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Section 1: 8-K (CTBI DECEMBER 31,2017 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)
December 31, 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 January 17, 2018, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 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 January 17, 2018


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:
January 17, 2018
By:
     
   
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman, President and Chief Executive Officer


Exhibit Index

Exhibit No.
Description
   
99.1
Press Release dated January 17, 2018

(Back To Top)

Section 2: EX-99.1 (CTBI DECEMBER 31, 2017 EARNINGS RELEASE 8-K EXHIBIT 99.1)

Exhibit 99.1
 
FOR IMMEDIATE RELEASE
January 17, 2018

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 FOURTH QUARTER AND YEAR 2017

Earnings Summary
                             
(in thousands except per share data)
 
4Q
2017
   
3Q
2017
   
4Q
2016
   
Year
2017
   
Year
2016
 
Net income
 
$
14,912
   
$
13,763
   
$
11,866
   
$
51,493
   
$
47,346
 
Earnings per share
 
$
0.84
   
$
0.78
   
$
0.67
   
$
2.92
   
$
2.70
 
Earnings per share - diluted
 
$
0.84
   
$
0.78
   
$
0.67
   
$
2.92
   
$
2.70
 
                                         
Return on average assets
   
1.43
%
   
1.33
%
   
1.19
%
   
1.27
%
   
1.21
%
Return on average equity
   
11.18
%
   
10.45
%
   
9.41
%
   
9.93
%
   
9.58
%
Efficiency ratio
   
57.76
%
   
56.55
%
   
58.15
%
   
58.66
%
   
58.54
%
Tangible common equity
   
11.43
%
   
11.24
%
   
11.25
%
               
                                         
Dividends declared per share
 
$
0.33
   
$
0.33
   
$
0.32
   
$
1.30
   
$
1.26
 
Book value per share
 
$
30.00
   
$
29.58
   
$
28.40
                 
                                         
Weighted average shares
   
17,650
     
17,633
     
17,593
     
17,631
     
17,548
 
Weighted average shares - diluted
   
17,674
     
17,653
     
17,617
     
17,653
     
17,566
 

Note:  FASB recently announced its intention to issue a proposal to adjust regulatory capital balances that were unexpectedly affected by the new tax reform law.  If adopted, these adjustments could have a positive yet insignificant impact on our final risk-based capital computations.  Community Trust Bancorp, Inc. anticipates electing to early adopt effective December 31, 2017 should the proposed guidance be issued.

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports record earnings for the fourth quarter 2017 of $14.9 million, or $0.84 per basic share, compared to $13.8 million, or $0.78 per basic share, earned during the third quarter 2017 and $11.9 million, or $0.67 per basic share, earned during the fourth quarter 2016.  Earnings for the year ended December 31, 2017 were a record $51.5 million, or $2.92 per basic share, compared to $47.3 million, or $2.70 per basic share, for the year ended December 31, 2016.
 
The December 22, 2017 enactment of the Tax Cuts and Jobs Act of 2017 resulted in an immediate recognition of a tax benefit of $2.8 million as CTBI is in a net deferred tax liability position.  The impact to earnings per share was $0.16 per share for the quarter and year ended December 31, 2017.  As a result of the positive impact on income tax expense during the period, CTBI announced a one-time bonus for all non-executive employees of $1,000 per full-time employee and $500 per part-time employee.  The $0.7 million after-tax impact to earnings per share resulting from this accrual was $0.04 per share for the quarter and year ended December 31, 2017.  The net impact to earnings per share from these two events, therefore, was an increase of $0.12 per share.
 
4th Quarter 2017 Highlights
 
v
Net interest income for the quarter of $35.1 million was an increase of $0.1 million, or 0.4%, from third quarter 2017 and $1.7 million, or 5.1%, from prior year fourth quarter.

v
Provision for loan losses for the quarter ended December 31, 2017 increased $2.2 million from prior quarter and $0.8 million from prior year same quarter.

v
Our loan portfolio increased $9.5 million, an annualized 1.2%, during the quarter and $184.6 million, or 6.3%, from December 31, 2016.

v
Net loan charge-offs for the quarter ended December 31, 2017 were $3.1 million, or 0.39% of average loans annualized, compared to $1.4 million, or 0.18%, experienced for the third quarter 2017 and $1.9 million, or 0.26%, for the fourth quarter 2016.

v
Nonperforming loans at $28.3 million decreased $1.7 million from September 30, 2017 but increased $0.8 million from December 31, 2016.  Nonperforming assets at $60.4 million decreased $1.8 million from September 30, 2017 and $3.0 million from December 31, 2016.

v
Deposits, including repurchase agreements, increased $47.3 million during the quarter and $175.3 million from December 31, 2016.

v
Noninterest income for the quarter ended December 31, 2017 of $12.4 million was an increase of $0.2 million, or 1.8%, from prior quarter but a decrease of $0.1 million, or 0.8%, from prior year same quarter.  The variance in noninterest income was primarily due to fluctuations in the valuation of our mortgage servicing rights.

v
Noninterest expense for the quarter ended December 31, 2017 of $27.7 million increased $0.8 million, or 3.0%, from prior quarter, and $0.7 million, or 2.7%, from prior year same quarter.  The variance in noninterest expense for the quarter was due to the one-time bonus discussed above, which resulted in an increase in personnel expense.  The increase in personnel expense was partially offset by a decrease in net other real estate owned expense.
 
Net Interest Income

Net interest income for the quarter of $35.1 million was an increase of $0.1 million, or 0.4%, from third quarter 2017 and $1.7 million, or 5.1%, from prior year fourth quarter.  Our net interest margin at 3.65% was down two basis points from prior quarter and one basis point from prior year same quarter, while our average earning assets increased $31.0 million and $178.6 million, respectively, during those same periods.  Our yield on average earning assets increased 5 basis points from prior quarter and 18 basis points from prior year same quarter, and our cost of funds increased 10 basis points from prior quarter and 26 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 89.1% for the quarter ended December 31, 2017 compared to 91.1% for the quarter ended September 30, 2017 and 87.9% for the quarter ended December 31, 2016.  Net interest income for the year ended December 31, 2017 increased $4.4 million, or 3.3%, from December 31, 2016.

Noninterest Income
 
Noninterest income for the quarter ended December 31, 2017 of $12.4 million was an increase of $0.2 million, or 1.8%, from prior quarter but a decrease of $0.1 million, or 0.8%, from prior year same quarter.  The increase from prior quarter consisted of a $0.3 million increase in loan related fees, as a result of fluctuations in the valuation of our mortgage servicing rights, and a $0.1 million increase in trust revenue.  These increases were partially offset by a $0.1 million decrease in net gains on other real estate owned.  The decrease from prior year same quarter consisted of a $0.4 million decrease in loan related fees, partially offset by a $0.2 million increase in trust revenue.  Noninterest income for the year ended December 31, 2017 of $48.5 million was a $0.1 million, or 0.1% increase, from the year ended December 31, 2016.

Noninterest Expense

Noninterest expense for the quarter ended December 31, 2017 of $27.7 million increased $0.8 million, or 3.0%, from prior quarter, and $0.7 million, or 2.7%, from prior year same quarter.  The increase in noninterest expense was due to increased personnel expense of $1.7 million from prior quarter and $1.4 million from prior year same quarter.  Personnel expense increased $0.9 million due to a one-time bonus for all non-executive employees of $1,000 per full-time employee and $500 per part-time employee so that they may share in the benefit CTBI received from the recently enacted tax legislation.  Personnel expense was also impacted by a $0.6 million increase in the cost of group medical and life insurance from prior quarter and a $0.3 million increase in salaries from prior year same quarter.  The increase in personnel expense was partially offset by a decrease in net other real estate owned expense of $0.9 million from prior quarter and $0.5 million from prior year same quarter.  Noninterest expense for the year ended December 31, 2017 increased $2.8 million, or 2.6%, compared to the year ended December 31, 2016, as a result of a $1.8 million increase in personnel expense and a $1.6 million increase in net other real estate owned expense, partially offset by a $0.6 million decrease in FDIC insurance.  The increase year over year in personnel expense included a $1.1 million increase in salaries, a $0.5 million increase in bonuses and incentives, and a $0.4 million increase in the cost of group medical and life insurance.

Balance Sheet Review

CTBI’s total assets at $4.1 billion were relatively flat to prior quarter with a $0.3 million increase from September 30, 2017 and a $204.1 million, or 5.2%, increase from December 31, 2016.  Loans outstanding at December 31, 2017 were $3.1 billion, increasing $9.5 million, or an annualized 1.2%, from September 30, 2017 and $184.6 million, or 6.3%, from December 31, 2016.  We experienced an increase during the quarter of $4.7 million in the commercial loan portfolio, $2.9 million in the residential loan portfolio, $1.8 million in the indirect loan portfolio, and $0.1 million in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $17.5 million, or an annualized 11.5%, from September 30, 2017 and $19.8 million, or 3.3%, from December 31, 2016.  Deposits in other banks increased $19.1 million from prior quarter and $41.0 million from December 31, 2016.  Deposits, including repurchase agreements, at $3.5 billion increased $47.3 million, or an annualized 5.4%, from September 30, 2017 and $175.3 million, or 5.3%, from December 31, 2016.  Wholesale brokered deposits acquired in the third quarter 2017 accounted for $82.3 million of the year over year deposit growth.

Shareholders’ equity at December 31, 2017 was $530.7 million, a 5.9% annualized increase from the $522.9 million at September 30, 2017 and a 6.0% increase from the $500.6 million at December 31, 2016.  CTBI’s annualized dividend yield to shareholders as of December 31, 2017 was 2.80%.

Asset Quality

CTBI’s total nonperforming loans, not including troubled debt restructurings, were $28.3 million, or 0.91% of total loans, at December 31, 2017 compared to $30.0 million, or 0.96% of total loans, at September 30, 2017 and $27.5 million, or 0.93% of total loans, at December 31, 2016.  Accruing loans 90+ days past due decreased $46 thousand from prior quarter and $0.7 million from December 31, 2016.  Nonaccrual loans decreased $1.7 million during the quarter, but increased $1.5 million from December 31, 2016.  Accruing loans 30-89 days past due at $19.4 million was an increase of $2.0 million from September 30, 2017 and $3.0 million from December 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 December 31, 2017 totaled $47.4 million, a $1.2 million increase from the $46.2 million at September 30, 2017 but a $4.8 million decrease from the $52.2 million at December 31, 2016.

Our level of foreclosed properties at $32.0 million at December 31, 2017 was relatively flat to September 30, 2017, but a $3.9 million decrease from the $35.9 million at December 31, 2016.  Sales of foreclosed properties for the quarter ended December 31, 2017 totaled $1.0 million while new foreclosed properties totaled $1.1 million.  At December 31, 2017, the book value of properties under contracts to sell was $2.2 million; however, the closings had not occurred at quarter-end.  Write-downs on foreclosed properties for the fourth quarter 2017 totaled $0.2 million compared to $0.9 million in the third quarter 2017 and $0.6 million in the fourth quarter 2016.  Write-downs for the year ended December 31, 2017 totaled $3.0 million compared to $1.2 million for the year 2016.

Net loan charge-offs for the quarter ended December 31, 2017 were $3.1 million, or 0.39% of average loans annualized, compared to $1.4 million, or 0.18%, experienced for the third quarter 2017 and $1.9 million, or 0.26%, for the fourth quarter 2016.  Of the net charge-offs for the quarter, $1.7 million were in commercial loans, $0.8 million were in indirect auto loans, $0.4 million were in residential loans, and $0.2 million were in consumer direct loans.  Commercial loan charge-offs increased $1.0 million for the quarter, $0.8 million of which was one commercial real estate loan with a previous specific reserve of $0.5 million.  Allocations to loan loss reserves were $2.9 million for the quarter ended December 31, 2017 compared to $0.7 million for the quarter ended September 30, 2017 and $2.0 million for the quarter ended December 31, 2016.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at December 31, 2017 was 127.8% compared to 121.2% at September 30, 2017 and 130.8% at December 31, 2016.  Our loan loss reserve as a percentage of total loans outstanding was reduced to 1.16% at December 31, 2017 from the 1.17% at September 30, 2017 and the 1.22% at December 31, 2016.  The reduction in the loan loss reserve from prior quarter was driven primarily by a reduction in required specific reserves as loans with specific reserves were charged off 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.

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)
 
December 31, 2017                 
(in thousands except per share data and # of employees)
 
                               
   
Three
   
Three
   
Three
   
Twelve
   
Twelve
 
   
Months
   
Months
   
Months
   
Months
   
Months
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
December 31, 2017
   
September 30, 2017
   
December 31, 2016
   
December 31, 2017
   
December 31, 2016
 
Interest income
 
$
40,673
   
$
39,844
   
$
36,996
   
$
155,696
   
$
146,576
 
Interest expense
   
5,571
     
4,874
     
3,585
     
18,294
     
13,555
 
Net interest income
   
35,102
     
34,970
     
33,411
     
137,402
     
133,021
 
Loan loss provision
   
2,862
     
666
     
2,043
     
7,521
     
7,872
 
                                         
Gains on sales of loans
   
423
     
390
     
474
     
1,320
     
1,831
 
Deposit service charges
   
6,463
     
6,499
     
6,286
     
25,121
     
24,966
 
Trust revenue
   
2,684
     
2,534
     
2,474
     
10,453
     
9,585
 
Loan related fees
   
1,108
     
792
     
1,497
     
3,678
     
4,107
 
Securities gains (losses)
   
15
     
48
     
-
     
73
     
522
 
Other noninterest income
   
1,723
     
1,939
     
1,784
     
7,863
     
7,430
 
Total noninterest income
   
12,416
     
12,202
     
12,515
     
48,508
     
48,441
 
                                         
Personnel expense
   
15,782
     
14,079
     
14,404
     
58,829
     
57,075
 
Occupancy and equipment
   
2,804
     
2,784
     
2,737
     
11,121
     
10,949
 
Data processing expense
   
1,782
     
1,772
     
1,768
     
7,100
     
6,497
 
FDIC insurance premiums
   
316
     
316
     
161
     
1,239
     
1,789
 
Other noninterest expense
   
7,052
     
7,981
     
7,935
     
31,589
     
30,816
 
Total noninterest expense
   
27,736
     
26,932
     
27,005
     
109,878
     
107,126
 
                                         
Net income before taxes
   
16,920
     
19,574
     
16,878
     
68,511
     
66,464
 
Income taxes
   
2,008
     
5,811
     
5,012
     
17,018
     
19,118
 
Net income
 
$
14,912
   
$
13,763
   
$
11,866
   
$
51,493
   
$
47,346
 
                                         
Memo: TEQ interest income
 
$
41,186
   
$
40,349
   
$
37,515
   
$
157,722
   
$
148,631
 
                                         
Average shares outstanding
   
17,650
     
17,633
     
17,593
     
17,631
     
17,548
 
Diluted average shares outstanding
   
17,674
     
17,653
     
17,617
     
17,653
     
17,566
 
Basic earnings per share
 
$
0.84
   
$
0.78
   
$
0.67
   
$
2.92
   
$
2.70
 
Diluted earnings per share
 
$
0.84
   
$
0.78
   
$
0.67
   
$
2.92
   
$
2.70
 
Dividends per share
 
$
0.33
   
$
0.33
   
$
0.32
   
$
1.30
   
$
1.26
 
                                         
Average balances:
                                       
Loans
 
$
3,116,070
   
$
3,095,826
   
$
2,939,605
   
$
3,048,879
   
$
2,916,031
 
Earning assets
   
3,869,028
     
3,838,013
     
3,690,451
     
3,799,128
     
3,652,714
 
Total assets
   
4,141,555
     
4,104,226
     
3,959,515
     
4,068,970
     
3,920,257
 
Deposits, including repurchase agreements
   
3,498,571
     
3,397,266
     
3,343,232
     
3,406,627
     
3,306,550
 
Interest bearing liabilities
   
2,778,996
     
2,763,745
     
2,643,451
     
2,734,076
     
2,629,484
 
Shareholders' equity
   
529,334
     
522,378
     
501,891
     
518,767
     
494,398
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.43
%
   
1.33
%
   
1.19
%
   
1.27
%
   
1.21
%
Return on average equity
   
11.18
%
   
10.45
%
   
9.41
%
   
9.93
%
   
9.58
%
Yield on average earning assets (tax equivalent)
   
4.22
%
   
4.17
%
   
4.04
%
   
4.15
%
   
4.07
%
Cost of interest bearing funds (tax equivalent)
   
0.80
%
   
0.70
%
   
0.54
%
   
0.67
%
   
0.52
%
Net interest margin (tax equivalent)
   
3.65
%
   
3.67
%
   
3.66
%
   
3.67
%
   
3.70
%
Efficiency ratio (tax equivalent)
   
57.76
%
   
56.55
%
   
58.15
%
   
58.66
%
   
58.54
%
                                         
Loan charge-offs
 
$
3,962
   
$
2,443
   
$
2,939
   
$
11,085
   
$
11,668
 
Recoveries
   
(860
)
   
(1,035
)
   
(1,028
)
   
(3,782
)
   
(3,635
)
Net charge-offs
 
$
3,102
   
$
1,408
   
$
1,911
   
$
7,303
   
$
8,033
 
                                         
Market Price:
                                       
High
 
$
51.90
   
$
47.00
   
$
51.35
   
$
51.90
   
$
51.35
 
Low
 
$
45.00
   
$
40.33
   
$
35.85
   
$
40.33
   
$
30.89
 
Close
 
$
47.10
   
$
46.50
   
$
49.60
   
$
47.10
   
$
49.60
 
 
 

 
Community Trust Bancorp, Inc.
 
Financial Summary (Unaudited)
 
December 31, 2017                 
(in thousands except per share data and # of employees)
 
   
As of
   
As of
   
As of
 
   
December 31, 2017
   
September 30, 2017
   
December 31, 2016
 
Assets:
                 
Loans
 
$
3,122,940
   
$
3,113,421
   
$
2,938,371
 
Loan loss reserve
   
(36,151
)
   
(36,391
)
   
(35,933
)
Net loans
   
3,086,789
     
3,077,030
     
2,902,438
 
Loans held for sale
   
1,033
     
1,605
     
1,244
 
Securities AFS
   
585,761
     
603,033
     
605,394
 
Securities HTM
   
659
     
858
     
866
 
Other equity investments
   
22,814
     
22,814
     
22,814
 
Other earning assets
   
139,392
     
130,794
     
98,937
 
Cash and due from banks
   
47,528
     
48,738
     
48,603
 
Premises and equipment
   
46,318
     
46,572
     
47,940
 
Goodwill and core deposit intangible
   
65,490
     
65,504
     
65,623
 
Other assets
   
140,447
     
138,947
     
138,310
 
Total Assets
 
$
4,136,231
   
$
4,135,895
   
$
3,932,169
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
51,218
   
$
51,075
   
$
45,872
 
Savings deposits
   
1,108,572
     
1,066,020
     
1,054,475
 
CD's >=$100,000
   
702,218
     
682,686
     
598,832
 
Other time deposits
   
610,925
     
613,729
     
614,211
 
Total interest bearing deposits
   
2,472,933
     
2,413,510
     
2,313,390
 
Noninterest bearing deposits
   
790,930
     
786,856
     
767,918
 
Total deposits
   
3,263,863
     
3,200,366
     
3,081,308
 
Repurchase agreements
   
243,814
     
260,007
     
251,065
 
Other interest bearing liabilities
   
67,498
     
118,406
     
67,101
 
Noninterest bearing liabilities
   
30,357
     
34,187
     
32,080
 
Total liabilities
   
3,605,532
     
3,612,966
     
3,431,554
 
Shareholders' equity
   
530,699
     
522,929
     
500,615
 
Total Liabilities and Equity
 
$
4,136,231
   
$
4,135,895
   
$
3,932,169
 
                         
Ending shares outstanding
   
17,693
     
17,678
     
17,629
 
Memo: Market value of HTM securities
 
$
660
   
$
858
   
$
867
 
                         
30 - 89 days past due loans
 
$
19,388
   
$
17,403
   
$
16,408
 
90 days past due loans
   
10,176
     
10,222
     
10,847
 
Nonaccrual loans
   
18,119
     
19,798
     
16,623
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
53,010
     
50,819
     
54,633
 
Foreclosed properties
   
31,996
     
32,048
     
35,856
 
Other repossessed assets
   
155
     
160
     
103
 
                         
Common equity Tier 1 capital
   
15.31
%
   
15.01
%
   
15.18
%
Tier 1 leverage ratio
   
12.87
%
   
12.77
%
   
12.75
%
Tier 1 risk-based capital ratio
   
17.20
%
   
16.90
%
   
17.25
%
Total risk based capital ratio
   
18.39
%
   
18.10
%
   
18.50
%
Tangible equity to tangible assets ratio
   
11.43
%
   
11.24
%
   
11.25
%
FTE employees
   
990
     
996
     
996
 
 
Note:  FASB recently announced its intention to issue a proposal to adjust regulatory capital balances that were unexpectedly affected by the new tax reform law.  If adopted, these adjustments could have a positive yet insignificant impact on our final risk-based capital computations.  Community Trust Bancorp, Inc. anticipates electing to early adopt effective 12/31/17 should the proposed guidance be issued.
 
 
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