|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
|
|
Or
|
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from _____________ to _____________
|
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip code)
|
( |
(Registrant’s telephone number)
|
Securities registered pursuant to Section 12(b) of the Act:
|
(Title of class)
|
|
|
(Trading symbol)
|
(Name of exchange on which registered)
|
|
No
|
|
No
|
Large Accelerated Filer ☐
|
|
Non-accelerated Filer ☐
|
Smaller Reporting Company
|
Emerging Growth Company
|
Yes
|
No ☑
|
(dollars in thousands)
|
(unaudited)
September 30
2023
|
December 31
2022
|
||||||
Assets:
|
||||||||
Cash and due from banks
|
$
|
|
$
|
|
||||
Interest bearing deposits
|
||||||||
Cash and cash equivalents
|
|
|
||||||
Certificates of deposit in other banks
|
|
|
||||||
Debt securities available-for-sale at fair value (amortized cost of $
|
|
|
||||||
Equity securities at fair value
|
|
|
||||||
Loans held for sale
|
|
|
||||||
Loans
|
|
|
||||||
Allowance for credit losses
|
(
|
)
|
(
|
)
|
||||
Net loans
|
|
|
||||||
Premises and equipment, net
|
|
|
||||||
Operating right-of-use assets
|
|
|
||||||
Finance right-of-use assets | ||||||||
Federal Home Loan Bank stock
|
|
|
||||||
Federal Reserve Bank stock
|
|
|
||||||
Goodwill
|
|
|
||||||
Bank owned life insurance
|
|
|
||||||
Mortgage servicing rights
|
|
|
||||||
Other real estate owned
|
|
|
||||||
Deferred tax asset |
||||||||
Accrued interest receivable
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and shareholders’ equity:
|
||||||||
Deposits:
|
||||||||
Noninterest bearing
|
$
|
|
$
|
|
||||
Interest bearing
|
|
|
||||||
Total deposits
|
|
|
||||||
Repurchase agreements
|
|
|
||||||
Federal funds purchased
|
|
|
||||||
Advances from Federal Home Loan Bank
|
|
|
||||||
Long-term debt
|
|
|
||||||
Operating lease liability
|
|
|
||||||
Finance lease liability
|
|
|
||||||
Accrued interest payable
|
|
|
||||||
Other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Shareholders’ equity:
|
||||||||
Preferred stock,
|
|
|
||||||
Common stock, $
|
|
|
||||||
Capital surplus
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss, net of tax
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30
|
September 30
|
|||||||||||||||
(in thousands except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans, including loans held for sale
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest and dividends on securities
|
||||||||||||||||
Taxable
|
|
|
|
|
||||||||||||
Tax exempt
|
|
|
|
|
||||||||||||
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock
|
|
|
|
|
||||||||||||
Interest on Federal Reserve Bank deposits
|
|
|
|
|
||||||||||||
Other, including interest on federal funds sold
|
|
|
|
|
||||||||||||
Total interest income
|
|
|
|
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
|
|
|
|
||||||||||||
Interest on repurchase agreements and federal funds purchased
|
|
|
|
|
||||||||||||
Interest on advances from Federal Home Loan Bank
|
||||||||||||||||
Interest on long-term debt
|
|
|
|
|
||||||||||||
Total interest expense
|
|
|
|
|
||||||||||||
Net interest income
|
|
|
|
|
||||||||||||
Provision for credit losses
|
|
|
|
|
||||||||||||
Net interest income after provision for credit losses
|
|
|
|
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Deposit related fees
|
||||||||||||||||
Gains on sales of loans, net
|
|
|
|
|
||||||||||||
Trust and wealth management income
|
|
|
|
|
||||||||||||
Loan related fees
|
|
|
|
|
||||||||||||
Bank owned life insurance
|
|
|
|
|
||||||||||||
Brokerage revenue
|
|
|
|
|
||||||||||||
Securities gains (losses)
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Other noninterest income
|
|
|
|
|
||||||||||||
Total noninterest income
|
|
|
|
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Officer salaries and employee benefits
|
|
|
|
|
||||||||||||
Other salaries and employee benefits
|
|
|
|
|
||||||||||||
Occupancy, net
|
|
|
|
|
||||||||||||
Equipment
|
|
|
|
|
||||||||||||
Data processing
|
|
|
|
|
||||||||||||
Bank franchise tax
|
|
|
|
|
||||||||||||
Legal fees
|
|
|
|
|
||||||||||||
Professional fees
|
|
|
|
|
||||||||||||
Advertising and marketing
|
|
|
|
|
||||||||||||
FDIC insurance
|
|
|
|
|
||||||||||||
Other real estate owned provision and expense
|
|
|
|
|
||||||||||||
Repossession expense
|
|
|
|
|
||||||||||||
Amortization of limited partnership investments
|
|
|
|
|
||||||||||||
Other noninterest expense
|
|
|
|
|
||||||||||||
Total noninterest expense
|
|
|
|
|
||||||||||||
Income before income taxes
|
|
|
|
|
||||||||||||
Income taxes
|
|
|
|
|
||||||||||||
Net income
|
|
|
|
|
||||||||||||
Other comprehensive loss:
|
||||||||||||||||
Unrealized holding losses on debt securities available-for-sale:
|
||||||||||||||||
Unrealized holding losses arising during the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Less: Reclassification adjustments for realized gains (losses) included in net income
|
|
|
|
(
|
)
|
|||||||||||
Tax benefit
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Other comprehensive loss, net of tax
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Comprehensive income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
Basic earnings per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted earnings per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding-basic
|
|
|
|
|
||||||||||||
Weighted average shares outstanding-diluted
|
|
|
|
|
(in thousands except per share and share amounts)
|
Common
Shares
|
Common
Stock
|
Capital
Surplus
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||
Balance, June 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Cash dividends declared ($
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Issuance of common stock
|
|
|
|
|
||||||||||||||||||||
Vesting of restricted stock |
( |
) | ( |
) |
||||||||||||||||||||
Stock-based compensation
|
|
|
||||||||||||||||||||||
Balance, September 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands except per share and share amounts)
|
Common
Shares
|
Common
Stock
|
Capital
Surplus
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||
Balance, June 30, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Cash dividends declared ($
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Issuance of common stock
|
|
|
|
|
||||||||||||||||||||
Stock-based compensation
|
|
|
||||||||||||||||||||||
Balance, September 30, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands except per share and share amounts)
|
Common
Shares
|
Common
Stock
|
Capital
Surplus
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss), Net of Tax
|
Total
|
||||||||||||||||||
Balance, December 31, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Cash dividends declared ($
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Issuance of common stock
|
|
|
|
|
||||||||||||||||||||
Issuance of restricted stock
|
|
|
(
|
)
|
|
|||||||||||||||||||
Vesting of restricted stock
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||
Forfeiture of restricted stock |
( |
) | ( |
) | ||||||||||||||||||||
Stock-based compensation
|
|
|
||||||||||||||||||||||
Balance, September 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands except per share and share amounts)
|
Common
Shares
|
Common
Stock
|
Capital
Surplus
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||
Balance, December 31, 2021
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Cash dividends declared ($
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Issuance of common stock
|
|
|
|
|
||||||||||||||||||||
Issuance of restricted stock
|
|
|
(
|
)
|
|
|||||||||||||||||||
Vesting of restricted stock
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||
Stock-based compensation
|
|
|
||||||||||||||||||||||
Balance, September 30, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Nine Months Ended |
||||||||
September 30
|
||||||||
(in thousands)
|
2023
|
2022
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Deferred taxes
|
|
|
||||||
Stock-based compensation
|
|
|
||||||
Provision for credit losses
|
|
|
||||||
Write-downs of other real estate owned and other repossessed assets
|
|
|
||||||
Gains on sale of mortgage loans held for sale
|
(
|
)
|
(
|
)
|
||||
Securities (gains)/losses
|
(
|
)
|
|
|||||
Fair value adjustments in equity securities
|
(
|
)
|
|
|||||
Gains on sale of assets, net
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of mortgage loans held for sale
|
|
|
||||||
Funding of mortgage loans held for sale
|
(
|
)
|
(
|
)
|
||||
Amortization of securities premiums and discounts, net
|
|
|
||||||
Change in cash surrender value of bank owned life insurance
|
(
|
)
|
(
|
)
|
||||
Changes in lease liabilities
|
(
|
)
|
(
|
)
|
||||
Mortgage servicing rights:
|
||||||||
Fair value adjustments
|
|
(
|
)
|
|||||
New servicing assets created
|
(
|
)
|
(
|
)
|
||||
Changes in:
|
||||||||
Accrued interest receivable
|
(
|
)
|
(
|
)
|
||||
Other assets
|
(
|
)
|
|
|||||
Accrued interest payable
|
|
|
||||||
Other liabilities
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale (AFS):
|
||||||||
Purchase of AFS securities
|
(
|
)
|
(
|
)
|
||||
Proceeds from sales of AFS securities
|
|
|
||||||
Proceeds from prepayments, calls, and maturities of AFS securities
|
|
|
||||||
Change in loans, net
|
(
|
)
|
(
|
)
|
||||
Purchase of premises and equipment
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale and retirement of premises and equipment |
||||||||
Purchase of Federal Home Loan Bank stock | ( |
) | ||||||
Proceeds from sale of stock by Federal Home Loan Bank
|
|
|
||||||
Proceeds from sale of other real estate owned and repossessed assets
|
|
|
||||||
Additional investment in other real estate owned and repossessed assets |
( |
) | ( |
) | ||||
Liquidation of cash surrender value of bank owned life insurance |
||||||||
Proceeds from settlement of bank owned life insurance
|
||||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Change in deposits, net
|
|
|
||||||
Change in repurchase agreements and federal funds purchased, net
|
|
(
|
)
|
|||||
Proceeds from Federal Home Loan Bank advances
|
||||||||
Payments on advances from Federal Home Loan Bank
|
(
|
)
|
(
|
)
|
||||
Payment of finance lease liabilities
|
|
(
|
)
|
|||||
Proceeds from long-term debt/other borrowings
|
||||||||
Repayment of long-term debt/other borrowings |
( |
) | ||||||
Issuance of common stock
|
|
|
||||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents |
|
(
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Supplemental disclosures:
|
|
|||||||
Income
taxes paid
|
$
|
|
$
|
|
||||
Interest paid
|
|
|
||||||
Non-cash activities:
|
||||||||
Loans to facilitate the sale of other real estate owned and repossessed assets
|
|
|
||||||
Common stock dividends accrued, paid in subsequent quarter
|
|
|
||||||
Real estate acquired in settlement of loans
|
|
|
||||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
a.
|
Trading securities. Securities that are
bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) shall be classified as trading securities. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price.
|
b.
|
Available-for-sale securities. Investments not classified as trading securities (nor as HTM securities) shall be classified as
available-for-sale (“AFS”) securities.
|
(in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
State and political subdivisions
|
|
|
(
|
)
|
|
|||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
(
|
)
|
|
|||||||||||
Asset-backed securities
|
|
|
(
|
)
|
|
|||||||||||
Total available-for-sale securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
State and political subdivisions
|
|
|
(
|
)
|
|
|||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
(
|
)
|
|
|||||||||||
Asset-backed securities
|
|
|
(
|
)
|
|
|||||||||||
Total available-for-sale securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Available-for-Sale
|
||||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Due in one year or less
|
$
|
|
$
|
|
||||
Due after one through five years
|
|
|
||||||
Due after five through ten years
|
|
|
||||||
Due after ten years
|
|
|
||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
||||||
Asset-backed securities
|
|
|
||||||
Total debt securities
|
$
|
|
$
|
|
(in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||
Less Than 12 Months
|
||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
|
|
|||||||||
Total <12 months temporarily impaired AFS securities
|
|
(
|
)
|
|
||||||||
12 Months or More
|
||||||||||||
U.S. Treasury and government agencies
|
|
(
|
)
|
|
||||||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
(
|
)
|
|
||||||||
Total ≥12 months temporarily impaired AFS securities
|
|
(
|
)
|
|
||||||||
Total
|
||||||||||||
U.S. Treasury and government agencies
|
|
(
|
)
|
|
||||||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
(
|
)
|
|
||||||||
Total temporarily impaired AFS securities
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||
Less Than 12 Months
|
||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
(
|
)
|
|
||||||||
Total <12 months temporarily impaired AFS securities
|
|
(
|
)
|
|
||||||||
12 Months or More
|
||||||||||||
U.S. Treasury and government agencies
|
|
(
|
)
|
|
||||||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
(
|
)
|
|
||||||||
Total ≥12 months temporarily impaired AFS securities
|
|
(
|
)
|
|
||||||||
Total
|
||||||||||||
U.S. Treasury and government agencies
|
|
(
|
)
|
|
||||||||
State and political subdivisions
|
|
(
|
)
|
|
||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
(
|
)
|
|
||||||||
Asset-backed securities
|
|
(
|
)
|
|
||||||||
Total temporarily impaired AFS securities
|
$
|
|
$
|
(
|
)
|
$
|
|
(in thousands)
|
September 30
2023
|
December 31
2022
|
||||||
Hotel/motel
|
$
|
|
$
|
|
||||
Commercial real estate residential
|
|
|
||||||
Commercial real estate nonresidential
|
|
|
||||||
Dealer floorplans
|
|
|
||||||
Commercial other
|
|
|
||||||
Commercial loans
|
|
|
||||||
Real estate mortgage
|
|
|
||||||
Home equity lines
|
|
|
||||||
Residential loans
|
|
|
||||||
Consumer direct
|
|
|
||||||
Consumer indirect
|
|
|
||||||
Consumer loans
|
|
|
||||||
Loans and lease financing
|
$
|
|
$
|
|
(in thousands)
|
ACL Software
June 30, 2023
|
CTBI Internal
ACL Model
June 30, 2023
|
Change in Allocation
|
|||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||
Commercial real estate residential
|
|
|
(
|
)
|
||||||||
Commercial real estate nonresidential
|
|
|
(
|
)
|
||||||||
Dealer floorplans
|
|
|
(
|
)
|
||||||||
Commercial other
|
|
|
|
|||||||||
Commercial loans reserve allocation
|
|
|
(
|
)
|
||||||||
Real estate mortgage
|
|
|
(
|
)
|
||||||||
Home equity lines
|
|
|
|
|||||||||
Residential loans reserve allocation
|
|
|
(
|
)
|
||||||||
Consumer direct
|
|
|
|
|||||||||
Consumer indirect
|
|
|
|
|||||||||
Consumer loans reserve allocation
|
|
|
|
|||||||||
Loans and lease financing allowance for credit loss
|
$
|
|
|
$
|
|
|
Three Months Ended
September 30, 2023
|
|||||||||||||||||||
(in thousands)
|
Beginning
Balance
|
Provision
Charged to
Expense
|
Losses
Charged Off
|
Recoveries
|
Ending
Balance
|
|||||||||||||||
ACL
|
||||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Commercial real estate residential
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
nonresidential
|
|
|
|
|
|
|||||||||||||||
Dealer floorplans
|
|
(
|
)
|
|
|
|
||||||||||||||
Commercial other
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Real estate mortgage
|
|
|
(
|
)
|
|
|
||||||||||||||
Home equity
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer direct
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer indirect
|
|
|
(
|
)
|
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|
Nine Months Ended
September 30, 2023
|
|||||||||||||||||||
(in thousands)
|
Beginning
Balance
|
Provision
Charged to
Expense
|
Losses
Charged Off
|
Recoveries
|
Ending
Balance
|
|||||||||||||||
ACL
|
||||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Commercial real estate residential
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Commercial real estate nonresidential
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Dealer floorplans
|
|
(
|
)
|
|
|
|
||||||||||||||
Commercial other
|
|
|
(
|
)
|
|
|
||||||||||||||
Real estate mortgage
|
|
|
(
|
)
|
|
|
||||||||||||||
Home equity
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer direct
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer indirect
|
|
|
(
|
)
|
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|
Year Ended
December 31, 2022
|
|||||||||||||||||||
(in thousands)
|
Beginning
Balance
|
Provision
Charged to
Expense
|
Losses
Charged Off
|
Recoveries
|
Ending
Balance
|
|||||||||||||||
ACL
|
||||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Commercial real estate residential
|
|
|
(
|
)
|
|
|
||||||||||||||
Commercial real estate
nonresidential
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Dealer floorplans
|
|
|
|
|
|
|||||||||||||||
Commercial other
|
|
|
(
|
)
|
|
|
||||||||||||||
Real estate mortgage
|
|
|
(
|
)
|
|
|
||||||||||||||
Home equity
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer direct
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Consumer indirect
|
|
|
(
|
)
|
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|
Three Months Ended
September 30, 2022
|
|||||||||||||||||||
(in thousands)
|
Beginning
Balance
|
Provision
Charged to
Expense
|
Losses
Charged Off
|
Recoveries
|
Ending
Balance |
|||||||||||||||
ACL
|
||||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Commercial real estate residential
|
|
|
|
|
|
|||||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
|
|||||||||||||||
Dealer floorplans
|
|
|
|
|
|
|||||||||||||||
Commercial other
|
|
|
(
|
)
|
|
|
||||||||||||||
Real estate mortgage
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Home equity
|
|
|
|
|
|
|||||||||||||||
Consumer direct
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Consumer indirect
|
|
|
(
|
)
|
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|
Nine Months Ended
September 30, 2022
|
|||||||||||||||||||
(in thousands)
|
Beginning
Balance
|
Provision
Charged to
Expense
|
Losses
Charged Off
|
Recoveries
|
Ending
Balance
|
|||||||||||||||
ACL
|
||||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||
Commercial real estate residential
|
|
|
(
|
)
|
|
|
||||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
|
|||||||||||||||
Dealer floorplans
|
|
|
|
|
|
|||||||||||||||
Commercial other
|
|
|
(
|
)
|
|
|
||||||||||||||
Real estate mortgage
|
|
|
(
|
)
|
|
|
||||||||||||||
Home equity
|
|
|
(
|
)
|
|
|
||||||||||||||
Consumer direct
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||
Consumer indirect
|
|
|
(
|
)
|
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
• |
Changes in delinquency trends by loan segment
|
• |
Changes in international, national, regional, and local conditions
|
• |
The effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses
|
• |
The existence and effect of any concentrations of credit and changes in the levels of such concentrations
|
• |
A supervision and administration allocation based on CTBI’s loan review process
|
• |
Exceptions in lending policies and procedures as measured by quarterly loan portfolio exceptions reports
|
• |
Changes in the nature and volume of the portfolio and terms of loans
|
• |
Changes in the experience, depth, and ability of lending management
|
September 30, 2023
|
||||||||||||||||
(in thousands)
|
Nonaccrual Loans
with No ACL
|
Nonaccrual Loans
with ACL
|
90+ and Still
Accruing
|
Total
Nonperforming
Loans
|
||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Total residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Total consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2022
|
||||||||||||||||
(in thousands)
|
Nonaccrual Loans
with No ACL
|
Nonaccrual Loans
with ACL
|
90+ and Still
Accruing
|
Total
Nonperforming
Loans
|
||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Total residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Total consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2023
|
||||||||||||||||||||||||
(in thousands)
|
30-59 Days
Past Due
|
60-89
Days Past
Due
|
90+ Days
Past Due
|
Total
Past Due
|
Current
|
Total Loans
|
||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial real estate residential
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
|
|
||||||||||||||||||
Dealer floorplans
|
|
|
|
|
|
|
||||||||||||||||||
Commercial other
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines
|
|
|
|
|
|
|
||||||||||||||||||
Total residential loans
|
|
|
|
|
|
|
||||||||||||||||||
Consumer direct
|
|
|
|
|
|
|
||||||||||||||||||
Consumer indirect
|
|
|
|
|
|
|
||||||||||||||||||
Total consumer loans
|
|
|
|
|
|
|
||||||||||||||||||
Loans and lease financing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2022
|
||||||||||||||||||||||||
(in thousands)
|
30-59 Days
Past Due
|
60-89
Days
Past Due
|
90+ Days
Past Due
|
Total
Past Due
|
Current
|
Total Loans
|
||||||||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial real estate residential
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
|
|
||||||||||||||||||
Dealer floorplans
|
|
|
|
|
|
|
||||||||||||||||||
Commercial other
|
|
|
|
|
|
|
||||||||||||||||||
Total commercial loans
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines
|
|
|
|
|
|
|
||||||||||||||||||
Total residential loans
|
|
|
|
|
|
|
||||||||||||||||||
Consumer direct
|
|
|
|
|
|
|
||||||||||||||||||
Consumer indirect
|
|
|
|
|
|
|
||||||||||||||||||
Total consumer loans
|
|
|
|
|
|
|
||||||||||||||||||
Loans and lease financing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
➢ |
Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans.
The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required
debt repayments.
|
➢ |
Watch graded loans are loans that warrant extra management attention but are not currently
criticized. Loans on the watch list may be potential troubled credits or may warrant “watch” status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be
candidates for future classification or may temporarily warrant extra management monitoring.
|
➢ |
Other assets especially mentioned (OAEM) reflects loans that are currently protected but are
potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of
circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI’s credit position at some future date. The loans may be adversely affected by
economic or market conditions.
|
➢ |
Substandard grading indicates that the loan is inadequately protected by the current sound
worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss
if the deficiencies are not corrected.
|
➢ |
Doubtful graded loans have the weaknesses inherent in the substandard grading with the added
characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of
certain important and reasonably specific pending factors which may work to CTBI’s advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors
include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.
|
September 30, 2023
|
Term Loans Amortized Cost Basis by Origination Year
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Prior
|
Revolving
Loans
|
Total
|
||||||||||||||||||||||||
Hotel/motel
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total hotel/motel
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commercial real estate residential
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial real estate residential
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commercial real estate residential current period gross charge-offs
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
Commercial real estate nonresidential
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial real estate nonresidential
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commercial real estate nonresidential current period gross charge-offs
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
Dealer floorplans
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total dealer floorplans
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commercial other
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial other
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commercial other current period gross charge-offs
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Commercial loans
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Total commercial loans current period gross charge-offs
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
December 31, 2022
|
Term Loans Amortized Cost Basis by Origination Year
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2022
|
2021
|
2020
|
2019
|
2018
|
Prior
|
Revolving
Loans
|
Total
|
||||||||||||||||||||||||
Hotel/motel
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total hotel/motel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate residential
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial real estate residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate nonresidential
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial real estate nonresidential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dealer floorplans
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total dealer floorplans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial other
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial loans
|
||||||||||||||||||||||||||||||||
Risk rating:
|
||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Watch
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
OAEM
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Doubtful
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total commercial loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2023
|
Term Loans Amortized Cost Basis by Origination Year
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Prior
|
Revolving
Loans
|
Total
|
||||||||||||||||||||||||
Home equity lines
|
||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total home equity lines
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Home equity lines current period gross charge-offs
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Mortgage loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total mortgage loans
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Mortgage loans current period gross charge-offs
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Residential loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total residential loans
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total residential loans current period gross charge-offs
|
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
Consumer direct loans
|
||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total consumer direct loans
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total consumer direct loans current period gross charge-offs
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Consumer indirect loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total consumer indirect loans
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total consumer indirect loans current period gross charge-offs
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Consumer loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total consumer loans
|
|
|
|
|
|
|
$ |
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total consumer loans current period gross charge-offs
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
December 31, 2022
|
Term Loans Amortized Cost Basis by Origination Year
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2022
|
2021
|
2020
|
2019
|
2018
|
Prior
|
Revolving
Loans
|
Total
|
||||||||||||||||||||||||
Home equity lines
|
||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total home equity lines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Mortgage loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total mortgage loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total residential loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Consumer direct loans
|
||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total consumer direct loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consumer indirect loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total consumer indirect loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consumer loans
|
||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Total consumer loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2023
|
||||||||||||
(in thousands)
|
Number of
Loans
|
Recorded
Investment
|
Specific
Reserve
|
|||||||||
Hotel/motel
|
|
$
|
|
$
|
|
|||||||
Commercial real estate residential
|
|
|
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||
Commercial other
|
|
|
|
|||||||||
Total collateral dependent loans
|
|
$
|
|
$
|
|
December 31, 2022
|
||||||||||||
(in thousands)
|
Number of
Loans
|
Recorded
Investment
|
Specific
Reserve
|
|||||||||
Hotel/motel
|
|
$
|
|
$
|
|
|||||||
Commercial real estate residential
|
|
|
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||
Commercial other
|
|
|
|
|||||||||
Total collateral dependent loans
|
|
$
|
|
$
|
|
September 30, 2022
|
||||||||||||
(in thousands)
|
Number of
Loans
|
Recorded
Investment
|
Specific
Reserve
|
|||||||||
Hotel/motel
|
|
$
|
|
$
|
|
|||||||
Commercial real estate residential
|
|
|
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||
Commercial other
|
|
|
|
|||||||||
Total collateral dependent loans
|
|
$
|
|
$
|
|
Interest Rate Reduction
|
Term Extension
|
|||||||||||||||
(in thousands)
|
Amortized Cost at
September 30, 2023
|
% of total
|
Amortized Cost at
September 30, 2023
|
% of total
|
||||||||||||
Hotel/motel
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||||||
Dealer floorplans
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
|
%
|
$
|
|
%
|
Combination – Term Extension
and Interest Rate Reduction
|
Payment Change
|
|||||||||||||||
(in thousands)
|
Amortized Cost at
September 30, 2023 |
% of total
|
Amortized Cost at
September 30, 2023
|
% of total
|
||||||||||||
Hotel/motel
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Dealer floorplans
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
|
%
|
$
|
|
|
%
|
Loan Type
|
Interest Rate Reduction
Financial Impact
|
Term Extension
Financial Impact
|
||
Hotel/motel
|
||||
Commercial real estate residential
|
Reduced weighted-average contractual interest rate from
|
Added a weighted-average
|
||
Commercial real estate nonresidential
|
|
Added a weighted-average
|
||
Dealer floorplans
|
||||
Commercial other
|
Added a weighted-average
|
|||
Real estate mortgage
|
|
Added a weighted-average
|
||
Home equity lines
|
Added a weighted-average
|
|||
Consumer direct
|
|
|||
Consumer indirect
|
|
Loan Type
|
Combination – Term Extension and
Interest Rate Reduction
Financial Impact |
Payment Changes
Financial Impact
|
||
Hotel/motel
|
||||
Commercial real estate residential
|
|
|||
Commercial real estate nonresidential
|
||||
Dealer floorplans
|
||||
Commercial other
|
Provided payment changes that will be added to the end of the original loan term
|
|||
Real estate mortgage
|
Reduced weighted-average contractual interest rate from
|
|||
Home equity lines
|
Reduced weighted-average contractual interest rate from
|
|
||
Consumer direct
|
|
|||
Consumer indirect |
Interest Rate Reduction
|
Term Extension
|
|||||||||||||||
(in thousands)
|
Amortized Cost at
September 30, 2023
|
% of total
|
Amortized Cost at
September 30, 2023
|
% of total
|
||||||||||||
Hotel/motel
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Dealer floorplans
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
% |
$
|
|
% |
Combination – Term Extension
and Interest Rate Reduction
|
Payment Change
|
|||||||||||||||
(in thousands)
|
Amortized Cost at
September 30, 2023
|
% of total
|
Amortized Cost at
September 30, 2023
|
% of total
|
||||||||||||
Hotel/motel
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Dealer floorplans
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Residential loans
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Consumer loans
|
|
|
|
|
||||||||||||
Loans and lease financing
|
$
|
|
|
%
|
$
|
|
|
%
|
Loan Type
|
Interest Rate Reduction
Financial Impact
|
Term Extension
Financial Impact
|
||
Hotel/motel
|
||||
Commercial real estate residential
|
Reduced weighted-average contractual interest rate from
|
Added a weighted-average
|
||
Commercial real estate nonresidential
|
Reduced weighted-average contractual interest rate from
|
Added a weighted-average
|
||
Dealer floorplans
|
||||
Commercial other
|
Added a weighted-average
|
|||
Real estate mortgage
|
Resulted in no change of the weighted average contractual interest rate of
|
Added a weighted-average
|
||
Home equity lines
|
Added a weighted-average
|
|||
Consumer direct
|
Removed a weighted-average
|
|||
Consumer indirect
|
Added a weighted-average
|
Loan Type
|
Combination – Term Extension and
Interest Rate Reduction
Financial Impact
|
Payment Changes
Financial Impact
|
||
Hotel/motel
|
||||
Commercial real estate residential
|
Reduced weighted-average contractual interest rate from
|
|||
Commercial real estate nonresidential
|
||||
Dealer floorplans
|
||||
Commercial other
|
Provided payment changes that will be added to the end of the original loan term
|
|||
Real estate mortgage
|
Reduced weighted-average contractual interest rate from
|
|||
Home equity lines
|
Reduced weighted-average contractual interest rate from
|
|
||
Consumer direct
|
Provided payment changes that will be added to the end of the original loan term
|
|||
Consumer indirect
|
Three Months Ended
September 30, 2022
|
||||||||||||||||
Pre-Modification Outstanding Balance
|
||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Total
Modification
|
||||||||||||
Commercial real estate residential
|
|
$ |
|
$ |
|
$ |
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage |
||||||||||||||||
Total residential loans |
||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$
|
|
Three Months Ended
September 30, 2022
|
||||||||||||||||
Post-Modification Outstanding Balance
|
||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Total
Modification
|
||||||||||||
Commercial real estate residential
|
|
$ |
|
|
|
$ |
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage |
||||||||||||||||
Total residential loans |
||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$
|
|
Nine Months Ended
September 30, 2022
|
||||||||||||||||
Pre-Modification Outstanding Balance
|
||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Total
Modification
|
||||||||||||
Commercial real estate residential
|
|
$ |
|
$ |
|
$ |
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage |
||||||||||||||||
Total residential loans |
||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$
|
|
Nine Months Ended
September 30, 2022
|
||||||||||||||||
Post-Modification Outstanding Balance
|
||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Total
Modification
|
||||||||||||
Commercial real estate residential
|
|
$ |
|
$ |
|
$ |
|
|||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
|
|
|
||||||||||||
Real estate mortgage |
||||||||||||||||
Total residential loans |
||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$
|
|
Year Ended
December 31, 2022
|
||||||||||||||||||||
Pre-Modification Outstanding Balance
|
||||||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Other |
Total
Modification
|
|||||||||||||||
Commercial real estate residential
|
|
$ |
|
$ |
|
$ |
$ | |||||||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||||||||||
Hotel/motel
|
||||||||||||||||||||
Commercial other
|
|
|
|
|||||||||||||||||
Total commercial loans
|
|
|
|
|||||||||||||||||
Real estate mortgage
|
|
|
|
|||||||||||||||||
Total residential loans
|
|
|
|
|||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$ | $ |
Year Ended
December 31, 2022
|
||||||||||||||||||||
Post-Modification Outstanding Balance
|
||||||||||||||||||||
(in thousands)
|
Number of
Loans
|
Term
Modification
|
Combination
|
Other |
Total
Modification
|
|||||||||||||||
Commercial real estate residential
|
|
$ |
|
$ |
|
$ |
$ |
|||||||||||||
Commercial real estate nonresidential
|
|
|
|
|||||||||||||||||
Hotel/motel
|
||||||||||||||||||||
Commercial other
|
|
|
|
|||||||||||||||||
Total commercial loans
|
|
|
|
|||||||||||||||||
Real estate mortgage
|
|
|
|
|||||||||||||||||
Total residential loans
|
|
|
|
|||||||||||||||||
Total troubled debt restructurings
|
|
$
|
|
$
|
|
$ | $ |
Past Due Status (Amortized Cost Basis)
|
||||||||||||||||
Current
|
30-89 Days
|
90+ Days
|
|
Nonaccrual
|
||||||||||||
Hotel/motel
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Commercial real estate residential
|
|
|
|
|
||||||||||||
Commercial real estate nonresidential
|
|
|
|
|
||||||||||||
Dealer floorplans
|
|
|
|
|
||||||||||||
Commercial other
|
|
|
|
|
||||||||||||
Real estate mortgage
|
|
|
|
|
||||||||||||
Home equity lines
|
|
|
|
|
||||||||||||
Consumer direct
|
|
|
|
|
||||||||||||
Consumer indirect
|
|
|
|
|
||||||||||||
Total |
$
|
|
$
|
|
$
|
|
$
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30
|
September 30
|
|||||||||||||||
(in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Beginning balance of other real estate owned
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
New assets acquired
|
|
|
|
|
||||||||||||
Capitalized costs |
||||||||||||||||
Fair value adjustments
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Sale of assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Ending balance of other real estate owned
|
$
|
|
$
|
|
$
|
|
$
|
|
(in thousands)
|
September 30
2023
|
December 31
2022
|
||||||
1-4 family
|
$
|
|
$
|
|
||||
Construction/land development/other
|
|
|
||||||
Non-farm/non-residential
|
|
|
||||||
Total foreclosed properties
|
$
|
|
$
|
|
September 30, 2023
|
||||||||||||||||||||
Remaining Contractual Maturity of the Agreements
|
||||||||||||||||||||
(in thousands)
|
Overnight
and
Continuous
|
Up to
30 days
|
30-90 days
|
Greater
Than
90 days
|
Total
|
|||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions:
|
||||||||||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
State and political subdivisions
|
|
|
|
|
|
|||||||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
|
|
|
|||||||||||||||
Asset-backed securities
|
||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2022
|
||||||||||||||||||||
Remaining Contractual Maturity of the Agreements
|
||||||||||||||||||||
(in thousands)
|
Overnight
and
Continuous
|
Up to
30 days
|
30-90 days
|
Greater
Than
90 days
|
Total
|
|||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions:
|
||||||||||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
State and political subdivisions
|
|
|
|
|
|
|||||||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
|
|
|
|||||||||||||||
Asset-backed securities
|
||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements at
September 30,
2023 Using
|
||||||||||||||||
(in thousands)
|
Fair Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets measured – recurring basis
|
||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
|
|
||||||||||||
Asset-backed securities
|
|
|
|
|
||||||||||||
Equity securities at fair value
|
|
|
|
|
||||||||||||
Mortgage servicing rights
|
|
|
|
|
|
Fair Value Measurements at
December 31, 2022 Using
|
|||||||||||||||
(in thousands) |
Fair Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets measured – recurring basis
|
||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Treasury and government agencies
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
U.S. government sponsored agency mortgage-backed securities
|
|
|
|
|
||||||||||||
Asset-backed securities
|
|
|
|
|
||||||||||||
Equity securities at fair value
|
|
|
|
|
||||||||||||
Mortgage servicing rights
|
|
|
|
|
|
Three Months Ended
September 30,
2023
|
Three Months Ended
September 30,
2022
|
||||||||||||||
(in thousands) |
Equity
Securities
at Fair
Value
|
Mortgage
Servicing
Rights
|
Equity
Securities
at Fair
Value
|
Mortgage
Servicing
Rights
|
||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total unrealized gains (losses)
|
||||||||||||||||
Included in net income
|
|
|
(
|
)
|
|
|||||||||||
Issues
|
|
|
|
|
||||||||||||
Settlements
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Ending balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains
or losses related to assets still held at the reporting date
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|
Nine Months Ended
September 30,
2023
|
Nine Months Ended
September 30,
2022
|
||||||||||||||
(in thousands) |
Equity
Securities
at Fair
Value
|
Mortgage
Servicing
Rights
|
Equity
Securities
at Fair
Value |
Mortgage
Servicing
Rights
|
||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total unrealized gains (losses)
|
||||||||||||||||
Included in net income
|
|
|
(
|
)
|
|
|||||||||||
Issues
|
|
|
|
|
||||||||||||
Settlements
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Ending balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or
losses related to assets still held at the reporting date
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Noninterest Income
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
(in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Total gains
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements at
September 30,
2023 Using
|
||||||||||||||||
(in thousands)
|
Fair Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets measured – nonrecurring basis
|
||||||||||||||||
Other real estate owned
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Fair Value Measurements at
December 31, 2022
Using
|
|||||||||||||||
(in thousands) |
Fair Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets measured – nonrecurring basis
|
||||||||||||||||
Collateral dependent loans
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other real estate owned
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
|||||||
(in thousands) |
Fair Value at
September 30,
2023
|
Valuation
Technique(s)
|
Unobservable Input
|
Range
(Weighted
Average)
|
||||
Equity securities at fair value
|
$
|
|
Discount cash flows, computer pricing model
|
Discount rate
|
(
|
|||
Conversion date
|
- (
) |
|||||||
Mortgage servicing rights
|
$
|
|
Discount cash flows, computer pricing model
|
Constant prepayment rate
|
(
|
|||
Probability of default
|
(
|
|||||||
Discount rate
|
(
|
|||||||
Other real estate owned
|
$
|
|
Market comparable properties
|
Comparability adjustments
|
(
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
|||||||
(in thousands) |
Fair Value at
December 31,
2022
|
Valuation
Technique(s)
|
Unobservable Input
|
Range
(Weighted
Average)
|
||||
Equity securities at fair value
|
$
|
|
Discount cash flows, computer pricing model
|
Discount rate
|
(
|
|||
Conversion date
|
- (
) |
|||||||
Mortgage servicing rights
|
$
|
|
Discount cash flows, computer pricing model
|
Constant prepayment rate
|
(
|
|||
Probability of default
|
(
|
|||||||
Discount rate
|
(
|
|||||||
Collateral-dependent loans
|
$
|
|
Market comparable properties
|
Marketability discount
|
(
|
|||
Other real estate owned
|
$
|
|
Market comparable properties
|
Comparability adjustments
|
(
|
Fair Value Measurements
at September 30,
2023 Using
|
||||||||||||||||
(in thousands)
|
Carrying
Amount
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Certificates of deposit in other banks
|
|
|
|
|
||||||||||||
Debt securities available-for-sale
|
|
|
|
|
||||||||||||
Equity securities at fair value
|
|
|
|
|
||||||||||||
Loans held for sale
|
|
|
|
|
||||||||||||
Loans, net
|
|
|
|
|
||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
||||||||||||
Federal Reserve Bank stock
|
|
|
|
|
||||||||||||
Accrued interest receivable
|
|
|
|
|
||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Repurchase agreements
|
|
|
|
|
||||||||||||
Federal funds purchased
|
|
|
|
|
||||||||||||
Advances from Federal Home Loan Bank
|
|
|
|
|
||||||||||||
Long-term debt
|
|
|
|
|
||||||||||||
Accrued interest payable
|
|
|
|
|
||||||||||||
Unrecognized financial instruments:
|
||||||||||||||||
Letters of credit
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Commitments to extend credit
|
|
|
|
|
||||||||||||
Forward sale commitments
|
|
|
|
|
|
Fair Value Measurements
at December 31, 2022
Using
|
|||||||||||||||
(in thousands) |
Carrying
Amount
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Certificates of deposit in other banks
|
|
|
|
|
||||||||||||
Debt securities available-for-sale
|
|
|
|
|
||||||||||||
Equity securities at fair value
|
|
|
|
|
||||||||||||
Loans held for sale
|
|
|
|
|
||||||||||||
Loans, net
|
|
|
|
|
||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
||||||||||||
Federal Reserve Bank stock
|
|
|
|
|
||||||||||||
Accrued interest receivable
|
|
|
|
|
||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Repurchase agreements
|
|
|
|
|
||||||||||||
Federal funds purchased
|
|
|
|
|
||||||||||||
Advances from Federal Home Loan Bank
|
|
|
|
|
||||||||||||
Long-term debt
|
|
|
|
|
||||||||||||
Accrued interest payable
|
|
|
|
|
||||||||||||
Unrecognized financial instruments:
|
||||||||||||||||
Letters of credit
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Commitments to extend credit
|
|
|
|
|
||||||||||||
Forward sale commitments
|
|
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30
|
September 30
|
|||||||||||||||
(in thousands except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Numerator:
|
||||||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||
Basic earnings per share:
|
||||||||||||||||
Weighted average shares
|
|
|
|
|
||||||||||||
Diluted earnings per share:
|
||||||||||||||||
Effect of dilutive stock options and restricted stock grants
|
|
|
|
|
||||||||||||
Adjusted weighted average shares
|
|
|
|
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic earnings per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted earnings per share
|
|
|
|
|
Amounts Reclassified from AOCI
|
||||||||||||||||
(in thousands) |
Three Months Ended
September 30
|
Nine Months
Ended
September 30
|
||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Affected line item in the statements of income
|
||||||||||||||||
Securities gains (losses)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
Tax expense
|
|
|
|
|
||||||||||||
Total reclassifications out of AOCI
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
❖ |
Our Business
|
❖ |
Financial Goals and Performance
|
❖ |
Results of Operations and Financial Condition
|
❖ |
Liquidity and Market Risk
|
❖ |
Interest Rate Risk
|
❖ |
Capital Resources
|
❖ |
Impact of Inflation, Changing Prices, and Economic Conditions
|
❖ |
Stock Repurchase Program
|
❖ |
Critical Accounting Policies and Estimates
|
❖ |
Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from
prior year same quarter.
|
❖ |
Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter.
|
❖ |
Our loan portfolio increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $275.7 million, or an annualized 9.9%, from December 31, 2022.
|
❖ |
We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of
average loans annualized, for the quarter ended September 30, 2022.
|
❖ |
Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $2.3 million from $15.3 million at December 31, 2022. Nonperforming assets at $15.2 million increased $1.4
million from June 30, 2023 but decreased $3.8 million from $19.0 million at December 31, 2022.
|
❖ |
Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $218.9 million, or an annualized 6.3%, from December 31, 2022.
|
❖ |
Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $25.0 million, or an annualized 5.3%, from December 31, 2022.
|
❖ |
Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter.
|
❖ |
Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter.
|
Nine Months Ended September 30
|
Change 2023 vs. 2022
|
|||||||||||||||
(dollars in thousands)
|
2023
|
2022
|
Amount
|
Percent
|
||||||||||||
Net interest income
|
$
|
130,135
|
$
|
124,358
|
$
|
5,777
|
4.6
|
%
|
||||||||
Provision for credit losses
|
4,996
|
3,366
|
1,630
|
48.4
|
%
|
|||||||||||
Noninterest income
|
43,934
|
44,145
|
(211
|
)
|
(0.5
|
)%
|
||||||||||
Noninterest expense
|
93,762
|
90,812
|
2,950
|
3.2
|
%
|
|||||||||||
Income taxes
|
15,966
|
14,954
|
1,012
|
6.8
|
%
|
|||||||||||
Net income
|
$
|
59,345
|
$
|
59,371
|
$
|
(26
|
)
|
0.0
|
%
|
|||||||
|
||||||||||||||||
Average earning assets
|
$
|
5,199,072
|
$
|
5,146,251
|
$
|
52,821
|
1.0
|
%
|
||||||||
|
||||||||||||||||
Yield on average earnings assets, tax equivalent*
|
5.05
|
%
|
3.66
|
%
|
1.39
|
%
|
38.0
|
%
|
||||||||
Cost of interest bearing funds
|
2.52
|
%
|
0.63
|
%
|
1.89
|
%
|
300.0
|
%
|
||||||||
|
||||||||||||||||
Net interest margin, tax equivalent*
|
3.37
|
%
|
3.25
|
%
|
0.12
|
%
|
3.7
|
%
|
|
Percent Change
|
|||||||||||||||||||||||||||||||
|
3Q 2023 Compared to:
|
|||||||||||||||||||||||||||||||
($ in thousands)
|
3Q
2023
|
2Q
2023
|
3Q
2022
|
2Q
2023
|
3Q
2022
|
YTD
2023
|
YTD
2022
|
Percent
Change
|
||||||||||||||||||||||||
Components of net interest income:
|
||||||||||||||||||||||||||||||||
Income on earning assets
|
$
|
69,499
|
$
|
64,827
|
$
|
51,405
|
7.2
|
%
|
35.2
|
%
|
$
|
195,321
|
$
|
140,284
|
39.2
|
%
|
||||||||||||||||
Expense on interest bearing liabilities
|
26,359
|
21,748
|
7,869
|
21.2
|
%
|
234.9
|
%
|
65,186
|
15,926
|
309.3
|
%
|
|||||||||||||||||||||
Net interest income
|
$
|
43,140
|
$
|
43,079
|
$
|
43,536
|
0.1
|
%
|
(0.9
|
)%
|
$
|
130,135
|
$
|
124,358
|
4.6
|
%
|
||||||||||||||||
TEQ
|
298
|
298
|
240
|
0.0
|
%
|
24.1
|
%
|
894
|
707
|
26.4
|
%
|
|||||||||||||||||||||
Net interest income, tax equivalent
|
$
|
43,438
|
$
|
43,377
|
$
|
43,776
|
0.1
|
%
|
(0.8
|
)%
|
$
|
131,029
|
$
|
125,065
|
4.8
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Average yield and rates paid:
|
||||||||||||||||||||||||||||||||
Earning assets yield
|
5.25
|
%
|
5.03
|
%
|
3.97
|
%
|
4.3
|
%
|
32.3
|
%
|
5.05
|
%
|
3.66
|
%
|
37.8
|
%
|
||||||||||||||||
Rate paid on interest bearing liabilities
|
2.93
|
%
|
2.54
|
%
|
0.93
|
%
|
15.4
|
%
|
215.4
|
%
|
2.52
|
%
|
0.63
|
%
|
298.1
|
%
|
||||||||||||||||
Gross interest margin
|
2.32
|
%
|
2.49
|
%
|
3.04
|
%
|
(7.0
|
)%
|
(23.7
|
)%
|
2.53
|
%
|
3.03
|
%
|
(16.7
|
)%
|
||||||||||||||||
Net interest margin
|
3.27
|
%
|
3.35
|
%
|
3.36
|
%
|
(2.5
|
)%
|
(2.9
|
)%
|
3.37
|
%
|
3.25
|
%
|
3.7
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Average balances:
|
||||||||||||||||||||||||||||||||
Investment securities
|
$
|
1,178,707
|
$
|
1,230,556
|
$
|
1,380,881
|
(4.2
|
)%
|
(14.6
|
)%
|
$
|
1,220,135
|
$
|
1,438,769
|
(15.2
|
)%
|
||||||||||||||||
Loans
|
$
|
3,952,096
|
$
|
3,836,446
|
$
|
3,568,174
|
3.0
|
%
|
10.8
|
%
|
$
|
3,843,441
|
$
|
3,516,114
|
9.3
|
%
|
||||||||||||||||
Earning assets
|
$
|
5,274,542
|
$
|
5,189,716
|
$
|
5,163,624
|
1.6
|
%
|
2.1
|
%
|
$
|
5,199,072
|
$
|
5,146,251
|
1.0
|
%
|
||||||||||||||||
Interest-bearing liabilities
|
$
|
3,567,343
|
$
|
3,435,072
|
$
|
3,359,242
|
3.9
|
%
|
6.2
|
%
|
$
|
3,455,666
|
$
|
3,361,097
|
2.8
|
%
|
Percent Change
|
||||||||||||||||||||||||||||||||
3Q 2023
Compared to:
|
||||||||||||||||||||||||||||||||
($ in thousands)
|
3Q
2023
|
2Q
2023
|
3Q
2022
|
2Q
2023
|
3Q
2022
|
YTD
2023
|
YTD
2022
|
Percent Change
|
||||||||||||||||||||||||
Deposit related fees
|
$
|
7,823
|
$
|
7,513
|
$
|
7,629
|
4.1
|
%
|
2.5
|
%
|
$
|
22,623
|
$
|
21,638
|
4.6
|
%
|
||||||||||||||||
Trust revenue
|
3,277
|
3,351
|
2,989
|
(2.2
|
%)
|
9.6
|
%
|
9,707
|
9,435
|
2.9
|
%
|
|||||||||||||||||||||
Gains on sales of loans
|
105
|
115
|
235
|
(8.8
|
%)
|
(55.3
|
%)
|
341
|
1,351
|
(74.7
|
%)
|
|||||||||||||||||||||
Loan related fees
|
1,283
|
1,197
|
1,589
|
7.2
|
%
|
(19.3
|
%)
|
3,325
|
5,066
|
(34.4
|
%)
|
|||||||||||||||||||||
Bank owned life insurance revenue
|
1,108
|
735
|
743
|
50.7
|
%
|
49.1
|
%
|
2,701
|
2,136
|
26.5
|
%
|
|||||||||||||||||||||
Brokerage revenue
|
452
|
388
|
453
|
16.5
|
%
|
(0.2
|
%)
|
1,188
|
1,502
|
(20.9
|
%)
|
|||||||||||||||||||||
Other
|
1,448
|
1,457
|
1,041
|
(0.6
|
%)
|
39.1
|
%
|
4,049
|
3,017
|
34.2
|
%
|
|||||||||||||||||||||
Total noninterest income
|
$
|
15,496
|
$
|
14,756
|
$
|
14,679
|
5.0
|
%
|
5.6
|
%
|
$
|
43,934
|
$
|
44,145
|
(0.5
|
%)
|
Percent Change
|
||||||||||||||||||||||||||||||||
3Q 2023Compared to:
|
||||||||||||||||||||||||||||||||
($ in thousands)
|
3Q
2023
|
2Q
2023
|
3Q
2022
|
2Q
2023
|
3Q
2022
|
YTD
2023
|
YTD
2022
|
Percent Change
|
||||||||||||||||||||||||
Salaries
|
$
|
12,755
|
$
|
12,732
|
$
|
12,537
|
0.2
|
%
|
1.7
|
%
|
$
|
38,120
|
$
|
36,495
|
4.5
|
%
|
||||||||||||||||
Employee benefits
|
5,298
|
5,573
|
6,009
|
(4.9
|
%)
|
(11.8
|
%)
|
17,146
|
18,123
|
(5.4
|
%)
|
|||||||||||||||||||||
Net occupancy and equipment
|
2,875
|
2,895
|
2,897
|
(0.7
|
%)
|
(0.8
|
%)
|
8,798
|
8,507
|
3.4
|
%
|
|||||||||||||||||||||
Data processing
|
2,410
|
2,383
|
2,270
|
1.1
|
%
|
6.2
|
%
|
7,096
|
6,566
|
8.1
|
%
|
|||||||||||||||||||||
Legal and professional fees
|
722
|
912
|
752
|
(20.8
|
%)
|
(3.9
|
%)
|
2,450
|
2,503
|
(2.1
|
%)
|
|||||||||||||||||||||
Advertising and marketing
|
767
|
704
|
768
|
9.0
|
%
|
(0.1
|
%)
|
2,291
|
2,180
|
5.1
|
%
|
|||||||||||||||||||||
Taxes other than property and payroll
|
420
|
433
|
422
|
(3.1
|
%)
|
(0.4
|
%)
|
1,285
|
1,274
|
0.9
|
%
|
|||||||||||||||||||||
Net other real estate owned expense
|
165
|
61
|
42
|
169.9
|
%
|
292.9
|
%
|
345
|
438
|
(21.2
|
%)
|
|||||||||||||||||||||
Other
|
5,435
|
5,332
|
5,778
|
1.9
|
%
|
(5.9
|
%)
|
16,231
|
14,726
|
10.2
|
%
|
|||||||||||||||||||||
Total noninterest expense
|
$
|
30,847
|
$
|
31,025
|
$
|
31,475
|
(0.6
|
%)
|
(2.0
|
%)
|
$
|
93,762
|
$
|
90,812
|
3.2
|
%
|
(dollars in thousands)
|
September 30, 2023
|
|||||||||||||||||||
Loan Category
|
Balance
|
Variance from December 31, 2022
|
Net (Charge-Offs)/ Recoveries
|
Nonperforming
|
ACL
|
|||||||||||||||
Commercial:
|
||||||||||||||||||||
Hotel/motel
|
$
|
386,067
|
12.3
|
%
|
$
|
0
|
$
|
0
|
$
|
5,803
|
||||||||||
Commercial real estate residential
|
404,779
|
8.5
|
62
|
827
|
3,824
|
|||||||||||||||
Commercial real estate nonresidential
|
788,287
|
3.4
|
363
|
2,133
|
8,017
|
|||||||||||||||
Dealer floorplans
|
61,920
|
(20.1
|
)
|
0
|
0
|
843
|
||||||||||||||
Commercial other
|
315,529
|
1.0
|
(1,116
|
)
|
940
|
5,545
|
||||||||||||||
Total commercial
|
1,956,582
|
4.7
|
(691
|
)
|
3,900
|
24,032
|
||||||||||||||
Residential:
|
||||||||||||||||||||
Real estate mortgage
|
916,580
|
11.1
|
(66
|
)
|
7,837
|
8,336
|
||||||||||||||
Home equity
|
139,085
|
15.4
|
(19
|
)
|
661
|
1,158
|
||||||||||||||
Total residential
|
1,055,665
|
11.6
|
(85
|
)
|
8,498
|
9,494
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
Consumer direct
|
160,712
|
2.0
|
(150
|
)
|
29
|
2,613
|
||||||||||||||
Consumer indirect
|
812,060
|
10.1
|
(1,332
|
)
|
558
|
12,580
|
||||||||||||||
Total consumer
|
972,772
|
8.7
|
(1,482
|
)
|
587
|
15,193
|
||||||||||||||
Total loans
|
$
|
3,985,019
|
7.4
|
%
|
$
|
(2,258
|
)
|
$
|
12,985
|
$
|
48,719
|
Percent Change
3Q 2023 Compared to:
|
||||||||||||||||||||
(dollars in thousands)
|
3Q
2023
|
2Q
2023
|
YE
2022
|
2Q
2023
|
YE
2022
|
|||||||||||||||
Non-interest bearing deposits
|
$
|
1,314,189
|
$
|
1,361,078
|
$
|
1,394,915
|
(3.4
|
)%
|
(5.8
|
)%
|
||||||||||
Interest bearing deposits
|
||||||||||||||||||||
Interest checking
|
125,107
|
142,542
|
112,265
|
(12.2
|
)%
|
11.4
|
%
|
|||||||||||||
Money market savings
|
1,412,679
|
1,389,081
|
1,348,809
|
1.7
|
%
|
4.7
|
%
|
|||||||||||||
Savings accounts
|
556,820
|
611,772
|
654,380
|
(9.0
|
)%
|
(14.9
|
)%
|
|||||||||||||
Time deposits
|
1,219,097
|
1,012,187
|
915,774
|
20.4
|
%
|
33.1
|
%
|
|||||||||||||
Repurchase agreements
|
232,577
|
229,020
|
215,431
|
1.6
|
%
|
8.0
|
%
|
|||||||||||||
Total interest bearing deposits and repurchase agreements
|
3,546,280
|
3,384,602
|
3,246,659
|
4.8
|
%
|
9.2
|
%
|
|||||||||||||
Total deposits and repurchase agreements
|
$
|
4,860,469
|
$
|
4,745,680
|
$
|
4,641,574
|
2.4
|
%
|
4.7
|
%
|
Pay Date
|
Record Date
|
Amount Per Share
|
|||
October 1, 2023
|
September 15, 2023
|
$
|
0.46
|
||
July 1, 2023
|
June 15, 2023
|
$
|
0.44
|
||
April 1, 2023
|
March 15, 2023
|
$
|
0.44
|
||
January 1, 2023
|
December 15, 2022
|
$
|
0.44
|
||
October 1, 2022
|
September 15, 2022
|
$
|
0.44
|
||
July 1, 2022
|
June 15, 2022
|
$
|
0.40
|
Item 1.
|
Legal Proceedings
|
None
|
|||
Item 1A.
|
Risk Factors
|
None
|
|||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
None
|
|||
Item 3.
|
Defaults Upon Senior Securities
|
None
|
|||
Item 4.
|
Mine Safety Disclosure
|
Not applicable
|
|||
Item 5.
|
Other Information:
|
||||
(a)
|
Information required to be disclosed in a report on Form 8-K | None | |||
|
|||||
(b)
|
Changes to director nomination procedures | None | |||
|
|||||
(c)
|
Insider trading arrangements | ||||
|
During the three months ended September 30, 2023, no director or officer of CTBI adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in
Item 408(a) of Regulation S-K.
|
||||
Item 6.
|
Exhibits:
|
||||
(1)
|
Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||
(2)
|
Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||
(3)
|
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL |
Exhibit 101.INS
|
|||
(4)
|
XBRL Taxonomy Extension Schema Document |
Exhibit 101.SCH
|
|||
(5)
|
XBRL Taxonomy Extension Calculation Linkbase |
Exhibit 101.CAL
|
|||
(6)
|
XBRL Taxonomy Extension Definition Linkbase |
Exhibit 101.DEF
|
|||
(7)
|
XBRL Taxonomy Extension Label Linkbase |
Exhibit 101.LAB
|
|||
(8)
|
XBRL Taxonomy Extension Presentation Linkbase |
Exhibit 101.PRE
|
|||
(9)
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Exhibit 104
|
COMMUNITY TRUST BANCORP, INC.
|
||
Date: November 8, 2023
|
By:
|
|
/s/ Mark A. Gooch
|
||
Mark A. Gooch
|
||
Vice Chairman, President, and Chief Executive Officer
|
||
/s/ Kevin J. Stumbo
|
||
Kevin J. Stumbo
|
||
Executive Vice President, Chief Financial Officer,
|
||
and Treasurer
|