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Community Trust Bancorp, Inc. Reports Earnings for the 2nd Quarter 2024

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

Earnings Summary

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

2Q

2024

1Q

2024

2Q

2023

YTD

2024

YTD

2023

Net income

$19,499

$18,679

$19,404

$38,178

$38,717

Earnings per share

$1.09

$1.04

$1.09

$2.13

$2.17

Earnings per share - diluted

$1.09

$1.04

$1.08

$2.13

$2.16

 

 

 

 

 

 

Return on average assets

1.35%

1.30%

1.41%

1.33%

1.42%

Return on average equity

11.03%

10.61%

11.72%

10.82%

11.87%

Efficiency ratio

52.17%

54.94%

53.52%

53.51%

54.40%

Tangible common equity

11.39%

11.10%

10.90%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.46

$0.46

$0.44

$0.92

$0.88

Book value per share

$39.91

$39.28

$36.71

 

 

 

 

 

 

 

 

Weighted average shares

17,939

17,926

17,884

17,932

17,877

Weighted average shares - diluted

17,959

17,943

17,890

17,951

17,885

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2024 of $19.5 million, or $1.09 per basic share, compared to $18.7 million, or $1.04 per basic share, earned during the first quarter 2024 and $19.4 million, or $1.09 per basic share, earned during the second quarter 2023. Total revenue for the quarter was $2.7 million above prior quarter and $3.6 million above prior year same quarter. Net interest revenue for the quarter increased $2.1 million compared to prior quarter and $2.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $1.0 million compared to prior year same quarter. Our provision for credit losses for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter. Noninterest expense increased $0.2 million compared to prior quarter and $1.4 million compared to prior year same quarter. Net income for the six months ended June 30, 2024 was $38.2 million, or $2.13 per basic share, compared to $38.7 million, or $2.17 per basic share, for the six months ended June 30, 2023.

2nd Quarter 2024 Highlights

  • Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter, as our net interest margin increased 15 basis points from prior quarter and 3 basis points from prior year same quarter.
  • Provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter.
  • Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter.
  • Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.
  • Our loan portfolio at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023.
  • We had net loan charge-offs of $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023.
  • Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023. Nonperforming assets at $21.5 million increased $4.3 million from March 31, 2024 and $7.7 million from June 30, 2023.
  • Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023.
  • Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023.

Net Interest Income

Percent Change

 

2Q 2024

Compared to:

($ in thousands)

2Q

2024

1Q

2024

2Q

2023

1Q

2024

2Q

2023

YTD

2024

YTD

2023

Percent

Change

Components of net interest income:

Income on earning assets

$76,648

$75,002

$64,827

2.2%

18.2%

$151,650

$125,822

20.5%

Expense on interest bearing liabilities

30,970

31,411

21,748

(1.4%)

42.4%

62,381

38,827

60.7%

Net interest income

45,678

43,591

43,079

4.8%

6.0%

89,269

86,995

2.6%

TEQ

292

294

298

(0.7%)

(2.1%)

586

596

(1.7%)

Net interest income, tax equivalent

$45,970

$43,885

$43,377

4.8%

6.0%

$89,855

$87,591

2.6%

 

 

 

 

 

 

 

 

Average yield and rates paid:

 

 

 

 

 

 

 

 

Earning assets yield

5.66%

5.55%

5.03%

2.0%

12.4%

5.60%

4.94%

13.4%

Rate paid on interest bearing liabilities

3.30%

3.35%

2.54%

(1.5%)

29.9%

3.32%

2.30%

44.3%

Gross interest margin

2.36%

2.20%

2.49%

7.2%

(5.4%)

2.28%

2.64%

(13.5%)

Net interest margin

3.38%

3.23%

3.35%

4.5%

0.9%

3.31%

3.42%

(3.4%)

 

 

 

 

 

 

 

 

Average balances:

 

 

 

 

 

 

 

 

Investment securities

$1,095,182

$1,148,014

$1,230,556

(4.6%)

(11.0%)

$1,121,598

$1,241,193

(9.6%)

Loans

$4,191,992

$4,096,866

$3,836,446

2.3%

9.3%

$4,144,429

$3,788,213

9.4%

Earning assets

$5,469,813

$5,458,075

$5,189,716

0.2%

5.4%

$5,463,944

$5,160,712

5.9%

Interest-bearing liabilities

$3,776,362

$3,773,513

$3,435,072

0.1%

9.9%

$3,774,937

$3,398,902

11.1%

Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.38% increased 15 basis points from prior quarter and 3 basis points from prior year same quarter. Our quarterly average earning assets increased $11.7 million from prior quarter and $280.1 million from prior year same quarter. Our yield on average earning assets increased 11 basis points from prior quarter and 63 basis points from prior year same quarter, and our cost of funds decreased 5 basis points from prior quarter but increased 76 basis points from prior year same quarter. Net interest income for the six months ended June 30, 2024 was $89.3 million compared to $87.0 million for the six months ended June 30, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 84.5% for the quarter ended June 30, 2024 compared to 82.7% for the quarter ended March 31, 2024 and 81.2% for the quarter ended June 30, 2023.

Noninterest Income

 

 Percent Change

 

 

 2Q 2024

Compared to:

($ in thousands)

2Q

2024

1Q

2024

2Q

2023

1Q

2024

2Q

2023

YTD

2024

YTD

2023

Percent

Change

Deposit related fees

$7,308

$7,011

$7,513

4.2%

(2.7%)

$14,319

$14,800

(3.2%)

Trust revenue

3,736

3,517

3,351

6.2%

11.5%

7,253

6,430

12.8%

Gains on sales of loans

119

45

115

167.9%

4.0%

164

236

(30.5%)

Loan related fees

1,320

1,352

1,197

(2.4%)

10.3%

2,672

2,042

30.8%

Bank owned life insurance revenue

1,815

1,292

735

40.5%

147.0%

3,107

1,593

95.0%

Brokerage revenue

683

490

388

39.5%

76.2%

1,173

736

59.5%

Other

727

1,427

1,457

(49.1%)

(50.1%)

2,154

2,601

(17.2%)

Total noninterest income

$15,708

$15,134

$14,756

3.8%

6.4%

$30,842

$28,438

8.5%

 

Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter. The quarter over quarter increase included a $0.5 million increase in bank owned life insurance revenue, a $0.3 million increase in deposit related fees, a $0.2 million increase in trust revenue, and a $0.2 million increase in brokerage revenue, partially offset by $0.8 million decrease in securities gains. The year over year increase included a $1.1 million increase in bank owned life insurance, a $0.4 million increase in trust revenue, a $0.3 million increase in brokerage revenue, partially offset by a $0.6 million decrease in securities gains and a $0.2 million decrease in deposit related fees. Noninterest income for the six months ended June 30, 2024 was $30.8 million compared to $28.4 million for the six months ended June 30, 2023.

Noninterest Expense

Percent Change

 

2Q 2024

Compared to:

($ in thousands)

2Q

2024

1Q

2024

2Q

2023

1Q

2024

2Q

2023

YTD

2024

YTD

2023

Percent Change

Salaries

$13,037

$13,036

$12,732

0.0%

2.4%

$26,073

$25,365

2.8%

Employee benefits

6,554

7,086

5,573

(7.5%)

17.6%

13,640

11,848

15.1%

Net occupancy and equipment

3,089

3,028

2,895

2.0%

6.7%

6,117

5,923

3.3%

Data processing

2,669

2,518

2,383

6.0%

12.0%

5,187

4,686

10.7%

Legal and professional fees

978

832

912

17.5%

7.3%

1,810

1,728

4.8%

Advertising and marketing

856

577

704

48.2%

21.6%

1,433

1,524

(6.0%)

Taxes other than property and payroll

438

442

433

(0.7%)

1.2%

880

865

1.7%

Other

4,801

4,701

5,393

2.1%

(11.0%)

9,502

10,976

(13.4%)

Total noninterest expense

$32,422

$32,220

$31,025

0.6%

4.5%

$64,642

$62,915

2.7%

Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter. The increase year over year primarily resulted from a $1.3 million increase in personnel expense, which included a $0.3 million increase in salaries, a $0.9 million increase in bonuses and incentives, and a $0.5 million increase in the cost of group medical and life insurance benefits, partially offset by a $0.4 million decrease in payroll taxes. Noninterest expense for the six months ended June 30, 2024 was $64.6 million compared to $62.9 million for the six months ended June 30, 2023.

Balance Sheet Review

Total Loans

Percent Change

2Q 2024 Compared to:

($ in thousands)

2Q

2024

1Q

2024

2Q

2023

1Q

2024

2Q

2023

Commercial nonresidential real estate

$825,934

$813,904

$787,598

1.5%

4.9%

Commercial residential real estate

480,418

456,585

393,309

5.2%

22.1%

Hotel/motel

417,161

416,759

372,981

0.1%

11.8%

Other commercial

428,263

397,922

396,741

7.6%

7.9%

Total commercial

2,151,776

2,085,170

1,950,629

3.2%

10.3%

 

 

 

Residential mortgage

978,144

955,616

883,104

2.4%

10.8%

Home equity loans/lines

154,311

151,577

132,033

1.8%

16.9%

Total residential

1,132,455

1,107,193

1,015,137

2.3%

11.6%

 

 

 

Consumer indirect

819,689

813,005

806,081

0.8%

1.7%

Consumer direct

157,327

155,807

157,848

1.0%

(0.3%)

Total consumer

977,016

968,812

963,929

0.8%

1.4%

 

 

 

Total loans

$4,261,247

$4,161,175

$3,929,695

2.4%

8.4%

Total Deposits and Repurchase Agreements

Percent Change

2Q 2024 Compared to:

($ in thousands)

2Q

2024

1Q

2024

2Q

2023

1Q

2024

2Q

2023

Noninterest bearing deposits

$1,241,514

$1,274,583

$1,361,078

(2.6%)

(8.8%)

Interest bearing deposits

 

 

 

Interest checking

138,767

131,227

142,542

5.7%

(2.6%)

Money market savings

1,664,580

1,608,849

1,389,081

3.5%

19.8%

Savings accounts

527,251

543,338

611,772

(3.0%)

(13.8%)

Time deposits

1,161,686

1,226,273

1,012,187

(5.3%)

14.8%

Repurchase agreements

227,576

234,671

229,020

(3.0%)

(0.6%)

Total interest bearing deposits and repurchase agreements

3,719,860

3,744,358

3,384,602

(0.7%)

9.9%

Total deposits and repurchase agreements

$4,961,374

$5,018,941

$4,745,680

(1.1%)

4.5%

CTBI’s total assets at $5.8 billion as of June 30, 2024 decreased $45.9 million, or 3.2% annualized, from March 31, 2024 but increased $283.5 million, or 5.1%, from June 30, 2023. Loans outstanding at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023. The increase in loans from prior quarter included a $66.6 million increase in the commercial loan portfolio, a $25.3 million increase in the residential loan portfolio, a $6.7 million increase in the indirect consumer loan portfolio, and a $1.5 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $21.7 million, or an annualized 7.8%, from March 31, 2024 and $110.4 million, or 9.2%, from June 30, 2023. Deposits in other banks decreased $130.7 million from prior quarter but increased $49.1 million from June 30, 2023. Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of June 30, 2024, no one customer accounted for more than 2.25% of our $5.0 billion in deposits. Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023. Net unrealized losses on securities, net of deferred taxes, were $107.1 million at June 30, 2024, compared to $106.9 million at March 31, 2024 and $121.3 million at June 30, 2023. CTBI’s annualized dividend yield to shareholders as of June 30, 2024 was 4.21%.

Asset Quality

Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023. Accruing loans 90+ days past due at $14.7 million increased $3.2 million from prior quarter and $8.3 million from June 30, 2023. Nonaccrual loans at $5.1 million increased $0.8 million from prior quarter but decreased $0.2 million from June 30, 2023. Accruing loans 30-89 days past due at $24.1 million increased $11.9 million from prior quarter and from June 30, 2023. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

We had net loan charge-offs of $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023. Of the net charge-offs for the quarter, $0.8 million were in indirect consumer loans, $0.5 million were in commercial loans, and $0.1 million were in direct consumer loans. Year-to-date net loan charge-offs of an annualized 0.15% of average loans are in line with management’s expectations.

Allowance for Credit Losses

Our provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter. Of the provision for the quarter, $1.2 million was allotted to fund loan growth. Year-to-date provision for credit losses increased $2.5 million from the six months ended June 30, 2023. Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2024 was 263.0% compared to 319.0% at March 31, 2024 and 408.9% at June 30, 2023. Our credit loss reserve as a percentage of total loans outstanding at June 30, 2024 remained at 1.22% from March 31, 2024 and June 30, 2023.

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. CTBI’s actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of epidemics, pandemics, or other infectious disease outbreaks; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.8 billion, is headquartered in Pikeville, Kentucky and has 71 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2024
(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, 2024   March 31, 2024   June 30, 2023   June 30, 2024   June 30, 2023
Interest income  

$

76,648

 

 

$

75,002

 

 

$

64,827

 

 

$

151,650

 

 

$

125,822

 

Interest expense  

 

30,970

 

 

 

31,411

 

 

 

21,748

 

 

 

62,381

 

 

 

38,827

 

Net interest income  

 

45,678

 

 

 

43,591

 

 

 

43,079

 

 

 

89,269

 

 

 

86,995

 

Loan loss provision  

 

2,972

 

 

 

2,656

 

 

 

2,009

 

 

 

5,628

 

 

 

3,125

 

           
Gains on sales of loans  

 

119

 

 

 

45

 

 

 

115

 

 

 

164

 

 

 

236

 

Deposit related fees  

 

7,308

 

 

 

7,011

 

 

 

7,513

 

 

 

14,319

 

 

 

14,800

 

Trust revenue  

 

3,736

 

 

 

3,517

 

 

 

3,351

 

 

 

7,253

 

 

 

6,430

 

Loan related fees  

 

1,320

 

 

 

1,352

 

 

 

1,197

 

 

 

2,672

 

 

 

2,042

 

Securities gains (losses)  

 

(474

)

 

 

371

 

 

 

165

 

 

 

(103

)

 

 

383

 

Other noninterest income  

 

3,699

 

 

 

2,838

 

 

 

2,415

 

 

 

6,537

 

 

 

4,547

 

Total noninterest income  

 

15,708

 

 

 

15,134

 

 

 

14,756

 

 

 

30,842

 

 

 

28,438

 

           
Personnel expense  

 

19,591

 

 

 

20,122

 

 

 

18,305

 

 

 

39,713

 

 

 

37,213

 

Occupancy and equipment  

 

3,089

 

 

 

3,028

 

 

 

2,895

 

 

 

6,117

 

 

 

5,923

 

Data processing expense  

 

2,669

 

 

 

2,518

 

 

 

2,383

 

 

 

5,187

 

 

 

4,686

 

FDIC insurance premiums  

 

645

 

 

 

642

 

 

 

610

 

 

 

1,287

 

 

 

1,216

 

Other noninterest expense  

 

6,428

 

 

 

5,910

 

 

 

6,832

 

 

 

12,338

 

 

 

13,877

 

Total noninterest expense  

 

32,422

 

 

 

32,220

 

 

 

31,025

 

 

 

64,642

 

 

 

62,915

 

           
Net income before taxes  

 

25,992

 

 

 

23,849

 

 

 

24,801

 

 

 

49,841

 

 

 

49,393

 

Income taxes  

 

6,493

 

 

 

5,170

 

 

 

5,397

 

 

 

11,663

 

 

 

10,676

 

Net income  

$

19,499

 

 

$

18,679

 

 

$

19,404

 

 

$

38,178

 

 

$

38,717

 

           
Memo: TEQ interest income  

$

76,940

 

 

$

75,296

 

 

$

65,125

 

 

$

152,236

 

 

$

126,418

 

           
Average shares outstanding  

 

17,939

 

 

 

17,926

 

 

 

17,884

 

 

 

17,932

 

 

 

17,877

 

Diluted average shares outstanding  

 

17,959

 

 

 

17,943

 

 

 

17,890

 

 

 

17,951

 

 

 

17,885

 

Basic earnings per share  

$

1.09

 

 

$

1.04

 

 

$

1.09

 

 

$

2.13

 

 

$

2.17

 

Diluted earnings per share  

$

1.09

 

 

$

1.04

 

 

$

1.08

 

 

$

2.13

 

 

$

2.16

 

Dividends per share  

$

0.46

 

 

$

0.46

 

 

$

0.44

 

 

$

0.92

 

 

$

0.88

 

           
Average balances:          
Loans  

$

4,191,992

 

 

$

4,096,866

 

 

$

3,836,446

 

 

$

4,144,429

 

 

$

3,788,213

 

Earning assets  

 

5,469,813

 

 

 

5,458,075

 

 

 

5,189,716

 

 

 

5,463,944

 

 

 

5,160,712

 

Total assets  

 

5,795,937

 

 

 

5,786,515

 

 

 

5,509,776

 

 

 

5,791,226

 

 

 

5,484,065

 

Deposits, including repurchase agreements  

 

4,959,382

 

 

 

4,956,820

 

 

 

4,727,386

 

 

 

4,958,101

 

 

 

4,707,853

 

Interest bearing liabilities  

 

3,776,362

 

 

 

3,773,513

 

 

 

3,435,072

 

 

 

3,774,937

 

 

 

3,398,902

 

Shareholders' equity  

 

711,331

 

 

 

708,341

 

 

 

663,896

 

 

 

709,836

 

 

 

657,488

 

           
Performance ratios:          
Return on average assets  

 

1.35

%

 

 

1.30

%

 

 

1.41

%

 

 

1.33

%

 

 

1.42

%

Return on average equity  

 

11.03

%

 

 

10.61

%

 

 

11.72

%

 

 

10.82

%

 

 

11.87

%

Yield on average earning assets (tax equivalent)  

 

5.66

%

 

 

5.55

%

 

 

5.03

%

 

 

5.60

%

 

 

4.94

%

Cost of interest bearing funds (tax equivalent)  

 

3.30

%

 

 

3.35

%

 

 

2.54

%

 

 

3.32

%

 

 

2.30

%

Net interest margin (tax equivalent)  

 

3.38

%

 

 

3.23

%

 

 

3.35

%

 

 

3.31

%

 

 

3.42

%

Efficiency ratio (tax equivalent)  

 

52.17

%

 

 

54.94

%

 

 

53.52

%

 

 

53.51

%

 

 

54.40

%

           
Loan charge-offs  

$

2,836

 

 

$

2,667

 

 

$

1,953

 

 

$

5,503

 

 

$

3,718

 

Recoveries  

 

(1,441

)

 

 

(1,039

)

 

 

(1,279

)

 

 

(2,480

)

 

 

(2,630

)

Net charge-offs  

$

1,395

 

 

$

1,628

 

 

$

674

 

 

$

3,023

 

 

$

1,088

 

           
Market Price:          
High  

$

44.32

 

 

$

44.38

 

 

$

40.30

 

 

$

44.38

 

 

$

47.35

 

Low  

$

39.28

 

 

$

38.44

 

 

$

32.68

 

 

$

38.44

 

 

$

32.68

 

Close  

$

43.66

 

 

$

42.65

 

 

$

35.57

 

 

$

43.66

 

 

$

35.57

 

           
      As of   As of   As of
      June 30, 2024   March 31, 2024   June 30, 2023
Assets:          
Loans      

$

4,261,247

 

 

$

4,161,175

 

 

$

3,929,695

 

Loan loss reserve      

 

(52,148

)

 

 

(50,571

)

 

 

(48,018

)

Net loans      

 

4,209,099

 

 

 

4,110,604

 

 

 

3,881,677

 

Loans held for sale      

 

350

 

 

 

57

 

 

 

238

 

Securities AFS      

 

1,090,322

 

 

 

1,111,505

 

 

 

1,201,253

 

Equity securities at fair value      

 

3,054

 

 

 

3,529

 

 

 

2,545

 

Other equity investments      

 

14,022

 

 

 

9,327

 

 

 

11,432

 

Other earning assets      

 

108,823

 

 

 

239,554

 

 

 

62,726

 

Cash and due from banks      

 

54,935

 

 

 

55,841

 

 

 

48,915

 

Premises and equipment      

 

47,178

 

 

 

46,595

 

 

 

42,911

 

Right of use asset      

 

15,121

 

 

 

15,500

 

 

 

16,678

 

Goodwill and core deposit intangible      

 

65,490

 

 

 

65,490

 

 

 

65,490

 

Other assets      

 

195,945

 

 

 

192,253

 

 

 

186,933

 

Total Assets      

$

5,804,339

 

 

$

5,850,255

 

 

$

5,520,798

 

           
Liabilities and Equity:          
Interest bearing checking      

$

138,767

 

 

$

131,227

 

 

$

142,542

 

Savings deposits      

 

2,191,831

 

 

 

2,152,187

 

 

 

2,000,853

 

CD's >=$100,000      

 

637,206

 

 

 

678,148

 

 

 

538,492

 

Other time deposits      

 

524,480

 

 

 

548,125

 

 

 

473,695

 

Total interest bearing deposits      

 

3,492,284

 

 

 

3,509,687

 

 

 

3,155,582

 

Noninterest bearing deposits      

 

1,241,514

 

 

 

1,274,583

 

 

 

1,361,078

 

Total deposits      

 

4,733,798

 

 

 

4,784,270

 

 

 

4,516,660

 

Repurchase agreements      

 

227,576

 

 

 

234,671

 

 

 

229,020

 

Other interest bearing liabilities      

 

64,954

 

 

 

65,014

 

 

 

65,195

 

Lease liability      

 

15,880

 

 

 

16,208

 

 

 

17,317

 

Other noninterest bearing liabilities      

 

42,808

 

 

 

42,368

 

 

 

32,481

 

Total liabilities      

 

5,085,016

 

 

 

5,142,531

 

 

 

4,860,673

 

Shareholders' equity      

 

719,323

 

 

 

707,724

 

 

 

660,125

 

Total Liabilities and Equity      

$

5,804,339

 

 

$

5,850,255

 

 

$

5,520,798

 

           
Ending shares outstanding      

 

18,026

 

 

 

18,019

 

 

 

17,984

 

           
30 - 89 days past due loans      

$

24,099

 

 

$

12,234

 

 

$

12,158

 

90 days past due loans      

 

14,703

 

 

 

11,550

 

 

 

6,399

 

Nonaccrual loans      

 

5,127

 

 

 

4,302

 

 

 

5,345

 

Foreclosed properties      

 

1,626

 

 

 

1,266

 

 

 

2,047

 

           
Community bank leverage ratio      

 

13.90

%

 

 

13.74

%

 

 

13.82

%

Tangible equity to tangible assets ratio      

 

11.39

%

 

 

11.10

%

 

 

10.90

%

FTE employees      

 

930

 

 

 

945

 

 

 

953

 

         

 

Contacts

MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

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