Kentucky
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61-0979818
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(State or other jurisdiction of
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(IRS Employer Identification Number)
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incorporation or organization)
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346 North Mayo Trail
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Pikeville, Kentucky
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41501
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(Address of principal executive offices)
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(Zip code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press release, dated April 18, 2012
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COMMUNITY TRUST BANCORP, INC. | |||
Date: April 18, 2012
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By:
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/s/ Jean R. Hale | |
Jean R. Hale | |||
Chairman, President and Chief Executive Officer | |||
Exhibit No.
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Description
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99.1
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Press release, dated April 18, 2012
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Earnings Summary
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||||||||||||
(in thousands except per share data)
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1Q 2012 | 4Q 2011 | 1Q 2011 | |||||||||
Net income
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$ | 11,869 | $ | 9,888 | $ | 9,304 | ||||||
Earnings per share
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$ | 0.77 | $ | 0.64 | $ | 0.61 | ||||||
Earnings per share - diluted
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$ | 0.77 | $ | 0.64 | $ | 0.61 | ||||||
Return on average assets
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1.32 | % | 1.09 | % | 1.11 | % | ||||||
Return on average equity
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12.72 | % | 10.71 | % | 10.96 | % | ||||||
Efficiency ratio
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57.70 | % | 60.15 | % | 60.78 | % | ||||||
Tangible common equity
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8.55 | % | 8.52 | % | 8.19 | % | ||||||
Dividends declared per share
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$ | 0.31 | $ | 0.31 | $ | 0.305 | ||||||
Book value per share
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$ | 24.15 | $ | 23.78 | $ | 22.38 | ||||||
Weighted average shares
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15,407 | 15,332 | 15,294 | |||||||||
Weighted average shares - diluted
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15,456 | 15,384 | 15,324 |
v
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CTBI's basic earnings per share for the quarter increased $0.16 per share from first quarter 2011 and were $0.13 per share above fourth quarter 2011. The increase in earnings was supported by increased net interest income and decreased provision for loan loss and noninterest expense. Noninterest income increased from prior year first quarter, but decreased from prior quarter.
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v
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Net interest income increased $0.4 million from prior year first quarter as average earning assets increased 6.1%. Due to increased liquidity and changes in earning asset mix, CTBI’s quarterly net interest margin of 4.05% was a decrease from 4.27% for the quarter ended March 31, 2011; however, the margin improved 7 basis points from prior quarter.
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v
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Nonperforming loans at $34.6 million decreased from $57.4 million at March 31, 2011 and $37.3 million at December 31, 2011. Nonperforming assets at $93.2 million decreased $11.9 million from prior year and $0.6 million from prior quarter.
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v
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Net loan charge-offs for the quarter ended March 31, 2012 were $1.2 million, or 0.18% of average loans annualized, compared to $4.0 million, or 0.63%, experienced for the first quarter 2011 and prior quarter’s $4.9 million, or 0.75%.
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v
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Our loan loss provision for the quarter decreased $3.2 million from prior year first quarter and $1.9 million from prior quarter as net charge-offs declined $2.9 million and $3.7 million, respectively, for the same periods, while our loan portfolio decreased $43.9 million from prior year and $14.4 million from prior quarter.
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v
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Our loan loss reserve as a percentage of total loans outstanding remained at 1.30% from December 31, 2011 to March 31, 2012, a decrease from the 1.36% at March 31, 2011. Our reserve coverage (allowance for loan loss reserve to nonperforming loans) continued to improve to 95.9% at March 31, 2012 compared to 61.3% at March 31, 2011 and 89.0% at December 31, 2011. Several of the matrices and factors utilized in evaluating the adequacy of our loan loss reserve also continued to show significant improvement, including the level of past dues and nonperforming loans.
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v
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Noninterest income increased 4.2% for the quarter ended March 31, 2012 compared to the same period in 2011 with increases in gains on sales of loans and loan related fees but decreased 3.2% compared to prior quarter as these increases were offset by a decline in deposit service charges.
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v
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Noninterest expense for the quarter ended March 31, 2012 decreased 3.0% from prior year first quarter and 4.2% from prior quarter.
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v
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Our investment portfolio increased $203.6 million from prior year and $86.6 million during the quarter.
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v
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Deposits, including repurchase agreements, increased $186.1 million from prior year and $77.3 million from prior quarter.
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v
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Our tangible common equity/tangible assets ratio remains strong at 8.55%.
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Community Trust Bancorp, Inc.
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||||||||||||
Financial Summary (Unaudited)
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||||||||||||
March 31, 2012
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||||||||||||
(in thousands except per share data)
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||||||||||||
Three
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Three
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Three
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||||||||||
Months
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Months
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Months
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||||||||||
Ended
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Ended
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Ended
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||||||||||
March 31, 2012
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December 31, 2011
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March 31, 2011
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||||||||||
Interest income
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$ | 38,826 | $ | 39,051 | $ | 39,860 | ||||||
Interest expense
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5,820 | 6,143 | 7,286 | |||||||||
Net interest income
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33,006 | 32,908 | 32,574 | |||||||||
Loan loss provision
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1,160 | 3,040 | 4,387 | |||||||||
Gains on sales of loans
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617 | 583 | 381 | |||||||||
Deposit service charges
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5,872 | 6,577 | 5,880 | |||||||||
Trust revenue
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1,613 | 1,564 | 1,616 | |||||||||
Loan related fees
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1,287 | 763 | 883 | |||||||||
Securities gains
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- | 218 | - | |||||||||
Other noninterest income
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1,798 | 1,854 | 1,978 | |||||||||
Total noninterest income
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11,187 | 11,559 | 10,738 | |||||||||
Personnel expense
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12,813 | 11,754 | 12,084 | |||||||||
Occupancy and equipment
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2,771 | 2,855 | 2,965 | |||||||||
FDIC insurance premiums
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657 | 638 | 1,124 | |||||||||
Amortization of core deposit intangible
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53 | 53 | 53 | |||||||||
Other noninterest expense
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9,456 | 11,567 | 10,321 | |||||||||
Total noninterest expense
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25,750 | 26,867 | 26,547 | |||||||||
Net income before taxes
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17,283 | 14,560 | 12,378 | |||||||||
Income taxes
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5,414 | 4,672 | 3,074 | |||||||||
Net income
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$ | 11,869 | $ | 9,888 | $ | 9,304 | ||||||
Memo: TEQ interest income
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$ | 39,264 | $ | 39,468 | $ | 40,226 | ||||||
Average shares outstanding
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15,407 | 15,332 | 15,294 | |||||||||
Diluted average shares outstanding
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15,456 | 15,384 | 15,324 | |||||||||
Basic earnings per share
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$ | 0.77 | $ | 0.64 | $ | 0.61 | ||||||
Diluted earnings per share
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$ | 0.77 | $ | 0.64 | $ | 0.61 | ||||||
Dividends per share
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$ | 0.31 | $ | 0.31 | $ | 0.305 | ||||||
Average balances:
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||||||||||||
Loans, net of unearned income
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$ | 2,558,550 | $ | 2,566,047 | $ | 2,594,746 | ||||||
Earning assets
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3,319,597 | 3,320,294 | 3,130,203 | |||||||||
Total assets
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3,610,086 | 3,611,517 | 3,406,604 | |||||||||
Deposits
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2,900,015 | 2,868,998 | 2,750,785 | |||||||||
Interest bearing liabilities
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2,605,423 | 2,593,362 | 2,491,141 | |||||||||
Shareholders' equity
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375,330 | 366,352 | 344,380 | |||||||||
Performance ratios:
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||||||||||||
Return on average assets
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1.32 | % | 1.09 | % | 1.11 | % | ||||||
Return on average equity
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12.72 | % | 10.71 | % | 10.96 | % | ||||||
Yield on average earning assets (tax equivalent)
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4.76 | % | 4.72 | % | 5.21 | % | ||||||
Cost of interest bearing funds (tax equivalent)
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0.90 | % | 0.94 | % | 1.19 | % | ||||||
Net interest margin (tax equivalent)
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4.05 | % | 3.98 | % | 4.27 | % | ||||||
Efficiency ratio (tax equivalent)
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57.70 | % | 60.15 | % | 60.78 | % | ||||||
Loan charge-offs
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$ | 2,126 | $ | 5,446 | $ | 4,662 | ||||||
Recoveries
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(967 | ) | (578 | ) | (622 | ) | ||||||
Net charge-offs
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$ | 1,159 | $ | 4,868 | $ | 4,040 | ||||||
Market Price:
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||||||||||||
High
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$ | 32.67 | $ | 29.99 | $ | 30.35 | ||||||
Low
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29.13 | 22.28 | 27.03 | |||||||||
Close
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32.07 | 29.42 | 27.67 |
Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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March 31, 2012
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(in thousands except per share data)
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As of
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As of
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As of
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||||||||||
March 31, 2012
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December 31, 2011
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March 31, 2011
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||||||||||
Assets:
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||||||||||||
Loans, net of unearned
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$ | 2,542,168 | $ | 2,556,548 | $ | 2,586,048 | ||||||
Loan loss reserve
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(33,172 | ) | (33,171 | ) | (35,152 | ) | ||||||
Net loans
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2,508,996 | 2,523,377 | 2,550,896 | |||||||||
Loans held for sale
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1,642 | 536 | 952 | |||||||||
Securities AFS
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613,978 | 527,398 | 410,330 | |||||||||
Securities HTM
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1,662 | 1,662 | 1,662 | |||||||||
Other equity investments
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30,557 | 30,556 | 30,141 | |||||||||
Other earning assets
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188,824 | 182,484 | 146,042 | |||||||||
Cash and due from banks
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69,240 | 69,723 | 71,545 | |||||||||
Premises and equipment
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54,725 | 54,297 | 56,174 | |||||||||
Goodwill and core deposit intangible
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66,553 | 66,607 | 66,766 | |||||||||
Other assets
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137,836 | 134,539 | 124,763 | |||||||||
Total Assets
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$ | 3,674,013 | $ | 3,591,179 | $ | 3,459,271 | ||||||
Liabilities and Equity:
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NOW accounts
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$ | 19,499 | $ | 19,113 | $ | 22,688 | ||||||
Savings deposits
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846,797 | 821,036 | 745,965 | |||||||||
CD's >=$100,000
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648,829 | 647,557 | 625,750 | |||||||||
Other time deposits
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803,135 | 805,918 | 834,288 | |||||||||
Total interest bearing deposits
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2,318,260 | 2,293,624 | 2,228,691 | |||||||||
Noninterest bearing deposits
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629,293 | 584,735 | 563,544 | |||||||||
Total deposits
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2,947,553 | 2,878,359 | 2,792,235 | |||||||||
Repurchase agreements
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225,301 | 217,177 | 194,472 | |||||||||
Other interest bearing liabilities
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83,656 | 96,054 | 97,685 | |||||||||
Noninterest bearing liabilities
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42,507 | 32,723 | 30,367 | |||||||||
Total liabilities
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3,299,017 | 3,224,313 | 3,114,759 | |||||||||
Shareholders' equity
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374,996 | 366,866 | 344,512 | |||||||||
Total Liabilities and Equity
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$ | 3,674,013 | $ | 3,591,179 | $ | 3,459,271 | ||||||
Ending shares outstanding
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15,527 | 15,430 | 15,395 | |||||||||
Memo: Market value of HTM securities
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$ | 1,664 | $ | 1,661 | $ | 1,664 | ||||||
30 - 89 days past due loans
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$ | 19,406 | $ | 21,721 | $ | 30,587 | ||||||
90 days past due loans
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12,828 | 11,515 | 18,387 | |||||||||
Nonaccrual loans
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21,769 | 25,753 | 39,002 | |||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
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26,536 | 19,305 | 14,505 | |||||||||
Foreclosed properties
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58,602 | 56,545 | 47,667 | |||||||||
Other repossessed assets
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34 | 58 | 107 | |||||||||
Tier 1 leverage ratio
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10.17 | % | 9.89 | % | 9.97 | % | ||||||
Tier 1 risk based ratio
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14.24 | % | 13.88 | % | 13.10 | % | ||||||
Total risk based ratio
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15.49 | % | 15.14 | % | 14.35 | % | ||||||
Tangible equity to tangible assets ratio
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8.55 | % | 8.52 | % | 8.19 | % | ||||||
FTE employees
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1,021 | 1,015 | 1,019 |
Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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March 31, 2012
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(in thousands except per share data)
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Community Trust Bancorp, Inc. reported earnings for the three months ending March 31, 2012 and 2011 as follows:
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Three Months Ended
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||||||||
March 31
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||||||||
2012
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2011
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Net income
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$ | 11,869 | $ | 9,304 | ||||
Basic earnings per share
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$ | 0.77 | $ | 0.61 | ||||
Diluted earnings per share
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$ | 0.77 | $ | 0.61 | ||||
Average shares outstanding
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15,407 | 15,294 | ||||||
Total assets (end of period)
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$ | 3,674,013 | $ | 3,459,271 | ||||
Return on average equity
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12.72 | % | 10.96 | % | ||||
Return on average assets
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1.32 | % | 1.11 | % | ||||
Provision for loan losses
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$ | 1,160 | $ | 4,387 | ||||
Gains on sales of loans
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$ | 617 | $ | 381 |