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Section 1: 8-K (CTBI JUNE 30, 2016 EARNINGS RELEASE 8-K)

 


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
June 30, 2016


Community Trust Bancorp, Inc.
(Exact name of registrant as specified in its charter)


Kentucky
61-0979818
(State or other jurisdiction of
(IRS Employer Identification Number)
incorporation or organization)
 
   
346 North Mayo Trail
 
Pikeville, Kentucky
41501
(Address of principal executive offices)
(Zip code)


 (606) 432-1414
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ] Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12)
[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 

 
Item 2.02 – Results of Operations and Financial Condition

On July 20, 2016, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2016.  A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1.  The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed with this report:

99.1     
Press Release dated July 20, 2016




Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
COMMUNITY TRUST BANCORP, INC.
 
       
Date:  July 20, 2016
By:
/s/ Jean R. Hale  
   
Jean R. Hale
 
   
Chairman, President and Chief Executive Officer
 
       
 
 


 
Exhibit Index

Exhibit No.
Description
   
99.1
Press Release dated July 20, 2016

(Back To Top)

Section 2: EX-99.1 (CTBI JUNE 30, 2016 EARNINGS RELEASE 8-K EXHIBIT 99.1)

Exhibit 99.1

FOR IMMEDIATE RELEASE
July 20, 2016

FOR ADDITIONAL INFORMATION, PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE SECOND QUARTER 2016

Earnings Summary
                             
(in thousands except per share data)
 
2Q
2016
   
1Q
2016
   
2Q
2015
   
6 Months
2016
   
6 Months
2015
 
Net income
 
$
11,566
   
$
11,602
   
$
12,402
   
$
23,168
   
$
23,340
 
Earnings per share
 
$
0.66
   
$
0.66
   
$
0.71
   
$
1.32
   
$
1.34
 
Earnings per share - diluted
 
$
0.66
   
$
0.66
   
$
0.71
   
$
1.32
   
$
1.34
 
                                         
Return on average assets
   
1.19
%
   
1.20
%
   
1.32
%
   
1.20
%
   
1.25
%
Return on average equity
   
9.46
%
   
9.63
%
   
10.78
%
   
9.54
%
   
10.25
%
Efficiency ratio
   
59.98
%
   
58.63
%
   
57.28
%
   
59.31
%
   
57.96
%
Tangible common equity
   
11.17
%
   
11.01
%
   
10.68
%
               
                                         
Dividends declared per share
 
$
0.31
   
$
0.31
   
$
0.30
   
$
0.62
   
$
0.60
 
Book value per share
 
$
28.11
   
$
27.67
   
$
26.39
                 
                                         
Weighted average shares
   
17,530
     
17,513
     
17,421
     
17,521
     
17,411
 
Weighted average shares - diluted
   
17,542
     
17,533
     
17,465
     
17,538
     
17,458
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports earnings for the second quarter 2016 of $11.6 million, or $0.66 per basic share, compared to $12.4 million, or $0.71 per basic share, earned during the second quarter 2015 and $11.6 million, or $0.66 per basic share, earned during the first quarter 2016.  Earnings for the six months ended June 30, 2016 were $23.2 million, or $1.32 per basic share, compared to $23.3 million, or $1.34 per basic share earned for the six months ended June 30, 2015.

2nd Quarter 2016 Highlights

v
Our loan portfolio increased $138.6 million from June 30, 2015 and $42.1 million during the quarter.

v
Our investment portfolio decreased $2.1 million from June 30, 2015 and $1.8 million during the quarter.

v
Deposits, including repurchase agreements, increased $148.4 million from June 30, 2015 and $10.0 million during the quarter.

v
Nonperforming loans at $24.7 million decreased $8.7 million from June 30, 2015 and $2.3 million from March 31, 2016.  Nonperforming assets at $62.6 million decreased $7.4 million from June 30, 2015 and $3.5 million from March 31, 2016.

v
Net loan charge-offs for the quarter ended June 30, 2016 were $2.5 million, or 0.35% of average loans annualized, compared to $1.7 million, or 0.25%, experienced for the second quarter 2015 and $1.5 million, or 0.21%, for the first quarter 2016.

Net Interest Income

Net interest income for the quarter of $33.1 million was a decrease of $0.1 million, or 0.4%, from prior year second quarter and $0.3 million, or 0.8%, from prior quarter.  Our net interest margin decreased 14 basis points and 5 basis points during the respective time periods.  The extended low rate environment continues to have a negative impact on our net interest margin.    Average earning assets increased $121.2 million, or 3.4%, from second quarter 2015 and $14.6 million, or 0.4%, from prior quarter, while our yield on average earning assets decreased 10 basis points and 4 basis points, respectively, during these time periods.  The cost of interest bearing funds increased 6 basis points from prior year second quarter and 2 basis points from prior quarter.  Our ratio of average loans to deposits, including repurchase agreements, for the quarter ended June 30, 2016 was 88.1% compared to 87.1% for the quarter ended June 30, 2015 and 88.4% for the quarter ended March 31, 2016.  Net interest income for the six months ended June 30, 2016 of $66.4 million was an increase of $0.3 million, or 0.4%, over the first six months of 2015, although we experienced a 13 basis point decline in our net interest margin.

Noninterest Income

Noninterest income for the quarter ended June 30, 2016 of $11.8 million was a decrease of $0.5 million, or 3.8%, from prior year same quarter but an increase of $0.8 million, or 7.3%, from prior quarter.  The decrease from prior year same quarter was primarily due to a $0.4 million decrease in gains on sales of loans and a $0.5 million decrease in loan related fees, partially offset by a $0.2 million increase in deposit service charges.  The increase in noninterest income from prior quarter was supported by increases in gains on sales of loans ($0.1 million), deposit service charges ($0.4 million), trust revenue ($0.1 million), and loan related fees ($0.1 million).  Loan related fees were affected by fluctuations in the fair value adjustments of our mortgage servicing rights with a decline of $0.4 million year over year and an increase of $0.2 million quarter over quarter.  Noninterest income for the six months ended June 30, 2016 of $22.7 million was a decrease of $0.2 million, or 1.0%, from the first six months of 2015.  The year-to-date decline in noninterest income was primarily due to a $0.4 million decline in gains on sales of loans and a $0.8 million decline in loan related fees as a result of the decline in the fair value of mortgage servicing rights, partially offset by a $0.5 million increase in deposit service charges and a $0.3 million increase in insurance commissions.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2016 of $27.2 million was an increase of $0.9 million, or 3.3%, from prior year second quarter and $0.9 million, or 3.6%, from prior quarter.  The increase in noninterest expense was primarily due to increases in personnel expense ($0.7 million year over year and $0.2 million quarter over quarter), operating losses ($0.2 million year over year and $0.3 million quarter over quarter), and repossession expense ($0.2 million year over year and quarter over quarter).  Personnel expense was impacted by an increase in the cost of group medical and life insurance of $0.6 million year over year and $0.5 million quarter over quarter.  The year over year increase was partially offset by a $0.3 million decline in net other real estate owned expense.  Noninterest expense for the six months ended June 30, 2016 of $53.4 million was an increase of $1.3 million, or 2.5%, compared to the first six months of 2015, primarily due to the $1.2 million increase in personnel expense which included a $0.5 million increase in salaries and a $0.8 million increase in the cost of group medical and life insurance.

Balance Sheet Review

CTBI’s total assets at $3.9 billion increased $125.3 million, or 3.3%, from June 30, 2015 and $15.5 million, or an annualized 1.6%, during the quarter.  Loans outstanding at June 30, 2016 were $2.9 billion, increasing $138.6 million, or 5.0%, from June 30, 2015 and $42.1 million, or an annualized 5.9%, during the quarter.  We experienced growth during the quarter of $24.5 million in the commercial loan portfolio, $14.0 million in the indirect loan portfolio, $3.2 million in the consumer direct loan portfolio, and $0.4 million in the residential loan portfolio.  CTBI’s investment portfolio decreased $2.1 million, or 0.4%, from June 30, 2015 and $1.8 million, or an annualized 1.3%, during the quarter as funds were invested in our higher yielding loan portfolio.  Deposits, including repurchase agreements, at $3.3 billion increased $148.4 million, or 4.7%, from June 30, 2015 and $10.0 million, or an annualized 1.2%, from prior quarter.

Shareholders’ equity at June 30, 2016 was $493.6 million compared to $461.6 million at June 30, 2015 and $485.6 million at March 31, 2016.  CTBI’s annualized dividend yield to shareholders as of June 30, 2016 was 3.58%.

Asset Quality

CTBI’s total nonperforming loans were $24.7 million at June 30, 2016, a 26.1% decrease from the $33.4 million at June 30, 2015 and an 8.5% decrease from the $27.0 million at March 31, 2016.  Loans 90+ days past due decreased $0.3 million during the quarter while nonaccrual loans decreased $2.0 million.  Loans 30-89 days past due at $19.0 million was a decrease of $0.1 million from March 31, 2016.  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 June 30, 2016 totaled $53.3 million, a $3.1 million increase from the $50.2 million at June 30, 2015 but a $6.2 million decrease from the $59.5 million at March 31, 2016.

Our level of foreclosed properties at $37.7 million at June 30, 2016 was a $1.3 million increase from the $36.4 million at June 30, 2015 but a $1.2 million decrease from the $39.0 million at March 31, 2016.  Sales of foreclosed properties for the quarter ended June 30, 2016 totaled $3.2 million while new foreclosed properties totaled $2.0 million.  At June 30, 2016, the book value of properties under contracts to sell was $2.3 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs for the quarter ended June 30, 2016 were $2.5 million, or 0.35% of average loans annualized, compared to $1.7 million, or 0.25%, experienced for the second quarter 2015 and $1.5 million, or 0.21%, for the first quarter 2016.  Of the net charge-offs for the quarter, $1.5 million were in commercial loans, $0.4 million were in indirect auto loans, $0.3 million were in residential real estate mortgage loans, and $0.3 million were in consumer direct loans.  Allocations to loan loss reserves were $1.9 million for the quarter ended June 30, 2016 compared to $2.3 million for the quarter ended June 30, 2015 and $1.8 million for the quarter ended March 31, 2016.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at June 30, 2016 was 144.6% compared to 105.4% at June 30, 2015 and 134.7% at March 31, 2016.  Our loan loss reserve as a percentage of total loans outstanding declined to 1.22% at June 30, 2016 from the 1.26% at June 30, 2015 and March 31, 2016.  The decline in the loan loss reserve was the result of a decline in the specific reserve requirements for loans identified as impaired.  The amount of impairment quantified for these impaired loans declined during the quarter from $2.7 million to $1.3 million.  This reduction in required reserves was partially offset by the increase in reserves required for the $42.1 million in loan growth achieved during the quarter.

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.
 
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.
 
 

 
Community Trust Bancorp, Inc.
 
Financial Summary (Unaudited)
 
 June 30, 2016  
(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, 2016
   
March 31, 2016
   
June 30, 2015
   
June 30, 2016
   
June 30, 2015
 
Interest income
 
$
36,374
   
$
36,527
   
$
36,083
   
$
72,901
   
$
71,808
 
Interest expense
   
3,315
     
3,203
     
2,901
     
6,518
     
5,721
 
Net interest income
   
33,059
     
33,324
     
33,182
     
66,383
     
66,087
 
Loan loss provision
   
1,873
     
1,765
     
2,319
     
3,638
     
4,220
 
                                         
Gains on sales of loans
   
446
     
316
     
823
     
762
     
1,113
 
Deposit service charges
   
6,272
     
5,845
     
6,046
     
12,117
     
11,628
 
Trust revenue
   
2,396
     
2,275
     
2,366
     
4,671
     
4,605
 
Loan related fees
   
739
     
611
     
1,242
     
1,350
     
2,106
 
Securities gains (losses)
   
(4
)
   
68
     
(14
)
   
64
     
130
 
Other noninterest income
   
1,920
     
1,856
     
1,765
     
3,776
     
3,382
 
Total noninterest income
   
11,769
     
10,971
     
12,228
     
22,740
     
22,964
 
                                         
Personnel expense
   
14,322
     
14,133
     
13,622
     
28,455
     
27,267
 
Occupancy and equipment
   
2,695
     
2,772
     
2,680
     
5,467
     
5,544
 
Data processing expense
   
1,559
     
1,569
     
1,695
     
3,128
     
3,627
 
FDIC insurance premiums
   
576
     
583
     
586
     
1,159
     
1,192
 
Other noninterest expense
   
8,040
     
7,185
     
7,730
     
15,225
     
14,501
 
Total noninterest expense
   
27,192
     
26,242
     
26,313
     
53,434
     
52,131
 
                                         
Net income before taxes
   
15,763
     
16,288
     
16,778
     
32,051
     
32,700
 
Income taxes
   
4,197
     
4,686
     
4,376
     
8,883
     
9,360
 
Net income
 
$
11,566
   
$
11,602
   
$
12,402
   
$
23,168
   
$
23,340
 
                                         
Memo: TEQ interest income
 
$
36,880
   
$
37,058
   
$
36,598
   
$
73,938
   
$
72,836
 
                                         
Average shares outstanding
   
17,530
     
17,513
     
17,421
     
17,521
     
17,411
 
Diluted average shares outstanding
   
17,542
     
17,533
     
17,465
     
17,538
     
17,458
 
Basic earnings per share
 
$
0.66
   
$
0.66
   
$
0.71
   
$
1.32
   
$
1.34
 
Diluted earnings per share
 
$
0.66
   
$
0.66
   
$
0.71
   
$
1.32
   
$
1.34
 
Dividends per share
 
$
0.310
   
$
0.310
   
$
0.300
   
$
0.620
   
$
0.600
 
                                         
Average balances:
                                       
Loans
 
$
2,913,461
   
$
2,878,833
   
$
2,782,350
   
$
2,896,147
   
$
2,757,959
 
Earning assets
   
3,634,945
     
3,620,318
     
3,513,774
     
3,627,631
     
3,497,279
 
Total assets
   
3,900,660
     
3,887,581
     
3,781,553
     
3,894,120
     
3,763,447
 
Deposits, including repurchase agreements
   
3,307,591
     
3,255,222
     
3,193,743
     
3,281,406
     
3,174,508
 
Interest bearing liabilities
   
2,615,806
     
2,624,218
     
2,567,687
     
2,620,012
     
2,564,161
 
Shareholders' equity
   
491,634
     
484,750
     
461,392
     
488,192
     
459,411
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.19
%
   
1.20
%
   
1.32
%
   
1.20
%
   
1.25
%
Return on average equity
   
9.46
%
   
9.63
%
   
10.78
%
   
9.54
%
   
10.25
%
Yield on average earning assets (tax equivalent)
   
4.08
%
   
4.12
%
   
4.18
%
   
4.10
%
   
4.20
%
Cost of interest bearing funds (tax equivalent)
   
0.51
%
   
0.49
%
   
0.45
%
   
0.50
%
   
0.45
%
Net interest margin (tax equivalent)
   
3.71
%
   
3.76
%
   
3.85
%
   
3.74
%
   
3.87
%
Efficiency ratio (tax equivalent)
   
59.98
%
   
58.63
%
   
57.28
%
   
59.31
%
   
57.96
%
                                         
Loan charge-offs
 
$
3,302
   
$
2,465
   
$
2,284
   
$
5,767
   
$
4,920
 
Recoveries
   
(797
)
   
(935
)
   
(549
)
   
(1,732
)
   
(1,443
)
Net charge-offs
 
$
2,505
   
$
1,530
   
$
1,735
   
$
4,035
   
$
3,477
 
                                         
Market Price:
                                       
High
 
$
36.95
   
$
36.00
   
$
35.49
   
$
36.95
   
$
36.47
 
Low
 
$
32.98
   
$
30.89
   
$
31.54
   
$
30.89
   
$
31.53
 
Close
 
$
34.66
   
$
35.32
   
$
34.87
   
$
34.66
   
$
34.87
 
 

 
Community Trust Bancorp, Inc.
 
Financial Summary (Unaudited)
 
 June 30, 2016  
(in thousands except per share data and # of employees)
 
                               
   
As of
   
As of
   
As of
 
   
June 30, 2016
   
March 31, 2016
   
June 30, 2015
 
Assets:
                 
Loans
 
$
2,931,385
   
$
2,889,291
   
$
2,792,831
 
Loan loss reserve
   
(35,697
)
   
(36,329
)
   
(35,190
)
Net loans
   
2,895,688
     
2,852,962
     
2,757,641
 
Loans held for sale
   
1,707
     
2,707
     
1,993
 
Securities AFS
   
579,115
     
580,950
     
581,236
 
Securities HTM
   
1,661
     
1,661
     
1,661
 
Other equity investments
   
22,814
     
22,814
     
22,814
 
Other earning assets
   
81,894
     
112,104
     
95,422
 
Cash and due from banks
   
59,700
     
53,727
     
58,118
 
Premises and equipment
   
48,104
     
48,160
     
48,833
 
Goodwill and core deposit intangible
   
65,702
     
65,742
     
65,861
 
Other assets
   
138,937
     
139,011
     
136,478
 
Total Assets
 
$
3,895,322
   
$
3,879,838
   
$
3,770,057
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
50,362
   
$
55,672
   
$
32,258
 
Savings deposits
   
1,025,394
     
1,026,527
     
955,125
 
CD's >=$100,000
   
574,657
     
568,090
     
576,785
 
Other time deposits
   
626,103
     
626,099
     
646,945
 
Total interest bearing deposits
   
2,276,516
     
2,276,388
     
2,211,113
 
Noninterest bearing deposits
   
765,467
     
757,830
     
701,958
 
Total deposits
   
3,041,983
     
3,034,218
     
2,913,071
 
Repurchase agreements
   
261,298
     
259,083
     
241,776
 
Other interest bearing liabilities
   
66,674
     
68,220
     
124,673
 
Noninterest bearing liabilities
   
31,757
     
32,680
     
28,914
 
Total liabilities
   
3,401,712
     
3,394,201
     
3,308,434
 
Shareholders' equity
   
493,610
     
485,637
     
461,623
 
Total Liabilities and Equity
 
$
3,895,322
   
$
3,879,838
   
$
3,770,057
 
                         
Ending shares outstanding
   
17,560
     
17,553
     
17,489
 
Memo: Market value of HTM securities
 
$
1,662
   
$
1,662
   
$
1,641
 
                         
30 - 89 days past due loans
 
$
18,995
   
$
19,125
   
$
16,001
 
90 days past due loans
   
8,237
     
8,534
     
16,915
 
Nonaccrual loans
   
16,447
     
18,446
     
16,486
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
55,088
     
58,404
     
42,447
 
Foreclosed properties
   
37,740
     
38,985
     
36,405
 
Other repossessed assets
   
136
     
136
     
157
 
                         
Common equity Tier 1 capital
   
14.79
%
   
14.84
%
   
14.35
%
Tier 1 leverage ratio
   
12.57
%
   
12.44
%
   
12.24
%
Tier 1 risk-based capital ratio
   
16.88
%
   
16.97
%
   
16.51
%
Total risk based capital ratio
   
18.13
%
   
18.22
%
   
17.76
%
Tangible equity to tangible assets ratio
   
11.17
%
   
11.01
%
   
10.68
%
FTE employees
   
998
     
990
     
995
 
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