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Section 1: 8-K (CTBI DECEMBER 31, 2018 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, 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 January 16, 2019, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 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 January 16, 2019


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 16, 2019
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 16, 2019

(Back To Top)

Section 2: EX-99.1 (CTBI DECEMBER 31, 2018 EARNINGS RELEASE 8-K EXHIBIT 99.1)


Exhibit 99.1

FOR IMMEDIATE RELEASE
January 16, 2019

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 YEAR 2018

Earnings Summary
                             
(in thousands except per share data)
 
4Q
2018
   
3Q
2018
   
4Q
2017
   
Year
2018
   
Year
2017
 
Net income
 
$
15,709
   
$
16,106
   
$
14,912
   
$
59,228
   
$
51,493
 
Earnings per share
 
$
0.89
   
$
0.91
   
$
0.84
   
$
3.35
   
$
2.92
 
Earnings per share - diluted
 
$
0.89
   
$
0.91
   
$
0.84
   
$
3.35
   
$
2.92
 
                                         
Return on average assets
   
1.48
%
   
1.52
%
   
1.43
%
   
1.41
%
   
1.27
%
Return on average equity
   
11.16
%
   
11.62
%
   
11.18
%
   
10.83
%
   
9.93
%
Efficiency ratio
   
58.04
%
   
57.33
%
   
57.76
%
   
60.17
%
   
58.66
%
Tangible common equity
   
12.06
%
   
11.80
%
   
11.43
%
               
                                         
Dividends declared per share
 
$
0.36
   
$
0.36
   
$
0.33
   
$
1.38
   
$
1.30
 
Book value per share
 
$
31.81
   
$
31.04
   
$
30.00
                 
                                         
Weighted average shares
   
17,696
     
17,691
     
17,650
     
17,687
     
17,631
 
Weighted average shares - diluted
   
17,714
     
17,710
     
17,674
     
17,703
     
17,653
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports earnings for the fourth quarter 2018 of $15.7 million, or $0.89 per basic share, compared to $16.1 million, or $0.91 per basic share, earned during the third quarter 2018 and $14.9 million, or $0.84 per basic share, earned during the fourth quarter 2017.  Earnings for the year ended December 31, 2018 were a record $59.2 million, or $3.35 per basic share, compared to $51.5 million or $2.92 per basic share earned during the year ended December 31, 2017.

4th Quarter 2018 Highlights

Net interest income for the quarter of $36.3 million was an increase of $0.1 million, or 0.4%, from third quarter 2018 and $1.2 million, or 3.4%, from prior year fourth quarter.

Provision for loan losses for the quarter ended December 31, 2018 increased $0.2 million from prior quarter but decreased $1.1 million from prior year same quarter.

Our loan portfolio increased $30.8 million, an annualized 3.8%, during the quarter and $85.7 million, or 2.7%, from December 31, 2017.

Net loan charge-offs for the quarter ended December 31, 2018 were $1.6 million, or 0.20% of average loans annualized, compared to $1.5 million, or 0.19%, experienced for the third quarter 2018 and $3.1 million, or 0.39%, for the fourth quarter 2017.

Nonperforming loans at $22.1 million increased $1.0 million from September 30, 2018 but decreased $6.2 million from December 31, 2017.  Nonperforming assets at $49.4 million decreased $1.4 million from September 30, 2018 and $11.1 million from December 31, 2017.

Deposits, including repurchase agreements, increased $14.0 million during the quarter and $31.0 million from December 31, 2017.

Noninterest income for the quarter ended December 31, 2018 of $12.2 million was a decrease of $0.4 million, or 3.3%, from prior quarter and $0.2 million, or 1.4%, from prior year same quarter.  The decrease in noninterest income was primarily the result of a decrease in loan related fees due to a decline in the fair value of our mortgage servicing rights.

Noninterest expense for the quarter ended December 31, 2018 of $28.2 million increased $0.1 million, or 0.2%, from prior quarter, and $0.4 million, or 1.6%, from prior year same quarter.  The variance in noninterest expense from prior year same quarter was primarily due to increases in taxes other than income, property, and payroll and net other real estate owned expense, partially offset by a decrease in personnel expense.  The decrease in personnel expense was due to the 2017 one-time bonus to employees as a result of the positive impact on income tax expense during the period.

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 year ended December 31, 2018 was 16% compared to 28% for the year ended December 31, 2017.

Net Interest Income

Net interest income for the quarter of $36.3 million was an increase of $0.1 million, or 0.4%, from third quarter 2018 and $1.2 million, or 3.4%, from prior year fourth quarter.  Our net interest margin at 3.68% was flat to prior quarter but increased 3 basis points from prior year same quarter, while our average earning assets increased $18.9 million and $68.1 million, respectively, during those same periods.  Our yield on average earning assets increased 14 basis points from prior quarter and 36 basis points from prior year same quarter, and our cost of funds increased 21 basis points from prior quarter and 47 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 89.8% for the quarter ended December 31, 2018 compared to 89.5% for the quarter ended September 30, 2018 and 89.1% for the quarter ended December 31, 2017.  Net interest income for the year ended December 31, 2018 increased $4.8 million from December 31, 2017 with a 1 basis point decrease in our net interest margin and a $114.5 million increase in average earning assets.

Noninterest Income

Noninterest income for the quarter ended December 31, 2018 of $12.2 million was a decrease of $0.4 million, or 3.3%, from prior quarter and $0.2 million, or 1.4%, from prior year same quarter.  The decrease in noninterest income was primarily the result of a decrease in loan related fees due to a decline in the fair value of our mortgage servicing rights.  Noninterest income for the year ended December 31, 2018 was a $3.4 million, or 7.1%, increase from prior year.  Year over year noninterest income has been positively impacted by increases in deposit service charges ($0.9 million), trust revenue ($0.9 million), and bank owned life insurance income ($1.5 million).

Noninterest Expense

Noninterest expense for the quarter ended December 31, 2018 of $28.2 million increased $0.1 million, or 0.2%, from prior quarter, and $0.4 million, or 1.6%, from prior year same quarter.  The variance in noninterest expense from prior year same quarter was primarily due to increases in taxes other than property and payroll ($0.4 million) and net other real estate owned expense ($0.5 million), partially offset by a decrease in personnel expense ($0.5 million).  The decrease in personnel expense was due to the 2017 one-time bonus to employees as a result of the positive impact on income tax expense during the period.  Noninterest expense for the year ended December 31, 2018 was $117.4 million, a $7.5 million, or 6.8%, increase over the year 2017.  The year over year increase included a $2.7 million increase in personnel expense and a $1.1 million increase in taxes other than income, property, and payroll, in addition to the $3.6 million customer reimbursement expense discussed in the second quarter 10-Q related to two deposit add-on products.  The increase in personnel expense included increases in salaries ($0.7 million), bonuses ($0.2 million), and the cost of group medical and life insurance ($1.4 million).

Balance Sheet Review

CTBI’s total assets at $4.2 billion increased $27.8 million, or 2.6% annualized, from September 30, 2018 and $65.4 million, or 1.6%, from December 31, 2017.  Loans outstanding at December 31, 2018 were $3.2 billion, an increase of $30.8 million, or an annualized 3.8%, from September 30, 2018 and $85.7 million, or 2.7%, from December 31, 2017.  We experienced an increase during the quarter of $31.0 million in the commercial loan portfolio and $3.2 million in the indirect loan portfolio, offset by decreases of $1.7 million in both the residential and consumer loan portfolios.  CTBI’s investment portfolio increased $25.7 million, or an annualized 17.9%, from September 30, 2018 and $9.1 million, or 1.6%, from December 31, 2017.  Deposits in other banks decreased $35.6 million from prior quarter and $57.9 million from prior year-end.  Deposits, including repurchase agreements, at $3.5 billion increased $14.0 million, or an annualized 1.6%, from September 30, 2018 and $31.0 million, or 0.9%, from December 31, 2017.

Shareholders’ equity at December 31, 2018 was $564.2 million, a 10.0% annualized increase from the $550.3 million at September 30, 2018 and a 6.3% increase from the $530.7 million at December 31, 2017.  CTBI’s annualized dividend yield to shareholders as of December 31, 2018 was 3.64%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $22.1 million, or 0.69% of total loans, at December 31, 2018 compared to $21.0 million, or 0.66% of total loans, at September 30, 2018 and $28.3 million, or 0.91% of total loans, at December 31, 2017.  Accruing loans 90+ days past due increased $2.2 million from prior quarter but remained relatively flat compared to December 31, 2017.  Nonaccrual loans decreased $1.2 million during the quarter and $6.3 million from December 31, 2017.  Accruing loans 30-89 days past due at $22.7 million was a decrease of $5.5 million from September 30, 2018 but increased $3.3 million from December 31, 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 December 31, 2018 totaled $46.4 million, compared to $46.9 million at September 30, 2018 and $47.4 million at December 31, 2017.

Our level of foreclosed properties at $27.3 million at December 31, 2018 was a $2.4 million decrease from the $29.7 million at September 30, 2018 and a $4.7 million decrease from the $32.0 million at December 31, 2017.  Sales of foreclosed properties for the quarter ended December 31, 2018 totaled $3.6 million while new foreclosed properties totaled $1.8 million.  At December 31, 2018, the book value of properties under contracts to sell was $3.3 million; however, the closings had not occurred at year-end.  Write-downs on foreclosed properties for the fourth quarter 2018 totaled $0.5 million compared to $0.7 million in the third quarter 2018 and $0.2 in the fourth quarter 2017.  Write-downs for the year 2018 were $2.5 million compared to $3.0 million for the year 2017.

Net loan charge-offs for the quarter ended December 31, 2018 were $1.6 million, or 0.20% of average loans annualized, compared to $1.5 million, or 0.19%, experienced for the third quarter 2018 and $3.1 million, or 0.39%, for the fourth quarter 2017.  Of the net charge-offs for the quarter, $0.3 million were in commercial loans, $0.7 million were in indirect auto loans, $0.4 million were in residential loans, and $0.2 million were in consumer direct loans.  Allocations to loan loss reserves were $1.7 million for the quarter ended December 31, 2018 compared to $1.5 million for the quarter ended September 30, 2018 and $2.9 million for the quarter ended December 31, 2017.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at September 30, 2018 was 162.7% compared to 170.1% at September 30, 2018 and 127.8% at December 31, 2017.  Our loan loss reserve as a percentage of total loans outstanding at December 31, 2018 was 1.12%, down from the 1.13% at September 30, 2018 and 1.16% at December 31, 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 69 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, 2018  
(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, 2018
   
September 30, 2018
   
December 31, 2017
   
December 31, 2018
   
December 31, 2017
 
Interest income
 
$
45,238
   
$
43,607
   
$
40,673
   
$
171,450
   
$
155,696
 
Interest expense
   
8,958
     
7,471
     
5,571
     
29,295
     
18,294
 
Net interest income
   
36,280
     
36,136
     
35,102
     
142,155
     
137,402
 
Loan loss provision
   
1,749
     
1,543
     
2,862
     
6,167
     
7,521
 
                                         
Gains on sales of loans
   
386
     
319
     
423
     
1,288
     
1,320
 
Deposit service charges
   
6,602
     
6,671
     
6,463
     
25,974
     
25,121
 
Trust revenue
   
2,663
     
2,836
     
2,684
     
11,313
     
10,453
 
Loan related fees
   
644
     
1,022
     
1,108
     
3,729
     
3,678
 
Securities gains (losses)
   
203
     
(2
)
   
15
     
(85
)
   
73
 
Other noninterest income
   
1,741
     
1,817
     
1,723
     
9,733
     
7,863
 
Total noninterest income
   
12,239
     
12,663
     
12,416
     
51,952
     
48,508
 
                                         
Personnel expense
   
15,257
     
15,264
     
15,782
     
61,562
     
58,829
 
Occupancy and equipment
   
2,698
     
2,744
     
2,804
     
11,045
     
11,121
 
Data processing expense
   
1,715
     
1,695
     
1,782
     
6,680
     
7,100
 
FDIC insurance premiums
   
264
     
314
     
316
     
1,171
     
1,239
 
Other noninterest expense
   
8,238
     
8,089
     
7,052
     
36,940
     
31,589
 
Total noninterest expense
   
28,172
     
28,106
     
27,736
     
117,398
     
109,878
 
                                         
Net income before taxes
   
18,598
     
19,150
     
16,920
     
70,542
     
68,511
 
Income taxes
   
2,889
     
3,044
     
2,008
     
11,314
     
17,018
 
Net income
 
$
15,709
   
$
16,106
   
$
14,912
   
$
59,228
   
$
51,493
 
                                         
Memo: TEQ interest income
 
$
45,462
   
$
43,833
   
$
41,186
   
$
172,352
   
$
157,722
 
                                         
Average shares outstanding
   
17,696
     
17,691
     
17,650
     
17,687
     
17,631
 
Diluted average shares outstanding
   
17,714
     
17,710
     
17,674
     
17,703
     
17,653
 
Basic earnings per share
 
$
0.89
   
$
0.91
   
$
0.84
   
$
3.35
   
$
2.92
 
Diluted earnings per share
 
$
0.89
   
$
0.91
   
$
0.84
   
$
3.35
   
$
2.92
 
Dividends per share
 
$
0.36
   
$
0.36
   
$
0.33
   
$
1.38
   
$
1.30
 
                                         
Average balances:
                                       
Loans
 
$
3,191,980
   
$
3,167,357
   
$
3,116,070
   
$
3,150,878
   
$
3,048,879
 
Earning assets
   
3,937,106
     
3,918,183
     
3,869,028
     
3,913,596
     
3,799,128
 
Total assets
   
4,217,158
     
4,190,768
     
4,141,555
     
4,187,397
     
4,068,970
 
Deposits, including repurchase agreements
   
3,555,292
     
3,539,482
     
3,498,571
     
3,540,717
     
3,406,627
 
Interest bearing liabilities
   
2,794,216
     
2,789,473
     
2,778,996
     
2,796,092
     
2,734,076
 
Shareholders' equity
   
558,632
     
549,837
     
529,334
     
546,641
     
518,767
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.48
%
   
1.52
%
   
1.43
%
   
1.41
%
   
1.27
%
Return on average equity
   
11.16
%
   
11.62
%
   
11.18
%
   
10.83
%
   
9.93
%
Yield on average earning assets (tax equivalent)
   
4.58
%
   
4.44
%
   
4.22
%
   
4.40
%
   
4.15
%
Cost of interest bearing funds (tax equivalent)
   
1.27
%
   
1.06
%
   
0.80
%
   
1.05
%
   
0.67
%
Net interest margin (tax equivalent)
   
3.68
%
   
3.68
%
   
3.65
%
   
3.66
%
   
3.67
%
Efficiency ratio (tax equivalent)
   
58.04
%
   
57.33
%
   
57.76
%
   
60.17
%
   
58.66
%
                                         
Loan charge-offs
 
$
2,667
   
$
2,828
   
$
3,962
   
$
10,998
   
$
11,085
 
Recoveries
   
(1,035
)
   
(1,305
)
   
(860
)
   
(4,588
)
   
(3,782
)
Net charge-offs
 
$
1,632
   
$
1,523
   
$
3,102
   
$
6,410
   
$
7,303
 
                                         
Market Price:
                                       
High
 
$
46.86
   
$
52.80
   
$
51.90
   
$
53.00
   
$
51.90
 
Low
 
$
35.70
   
$
45.65
   
$
45.00
   
$
35.70
   
$
40.33
 
Close
 
$
39.61
   
$
46.35
   
$
47.10
   
$
39.61
   
$
47.10
 





Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 December 31, 2018
(in thousands except per share data and # of employees)
 
   
As of
   
As of
   
As of
 
   
December 31, 2018
   
September 30, 2018
   
December 31, 2017
 
Assets:
                 
Loans
 
$
3,208,638
   
$
3,177,888
   
$
3,122,940
 
Loan loss reserve
   
(35,908
)
   
(35,791
)
   
(36,151
)
Net loans
   
3,172,730
     
3,142,097
     
3,086,789
 
Loans held for sale
   
2,461
     
1,029
     
1,033
 
Securities AFS
   
594,919
     
569,208
     
585,761
 
Securities HTM
   
649
     
659
     
659
 
Other equity investments
   
19,600
     
19,600
     
22,814
 
Other earning assets
   
82,585
     
124,413
     
139,392
 
Cash and due from banks
   
64,632
     
53,912
     
47,528
 
Premises and equipment
   
45,291
     
45,808
     
46,318
 
Goodwill and core deposit intangible
   
65,490
     
65,490
     
65,490
 
Other assets
   
153,259
     
151,627
     
140,447
 
Total Assets
 
$
4,201,616
   
$
4,173,843
   
$
4,136,231
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
56,964
   
$
59,379
   
$
51,218
 
Savings deposits
   
1,294,037
     
1,190,977
     
1,108,572
 
CD's >=$100,000
   
598,125
     
624,801
     
702,218
 
Other time deposits
   
553,508
     
571,685
     
610,925
 
Total interest bearing deposits
   
2,502,634
     
2,446,842
     
2,472,933
 
Noninterest bearing deposits
   
803,316
     
826,804
     
790,930
 
Total deposits
   
3,305,950
     
3,273,646
     
3,263,863
 
Repurchase agreements
   
232,712
     
250,983
     
243,814
 
Other interest bearing liabilities
   
60,957
     
61,433
     
67,498
 
Noninterest bearing liabilities
   
37,847
     
37,517
     
30,357
 
Total liabilities
   
3,637,466
     
3,623,579
     
3,605,532
 
Shareholders' equity
   
564,150
     
550,264
     
530,699
 
Total Liabilities and Equity
 
$
4,201,616
   
$
4,173,843
   
$
4,136,231
 
                         
Ending shares outstanding
   
17,733
     
17,728
     
17,693
 
Memo: Market value of HTM securities
 
$
649
   
$
660
   
$
660
 
                         
30 - 89 days past due loans
 
$
22,682
   
$
28,172
   
$
19,388
 
90 days past due loans
   
10,198
     
8,005
     
10,176
 
Nonaccrual loans
   
11,867
     
13,032
     
18,119
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
56,328
     
58,008
     
53,010
 
Foreclosed properties
   
27,273
     
29,666
     
31,996
 
Other repossessed assets
   
42
     
54
     
155
 
                         
Common equity Tier 1 capital
   
16.27
%
   
16.08
%
   
15.33
%
Tier 1 leverage ratio
   
13.51
%
   
13.37
%
   
12.89
%
Tier 1 risk-based capital ratio
   
18.12
%
   
17.94
%
   
17.22
%
Total risk based capital ratio
   
19.29
%
   
19.11
%
   
18.41
%
Tangible equity to tangible assets ratio
   
12.06
%
   
11.80
%
   
11.43
%
FTE employees
   
978
     
979
     
990
 




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