Community Trust Bancorp, Inc. (NASDAQ:CTBI):
Earnings Summary
(in thousands except per share data)
3Q 2021
2Q 2021
3Q 2020
YTD 2021
YTD 2020
Net income
$21,142
$23,931
$17,447
$68,691
$43,678
Earnings per share
$1.19
$1.35
$0.98
$3.86
$2.46
Earnings per share - diluted
$1.19
$1.34
$0.98
$3.86
$2.46
Return on average assets
1.54%
1.76%
1.38%
1.71%
1.23%
Return on average equity
12.06%
14.20%
10.81%
13.55%
9.26%
Efficiency ratio
53.50%
53.17%
55.99%
52.35%
56.72%
Tangible common equity
11.77%
11.39%
11.68%
Dividends declared per share
$0.400
$0.385
$0.385
$1.170
$1.145
Book value per share
$38.78
$38.36
$36.20
Weighted average shares
17,790
17,784
17,746
17,783
17,746
Weighted average shares - diluted
17,808
17,800
17,752
17,798
17,753
Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings
for the third quarter 2021 of $21.1 million, or $1.19 per basic
share, compared to $23.9 million, or $1.35 per basic share, earned
during the second quarter 2021 and $17.4 million, or $0.98 per
basic share, earned during the third quarter 2020. Our loan
portfolio quality continues to see improvement, allowing a further
reduction in credit loss reserves. Noninterest income declined;
however, total revenue increased as our net interest margin saw
improvement resulting from a redeployment of Federal Reserve funds
into our investment portfolio and forgiveness of Paycheck
Protection Program (PPP) loans. Earnings for the nine months ended
September 30, 2021 were $68.7 million compared to $43.7 million for
the nine months ended September 30, 2020.
3rd Quarter 2021 Highlights
- Net interest income for the quarter of $42.0 million was $2.0
million, or 5.0%, above prior quarter and $4.3 million, or 11.5%,
above third quarter 2020.
- We recovered $0.2 million of our provision for credit losses
during the quarter ended September 30, 2021. The reduction to our
allowance for credit losses was the result of improving credit
metrics. We also recognized a recapture of allowance for credit
losses in the second quarter 2021 with a credit to the provision
for credit losses of $4.3 million. Provision for credit losses for
the third quarter 2020 totaled $2.4 million.
- Our loan portfolio decreased $50.3 million, an annualized 5.8%,
during the quarter and $159.7 million, or 4.5%, from September 30,
2020. Loans, excluding PPP loans, increased $26.6 million during
the quarter.
- Net loan charge-offs for the quarter were $0.3 million, or
0.04% of average loans annualized, for the quarter ended September
30, 2021, compared to a net recovery of loan losses of $0.6 million
for the quarter ended June 30, 2021 and net loan charge-offs of
$1.1 million, or 0.12% of average loans annualized, for the third
quarter 2020.
- Asset quality remains strong from prior quarter as our
nonperforming loans, excluding troubled debt restructurings,
decreased to $18.7 million at September 30, 2021 from $21.1 million
at June 30, 2021 and $29.9 million at September 30, 2020.
Nonperforming assets at $23.0 million decreased $3.9 million from
June 30, 2021 and $22.4 million from September 30, 2020.
- Deposits, including repurchase agreements, decreased $106.0
million, an annualized 9.0%, during the quarter but increased
$326.3 million, or 7.7%, from September 30, 2020. The decrease from
prior quarter was primarily due to the transfer of a $75 million
repurchase agreement into a managed fund with our trust
subsidiary.
- Noninterest income for the quarter ended September 30, 2021 of
$14.4 million decreased from prior quarter by $1.1 million, or
7.3%, and $0.5 million, or 3.5%, from prior year same quarter.
- Noninterest expense for the quarter ended September 30, 2021 of
$30.3 million increased $0.8 million, or 2.8%, from prior quarter,
and $0.9 million, or 2.9%, from prior year same quarter.
COVID-19
We continue working with our customers through the COVID-19
pandemic. At September 30, 2021, the number of customers with CARES
Act deferrals reduced to 27 for a total outstanding amount of $15.8
million. The majority of our CARES Act deferrals have been 90 day
deferrals. Total outstanding deferrals include 6 commercial loan
deferrals with a total outstanding amount of $14.3 million, 17
residential loan deferrals with a total outstanding amount of $1.4
million, and 4 consumer loan deferrals with a total outstanding
amount of $0.1 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 September 30, 2021, we had closed 6,312 Paycheck Protection
Program (PPP) loans totaling $401.3 million, including 3,352 loans
totaling $124.3 million stemming from the Consolidated
Appropriations Act 2021 (second round). Through September 30, 2021,
we have had 4,730 of our PPP loans totaling $297.7 million forgiven
by the SBA, including 1,877 loans totaling $35.9 million from the
second round.
Net Interest Income
Percent Change
3Q 2021 Compared to:
($ in thousands)
3Q 2021
2Q 2021
3Q 2020
2Q 2021
3Q 2020
YTD 2021
YTD 2020
Percent Change
Components of net interest income
Income on earning assets
$45,952
$44,105
$43,815
4.2%
4.9%
$134,485
$133,832
0.5%
Expense on interest bearing
liabilities
3,712
3,868
5,946
(4.0)%
(37.6)%
11,549
20,907
(44.8)%
Net interest income (tax equivalent)
$42,240
$40,237
$37,869
5.0%
11.5%
$122,936
$112,925
8.9%
Average yield and rates paid
Earning assets yield
3.52%
3.41%
3.66%
3.1%
(3.8)%
3.52%
3.99%
(11.9)%
Rate paid on interest bearing
liabilities
0.43%
0.45%
0.73%
(4.7)%
(40.9)%
0.46%
0.91%
(50.1)%
Gross interest margin
3.09%
2.96%
2.93%
4.3%
5.4%
3.06%
3.08%
(0.6)%
Net interest margin
3.23%
3.11%
3.16%
3.8%
2.3%
3.22%
3.37%
(4.6)%
Average balances
Investment securities
$1,511,178
$1,223,123
$ 946,426
23.55%
59.7%
$1,266,850
$ 770,184
64.5%
Loans
$3,400,194
$3,495,655
$3,539,520
(2.73)%
(3.9)%
$3,480,860
$3,421,749
1.7%
Earning assets
$5,184,749
$5,184,923
$4,768,869
0.00%
8.7%
$5,109,934
$4,475,200
14.2%
Interest-bearing liabilities
$3,410,286
$3,424,218
$3,238,474
(0.41)%
5.3%
$3,390,178
$3,060,851
10.8%
Net interest income for the quarter of $42.0 million increased
$2.0 million, or 5.0%, from second quarter 2021 and $4.3 million,
or 11.5%, from third quarter 2020. Our net interest income
excluding PPP loans for the quarter ended September 30, 2021 was
$37.9 million compared to $36.7 million for the quarter ended June
30, 2021 and $36.6 million for the quarter ended September 30,
2020. Our net interest margin at 3.23% increased 12 basis points
from prior quarter and 7 basis points from prior year same quarter,
as our average earning assets decreased $0.2 million from prior
quarter but increased $415.9 million from prior year same quarter.
Our yield on average earning assets increased 11 basis points from
prior quarter but decreased 14 basis points from prior year same
quarter, and our cost of funds decreased 2 basis points from prior
quarter and 30 basis points from prior year same quarter. The
improvement in our net interest margin resulted from a redeployment
of Federal Reserve funds into our investment portfolio and
forgiveness of PPP loans. As discussed more fully below, the impact
of the PPP loans to the net interest margin for the third quarter
2021 was 25 basis points. Net interest income for the nine months
ended September 30, 2021 increased $9.9 million, or 8.8%, compared
to the nine months ended September 30, 2020.
The PPP loan portfolio had an annualized yield for the quarter
of 12.24%, a 620 basis point increase from the 6.04% yield in the
second quarter 2021. Interest income on the portfolio was $0.4
million during the quarter, down $0.2 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 $4.0 million, up $1.0 million from prior
quarter. These fees are amortized over the life of the loan with
any unamortized balance fully recognized at the time of loan
forgiveness. The impact of the PPP loan portfolio to the net
interest margin was 25 basis points for the third quarter 2021, an
11 basis point increase from the 14 basis points for the second
quarter 2021.
Our ratio of average loans to deposits, including repurchase
agreements, was 73.1% for the quarter ended September 30, 2021
compared to 75.0% for the quarter ended June 30, 2021 and 82.8% for
the quarter ended September 30, 2020.
Noninterest Income
Percent Change
3Q 2021 Compared to:
($ in thousands)
3Q 2021
2Q 2021
3Q 2020
2Q 2021
3Q 2020
YTD 2021
YTD 2020
Percent Change
Deposit service charges
$7,066
$6,358
$6,296
11.1%
12.2%
$19,446
$17,179
13.2%
Trust revenue
3,039
3,349
2,692
(9.2)%
12.9%
9,339
8,145
14.7%
Gains on sales of loans
1,239
1,907
2,470
(35.0)%
(49.8)%
5,579
4,706
18.6%
Loan related fees
1,050
1,004
1,383
4.7%
(24.0)%
4,324
2,300
88.0%
Bank owned life insurance revenue
654
581
602
12.4%
8.7%
1,808
1,739
4.0%
Brokerage revenue
519
554
310
(6.3)%
67.4%
1,530
995
53.7%
Other
821
1,768
1,158
(53.7)%
(29.3)%
3,460
4,247
(18.6)%
Total noninterest income
$14,388
$15,521
$14,911
(7.3)%
(3.5)%
$45,486
$39,311
15.7%
Noninterest income for the quarter ended September 30, 2021 of
$14.4 million was a decrease of $1.1 million, or 7.3%, from prior
quarter and $0.5 million, or 3.5%, from prior year same quarter.
The decrease from prior quarter included decreases in gains on
sales of loans ($0.7 million), trust revenue ($0.3 million),
securities gains ($0.3 million), and other operating revenue ($0.4
million), partially offset by an increase in deposit service
charges ($0.7 million). The decrease from prior year same quarter
included decreases in gains on sales of loans ($1.2 million), loan
related fees ($0.3 million), and securities gains ($0.2 million),
partially offset by increases in deposit service charges ($0.8
million) and trust revenue ($0.3 million). Noninterest income for
the nine months ended September 30, 2021 of $45.5 million was a
$6.2 million, or 15.7% increase from the nine months ended
September 30, 2020.
Gains on sales of loans continue to be impacted by the slowdown
in the industry-wide refinancing boom. Deposit service charges were
impacted during the quarter by an increase in overdraft charges.
The year over year increase in noninterest income was driven by
increases in gains on sales of loans, deposit service charges,
trust revenue, and loan related fees. Deposit service charges were
primarily impacted year over year by an increase in debit card
income. Loan related fees were primarily impacted by the change in
the fair market value of mortgage servicing rights.
Noninterest Expense
Percent Change
3Q 2021 Compared to:
($ in thousands)
3Q 2021
2Q 2021
3Q 2020
2Q 2021
3Q 2020
YTD 2021
YTD 2020
Percent Change
Salaries
$11,962
$11,706
$11,640
2.2%
2.8%
$35,080
$34,651
1.2%
Employee benefits
6,891
7,254
4,497
(5.0)%
53.3%
19,566
11,670
67.7%
Net occupancy and equipment
2,733
2,668
2,724
2.4%
0.3%
8,229
8,054
2.2%
Data processing
1,911
1,870
1,936
2.3%
(1.2)%
5,940
5,789
2.6%
Legal and professional fees
685
753
1,001
(9.2)%
(31.6)%
2,331
3,057
(23.7)%
Advertising and marketing
819
710
797
15.5%
2.8%
2,251
1,999
12.6%
Telephone
486
502
500
(3.1)%
(2.7)%
1,498
1,389
7.8%
Other
4,841
4,035
6,378
20.0%
(24.1)%
13,241
18,994
(30.3)%
Total noninterest expense
$30,328
$29,498
$29,473
2.8%
2.9%
$88,136
$85,603
3.0%
Noninterest expense for the quarter ended September 30, 2021 of
$30.3 million increased $0.8 million, or 2.8%, from prior quarter,
and $0.9 million, or 2.9%, from prior year same quarter. The
increase in noninterest expense quarter over quarter included
increases in operating losses ($0.3 million), marketing and
promotional ($0.2 million), and loan related expense ($0.2
million). The increase from prior year same quarter was the result
of an increase in personnel expense ($2.7 million), partially
offset by decreases in taxes other than property and payroll ($1.4
million), net other real estate owned expense ($0.2 million), and
repossession expense ($0.2 million). The increase in personnel
expense included a $1.8 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 nine months ended September 30, 2021 increased $2.5 million, or
3.0%, compared to the nine months ended September 30, 2020.
Balance Sheet Review
Total Loans
Percent Change
3Q 2021 Compared to:
($ in thousands)
3Q 2021
2Q 2021
3Q 2020
2Q 2021
3Q 2020
Commercial nonresidential real estate
$ 732,442
$ 718,338
$ 742,436
2.0%
(1.3)%
Commercial residential real estate
330,660
309,627
284,428
6.8%
16.3%
SBA guaranteed PPP loans
99,116
175,983
270,271
(43.7)%
(63.3)%
Other commercial
600,583
617,781
602,218
(2.8)%
(0.3)%
Total commercial
1,762,801
1,821,729
1,899,353
(3.2)%
(7.2)%
Residential mortgage
763,005
762,649
783,818
0.0%
(2.7)%
Home equity loans/lines
105,007
102,551
105,454
2.4%
(0.4)%
Total residential
868,012
865,200
889,272
0.3%
(2.4)%
Consumer indirect
612,394
610,025
615,608
0.4%
(0.5)%
Consumer direct
155,022
151,539
153,666
2.3%
0.9%
Total consumer
767,416
761,564
769,274
0.8%
(0.2)%
Total loans
$3,398,229
$3,448,493
$3,557,899
(1.5)%
(4.5)%
Total Deposits and Repurchase
Agreements
Percent Change
3Q 2021 Compared to:
($ in thousands)
3Q 2021
2Q 2021
3Q 2020
2Q 2021
3Q 2020
Non-interest bearing deposits
$1,318,158
$1,286,989
$1,103,863
2.4%
19.4%
Interest bearing deposits
Interest checking
90,657
99,226
78,989
(8.6)%
14.8%
Money market savings
1,210,551
1,281,431
1,167,516
(5.5)%
3.7%
Savings accounts
616,561
596,426
499,604
3.4%
23.4%
Time deposits
1,060,309
1,059,630
1,044,209
0.1%
1.5%
Repurchase agreements
292,022
370,568
367,788
(21.2)%
(20.6)%
Total interest bearing deposits and
repurchase agreements
$3,270,100
$3,407,281
$3,158,106
(4.0)%
3.5%
Total deposits and repurchase
agreements
$4,588,258
$4,694,270
$4,261,969
(2.3)%
7.7%
CTBI’s total assets at $5.4 billion decreased $108.6 million, or
7.8% annualized, from June 30, 2021 but increased $365.2 million,
or 7.3%, from September 30, 2020. Loans outstanding at September
30, 2021 were $3.4 billion, a decrease of $50.3 million, an
annualized 5.8%, from June 30, 2021 and $159.7 million, or 4.5%,
from September 30, 2020. Loans, excluding PPP loans, increased
$26.6 million during the quarter, with a $17.9 million increase in
the commercial loan portfolio, a $3.5 million increase in the
direct consumer loan portfolio, a $2.8 million increase in the
residential loan portfolio, and a $2.4 million increase in the
indirect consumer loan portfolio. The PPP loan portfolio declined
$76.9 million as a result of SBA forgiveness. CTBI’s investment
portfolio increased $168.1 million, or an annualized 49.0%, from
June 30, 2021 and $576.9 million, or 60.6%, from September 30, 2020
as we redeployed funds from our Federal Reserve account into our
investment portfolio. Deposits in other banks decreased $249.8
million from prior quarter and $58.9 million from prior year same
quarter. Deposits, including repurchase agreements, at $4.6 billion
decreased $106.0 million, or an annualized 9.0%, from June 30, 2021
but increased $326.3 million, or 7.7%, from September 30, 2020. The
decrease from prior quarter was primarily due to the transfer of a
$75 million repurchase agreement into a managed fund with our trust
subsidiary.
Shareholders’ equity at September 30, 2021 was $691.6 million, a
$7.6 million increase from the $684.1 million at June 30, 2021 and
a $47.2 million increase from the $644.4 million at September 30,
2020. CTBI’s annualized dividend yield to shareholders as of
September 30, 2021 was 3.80%.
Asset Quality
CTBI’s total nonperforming loans, not including performing
troubled debt restructurings, decreased to $18.7 million at
September 30, 2021 from $21.1 million at June 30, 2021 and $29.9
million at September 30, 2020. Accruing loans 90+ days past due
decreased $1.6 million from prior quarter and $11.3 million from
September 30, 2020. Nonaccrual loans decreased $0.8 million during
the quarter but increased $0.2 million from September 30, 2020.
Accruing loans 30-89 days past due at $8.9 million decreased $2.0
million from prior quarter and $4.5 million from September 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 $4.3 million at September
30, 2021 was a $1.5 million decrease from the $5.8 million at June
30, 2021 and an $11.3 million decrease from the $15.6 million at
June 30, 2020. Sales of foreclosed properties for the quarter ended
September 30, 2021 totaled $2.0 million while new foreclosed
properties totaled $0.6 million. At September 30, 2021, the book
value of properties under contracts to sell was $0.4 million;
however, the closings had not occurred at quarter-end.
Net loan charge-offs for the quarter were $0.3 million, or 0.04%
of average loans annualized, for the quarter ended September 30,
2021, compared to a net recovery of loan losses of $0.6 million for
the quarter ended June 30, 2021 and net loan charge-offs of $1.1
million, or 0.12% of average loans annualized, for the third
quarter 2020. For the nine months ended September 30, 2021, we
experienced a net recovery of loan losses of $0.1 million compared
to net charge-offs of $5.2 million, or 0.20% of average loans
annualized, for the nine months ended September 30, 2020.
Allowance for Credit Losses
We recovered $0.2 million of our provision for credit losses
during the quarter ended September 30, 2021 as a result of
improving credit metrics. We also recognized a recapture of
allowance for credit losses in the second quarter 2021 with a
credit to the provision for credit losses of $4.3 million.
Provision for credit losses for the third quarter 2020 totaled $2.4
million. Our reserve coverage (allowance for credit losses to
nonperforming loans) at September 30, 2021 was 220.0% compared to
197.2% at June 30, 2021 and 160.7% at September 30, 2020. Our
credit loss reserve as a percentage of total loans outstanding at
September 30, 2021 was 1.21% (1.25% excluding PPP loans) compared
to 1.21% at June 30, 2021 (1.27% excluding PPP loans) and 1.35% at
September 30, 2020 (1.46% 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 $5.4 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)
September 30, 2021
(in thousands except per share
data and # of employees)
Three
Three
Three
Nine
Nine
Months
Months
Months
Months
Months
Ended
Ended
Ended
Ended
Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Interest income
$
45,726
$
43,875
$
43,626
$
133,812
$
133,293
Interest expense
3,712
3,868
5,946
11,549
20,907
Net interest income
42,014
40,007
37,680
122,263
112,386
Loan loss provision
(163)
(4,257)
2,433
(6,919)
15,091
Gains on sales of loans
1,239
1,907
2,470
5,579
4,706
Deposit service charges
7,066
6,358
6,296
19,446
17,179
Trust revenue
3,039
3,349
2,692
9,339
8,145
Loan related fees
1,050
1,004
1,383
4,324
2,300
Securities gains (losses)
(62)
280
142
50
1,328
Other noninterest income
2,056
2,623
1,928
6,748
5,653
Total noninterest income
14,388
15,521
14,911
45,486
39,311
Personnel expense
18,853
18,960
16,137
54,646
46,321
Occupancy and equipment
2,733
2,668
2,724
8,229
8,054
Data processing expense
1,911
1,870
1,936
5,940
5,789
FDIC insurance premiums
393
323
295
1,042
736
Other noninterest expense
6,438
5,677
8,381
18,279
24,703
Total noninterest expense
30,328
29,498
29,473
88,136
85,603
Net income before taxes
26,237
30,287
20,685
86,532
51,003
Income taxes
5,095
6,356
3,238
17,841
7,325
Net income
$
21,142
$
23,931
$
17,447
$
68,691
$
43,678
Memo: TEQ interest income
$
45,952
$
44,105
$
43,815
$
134,485
$
133,832
Average shares outstanding
17,790
17,784
17,746
17,783
17,746
Diluted average shares outstanding
17,808
17,800
17,752
17,798
17,753
Basic earnings per share
$
1.19
$
1.35
$
0.98
$
3.86
$
2.46
Diluted earnings per share
$
1.19
$
1.34
$
0.98
$
3.86
$
2.46
Dividends per share
$
0.400
$
0.385
$
0.385
$
1.170
$
1.145
Average balances:
Loans
$
3,400,194
$
3,495,655
$
3,539,520
$
3,480,860
$
3,421,749
Earning assets
5,184,749
5,184,923
4,768,869
5,109,934
4,475,200
Total assets
5,457,558
5,450,182
5,035,874
5,376,588
4,752,895
Deposits, including repurchase agreements
4,650,885
4,661,615
4,276,496
4,585,812
4,002,194
Interest bearing liabilities
3,410,286
3,424,218
3,238,474
3,390,178
3,060,851
Shareholders' equity
695,490
675,727
642,306
677,632
630,320
Performance ratios:
Return on average assets
1.54%
1.76%
1.38%
1.71%
1.23%
Return on average equity
12.06%
14.20%
10.81%
13.55%
9.26%
Yield on average earning assets (tax equivalent)
3.52%
3.41%
3.66%
3.52%
3.99%
Cost of interest bearing funds (tax equivalent)
0.43%
0.45%
0.73%
0.46%
0.91%
Net interest margin (tax equivalent)
3.23%
3.11%
3.16%
3.22%
3.37%
Efficiency ratio (tax equivalent)
53.50%
53.17%
55.99%
52.35%
56.72%
Loan charge-offs
$
1,042
$
948
$
2,268
$
3,460
$
8,492
Recoveries
(725)
(1,554)
(1,187)
(3,572)
(3,251)
Net charge-offs
$
317
$
(606)
$
1,081
$
(112)
$
5,241
Market Price:
High
$
42.95
$
45.95
$
35.09
$
47.53
$
46.87
Low
$
38.20
$
39.76
$
28.00
$
36.02
$
26.45
Close
$
42.10
$
40.38
$
28.26
$
42.10
$
28.26
As of
As of
As of
September 30, 2021
June 30, 2021
September 30, 2020
Assets: Loans
$
3,398,229
$
3,448,493
$
3,557,899
Loan loss reserve
(41,215)
(41,695)
(47,986)
Net loans
3,357,014
3,406,798
3,509,913
Loans held for sale
12,056
4,912
20,125
Securities AFS
1,525,738
1,357,597
949,089
Equity securities at fair value
2,461
2,523
2,212
Other equity investments
13,026
13,915
15,010
Other earning assets
143,789
392,591
201,651
Cash and due from banks
66,075
63,917
58,206
Premises and equipment
40,145
40,391
42,115
Right of use asset
12,399
12,729
13,536
Goodwill and core deposit intangible
65,490
65,490
65,490
Other assets
147,392
133,300
143,074
Total Assets
$
5,385,585
$
5,494,163
$
5,020,421
Liabilities and Equity:
Interest bearing checking
$
90,657
$
99,226
$
78,989
Savings deposits
1,827,112
1,877,857
1,667,120
CD's >=$100,000
565,869
561,269
533,103
Other time deposits
494,440
498,361
511,106
Total interest bearing deposits
2,978,078
3,036,713
2,790,318
Noninterest bearing deposits
1,318,158
1,286,989
1,103,863
Total deposits
4,296,236
4,323,702
3,894,181
Repurchase agreements
292,022
370,568
367,788
Other interest bearing liabilities
58,721
58,726
60,641
Lease liability
13,229
13,529
14,257
Other noninterest bearing liabilities
33,734
43,555
39,104
Total liabilities
4,693,942
4,810,080
4,375,971
Shareholders' equity
691,643
684,083
644,450
Total Liabilities and Equity
$
5,385,585
$
5,494,163
$
5,020,421
Ending shares outstanding
17,837
17,831
17,802
30 - 89 days past due loans
$
8,874
$
10,847
$
13,324
90 days past due loans
6,650
8,283
17,989
Nonaccrual loans
12,084
12,863
11,880
Restructured loans (excluding 90 days past due and nonaccrual)
69,190
66,887
67,500
Foreclosed properties
4,314
5,848
15,586
Community bank leverage ratio
12.71%
12.45%
12.65%
Tangible equity to tangible assets ratio
11.77%
11.39%
11.68%
FTE employees
960
961
966
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211020005232/en/
Community Trust Bancorp, Inc. Jean R. Hale, (606)
437-3294 Chairman and C.E.O.
Community Trust Bancorp (NASDAQ:CTBI)
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