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Section 1: 8-K (CTBI 2ND QUARTER 2019 EARNINGS RELEASE 8-K)




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 8-K

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

Date of Report (Date of earliest event reported)
June 30, 2019

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 July 17, 2019, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2019.  A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1.  The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed with this report:

99.1
Press Release dated July 17, 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:
July 17, 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 July 17, 2019

(Back To Top)

Section 2: EX-99.1 (CTBI 2ND QUARTER 2019 EARNINGS RELEASE 8-K EXHIBIT 99.1)

Exhibit 99.1

FOR IMMEDIATE RELEASE
July 17, 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 SECOND QUARTER 2019

Earnings Summary
                             
(in thousands except per share data)
 
2Q
2019
   
1Q 2019
   
2Q
2018
   
6 Months
2019
   
6 Months
2018
 
Net income
 
$
18,324
   
$
14,939
   
$
11,599
   
$
33,263
   
$
27,413
 
Earnings per share
 
$
1.03
   
$
0.84
   
$
0.66
   
$
1.88
   
$
1.55
 
Earnings per share - diluted
 
$
1.03
   
$
0.84
   
$
0.66
   
$
1.88
   
$
1.55
 
                                         
Return on average assets
   
1.69
%
   
1.42
%
   
1.11
%
   
1.56
%
   
1.33
%
Return on average equity
   
12.45
%
   
10.58
%
   
8.56
%
   
11.54
%
   
10.26
%
Efficiency ratio
   
62.22
%
   
60.57
%
   
66.05
%
   
61.39
%
   
62.67
%
Tangible common equity
   
12.27
%
   
12.05
%
   
11.51
%
               
                                         
Dividends declared per share
 
$
0.36
   
$
0.36
   
$
0.33
   
$
0.72
   
$
0.66
 
Book value per share
 
$
33.46
   
$
32.50
   
$
30.59
                 
                                         
Weighted average shares
   
17,721
     
17,712
     
17,687
     
17,717
     
17,679
 
Weighted average shares - diluted
   
17,733
     
17,723
     
17,703
     
17,728
     
17,695
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports earnings for the second quarter 2019 of $18.3 million, or $1.03 per basic share, compared to $14.9 million, or $0.84 per basic share, earned during the first quarter 2019 and $11.6 million, or $0.66 per basic share, earned during the second quarter 2018.  Earnings for the six months ended June 30, 2019 were $33.3 million, or $1.88 per basic share, compared to $27.4 million, or $1.55 per basic share, earned during the six months ended June 30, 2018.

2nd Quarter 2019 Highlights

Net interest income for the quarter of $36.0 million was flat to prior quarter, but an increase of $0.9 million, or 2.5%, from second quarter 2018.

Provision for loan losses for the quarter ended June 30, 2019 increased $1.4 million from prior quarter but decreased $0.4 million from prior year same quarter.

Our loan portfolio increased $2.5 million, an annualized 0.3%, during the quarter and $23.2 million, or 0.7%, from June 30, 2018.

Net loan charge-offs for the quarter ended June 30, 2019 were $1.6 million, or 0.20% of average loans annualized, compared to $1.1 million, or 0.14%, experienced for the first quarter 2019 and $1.3 million, or 0.17%, for the second quarter 2018.

Nonperforming loans at $24.0 million decreased $1.4 million from March 31, 2019 but increased $2.0 million from June 30, 2018.  Nonperforming assets at $46.5 million decreased $3.9 million from March 31, 2019 and $5.8 million from June 30, 2018.

Deposits, including repurchase agreements, increased $49.8 million, an annualized 5.5%, during the quarter and $112.2 million, or 3.2%, from June 30, 2018.

Noninterest income for the quarter ended June 30, 2019 of $12.3 million was a $0.1 million increase over prior quarter, but a decrease of $1.5 million, or 10.8%, from prior year same quarter.

Noninterest expense for the quarter ended June 30, 2019 of $30.0 million increased $0.9 million, or 3.3%, from prior quarter, but decreased $2.4 million, or 7.4%, from prior year same quarter.

In April 2019, Kentucky enacted HB458.  HB458 allows for combined filing of state income taxes with CTBI and its subsidiaries, Community Trust Bank, Inc. and Community Trust and Investment Company, Inc.  CTBI had previously filed a separate company return and generated net operating losses, in which it had maintained a valuation allowance against the related deferred tax asset.  HB458 also allows for certain net operating losses to be utilized on a combined return.  CTBI expects to file a combined return, beginning in 2021, and to utilize these previously generated losses.  The tax benefit recorded in the second quarter 2019 to reverse the valuation allowance on the deferred tax asset for these losses was $3.6 million, or $0.21 per basic share.

Net Interest Income

Net interest income for the quarter of $36.0 million was relatively flat to prior quarter, but an increase of $0.9 million, or 2.5%, from second quarter 2018.  Our net interest margin at 3.57% declined 13 basis points from prior quarter and 4 basis points from prior year same quarter, while our average earning assets increased $102.8 million and $141.3 million, respectively, during those same periods.  Our yield on average earning assets decreased 8 basis points from prior quarter but increased 32 basis points from prior year same quarter, and our cost of funds increased 7 basis points from prior quarter and 52 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 87.3% for the quarter ended June 30, 2019 compared to 89.9% for the quarter ended March 31, 2019 and 88.1% for the quarter ended June 30, 2018.  Net interest income for the six months ended June 30, 2019 increased $2.3 million, or 3.3%, from June 30, 2018.

Noninterest Income

Noninterest income for the quarter ended June 30, 2019 of $12.3 million was a $0.1 million increase over prior quarter, but a decrease of $1.5 million, or 10.8%, from prior year same quarter.  The decrease in noninterest income from prior year was primarily the result of a $0.5 million decrease in loan related fees due to a decline in the fair market value of our mortgage servicing rights, along with a $1.0 million decrease in other operating revenue.  Other operating revenue for the second quarter 2018 included a gain on the sale of a partnership interest resulting from a low income housing tax credit recapture.  Noninterest income for the six months ended June 30, 2019 was a $2.6 million, or 9.7%, decrease from prior year.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2019 of $30.0 million increased $0.9 million, or 3.3%, from prior quarter, but decreased $2.4 million, or 7.4%, from prior year same quarter.  The increase in noninterest expense from prior quarter consisted of increases in FDIC insurance ($0.2 million), net other real estate owned expense ($0.3 million), operating losses ($0.2 million), loan related expense ($0.2 million), and other direct expense ($0.4 million), partially offset by a $0.3 million decrease in repossession expense.  The $0.4 million increase in other direct expense was the result of increased amortization expense related to tax credits.  The decrease from prior year was due to the previously disclosed $3.6 million accrual in June 2018 for customer reimbursements, partially offset by a $0.7 million increase in personnel expense.  The increase in personnel expense included a $0.9 million increase in salaries, partially offset by a $0.3 million decrease in the cost of group medical insurance.  Noninterest expense for the six months ended June 30, 2019 was $59.1 million, a $2.0 million, or 3.3%, decrease from the first six months of 2018.

Balance Sheet Review

CTBI’s total assets at $4.4 billion increased $64.0 million, or 5.9% annualized, from March 31, 2019 and $172.1 million, or 4.1%, from June 30, 2018.  Loans outstanding at June 30, 2019 were $3.2 billion, an increase of $2.5 million, an annualized 0.3%, from March 31, 2019 and $23.2 million, or 0.7%, from June 30, 2018.  We experienced increases during the quarter of $2.0 million in the commercial loan portfolio, $7.1 million in the residential loan portfolio, and $3.3 million in the direct consumer loan portfolio, offset by a decrease of $9.9 million in the indirect consumer loan portfolio.  CTBI’s investment portfolio decreased $7.5 million, or an annualized 5.0%, from March 31, 2019 but increased $7.5 million, or 1.3%, from June 30, 2018.  Deposits in other banks increased $67.8 million from prior quarter and $120.3 million from prior year same quarter, as the yield earned was favorable to other investment alternatives.  Deposits, including repurchase agreements, at $3.7 billion increased $49.8 million, or an annualized 5.5%, from March 31, 2019 and $112.2 million, or 3.2%, from June 30, 2018.

Shareholders’ equity at June 30, 2019 was $594.7 million, a 11.9% annualized increase from the $577.5 million at March 31, 2019 and a 9.7% increase from the $542.2 million at June 30, 2018.  CTBI’s annualized dividend yield to shareholders as of June 30, 2019 was 3.41%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $24.0 million, or 0.75% of total loans, at June 30, 2019 compared to $25.4 million, or 0.80% of total loans, at March 31, 2019 and $22.0 million, or 0.69% of total loans, at June 30, 2018.  Accruing loans 90+ days past due decreased $1.9 million from prior quarter but increased $3.9 million from June 30, 2018.  Nonaccrual loans increased $0.5 million during the quarter but decreased $1.9 million from June 30, 2018.  Accruing loans 30-89 days past due at $30.6 million was an increase of $8.8 million from prior quarter and $7.1 million from June 30, 2018.  The increase in loans 30-89 days past due is primarily two credits, both of which are well collateralized.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.  Impaired loans, loans not expected to meet contractual principal and interest payments other than insignificant delays, at June 30, 2019 totaled $54.6 million, compared to $50.4 million at March 31, 2019 and $46.7 million at June 30, 2018.

Our level of foreclosed properties at $22.5 million at June 30, 2019 was a $2.5 million decrease from the $25.0 million at March 31, 2019 and a $7.8 million decrease from the $30.3 million at June 30, 2018.  Sales of foreclosed properties for the quarter ended June 30, 2019 totaled $2.1 million while new foreclosed properties totaled $0.4 million.  At June 30, 2019, the book value of properties under contracts to sell was $1.6 million; however, the closings had not occurred at quarter-end.  Write-downs on foreclosed properties for the second quarter 2019 totaled $0.7 million compared to $0.4 million in the first quarter 2019 and $0.9 million in the second quarter 2018.  As disclosed in our Form 10-K for the year ended December 31, 2018, CTBI is required to dispose of any foreclosed property that has not been sold within 10 years.  As of December 31, 2018, foreclosed property with a total book value of $2.4 million had been held by us for at least nine years.  During the first six months of 2019, we disposed of $1.8 million of this total.  At June 30, 2019, foreclosed property with a total book value of $0.6 million had been held by us for at least nine years.

Net loan charge-offs for the quarter ended June 30, 2019 were $1.6 million, or 0.20% of average loans annualized, compared to $1.1 million, or 0.14%, experienced for the first quarter 2019 and $1.3 million, or 0.17%, for the second quarter 2018.  Of the net charge-offs for the quarter, $0.9 million were in commercial loans, $0.2 million were in indirect consumer loans, $0.2 million were in residential loans, and $0.3 million were in direct consumer loans.  Allocations to loan loss reserves were $1.6 million for the quarter ended June 30, 2019 compared to $0.2 million for the quarter ended March 31, 2019 and $1.9 million for the quarter ended June 30, 2018.  Our reserve coverage (allowance for loan and lease loss reserve to nonperforming loans) at June 30, 2019 was 146.0% compared to 137.8% at March 31, 2019 and 162.6% at June 30, 2018.  Our loan loss reserve as a percentage of total loans outstanding at June 30, 2019 and March 31, 2019 was 1.10%, down from the 1.13% at June 30, 2018.

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 $4.4 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, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.




Community Trust Bancorp, Inc.
 
Financial Summary (Unaudited)
 
 June 30, 2019  
(in thousands except per share data and # of employees)
 
                               
   
Three
   
Three
   
Three
   
Six
   
Six
 
   
Months
   
Months
   
Months
   
Months
   
Months
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
June 30, 2019
   
March 31, 2019
   
June 30, 2018
   
June 30, 2019
   
June 30, 2018
 
Interest income
 
$
46,817
   
$
45,889
   
$
42,025
   
$
92,706
   
$
82,605
 
Interest expense
   
10,790
     
9,906
     
6,877
     
20,696
     
12,866
 
Net interest income
   
36,027
     
35,983
     
35,148
     
72,010
     
69,739
 
Loan loss provision
   
1,563
     
190
     
1,929
     
1,753
     
2,875
 
                                         
Gains on sales of loans
   
518
     
330
     
304
     
848
     
583
 
Deposit service charges
   
6,525
     
6,120
     
6,480
     
12,645
     
12,701
 
Trust revenue
   
2,765
     
2,575
     
2,856
     
5,340
     
5,814
 
Loan related fees
   
440
     
573
     
919
     
1,013
     
2,063
 
Securities gains (losses)
   
204
     
356
     
2
     
560
     
(286
)
Other noninterest income
   
1,800
     
2,216
     
3,179
     
4,016
     
6,175
 
Total noninterest income
   
12,252
     
12,170
     
13,740
     
24,422
     
27,050
 
                                         
Personnel expense
   
16,087
     
15,959
     
15,422
     
32,046
     
31,041
 
Occupancy and equipment
   
2,561
     
2,790
     
2,770
     
5,351
     
5,603
 
Data processing expense
   
1,789
     
1,763
     
1,634
     
3,552
     
3,270
 
FDIC insurance premiums
   
369
     
177
     
279
     
546
     
593
 
Other noninterest expense
   
9,224
     
8,394
     
12,334
     
17,618
     
20,613
 
Total noninterest expense
   
30,030
     
29,083
     
32,439
     
59,113
     
61,120
 
                                         
Net income before taxes
   
16,686
     
18,880
     
14,520
     
35,566
     
32,794
 
Income taxes
   
(1,638
)
   
3,941
     
2,921
     
2,303
     
5,381
 
Net income
 
$
18,324
   
$
14,939
   
$
11,599
   
$
33,263
   
$
27,413
 
                                         
Memo: TEQ interest income
 
$
47,009
   
$
46,109
   
$
42,253
   
$
93,118
   
$
83,057
 
                                         
Average shares outstanding
   
17,721
     
17,712
     
17,687
     
17,717
     
17,679
 
Diluted average shares outstanding
   
17,733
     
17,723
     
17,703
     
17,728
     
17,695
 
Basic earnings per share
 
$
1.03
   
$
0.84
   
$
0.66
   
$
1.88
   
$
1.55
 
Diluted earnings per share
 
$
1.03
   
$
0.84
   
$
0.66
   
$
1.88
   
$
1.55
 
Dividends per share
 
$
0.36
   
$
0.36
   
$
0.33
   
$
0.72
   
$
0.66
 
                                         
Average balances:
                                       
Loans
 
$
3,178,903
   
$
3,195,348
   
$
3,131,964
   
$
3,187,080
   
$
3,121,610
 
Earning assets
   
4,069,323
     
3,966,483
     
3,928,066
     
4,018,187
     
3,899,314
 
Total assets
   
4,353,936
     
4,252,544
     
4,196,693
     
4,303,520
     
4,170,557
 
Deposits, including repurchase agreements
   
3,640,061
     
3,555,931
     
3,556,340
     
3,598,228
     
3,533,938
 
Interest bearing liabilities
   
2,883,586
     
2,813,957
     
2,818,168
     
2,848,964
     
2,800,410
 
Shareholders' equity
   
590,240
     
572,559
     
543,513
     
581,448
     
538,921
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.69
%
   
1.42
%
   
1.11
%
   
1.56
%
   
1.33
%
Return on average equity
   
12.45
%
   
10.58
%
   
8.56
%
   
11.54
%
   
10.26
%
Yield on average earning assets (tax equivalent)
   
4.63
%
   
4.71
%
   
4.31
%
   
4.67
%
   
4.30
%
Cost of interest bearing funds (tax equivalent)
   
1.50
%
   
1.43
%
   
0.98
%
   
1.46
%
   
0.93
%
Net interest margin (tax equivalent)
   
3.57
%
   
3.70
%
   
3.61
%
   
3.63
%
   
3.63
%
Efficiency ratio (tax equivalent)
   
62.22
%
   
60.57
%
   
66.05
%
   
61.39
%
   
62.67
%
                                         
Loan charge-offs
 
$
2,797
   
$
2,055
   
$
2,526
   
$
4,852
   
$
5,503
 
Recoveries
   
(1,228
)
   
(961
)
   
(1,179
)
   
(2,189
)
   
(2,248
)
Net charge-offs
 
$
1,569
   
$
1,094
   
$
1,347
   
$
2,663
   
$
3,255
 
                                         
Market Price:
                                       
High
 
$
43.60
   
$
43.75
   
$
53.00
   
$
43.75
   
$
53.00
 
Low
 
$
39.45
   
$
38.03
   
$
43.95
   
$
38.03
   
$
43.00
 
Close
 
$
42.29
   
$
41.06
   
$
49.95
   
$
42.29
   
$
49.95
 




Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 June 30, 2019
(in thousands except per share data and # of employees)
 
   
As of
   
As of
   
As of
 
   
June 30, 2019
   
March 31, 2019
   
June 30, 2018
 
Assets:
                 
Loans
 
$
3,192,207
   
$
3,189,732
   
$
3,169,042
 
Loan loss reserve
   
(34,998
)
   
(35,004
)
   
(35,771
)
Net loans
   
3,157,209
     
3,154,728
     
3,133,271
 
Loans held for sale
   
1,067
     
13,649
     
1,093
 
Securities AFS
   
591,586
     
599,299
     
585,764
 
Securities HTM
   
619
     
619
     
659
 
Equity securities at fair value
   
1,727
     
1,528
     
-
 
Other equity investments
   
16,247
     
17,148
     
22,814
 
Other earning assets
   
271,186
     
207,876
     
150,880
 
Cash and due from banks
   
52,545
     
49,302
     
54,987
 
Premises and equipment
   
44,404
     
44,554
     
46,483
 
Right of use asset
   
15,028
     
15,128
     
-
 
Goodwill and core deposit intangible
   
65,490
     
65,490
     
65,490
 
Other assets
   
160,149
     
143,972
     
143,745
 
Total Assets
 
$
4,377,257
   
$
4,313,293
   
$
4,205,186
 
                         
Liabilities and Equity:
                       
NOW accounts
 
$
51,209
   
$
51,656
   
$
51,563
 
Savings deposits
   
1,445,166
     
1,366,093
     
1,156,601
 
CD's >=$100,000
   
569,829
     
578,043
     
694,641
 
Other time deposits
   
537,933
     
545,315
     
587,078
 
Total interest bearing deposits
   
2,604,137
     
2,541,107
     
2,489,883
 
Noninterest bearing deposits
   
833,044
     
841,996
     
819,525
 
Total deposits
   
3,437,181
     
3,383,103
     
3,309,408
 
Repurchase agreements
   
233,238
     
237,506
     
248,781
 
Other interest bearing liabilities
   
63,667
     
61,572
     
68,121
 
Lease liability
   
15,544
     
15,743
     
-
 
Other noninterest bearing liabilities
   
32,919
     
37,862
     
36,701
 
Total liabilities
   
3,782,549
     
3,735,786
     
3,663,011
 
Shareholders' equity
   
594,708
     
577,507
     
542,175
 
Total Liabilities and Equity
 
$
4,377,257
   
$
4,313,293
   
$
4,205,186
 
                         
Ending shares outstanding
   
17,772
     
17,768
     
17,725
 
Memo: Market value of HTM securities
 
$
619
   
$
619
   
$
660
 
                         
30 - 89 days past due loans
 
$
30,616
   
$
21,792
   
$
23,488
 
90 days past due loans
   
11,076
     
13,016
     
7,189
 
Nonaccrual loans
   
12,902
     
12,378
     
14,812
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
60,713
     
57,553
     
56,814
 
Foreclosed properties
   
22,536
     
24,970
     
30,262
 
Other repossessed assets
   
-
     
-
     
83
 
                         
Common equity Tier 1 capital
   
16.83
%
   
16.49
%
   
15.80
%
Tier 1 leverage ratio
   
13.61
%
   
13.62
%
   
13.11
%
Tier 1 risk-based capital ratio
   
18.67
%
   
18.34
%
   
17.67
%
Total risk based capital ratio
   
19.80
%
   
19.47
%
   
18.84
%
Tangible equity to tangible assets ratio
   
12.27
%
   
12.05
%
   
11.51
%
FTE employees
   
1,002
     
988
     
988
 
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