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Community Trust Bancorp, Inc. Reports Earnings for the 2nd Quarter 2022

Community Trust Bancorp, Inc. (NASDAQ:CTBI):

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

2Q

2022

1Q

2022

2Q

2021

YTD

2022

YTD

2021

Net income

$20,271

$19,728

$23,931

$39,999

$47,549

Earnings per share

$1.14

$1.11

$1.35

$2.24

$2.67

Earnings per share - diluted

$1.14

$1.11

$1.34

$2.24

$2.67

 

 

 

 

 

 

Return on average assets

1.49%

1.48%

1.76%

1.48%

1.80%

Return on average equity

12.75%

11.77%

14.20%

12.25%

14.34%

Efficiency ratio

53.77%

53.25%

53.17%

53.51%

51.76%

Tangible common equity

10.53%

10.93%

11.39%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.400

$0.400

$0.385

$0.800

$0.770

Book value per share

$35.32

$36.53

$38.36

 

 

 

 

 

 

 

 

Weighted average shares

17,835

17,820

17,784

17,827

17,779

Weighted average shares - diluted

17,843

17,832

17,800

17,838

17,794

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2022 of $20.3 million, or $1.14 per basic share, compared to $19.7 million, or $1.11 per basic share, earned during the first quarter 2022 and $23.9 million, or $1.35 per basic share, earned during the second quarter 2021. Total revenue was $0.3 million above prior quarter but $0.2 million below prior year same quarter. Net interest revenue increased $0.8 million compared to prior quarter and prior year same quarter; however, noninterest income decreased $0.5 million compared to prior quarter and $1.0 million compared to prior year same quarter. The decrease in noninterest income quarter over quarter was primarily the result of a variance in the valuation of our mortgage servicing rights, while the decrease year over year was primarily the result of a decrease in gains on sales of loans. Provision for credit losses for the quarter was $0.1 million, compared to provision of $0.9 million for the quarter ended March 31, 2022 and a recovery of provision of $4.3 million for the second quarter 2022. Noninterest expense increased $0.6 million compared to prior quarter and $0.5 million compared to prior year same quarter. Net income for the six months ended June 30, 2022 was below prior year by $7.5 million, primarily due to the $6.8 million recovery of provision for credit losses taken in 2021.

2nd Quarter 2022 Highlights

  • Net interest income for the quarter of $40.8 million was $0.8 million above prior quarter and prior year same quarter.
  • Provision for loan losses for the quarter was $0.1 million, compared to provision of $0.9 million for the quarter ended March 31, 2022 and a recovery of provision of $4.3 million for the second quarter 2021.
  • Our loan portfolio increased $42.9 million, an annualized 4.9%, during the quarter and $110.0 million, or 3.2%, from June 30, 2021.
  • Net loan charge-offs were $42 thousand, or less than 0.01% of average loans annualized, for the quarter ended June 30, 2022 compared to net loan charge-offs of $0.3 million, or 0.04% of average loans annualized, for the first quarter 2022 and a net recovery of loan charge-offs for the second quarter 2021 of $0.6 million.
  • Our nonperforming loans, excluding troubled debt restructurings, increased slightly to $13.8 million at June 30, 2022 from $13.7 million at March 31, 2022 but were $7.3 million below the $21.1 million at June 30, 2021. Nonperforming assets at $15.8 million decreased $0.2 million from March 31, 2022 and $11.2 million from June 30, 2021.
  • Deposits, including repurchase agreements, increased $28.7 million, an annualized 2.5%, during the quarter and $17.4 million, or 0.4%, from June 30, 2021.
  • Shareholders’ equity declined $21.3 million, or an annualized 13.1%, during the quarter and $52.0 million, or 7.6%, from June 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio.
  • Noninterest income for the quarter ended June 30, 2022 of $14.5 million was $0.5 million, or 3.1%, below prior quarter and $1.0 million, or 6.6%, below prior year same quarter.
  • Noninterest expense for the quarter ended June 30, 2022 of $30.0 million was $0.6 million, or 2.1%, higher than prior quarter and $0.5 million, or 1.6%, above prior year same quarter.

Net Interest Income

Percent Change

 

2Q 2022 Compared to:

($ in thousands)

2Q

2022

1Q

2022

2Q

2021

1Q

2022

2Q

2021

YTD

2022

YTD

2021

Percent

Change

Components of net interest income:

Income on earning assets

$45,352

$43,527

$43,875

4.2%

3.4%

$88,879

$88,086

0.9%

Expense on interest bearing liabilities

4,562

3,495

3,868

30.5%

17.9%

8,057

7,837

2.8%

Net interest income

$40,790

$40,032

$40,007

1.9%

2.0%

$80,822

$80,249

0.7%

TEQ

232

235

230

(1.3)%

0.9%

467

447

4.5%

Net interest income, tax equivalent

$41,022

$40,267

$40,237

1.9%

1.9%

$81,289

$80,696

0.7%

 

Average yield and rates paid:

Earning assets yield

3.56%

3.46%

3.41%

2.9%

4.2%

3.51%

3.52%

(0.4)%

Rate paid on interest bearing liabilities

0.54%

0.42%

0.45%

28.2%

19.7%

0.48%

0.47%

3.4%

Gross interest margin

3.02%

3.04%

2.96%

(0.6)%

1.9%

3.03%

3.05%

(0.9)%

Net interest margin

3.20%

3.18%

3.11%

0.6%

2.8%

3.19%

3.21%

(0.5)%

 

Average balances:

Investment securities

$1,454,371

$1,486,799

$1,225,369

(2.2)%

18.7%

$1,470,495

1,145,018

28.4%

Loans

$3,538,324

$3,440,439

$3,495,655

2.8%

1.2%

$3,489,652

3,521,861

(0.9)%

Earning assets

$5,140,656

$5,134,150

$5,184,923

0.1%

(0.9)%

$5,137,421

5,071,907

1.3%

Interest-bearing liabilities

$3,373,741

$3,350,208

$3,424,218

0.7%

(1.5)%

$3,362,039

3,379,958

(0.5)%

Net interest income for the quarter of $40.8 million was $0.8 million above prior quarter and prior year same quarter. Our net interest income excluding PPP loans for the quarter ended June 30, 2022 was $40.3 million compared to $38.6 million for the quarter ended March 31, 2022 and $36.4 million for the quarter ended June 30, 2021. Our net interest margin, on a fully tax equivalent basis, at 3.20% increased 2 basis points from prior quarter and 9 basis points from prior year same quarter, as our average earning assets increased $6.5 million from prior quarter but decreased $44.3 million from prior year same quarter. Our yield on average earning assets increased 10 basis points from prior quarter and 15 basis points from prior year same quarter, and our cost of funds increased 12 basis points from prior quarter and 9 basis points from prior year same quarter. As discussed more fully below, the impact of the PPP loans to the net interest margin for the second quarter 2022 was 3 basis points.

The PPP loan portfolio had an annualized yield for the quarter of 13.56% compared to 17.03% for the first quarter 2022. Interest income on the portfolio was $45 thousand during the quarter, down $51 thousand from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $463 thousand, down $915 thousand from prior quarter. These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness. The impact of the PPP loan portfolio to the net interest margin was an increase of 3 basis points for the second quarter 2022 compared to an increase of 11 basis points for the first quarter 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 75.2% for the quarter ended June 30, 2022 compared to 74.2% for the quarter ended March 31, 2022 and 75.0% for the quarter ended June 30, 2021.

Noninterest Income

Percent Change

 

2Q 2022 Compared to:

($ in thousands)

2Q

2022

1Q

2022

2Q

2021

1Q

2022

2Q

2021

YTD

2022

YTD

2021

Percent Change

Deposit related fees

$7,263

$6,746

$6,358

7.7%

14.2%

$14,009

$12,380

13.2%

Trust revenue

3,198

3,248

3,349

(1.5)%

(4.5)%

6,446

6,300

2.3%

Gains on sales of loans

519

597

1,907

(13.0)%

(72.8)%

1,116

4,340

(74.3)%

Loan related fees

1,415

2,062

1,004

(31.4)%

41.0%

3,477

3,274

6.2%

Bank owned life insurance revenue

702

691

581

1.7%

20.8%

1,393

1,154

20.7%

Brokerage revenue

459

590

554

(22.2)%

(17.2)%

1,049

1,011

3.8%

Other

945

1,031

1,768

(8.5)%

(46.7)%

1,976

2,639

(25.2)%

Total noninterest income

$14,501

$14,965

$15,521

(3.1)%

(6.6)%

$29,466

$31,098

(5.2)%

Noninterest income for the quarter ended June 30, 2022 of $14.5 million was $0.5 million, or 3.1%, below prior quarter and $1.0 million, or 6.6%, below prior year same quarter. The quarter over quarter decrease included a $0.6 million decrease in loan related fees and a $0.3 million decrease in securities gains, partially offset by a $0.5 million increase in deposit related fees. The decrease from prior year same quarter included a $1.4 million decrease in gains on sales of loans and a $0.5 million decrease in securities gains, partially offset by a $0.9 million increase in deposit related fees. Year-to-date noninterest income decreased $1.6 million from the six months ended June 30, 2021 due to a $3.2 million decline in gains on sales of loans, partially offset by a $1.6 million increase in deposit related fees. Gains on sales of loans were impacted by the slowdown in the industry-wide mortgage refinancing boom. Deposit related fees were primarily impacted by debit card income and overdraft charges. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.

Noninterest Expense

Percent Change

 

2Q 2022 Compared to:

($ in thousands)

2Q

2022

1Q

2022

2Q

2021

1Q

2022

2Q

2021

YTD

2022

YTD

2021

Percent Change

Salaries

$12,219

$11,739

$11,706

4.1%

4.4%

$23,958

$23,118

3.6%

Employee benefits

6,315

5,799

7,254

8.9%

(12.9)%

12,114

12,675

(4.4)%

Net occupancy and equipment

2,756

2,854

2,668

(3.4)%

3.3%

5,610

5,496

2.1%

Data processing

2,095

2,201

1,870

(4.8)%

12.0%

4,296

4,029

6.6%

Legal and professional fees

884

867

753

1.9%

17.2%

1,751

1,646

6.4%

Advertising and marketing

659

752

710

(12.6)%

(7.3)%

1,411

1,432

(1.4)%

Taxes other than property and payroll

425

426

375

(0.3)%

13.3%

851

745

14.2%

Net other real estate owned expense

43

353

488

(87.6)%

(91.1)%

396

806

(50.8)%

Other

4,582

4,368

3,674

4.9%

24.8%

8,950

7,861

13.8%

Total noninterest expense

$29,978

$29,359

$29,498

2.1%

1.6%

$59,337

$57,808

2.6%

Noninterest expense for the quarter ended June 30, 2022 of $30.0 million was $0.6 million, or 2.1%, higher than prior quarter and $0.5 million, or 1.6%, above prior year same quarter. The increase in noninterest expense quarter over quarter was primarily the result of an increase in personnel expense ($1.0 million), partially offset by a $0.3 million decrease in net other real estate owned expense. The increase in personnel expense was due to increases in salaries and a higher accrual for bonuses and incentives. Noninterest expense for the six months ended June 30, 2022 was $1.5 million higher than the six months ended June 30, 2021. The year-to-date increase was primarily the result of increases in personnel expense, data processing expense, and loan related expenses.

Balance Sheet Review

Total Loans

Percent Change

2Q 2022

Compared to:

($ in thousands)

2Q

2022

1Q

2022

2Q

2021

1Q

2022

2Q

2021

Commercial nonresidential real estate

$758,227

$774,791

$718,338

(2.1)%

5.6%

Commercial residential real estate

354,668

337,447

309,627

5.1%

14.5%

Hotel/motel

280,956

274,256

261,422

2.4%

7.5%

SBA guaranteed PPP loans

7,788

22,482

175,983

(65.4)%

(95.6)%

Other commercial

395,876

394,875

356,359

0.3%

11.1%

Total commercial

1,797,515

1,803,851

1,821,729

(0.4)%

(1.3)%

 

Residential mortgage

793,249

780,453

762,649

1.6%

4.0%

Home equity loans/lines

110,828

107,230

102,551

3.4%

8.1%

Total residential

904,077

887,683

865,200

1.8%

4.5%

 

Consumer indirect

697,060

667,387

610,025

4.4%

14.3%

Consumer direct

159,791

156,620

151,539

2.0%

5.4%

Total consumer

856,851

824,007

761,564

4.0%

12.5%

 

Total loans

$3,558,443

$3,515,541

$3,448,493

1.2%

3.2%

Total Deposits and Repurchase Agreements

Percent Change

2Q 2022

Compared to:

($ in thousands)

2Q

2022

1Q

2022

2Q

2021

1Q

2022

2Q

2022

Non-interest bearing deposits

$1,408,148

$1,398,529

$1,286,989

0.7%

9.4%

Interest bearing deposits

Interest checking

99,055

89,863

99,226

10.2%

(0.2)%

Money market savings

1,243,817

1,200,408

1,281,431

3.6%

(2.9)%

Savings accounts

671,349

666,874

596,426

0.7%

12.6%

Time deposits

1,050,559

1,072,630

1,059,630

(2.1)%

(0.9)%

Repurchase agreements

238,733

254,623

370,568

(6.2)%

(35.6)%

Total interest bearing deposits and repurchase agreements

3,303,513

3,284,398

3,407,281

0.6%

(3.0)%

Total deposits and repurchase agreements

$4,711,661

$4,682,927

$4,694,270

0.6%

0.4%

CTBI’s total assets at $5.4 billion increased $4.2 million, or 0.3% annualized, from March 31, 2022 but decreased $46.8 million, or 0.9%, from June 30, 2021. Loans outstanding at June 30, 2022 were $3.6 billion, an increase of $42.9 million, an annualized 4.9%, from March 31, 2022 and $110.0 million, or 3.2%, from June 30, 2021. Loans, excluding PPP loans, increased $57.6 million during the quarter, with an $8.4 million increase in the commercial loan portfolio, $16.4 million increase in the residential loan portfolio, a $29.7 million increase in the indirect consumer loan portfolio, and a $3.1 million increase in the consumer direct loan portfolio. The PPP loan portfolio declined during the quarter $14.7 million as a result of SBA forgiveness. CTBI’s investment portfolio decreased $101.3 million, or an annualized 27.0%, from March 31, 2022 but increased $44.1 million, or 3.2%, from June 30, 2021. Deposits in other banks increased $30.2 million from prior quarter but decreased $254.2 million from prior year same quarter. Deposits, including repurchase agreements, at $4.7 billion increased $28.7 million, or an annualized 2.5%, from March 31, 2022 and $17.4 million, or 0.4%, from June 30, 2021.

Shareholders’ equity declined $21.3 million, or an annualized 13.1%, during the quarter and $52.0 million, or 7.6%, from June 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio. We experienced a $34.9 million increase in accumulated other comprehensive loss, net of tax, resulting from increases in unrealized losses on our securities portfolio during the quarter. CTBI’s annualized dividend yield to shareholders as of June 30, 2022 was 3.96%.

Asset Quality

Our total nonperforming loans, excluding troubled debt restructurings, increased slightly to $13.8 million at June 30, 2022 from $13.7 million at March 31, 2022 but were $7.3 million below the $21.1 million at June 30, 2021. Accruing loans 90+ days past due at $5.0 million increased $0.2 million from prior quarter but decreased $3.3 million from June 30, 2021. Nonaccrual loans remained at $8.8 million from prior quarter but decreased $4.0 million from June 30, 2021. Accruing loans 30-89 days past due at $10.6 million decreased $0.2 million from prior quarter and $0.3 million from June 30, 2021. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties were $2.0 million at June 30, 2022 compared to $2.3 million at March 31, 2022 and $5.8 million at June 30, 2021. Sales of foreclosed properties for the quarter ended June 30, 2022 totaled $0.7 million while new foreclosed properties totaled $0.3 million. At June 30, 2022, the book value of properties under contracts to sell was $0.4 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs were $42 thousand, or less than 0.01% of average loans annualized, for the quarter ended June 30, 2022 compared to net loan charge-offs of $0.3 million, or 0.04% of average loans annualized, for the first quarter 2022 and a net recovery of loan charge-offs for the second quarter 2021 of $0.6 million. Year-to-date net loan charge-offs were $0.4 million, or 0.02% of average loans annualized, compared to a net recovery of loan charge-offs of $0.4 million for the first six months of 2021.

Allowance for Credit Losses

Provision for credit losses for the quarter was $0.1 million, compared to provision of $0.9 million for the quarter ended March 31, 2022 and a recovery of provision of $4.3 million for the second quarter 2021. Year-to-date provision was $1.0 million compared to a recovery of $6.8 million during the first six months of 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2022 was 305.9% compared to 309.1% at March 31, 2022 and 197.2% at June 30, 2021. Our credit loss reserve as a percentage of total loans outstanding at June 30, 2022 was 1.19% (1.19% excluding PPP loans) compared to 1.20% at March 31, 2022 (1.21% excluding PPP loans) and 1.21% at June 30, 2021 (1.27% excluding PPP loans).

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. Community Trust Bancorp, Inc.’s (“CTBI”) 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 the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; 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 $5.4 billion, is headquartered in Pikeville, Kentucky and has 68 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)
June 30, 2022
(in thousands except per share data and # of employees)
 
Three Three Three Six Six
Months Months Months Months Months
Ended Ended Ended Ended Ended
June 30,

2022
March 31,

2022
June 30,

2021
June 30,

2022
June 30,

2021
Interest income

$

45,352

 

$

43,527

 

$

43,875

 

$

88,879

 

$

88,086

 

Interest expense

 

4,562

 

 

3,495

 

 

3,868

 

 

8,057

 

 

7,837

 

Net interest income

 

40,790

 

 

40,032

 

 

40,007

 

 

80,822

 

 

80,249

 

Credit loss provision (recovery)

 

77

 

 

875

 

 

(4,257

)

 

952

 

 

(6,756

)

 
Gains on sales of loans

 

519

 

 

597

 

 

1,907

 

 

1,116

 

 

4,340

 

Deposit related fees

 

7,263

 

 

6,746

 

 

6,358

 

 

14,009

 

 

12,380

 

Trust revenue

 

3,198

 

 

3,248

 

 

3,349

 

 

6,446

 

 

6,300

 

Loan related fees

 

1,415

 

 

2,062

 

 

1,004

 

 

3,477

 

 

3,274

 

Securities gains (losses)

 

(225

)

 

99

 

 

280

 

 

(126

)

 

112

 

Other noninterest income

 

2,331

 

 

2,213

 

 

2,623

 

 

4,544

 

 

4,692

 

Total noninterest income

 

14,501

 

 

14,965

 

 

15,521

 

 

29,466

 

 

31,098

 

 
Personnel expense

 

18,534

 

 

17,538

 

 

18,960

 

 

36,072

 

 

35,793

 

Occupancy and equipment

 

2,756

 

 

2,854

 

 

2,668

 

 

5,610

 

 

5,496

 

Data processing expense

 

2,095

 

 

2,201

 

 

1,870

 

 

4,296

 

 

4,029

 

FDIC insurance premiums

 

358

 

 

355

 

 

323

 

 

713

 

 

649

 

Other noninterest expense

 

6,235

 

 

6,411

 

 

5,677

 

 

12,646

 

 

11,841

 

Total noninterest expense

 

29,978

 

 

29,359

 

 

29,498

 

 

59,337

 

 

57,808

 

 
Net income before taxes

 

25,236

 

 

24,763

 

 

30,287

 

 

49,999

 

 

60,295

 

Income taxes

 

4,965

 

 

5,035

 

 

6,356

 

 

10,000

 

 

12,746

 

Net income

$

20,271

 

$

19,728

 

$

23,931

 

$

39,999

 

$

47,549

 

 
Memo: TEQ interest income

$

45,584

 

$

43,762

 

$

44,105

 

$

89,346

 

$

88,533

 

 
Average shares outstanding

 

17,835

 

 

17,820

 

 

17,784

 

 

17,827

 

 

17,779

 

Diluted average shares outstanding

 

17,843

 

 

17,832

 

 

17,800

 

 

17,838

 

 

17,794

 

Basic earnings per share

$

1.14

 

$

1.11

 

$

1.35

 

$

2.24

 

$

2.67

 

Diluted earnings per share

$

1.14

 

$

1.11

 

$

1.34

 

$

2.24

 

$

2.67

 

Dividends per share

$

0.400

 

$

0.400

 

$

0.385

 

$

0.800

 

$

0.770

 

 
Average balances:
Loans

$

3,538,324

 

$

3,440,439

 

$

3,495,655

 

$

3,489,652

 

$

3,521,861

 

Earning assets

 

5,140,656

 

 

5,134,150

 

 

5,184,923

 

 

5,137,421

 

 

5,071,907

 

Total assets

 

5,446,263

 

 

5,417,800

 

 

5,450,182

 

 

5,432,110

 

 

5,335,432

 

Deposits, including repurchase agreements

 

4,705,492

 

 

4,633,988

 

 

4,661,615

 

 

4,669,938

 

 

4,552,736

 

Interest bearing liabilities

 

3,373,741

 

 

3,350,208

 

 

3,424,218

 

 

3,362,039

 

 

3,379,958

 

Shareholders' equity

 

637,542

 

 

679,527

 

 

675,727

 

 

658,419

 

 

668,555

 

 
Performance ratios:
Return on average assets

 

1.49

%

 

1.48

%

 

1.76

%

 

1.48

%

 

1.80

%

Return on average equity

 

12.75

%

 

11.77

%

 

14.20

%

 

12.25

%

 

14.34

%

Yield on average earning assets (tax equivalent)

 

3.56

%

 

3.46

%

 

3.41

%

 

3.51

%

 

3.52

%

Cost of interest bearing funds (tax equivalent)

 

0.54

%

 

0.42

%

 

0.45

%

 

0.48

%

 

0.47

%

Net interest margin (tax equivalent)

 

3.20

%

 

3.18

%

 

3.11

%

 

3.19

%

 

3.21

%

Efficiency ratio (tax equivalent)

 

53.77

%

 

53.25

%

 

53.17

%

 

53.51

%

 

51.76

%

 
Loan charge-offs

$

828

 

$

1,320

 

$

948

 

$

2,148

 

$

2,418

 

Recoveries

 

(786

)

 

(998

)

 

(1,554

)

 

(1,784

)

 

(2,847

)

Net charge-offs

$

42

 

$

322

 

$

(606

)

$

364

 

$

(429

)

 
Market Price:
High

$

42.91

 

$

46.30

 

$

45.95

 

$

46.30

 

$

47.53

 

Low

$

39.10

 

$

40.53

 

$

39.76

 

$

39.10

 

$

36.02

 

Close

$

40.44

 

$

41.20

 

$

40.38

 

$

40.44

 

$

40.38

 

 
As of As of As of
June 30, 2022 March 31, 2022 June 30, 2021
Assets:
Loans

$

3,558,443

 

$

3,515,541

 

$

3,448,493

 

Loan loss reserve

 

(42,344

)

 

(42,309

)

 

(41,695

)

Net loans

 

3,516,099

 

 

3,473,232

 

 

3,406,798

 

Loans held for sale

 

936

 

 

1,941

 

 

4,912

 

Securities AFS

 

1,402,127

 

 

1,503,165

 

 

1,357,597

 

Equity securities at fair value

 

2,128

 

 

2,352

 

 

2,523

 

Other equity investments

 

13,026

 

 

13,026

 

 

13,915

 

Other earning assets

 

140,384

 

 

108,222

 

 

392,591

 

Cash and due from banks

 

75,373

 

 

58,352

 

 

63,917

 

Premises and equipment

 

40,704

 

 

40,738

 

 

40,391

 

Right of use asset

 

12,005

 

 

11,941

 

 

12,729

 

Goodwill and core deposit intangible

 

65,490

 

 

65,490

 

 

65,490

 

Other assets

 

179,078

 

 

164,674

 

 

133,300

 

Total Assets

$

5,447,350

 

$

5,443,133

 

$

5,494,163

 

 
Liabilities and Equity:
Interest bearing checking

$

99,055

 

$

89,863

 

$

99,226

 

Savings deposits

 

1,915,166

 

 

1,867,282

 

 

1,877,857

 

CD's >=$100,000

 

573,519

 

 

590,476

 

 

561,269

 

Other time deposits

 

477,040

 

 

482,154

 

 

498,361

 

Total interest bearing deposits

 

3,064,780

 

 

3,029,775

 

 

3,036,713

 

Noninterest bearing deposits

 

1,408,148

 

 

1,398,529

 

 

1,286,989

 

Total deposits

 

4,472,928

 

 

4,428,304

 

 

4,323,702

 

Repurchase agreements

 

238,733

 

 

254,623

 

 

370,568

 

Other interest bearing liabilities

 

58,706

 

 

58,711

 

 

58,726

 

Lease liability

 

12,479

 

 

12,796

 

 

13,529

 

Other noninterest bearing liabilities

 

32,454

 

 

35,328

 

 

43,555

 

Total liabilities

 

4,815,300

 

 

4,789,762

 

 

4,810,080

 

Shareholders' equity

 

632,050

 

 

653,371

 

 

684,083

 

Total Liabilities and Equity

$

5,447,350

 

$

5,443,133

 

$

5,494,163

 

 
Ending shares outstanding

 

17,895

 

 

17,884

 

 

17,831

 

 
30 - 89 days past due loans

$

10,595

 

$

10,838

 

$

10,847

 

90 days past due loans

 

5,018

 

 

4,858

 

 

8,283

 

Nonaccrual loans

 

8,824

 

 

8,832

 

 

12,863

 

Restructured loans (excluding 90 days past due and nonaccrual)

 

75,264

 

 

70,814

 

 

66,887

 

Foreclosed properties

 

1,954

 

 

2,299

 

 

5,848

 

 
Community bank leverage ratio

 

13.14

%

 

13.15

%

 

12.45

%

Tangible equity to tangible assets ratio

 

10.53

%

 

10.93

%

 

11.39

%

FTE employees

 

958

 

 

963

 

 

961

 

 

Contacts

Mark A. Gooch

Vice Chairman, President, and CEO

Community Trust Bancorp, Inc.

(606) 437-3229

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