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 October 16, 2013
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COMMUNITY TRUST BANCORP, INC. | |||
Date: October 16, 2013
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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 October 16, 2013
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Earnings Summary
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||||||||||||||||||||
(in thousands except per share data)
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3Q
2013
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2Q
2013
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3Q
2012
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9 Months
2013
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9 Months
2012
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|||||||||||||||
Net income
|
$ | 12,653 | $ | 11,942 | $ | 10,209 | $ | 36,415 | $ | 34,310 | ||||||||||
Earnings per share
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$ | 0.81 | $ | 0.77 | $ | 0.66 | $ | 2.34 | $ | 2.22 | ||||||||||
Earnings per share - diluted
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$ | 0.81 | $ | 0.76 | $ | 0.66 | $ | 2.33 | $ | 2.21 | ||||||||||
Return on average assets
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1.38 | % | 1.31 | % | 1.11 | % | 1.33 | % | 1.26 | % | ||||||||||
Return on average equity
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12.39 | % | 11.76 | % | 10.26 | % | 11.99 | % | 11.89 | % | ||||||||||
Efficiency ratio
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54.80 | % | 55.21 | % | 58.19 | % | 55.89 | % | 56.95 | % | ||||||||||
Tangible common equity
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9.57 | % | 9.35 | % | 9.22 | % | ||||||||||||||
Dividends declared per share
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$ | 0.320 | $ | 0.315 | $ | 0.315 | $ | 0.950 | $ | 0.935 | ||||||||||
Book value per share
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$ | 26.03 | $ | 25.56 | $ | 25.38 | ||||||||||||||
Weighted average shares
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15,594 | 15,565 | 15,491 | 15,566 | 15,450 | |||||||||||||||
Weighted average shares - diluted
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15,688 | 15,641 | 15,555 | 15,647 | 15,501 |
v
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CTBI’s basic earnings per share for the quarter increased $0.15 per share from the third quarter 2012 and $0.04 per share from the second quarter 2013. Year-to-date basic earnings per share increased $0.12 per share from prior year.
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v
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Net interest income for the quarter increased 3.3% from prior year third quarter and 2.4% from prior quarter as our net interest margin increased 11 basis points and 8 basis points, respectively, for those time periods. Average earning assets remained relatively stable from third quarter 2012 but decreased 0.6% from prior quarter. Net interest income for the nine months ended September 30, 2013 increased 2.4% from prior year.
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v
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Nonperforming loans at $42.3 million increased $8.2 million from September 30, 2012 and $0.7 million from June 30, 2013. Nonperforming assets at $84.7 million decreased $4.9 million from September 30, 2012 but increased $0.1 million from June 30, 2013.
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v
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Net loan charge-offs for the quarter ended September 30, 2013 were $1.7 million, or 0.26% of average loans annualized, compared to $2.9 million, or 0.45%, experienced for the third quarter 2012 and $3.5 million, or 0.54%, for the second quarter 2013. Year-to-date net charge-offs were $6.6 million, or 0.34%, compared to $6.5 million, or 0.34%, for the nine months ended September 30, 2012.
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v
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Our loan loss provision for the quarter decreased $0.8 million from prior year third quarter and $1.5 million from prior quarter. Year-to-date provision expense of $7.3 million is $0.8 million higher than 2012.
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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 September 30, 2012 to September 30, 2013. Our reserve coverage (allowance for loan loss reserve to nonperforming loans) at September 30, 2013 was 80.5% compared to 97.5% at September 30, 2012 and 80.8% at June 30, 2013.
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v
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Noninterest income increased 11.4% for the quarter ended September 30, 2013 compared to the same period in 2012 but decreased 9.1% from prior quarter. Noninterest income for the nine months ended September 30, 2013 increased 9.6%. The increase year over year in noninterest income included increases in gains on sales of loans, deposit service charges, trust revenue, loan related fees, and bank owned life insurance income, offset slightly by a decrease in securities gains; although, each of these areas saw declines quarter over quarter except deposit service charges.
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v
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Noninterest expense for the quarter ended September 30, 2013 decreased 0.9% from prior year third quarter and 1.5% from prior quarter. Noninterest expense for the nine months ended September 30, 2013 increased 2.9% from prior year. The year over year increase from prior year resulted primarily from increases in personnel expense, data processing expense, and other real estate owned expense. The quarter over quarter decrease is primarily due to decreased other real estate owned expense.
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v
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Our loan portfolio increased $64.8 million from September 30, 2012 and $31.6 million during the quarter.
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v
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Our investment portfolio increased $42.7 million from September 30, 2012 but declined $23.4 million during the quarter.
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v
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Deposits, including repurchase agreements, declined $41.3 million from September 30, 2012 and $37.9 million during the quarter.
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v
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Other interest bearing liabilities increased $30 million at the end of the quarter due to an FHLB advance which matured and was paid on October 2, 2013.
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v
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Our tangible common equity/tangible assets ratio remains strong at 9.57%.
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Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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September 30, 2013
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(in thousands except per share data and # of employees)
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Three
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Three
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Three
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Nine
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Nine
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||||||||||||||||
Months
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Months
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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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Ended
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Ended
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||||||||||||||||
September 30, 2013
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June 30, 2013
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September 30, 2012
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September 30, 2013
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September 30, 2012
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||||||||||||||||
Interest income
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$ | 37,455 | $ | 36,783 | $ | 38,450 | $ | 111,014 | $ | 115,631 | ||||||||||
Interest expense
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3,305 | 3,441 | 5,404 | 10,325 | 17,260 | |||||||||||||||
Net interest income
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34,150 | 33,342 | 33,046 | 100,689 | 98,371 | |||||||||||||||
Loan loss provision
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2,129 | 3,661 | 2,919 | 7,349 | 6,504 | |||||||||||||||
Gains on sales of loans
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653 | 755 | 660 | 2,805 | 1,982 | |||||||||||||||
Deposit service charges
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6,349 | 6,182 | 6,038 | 18,298 | 17,865 | |||||||||||||||
Trust revenue
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2,005 | 2,023 | 1,734 | 6,028 | 5,169 | |||||||||||||||
Loan related fees
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1,088 | 1,496 | 631 | 3,532 | 2,528 | |||||||||||||||
Securities gains
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(23 | ) | (8 | ) | - | (31 | ) | 819 | ||||||||||||
Other noninterest income
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1,999 | 2,826 | 1,775 | 6,633 | 5,651 | |||||||||||||||
Total noninterest income
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12,071 | 13,274 | 10,838 | 37,265 | 34,014 | |||||||||||||||
Personnel expense
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13,248 | 13,214 | 13,285 | 39,444 | 38,500 | |||||||||||||||
Occupancy and equipment
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2,865 | 2,960 | 2,926 | 8,730 | 8,551 | |||||||||||||||
FDIC insurance premiums
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624 | 637 | 643 | 1,863 | 1,913 | |||||||||||||||
Amortization of core deposit intangible
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53 | 53 | 53 | 160 | 160 | |||||||||||||||
Other noninterest expense
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8,801 | 9,123 | 8,906 | 27,680 | 26,587 | |||||||||||||||
Total noninterest expense
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25,591 | 25,987 | 25,813 | 77,877 | 75,711 | |||||||||||||||
Net income before taxes
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18,501 | 16,968 | 15,152 | 52,728 | 50,170 | |||||||||||||||
Income taxes
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5,848 | 5,026 | 4,943 | 16,313 | 15,860 | |||||||||||||||
Net income
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$ | 12,653 | $ | 11,942 | $ | 10,209 | $ | 36,415 | $ | 34,310 | ||||||||||
Memo: TEQ interest income
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$ | 37,905 | $ | 37,230 | $ | 38,922 | $ | 112,356 | $ | 117,007 | ||||||||||
Average shares outstanding
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15,594 | 15,565 | 15,491 | 15,566 | 15,450 | |||||||||||||||
Diluted average shares outstanding
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15,688 | 15,641 | 15,555 | 15,647 | 15,501 | |||||||||||||||
Basic earnings per share
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$ | 0.81 | $ | 0.77 | $ | 0.66 | $ | 2.34 | $ | 2.22 | ||||||||||
Diluted earnings per share
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$ | 0.81 | $ | 0.76 | $ | 0.66 | $ | 2.33 | $ | 2.21 | ||||||||||
Dividends per share
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$ | 0.320 | $ | 0.315 | $ | 0.315 | $ | 0.950 | $ | 0.935 | ||||||||||
Average balances:
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||||||||||||||||||||
Loans
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$ | 2,596,805 | $ | 2,566,536 | $ | 2,542,832 | $ | 2,572,096 | $ | 2,547,890 | ||||||||||
Earning assets
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3,372,755 | 3,393,342 | 3,371,420 | 3,386,571 | 3,348,807 | |||||||||||||||
Total assets
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3,638,742 | 3,665,249 | 3,650,422 | 3,654,547 | 3,635,890 | |||||||||||||||
Deposits, including repurchase agreements
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3,121,466 | 3,139,180 | 3,145,049 | 3,132,032 | 3,138,332 | |||||||||||||||
Interest bearing liabilities
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2,578,567 | 2,597,011 | 2,611,981 | 2,591,766 | 2,614,379 | |||||||||||||||
Shareholders' equity
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405,043 | 407,203 | 395,902 | 405,930 | 385,526 | |||||||||||||||
Performance ratios:
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||||||||||||||||||||
Return on average assets
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1.38 | % | 1.31 | % | 1.11 | % | 1.33 | % | 1.26 | % | ||||||||||
Return on average equity
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12.39 | % | 11.76 | % | 10.26 | % | 11.99 | % | 11.89 | % | ||||||||||
Yield on average earning assets (tax equivalent)
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4.46 | % | 4.40 | % | 4.59 | % | 4.44 | % | 4.67 | % | ||||||||||
Cost of interest bearing funds (tax equivalent)
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0.51 | % | 0.53 | % | 0.82 | % | 0.53 | % | 0.88 | % | ||||||||||
Net interest margin (tax equivalent)
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4.07 | % | 3.99 | % | 3.96 | % | 4.03 | % | 3.98 | % | ||||||||||
Efficiency ratio (tax equivalent)
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54.80 | % | 55.21 | % | 58.19 | % | 55.89 | % | 56.95 | % | ||||||||||
Loan charge-offs
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$ | 2,519 | $ | 4,115 | $ | 3,664 | $ | 8,822 | $ | 8,997 | ||||||||||
Recoveries
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(802 | ) | (662 | ) | (800 | ) | (2,241 | ) | (2,511 | ) | ||||||||||
Net charge-offs
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$ | 1,717 | $ | 3,453 | $ | 2,864 | $ | 6,581 | $ | 6,486 | ||||||||||
Market Price:
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High
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$ | 41.54 | $ | 36.60 | $ | 36.92 | $ | 41.54 | $ | 36.92 | ||||||||||
Low
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$ | 35.80 | $ | 32.15 | $ | 33.15 | $ | 32.15 | $ | 29.13 | ||||||||||
Close
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$ | 40.59 | $ | 35.62 | $ | 35.53 | $ | 40.59 | $ | 35.53 |
Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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September 30, 2013
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(in thousands except per share data and # of employees)
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As of
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As of
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As of
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||||||||||
September 30, 2013
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June 30, 2013
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September 30, 2012
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||||||||||
Assets:
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Loans
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$ | 2,616,365 | $ | 2,584,801 | $ | 2,551,537 | ||||||
Loan loss reserve
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(34,013 | ) | (33,601 | ) | (33,189 | ) | ||||||
Net loans
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2,582,352 | 2,551,200 | 2,518,348 | |||||||||
Loans held for sale
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768 | 2,991 | 771 | |||||||||
Securities AFS
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663,916 | 687,362 | 621,230 | |||||||||
Securities HTM
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1,662 | 1,662 | 1,662 | |||||||||
Other equity investments
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30,559 | 30,559 | 30,558 | |||||||||
Other earning assets
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46,156 | 63,071 | 153,663 | |||||||||
Cash and due from banks
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74,252 | 56,100 | 59,480 | |||||||||
Premises and equipment
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51,898 | 52,703 | 55,068 | |||||||||
Goodwill and core deposit intangible
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66,234 | 66,287 | 66,447 | |||||||||
Other assets
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126,057 | 126,316 | 134,304 | |||||||||
Total Assets
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$ | 3,643,854 | $ | 3,638,251 | $ | 3,641,531 | ||||||
Liabilities and Equity:
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||||||||||||
NOW accounts
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$ | 26,889 | $ | 28,191 | $ | 22,200 | ||||||
Savings deposits
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864,073 | 874,800 | 848,068 | |||||||||
CD's >=$100,000
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627,347 | 641,979 | 647,433 | |||||||||
Other time deposits
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739,179 | 752,752 | 794,159 | |||||||||
Total interest bearing deposits
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2,257,488 | 2,297,722 | 2,311,860 | |||||||||
Noninterest bearing deposits
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616,796 | 624,451 | 599,984 | |||||||||
Total deposits
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2,874,284 | 2,922,173 | 2,911,844 | |||||||||
Repurchase agreements
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214,755 | 204,735 | 218,511 | |||||||||
Other interest bearing liabilities
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106,590 | 76,763 | 71,634 | |||||||||
Noninterest bearing liabilities
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39,548 | 34,236 | 43,445 | |||||||||
Total liabilities
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3,235,177 | 3,237,907 | 3,245,434 | |||||||||
Shareholders' equity
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408,677 | 400,344 | 396,097 | |||||||||
Total Liabilities and Equity
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$ | 3,643,854 | $ | 3,638,251 | $ | 3,641,531 | ||||||
Ending shares outstanding
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15,698 | 15,665 | 15,604 | |||||||||
Memo: Market value of HTM securities
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$ | 1,614 | $ | 1,621 | $ | 1,664 | ||||||
30 - 89 days past due loans
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$ | 23,274 | $ | 16,507 | $ | 21,539 | ||||||
90 days past due loans
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25,133 | 22,562 | 15,928 | |||||||||
Nonaccrual loans
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17,131 | 19,012 | 18,098 | |||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
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42,630 | 42,181 | 28,493 | |||||||||
Foreclosed properties
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42,481 | 43,080 | 55,551 | |||||||||
Other repossessed assets
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- | - | 25 | |||||||||
Tier 1 leverage ratio
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11.29 | % | 11.01 | % | 10.51 | % | ||||||
Tier 1 risk based ratio
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15.71 | % | 15.52 | % | 14.86 | % | ||||||
Total risk based ratio
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16.96 | % | 16.77 | % | 16.12 | % | ||||||
Tangible equity to tangible assets ratio
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9.57 | % | 9.35 | % | 9.22 | % | ||||||
FTE employees
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1,026 | 1,045 | 1,032 |
Community Trust Bancorp, Inc.
|
Financial Summary (Unaudited)
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September 30, 2013
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(in thousands except per share data and # of employees)
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Community Trust Bancorp, Inc. reported earnings for the three and nine months ending September 30, 2013 and 2012 as follows:
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||||||||||||||||
Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 30
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September 30
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|||||||||||||||
2013
|
2012
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2013
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2012
|
|||||||||||||
Net income
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$ | 12,653 | $ | 10,209 | $ | 36,415 | $ | 34,310 | ||||||||
Basic earnings per share
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$ | 0.81 | $ | 0.66 | $ | 2.34 | $ | 2.22 | ||||||||
Diluted earnings per share
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$ | 0.81 | $ | 0.66 | $ | 2.33 | $ | 2.21 | ||||||||
Average shares outstanding
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15,594 | 15,491 | 15,566 | 15,450 | ||||||||||||
Total assets (end of period)
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$ | 3,643,854 | $ | 3,641,531 | ||||||||||||
Return on average equity
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12.39 | % | 10.26 | % | 11.99 | % | 11.89 | % | ||||||||
Return on average assets
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1.38 | % | 1.11 | % | 1.33 | % | 1.26 | % | ||||||||
Provision for loan losses
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$ | 2,129 | $ | 2,919 | $ | 7,349 | $ | 6,504 | ||||||||
Gains on sales of loans
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$ | 653 | $ | 660 | $ | 2,805 | $ | 1,982 |