U.S. markets closed
  • S&P 500

    4,395.26
    -23.89 (-0.54%)
     
  • Dow 30

    34,935.47
    -149.06 (-0.42%)
     
  • Nasdaq

    14,672.68
    -105.59 (-0.71%)
     
  • Russell 2000

    2,226.25
    -13.78 (-0.62%)
     
  • Crude Oil

    73.81
    +0.19 (+0.26%)
     
  • Gold

    1,812.50
    -18.70 (-1.02%)
     
  • Silver

    25.55
    -0.23 (-0.90%)
     
  • EUR/USD

    1.1871
    -0.0025 (-0.21%)
     
  • 10-Yr Bond

    1.2390
    -0.0300 (-2.36%)
     
  • GBP/USD

    1.3906
    -0.0051 (-0.37%)
     
  • USD/JPY

    109.6150
    +0.1540 (+0.14%)
     
  • BTC-USD

    41,929.57
    +1,987.90 (+4.98%)
     
  • CMC Crypto 200

    955.03
    +5.13 (+0.54%)
     
  • FTSE 100

    7,032.30
    -46.12 (-0.65%)
     
  • Nikkei 225

    27,283.59
    -498.83 (-1.80%)
     

Community Trust Bancorp, Inc. Reports Record Earnings for the Second Consecutive Quarter 2021

·19 min read

PIKEVILLE, Ky., July 21, 2021--(BUSINESS WIRE)--Community Trust Bancorp, Inc. (NASDAQ:CTBI):

Earnings Summary

(in thousands except per share data)

2Q
2021

1Q
2021

2Q
2020

YTD
2021

YTD
2020

Net income

$

23,931

$

23,618

$

19,652

$

47,549

$

26,231

Earnings per share

$

1.35

$

1.33

$

1.11

$

2.67

$

1.48

Earnings per share - diluted

$

1.34

$

1.33

$

1.11

$

2.67

$

1.48

Return on average assets

1.76

%

1.84

%

1.63

%

1.80

%

1.14

%

Return on average equity

14.20

%

14.48

%

12.66

%

14.34

%

8.45

%

Efficiency ratio

53.17

%

50.37

%

55.17

%

51.76

%

57.12

%

Tangible common equity

11.39

%

11.27

%

11.42

%

Dividends declared per share

$

0.385

$

0.385

$

0.380

$

0.770

$

0.760

Book value per share

$

38.36

$

37.14

$

35.51

Weighted average shares

17,784

17,774

17,739

17,779

17,746

Weighted average shares - diluted

17,800

17,787

17,742

17,794

17,753

Community Trust Bancorp, Inc. (NASDAQ:CTBI) experienced record earnings for the second consecutive quarter as our loan portfolio quality and the industry outlook continue to see improvement, allowing a reduction in credit loss reserves. Earnings for the second quarter 2021 were a record $23.9 million, or $1.35 per basic share, compared to $23.6 million, or $1.33 per basic share, earned during the first quarter 2021 and $19.7 million, or $1.11 per basic share, earned during the second quarter 2020. Earnings for the six months ended June 30, 2021 were $47.5 million compared to $26.2 million for the six months ended June 30, 2020. Deposit growth as a result of the government stimulus, along with lack of loan growth, continues to put pressure on our net interest margin. Total revenue declined from prior quarter as a result of the continued pressure on our net interest margin, but noninterest income remained steady.

2nd Quarter 2021 Highlights

  • Net interest income for the quarter of $40.0 million was $0.2 million, or 0.6%, below prior quarter but $1.5 million, or 4.0%, above second quarter 2020.

  • We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021. The reduction to our allowance for credit losses was the result of continued positive credit metrics, the lack of pandemic related losses provided for in the first quarter 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit. We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively.

  • Our loan portfolio decreased $90.3 million, an annualized 10.2%, during the quarter and $90.3 million, or 2.6%, from June 30, 2020.

  • CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020.

  • Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, remained relatively flat from $21.0 million at March 31, 2021 to $21.1 million at June 30, 2021, down $15.0 million from June 30, 2020. Nonperforming assets at $27.0 million decreased $0.3 million from March 31, 2021 and $26.8 million from June 30, 2020.

  • Deposits, including repurchase agreements, increased $106.3 million, an annualized 9.3%, during the quarter and $426.0 million, or 10.0%, from June 30, 2020.

  • Noninterest income for the quarter ended June 30, 2021 of $15.5 million decreased slightly from prior quarter by $0.1 million, or 0.4%, but increased $2.6 million, or 20.5%, from prior year same quarter.

  • Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter.

COVID-19

We continue working with our customers through the COVID-19 pandemic. At June 30, 2021, the number of customers with CARES Act deferrals reduced to 60 for a total outstanding amount of $28.6 million. The majority of our CARES Act deferrals have been 90 day deferrals. Total outstanding deferrals include 21 commercial loan deferrals with a total outstanding amount of $26.0 million, 29 residential loan deferrals with a total outstanding amount of $2.4 million, and 10 consumer loan deferrals with a total outstanding amount of $0.2 million. These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act. Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

At June 30, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including $124.3 million stemming from the Consolidated Appropriations Act 2021. Through June 30, 2021, we have had $217.2 million of our PPP loans forgiven by the SBA.

Net Interest Income

Percent Change

2Q 2021 Compared
to:

($ in thousands)

2Q
2021

1Q
2021

2Q
2020

1Q
2021

2Q
2020

YTD
2021

YTD
2020

Percent
Change

Components of net interest income

Income on earning assets

$

44,105

$

44,428

$

45,149

(0.7

%)

(2.3

%)

$

88,533

$

90,017

(1.6

%)

Expense on interest bearing liabilities

3,868

3,969

6,506

(2.5

%)

(40.5

%)

7,837

14,961

(47.6

%)

Net interest income (tax equivalent)

$

40,237

$

40,459

$

38,643

(0.5

%)

4.1

%

$

80,696

$

75,056

7.5

%

Average yield and rates paid

Earning assets yield

3.41

%

3.63

%

3.98

%

(6.1

%)

(14.3

%)

3.52

%

4.18

%

(15.8

%)

Rate paid on interest bearing liabilities

0.45

%

0.48

%

0.85

%

(6.3

%)

(47.1

%)

0.47

%

1.01

%

(53.5

%)

Gross interest margin

2.96

%

3.15

%

3.13

%

(6.0

%)

(5.4

%)

3.05

%

3.17

%

(3.8

%)

Net interest margin

3.11

%

3.31

%

3.41

%

(6.0

%)

(8.8

%)

3.21

%

3.49

%

(8.0

%)

Average balances

Investment securities

$

1,223,123

$

1,061,304

$

711,336

15.2

%

71.9

%

$

1,142,660

$

681,094

67.8

%

Loans

$

3,495,655

$

3,548,358

$

3,461,505

(1.5

%)

1.0

%

$

3,521,861

$

3,362,217

4.7

%

Earning assets

$

5,184,923

$

4,957,636

$

4,559,670

4.6

%

13.7

%

$

5,071,907

$

4,326,752

17.2

%

Interest-bearing liabilities

$

3,424,218

$

3,335,206

$

3,094,931

2.7

%

10.6

%

$

3,379,958

$

2,971,064

13.8

%

Net interest income for the quarter of $40.0 million decreased $0.2 million, or 0.6%, from first quarter 2021 but increased $1.5 million, or 4.0%, from second quarter 2020. Our net interest margin at 3.11% decreased 20 basis points from prior quarter and 30 basis points from prior year same quarter, as our average earning assets increased $227.3 million and $625.3 million, respectively, during those same periods. Our yield on average earning assets decreased 22 basis points from prior quarter and 57 basis points from prior year same quarter, and our cost of funds decreased 3 basis points from prior quarter and 40 basis points from prior year same quarter. Net interest income for the six months ended June 30, 2021 increased $5.5 million, or 7.4%, compared to the six months ended June 30, 2020.

The PPP loan portfolio had an annualized yield for the quarter of 6.04%, a one basis point increase from the 6.03% yield in the first quarter 2021. Interest income on the portfolio was $0.6 million during the quarter, down $0.1 million from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $3.0 million, down $0.3 million from prior quarter. These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness. The impact to the net interest margin of the $3.0 million in fee income recognized was 23 basis points for the second quarter 2021, a 4 basis point decline from the 27 basis points for the first quarter 2021. While the PPP loan portfolio significantly impacted the net interest margin year over year, the decrease from prior quarter was primarily the result of a reduction in yield on our commercial real estate and indirect loan portfolios, along with an increase in our lower yielding financial assets due to the decrease in our loan portfolio and an increase in our investment portfolio.

Our ratio of average loans to deposits, including repurchase agreements, was 75.0% for the quarter ended June 30, 2021 compared to 79.9% for the quarter ended March 31, 2021 and 84.5% for the quarter ended June 30, 2020.

Noninterest Income

Percent Change

2Q 2021 Compared
to:

($ in thousands)

2Q
2021

1Q
2021

2Q
2020

1Q
2021

2Q
2020

YTD
2021

YTD
2020

Percent
Change

Deposit service charges

$

6,358

$

6,022

$

4,967

5.6

%

28.0

%

$

12,380

$

10,883

13.8

%

Trust revenue

3,349

2,951

2,569

13.5

%

30.4

%

6,300

5,453

15.5

%

Gains on sales of loans

1,907

2,433

1,753

(21.6

%)

8.8

%

4,340

2,236

94.1

%

Loan related fees

1,004

2,270

822

(55.8

%)

22.1

%

3,274

917

257.0

%

Bank owned life insurance revenue

581

573

564

1.4

%

3.0

%

1,154

1,137

1.5

%

Brokerage revenue

554

457

313

21.2

%

77.0

%

1,011

685

47.6

%

Other

1,768

871

1,891

103.0

%

(6.5

%)

2,639

3,089

(14.6

%)

Total noninterest income

$

15,521

$

15,577

$

12,879

(0.4

%)

20.5

%

$

31,098

$

24,400

27.5

%

Noninterest income for the quarter ended June 30, 2021 of $15.5 million was a slight decrease of $0.1 million, or 0.4%, from prior quarter but a $2.6 million, or 20.5%, increase from prior year same quarter. Increases from prior quarter in deposit service charges, trust revenue, and securities gains were offset by declines in gains on sales of loans and loan related fees. The increase in noninterest income from prior year same quarter was primarily the result of increases in gains on sales of loans, deposit service charges, trust revenue, and loan related fees. Noninterest income for the six months ended June 30, 2021 of $31.1 million was a $6.7 million, or 27.5% increase from the six months ended June 30, 2020.

Deposit service charges were impacted during the quarter and year over year by the continued increase in deposits due to the government stimulus, as gains on sales of loans have been impacted by the slowdown in the industry-wide refinancing boom. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights. As trust revenue is largely driven by the market value of the portfolios managed, it has benefited from an increase in equity market values, a larger volume of managed assets, and robust sales. Brokerage revenue has benefited from a change in sales mix moving more to fee based revenue and from the low interest rates driving some investors into annuities and out of lower paying deposit products.

Noninterest Expense

Percent Change

2Q 2021 Compared
to:

($ in thousands)

2Q
2021

1Q
2021

2Q
2020

1Q
2021

2Q
2020

YTD 2021

YTD 2020

Percent
Change

Salaries

$

11,706

$

11,412

$

11,481

2.6

%

2.0

%

$

23,118

$

23,011

0.5

%

Employee benefits

7,254

5,421

3,672

33.8

%

97.5

%

12,675

7,173

76.7

%

Net occupancy and equipment

2,668

2,828

2,624

(5.7

%)

1.7

%

5,496

5,330

3.1

%

Data processing

1,870

2,159

1,875

(13.4

%)

(0.3

%)

4,029

3,853

4.6

%

Legal and professional fees

753

893

1,010

(15.7

%)

(25.4

%)

1,646

2,056

(19.9

%)

Advertising and marketing

710

722

568

(1.7

%)

25.0

%

1,432

1,202

19.1

%

Telephone

502

509

457

(1.4

%)

9.8

%

1,011

890

13.6

%

Other

4,035

4,366

6,222

(7.6

%)

(35.1

%)

8,401

12,615

(33.4

%)

Total noninterest expense

$

29,498

$

28,310

$

27,909

4.2

%

5.7

%

$

57,808

$

56,130

3.0

%

Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter. The increase in noninterest expense was the result of an increase in personnel expense. The increase in personnel expense quarter over quarter included a $1.5 million increase in bonuses and incentives as we increased the accruals for incentive payments based on our current projected earnings for the year. Noninterest expense for the six months ended June 30, 2021 increased $1.7 million, or 3.0%, compared to the six months ended June 30, 2020.

Balance Sheet Review

Total Loans

Percent Change

2Q 2021 Compared to:

($ in thousands)

2Q
2021

1Q
2021

2Q
2020

1Q
2021

2Q
2020

Commercial nonresidential real estate

$

979,760

$

732,978

$

772,537

33.7

%

26.8

%

Commercial residential real estate

309,627

305,079

257,517

1.5

%

20.2

%

SBA guaranteed PPP loans

175,983

254,732

266,951

(30.9

%)

(34.1

%)

Other commercial

356,359

607,695

609,004

(41.4

%)

(41.5

%)

Total commercial

1,821,729

1,900,484

1,906,009

(4.1

%)

(4.4

%)

Residential mortgage

762,649

770,026

780,632

(1.0

%)

(2.3

%)

Home equity loans/lines

102,551

101,595

108,531

0.9

%

(5.5

%)

Total residential

865,200

871,621

889,163

(0.7

%)

(2.7

%)

Consumer indirect

610,024

617,305

596,314

(1.2

%)

2.3

%

Consumer direct

151,540

149,394

147,284

1.4

%

2.9

%

Total consumer

761,564

766,699

743,598

(0.7

%)

2.4

%

Total loans

$

3,448,493

$

3,538,804

$

3,538,770

(2.6

%)

(2.6

%)

Total Deposits and Repurchase Agreements

Percent Change

2Q 2021 Compared
to:

($ in thousands)

2Q
2021

1Q
2021

2Q
2020

1Q 2021

2Q 2020

Non-interest bearing deposits

$

1,286,989

$

1,283,309

$

1,109,873

0.3

%

16.0

%

Interest bearing deposits

Interest checking

99,226

91,803

77,518

8.1

%

28.0

%

Money market savings

1,281,431

1,240,530

1,209,633

3.3

%

5.9

%

Savings accounts

596,426

574,181

487,172

3.9

%

22.4

%

Time deposits

1,059,630

1,043,949

1,088,113

1.5

%

(2.6

%)

Repurchase agreements

370,568

354,235

296,007

4.6

%

25.2

%

Total interest bearing deposits and repurchase agreements

$

3,407,281

$

3,304,698

$

3,158,443

3.1

%

7.9

%

Total deposits and repurchase agreements

$

4,694,270

$

4,588,007

$

4,268,316

2.3

%

10.0

%

CTBI’s total assets at $5.5 billion increased $134.0 million, or 10.0% annualized, from March 31, 2021 and $471.3 million, or 9.4%, from June 30, 2020. Loans outstanding at June 30, 2021 were $3.4 billion, a decrease of $90.3 million, an annualized 10.2%, from March 31, 2021 and $90.3 million, or 2.6%, from June 30, 2020. Loans, excluding PPP loans, declined $11.6 million during the quarter, with a $7.3 million decrease in the indirect consumer loan portfolio and a $6.4 million decrease in the residential loan portfolio, offset partially by a $2.1 million increase in the direct consumer loan portfolio. The commercial loan portfolio decreased as the result of a $78.8 million decline in PPP loans. CTBI’s investment portfolio increased $202.7 million, or an annualized 70.2%, from March 31, 2021 and $617.5 million, or 83.2%, from June 30, 2020 as we continued to deploy our increased liquidity in investments due to continued soft loan demand. Deposits in other banks increased $34.1 million from prior quarter but decreased $24.4 million from prior year same quarter. Deposits, including repurchase agreements, at $4.7 billion increased $106.3 million, or an annualized 9.3%, from March 31, 2021 and $426.0 million, or 10.0%, from June 30, 2020, due to the ongoing government stimulus.

Shareholders’ equity at June 30, 2021 was $684.1 million, a $22.0 million increase from the $662.1 million at March 31, 2021 and a $52.2 million increase from the $631.8 million at June 30, 2020. CTBI’s annualized dividend yield to shareholders as of June 30, 2021 was 3.81%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $21.1 million, or 0.61% of total loans, at June 30, 2021 compared to $21.0 million, or 0.59% of total loans, at March 31, 2021 and $36.2 million, or 1.02% of total loans, at June 30, 2020. Accruing loans 90+ days past due decreased $0.5 million from prior quarter and $13.5 million from June 30, 2020. Nonaccrual loans increased $0.6 million during the quarter but decreased $1.5 million from March 31, 2020. Accruing loans 30-89 days past due at $10.8 million decreased $2.4 million from prior quarter and $2.8 million from June 30, 2020. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties at $5.8 million at June 30, 2021 was a $0.4 million decrease from the $6.2 million at March 31, 2021 and an $11.8 million decrease from the $17.7 million at June 30, 2020. Sales of foreclosed properties for the quarter ended June 30, 2021 totaled $0.4 million while new foreclosed properties totaled $0.4 million. At June 30, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020. For the six months ended June 30, 2021 we experienced a net recovery of loan losses of $0.4 million compared to net charge-offs of $4.2 million, or 0.25% of average loans annualized, for the six months ended June 30, 2020.

Allowance for Credit Losses

We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021. The reduction was the result of continued positive credit metrics, the lack of pandemic related losses provided for in Q1 2020 as well as an improvement in the industry outlook for certain industries included in our concentrations of credit.. We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively. Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2021 was 197.2% compared to 215.5% at March 31, 2021 and 129.0% at June 30, 2020. Our credit loss reserve as a percentage of total loans outstanding at June 30, 2021 was 1.21% (1.27% excluding PPP loans) compared to 1.28% at March 31, 2021 (1.38% excluding PPP loans) and 1.32% at June 30, 2020 (1.43% excluding PPP loans).

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; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; 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, regulations, and enforcement actions 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 $5.5 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, 2021

(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, 2021

March 31, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Interest income

$

43,875

$

44,211

$

44,968

$

88,086

$

89,667

Interest expense

3,868

3,969

6,506

7,837

14,961

Net interest income

40,007

40,242

38,462

80,249

74,706

Loan loss provision

(4,257

)

(2,499

)

(49

)

(6,756

)

12,658

Gains on sales of loans

1,907

2,433

1,753

4,340

2,236

Deposit service charges

6,358

6,022

4,967

12,380

10,883

Trust revenue

3,349

2,951

2,569

6,300

5,453

Loan related fees

1,004

2,270

822

3,274

917

Securities gains (losses)

280

(168

)

937

112

1,186

Other noninterest income

2,623

2,069

1,831

4,692

3,725

Total noninterest income

15,521

15,577

12,879

31,098

24,400

Personnel expense

18,960

16,833

15,153

35,793

30,184

Occupancy and equipment

2,668

2,828

2,624

5,496

5,330

Data processing expense

1,870

2,159

1,875

4,029

3,853

FDIC insurance premiums

323

326

294

649

441

Other noninterest expense

5,677

6,164

7,963

11,841

16,322

Total noninterest expense

29,498

28,310

27,909

57,808

56,130

Net income before taxes

30,287

30,008

23,481

60,295

30,318

Income taxes

6,356

6,390

3,829

12,746

4,087

Net income

$

23,931

$

23,618

$

19,652

$

47,549

$

26,231

Memo: TEQ interest income

$

44,105

$

44,428

$

45,149

$

88,533

$

90,017

Average shares outstanding

17,784

17,774

17,739

17,779

17,746

Diluted average shares outstanding

17,800

17,787

17,742

17,794

17,753

Basic earnings per share

$

1.35

$

1.33

$

1.11

$

2.67

$

1.48

Diluted earnings per share

$

1.34

$

1.33

$

1.11

$

2.67

$

1.48

Dividends per share

$

0.385

$

0.385

$

0.38

$

0.770

$

0.76

Average balances:

Loans

$

3,495,655

$

3,548,358

$

3,461,505

$

3,521,861

$

3,362,217

Earning assets

5,184,923

4,957,636

4,559,670

5,071,907

4,326,752

Total assets

5,450,182

5,219,406

4,837,293

5,335,432

4,609,851

Deposits, including repurchase agreements

4,661,615

4,442,647

4,096,647

4,552,736

3,863,536

Interest bearing liabilities

3,424,218

3,335,206

3,094,931

3,379,958

2,971,064

Shareholders' equity

675,727

661,302

624,111

668,555

624,261

Performance ratios:

Return on average assets

1.76

%

1.84

%

1.63

%

1.80

%

1.14

%

Return on average equity

14.20

%

14.48

%

12.66

%

14.34

%

8.45

%

Yield on average earning assets (tax equivalent)

3.41

%

3.63

%

3.98

%

3.52

%

4.18

%

Cost of interest bearing funds (tax equivalent)

0.45

%

0.48

%

0.85

%

0.47

%

1.01

%

Net interest margin (tax equivalent)

3.11

%

3.31

%

3.41

%

3.21

%

3.49

%

Efficiency ratio (tax equivalent)

53.17

%

50.37

%

55.17

%

51.76

%

57.12

%

Loan charge-offs

$

948

$

1,470

$

3,809

$

2,418

$

6,224

Recoveries

(1,554

)

(1,293

)

(1,047

)

(2,847

)

(2,064

)

Net charge-offs

$

(606

)

$

177

$

2,762

$

(429

)

$

4,160

Market Price:

High

$

45.95

$

47.53

$

37.07

$

47.53

$

46.87

Low

$

39.76

$

36.02

$

26.45

$

36.02

$

26.45

Close

$

40.38

$

44.03

$

32.76

$

40.38

$

32.76

As of

As of

As of

June 30, 2021

March 31, 2021

June 30, 2020

Assets:

Loans

$

3,448,493

$

3,538,804

$

3,538,770

Loan loss reserve

(41,695

)

(45,346

)

(46,634

)

Net loans

3,406,798

3,493,458

3,492,136

Loans held for sale

4,912

17,748

28,987

Securities AFS

1,357,597

1,155,195

740,479

Equity securities at fair value

2,523

2,243

2,093

Other equity investments

13,915

14,858

15,295

Other earning assets

392,591

358,529

416,980

Cash and due from banks

63,917

66,664

63,194

Premises and equipment

40,391

40,997

42,810

Right of use asset

12,729

12,787

13,867

Goodwill and core deposit intangible

65,490

65,490

65,490

Other assets

133,300

132,150

141,510

Total Assets

$

5,494,163

$

5,360,119

$

5,022,841

Liabilities and Equity:

Interest bearing checking

$

99,226

$

91,803

$

77,518

Savings deposits

1,877,857

1,814,711

1,696,805

CD's >=$100,000

561,269

547,767

537,124

Other time deposits

498,361

496,182

550,989

Total interest bearing deposits

3,036,713

2,950,463

2,862,436

Noninterest bearing deposits

1,286,989

1,283,309

1,109,873

Total deposits

4,323,702

4,233,772

3,972,309

Repurchase agreements

370,568

354,235

296,007

Other interest bearing liabilities

58,726

58,731

59,246

Lease liability

13,529

13,549

14,550

Other noninterest bearing liabilities

43,555

37,763

48,882

Total liabilities

4,810,080

4,698,050

4,390,994

Shareholders' equity

684,083

662,069

631,847

Total Liabilities and Equity

$

5,494,163

$

5,360,119

$

5,022,841

Ending shares outstanding

17,831

17,826

17,795

30 - 89 days past due loans

$

10,847

$

13,204

$

13,666

90 days past due loans

8,283

8,816

21,799

Nonaccrual loans

12,863

12,223

14,358

Restructured loans (excluding 90 days past due and nonaccrual)

66,887

68,485

59,823

Foreclosed properties

5,848

6,224

17,675

Community bank leverage ratio

12.45

%

12.70

%

12.92

%

Tangible equity to tangible assets ratio

11.39

%

11.27

%

11.42

%

FTE employees

961

970

979

View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005323/en/

Contacts

Community Trust Bancorp, Inc.
Jean R. Hale, (606) 437-3294
Chairman, President, and C.E.O.