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Section 1: 8-K (CTBI SEPTEMBER 30, 2018 EARNINGS RELEASE FORM 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, 2018

Commission file number 0-11129
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 14a-12 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 17, 2018, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 30, 2018.  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 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:
October 17, 2018
By:
     
   
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman, President and Chief Executive Officer

 

 
Exhibit Index

Exhibit No.
Description
   
99.1

 

(Back To Top)

Section 2: EX-99.1 (CTBI SEPTEMBER 30, 2018 EARNINGS RELEASE FORM 8-K EXHIBIT 99.1)

Exhibit 99.1

FOR IMMEDIATE RELEASE
October 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 THIRD QUARTER 2018

Earnings Summary
                             
(in thousands except per share data)
 
3Q
2018
   
2Q
2018
   
3Q
2017
   
9 Months
2018
   
9 Months
2017
 
Net income
 
$
16,106
   
$
11,599
   
$
13,763
   
$
43,519
   
$
36,581
 
Earnings per share
 
$
0.91
   
$
0.66
   
$
0.78
   
$
2.46
   
$
2.08
 
Earnings per share - diluted
 
$
0.91
   
$
0.66
   
$
0.78
   
$
2.46
   
$
2.07
 
                                         
Return on average assets
   
1.52
%
   
1.11
%
   
1.33
%
   
1.39
%
   
1.21
%
Return on average equity
   
11.62
%
   
8.56
%
   
10.45
%
   
10.72
%
   
9.49
%
Efficiency ratio
   
57.33
%
   
66.05
%
   
56.55
%
   
60.88
%
   
58.97
%
Tangible common equity
   
11.80
%
   
11.51
%
   
11.24
%
               
                                         
Dividends declared per share
 
$
0.36
   
$
0.33
   
$
0.33
   
$
1.02
   
$
0.97
 
Book value per share
 
$
31.04
   
$
30.59
   
$
29.58
                 
                                         
Weighted average shares
   
17,691
     
17,687
     
17,633
     
17,683
     
17,625
 
Weighted average shares - diluted
   
17,710
     
17,703
     
17,653
     
17,700
     
17,645
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports record earnings for the third quarter 2018 of $16.1 million, or $0.91 per basic share, compared to $11.6 million, or $0.66 per basic share, earned during the second quarter 2018 and $13.8 million, or $0.78 per basic share, earned during the third quarter 2017.  Earnings for the nine months ended September 30, 2018 were $43.5 million, or $2.46 per basic share, compared to $36.6 million or $2.08 per basic share earned during the nine months ended September 30, 2017.

3rd Quarter 2018 Highlights

v
Net interest income for the quarter of $36.1 million was an increase of $1.0 million, or 2.8%, from second quarter 2018 and $1.2 million, or 3.3%, from prior year third quarter.

v
Provision for loan losses for the quarter ended September 30, 2018 decreased $0.4 million from prior quarter but increased $0.9 million from prior year same quarter.

v
Our loan portfolio increased $8.8 million, an annualized 1.1%, during the quarter and $64.5 million, or 2.1%, from September 30, 2017.

v
Net loan charge-offs for the quarter ended September 30, 2018 were $1.5 million, or 0.19% of average loans annualized, compared to $1.3 million, or 0.17%, experienced for the second quarter 2018 and $1.4 million, or 0.18%, for the third quarter 2017.

v
Nonperforming loans at $21.0 million decreased $1.0 million from June 30, 2018 and $9.0 million from September 30, 2017.  Nonperforming assets at $50.8 million decreased $1.6 million from June 30, 2018 and $11.5 million from September 30, 2017.

v
Deposits, including repurchase agreements, decreased $33.6 million during the quarter but increased $64.3 million from September 30, 2017.

v
Noninterest income for the quarter ended September 30, 2018 of $12.7 million was a decrease of $1.1 million, or 7.8%, from prior quarter but increased $0.5 million, or 3.8%, from prior year same quarter.  The decrease in noninterest income from prior quarter was primarily due to a gain in the second quarter on the sale of a partnership interest resulting from a low income housing tax credit recapture.

v
Noninterest expense for the quarter ended September 30, 2018 of $28.1 million decreased $4.3 million, or 13.4%, from prior quarter, but increased $1.2 million, or 4.4%, from prior year same quarter.  The variance in noninterest expense from prior quarter was primarily due to the previously disclosed increase in a customer reimbursement accrual in June 2018.  The increase from prior year same quarter was primarily a result of an increase in personnel expense with increases in salaries, bonuses, and the cost of group medical and life insurance.

v
Income tax expense continues to be positively impacted by the change in the corporate income tax rate from 35% to 21%.  We utilize various tax exempt investments and loans, including municipal bonds, bank owned life insurance, and low income housing projects, to lower our effective income tax rate.  With the current tax laws, our effective tax rate for the nine months ended September 30, 2018 was 16% compared to 28% for the nine months ended September 30, 2017.

Net Interest Income

Net interest income for the quarter of $36.1 million was an increase of $1.0 million, or 2.8%, from second quarter 2018 and $1.2 million, or 3.3%, from prior year third quarter.  Our net interest margin at 3.68% increased 7 basis points from prior quarter and 1 basis point from prior year same quarter, while our average earning assets decreased $9.9 million but increased $80.2 million, respectively, during those same periods.  Our yield on average earning assets increased 13 basis points from prior quarter and 27 basis points from prior year same quarter, and our cost of funds increased 8 basis points from prior quarter and 36 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 89.5% for the quarter ended September 30, 2018 compared to 88.1% for the quarter ended June 30, 2018 and 91.1% for the quarter ended September 30, 2017.  Net interest income for the nine months ended September 30, 2018 increased $3.6 million from September 30, 2017 with a 3 basis point decrease in our net interest margin and a $130.1 million increase in average earning assets.

Noninterest Income

Noninterest income for the quarter ended September 30, 2018 of $12.7 million was a decrease of $1.1 million, or 7.8%, from prior quarter but a $0.5 million, or 3.8%, increase from prior year same quarter.  The decrease in noninterest income from prior quarter was primarily due to a $1.0 million gain in the second quarter on the sale of a partnership interest resulting from a low income housing tax credit recapture.  The increase from prior year same quarter was a result of increases in deposit service charges ($0.2 million), trust revenue ($0.3 million), and loan related fees ($0.2 million), partially offset by a $0.2 million decrease in insurance commissions.  The increase in loan related fees was a result of fluctuations in the fair value adjustments of our mortgage servicing rightsNoninterest income for the nine months ended September 30, 2018 was a $3.6 million, or 10.0%, increase from prior year.  Year over year noninterest income has been positively impacted by increases in deposit service charges ($0.7 million), trust revenue ($0.9 million), loan related fees ($0.5 million), and bank owned life insurance income ($1.5 million).

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2018 of $28.1 million decreased $4.3 million, or 13.4%, from prior quarter, but increased $1.2 million, or 4.4%, from prior year same quarter.  The variance in noninterest expense from prior quarter was primarily due to the previously disclosed $3.6 million increase in a customer reimbursement accrual in June 2018.  The increase from prior year same quarter was primarily a result of a $1.2 million increase in personnel expense with increases in salaries ($0.2 million) , bonuses ($0.5 million), and the cost of group medical and life insurance ($0.3 million).  Noninterest expense for the nine months ended September 30, 2018 was $89.2 million, a $7.1 million, or 8.6%, increase over the first nine months of 2017, with a $3.3 million increase in personnel expense in addition to the $3.6 million increased customer reimbursement accrual discussed above.

Balance Sheet Review

CTBI’s total assets at $4.2 billion decreased $31.3 million, or 3.0% annualized, from June 30, 2018 but increased $37.9 million, or 0.9%, from September 30, 2017.  Loans outstanding at September 30, 2018 were $3.2 billion, an increase of $8.8 million, or an annualized 1.1%, from June 30, 2018 and $64.5 million, or 2.1%, from September 30, 2017.  We experienced an increase during the quarter of $22.4 million in the indirect loan portfolio and $0.6 million in the consumer direct loan portfolio, offset by decreases of $13.9 in the commercial loan portfolio and $0.3 million in the residential loan portfolio.  CTBI’s investment portfolio decreased $16.6 million, or an annualized 11.2%, from June 30, 2018 and $34.0 million, or 5.6%, from September 30, 2017.  Deposits in other banks decreased $33.8 million from prior quarter as a result of a $40 million paydown in brokered deposits.  Deposits, including repurchase agreements, at $3.5 billion decreased $33.6 million, or an annualized 3.7%, from June 30, 2018 but increased $64.3 million, or 1.9%, from September 30, 2017.

Shareholders’ equity at September 30, 2018 was $550.3 million, a 5.9% annualized increase from the $542.2 million at June 30, 2018 and a 5.2% increase from the $522.9 million at September 30, 2017.  CTBI’s annualized dividend yield to shareholders as of September 30, 2018 was 3.11%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $21.0 million, or 0.66% of total loans, at September 30, 2018 compared to $22.0 million, or 0.69% of total loans, at June 30, 2018 and $30.0 million, or 0.96% of total loans, at September 30, 2017.  Accruing loans 90+ days past due increased $0.8 million from prior quarter but decreased $2.2 million from September 30, 2017.  Nonaccrual loans decreased $1.8 million during the quarter and $6.8 million from September 30, 2017.  Accruing loans 30-89 days past due at $28.2 million was an increase of $4.7 million from June 30, 2018 and $10.8 million from September 30, 2017.  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, 2018 totaled $46.9 million, compared to $46.7 million at June 30, 2018 and $46.2 million at September 30, 2017.

Our level of foreclosed properties at $29.7 million at September 30, 2018 was a $0.6 million decrease from the $30.3 million at June 30, 2018 and a $2.3 million decrease from the $32.0 million at September 30, 2017.  Sales of foreclosed properties for the quarter ended September 30, 2018 totaled $0.8 million while new foreclosed properties totaled $0.8 million.  At September 30, 2018, the book value of properties under contracts to sell was $2.8 million; however, the closings had not occurred at quarter-end.  Write-downs on foreclosed properties for the third quarter 2018 totaled $0.7 million compared to $0.9 million in the second quarter 2018 and in the second quarter 2017.

Net loan charge-offs for the quarter ended September 30, 2018 were $1.5 million, or 0.19% of average loans annualized, compared to $1.3 million, or 0.17%, experienced for the second quarter 2018 and $1.4 million, or 0.18%, for the third quarter 2017.  Of the net charge-offs for the quarter, $0.4 million were in commercial loans, $0.9 million were in indirect auto loans, $0.1 million were in residential loans, and $0.1 million were in consumer direct loans.  Allocations to loan loss reserves were $1.5 million for the quarter ended September 30, 2018 compared to $1.9 million for the quarter ended June 30, 2018 and $0.7 million for the quarter ended September 30, 2017.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at September 30, 2018 was 170.1% compared to 162.6% at June 30, 2018 and 121.2% at September 30, 2017.  Our loan loss reserve as a percentage of total loans outstanding remained at 1.13% from June 30, 2018 to September 30, 2018, down from the 1.17% at September 30, 2017. 

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 $4.2 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, 2018
 
(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, 2018
   
June 30, 2018
   
September 30, 2017
   
September 30, 2018
   
September 30, 2017
 
Interest income
 
$
43,607
   
$
42,025
   
$
39,844
   
$
126,212
   
$
115,023
 
Interest expense
   
7,471
     
6,877
     
4,874
     
20,337
     
12,723
 
Net interest income
   
36,136
     
35,148
     
34,970
     
105,875
     
102,300
 
Loan loss provision
   
1,543
     
1,929
     
666
     
4,418
     
4,659
 
                                         
Gains on sales of loans
   
319
     
304
     
390
     
902
     
897
 
Deposit service charges
   
6,671
     
6,480
     
6,499
     
19,372
     
18,658
 
Trust revenue
   
2,836
     
2,856
     
2,534
     
8,650
     
7,769
 
Loan related fees
   
1,022
     
919
     
792
     
3,085
     
2,570
 
Securities gains (losses)
   
(2
)
   
2
     
48
     
(288
)
   
58
 
Other noninterest income
   
1,817
     
3,179
     
1,939
     
7,992
     
6,140
 
Total noninterest income
   
12,663
     
13,740
     
12,202
     
39,713
     
36,092
 
                                         
Personnel expense
   
15,264
     
15,422
     
14,079
     
46,305
     
43,047
 
Occupancy and equipment
   
2,744
     
2,770
     
2,784
     
8,347
     
8,317
 
Data processing expense
   
1,695
     
1,634
     
1,772
     
4,965
     
5,318
 
FDIC insurance premiums
   
314
     
279
     
316
     
907
     
923
 
Other noninterest expense
   
8,089
     
12,334
     
7,981
     
28,702
     
24,537
 
Total noninterest expense
   
28,106
     
32,439
     
26,932
     
89,226
     
82,142
 
                                         
Net income before taxes
   
19,150
     
14,520
     
19,574
     
51,944
     
51,591
 
Income taxes
   
3,044
     
2,921
     
5,811
     
8,425
     
15,010
 
Net income
 
$
16,106
   
$
11,599
   
$
13,763
   
$
43,519
   
$
36,581
 
                                         
Memo: TEQ interest income
 
$
43,833
   
$
42,253
   
$
40,349
   
$
126,890
   
$
116,536
 
                                         
Average shares outstanding
   
17,691
     
17,687
     
17,633
     
17,683
     
17,625
 
Diluted average shares outstanding
   
17,710
     
17,703
     
17,653
     
17,700
     
17,645
 
Basic earnings per share
 
$
0.91
   
$
0.66
   
$
0.78
   
$
2.46
   
$
2.08
 
Diluted earnings per share
 
$
0.91
   
$
0.66
   
$
0.78
   
$
2.46
   
$
2.07
 
Dividends per share
 
$
0.36
   
$
0.33
   
$
0.33
   
$
1.02
   
$
0.97
 
                                         
Average balances:
                                       
Loans
 
$
3,167,357
   
$
3,131,964
   
$
3,095,826
   
$
3,137,027
   
$
3,026,236
 
Earning assets
   
3,918,183
     
3,928,066
     
3,838,013
     
3,905,673
     
3,775,572
 
Total assets
   
4,190,768
     
4,196,693
     
4,104,226
     
4,177,368
     
4,044,509
 
Deposits, including repurchase agreements
   
3,539,482
     
3,556,340
     
3,397,266
     
3,535,806
     
3,375,642
 
Interest bearing liabilities
   
2,789,473
     
2,818,168
     
2,763,745
     
2,796,724
     
2,718,939
 
Shareholders' equity
   
549,837
     
543,513
     
522,378
     
542,600
     
515,205
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.52
%
   
1.11
%
   
1.33
%
   
1.39
%
   
1.21
%
Return on average equity
   
11.62
%
   
8.56
%
   
10.45
%
   
10.72
%
   
9.49
%
Yield on average earning assets (tax equivalent)
   
4.44
%
   
4.31
%
   
4.17
%
   
4.34
%
   
4.13
%
Cost of interest bearing funds (tax equivalent)
   
1.06
%
   
0.98
%
   
0.70
%
   
0.97
%
   
0.63
%
Net interest margin (tax equivalent)
   
3.68
%
   
3.61
%
   
3.67
%
   
3.65
%
   
3.68
%
Efficiency ratio (tax equivalent)
   
57.33
%
   
66.05
%
   
56.55
%
   
60.88
%
   
58.97
%
                                         
Loan charge-offs
 
$
2,828
   
$
2,526
   
$
2,443
   
$
8,331
   
$
7,123
 
Recoveries
   
(1,305
)
   
(1,179
)
   
(1,035
)
   
(3,553
)
   
(2,922
)
Net charge-offs
 
$
1,523
   
$
1,347
   
$
1,408
   
$
4,778
   
$
4,201
 
                                         
Market Price:
                                       
High
 
$
52.80
   
$
53.00
   
$
47.00
   
$
53.00
   
$
50.40
 
Low
 
$
45.65
   
$
43.95
   
$
40.33
   
$
43.00
   
$
40.33
 
Close
 
$
46.35
   
$
49.95
   
$
46.50
   
$
46.35
   
$
46.50
 
 
 

 
 
Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
September 30, 2018
 (in thousands except per share data and # of employees)
                   
   
As of
   
As of
   
As of
 
   
September 30, 2018
   
June 30, 2018
   
September 30, 2017
 
Assets:
                 
Loans
 
$
3,177,888
   
$
3,169,042
   
$
3,113,421
 
Loan loss reserve
   
(35,791
)
   
(35,771
)
   
(36,391
)
Net loans
   
3,142,097
     
3,133,271
     
3,077,030
 
Loans held for sale
   
1,029
     
1,093
     
1,605
 
Securities AFS
   
569,208
     
585,764
     
603,033
 
Securities HTM
   
659
     
659
     
858
 
Other equity investments
   
19,600
     
22,814
     
22,814
 
Other earning assets
   
124,413
     
150,880
     
130,794
 
Cash and due from banks
   
53,912
     
54,987
     
48,738
 
Premises and equipment
   
45,808
     
46,483
     
46,572
 
Goodwill and core deposit intangible
   
65,490
     
65,490
     
65,504
 
Other assets
   
151,627
     
143,745
     
138,947
 
Total Assets
 
$
4,173,843
   
$
4,205,186
   
$
4,135,895
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
59,379
   
$
51,563
   
$
51,075
 
Savings deposits
   
1,190,977
     
1,156,601
     
1,066,020
 
CD's >=$100,000
   
624,801
     
694,641
     
682,686
 
Other time deposits
   
571,685
     
587,078
     
613,729
 
Total interest bearing deposits
   
2,446,842
     
2,489,883
     
2,413,510
 
Noninterest bearing deposits
   
826,804
     
819,525
     
786,856
 
Total deposits
   
3,273,646
     
3,309,408
     
3,200,366
 
Repurchase agreements
   
250,983
     
248,781
     
260,007
 
Other interest bearing liabilities
   
61,433
     
68,121
     
118,406
 
Noninterest bearing liabilities
   
37,517
     
36,701
     
34,187
 
Total liabilities
   
3,623,579
     
3,663,011
     
3,612,966
 
Shareholders' equity
   
550,264
     
542,175
     
522,929
 
Total Liabilities and Equity
 
$
4,173,843
   
$
4,205,186
   
$
4,135,895
 
                         
Ending shares outstanding
   
17,728
     
17,725
     
17,678
 
Memo: Market value of HTM securities
 
$
660
   
$
660
   
$
858
 
                         
30 - 89 days past due loans
 
$
28,172
   
$
23,488
   
$
17,403
 
90 days past due loans
   
8,005
     
7,189
     
10,222
 
Nonaccrual loans
   
13,032
     
14,812
     
19,798
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
58,008
     
56,814
     
50,819
 
Foreclosed properties
   
29,666
     
30,262
     
32,048
 
Other repossessed assets
   
54
     
83
     
160
 
                         
Common equity Tier 1 capital
   
16.08
%
   
15.80
%
   
15.01
%
Tier 1 leverage ratio
   
13.37
%
   
13.11
%
   
12.77
%
Tier 1 risk-based capital ratio
   
17.94
%
   
17.67
%
   
16.90
%
Total risk based capital ratio
   
19.11
%
   
18.84
%
   
18.10
%
Tangible equity to tangible assets ratio
   
11.80
%
   
11.51
%
   
11.24
%
FTE employees
   
979
     
988
     
996
 
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