Community Trust Bancorp, Inc. Reports Earnings for the 4th Quarter and Year 2023

Business Wire
13 min read
0
In this article:

PIKEVILLE, Ky., January 17, 2024--(BUSINESS WIRE)--Community Trust Bancorp, Inc. (NASDAQ-CTBI):

Earnings Summary

(in thousands except per share data)

4Q

2023

3Q

2023

4Q

2022

Year

2023

Year

2022

Net income

$

18,659

$

20,628

$

22,443

$

78,004

$

81,814

Earnings per share

$

1.04

$

1.15

$

1.26

$

4.36

$

4.59

Earnings per share – diluted

$

1.04

$

1.15

$

1.26

$

4.36

$

4.58

Return on average assets

1.30

%

1.46

%

1.64

%

1.40

%

1.50

%

Return on average equity

10.98

%

12.30

%

14.42

%

11.75

%

12.73

%

Efficiency ratio

55.74

%

52.66

%

51.81

%

54.29

%

53.12

%

Tangible common equity

11.16

%

10.55

%

10.58

%

Dividends declared per share

$

0.46

$

0.46

$

0.44

$

1.80

$

1.68

Book value per share

$

39.01

$

36.30

$

35.05

Weighted average shares

17,901

17,893

17,848

17,887

17,836

Weighted average shares - diluted

17,926

17,904

17,872

17,900

17,851

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2023 of $18.7 million, or $1.04 per basic share, compared to $20.6 million, or $1.15 per basic share, earned during the third quarter 2023 and $22.4 million, or $1.26 per basic share, earned during the fourth quarter 2022. Total revenue was $1.9 million below prior quarter and $1.8 million below prior year same quarter. Net interest revenue decreased $0.2 million compared to prior quarter and $1.8 million compared to prior year same quarter, and noninterest income decreased $1.8 million compared to prior quarter but remained relatively flat compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year fourth quarter. Noninterest expense increased $0.8 million compared to prior quarter and $1.4 million compared to prior year same quarter. Earnings for the year ended December 31, 2023 were $78.0 million, or $4.36 per basic share, compared to $81.8 million, or $4.59 per basic share for the year ended December 31, 2022. Year over year earnings were impacted by increases in provision for loan losses and noninterest expense and a decrease in noninterest income.

4th Quarter 2023 Highlights

  • Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter.

  • Provision for credit losses at $1.8 million for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter.

  • Our loan portfolio at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022.

  • We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022.

  • Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Nonperforming assets at $15.6 million increased $0.4 million from September 30, 2023 but decreased $3.4 million from December 31, 2022.

  • Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022.

  • Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022.

  • Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022.

  • Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter.

  • Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.

Net Interest Income

Percent Change

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Components of net interest income:

Income on earning assets

$

73,329

$

69,499

$

57,458

5.5

%

27.6

%

$

268,650

$

197,742

35.9

%

Expense on interest bearing liabilities

30,354

26,359

12,714

15.2

%

138.8

%

95,540

28,640

233.6

%

Net interest income

42,975

43,140

44,744

(0.4

%)

(4.0

%)

173,110

169,102

2.4

%

TEQ

297

298

249

(0.4

%)

19.3

%

1,191

956

24.6

%

Net interest income, tax equivalent

$

43,272

$

43,438

$

44,993

(0.4

%)

(3.8

%)

$

174,301

$

170,058

2.5

%

Average yield and rates paid:

Earning assets yield

5.43

%

5.25

%

4.51

%

3.5

%

20.5

%

5.15

%

3.87

%

33.1

%

Rate paid on interest bearing liabilities

3.27

%

2.93

%

1.52

%

11.4

%

115.1

%

2.72

%

0.85

%

220.0

%

Gross interest margin

2.16

%

2.32

%

2.99

%

(6.9

%)

(27.8

%)

2.43

%

3.02

%

(19.6

%)

Net interest margin

3.19

%

3.27

%

3.51

%

(2.3

%)

(9.2

%)

3.32

%

3.32

%

0.0

%

Average balances:

Investment securities

$

1,144,078

$

1,178,707

$

1,284,470

(2.9

%)

(10.9

%)

$

1,200,965

$

1,399,877

(14.2

%)

Loans

4,022,547

3,952,096

3,662,221

1.8

%

9.8

%

3,888,585

3,552,941

9.4

%

Earning assets

5,377,827

5,274,542

5,079,176

2.0

%

5.9

%

5,244,128

5,129,345

2.2

%

Interest-bearing liabilities

3,687,660

3,567,343

3,321,914

3.4

%

11.0

%

3,514,142

3,351,221

4.9

%

Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.19% decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter. Our average earning assets increased $103.3 million from prior quarter and $298.7 million from prior year same quarter. Our yield on average earning assets increased 18 basis points from prior quarter and 92 basis points from prior year same quarter, and our cost of funds increased 34 basis points from prior quarter and 175 basis points from prior year same quarter. Our net interest income for the year ended December 31, 2023 was $173.1 million compared to $169.1 million for the year ended December 31, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 81.8% for the quarter ended December 31, 2023 compared to 83.2% for the quarter ended September 30, 2023 and 78.2% for the quarter ended December 31, 2022.

Noninterest Income

Percent Change

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Deposit related fees

$

7,312

$

7,823

$

7,411

(6.5

%)

(1.3

%)

$

29,935

$

29,049

3.0

%

Trust revenue

3,318

3,277

2,959

1.2

%

12.1

%

13,025

12,394

5.1

%

Gains on sales of loans

54

105

174

(48.3

%)

(68.9

%)

395

1,525

(74.1

%)

Loan related fees

467

1,283

1,119

(63.6

%)

(58.3

%)

3,792

6,185

(38.7

%)

Bank owned life insurance revenue

816

1,108

572

(26.3

%)

42.7

%

3,517

2,708

29.8

%

Brokerage revenue

285

452

344

(37.0

%)

(17.2

%)

1,473

1,846

(20.2

%)

Other

1,473

1,448

1,192

1.7

%

23.6

%

5,522

4,209

31.2

%

Total noninterest income

$

13,725

$

15,496

$

13,771

(11.4

%)

(0.3

%)

$

57,659

$

57,916

(0.4

%)

Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter. The quarter over quarter decrease included a $0.5 million decrease in deposit related fees, a $0.8 million decrease in loan related fees, a $0.3 million decrease in bank owned life insurance revenue, and a $0.2 million decrease in brokerage revenue. A year over year decrease of $0.7 million in loan related fees was primarily offset by increases in trust revenue ($0.4 million) and bank owned life insurance revenue ($0.2 million). The decline in loan related fees resulted from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the year 2023 was $57.7 million compared to $57.9 million for the year 2022. Noninterest income was impacted year over year by a $2.4 million decline in loan related fees, a $1.1 million decline in gains on sales of loans, and a $0.4 million decline in brokerage revenue, offset by increases of $0.9 million in deposit related fees, $0.6 million in trust revenue, $1.2 million in securities gains, and $0.8 million in bank owned life insurance revenue.

Noninterest Expense

Percent Change

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Salaries

$

13,163

$

12,755

$

12,439

3.2

%

5.8

%

$

51,283

$

48,934

4.8

%

Employee benefits

5,282

5,298

5,433

(0.3

%)

(2.8

%)

22,428

23,556

(4.8

%)

Net occupancy and equipment

3,045

2,875

2,576

5.9

%

18.2

%

11,843

11,083

6.9

%

Data processing

2,630

2,410

2,344

9.1

%

12.2

%

9,726

8,910

9.2

%

Legal and professional fees

900

722

931

24.6

%

(3.3

%)

3,350

3,434

(2.4

%)

Advertising and marketing

923

767

826

20.4

%

11.8

%

3,214

3,005

7.0

%

Taxes other than property and payroll

421

420

296

0.3

%

42.2

%

1,706

1,570

8.7

%

Net other real estate owned expense

5

165

18

(96.8

%)

(72.2

%)

350

456

(23.4

%)

Other

5,259

5,435

5,396

(3.2

%)

(2.5

%)

21,490

20,123

6.8

%

Total noninterest expense

$

31,628

$

30,847

$

30,259

2.5

%

4.5

%

$

125,390

$

121,071

3.6

%

Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter. The increase in noninterest expense quarter over quarter included a $0.4 million increase in personnel expense, a $0.2 million increase in occupancy and equipment, and a $0.2 million increase in data processing expense. The increase year over year resulted from a $0.6 million increase in personnel expense, a $0.5 million increase in occupancy and equipment expense, a $0.3 million increase in data processing expense, and a $0.3 million increase in FDIC insurance premiums. Noninterest expense for the year 2023 was $125.4 million compared to $121.1 million for the year 2022 with increases of $1.2 million in personnel expense, $0.8 million in occupancy and equipment, $0.8 million in data processing expense, $1.0 million in FDIC insurance premiums, and $0.4 million in telephone expense.

The Compensation Committee of the Board of Directors has authorized a discretionary gift/payment to all full-time employees hired prior to July 1, 2023 of $1000 and all full-time employees hired after June 30, 2023 of $500. The Committee also authorized a discretionary gift/payment to our Executive Committee and other members of senior management. This discretionary gift/payment will occur January 19, 2024 for all eligible employees. This payment was accrued as of December 31, 2023 in the amount of $1.2 million. The Compensation Committee approved this gift/payment even though we did not achieve the desired financial results for our company and chose to do so because they recognize the significant efforts of all our employees during this very turbulent time in the banking industry.

Balance Sheet Review

Total Loans

Percent Change

4Q 2023 Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Commercial nonresidential real estate

$

778,637

$

788,287

$

762,349

(1.2

%)

2.1

%

Commercial residential real estate

417,943

404,779

372,914

3.3

%

12.1

%

Hotel/motel

395,765

386,067

343,640

2.5

%

15.2

%

Other commercial

391,390

377,449

389,955

3.7

%

0.4

%

Total commercial

1,983,735

1,956,582

1,868,858

1.4

%

6.1

%

Residential mortgage

937,524

916,580

824,996

2.3

%

13.6

%

Home equity loans/lines

147,036

139,085

120,540

5.7

%

22.0

%

Total residential

1,084,560

1,055,665

945,536

2.7

%

14.7

%

Consumer indirect

823,505

812,060

737,392

1.4

%

11.7

%

Consumer direct

159,106

160,712

157,504

(1.0

%)

1.0

%

Total consumer

982,611

972,772

894,896

1.0

%

9.8

%

Total loans

$

4,050,906

$

3,985,019

$

3,709,290

1.7

%

9.2

%

Total Deposits and Repurchase Agreements

Percent Change

4Q 2023 Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Non-interest bearing deposits

$

1,260,690

$

1,314,189

$

1,394,915

(4.1

%)

(9.6

%)

Interest bearing deposits

Interest checking

123,927

125,107

112,265

(0.9

%)

10.4

%

Money market savings

1,525,537

1,412,679

1,348,809

8.0

%

13.1

%

Savings accounts

535,063

556,820

654,380

(3.9

%)

(18.2

%)

Time deposits

1,279,405

1,219,097

915,774

4.9

%

39.7

%

Repurchase agreements

225,245

232,577

215,431

(3.2

%)

4.6

%

Total interest bearing deposits and repurchase agreements

3,689,177

3,546,280

3,246,659

4.0

%

13.6

%

Total deposits and repurchase agreements

$

4,949,867

$

4,860,469

$

4,641,574

1.8

%

6.6

%

CTBI’s total assets at $5.8 billion as of December 31, 2023 increased $134.8 million, or 9.5% annualized, from September 30, 2023 and $389.4 million, or 7.2%, from December 31, 2022. Loans outstanding at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022. The increase in loans from prior quarter included a $27.2 million increase in the commercial loan portfolio, a $28.9 million increase in the residential loan portfolio, a $11.4 million increase in the indirect consumer loan portfolio, and a $1.6 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio increased $28.1 million, or an annualized 9.8%, from September 30, 2023 but decreased $91.5 million, or 7.3%, from December 31, 2022. Deposits in other banks increased $62.6 million from prior quarter and $135.2 million from December 31, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022. Due to the increasing and competitive interest rate environment, we have seen a change in our deposit mix year o...ver year with a 9.6% decrease in noninterest bearing deposits and a 13.6% increase in interest bearing deposits and repurchase agreements.

Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022. Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022. CTBI’s annualized dividend yield to shareholders as of December 31, 2023 was 4.20%.

Asset Quality

Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $9.9 million increased $1.9 million from prior quarter and $1.4 million from December 31, 2022. Nonaccrual loans at $4.0 million decreased $0.9 million from prior quarter and $2.8 million from December 31, 2022. Accruing loans 30-89 days past due at $15.3 million increased $3.2 million from prior quarter and were relatively flat to December 31, 2022. 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 was $1.6 million at December 31, 2023 compared to $2.2 million at September 30, 2023 and $3.7 million at December 31, 2022. Sales of foreclosed properties for the quarter ended December 31, 2023 totaled $0.7 million while new foreclosed properties totaled $0.2 million.

We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022. Net charge-offs for the year ended December 31, 2023 were $3.2 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.02% of average loans annualized, for the year ended December 31, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter. Provision for credit losses for the year ended December 31, 2023 increased $1.9 million from the year ended December 31, 2022. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2023 was 354.7% compared to 375.2% at September 30, 2023 and 300.4% at December 31, 2022. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2023 remained at 1.22% from September 30, 2023 down from the 1.24% at December 31, 2022.

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 $5.8 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)

December 31, 2023

(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, 2023

September 30, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Interest income

$

73,329

$

69,499

$

57,458

$

268,650

$

197,742

Interest expense

30,354

26,359

12,714

95,540

28,640

Net interest income

42,975

43,140

44,744

173,110

169,102

Loan loss provision

1,815

1,871

1,539

6,811

4,905

Gains on sales of loans

54

105

174

395

1,525

Deposit related fees

7,312

7,823

7,411

29,935

29,049

Trust revenue

3,318

3,277

2,959

13,025

12,394

Loan related fees

467

1,283

1,119

3,792

6,185

Securities gains (losses)

258

355

117

996

(168

)

Other noninterest income

2,316

2,653

1,991

9,516

8,931

Total noninterest income

13,725

15,496

13,771

57,659

57,916

Personnel expense

18,445

18,053

17,872

73,711

72,490

Occupancy and equipment

3,045

2,875

2,576

11,843

11,083

Data processing expense

2,630

2,410

2,344

9,726

8,910

FDIC insurance premiums

655

612

374

2,483

1,447

Other noninterest expense

6,853

6,897

7,093

27,627

27,141

Total noninterest expense

31,628

30,847

30,259

125,390

121,071

Net income before taxes

23,257

25,918

26,717

98,568

101,042

Income taxes

4,598

5,290

4,274

20,564

19,228

Net income

$

18,659

$

20,628

$

22,443

$

78,004

$

81,814

Memo: TEQ interest income

$

73,626

$

69,797

$

57,707

$

269,841

$

198,698

Average shares outstanding

17,901

17,893

17,848

17,887

17,836

Diluted average shares outstanding

17,926

17,904

17,872

17,900

17,851

Basic earnings per share

$

1.04

$

1.15

$

1.26

$

4.36

$

4.59

Diluted earnings per share

$

1.04

$

1.15

$

1.26

$

4.36

$

4.58

Dividends per share

$

0.46

$

0.46

$

0.44

$

1.80

$

1.68

Average balances:

Loans

$

4,022,547

$

3,952,096

$

3,662,221

$

3,888,585

$

3,552,941

Earning assets

5,377,827

5,274,542

5,079,176

5,244,128

5,129,345

Total assets

5,713,977

5,603,586

5,412,752

5,572,141

5,438,696

Deposits, including repurchase agreements

4,916,208

4,750,448

4,682,014

4,771,106

4,688,976

Interest bearing liabilities

3,687,660

3,567,343

3,321,914

3,514,142

3,351,221

Shareholders' equity

674,349

665,129

617,338

663,664

642,423

Performance ratios:

Return on average assets

1.30

%

1.46

%

1.64

%

1.40

%

1.50

%

Return on average equity

10.98

%

12.30

%

14.42

%

11.75

%

12.73

%

Yield on average earning assets (tax equivalent)

5.43

%

5.25

%

4.51

%

5.15

%

3.87

%

Cost of interest bearing funds (tax equivalent)

3.27

%

2.93

%

1.52

%

2.72

%

0.85

%

Net interest margin (tax equivalent)

3.19

%

3.27

%

3.51

%

3.32

%

3.32

%

Efficiency ratio (tax equivalent)

55.74

%

52.66

%

51.81

%

54.29

%

53.12

%

Loan charge-offs

$

2,529

$

2,012

$

1,995

$

8,259

$

5,346

Recoveries

(1,538

)

(842

)

(2,004

)

(5,010

)

(4,666

)

Net charge-offs

$

991

$

1,170

$

(9

)

$

3,249

$

680

Market Price:

High

$

45.74

$

39.86

$

48.05

$

47.35

$

48.05

Low

$

33.91

$

33.48

$

40.81

$

32.68

$

39.10

Close

$

43.86

$

34.26

$

45.93

$

43.86

$

45.93

As of

As of

As of

December 31, 2023

September 30, 2023

December 31, 2022

Assets:

Loans

$

4,050,906

$

3,985,019

$

3,709,290

Loan loss reserve

(49,543

)

(48,719

)

(45,981

)

Net loans

4,001,363

3,936,300

3,663,309

Loans held for sale

152

-

109

Securities AFS

1,163,724

1,135,878

1,256,226

Equity securities at fair value

3,158

2,900

2,166

Other equity investments

9,599

12,557

11,563

Other earning assets

214,664

152,064

79,475

Cash and due from banks

58,833

69,291

51,306

Premises and equipment

45,311

44,962

42,633

Right of use asset

15,703

16,100

17,071

Goodwill and core deposit intangible

65,490

65,490

65,490

Other assets

191,699

199,390

190,968

Total Assets

$

5,769,696

$

5,634,932

$

5,380,316

Liabilities and Equity:

Interest bearing checking

$

123,927

$

125,107

$

112,265

Savings deposits

2,060,600

1,969,499

2,003,189

CD's >=$100,000

704,222

666,808

471,934

Other time deposits

575,183

552,289

443,840

Total interest bearing deposits

3,463,932

3,313,703

3,031,228

Noninterest bearing deposits

1,260,690

1,314,189

1,394,915

Total deposits

4,724,622

4,627,892

4,426,143

Repurchase agreements

225,245

232,577

215,431

Other interest bearing liabilities

65,075

65,136

58,696

Lease liability

16,393

16,801

17,628

Other noninterest bearing liabilities

36,153

39,492

34,371

Total liabilities

5,067,488

4,981,898

4,752,269

Shareholders' equity

702,208

653,034

628,047

Total Liabilities and Equity

$

5,769,696

$

5,634,932

$

5,380,316

Ending shares outstanding

18,000

17,991

17,918

30 - 89 days past due loans

$

15,343

$

12,098

$

15,303

90 days past due loans

9,920

8,069

8,496

Nonaccrual loans

4,048

4,916

6,813

Foreclosed properties

1,616

2,175

3,671

Community bank leverage ratio

13.69

%

13.78

%

13.55

%

Tangible equity to tangible assets ratio

11.16

%

10.55

%

10.58

%

FTE employees

967

951

985

View source version on businesswire.com: https://www.businesswire.com/news/home/20240117725422/en/

Contacts

MARK A. GOOCH, VICE CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

Advertisement

Recommended Stories