Kentucky
|
61-0979818
|
(State or other jurisdiction of
|
(IRS Employer Identification Number)
|
incorporation or organization)
|
|
346 North Mayo Trail
|
|
Pikeville, Kentucky
|
41501
|
(Address of principal executive offices)
|
(Zip code)
|
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1
|
Press Release dated October 21, 2015
|
COMMUNITY TRUST BANCORP, INC.
|
|||
Date: October 21, 2015
|
By:
|
/s/ Jean R. Hale
|
|
Jean R. Hale
|
|||
Chairman, President and Chief Executive Officer
|
|||
Exhibit No.
|
Description
|
99.1
|
Press Release dated October 21, 2015
|
Earnings Summary
|
||||||||||||||||||||
(in thousands except per share data)
|
3Q
2015
|
2Q
2015
|
3Q
2014
|
9 Months
2015
|
9 Months
2014
|
|||||||||||||||
Net income
|
$
|
11,222
|
$
|
12,402
|
$
|
10,924
|
$
|
34,562
|
$
|
33,259
|
||||||||||
Earnings per share
|
$
|
0.64
|
$
|
0.71
|
$
|
0.63
|
$
|
1.98
|
$
|
1.92
|
||||||||||
Earnings per share – diluted
|
$
|
0.64
|
$
|
0.71
|
$
|
0.63
|
$
|
1.98
|
$
|
1.91
|
||||||||||
Return on average assets
|
1.18
|
%
|
1.32
|
%
|
1.18
|
%
|
1.23
|
%
|
1.21
|
%
|
||||||||||
Return on average equity
|
9.50
|
%
|
10.78
|
%
|
9.89
|
%
|
9.99
|
%
|
10.31
|
%
|
||||||||||
Efficiency ratio
|
60.53
|
%
|
57.28
|
%
|
56.82
|
%
|
58.82
|
%
|
58.55
|
%
|
||||||||||
Tangible common equity
|
10.82
|
%
|
10.68
|
%
|
10.33
|
%
|
||||||||||||||
Dividends declared per share
|
$
|
0.310
|
$
|
0.300
|
$
|
0.300
|
$
|
0.910
|
$
|
0.881
|
||||||||||
Book value per share
|
$
|
26.87
|
$
|
26.39
|
$
|
25.14
|
||||||||||||||
Weighted average shares
|
17,440
|
17,421
|
17,326
|
17,420
|
17,317
|
|||||||||||||||
Weighted average shares - diluted
|
17,491
|
17,465
|
17,402
|
17,472
|
17,395
|
v
|
Our loan portfolio increased $136.6 million from September 30, 2014 and $27.6 million during the quarter.
|
v
|
Our investment portfolio decreased $56.9 million from September 30, 2014 and $4.5 million during the quarter.
|
v
|
Deposits, including repurchase agreements, increased $109.1 million from September 30, 2014 and $76.5 million during the quarter.
|
v
|
Interest bearing deposits in other banks increased $54.8 million from September 30, 2014 and $26.9 million during the quarter.
|
v
|
Nonperforming loans at $32.7 million decreased $15.8 million from September 30, 2014 and $0.7 million from June 30, 2015. Nonperforming assets at $67.5 million decreased $13.8 million from September 30, 2014 and $2.5 million from June 30, 2015.
|
v
|
Net loan charge-offs for the quarter ended September 30, 2015 were $2.2 million, or 0.31% of average loans annualized, compared to $2.8 million, or 0.42%, experienced for the third quarter 2014 and $1.7 million, or 0.25%, for the second quarter 2015.
|
v
|
CTBI's investments in low income housing and other community related investments provided tax credits to offset current income tax expense for the third quarter 2015 in the amount of $1.2 million compared to $0.3 million in the third quarter 2014 and $0.9 million in the second quarter 2015. Year-to-date credits used to offset current income tax expense totaled $2.4 million compared to $0.8 million for the first nine months of 2014. The amortization of our investment in these partnerships increased as well. Amortization for the third quarter 2015 totaled $1.0 million compared to $0.2 million for the third quarter 2014 and $0.7 million for the second quarter 2015. Year-to-date amortization was $2.0 million compared to $0.6 million for the first nine months of 2014.
|
v
|
In addition to the amortization expense mentioned above, noninterest expense for the quarter was impacted by an increase of $0.6 million in other real estate owned expense from same quarter last year and an increase of $0.5 million from prior quarter. Personnel expense for the quarter also increased $0.5 million from same quarter last year and $0.4 million from prior quarter. Year-to-date noninterest expense was impacted by a $1.1 million increase in personnel expense due to a $0.6 million increase in group medical and life insurance cost and a $0.5 million increase in the performance based bonus accrual year over year, in addition to the $1.4 million increase in amortization expense. The year-to-date increases were partially offset by a $0.7 million decrease in data processing expense and a $0.4 million decrease in other real estate owned expense.
|
Community Trust Bancorp, Inc.
|
||||||||||||
Financial Summary (Unaudited)
|
||||||||||||
September 30, 2015 | ||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||
As of
|
As of
|
As of
|
||||||||||
September 30, 2015
|
June 30, 2015
|
September 30, 2014
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$ 2,820,460
|
$ 2,792,831
|
$ 2,683,905
|
|||||||||
Loan loss reserve
|
(35,540)
|
(35,190)
|
(34,090)
|
|||||||||
Net loans
|
2,784,920
|
2,757,641
|
2,649,815
|
|||||||||
Loans held for sale
|
1,983
|
1,993
|
367
|
|||||||||
Securities AFS
|
576,713
|
581,236
|
633,572
|
|||||||||
Securities HTM
|
1,661
|
1,661
|
1,662
|
|||||||||
Other equity investments
|
22,814
|
22,814
|
22,814
|
|||||||||
Other earning assets
|
116,754
|
95,422
|
66,971
|
|||||||||
Cash and due from banks
|
54,041
|
58,118
|
62,510
|
|||||||||
Premises and equipment
|
48,541
|
48,833
|
50,604
|
|||||||||
Goodwill and core deposit intangible
|
65,821
|
65,861
|
66,020
|
|||||||||
Other assets
|
134,900
|
136,478
|
115,751
|
|||||||||
Total Assets
|
$ 3,808,148
|
$ 3,770,057
|
$ 3,670,086
|
|||||||||
Liabilities and Equity:
|
||||||||||||
NOW accounts
|
$ 32,249
|
$ 32,258
|
$ 33,208
|
|||||||||
Savings deposits
|
1,004,635
|
955,125
|
930,225
|
|||||||||
CD's >=$100,000
|
561,856
|
576,785
|
592,684
|
|||||||||
Other time deposits
|
638,832
|
646,945
|
685,964
|
|||||||||
Total interest bearing deposits
|
2,237,572
|
2,211,113
|
2,242,081
|
|||||||||
Noninterest bearing deposits
|
737,657
|
701,958
|
660,100
|
|||||||||
Total deposits
|
2,975,229
|
2,913,071
|
2,902,181
|
|||||||||
Repurchase agreements
|
256,153
|
241,776
|
220,095
|
|||||||||
Other interest bearing liabilities
|
71,640
|
124,673
|
73,654
|
|||||||||
Noninterest bearing liabilities
|
34,541
|
28,914
|
35,918
|
|||||||||
Total liabilities
|
3,337,563
|
3,308,434
|
3,231,848
|
|||||||||
Shareholders' equity
|
470,585
|
461,623
|
438,238
|
|||||||||
Total Liabilities and Equity
|
$ 3,808,148
|
$ 3,770,057
|
$ 3,670,086
|
|||||||||
Ending shares outstanding
|
17,513
|
17,489
|
17,431
|
|||||||||
Memo: Market value of HTM securities
|
$ 1,651
|
$ 1,641
|
$ 1,631
|
|||||||||
30 - 89 days past due loans
|
$ 18,812
|
$ 16,001
|
$ 20,877
|
|||||||||
90 days past due loans
|
18,001
|
16,915
|
19,607
|
|||||||||
Nonaccrual loans
|
14,722
|
16,486
|
28,951
|
|||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
|
43,081
|
42,447
|
44,794
|
|||||||||
Foreclosed properties
|
34,654
|
36,405
|
32,747
|
|||||||||
Other repossessed assets
|
136
|
157
|
5
|
|||||||||
Common equity Tier 1 capital
|
14.49%
|
14.35%
|
-
|
|||||||||
Tier 1 leverage ratio
|
12.40%
|
12.24%
|
11.97%
|
|||||||||
Tier 1 risk-based capital ratio
|
16.63%
|
16.51%
|
16.57%
|
|||||||||
Total risk based capital ratio
|
17.88%
|
17.76%
|
17.82%
|
|||||||||
Tangible equity to tangible assets ratio
|
10.82%
|
10.68%
|
10.33%
|
|||||||||
FTE employees
|
980
|
995
|
1,013
|