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Section 1: 8-K (CTBI SEPTEMBER 30, 2017 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)
September 30, 2017


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))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.             
 

 
 

 
 
Item 2.02 – Results of Operations and Financial Condition

On October 18, 2017, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 30, 2017.  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 October 18, 2017


 
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:
October 18, 2017
By:
     
   
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman, President and Chief Executive Officer

 

Exhibit Index

Exhibit No.
Description
   
Press Release dated October 18, 2017


 
(Back To Top)

Section 2: EX-99.1 (CTBI SEPTEMBER 30, 2017 EARNINGS RELEASE 8-K EXHIBIT 99.1)


Exhibit 99.1

FOR IMMEDIATE RELEASE
October 18, 2017

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 RECORD EARNINGS FOR THE THIRD QUARTER 2017

Earnings Summary
                             
(in thousands except per share data)
 
3Q
2017
   
2Q
2017
   
3Q
2016
   
9 Months
2017
   
9 Months
2016
 
Net income
 
$
13,763
   
$
11,541
   
$
12,312
   
$
36,581
   
$
35,480
 
Earnings per share
 
$
0.78
   
$
0.65
   
$
0.70
   
$
2.08
   
$
2.02
 
Earnings per share - diluted
 
$
0.78
   
$
0.65
   
$
0.70
   
$
2.07
   
$
2.02
 
                                         
Return on average assets
   
1.33
%
   
1.14
%
   
1.25
%
   
1.21
%
   
1.21
%
Return on average equity
   
10.45
%
   
8.97
%
   
9.81
%
   
9.49
%
   
9.63
%
Efficiency ratio
   
56.55
%
   
59.32
%
   
57.45
%
   
58.97
%
   
58.68
%
Tangible common equity
   
11.24
%
   
11.19
%
   
11.24
%
               
                                         
Dividends declared per share
 
$
0.33
   
$
0.32
   
$
0.32
   
$
0.97
   
$
0.94
 
Book value per share
 
$
29.58
   
$
29.14
   
$
28.40
                 
                                         
Weighted average shares
   
17,633
     
17,626
     
17,554
     
17,625
     
17,532
 
Weighted average shares - diluted
   
17,653
     
17,645
     
17,569
     
17,645
     
17,548
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports record earnings for the third quarter 2017 of $13.8 million, or $0.78 per basic share, compared to $11.5 million, or $0.65 per basic share, earned during the second quarter 2017 and $12.3 million, or $0.70 per basic share, earned during the third quarter 2016.  Earnings for the nine months ended September 30, 2017 were $36.6 million, or $2.08 per basic share, compared to $35.5 million, or $2.02 per basic share, for the nine months ended September 30, 2016.

3rd Quarter 2017 Highlights

v
Net interest income for the quarter of $35.0 million was an increase of $0.7 million, or 2.1%, from second quarter 2017 and $1.7 million, or 5.2%, from prior year third quarter.

v
Provision for loan losses for the quarter ended September 30, 2017 decreased $2.1 million from prior quarter and $1.5 million from prior year same quarter.  The decrease was the result of sustained improvement in the 12 quarter rolling average core portfolio metrics utilized in our allowance for loan losses model.  While quarter over quarter fluctuations occur, management focuses on longer term trends as an indication of overall credit quality. The reduction resulted in a three basis point decrease in our loan loss reserve from 1.20% to 1.17% of total loans.

v
Our loan portfolio increased $26.1 million, an annualized 3.4%, during the quarter and $182.1 million, or 6.2%, from September 30, 2016.

v
Net loan charge-offs for the quarter ended September 30, 2017 were $1.4 million, or 0.18% of average loans annualized, compared to $1.3 million, or 0.18%, experienced for the second quarter 2017 and $2.1 million, or 0.28%, for the third quarter 2016.

v
Nonperforming loans at $30.0 million increased $2.0 million from June 30, 2017 and $1.7 million from September 30, 2016.  Nonperforming assets at $62.2 million increased $1.5 million from June 30, 2017, but decreased $3.8 million from September 30, 2016.

v
Deposits, including repurchase agreements, increased $97.6 million during the quarter and $144.1 million from September 30, 2016.  Deposit growth during the quarter included $82.3 million in wholesale brokered deposits.

v
Noninterest income for the quarter ended September 30, 2017 of $12.2 million was a decrease of $0.1 million, or 0.9%, from prior quarter and $1.0 million, or 7.5%, from prior year same quarter.  The decrease from prior quarter was the result of the gain on the repurchase of trust preferred securities during the second quarter, along with a decrease in trust revenue.  This decrease was partially offset by increases in gains on sales of loans and deposit service charges.  The decrease from same quarter last year was the result of decreases in gains on sales of loans, deposit service charges, loan related fees, and securities gains.

v
Noninterest expense for the quarter ended September 30, 2017 of $26.9 million decreased $0.6 million, or 2.3%, from prior quarter, but increased $0.2 million, or 0.9%, from prior year same quarter.  The variance in noninterest expense for the quarter was due to a decrease in net other real estate owned expense from prior quarter and an increase in net other real estate owned expense from prior year same quarter.

Net Interest Income

Net interest income for the quarter of $35.0 million was an increase of $0.7 million, or 2.1%, from second quarter 2017 and $1.7 million, or 5.2%, from prior year third quarter.  Our net interest margin at 3.67% was down one basis point from prior quarter but up one basis point from prior year same quarter, while our average earnings assets increased $55.5 million and $173.4 million, respectively, during those same periods.  Our yield on average earning assets increased 4 basis points from prior quarter and 13 basis points from prior year same quarter, and our cost of funds increased 9 basis points from prior quarter and 18 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 91.1% for the quarter ended September 30, 2017 compared to 89.9% for the quarter ended June 30, 2017 and 88.3% for the quarter ended September 30, 2016.  Net interest income for the nine months ended September 30, 2017 increased $2.7 million, or 2.7%, from September 30, 2016.

Noninterest Income

Noninterest income for the quarter ended September 30, 2017 of $12.2 million was a decrease of $0.1 million, or 0.9%, from prior quarter and $1.0 million, or 7.5%, from prior year same quarter.  The decrease from prior quarter was the result of the $0.6 million gain on the repurchase of $2.0 million in trust preferred securities during the second quarter, along with a $0.1 million decrease in trust revenue.  This decrease was partially offset by increases in gains on sales of loans ($0.1 million) and deposit service charges ($0.3 million).  The decrease from same quarter last year was the result of decreases in gains on sales of loans ($0.2 million), deposit service charges ($0.1 million), loan related fees ($0.5 million), and securities gains ($0.4 million).  Noninterest income for the nine months ended September 30, 2017 increased $0.2 million, or 0.5%, compared to the nine months ended September 30, 2016.  This increase was also the result of the $0.6 million gain during the second quarter mentioned above, along with a $0.7 million increase in trust revenue, partially offset by decreases in gains on sales of loans ($0.5 million) and securities gains ($0.5 million).

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2017 of $26.9 million decreased $0.6 million, or 2.3%, from prior quarter, but increased $0.2 million, or 0.9%, from prior year same quarter.  The variance in noninterest expense for the quarter was due to a $0.5 million decrease in net other real estate owned expense from prior quarter and a $0.4 million increase in net other real estate owned expense from prior year same quarter.  The increase in net other real estate owned expense from prior year same quarter was partially offset by a decreases in personnel expense ($0.1 million) and FDIC insurance premiums ($0.2 million).  Noninterest expense for the nine months ended September 30, 2017 increased $2.0 million, or 2.5%, compared to the nine months ended September 30, 2016, as a result of a $2.2 million increase in net other real estate owned expense.  Personnel expense for the nine months ended September 30, 2017 increased $0.4 million from prior year with a $0.8 million increase in salaries and a $0.3 million increase in the cost of group medical and life insurance, partially offset by a $0.4 million decrease in bonuses and incentives.  FDIC insurance premiums decreased $0.7 million from prior year.

Balance Sheet Review

CTBI’s total assets at $4.1 billion increased $54.8 million, or an annualized 5.3%, from June 30, 2017 and $205.7 million, or 5.2%, from September 30, 2016.  Loans outstanding at September 30, 2017 were $3.1 billion, increasing $26.1 million, or an annualized 3.4%, from June 30, 2017 and $182.1 million, or 6.2%, from September 30, 2016.  We experienced an increase during the quarter of $6.2 million in the commercial loan portfolio, $12.7 million in the residential loan portfolio, $4.8 million in the indirect loan portfolio, and $2.4 million in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $7.3 million, or an annualized 4.8%, from June 30, 2017 and $28.5 million, or 4.5%, from September 30, 2016.  Deposits in other banks increased $31.4 million from prior quarter and $51.0 million from September 30, 2016.  Deposits, including repurchase agreements, at $3.5 billion increased $97.6 million, or an annualized 11.5%, from June 30, 2017 and $144.1 million, or 4.3%, from September 30, 2016.  Deposit growth during the quarter included $82.3 million in wholesale brokered deposits.

Shareholders’ equity at September 30, 2017 was $522.9 million compared to $514.9 million at June 30, 2017 and $500.1 million at September 30, 2016.  CTBI’s annualized dividend yield to shareholders as of September 30, 2017 was 2.84%.

Asset Quality

CTBI’s total nonperforming loans were $30.0 million at September 30, 2017, a 7.2% increase from the $28.0 million at June 30, 2017 and a 6.1% increase from the $28.3 million at September 30, 2016.  Loans 90+ days past due increased $1.9 million during the quarter but decreased $1.3 million from September 30, 2016.  Nonaccrual loans increased $0.1 million during the quarter and $3.0 million from September 30, 2016.  Loans 30-89 days past due at $17.4 million was an increase of $2.2 million from June 30, 2017 but a $2.4 million decrease from September 30, 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 September 30, 2017 totaled $46.2 million, a $4.5 million decrease from the $50.7 million at June 30, 2017 and an $8.8 million decrease from the $55.0 million at September 30, 2016.

Our level of foreclosed properties at $32.0 million at September 30, 2017 was a $0.6 million decrease from the $32.6 million at June 30, 2017 and a $5.6 million decrease from the $37.7 million at September 30, 2016.  Sales of foreclosed properties for the quarter ended September 30, 2017 totaled $2.6 million while new foreclosed properties totaled $2.7 million.  At September 30, 2017, the book value of properties under contracts to sell was $2.6 million; however, the closings had not occurred at quarter-end.  Write-downs on foreclosed properties for the third quarter 2017 totaled $0.9 million compared to $1.4 million in the second quarter 2017 and $0.4 million in the third quarter 2016.  Write-downs for the nine months ended September 30, 2017 totaled $2.9 million.

Net loan charge-offs for the quarter ended September 30, 2017 were $1.4 million, or 0.18% of average loans annualized, compared to $1.3 million, or 0.18%, experienced for the second quarter 2017 and $2.1 million, or 0.28%, for the third quarter 2016.  Of the net charge-offs for the quarter, $0.4 million were in commercial loans, $0.7 million were in indirect auto loans, $0.2 million were in residential loans, and $0.1 million were in consumer direct loans.  Allocations to loan loss reserves were $0.7 million for the quarter ended September 30, 2017 compared to $2.8 million for the quarter ended June 30, 2017 and $2.2 million for the quarter ended September 30, 2016.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at September 30, 2017 was 121.2% compared to 132.6% at June 30, 2017 and 126.5% at September 30, 2016.  Our loan loss reserve as a percentage of total loans outstanding was reduced to 1.17% at September 30, 2017 from the 1.20% at June 30, 2017 and the 1.22% at September 30, 2016.

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.

Community Trust Bancorp, Inc., with assets of $4.1 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)
 
September 30, 2017  
(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, 2017
   
June 30, 2017
   
September 30, 2016
   
September 30, 2017
   
September 30, 2016
 
Interest income
 
$
39,844
   
$
38,411
   
$
36,679
   
$
115,023
   
$
109,580
 
Interest expense
   
4,874
     
4,171
     
3,452
     
12,723
     
9,970
 
Net interest income
   
34,970
     
34,240
     
33,227
     
102,300
     
99,610
 
Loan loss provision
   
666
     
2,764
     
2,191
     
4,659
     
5,829
 
                                         
Gains on sales of loans
   
390
     
251
     
595
     
897
     
1,357
 
Deposit service charges
   
6,499
     
6,199
     
6,563
     
18,658
     
18,680
 
Trust revenue
   
2,534
     
2,649
     
2,440
     
7,769
     
7,111
 
Loan related fees
   
792
     
773
     
1,260
     
2,570
     
2,610
 
Securities gains
   
48
     
18
     
458
     
58
     
522
 
Other noninterest income
   
1,939
     
2,421
     
1,870
     
6,140
     
5,646
 
Total noninterest income
   
12,202
     
12,311
     
13,186
     
36,092
     
35,926
 
                                         
Personnel expense
   
14,079
     
14,044
     
14,216
     
43,047
     
42,671
 
Occupancy and equipment
   
2,784
     
2,720
     
2,745
     
8,317
     
8,212
 
Data processing expense
   
1,772
     
1,757
     
1,601
     
5,318
     
4,729
 
FDIC insurance premiums
   
316
     
315
     
469
     
923
     
1,628
 
Other noninterest expense
   
7,981
     
8,730
     
7,656
     
24,537
     
22,881
 
Total noninterest expense
   
26,932
     
27,566
     
26,687
     
82,142
     
80,121
 
                                         
Net income before taxes
   
19,574
     
16,221
     
17,535
     
51,591
     
49,586
 
Income taxes
   
5,811
     
4,680
     
5,223
     
15,010
     
14,106
 
Net income
 
$
13,763
   
$
11,541
   
$
12,312
   
$
36,581
   
$
35,480
 
                                         
Memo: TEQ interest income
 
$
40,349
   
$
38,910
   
$
37,178
   
$
116,536
   
$
111,116
 
                                         
Average shares outstanding
   
17,633
     
17,626
     
17,554
     
17,625
     
17,532
 
Diluted average shares outstanding
   
17,653
     
17,645
     
17,569
     
17,645
     
17,548
 
Basic earnings per share
 
$
0.78
   
$
0.65
   
$
0.70
   
$
2.08
   
$
2.02
 
Diluted earnings per share
 
$
0.78
   
$
0.65
   
$
0.70
   
$
2.07
   
$
2.02
 
Dividends per share
 
$
0.33
   
$
0.32
   
$
0.32
   
$
0.97
   
$
0.94
 
                                         
Average balances:
                                       
Loans
 
$
3,095,826
   
$
3,027,044
   
$
2,931,791
   
$
3,026,236
   
$
2,908,115
 
Earning assets
   
3,838,013
     
3,782,548
     
3,664,598
     
3,775,572
     
3,640,043
 
Total assets
   
4,104,226
     
4,052,791
     
3,932,705
     
4,044,509
     
3,907,076
 
Deposits, including repurchase agreements
   
3,397,266
     
3,366,489
     
3,319,608
     
3,375,642
     
3,294,233
 
Interest bearing liabilities
   
2,763,745
     
2,731,147
     
2,634,254
     
2,718,939
     
2,624,794
 
Shareholders' equity
   
522,378
     
515,834
     
499,180
     
515,205
     
491,882
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.33
%
   
1.14
%
   
1.25
%
   
1.21
%
   
1.21
%
Return on average equity
   
10.45
%
   
8.97
%
   
9.81
%
   
9.49
%
   
9.63
%
Yield on average earning assets (tax equivalent)
   
4.17
%
   
4.13
%
   
4.04
%
   
4.13
%
   
4.08
%
Cost of interest bearing funds (tax equivalent)
   
0.70
%
   
0.61
%
   
0.52
%
   
0.63
%
   
0.51
%
Net interest margin (tax equivalent)
   
3.67
%
   
3.68
%
   
3.66
%
   
3.68
%
   
3.71
%
Efficiency ratio (tax equivalent)
   
56.55
%
   
59.32
%
   
57.45
%
   
58.97
%
   
58.68
%
                                         
Loan charge-offs
 
$
2,443
   
$
2,189
   
$
2,962
   
$
7,123
   
$
8,729
 
Recoveries
   
(1,035
)
   
(845
)
   
(875
)
   
(2,922
)
   
(2,607
)
Net charge-offs
 
$
1,408
   
$
1,344
   
$
2,087
   
$
4,201
   
$
6,122
 
                                         
Market Price:
                                       
High
 
$
47.00
   
$
46.90
   
$
37.49
   
$
50.40
   
$
37.49
 
Low
 
$
40.33
   
$
41.07
   
$
33.71
   
$
40.33
   
$
30.89
 
Close
 
$
46.50
   
$
43.75
   
$
37.11
   
$
46.50
   
$
37.11
 
 
 

 
Community Trust Bancorp, Inc.
 
Financial Summary (Unaudited)
 
September 30, 2017  
(in thousands except per share data and # of employees)
 
   
   
As of
   
As of
   
As of
 
   
September 30, 2017
   
June 30, 2017
   
September 30, 2016
 
Assets:
                 
Loans
 
$
3,113,421
   
$
3,087,342
   
$
2,931,299
 
Loan loss reserve
   
(36,391
)
   
(37,133
)
   
(35,801
)
Net loans
   
3,077,030
     
3,050,209
     
2,895,498
 
Loans held for sale
   
1,605
     
4,624
     
2,075
 
Securities AFS
   
603,033
     
610,368
     
631,201
 
Securities HTM
   
858
     
858
     
1,181
 
Other equity investments
   
22,814
     
22,814
     
22,814
 
Other earning assets
   
130,794
     
90,711
     
74,419
 
Cash and due from banks
   
48,738
     
51,224
     
49,584
 
Premises and equipment
   
46,572
     
47,036
     
47,840
 
Goodwill and core deposit intangible
   
65,504
     
65,543
     
65,662
 
Other assets
   
138,947
     
137,726
     
139,952
 
Total Assets
 
$
4,135,895
   
$
4,081,113
   
$
3,930,226
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
51,075
   
$
48,476
   
$
45,834
 
Savings deposits
   
1,066,020
     
1,070,706
     
1,023,590
 
CD's >=$100,000
   
682,686
     
592,794
     
597,417
 
Other time deposits
   
613,729
     
610,770
     
623,957
 
Total interest bearing deposits
   
2,413,510
     
2,322,746
     
2,290,798
 
Noninterest bearing deposits
   
786,856
     
782,864
     
763,187
 
Total deposits
   
3,200,366
     
3,105,610
     
3,053,985
 
Repurchase agreements
   
260,007
     
257,208
     
262,295
 
Other interest bearing liabilities
   
118,406
     
167,455
     
69,110
 
Noninterest bearing liabilities
   
34,187
     
35,925
     
44,726
 
Total liabilities
   
3,612,966
     
3,566,198
     
3,430,116
 
Shareholders' equity
   
522,929
     
514,915
     
500,110
 
Total Liabilities and Equity
 
$
4,135,895
   
$
4,081,113
   
$
3,930,226
 
                         
Ending shares outstanding
   
17,678
     
17,671
     
17,608
 
Memo: Market value of HTM securities
 
$
858
   
$
858
   
$
1,182
 
                         
30 - 89 days past due loans
 
$
17,403
   
$
15,234
   
$
19,765
 
90 days past due loans
   
10,222
     
8,362
     
11,498
 
Nonaccrual loans
   
19,798
     
19,651
     
16,798
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
50,819
     
53,786
     
54,026
 
Foreclosed properties
   
32,048
     
32,638
     
37,665
 
Other repossessed assets
   
160
     
45
     
103
 
                         
Common equity Tier 1 capital
   
15.01
%
   
14.91
%
   
14.97
%
Tier 1 leverage ratio
   
12.77
%
   
12.72
%
   
12.69
%
Tier 1 risk-based capital ratio
   
16.90
%
   
16.81
%
   
17.05
%
Total risk based capital ratio
   
18.10
%
   
18.05
%
   
18.30
%
Tangible equity to tangible assets ratio
   
11.24
%
   
11.19
%
   
11.24
%
FTE employees
   
996
     
1,000
     
991
 
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