Community Trust Bancorp, Inc. Reports Earnings for the 4th Quarter and Year 2022

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

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

4Q

2022

3Q

2022

4Q

2021

Year

2022

Year

2021

Net income

$22,443

$19,372

$19,248

$81,814

$87,939

Earnings per share

$1.26

$1.09

$1.08

$4.59

$4.94

Earnings per share – diluted

$1.26

$1.08

$1.08

$4.58

$4.94

 

 

 

 

 

 

Return on average assets

1.64%

1.40%

1.41%

1.50%

1.63%

Return on average equity

14.42%

12.08%

10.94%

12.73%

12.88%

Efficiency ratio

51.81%

53.70%

55.40%

53.12%

53.11%

Tangible common equity

10.58%

9.93%

11.82%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.44

$0.44

$0.40

$1.68

$1.57

Book value per share

$35.05

$33.66

$39.13

 

 

 

 

 

 

 

 

Weighted average shares

17,848

17,841

17,796

17,836

17,786

Weighted average shares – diluted

17,872

17,857

17,820

17,851

17,804

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2022 of $22.4 million, or $1.26 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the third quarter 2022 and $19.2 million, or $1.08 per basic share, earned during the fourth quarter 2021. Total revenue was $0.3 million above prior quarter and $2.7 million above prior year same quarter. Net interest revenue increased $1.2 million compared to prior quarter and $3.9 million compared to prior year same quarter, and noninterest income decreased $0.9 million compared to prior quarter and $1.2 million compared to prior year same quarter. Our provision for credit losses for the quarter was $1.5 million compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021. Noninterest expense decreased $1.2 million compared to prior quarter and $0.9 million compared to prior year same quarter. Net income for the year ended December 31, 2022 was below prior year by $6.1 million, primarily due to the $6.4 million recovery of provision for credit losses taken in 2021 compared to provision expense of $4.9 million for the year 2022 and a $5.3 million decline in gains on sales of loans year over year.

4th Quarter 2022 Highlights

  • Net interest income for the quarter of $44.7 million was $1.2 million above prior quarter and $3.9 million above prior year same quarter.
  • Provision for credit losses for the quarter were $1.5 million compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021.
  • Our loan portfolio increased $78.7 million, an annualized 8.6%, from September 30, 2022 and $300.5 million, or 8.8%, from December 31, 2021.
  • We had a net recovery of loan charge-offs for the fourth quarter 2022 of $9 thousand compared to net loan charge-offs of $325 thousand, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 and an $8 thousand net recovery of loan charge-offs for the quarter ended December 31, 2021.
  • Our total nonperforming loans, excluding troubled debt restructurings, increased to $15.3 million at December 31, 2022 from $13.7 million at September 30, 2022 but were below the $16.6 million at December 31, 2021. Nonperforming assets at $19.0 million increased $3.4 million from September 30, 2022 but decreased $1.1 million from December 31, 2021.
  • Deposits, including repurchase agreements, at $4.6 billion decreased $123.6 million, or an annualized 10.3%, from September 30, 2022 but increased $26.2 million, or 0.6%, from December 31, 2021.
  • Shareholders’ equity at $628.0 million increased $25.5 million, or an annualized 16.8%, during the quarter but declined $70.2 million, or 10.0%, from December 31, 2021, as a result of an increase year over year in unrealized losses on our securities portfolio due to an increased interest rate environment.
  • Noninterest income for the quarter ended December 31, 2022 of $13.8 million was $0.9 million, or 6.2%, below prior quarter and $1.2 million, or 8.1%, below prior year same quarter.
  • Noninterest expense for the quarter ended December 31, 2022 of $30.3 million was $1.2 million, or 3.9%, lower than prior quarter and $0.9 million, or 2.9%, below prior year same quarter.

Net Interest Income

Percent Change

 

4Q 2022 Compared to:

($ in thousands)

4Q

2022

3Q

2022

4Q

2021

3Q

2022

4Q

2021

Year

2022

Year

2021

Percent Change

Components of net interest income:

Income on earning assets

$57,458

$51,405

$44,357

11.8%

29.5%

$197,742

$178,169

11.0%

Expense on interest bearing liabilities

12,714

7,869

3,541

61.6%

259.1%

28,640

15,090

89.8%

Net interest income

44,744

43,536

40,816

2.8%

9.6%

169,102

163,079

3.7%

TEQ

249

240

224

4.0%

11.2%

956

897

6.5%

Net interest income, tax equivalent

$44,993

$43,776

$41,040

2.8%

9.6%

$170,058

$163,976

3.7%

 

 

 

 

 

 

 

 

Average yield and rates paid:

 

 

 

 

 

 

 

 

Earning assets yield

4.51%

3.97%

3.45%

13.6%

30.8%

3.87%

3.50%

10.7%

Rate paid on interest bearing liabilities

1.52%

0.93%

0.42%

63.4%

260.7%

0.85%

0.45%

91.3%

Gross interest margin

2.99%

3.04%

3.03%

(1.6%)

(1.5%)

3.02%

3.05%

(1.1%)

Net interest margin

3.51%

3.36%

3.17%

4.5%

10.8%

3.32%

3.21%

3.4%

 

 

 

 

 

 

 

 

Average balances:

 

 

 

 

 

 

 

 

Investment securities

$1,284,470

$1,380,881

$1,496,322

(7.0%)

(14.2%)

$1,399,877

$1,324,689

5.7%

Loans

$3,662,221

$3,568,174

$3,381,206

2.6%

8.3%

$3,552,941

$3,455,742

2.8%

Earning assets

$5,079,176

$5,163,624

$5,133,843

(1.6%)

(1.1%)

$5,129,345

$5,115,961

0.3%

Interest-bearing liabilities

$3,321,914

$3,359,242

$3,337,053

(1.1%)

(0.5%)

$3,351,221

$3,376,788

(0.8%)

Net interest income for the quarter of $44.7 million was $1.2 million above prior quarter and $3.9 million above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.51% increased 15 basis points from prior quarter and 34 basis points from prior year same quarter. Our average earning assets decreased $84.4 million from prior quarter and $54.7 million from prior year same quarter. Our yield on average earning assets increased 54 basis points from prior quarter and 106 basis points from prior year same quarter, and our cost of funds increased 59 basis points from prior quarter and 110 basis points from prior year same quarter. While the cost of funds increased more than our yield on earning assets improved, the net interest margin increased because of the benefit of our noninterest bearing deposits. The benefit of these deposits increased 23 basis points during the quarter. Noninterest bearing deposits decreased $86.2 million over prior quarter but increased $63.8 million over prior year. Net interest income for the year ended December 31, 2022 increased $6.0 million or 3.7% from the year ended December 31, 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 78.2% for the quarter ended December 31, 2022 compared to 75.4% for the quarter ended September 30, 2022 and 73.3% for the quarter ended December 31, 2021.

Noninterest Income

Percent Change

 

4Q 2022 Compared to:

($ in thousands)

4Q

2022

3Q

2022

4Q

2021

3Q

2022

4Q

2021

Year

2022

Year

2021

Percent Change

Deposit related fees

$7,411

$7,629

$7,083

(2.9%)

4.6%

$29,049

$26,529

9.5%

Trust revenue

2,959

2,989

3,305

(1.0%)

(10.5%)

12,394

12,644

(2.0%)

Gains on sales of loans

174

235

1,241

(26.1%)

(86.0%)

1,525

6,820

(77.6%)

Loan related fees

1,119

1,589

1,254

(29.6%)

(10.8%)

6,185

5,578

10.9%

Bank owned life insurance revenue

572

743

1,036

(22.8%)

(44.8%)

2,708

2,844

(4.8%)

Brokerage revenue

344

453

432

(24.0%)

(20.4%)

1,846

1,962

(5.9%)

Other

1,192

1,041

626

14.4%

90.2%

4,209

4,086

3.0%

Total noninterest income

$13,771

$14,679

$14,977

(6.2%)

(8.1%)

$57,916

$60,463

(4.2%)

Noninterest income for the quarter ended December 31, 2022 of $13.8 million was $0.9 million, or 6.2%, below prior quarter and $1.2 million, or 8.1%, below prior year same quarter. The quarter over quarter decrease included a $0.2 million decrease in deposit related fees, a $0.5 million decrease in loan related fees, and a $0.2 million decrease in bank owned life insurance income. Noninterest income for the year 2022 decreased $2.5 million from the year ended December 31, 2021 due to a $5.3 million decline in gains on sales of loans, partially offset by a $2.5 million increase in deposit related fees. Gains on sales of loans continue to be impacted by the slowdown in the industry-wide mortgage refinancing boom. Deposit related fees were primarily impacted by debit card income and overdraft charges.

Noninterest Expense

Percent Change

 

4Q 2022 Compared to:

($ in thousands)

4Q

2022

3Q

2022

4Q

2021

3Q

2022

4Q

2021

Year

2022

Year

2021

Percent Change

Salaries

$12,439

$12,537

$11,982

(0.8%)

3.8%

$48,934

$47,061

4.0%

Employee benefits

5,433

6,009

7,486

(9.6%)

(27.4%)

23,556

27,053

(12.9%)

Net occupancy and equipment

2,576

2,897

2,625

(11.1%)

(1.9%)

11,083

10,854

2.1%

Data processing

2,344

2,270

2,099

3.3%

11.6%

8,910

8,039

10.8%

Legal and professional fees

931

752

868

23.9%

7.2%

3,434

3,199

7.3%

Advertising and marketing

826

768

676

7.3%

22.1%

3,005

2,928

2.6%

Taxes other than property and payroll

296

422

542

(30.2%)

(45.5%)

1,570

1,750

(10.3%)

Net other real estate owned expense

18

42

299

(58.4%)

(94.3%)

456

1,401

(67.4%)

Other

5,396

5,778

4,572

(6.6%)

18.1%

20,123

17,000

18.4%

Total noninterest expense

$30,259

$31,475

$31,149

(3.9%)

(2.9%)

$121,071

$119,285

1.5%

Noninterest expense for the quarter ended December 31, 2022 of $30.3 million was $1.2 million, or 3.9%, lower than prior quarter and $0.9 million, or 2.9%, below prior year same quarter. The decrease in noninterest expense was primarily the result of a decline in post retirement benefits, included in employee benefits. Noninterest expense for the year ended December 31, 2022 was $1.8 million, or 1.5%, higher than the year 2021. Noninterest expense for the year 2022 was impacted by a $1.4 million accrual for customer refunds of re-presented returned item fees during the third quarter and year over year increases of $0.9 million in data processing expense, $0.6 million in loan related expenses, and $0.4 million in contributions, partially offset by a $1.6 million year over year decrease in personnel expense.

Balance Sheet Review

Total Loans

Percent Change

4Q 2022 Compared to:

($ in thousands)

4Q

2022

3Q

2022

4Q

2021

3Q

2022

4Q

2021

Commercial nonresidential real estate

$762,349

$756,138

$757,893

0.8%

0.6%

Commercial residential real estate

372,914

359,643

335,233

3.7%

11.2%

Hotel/motel

343,640

335,253

257,062

2.5%

33.7%

SBA guaranteed PPP loans

883

1,958

47,335

(54.9%)

(98.1%)

Other commercial

389,072

383,398

359,930

1.5%

8.1%

Total commercial

1,868,858

1,836,390

1,757,453

1.8%

6.3%

 

 

 

Residential mortgage

824,995

814,944

767,185

1.2%

7.5%

Home equity loans/lines

120,541

115,400

106,667

4.5%

13.0%

Total residential

945,536

930,344

873,852

1.6%

8.2%

 

 

 

Consumer indirect

737,392

703,016

620,825

4.9%

18.8%

Consumer direct

157,504

160,866

156,683

(2.1%)

0.5%

Total consumer

894,896

863,882

777,508

3.6%

15.1%

 

 

 

Total loans

$3,709,290

$3,630,616

$3,408,813

2.2%

8.8%

Total Deposits and Repurchase Agreements

Percent Change

4Q 2022 Compared to:

($ in thousands)

4Q

2022

3Q

2022

4Q

2021

3Q

2022

4Q

2021

Non-interest bearing deposits

$1,394,915

$1,481,078

$1,331,103

(5.8%)

4.8%

Interest bearing deposits

 

 

 

Interest checking

112,265

100,680

97,064

11.5%

15.7%

Money market savings

1,348,809

1,268,682

1,206,401

6.3%

11.8%

Savings accounts

654,380

683,697

632,645

(4.3%)

3.4%

Time deposits

915,774

1,000,931

1,077,079

(8.5%)

(15.0%)

Repurchase agreements

215,431

230,123

271,088

(6.4%)

(20.5%)

Total interest bearing deposits and repurchase agreements

3,246,659

3,284,113

3,284,277

(1.1%)

(1.1%)

Total deposits and repurchase agreements

$4,641,574

$4,765,191

$4,615,380

(2.6%)

0.6%

CTBI’s total assets at $5.4 billion decreased $94.0 million, or 6.8% annualized, from September 30, 2022 and $37.9 million, or 0.7%, from December 31, 2021. Loans outstanding at December 31, 2022 were $3.7 billion, an increase of $78.7 million, an annualized 8.6%, from September 30, 2022 and $300.5 million, or 8.8%, from December 31, 2021. The increase in loans from prior quarter included a $32.5 million increase in the commercial loan portfolio, a $15.2 million increase in the residential loan portfolio, and a $34.4 million increase in the indirect consumer loan portfolio, offset partially by a $3.4 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $42.2 million, or an annualized 12.9%, from September 30, 2022 and $199.3 million, or 13.7%, from December 31, 2021. Deposits in other banks decreased $121.7 million from prior quarter and $187.8 million from year end 2021. Deposits, including repurchase agreements, at $4.6 billion decreased $123.6 million, or an annualized 10.3%, from September 30, 2022 but increased $26.2 million, or 0.6%, from December 31, 2021. Though deposits decreased during the quarter, $48.3 million was referred to our trust subsidiary, Community Trust and Investment Company (CTIC), allowing us to maintain the overall customer relationship for those depositors who moved funds for additional investment opportunities. During the year 2022, $100.2 million in deposits was referred to CTIC.

Shareholders’ equity at $628.0 million increased $25.5 million, or an annualized 16.8%, during the quarter but declined $70.2 million, or 10.0%, from December 31, 2021, as a result of an increase year over year in unrealized losses on our securities portfolio due to an increased interest rate environment. Net unrealized losses on securities were $129.2 million at December 31, 2022, compared to $139.4 million at September 30, 2022 and $4.8 million at December 31, 2021. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of December 31, 2022 was 3.83%.

Asset Quality

Our total nonperforming loans, excluding troubled debt restructurings, increased to $15.3 million at December 31, 2022 from $13.7 million at September 30, 2022 but were below the $16.6 million at December 31, 2021. Accruing loans 90+ days past due at $8.5 million increased $2.9 million from prior quarter and $2.5 million from December 31, 2021. Nonaccrual loans at $6.8 million decreased $1.3 million from prior quarter and $3.9 million from December, 2021. Accruing loans 30-89 days past due at $15.3 million increased $3.2 million from prior quarter and $4.4 million from December 31, 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 was $3.7 million at December 31, 2022 compared to $1.9 million at September 30, 2022 and $3.5 million at December 31, 2021. Sales of foreclosed properties for the quarter ended December 31, 2022 totaled $0.1 million while new foreclosed properties totaled $2.0 million. For the year 2022, we had sales of $2.0 million and new foreclosed properties of $2.4 million. At December 31, 2022, the book value of properties under contracts to sell was $1.2 million; however, the closings had not occurred at quarter-end.

We had a net recovery of loan charge-offs for the fourth quarter 2022 of $9 thousand, resulting from a $1.1 million recovery of a previous year’s charge-off. Net loan charge-offs were $325 thousand, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. We had an $8 thousand net recovery of loan charge-offs for the quarter ended December 31, 2021. Net loan charge-offs for the year 2022 were $0.7 million, or 0.02% of average loans annualized, compared to a net recovery of loan charge-offs of $0.1 million for the year 2021.

Allowance for Credit Losses

Provision for credit losses for the fourth quarter 2022 was $1.5 million, compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021. Provision for the year 2022 was $4.9 million compared to a recovery of $6.4 million during the year 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2022 was 300.4% compared to 324.5% at September 30, 2022 and 251.2% at December 31, 2021. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2022 was 1.24% compared to 1.22% at September 30, 2022 and December 31, 2021.

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)
December 31, 2022
(in thousands except per share data and # of employees)
           
  Three   Three   Three   Twelve   Twelve
  Months   Months   Months   Months   Months
  Ended   Ended   Ended   Ended   Ended
  December 31,

2022
  September 30,

2022
  December 31,

2021
  December 31,

2022
  December 31,

2021
Interest income  

$

57,458

 

$

51,405

 

$

44,357

 

$

197,742

 

$

178,169

Interest expense  

 

12,714

 

 

7,869

 

 

3,541

 

 

28,640

 

 

15,090

Net interest income  

 

44,744

 

 

43,536

 

 

40,816

 

 

169,102

 

 

163,079

Loan loss provision  

 

1,539

 

 

2,414

 

 

533

 

 

4,905

 

 

(6,386)

           
Gains on sales of loans  

 

174

 

 

235

 

 

1,241

 

 

1,525

 

 

6,820

Deposit related fees  

 

7,411

 

 

7,629

 

 

7,083

 

 

29,049

 

 

26,529

Trust revenue  

 

2,959

 

 

2,989

 

 

3,305

 

 

12,394

 

 

12,644

Loan related fees  

 

1,119

 

 

1,589

 

 

1,254

 

 

6,185

 

 

5,578

Securities gains (losses)  

 

117

 

 

(159)

 

 

(208)

 

 

(168)

 

 

(158)

Other noninterest income  

 

1,991

 

 

2,396

 

 

2,302

 

 

8,931

 

 

9,050

Total noninterest income  

 

13,771

 

 

14,679

 

 

14,977

 

 

57,916

 

 

60,463

           
Personnel expense  

 

17,872

 

 

18,546

 

 

19,468

 

 

72,490

 

 

74,114

Occupancy and equipment  

 

2,576

 

 

2,897

 

 

2,625

 

 

11,083

 

 

10,854

Data processing expense  

 

2,344

 

 

2,270

 

 

2,099

 

 

8,910

 

 

8,039

FDIC insurance premiums  

 

374

 

 

360

 

 

339

 

 

1,447

 

 

1,381

Other noninterest expense  

 

7,093

 

 

7,402

 

 

6,618

 

 

27,141

 

 

24,897

Total noninterest expense  

 

30,259

 

 

31,475

 

 

31,149

 

 

121,071

 

 

119,285

           
Net income before taxes  

 

26,717

 

 

24,326

 

 

24,111

 

 

101,042

 

 

110,643

Income taxes  

 

4,274

 

 

4,954

 

 

4,863

 

 

19,228

 

 

22,704

Net income  

$

22,443

 

$

19,372

 

$

19,248

 

$

81,814

 

$

87,939

           
Memo: TEQ interest income  

$

57,707

 

$

51,645

 

$

44,581

 

$

198,698

 

$

179,066

           
Average shares outstanding  

 

17,848

 

 

17,841

 

 

17,796

 

 

17,836

 

 

17,786

Diluted average shares outstanding  

 

17,872

 

 

17,857

 

 

17,820

 

 

17,851

 

 

17,804

Basic earnings per share  

$

1.26

 

$

1.09

 

$

1.08

 

$

4.59

 

$

4.94

Diluted earnings per share  

$

1.26

 

$

1.08

 

$

1.08

 

$

4.58

 

$

4.94

Dividends per share  

$

0.44

 

$

0.44

 

$

0.40

 

$

1.68

 

$

1.570

           
Average balances:          
Loans  

$

3,662,221

 

$

3,568,174

 

$

3,381,206

 

$

3,552,941

 

$

3,455,742

Earning assets  

 

5,079,176

 

 

5,163,624

 

 

5,133,843

 

 

5,129,345

 

 

5,115,961

Total assets  

 

5,412,752

 

 

5,477,596

 

 

5,418,854

 

 

5,438,696

 

 

5,387,241

Deposits, including repurchase agreements  

 

4,682,014

 

 

4,733,393

 

 

4,612,010

 

 

4,688,976

 

 

4,592,415

Interest bearing liabilities  

 

3,321,914

 

 

3,359,242

 

 

3,337,053

 

 

3,351,221

 

 

3,376,788

Shareholders' equity  

 

617,338

 

 

636,038

 

 

697,727

 

 

642,423

 

 

682,697

           
Performance ratios:          
Return on average assets  

 

1.64%

 

 

1.40%

 

 

1.41%

 

 

1.50%

 

 

1.63%

Return on average equity  

 

14.42%

 

 

12.08%

 

 

10.94%

 

 

12.73%

 

 

12.88%

Yield on average earning assets (tax equivalent)  

 

4.51%

 

 

3.97%

 

 

3.45%

 

 

3.87%

 

 

3.50%

Cost of interest bearing funds (tax equivalent)  

 

1.52%

 

 

0.93%

 

 

0.42%

 

 

0.85%

 

 

0.45%

Net interest margin (tax equivalent)  

 

3.51%

 

 

3.36%

 

 

3.17%

 

 

3.32%

 

 

3.21%

Efficiency ratio (tax equivalent)  

 

51.81%

 

 

53.70%

 

 

55.40%

 

 

53.12%

 

 

53.11%

           
Loan charge-offs  

$

1,995

 

$

1,203

 

$

865

 

$

5,346

 

$

4,325

Recoveries  

 

(2,004)

 

 

(878)

 

 

(873)

 

 

(4,666)

 

 

(4,445)

Net charge-offs  

$

(9)

 

$

325

 

$

(8)

 

$

680

 

$

(120)

           
Market Price:          
High  

$

48.05

 

$

45.37

 

$

46.21

 

$

48.05

 

$

47.53

Low  

$

40.81

 

$

39.65

 

$

41.05

 

$

39.10

 

$

36.02

Close  

$

45.93

 

$

40.55

 

$

43.61

 

$

45.93

 

$

43.61

           
      As of   As of   As of
      December 31,

2022
  September 30,

2022
 

December 31,

2021

Assets:          
Loans      

$

3,709,290

 

$

3,630,616

 

$

3,408,813

Loan loss reserve      

 

(45,981)

 

 

(44,433)

 

 

(41,756)

Net loans      

 

3,663,309

 

 

3,586,183

 

 

3,367,057

Loans held for sale      

 

109

 

 

1,043

 

 

2,632

Securities AFS      

 

1,256,226

 

 

1,298,592

 

 

1,455,429

Equity securities at fair value      

 

2,166

 

 

1,969

 

 

2,253

Other equity investments      

 

11,563

 

 

11,563

 

 

13,026

Other earning assets      

 

79,475

 

 

201,196

 

 

267,286

Cash and due from banks      

 

51,306

 

 

60,527

 

 

46,558

Premises and equipment      

 

42,633

 

 

41,593

 

 

40,479

Right of use asset      

 

17,071

 

 

12,131

 

 

12,148

Goodwill and core deposit intangible      

 

65,490

 

 

65,490

 

 

65,490

Other assets      

 

190,968

 

 

194,051

 

 

145,899

Total Assets      

$

5,380,316

 

$

5,474,338

 

$

5,418,257

           
Liabilities and Equity:          
Interest bearing checking      

$

112,265

 

$

100,680

 

$

97,064

Savings deposits      

 

2,003,189

 

 

1,952,379

 

 

1,839,046

CD's >=$100,000      

 

471,934

 

 

537,233

 

 

589,853

Other time deposits      

 

443,840

 

 

463,698

 

 

487,226

Total interest bearing deposits      

 

3,031,228

 

 

3,053,990

 

 

3,013,189

Noninterest bearing deposits      

 

1,394,915

 

 

1,481,078

 

 

1,331,103

Total deposits      

 

4,426,143

 

 

4,535,068

 

 

4,344,292

Repurchase agreements      

 

215,431

 

 

230,123

 

 

271,088

Other interest bearing liabilities      

 

58,696

 

 

58,701

 

 

58,716

Lease liability      

 

17,628

 

 

12,636

 

 

13,005

Other noninterest bearing liabilities      

 

34,371

 

 

35,250

 

 

32,954

Total liabilities      

 

4,752,269

 

 

4,871,778

 

 

4,720,055

Shareholders' equity      

 

628,047

 

 

602,560

 

 

698,202

Total Liabilities and Equity      

$

5,380,316

 

$

5,474,338

 

$

5,418,257

           
Ending shares outstanding      

 

17,918

 

 

17,901

 

 

17,843

           
30 - 89 days past due loans      

$

15,303

 

$

12,058

 

$

10,874

90 days past due loans      

 

8,496

 

 

5,554

 

 

5,954

Nonaccrual loans      

 

6,813

 

 

8,138

 

 

10,671

Restructured loans (excluding 90 days past due and nonaccrual)      

 

81,331

 

 

79,092

 

 

69,827

Foreclosed properties      

 

3,671

 

 

1,864

 

 

3,486

           
Community bank leverage ratio      

 

13.55%

 

 

13.24%

 

 

13.00%

Tangible equity to tangible assets ratio      

 

10.58%

 

 

9.93%

 

 

11.82%

FTE employees      

 

985

 

 

964

 

 

974

 

Contacts

Mark A. Gooch

Vice Chairman, President, and CEO

Community Trust Bancorp, Inc.

(606) 437-3229

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