Earnings Summary
|
||||||||||||||||||||
(in thousands except per share data)
|
3Q
2019
|
2Q
2019
|
3Q
2018
|
9 Months
2019
|
9 Months
2018
|
|||||||||||||||
Net income
|
$
|
15,269
|
$
|
18,324
|
$
|
16,106
|
$
|
48,532
|
$
|
43,519
|
||||||||||
Earnings per share
|
$
|
0.86
|
$
|
1.03
|
$
|
0.91
|
$
|
2.74
|
$
|
2.46
|
||||||||||
Earnings per share - diluted
|
$
|
0.86
|
$
|
1.03
|
$
|
0.91
|
$
|
2.74
|
$
|
2.46
|
||||||||||
Return on average assets
|
1.40
|
%
|
1.69
|
%
|
1.52
|
%
|
1.50
|
%
|
1.39
|
%
|
||||||||||
Return on average equity
|
10.02
|
%
|
12.45
|
%
|
11.62
|
%
|
11.01
|
%
|
10.72
|
%
|
||||||||||
Efficiency ratio
|
61.16
|
%
|
62.22
|
%
|
57.33
|
%
|
61.32
|
%
|
60.88
|
%
|
||||||||||
Tangible common equity
|
12.64
|
%
|
12.27
|
%
|
11.80
|
%
|
||||||||||||||
Dividends declared per share
|
$
|
0.38
|
$
|
0.36
|
$
|
0.36
|
$
|
1.10
|
$
|
1.02
|
||||||||||
Book value per share
|
$
|
34.06
|
$
|
33.46
|
$
|
31.04
|
||||||||||||||
Weighted average shares
|
17,726
|
17,721
|
17,691
|
17,720
|
17,683
|
|||||||||||||||
Weighted average shares - diluted
|
17,743
|
17,733
|
17,710
|
17,733
|
17,700
|
❖
|
Net interest income for the quarter of $36.5 million was $0.5 million, or 1.4%, above prior quarter and $0.4 million, or 1.1%,
above third quarter 2018.
|
❖
|
Provision for loan losses for the quarter ended September 30, 2019 decreased $0.3 million from prior quarter and $0.3 million
from prior year same quarter.
|
❖
|
Our loan portfolio increased $22.6 million, an annualized 2.8%, during the quarter and $36.9 million, or 1.2%, from September
30, 2018.
|
❖
|
Net loan charge-offs for the quarter ended September 30, 2019 were $1.4 million, or 0.18% of average loans annualized, compared
to $1.6 million, or 0.20%, experienced for the second quarter 2019 and $1.5 million, or 0.19%, for the third quarter 2018.
|
❖
|
Nonperforming loans at $31.4 million increased $7.4 million from June 30, 2019 and $10.4 million from September 30, 2018. While
both the 30-89 days past due and nonaccrual loan categories decreased for the quarter, our loans 90+ days past due increased $9.3 million from prior quarter and $12.3 million from prior year same quarter. Nonperforming assets at $51.3
million increased $4.7 million from June 30, 2019 and $0.5 million from September 30, 2018.
|
❖
|
Deposits, including repurchase agreements, decreased $52.1 million, an annualized 5.6%, during the quarter but increased $93.7
million, or 2.7%, from September 30, 2018.
|
❖
|
Noninterest income for the quarter ended September 30, 2019 of $12.4 million was a $0.1 million increase over prior quarter, but
a decrease of $0.3 million, or 2.2%, from prior year same quarter.
|
❖
|
Noninterest expense for the quarter ended September 30, 2019 of $29.9 million decreased $0.1 million, or 0.5%, from prior
quarter, but increased $1.8 million, or 6.3%, from prior year same quarter.
|
❖
|
The variance in income tax expense from prior quarter is a result of the $3.6 million reversal of the valuation allowance on our
deferred tax asset for CTBI’s net operating losses, as a result of the enactment of Kentucky HB458, which was discussed in further detail in our prior quarter filings.
|
Community Trust Bancorp, Inc.
|
||||||||||||||||||||
Financial Summary (Unaudited)
|
||||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||||||||||
Three
|
Three
|
Three
|
Nine
|
Nine
|
||||||||||||||||
Months
|
Months
|
Months
|
Months
|
Months
|
||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||
September 30, 2019
|
June 30, 2019
|
September 30, 2018
|
September 30, 2019
|
September 30, 2018
|
||||||||||||||||
Interest income
|
$
|
46,987
|
$
|
46,817
|
$
|
43,607
|
$
|
139,693
|
$
|
126,212
|
||||||||||
Interest expense
|
10,468
|
10,790
|
7,471
|
31,164
|
20,337
|
|||||||||||||||
Net interest income
|
36,519
|
36,027
|
36,136
|
108,529
|
105,875
|
|||||||||||||||
Loan loss provision
|
1,253
|
1,563
|
1,543
|
3,006
|
4,418
|
|||||||||||||||
Gains on sales of loans
|
450
|
518
|
319
|
1,298
|
902
|
|||||||||||||||
Deposit service charges
|
6,859
|
6,525
|
6,671
|
19,504
|
19,372
|
|||||||||||||||
Trust revenue
|
2,725
|
2,765
|
2,836
|
8,065
|
8,650
|
|||||||||||||||
Loan related fees
|
622
|
440
|
1,022
|
1,635
|
3,085
|
|||||||||||||||
Securities gains (losses)
|
14
|
204
|
(2
|
)
|
574
|
(288
|
)
|
|||||||||||||
Other noninterest income
|
1,719
|
1,800
|
1,817
|
5,735
|
7,992
|
|||||||||||||||
Total noninterest income
|
12,389
|
12,252
|
12,663
|
36,811
|
39,713
|
|||||||||||||||
Personnel expense
|
15,020
|
16,087
|
15,264
|
47,066
|
46,305
|
|||||||||||||||
Occupancy and equipment
|
2,807
|
2,561
|
2,744
|
8,158
|
8,347
|
|||||||||||||||
Data processing expense
|
1,987
|
1,789
|
1,695
|
5,539
|
4,965
|
|||||||||||||||
FDIC insurance premiums
|
(280
|
)
|
369
|
314
|
266
|
907
|
||||||||||||||
Other noninterest expense
|
10,348
|
9,224
|
8,089
|
27,966
|
28,702
|
|||||||||||||||
Total noninterest expense
|
29,882
|
30,030
|
28,106
|
88,995
|
89,226
|
|||||||||||||||
Net income before taxes
|
17,773
|
16,686
|
19,150
|
53,339
|
51,944
|
|||||||||||||||
Income taxes
|
2,504
|
(1,638
|
)
|
3,044
|
4,807
|
8,425
|
||||||||||||||
Net income
|
$
|
15,269
|
$
|
18,324
|
$
|
16,106
|
$
|
48,532
|
$
|
43,519
|
||||||||||
Memo: TEQ interest income
|
$
|
47,170
|
$
|
47,009
|
$
|
43,833
|
$
|
140,288
|
$
|
126,890
|
||||||||||
Average shares outstanding
|
17,726
|
17,721
|
17,691
|
17,720
|
17,683
|
|||||||||||||||
Diluted average shares outstanding
|
17,743
|
17,733
|
17,710
|
17,733
|
17,700
|
|||||||||||||||
Basic earnings per share
|
$
|
0.86
|
$
|
1.03
|
$
|
0.91
|
$
|
2.74
|
$
|
2.46
|
||||||||||
Diluted earnings per share
|
$
|
0.86
|
$
|
1.03
|
$
|
0.91
|
$
|
2.74
|
$
|
2.46
|
||||||||||
Dividends per share
|
$
|
0.38
|
$
|
0.36
|
$
|
0.36
|
$
|
1.10
|
$
|
1.02
|
||||||||||
Average balances:
|
||||||||||||||||||||
Loans
|
$
|
3,188,446
|
$
|
3,178,903
|
$
|
3,167,357
|
$
|
3,187,540
|
$
|
3,137,027
|
||||||||||
Earning assets
|
4,061,410
|
4,069,323
|
3,918,183
|
4,032,753
|
3,905,673
|
|||||||||||||||
Total assets
|
4,341,985
|
4,353,936
|
4,190,768
|
4,316,483
|
4,177,368
|
|||||||||||||||
Deposits, including repurchase agreements
|
3,617,671
|
3,640,061
|
3,539,482
|
3,604,780
|
3,535,806
|
|||||||||||||||
Interest bearing liabilities
|
2,857,468
|
2,883,586
|
2,789,473
|
2,851,830
|
2,796,724
|
|||||||||||||||
Shareholders' equity
|
604,271
|
590,240
|
549,837
|
589,139
|
542,600
|
|||||||||||||||
Performance ratios:
|
||||||||||||||||||||
Return on average assets
|
1.40
|
%
|
1.69
|
%
|
1.52
|
%
|
1.50
|
%
|
1.39
|
%
|
||||||||||
Return on average equity
|
10.02
|
%
|
12.45
|
%
|
11.62
|
%
|
11.01
|
%
|
10.72
|
%
|
||||||||||
Yield on average earning assets (tax equivalent)
|
4.61
|
%
|
4.63
|
%
|
4.44
|
%
|
4.65
|
%
|
4.34
|
%
|
||||||||||
Cost of interest bearing funds (tax equivalent)
|
1.45
|
%
|
1.50
|
%
|
1.06
|
%
|
1.46
|
%
|
0.97
|
%
|
||||||||||
Net interest margin (tax equivalent)
|
3.59
|
%
|
3.57
|
%
|
3.68
|
%
|
3.62
|
%
|
3.65
|
%
|
||||||||||
Efficiency ratio (tax equivalent)
|
61.16
|
%
|
62.22
|
%
|
57.33
|
%
|
61.32
|
%
|
60.88
|
%
|
||||||||||
Loan charge-offs
|
$
|
2,316
|
$
|
2,797
|
$
|
2,828
|
$
|
7,168
|
$
|
8,331
|
||||||||||
Recoveries
|
(876
|
)
|
(1,228
|
)
|
(1,305
|
)
|
(3,065
|
)
|
(3,553
|
)
|
||||||||||
Net charge-offs
|
$
|
1,440
|
$
|
1,569
|
$
|
1,523
|
$
|
4,103
|
$
|
4,778
|
||||||||||
Market Price:
|
||||||||||||||||||||
High
|
$
|
44.22
|
$
|
43.60
|
$
|
52.80
|
$
|
44.22
|
$
|
53.00
|
||||||||||
Low
|
$
|
38.05
|
$
|
39.45
|
$
|
45.65
|
$
|
38.03
|
$
|
43.00
|
||||||||||
Close
|
$
|
42.58
|
$
|
42.29
|
$
|
46.35
|
$
|
42.58
|
$
|
46.35
|
Community Trust Bancorp, Inc.
|
|||||||||||||||||||
Financial Summary (Unaudited)
|
|||||||||||||||||||
September 30, 2019 | |||||||||||||||||||
(in thousands except per share data and # of employees)
|
As of
|
As of
|
As of
|
||||||||||
September 30, 2019
|
June 30, 2019
|
September 30, 2018
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$
|
3,214,785
|
$
|
3,192,207
|
$
|
3,177,888
|
||||||
Loan loss reserve
|
(34,811
|
)
|
(34,998
|
)
|
(35,791
|
)
|
||||||
Net loans
|
3,179,974
|
3,157,209
|
3,142,097
|
|||||||||
Loans held for sale
|
1,943
|
1,067
|
1,029
|
|||||||||
Securities AFS
|
649,976
|
591,586
|
569,208
|
|||||||||
Securities HTM
|
517
|
619
|
659
|
|||||||||
Equity securities at fair value
|
1,743
|
1,727
|
-
|
|||||||||
Other equity investments
|
15,681
|
16,247
|
19,600
|
|||||||||
Other earning assets
|
155,441
|
271,186
|
124,413
|
|||||||||
Cash and due from banks
|
68,472
|
52,545
|
53,912
|
|||||||||
Premises and equipment
|
44,223
|
44,404
|
45,808
|
|||||||||
Right of use asset
|
14,702
|
15,028
|
-
|
|||||||||
Goodwill and core deposit intangible
|
65,490
|
65,490
|
65,490
|
|||||||||
Other assets
|
139,501
|
160,149
|
151,627
|
|||||||||
Total Assets
|
$
|
4,337,663
|
$
|
4,377,257
|
$
|
4,173,843
|
||||||
Liabilities and Equity:
|
||||||||||||
NOW accounts
|
$
|
54,365
|
$
|
51,209
|
$
|
59,379
|
||||||
Savings deposits
|
1,385,188
|
1,445,166
|
1,190,977
|
|||||||||
CD's >=$100,000
|
570,158
|
569,829
|
624,801
|
|||||||||
Other time deposits
|
530,262
|
537,933
|
571,685
|
|||||||||
Total interest bearing deposits
|
2,539,973
|
2,604,137
|
2,446,842
|
|||||||||
Noninterest bearing deposits
|
849,582
|
833,044
|
826,804
|
|||||||||
Total deposits
|
3,389,555
|
3,437,181
|
3,273,646
|
|||||||||
Repurchase agreements
|
228,755
|
233,238
|
250,983
|
|||||||||
Other interest bearing liabilities
|
64,162
|
63,667
|
61,433
|
|||||||||
Lease liability
|
15,286
|
15,544
|
-
|
|||||||||
Other noninterest bearing liabilities
|
34,387
|
32,919
|
37,517
|
|||||||||
Total liabilities
|
3,732,145
|
3,782,549
|
3,623,579
|
|||||||||
Shareholders' equity
|
605,518
|
594,708
|
550,264
|
|||||||||
Total Liabilities and Equity
|
$
|
4,337,663
|
$
|
4,377,257
|
$
|
4,173,843
|
||||||
Ending shares outstanding
|
17,777
|
17,772
|
17,728
|
|||||||||
Memo: Market value of HTM securities
|
$
|
517
|
$
|
619
|
$
|
660
|
||||||
30 - 89 days past due loans
|
$
|
22,927
|
$
|
30,616
|
$
|
28,172
|
||||||
90 days past due loans
|
20,330
|
11,076
|
8,005
|
|||||||||
Nonaccrual loans
|
11,090
|
12,902
|
13,032
|
|||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
|
60,413
|
60,713
|
58,008
|
|||||||||
Foreclosed properties
|
19,833
|
22,536
|
29,666
|
|||||||||
Other repossessed assets
|
-
|
-
|
54
|
|||||||||
Common equity Tier 1 capital
|
17.03
|
%
|
16.83
|
%
|
16.08
|
%
|
||||||
Tier 1 leverage ratio
|
13.84
|
%
|
13.61
|
%
|
13.37
|
%
|
||||||
Tier 1 risk-based capital ratio
|
18.82
|
%
|
18.67
|
%
|
17.94
|
%
|
||||||
Total risk based capital ratio
|
19.93
|
%
|
19.80
|
%
|
19.11
|
%
|
||||||
Tangible equity to tangible assets ratio
|
12.64
|
%
|
12.27
|
%
|
11.80
|
%
|
||||||
FTE employees
|
1,001
|
1,002
|
979
|