EX-99.1 3 ctbi0324er8kex99-1.htm CTBI 1ST QUARTER 2024 EARNINGS RELEASE 8-K EXHIBIT 99.1
Exhibit 99.1





FOR IMMEDIATE RELEASE
April 17, 2024

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

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 1ST QUARTER 2024

Earnings Summary

(in thousands except per share data)
  
1Q
2024
    
4Q
2023
    
1Q
2023
  
Net income
  
$
18,679
    
$
18,659
    
$
19,313
  
Earnings per share
  
$
1.04
    
$
1.04
    
$
1.08
  
Earnings per share – diluted
  
$
1.04
    
$
1.04
    
$
1.08
  
                         
Return on average assets
    
1.30
%
    
1.30
%
    
1.44
%
Return on average equity
    
10.61
%
    
10.98
%
    
12.03
%
Efficiency ratio
    
54.94
%
    
55.74
%
    
55.29
%
Tangible common equity
    
11.10
%
    
11.16
%
    
10.82
%
                         
Dividends declared per share
  
$
0.46
    
$
0.46
    
$
0.44
  
Book value per share
  
$
39.28
    
$
39.01
    
$
36.54
  
                         
Weighted average shares
    
17,926
      
17,901
      
17,872
  
Weighted average shares – diluted
    
17,943
      
17,926
      
17,884
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the first quarter 2024 of $18.7 million, or $1.04 per basic share, compared to $18.7 million, or $1.04 per basic share, earned during the fourth quarter 2023 and $19.3 million, or $1.08 per basic share, earned during the first quarter 2023.  Total revenue was $2.0 million above prior quarter and $1.1 million above prior year same quarter.  Net interest revenue increased $0.6 million compared to prior quarter but decreased $0.3 million compared to prior year same quarter, and noninterest income increased $1.4 million compared to prior quarter and $1.5 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $0.8 million from prior quarter and $1.5 million from prior year fourth quarter.  Noninterest expense increased $0.6 million compared to prior quarter and $0.3 million compared to prior year same quarter.  Noninterest expense and tax expense were impacted by an accounting method change (ASU No. 2023-02), which is intended to improve the accounting and disclosures for investments in tax credit structures.  Historically, the amortization expense related to our tax credits has been booked to noninterest expense.  Beginning in January 2024, the amortization expense is now booked to tax expense.  Our total amortization expense related to tax credits was $0.8 million for the three months ended March 31, 2024.

1st Quarter 2024 Highlights

❖
Net interest income for the quarter of $43.6 million was $0.6 million above prior quarter but $0.3 million below prior year same quarter, as our net interest margin increased 4 basis points from prior quarter but decreased 26 basis points from prior year same quarter.

❖
Provision for credit losses at $2.7 million for the quarter increased $0.8 million from prior quarter and $1.5 million from prior year same quarter.

❖
Our loan portfolio at $4.2 billion increased $110.3 million, an annualized 10.9%, from December 31, 2023 and $383.8 million, or 10.2%, from March 31, 2023.

❖
We had net loan charge-offs of $1.6 million, or 0.16% of average loans annualized, for the first quarter 2024 compared to $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 and $0.4 million for the first quarter 2023.

❖
Our total nonperforming loans increased to $15.9 million at March 31, 2024 from $14.0 million at December 31, 2023 and $12.2 million at March 31, 2023.  Nonperforming assets at $17.1 million increased $1.5 million from December 31, 2023 and $2.1 million from March 31, 2024.

❖
Deposits, including repurchase agreements, at $5.0 billion increased $69.1 million, or an annualized 5.6%, from December 31, 2023 and $266.7 million, or 5.6% from March 31, 2023.

❖
Shareholders’ equity at $707.7 million increased $5.5 million, or an annualized 3.2%, during the quarter and $50.9 million, or 7.7%, from March 31, 2023.

❖
Noninterest income for the quarter ended March 31, 2024 of $15.1 million was $1.4 million, or 10.3%, above prior quarter and $1.5 million, or 10.6%, above prior year same quarter.

❖
Noninterest expense for the quarter ended March 31, 2024 of $32.2 million was $0.6 million, or 1.9%, above prior quarter and $0.3 million, or 1.0%, above prior year same quarter.

Net Interest Income

                     
Percent Change
  
                     
1Q 2024 Compared to:
  
($ in thousands)
  
1Q
2024
    
4Q
2023
    
1Q
2023
    
4Q
2023
    
1Q
2023
  
Components of net interest income
                              
Income on earning assets
  
$
75,002
    
$
73,329
    
$
60,995
      
2.3
%
    
23.0
%
Expense on interest bearing liabilities
    
31,411
      
30,354
      
17,079
      
3.5
%
    
83.9
%
Net interest income
    
43,591
      
42,975
      
43,916
      
1.4
%
    
(0.7
%)
TEQ
    
294
      
297
      
298
      
(1.0
%)
    
(1.3
%)
Net interest income, tax equivalent
  
$
43,885
    
$
43,272
    
$
44,214
      
1.4
%
    
(0.7
%)
                                         
Average yield and rates paid:
                                        
Earning assets yield
    
5.55
%
    
5.43
%
    
4.84
%
    
2.2
%
    
14.7
%
Rate paid on interest bearing liabilities
    
3.35
%
    
3.27
%
    
2.06
%
    
2.4
%
    
62.6
%
Gross interest margin
    
2.20
%
    
2.16
%
    
2.78
%
    
1.9
%
    
(20.9
%)
Net interest margin
    
3.23
%
    
3.19
%
    
3.49
%
    
1.3
%
    
(7.4
%)
                                         
Average balances:
                                        
Investment securities
  
$
1,148,014
    
$
1,144,078
    
$
1,251,948
      
0.3
%
    
(8.3
%)
Loans
  
$
4,096,866
    
$
4,022,547
    
$
3,739,443
      
1.8
%
    
9.6
%
Earning assets
  
$
5,458,075
    
$
5,377,827
    
$
5,131,385
      
1.5
%
    
6.4
%
Interest-bearing liabilities
  
$
3,773,513
    
$
3,687,660
    
$
3,362,331
      
2.3
%
    
12.2
%

Net interest income for the quarter of $43.6 million was $0.6 million above prior quarter but $0.3 million below prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.23% increased 4 basis points from prior quarter but decreased 26 basis points from prior year same quarter.  Our average earning assets increased $80.2 million from prior quarter and $326.7 million from prior year same quarter.  Our yield on average earning assets increased 12 basis points from prior quarter and 71 basis points from prior year same quarter, and our cost of funds increased 8 basis points from prior quarter and 129 basis points from prior year same quarter.

Our ratio of average loans to deposits, including repurchase agreements, was 82.7% for the quarter ended March 31, 2024 compared to 81.8% for the quarter ended December 31, 2023 and 79.8% for the quarter ended March 31, 2023.

Noninterest Income

                     
Percent Change
  
                     
1Q 2024 Compared to:
  
($ in thousands)
  
1Q
2024
    
4Q
2023
    
1Q
2023
    
4Q
2023
    
1Q
2023
  
Deposit related fees
  
$
7,011
    
$
7,312
    
$
7,287
      
(4.1
%)
    
(3.8
%)
Trust revenue
    
3,517
      
3,318
      
3,079
      
6.0
%
    
14.2
%
Gains on sales of loans
    
45
      
54
      
121
      
(16.7
%)
    
(62.8
%)
Loan related fees
    
1,352
      
467
      
845
      
189.5
%
    
60.0
%
Bank owned life insurance revenue
    
1,292
      
816
      
858
      
58.3
%
    
50.6
%
Brokerage revenue
    
490
      
285
      
348
      
71.9
%
    
40.8
%
Other
    
1,427
      
1,473
      
1,144
      
(3.1
%)
    
24.7
%
Total noninterest income
  
$
15,134
    
$
13,725
    
$
13,682
      
10.3
%
    
10.6
%

Noninterest income for the quarter ended March 31, 2024 of $15.1 million was $1.4 million, or 10.3%, above prior quarter and $1.5 million, or 10.6%, above prior year same quarter.  The quarter over quarter increase included a $0.9 million increase in loan related fees, a $0.5 million increase in bank owned life insurance revenue, a $0.2 million increase in trust revenue, and a $0.2 million increase in brokerage revenue, partially offset by $0.3 million decrease in deposit related fees. The year over year increase included a $0.5 million increase in loan related fees, a $0.4 million increase in bank owned life insurance revenue, and a $0.4 million increase in trust revenue.  The increase in loan related fees resulted from the fluctuation in the fair market value of our mortgage servicing rights.

Noninterest Expense

                     
Percent Change
  
                     
1Q 2024 Compared to:
  
($ in thousands)
  
1Q
2024
    
4Q
2023
    
1Q
2023
    
4Q
2023
    
1Q
2023
  
Salaries
  
$
13,036
    
$
13,163
    
$
12,633
      
(1.0
%)
    
3.2
%
Employee benefits
    
7,086
      
5,282
      
6,275
      
34.2
%
    
12.9
%
Net occupancy and equipment
    
3,028
      
3,045
      
3,028
      
(0.6
%)
    
(0.0
%)
Data processing
    
2,518
      
2,630
      
2,303
      
(4.3
%)
    
9.3
%
Legal and professional fees
    
832
      
900
      
816
      
(7.6
%)
    
2.0
%
Advertising and marketing
    
577
      
923
      
820
      
(37.5
%)
    
(29.6
%)
Taxes other than property and payroll
    
442
      
421
      
432
      
5.0
%
    
2.3
%
Other
    
4,701
      
5,264
      
5,583
      
(10.7
%)
    
(15.8
%)
Total noninterest expense
  
$
32,220
    
$
31,628
    
$
31,890
      
1.9
%
    
1.0
%

Noninterest expense for the quarter ended March 31, 2024 of $32.2 million was $0.6 million, or 1.9%, above prior quarter and $0.3 million, or 1.0%, above prior year same quarter.  The increase in noninterest expense quarter over quarter included a $1.7 million increase in personnel expense, partially offset by decreases in other direct expenses ($0.7 million) and advertising expense ($0.2 million).  The increase in personnel expense included a $1.0 million increase in bonuses and incentives and a $0.7 million increase in the cost of group medical and life insurance benefits.  The decrease in other direct expenses was the result of the accounting change related to the amortization of tax credits discussed above.  The increase year over year primarily resulted from a $1.2 million increase in personnel expense, partially offset by a $1.0 million decrease in other direct expenses related to the amortization of tax credits.  The year over year increase in personnel expense included a $0.4 million increase in salaries and a $0.7 million increase in the cost of group medical and life insurance benefits.

Balance Sheet Review

Total Loans

                     
Percent Change
  
                     
1Q 2024 Compared to:
  
($ in thousands)
  
1Q
2024
    
4Q
2023
    
1Q
2023
    
4Q
2023
    
1Q
2023
  
Commercial nonresidential real estate
  
$
813,904
    
$
778,637
    
$
750,498
      
4.5
%
    
8.4
%
Commercial residential real estate
    
456,585
      
417,943
      
385,328
      
9.2
%
    
18.5
%
Hotel/motel
    
416,759
      
395,765
      
348,876
      
5.3
%
    
19.5
%
Other commercial
    
397,922
      
391,390
      
392,398
      
1.7
%
    
1.4
%
Total commercial
    
2,085,170
      
1,983,735
      
1,877,100
      
5.1
%
    
11.1
%
                                         
Residential mortgage
    
955,616
      
937,524
      
846,435
      
1.9
%
    
12.9
%
Home equity loans/lines
    
151,577
      
147,036
      
124,096
      
3.1
%
    
22.1
%
Total residential
    
1,107,193
      
1,084,560
      
970,531
      
2.1
%
    
14.1
%
                                         
Consumer indirect
    
813,005
      
823,505
      
772,570
      
(1.3
%)
    
5.2
%
Consumer direct
    
155,807
      
159,106
      
157,158
      
(2.1
%)
    
(0.9
%)
Total consumer
    
968,812
      
982,611
      
929,728
      
(1.4
%)
    
4.2
%
                                         
Total loans
  
$
4,161,175
    
$
4,050,906
    
$
3,777,359
      
2.7
%
    
10.2
%

Total Deposits and Repurchase Agreements

                     
Percent Change
  
                     
1Q 2024 Compared to:
  
($ in thousands)
  
1Q
2024
    
4Q
2023
    
1Q
2023
    
4Q
2023
    
1Q
2023
  
Non-interest bearing deposits
  
$
1,274,583
    
$
1,260,690
    
$
1,409,839
      
1.1
%
    
(9.6
%)
Interest bearing deposits
                                        
Interest checking
    
131,227
      
123,927
      
120,678
      
5.9
%
    
8.7
%
Money market savings
    
1,608,849
      
1,525,537
      
1,408,314
      
5.5
%
    
14.2
%
Savings accounts
    
543,338
      
535,063
      
642,232
      
1.5
%
    
(15.4
%)
Time deposits
    
1,226,273
      
1,279,405
      
962,361
      
(4.2
%)
    
27.4
%
Repurchase agreements
    
234,671
      
225,245
      
208,777
      
4.2
%
    
12.4
%
Total interest bearing deposits and repurchase agreements
    
3,744,358
      
3,689,177
      
3,342,362
      
1.5
%
    
12.0
%
Total deposits and repurchase agreements
  
$
5,018,941
    
$
4,949,867
    
$
4,752,201
      
1.4
%
    
5.6
%

CTBI’s total assets at $5.9 billion as of March 31, 2024 increased $80.6 million, or 5.6% annualized, from December 31, 2023 and $320.9 million, or 5.8%, from March 31, 2023.  Loans outstanding at $4.2 billion increased $110.3 million, an annualized 10.9%, from December 31, 2023 and $383.8 million, or 10.2%, from March 31, 2023.  The increase in loans from prior quarter included a $101.4 million increase in the commercial loan portfolio, a $22.6 million increase in the residential loan portfolio, partially offset by a $10.5 million decrease in the indirect consumer loan portfolio and a $3.3 million decrease in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $51.8 million, or an annualized 17.9%, from December 31, 2023 and $128.4 million, or 10.3%, from March 31, 2023.  Deposits in other banks increased $24.9 million from prior quarter and $62.3 million from March 31, 2023.  Deposits, including repurchase agreements, at $5.0 billion increased $69.1 million, or an annualized 5.6%, from December 31, 2023 and $266.7 million, or 5.6% from March 31, 2023.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of March 31, 2024, no one customer accounted for more than 2.25% of our $5.0 billion in deposits.  Only three customer relationships accounted for more than 1% each.

Shareholders’ equity at $707.7 million increased $5.5 million, or an annualized 3.2%, during the quarter and $50.9 million, or 7.7%, from March 31, 2023.  Net unrealized losses on securities, net of deferred taxes, were $106.9 million at March 31, 2024, compared to $103.3 million at December 31, 2023 and $112.4 million at March 31, 2023.  In addition, we had a cumulative effect impact related to the adoption of ASU No. 2023-02, discussed above, that reduced retained earnings by $2.0 million.  CTBI’s annualized dividend yield to shareholders as of March 31, 2024 was 4.31%.

Asset Quality

Our total nonperforming loans increased to $15.9 million at March 31, 2024 from $14.0 million at December 31, 2023 and $12.2 million at March 31, 2023.  Accruing loans 90+ days past due at $11.6 million increased $1.6 million from prior quarter and $5.3 million from March 31, 2023.  Nonaccrual loans at $4.3 million increased $0.3 million from prior quarter but decreased $1.7 million from March 31, 2023.  Accruing loans 30-89 days past due at $12.2 million decreased $3.1 million from prior quarter but increased $0.5 million from March 31, 2023.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

We had net loan charge-offs of $1.6 million, or 0.16% of average loans annualized, for the first quarter 2024 compared to $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 and $0.4 million, or 0.05% of average loans annualized for the first quarter 2023.

Allowance for Credit Losses

Our provision for credit losses for the quarter increased $0.8 million from prior quarter and $1.5 million from prior year same quarter.  Our reserve coverage (allowance for credit losses to nonperforming loans) at March 31, 2024 was 319.0% compared to 354.7% at December 31, 2023 and 382.3% at March 31, 2023.  Our credit loss reserve as a percentage of total loans outstanding at March 31, 2024 remained at 1.22% from December 31, 2023, down from the 1.24% at March 31, 2023.

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.  CTBI’s 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 epidemics, pandemics, or other infectious disease outbreaks; 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 $5.9 billion, is headquartered in Pikeville, Kentucky and has 71 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)
  
 March 31, 2024
  
(in thousands except per share data and # of employees)
  
                   
   
Three
    
Three
    
Three
  
   
Months
    
Months
    
Months
  
   
Ended
    
Ended
    
Ended
  
   
March 31, 2024
    
December 31, 2023
    
March 31, 2023
  
Interest income
  
$
75,002
    
$
73,329
    
$
60,995
  
Interest expense
    
31,411
      
30,354
      
17,079
  
Net interest income
    
43,591
      
42,975
      
43,916
  
Loan loss provision
    
2,656
      
1,815
      
1,116
  
                         
Gains on sales of loans
    
45
      
54
      
121
  
Deposit related fees
    
7,011
      
7,312
      
7,287
  
Trust revenue
    
3,517
      
3,318
      
3,079
  
Loan related fees
    
1,352
      
467
      
845
  
Securities gains (losses)
    
371
      
258
      
218
  
Other noninterest income
    
2,838
      
2,316
      
2,132
  
Total noninterest income
    
15,134
      
13,725
      
13,682
  
                         
Personnel expense
    
20,122
      
18,445
      
18,908
  
Occupancy and equipment
    
3,028
      
3,045
      
3,028
  
Data processing expense
    
2,518
      
2,630
      
2,303
  
FDIC insurance premiums
    
642
      
655
      
606
  
Other noninterest expense
    
5,910
      
6,853
      
7,045
  
Total noninterest expense
    
32,220
      
31,628
      
31,890
  
                         
Net income before taxes
    
23,849
      
23,257
      
24,592
  
Income taxes
    
5,170
      
4,598
      
5,279
  
Net income
  
$
18,679
    
$
18,659
    
$
19,313
  
                         
Memo: TEQ interest income
  
$
75,296
    
$
73,626
    
$
61,293
  
                         
Average shares outstanding
    
17,926
      
17,901
      
17,872
  
Diluted average shares outstanding
    
17,943
      
17,926
      
17,884
  
Basic earnings per share
  
$
1.04
    
$
1.04
    
$
1.08
  
Diluted earnings per share
  
$
1.04
    
$
1.04
    
$
1.08
  
Dividends per share
  
$
0.46
    
$
0.46
    
$
0.44
  
                         
Average balances:
                        
Loans
  
$
4,096,866
    
$
4,022,547
    
$
3,739,443
  
Earning assets
    
5,458,075
      
5,377,827
      
5,131,385
  
Total assets
    
5,786,515
      
5,713,977
      
5,458,067
  
Deposits, including repurchase agreements
    
4,956,820
      
4,916,208
      
4,688,103
  
Interest bearing liabilities
    
3,773,513
      
3,687,660
      
3,362,331
  
Shareholders' equity
    
708,341
      
674,349
      
651,008
  
                         
Performance ratios:
                        
Return on average assets
    
1.30
%
    
1.30
%
    
1.44
%
Return on average equity
    
10.61
%
    
10.98
%
    
12.03
%
Yield on average earning assets (tax equivalent)
    
5.55
%
    
5.43
%
    
4.84
%
Cost of interest bearing funds (tax equivalent)
    
3.35
%
    
3.27
%
    
2.06
%
Net interest margin (tax equivalent)
    
3.23
%
    
3.19
%
    
3.49
%
Efficiency ratio (tax equivalent)
    
54.94
%
    
55.74
%
    
55.29
%
                         
Loan charge-offs
  
$
2,667
    
$
2,529
    
$
1,765
  
Recoveries
    
(1,039
)
    
(1,538
)
    
(1,351
)
Net charge-offs
  
$
1,628
    
$
991
    
$
414
  
                         
Market Price:
                        
High
  
$
44.38
    
$
45.74
    
$
47.35
  
Low
  
$
38.44
    
$
33.91
    
$
37.31
  
Close
  
$
42.65
    
$
43.86
    
$
37.95
  

Community Trust Bancorp, Inc.
  
Financial Summary (Unaudited)
  
 March 31, 2024
  
(in thousands except per share data and # of employees)
  
   
   
As of
    
As of
    
As of
  
   
March 31, 2024
    
December 31, 2023
    
March 31, 2023
  
Assets:
                  
Loans
  
$
4,161,175
    
$
4,050,906
    
$
3,777,359
  
Loan loss reserve
    
(50,571
)
    
(49,543
)
    
(46,683
)
Net loans
    
4,110,604
      
4,001,363
      
3,730,676
  
Loans held for sale
    
57
      
152
      
182
  
Securities AFS
    
1,111,505
      
1,163,724
      
1,241,080
  
Equity securities at fair value
    
3,529
      
3,158
      
2,380
  
Other equity investments
    
9,327
      
9,599
      
9,713
  
Other earning assets
    
239,554
      
214,664
      
177,209
  
Cash and due from banks
    
55,841
      
58,833
      
60,762
  
Premises and equipment
    
46,595
      
45,311
      
42,636
  
Right of use asset
    
15,500
      
15,703
      
17,037
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
192,253
      
191,699
      
182,155
  
Total Assets
  
$
5,850,255
    
$
5,769,696
    
$
5,529,320
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
131,227
    
$
123,927
    
$
120,678
  
Savings deposits
    
2,152,187
      
2,060,600
      
2,050,546
  
CD's >=$100,000
    
678,148
      
704,222
      
501,557
  
Other time deposits
    
548,125
      
575,183
      
460,804
  
Total interest bearing deposits
    
3,509,687
      
3,463,932
      
3,133,585
  
Noninterest bearing deposits
    
1,274,583
      
1,260,690
      
1,409,839
  
Total deposits
    
4,784,270
      
4,724,622
      
4,543,424
  
Repurchase agreements
    
234,671
      
225,245
      
208,777
  
Other interest bearing liabilities
    
65,014
      
65,075
      
65,254
  
Lease liability
    
16,208
      
16,393
      
17,619
  
Other noninterest bearing liabilities
    
42,368
      
36,153
      
37,425
  
Total liabilities
    
5,142,531
      
5,067,488
      
4,872,499
  
Shareholders' equity
    
707,724
      
702,208
      
656,821
  
Total Liabilities and Equity
  
$
5,850,255
    
$
5,769,696
    
$
5,529,320
  
                         
Ending shares outstanding
    
18,019
      
18,000
      
17,976
  
                         
30 - 89 days past due loans
  
$
12,234
    
$
15,343
    
$
11,728
  
90 days past due loans
    
11,550
      
9,920
      
6,218
  
Nonaccrual loans
    
4,302
      
4,048
      
5,993
  
Foreclosed properties
    
1,266
      
1,616
      
2,776
  
                         
Community bank leverage ratio
    
13.74
%
    
13.69
%
    
13.71
%
Tangible equity to tangible assets ratio
    
11.10
%
    
11.16
%
    
10.82
%
FTE employees
    
945
      
967
      
945