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Community Trust Bancorp, Inc. Reports Earnings for the Third Quarter 2021

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

Earnings Summary

 

 

 

 

 

 

(in thousands except per share data)

3Q

2021

2Q

2021

3Q

2020

YTD

2021

YTD

2020

 

Net income

$21,142

$23,931

$17,447

$68,691

$43,678

 

Earnings per share

$1.19

$1.35

$0.98

$3.86

$2.46

 

Earnings per share - diluted

$1.19

$1.34

$0.98

$3.86

$2.46

 

 

 

 

 

 

 

 

Return on average assets

1.54%

1.76%

1.38%

1.71%

1.23%

 

Return on average equity

12.06%

14.20%

10.81%

13.55%

9.26%

 

Efficiency ratio

53.50%

53.17%

55.99%

52.35%

56.72%

 

Tangible common equity

11.77%

11.39%

11.68%

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

$0.400

$0.385

$0.385

$1.170

$1.145

 

Book value per share

$38.78

$38.36

$36.20

 

 

 

 

 

 

 

 

 

 

Weighted average shares

17,790

17,784

17,746

17,783

17,746

 

Weighted average shares - diluted

17,808

17,800

17,752

17,798

17,753

 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2021 of $21.1 million, or $1.19 per basic share, compared to $23.9 million, or $1.35 per basic share, earned during the second quarter 2021 and $17.4 million, or $0.98 per basic share, earned during the third quarter 2020. Our loan portfolio quality continues to see improvement, allowing a further reduction in credit loss reserves. Noninterest income declined; however, total revenue increased as our net interest margin saw improvement resulting from a redeployment of Federal Reserve funds into our investment portfolio and forgiveness of Paycheck Protection Program (PPP) loans. Earnings for the nine months ended September 30, 2021 were $68.7 million compared to $43.7 million for the nine months ended September 30, 2020.

3rd Quarter 2021 Highlights

  • Net interest income for the quarter of $42.0 million was $2.0 million, or 5.0%, above prior quarter and $4.3 million, or 11.5%, above third quarter 2020.
  • We recovered $0.2 million of our provision for credit losses during the quarter ended September 30, 2021. The reduction to our allowance for credit losses was the result of improving credit metrics. We also recognized a recapture of allowance for credit losses in the second quarter 2021 with a credit to the provision for credit losses of $4.3 million. Provision for credit losses for the third quarter 2020 totaled $2.4 million.
  • Our loan portfolio decreased $50.3 million, an annualized 5.8%, during the quarter and $159.7 million, or 4.5%, from September 30, 2020. Loans, excluding PPP loans, increased $26.6 million during the quarter.
  • Net loan charge-offs for the quarter were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021, compared to a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021 and net loan charge-offs of $1.1 million, or 0.12% of average loans annualized, for the third quarter 2020.
  • Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $18.7 million at September 30, 2021 from $21.1 million at June 30, 2021 and $29.9 million at September 30, 2020. Nonperforming assets at $23.0 million decreased $3.9 million from June 30, 2021 and $22.4 million from September 30, 2020.
  • Deposits, including repurchase agreements, decreased $106.0 million, an annualized 9.0%, during the quarter but increased $326.3 million, or 7.7%, from September 30, 2020. The decrease from prior quarter was primarily due to the transfer of a $75 million repurchase agreement into a managed fund with our trust subsidiary.
  • Noninterest income for the quarter ended September 30, 2021 of $14.4 million decreased from prior quarter by $1.1 million, or 7.3%, and $0.5 million, or 3.5%, from prior year same quarter.
  • Noninterest expense for the quarter ended September 30, 2021 of $30.3 million increased $0.8 million, or 2.8%, from prior quarter, and $0.9 million, or 2.9%, from prior year same quarter.

COVID-19

We continue working with our customers through the COVID-19 pandemic. At September 30, 2021, the number of customers with CARES Act deferrals reduced to 27 for a total outstanding amount of $15.8 million. The majority of our CARES Act deferrals have been 90 day deferrals. Total outstanding deferrals include 6 commercial loan deferrals with a total outstanding amount of $14.3 million, 17 residential loan deferrals with a total outstanding amount of $1.4 million, and 4 consumer loan deferrals with a total outstanding amount of $0.1 million. These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act. Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

At September 30, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including 3,352 loans totaling $124.3 million stemming from the Consolidated Appropriations Act 2021 (second round). Through September 30, 2021, we have had 4,730 of our PPP loans totaling $297.7 million forgiven by the SBA, including 1,877 loans totaling $35.9 million from the second round.

Net Interest Income

Percent Change

 

 

3Q 2021

Compared to:

 

($ in thousands)

3Q

2021

2Q

2021

3Q

2020

2Q

2021

3Q

2020

YTD

2021

YTD

2020

Percent

Change

 

Components of net interest income

 

Income on earning assets

$45,952

$44,105

$43,815

4.2%

4.9%

$134,485

$133,832

0.5%

 

Expense on interest bearing liabilities

3,712

3,868

5,946

(4.0)%

(37.6)%

11,549

20,907

(44.8)%

 

Net interest income (tax equivalent)

$42,240

$40,237

$37,869

5.0%

11.5%

$122,936

$112,925

8.9%

 
   

Average yield and rates paid

 

Earning assets yield

3.52%

3.41%

3.66%

3.1%

(3.8)%

3.52%

3.99%

(11.9)%

 

Rate paid on interest bearing liabilities

0.43%

0.45%

0.73%

(4.7)%

(40.9)%

0.46%

0.91%

(50.1)%

 

Gross interest margin

3.09%

2.96%

2.93%

4.3%

5.4%

3.06%

3.08%

(0.6)%

 

Net interest margin

3.23%

3.11%

3.16%

3.8%

2.3%

3.22%

3.37%

(4.6)%

 
   

Average balances

 

Investment securities

$1,511,178

$1,223,123

$ 946,426

23.55%

59.7%

$1,266,850

$ 770,184

64.5%

 

Loans

$3,400,194

$3,495,655

$3,539,520

(2.73)%

(3.9)%

$3,480,860

$3,421,749

1.7%

 

Earning assets

$5,184,749

$5,184,923

$4,768,869

0.00%

8.7%

$5,109,934

$4,475,200

14.2%

 

Interest-bearing liabilities

$3,410,286

$3,424,218

$3,238,474

(0.41)%

5.3%

$3,390,178

$3,060,851

10.8%

 

Net interest income for the quarter of $42.0 million increased $2.0 million, or 5.0%, from second quarter 2021 and $4.3 million, or 11.5%, from third quarter 2020. Our net interest income excluding PPP loans for the quarter ended September 30, 2021 was $37.9 million compared to $36.7 million for the quarter ended June 30, 2021 and $36.6 million for the quarter ended September 30, 2020. Our net interest margin at 3.23% increased 12 basis points from prior quarter and 7 basis points from prior year same quarter, as our average earning assets decreased $0.2 million from prior quarter but increased $415.9 million from prior year same quarter. Our yield on average earning assets increased 11 basis points from prior quarter but decreased 14 basis points from prior year same quarter, and our cost of funds decreased 2 basis points from prior quarter and 30 basis points from prior year same quarter. The improvement in our net interest margin resulted from a redeployment of Federal Reserve funds into our investment portfolio and forgiveness of PPP loans. As discussed more fully below, the impact of the PPP loans to the net interest margin for the third quarter 2021 was 25 basis points. Net interest income for the nine months ended September 30, 2021 increased $9.9 million, or 8.8%, compared to the nine months ended September 30, 2020.

The PPP loan portfolio had an annualized yield for the quarter of 12.24%, a 620 basis point increase from the 6.04% yield in the second quarter 2021. Interest income on the portfolio was $0.4 million during the quarter, down $0.2 million 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 $4.0 million, up $1.0 million 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 25 basis points for the third quarter 2021, an 11 basis point increase from the 14 basis points for the second quarter 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 73.1% for the quarter ended September 30, 2021 compared to 75.0% for the quarter ended June 30, 2021 and 82.8% for the quarter ended September 30, 2020.

Noninterest Income

Percent Change

 

 

3Q 2021

Compared to:

 

($ in thousands)

3Q

2021

2Q

2021

3Q

2020

2Q

2021

3Q

2020

YTD

2021

YTD

2020

Percent

Change

 

Deposit service charges

$7,066

$6,358

$6,296

11.1%

12.2%

$19,446

$17,179

13.2%

 

Trust revenue

3,039

3,349

2,692

(9.2)%

12.9%

9,339

8,145

14.7%

 

Gains on sales of loans

1,239

1,907

2,470

(35.0)%

(49.8)%

5,579

4,706

18.6%

 

Loan related fees

1,050

1,004

1,383

4.7%

(24.0)%

4,324

2,300

88.0%

 

Bank owned life insurance revenue

654

581

602

12.4%

8.7%

1,808

1,739

4.0%

 

Brokerage revenue

519

554

310

(6.3)%

67.4%

1,530

995

53.7%

 

Other

821

1,768

1,158

(53.7)%

(29.3)%

3,460

4,247

(18.6)%

 

Total noninterest income

$14,388

$15,521

$14,911

(7.3)%

(3.5)%

$45,486

$39,311

15.7%

 

Noninterest income for the quarter ended September 30, 2021 of $14.4 million was a decrease of $1.1 million, or 7.3%, from prior quarter and $0.5 million, or 3.5%, from prior year same quarter. The decrease from prior quarter included decreases in gains on sales of loans ($0.7 million), trust revenue ($0.3 million), securities gains ($0.3 million), and other operating revenue ($0.4 million), partially offset by an increase in deposit service charges ($0.7 million). The decrease from prior year same quarter included decreases in gains on sales of loans ($1.2 million), loan related fees ($0.3 million), and securities gains ($0.2 million), partially offset by increases in deposit service charges ($0.8 million) and trust revenue ($0.3 million). Noninterest income for the nine months ended September 30, 2021 of $45.5 million was a $6.2 million, or 15.7% increase from the nine months ended September 30, 2020.

Gains on sales of loans continue to be impacted by the slowdown in the industry-wide refinancing boom. Deposit service charges were impacted during the quarter by an increase in overdraft charges. The year over year increase in noninterest income was driven by increases in gains on sales of loans, deposit service charges, trust revenue, and loan related fees. Deposit service charges were primarily impacted year over year by an increase in debit card income. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.

Noninterest Expense

 

Percent Change

 

 

 

3Q 2021

Compared to:

 

($ in thousands)

3Q

2021

2Q

2021

3Q

2020

2Q

2021

3Q

2020

YTD

2021

YTD

2020

Percent

Change

 

Salaries

$11,962

$11,706

$11,640

2.2%

2.8%

$35,080

$34,651

1.2%

 

Employee benefits

6,891

7,254

4,497

(5.0)%

53.3%

19,566

11,670

67.7%

 

Net occupancy and equipment

2,733

2,668

2,724

2.4%

0.3%

8,229

8,054

2.2%

 

Data processing

1,911

1,870

1,936

2.3%

(1.2)%

5,940

5,789

2.6%

 

Legal and professional fees

685

753

1,001

(9.2)%

(31.6)%

2,331

3,057

(23.7)%

 

Advertising and marketing

819

710

797

15.5%

2.8%

2,251

1,999

12.6%

 

Telephone

486

502

500

(3.1)%

(2.7)%

1,498

1,389

7.8%

 

Other

4,841

4,035

6,378

20.0%

(24.1)%

13,241

18,994

(30.3)%

 

Total noninterest expense

$30,328

$29,498

$29,473

2.8%

2.9%

$88,136

$85,603

3.0%

 

Noninterest expense for the quarter ended September 30, 2021 of $30.3 million increased $0.8 million, or 2.8%, from prior quarter, and $0.9 million, or 2.9%, from prior year same quarter. The increase in noninterest expense quarter over quarter included increases in operating losses ($0.3 million), marketing and promotional ($0.2 million), and loan related expense ($0.2 million). The increase from prior year same quarter was the result of an increase in personnel expense ($2.7 million), partially offset by decreases in taxes other than property and payroll ($1.4 million), net other real estate owned expense ($0.2 million), and repossession expense ($0.2 million). The increase in personnel expense included a $1.8 million increase in bonuses and incentives as we increased the accruals for incentive payments based on our current projected earnings for the year. Noninterest expense for the nine months ended September 30, 2021 increased $2.5 million, or 3.0%, compared to the nine months ended September 30, 2020.

Balance Sheet Review

Total Loans

 

Percent Change

 

3Q 2021 Compared to:

 

($ in thousands)

3Q

2021

2Q

2021

3Q

2020

2Q

2021

3Q

2020

 

Commercial nonresidential real estate

$ 732,442

$ 718,338

$ 742,436

2.0%

(1.3)%

 

Commercial residential real estate

330,660

309,627

284,428

6.8%

16.3%

 

SBA guaranteed PPP loans

99,116

175,983

270,271

(43.7)%

(63.3)%

 

Other commercial

600,583

617,781

602,218

(2.8)%

(0.3)%

 

Total commercial

1,762,801

1,821,729

1,899,353

(3.2)%

(7.2)%

 
   

Residential mortgage

763,005

762,649

783,818

0.0%

(2.7)%

 

Home equity loans/lines

105,007

102,551

105,454

2.4%

(0.4)%

 

Total residential

868,012

865,200

889,272

0.3%

(2.4)%

 
   

Consumer indirect

612,394

610,025

615,608

0.4%

(0.5)%

 

Consumer direct

155,022

151,539

153,666

2.3%

0.9%

 

Total consumer

767,416

761,564

769,274

0.8%

(0.2)%

 
   

Total loans

$3,398,229

$3,448,493

$3,557,899

(1.5)%

(4.5)%

 

Total Deposits and Repurchase Agreements

 

Percent Change

 

3Q 2021 Compared to:

 

($ in thousands)

3Q

2021

2Q

2021

3Q

2020

2Q

2021

3Q

2020

 

Non-interest bearing deposits

$1,318,158

$1,286,989

$1,103,863

2.4%

19.4%

 

Interest bearing deposits

 

Interest checking

90,657

99,226

78,989

(8.6)%

14.8%

 

Money market savings

1,210,551

1,281,431

1,167,516

(5.5)%

3.7%

 

Savings accounts

616,561

596,426

499,604

3.4%

23.4%

 

Time deposits

1,060,309

1,059,630

1,044,209

0.1%

1.5%

 

Repurchase agreements

292,022

370,568

367,788

(21.2)%

(20.6)%

 

Total interest bearing deposits and repurchase agreements

$3,270,100

$3,407,281

$3,158,106

(4.0)%

3.5%

 

Total deposits and repurchase agreements

$4,588,258

$4,694,270

$4,261,969

(2.3)%

7.7%

 

CTBI’s total assets at $5.4 billion decreased $108.6 million, or 7.8% annualized, from June 30, 2021 but increased $365.2 million, or 7.3%, from September 30, 2020. Loans outstanding at September 30, 2021 were $3.4 billion, a decrease of $50.3 million, an annualized 5.8%, from June 30, 2021 and $159.7 million, or 4.5%, from September 30, 2020. Loans, excluding PPP loans, increased $26.6 million during the quarter, with a $17.9 million increase in the commercial loan portfolio, a $3.5 million increase in the direct consumer loan portfolio, a $2.8 million increase in the residential loan portfolio, and a $2.4 million increase in the indirect consumer loan portfolio. The PPP loan portfolio declined $76.9 million as a result of SBA forgiveness. CTBI’s investment portfolio increased $168.1 million, or an annualized 49.0%, from June 30, 2021 and $576.9 million, or 60.6%, from September 30, 2020 as we redeployed funds from our Federal Reserve account into our investment portfolio. Deposits in other banks decreased $249.8 million from prior quarter and $58.9 million from prior year same quarter. Deposits, including repurchase agreements, at $4.6 billion decreased $106.0 million, or an annualized 9.0%, from June 30, 2021 but increased $326.3 million, or 7.7%, from September 30, 2020. The decrease from prior quarter was primarily due to the transfer of a $75 million repurchase agreement into a managed fund with our trust subsidiary.

Shareholders’ equity at September 30, 2021 was $691.6 million, a $7.6 million increase from the $684.1 million at June 30, 2021 and a $47.2 million increase from the $644.4 million at September 30, 2020. CTBI’s annualized dividend yield to shareholders as of September 30, 2021 was 3.80%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $18.7 million at September 30, 2021 from $21.1 million at June 30, 2021 and $29.9 million at September 30, 2020. Accruing loans 90+ days past due decreased $1.6 million from prior quarter and $11.3 million from September 30, 2020. Nonaccrual loans decreased $0.8 million during the quarter but increased $0.2 million from September 30, 2020. Accruing loans 30-89 days past due at $8.9 million decreased $2.0 million from prior quarter and $4.5 million from September 30, 2020. 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 at $4.3 million at September 30, 2021 was a $1.5 million decrease from the $5.8 million at June 30, 2021 and an $11.3 million decrease from the $15.6 million at June 30, 2020. Sales of foreclosed properties for the quarter ended September 30, 2021 totaled $2.0 million while new foreclosed properties totaled $0.6 million. At September 30, 2021, 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 for the quarter were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021, compared to a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021 and net loan charge-offs of $1.1 million, or 0.12% of average loans annualized, for the third quarter 2020. For the nine months ended September 30, 2021, we experienced a net recovery of loan losses of $0.1 million compared to net charge-offs of $5.2 million, or 0.20% of average loans annualized, for the nine months ended September 30, 2020.

Allowance for Credit Losses

We recovered $0.2 million of our provision for credit losses during the quarter ended September 30, 2021 as a result of improving credit metrics. We also recognized a recapture of allowance for credit losses in the second quarter 2021 with a credit to the provision for credit losses of $4.3 million. Provision for credit losses for the third quarter 2020 totaled $2.4 million. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2021 was 220.0% compared to 197.2% at June 30, 2021 and 160.7% at September 30, 2020. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2021 was 1.21% (1.25% excluding PPP loans) compared to 1.21% at June 30, 2021 (1.27% excluding PPP loans) and 1.35% at September 30, 2020 (1.46% 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 70 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)

September 30, 2021

(in thousands except per share data and # of employees)

         

Three

 

Three

 

Three

 

Nine

 

Nine

Months

 

Months

 

Months

 

Months

 

Months

Ended

 

Ended

 

Ended

 

Ended

 

Ended

September 30, 2021

 

June 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

Interest income

$

45,726

 

$

43,875

 

$

43,626

 

$

133,812

 

$

133,293

Interest expense

 

3,712

 

 

3,868

 

 

5,946

 

 

11,549

 

 

20,907

Net interest income

 

42,014

 

 

40,007

 

 

37,680

 

 

122,263

 

 

112,386

Loan loss provision

 

(163)

 

 

(4,257)

 

 

2,433

 

 

(6,919)

 

 

15,091

         
Gains on sales of loans

 

1,239

 

 

1,907

 

 

2,470

 

 

5,579

 

 

4,706

Deposit service charges

 

7,066

 

 

6,358

 

 

6,296

 

 

19,446

 

 

17,179

Trust revenue

 

3,039

 

 

3,349

 

 

2,692

 

 

9,339

 

 

8,145

Loan related fees

 

1,050

 

 

1,004

 

 

1,383

 

 

4,324

 

 

2,300

Securities gains (losses)

 

(62)

 

 

280

 

 

142

 

 

50

 

 

1,328

Other noninterest income

 

2,056

 

 

2,623

 

 

1,928

 

 

6,748

 

 

5,653

Total noninterest income

 

14,388

 

 

15,521

 

 

14,911

 

 

45,486

 

 

39,311

         
Personnel expense

 

18,853

 

 

18,960

 

 

16,137

 

 

54,646

 

 

46,321

Occupancy and equipment

 

2,733

 

 

2,668

 

 

2,724

 

 

8,229

 

 

8,054

Data processing expense

 

1,911

 

 

1,870

 

 

1,936

 

 

5,940

 

 

5,789

FDIC insurance premiums

 

393

 

 

323

 

 

295

 

 

1,042

 

 

736

Other noninterest expense

 

6,438

 

 

5,677

 

 

8,381

 

 

18,279

 

 

24,703

Total noninterest expense

 

30,328

 

 

29,498

 

 

29,473

 

 

88,136

 

 

85,603

         
Net income before taxes

 

26,237

 

 

30,287

 

 

20,685

 

 

86,532

 

 

51,003

Income taxes

 

5,095

 

 

6,356

 

 

3,238

 

 

17,841

 

 

7,325

Net income

$

21,142

 

$

23,931

 

$

17,447

 

$

68,691

 

$

43,678

         
Memo: TEQ interest income

$

45,952

 

$

44,105

 

$

43,815

 

$

134,485

 

$

133,832

         
Average shares outstanding

 

17,790

 

 

17,784

 

 

17,746

 

 

17,783

 

 

17,746

Diluted average shares outstanding

 

17,808

 

 

17,800

 

 

17,752

 

 

17,798

 

 

17,753

Basic earnings per share

$

1.19

 

$

1.35

 

$

0.98

 

$

3.86

 

$

2.46

Diluted earnings per share

$

1.19

 

$

1.34

 

$

0.98

 

$

3.86

 

$

2.46

Dividends per share

$

0.400

 

$

0.385

 

$

0.385

 

$

1.170

 

$

1.145

         
Average balances:        
Loans

$

3,400,194

 

$

3,495,655

 

$

3,539,520

 

$

3,480,860

 

$

3,421,749

Earning assets

 

5,184,749

 

 

5,184,923

 

 

4,768,869

 

 

5,109,934

 

 

4,475,200

Total assets

 

5,457,558

 

 

5,450,182

 

 

5,035,874

 

 

5,376,588

 

 

4,752,895

Deposits, including repurchase agreements

 

4,650,885

 

 

4,661,615

 

 

4,276,496

 

 

4,585,812

 

 

4,002,194

Interest bearing liabilities

 

3,410,286

 

 

3,424,218

 

 

3,238,474

 

 

3,390,178

 

 

3,060,851

Shareholders' equity

 

695,490

 

 

675,727

 

 

642,306

 

 

677,632

 

 

630,320

         
Performance ratios:        
Return on average assets

 

1.54%

 

 

1.76%

 

 

1.38%

 

 

1.71%

 

 

1.23%

Return on average equity

 

12.06%

 

 

14.20%

 

 

10.81%

 

 

13.55%

 

 

9.26%

Yield on average earning assets (tax equivalent)

 

3.52%

 

 

3.41%

 

 

3.66%

 

 

3.52%

 

 

3.99%

Cost of interest bearing funds (tax equivalent)

 

0.43%

 

 

0.45%

 

 

0.73%

 

 

0.46%

 

 

0.91%

Net interest margin (tax equivalent)

 

3.23%

 

 

3.11%

 

 

3.16%

 

 

3.22%

 

 

3.37%

Efficiency ratio (tax equivalent)

 

53.50%

 

 

53.17%

 

 

55.99%

 

 

52.35%

 

 

56.72%

         
Loan charge-offs

$

1,042

 

$

948

 

$

2,268

 

$

3,460

 

$

8,492

Recoveries

 

(725)

 

 

(1,554)

 

 

(1,187)

 

 

(3,572)

 

 

(3,251)

Net charge-offs

$

317

 

$

(606)

 

$

1,081

 

$

(112)

 

$

5,241

         
Market Price:        
High

$

42.95

 

$

45.95

 

$

35.09

 

$

47.53

 

$

46.87

Low

$

38.20

 

$

39.76

 

$

28.00

 

$

36.02

 

$

26.45

Close

$

42.10

 

$

40.38

 

$

28.26

 

$

42.10

 

$

28.26

         
   

As of

 

As of

 

As of

   

September 30, 2021

 

June 30, 2021

 

September 30, 2020

Assets:        
Loans    

$

3,398,229

 

$

3,448,493

 

$

3,557,899

Loan loss reserve    

 

(41,215)

 

 

(41,695)

 

 

(47,986)

Net loans    

 

3,357,014

 

 

3,406,798

 

 

3,509,913

Loans held for sale    

 

12,056

 

 

4,912

 

 

20,125

Securities AFS    

 

1,525,738

 

 

1,357,597

 

 

949,089

Equity securities at fair value    

 

2,461

 

 

2,523

 

 

2,212

Other equity investments    

 

13,026

 

 

13,915

 

 

15,010

Other earning assets    

 

143,789

 

 

392,591

 

 

201,651

Cash and due from banks    

 

66,075

 

 

63,917

 

 

58,206

Premises and equipment    

 

40,145

 

 

40,391

 

 

42,115

Right of use asset    

 

12,399

 

 

12,729

 

 

13,536

Goodwill and core deposit intangible    

 

65,490

 

 

65,490

 

 

65,490

Other assets    

 

147,392

 

 

133,300

 

 

143,074

Total Assets    

$

5,385,585

 

$

5,494,163

 

$

5,020,421

         
Liabilities and Equity:        
Interest bearing checking    

$

90,657

 

$

99,226

 

$

78,989

Savings deposits    

 

1,827,112

 

 

1,877,857

 

 

1,667,120

CD's >=$100,000    

 

565,869

 

 

561,269

 

 

533,103

Other time deposits    

 

494,440

 

 

498,361

 

 

511,106

Total interest bearing deposits    

 

2,978,078

 

 

3,036,713

 

 

2,790,318

Noninterest bearing deposits    

 

1,318,158

 

 

1,286,989

 

 

1,103,863

Total deposits    

 

4,296,236

 

 

4,323,702

 

 

3,894,181

Repurchase agreements    

 

292,022

 

 

370,568

 

 

367,788

Other interest bearing liabilities    

 

58,721

 

 

58,726

 

 

60,641

Lease liability    

 

13,229

 

 

13,529

 

 

14,257

Other noninterest bearing liabilities    

 

33,734

 

 

43,555

 

 

39,104

Total liabilities    

 

4,693,942

 

 

4,810,080

 

 

4,375,971

Shareholders' equity    

 

691,643

 

 

684,083

 

 

644,450

Total Liabilities and Equity    

$

5,385,585

 

$

5,494,163

 

$

5,020,421

         
Ending shares outstanding    

 

17,837

 

 

17,831

 

 

17,802

         
30 - 89 days past due loans    

$

8,874

 

$

10,847

 

$

13,324

90 days past due loans    

 

6,650

 

 

8,283

 

 

17,989

Nonaccrual loans    

 

12,084

 

 

12,863

 

 

11,880

Restructured loans (excluding 90 days past due and nonaccrual)    

 

69,190

 

 

66,887

 

 

67,500

Foreclosed properties    

 

4,314

 

 

5,848

 

 

15,586

         
Community bank leverage ratio    

 

12.71%

 

 

12.45%

 

 

12.65%

Tangible equity to tangible assets ratio    

 

11.77%

 

 

11.39%

 

 

11.68%

FTE employees    

 

960

 

 

961

 

 

966

 

Contacts

Community Trust Bancorp, Inc.

Jean R. Hale, (606) 437-3294

Chairman and C.E.O.

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