
16,833
15,153
35,793
30,184
Occupancy and equipment
2,668
2,828
2,624
5,496
5,330
Data processing expense
1,870
2,159
1,875
4,029
3,853
FDIC insurance premiums
323
326
294
649
441
Other noninterest expense
5,677
6,164
7,963
11,841
16,322
Total noninterest expense
29,498
28,310
27,909
57,808
56,130
Net income before taxes
30,287
30,008
23,481
60,295
30,318
Income taxes
6,356
6,390
3,829
12,746
4,087
Net income
$
23,931
$
23,618
$
19,652
$
47,549
$
26,231
Memo: TEQ interest income
$
44,105
$
44,428
$
45,149
$
88,533
$
90,017
Average shares outstanding
17,784
17,774
17,739
17,779
17,746
Diluted average shares outstanding
17,800
17,787
17,742
17,794
17,753
Basic earnings per share
$
1.35
$
1.33
$
1.11
$
2.67
$
1.48
Diluted earnings per share
$
1.34
$
1.33
$
1.11
$
2.67
$
1.48
Dividends per share
$
0.385
$
0.385
$
0.38
$
0.770
$
0.76
Average balances: Loans
$
3,495,655
$
3,548,358
$
3,461,505
$
3,521,861
$
3,362,217
Earning assets
5,184,923
4,957,636
4,559,670
5,071,907
4,326,752
Total assets
5,450,182
5,219,406
4,837,293
5,335,432
4,609,851
Deposits, including repurchase agreements
4,661,615
4,442,647
4,096,647
4,552,736
3,863,536
Interest bearing liabilities
3,424,218
3,335,206
3,094,931
3,379,958
2,971,064
Shareholders' equity
675,727
661,302
624,111
668,555
624,261
Performance ratios: Return on average assets
1.76
%
1.84
%
1.63
%
1.80
%
1.14
%
Return on average equity
14.20
%
14.48
%
12.66
%
14.34
%
8.45
%
Yield on average earning assets (tax equivalent)
3.41
%
3.63
%
3.98
%
3.52
%
4.18
%
Cost of interest bearing funds (tax equivalent)
0.45
%
0.48
%
0.85
%
0.47
%
1.01
%
Net interest margin (tax equivalent)
3.11
%
3.31
%
3.41
%
3.21
%
3.49
%
Efficiency ratio (tax equivalent)
53.17
%
50.37
%
55.17
%
51.76
%
57.12
%
Loan charge-offs
$
948
$
1,470
$
3,809
$
2,418
$
6,224
Recoveries
(1,554
)
(1,293
)
(1,047
)
(2,847
)
(2,064
)
Net charge-offs
$
(606
)
$
177
$
2,762
$
(429
)
$
4,160
Market Price: High
$
45.95
$
47.53
$
37.07
$
47.53
$
46.87
Low
$
39.76
$
36.02
$
26.45
$
36.02
$
26.45
Close
$
40.38
$
44.03
$
32.76
$
40.38
$
32.76
As of As of As of June 30, 2021 March 31, 2021 June 30, 2020
Assets: Loans
$
3,448,493
$
3,538,804
$
3,538,770
Loan loss reserve
(41,695
)
(45,346
)
(46,634
)
Net loans
3,406,798
3,493,458
3,492,136
Loans held for sale
4,912
17,748
28,987
Securities AFS
1,357,597
1,155,195
740,479
Equity securities at fair value
2,523
2,243
2,093
Other equity investments
13,915
14,858
15,295
Other earning assets
392,591
358,529
416,980
Cash and due from banks
63,917
66,664
63,194
Premises and equipment
40,391
40,997
42,810
Right of use asset
12,729
12,787
13,867
Goodwill and core deposit intangible
65,490
65,490
65,490
Other assets
133,300
132,150
141,510
Total Assets
$
5,494,163
$
5,360,119
$
5,022,841
Liabilities and Equity: Interest bearing checking
$
99,226
$
91,803
$
77,518
Savings deposits
1,877,857
1,814,711
1,696,805
CD's >=$100,000
561,269
547,767
537,124
Other time deposits
498,361
496,182
550,989
Total interest bearing deposits
3,036,713
2,950,463
2,862,436
Noninterest bearing deposits
1,286,989
1,283,309
1,109,873
Total deposits
4,323,702
4,233,772
3,972,309
Repurchase agreements
370,568
354,235
296,007
Other interest bearing liabilities
58,726
58,731
59,246
Lease liability
13,529
13,549
14,550
Other noninterest bearing liabilities
43,555
37,763
48,882
Total liabilities
4,810,080
4,698,050
4,390,994
Shareholders' equity
684,083
662,069
631,847
Total Liabilities and Equity
$
5,494,163
$
5,360,119
$
5,022,841
Ending shares outstanding
17,831
17,826
17,795
30 - 89 days past due loans
$
10,847
$
13,204
$
13,666
90 days past due loans
8,283
8,816
21,799
Nonaccrual loans
12,863
12,223
14,358
Restructured loans (excluding 90 days past due and nonaccrual)
66,887
68,485
59,823
Foreclosed properties
5,848
6,224
17,675
Community bank leverage ratio
12.45
%
12.70
%
12.92
%
Tangible equity to tangible assets ratio
11.39
%
11.27
%
11.42
%
FTE employees
961
970
979
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210721005323/en/
Community Trust Bancorp, Inc. Jean R. Hale,
(606) 437-3294 Chairman, President, and C.E.O.
Community Trust Bancorp (NASDAQ:CTBI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Community Trust Bancorp (NASDAQ:CTBI)
Historical Stock Chart
From Jul 2023 to Jul 2024