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Community Trust Bancorp, Inc. Reports Record Earnings for the Year 2021

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

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

4Q

2021

3Q

2021

4Q

2020

YTD

2021

Year

2020

Net income

$19,248

$21,142

$15,826

$87,939

$59,504

Earnings per share

$1.08

$1.19

$0.89

$4.94

$3.35

Earnings per share - diluted

$1.08

$1.19

$0.89

$4.94

$3.35

 

 

 

 

 

 

Return on average assets

1.41%

1.54%

1.24%

1.63%

1.23%

Return on average equity

10.94%

12.06%

9.64%

12.88%

9.36%

Efficiency ratio

55.40%

53.50%

62.75%

53.11%

58.30%

Tangible common equity

11.82%

11.77%

11.62%

 

 

 

 

 

 

 

 

Dividends declared per share

$0.400

$0.400

$0.385

$1.570

$1.530

Book value per share

$39.13

$38.78

$36.77

 

 

 

 

 

 

 

 

Weighted average shares

17,796

17,790

17,755

17,786

17,748

Weighted average shares - diluted

17,820

17,808

17,769

17,804

17,756

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2021 of $19.2 million, or $1.08 per basic share, compared to $21.1 million, or $1.19 per basic share, earned during the third quarter 2021 and $15.8 million, or $0.89 per basic share, earned during the fourth quarter 2020. Noninterest income increased quarter over quarter; however, our total revenue declined primarily as a result of a $1.8 million decline in interest income on Paycheck Protection Program loans (PPP loans). Earnings for the year ended December 31, 2021 were $87.9 million compared to $59.5 million for the year ended December 31, 2020.

4th Quarter 2021 Highlights

  • Net interest income for the quarter of $40.8 million was $1.2 million, or 2.9%, below prior quarter but $2.2 million, or 5.7%, above fourth quarter 2020.
  • Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021. Provision for credit losses for the fourth quarter 2020 totaled $1.0 million.
  • Our loan portfolio increased $10.6 million, an annualized 1.2%, during the quarter but was a decline of $145.4 million, or 4.1%, from December 31, 2020. Loans, excluding PPP loans, increased $62.4 million during the quarter.
  • We experienced a net recovery of loan charge-offs for the quarter of $8 thousand. Net charge-offs for the quarter ended September 30, 2021, were $0.3 million, or 0.04% of average loans annualized, and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020.
  • Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020. Nonperforming assets at $20.1 million decreased $2.9 million from September 30, 2021 and $14.2 million from December 31, 2020.
  • Deposits, including repurchase agreements, increased $27.1 million, an annualized 2.3%, during the quarter and $243.4 million, or 5.6%, from December 31, 2020.
  • Noninterest income for the quarter ended December 31, 2021 of $15.0 million increased from prior quarter by $0.6 million, or 4.1%, but decreased $0.3 million, or 1.8%, from prior year same quarter.
  • Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter, but decreased $2.5 million, or 7.4%, from prior year same quarter.
  • We experienced a $5.8 million decline in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021. Our effective income tax rate for the year 2021 was 16% compared to 14% for the year 2020.

COVID-19

We continue working with our customers through the COVID-19 pandemic. At December 31, 2021, there was one customer with a CARES Act deferral outstanding in the amount of $1.4 million. The CARES Act 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 December 31, 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 December 31, 2021, we have had 5,543 of our PPP loans totaling $351.8 million forgiven by the SBA, including 2,608 loans totaling $76.1 million from the second round.

Net Interest Income

Percent Change

 

4Q 2021

Compared to:

($ in thousands)

4Q

2021

3Q

2021

4Q

2020

3Q

2021

 

4Q

2020

Year

2021

Year

2020

Percent

Change

Components of net interest income

 

Income on earning assets

$44,357

$45,726

$43,148

(3.0)%

 

2.8%

$178,169

$176,441

1.0%

Expense on interest bearing liabilities

3,541

3,712

4,543

(4.6)%

 

(22.1)%

15,090

25,450

(40.7)%

Net interest income

$40,816

$42,014

$38,605

(2.9)%

 

5.7%

$163,079

$150,991

8.0%

   

Average yield and rates paid

 

Earning assets yield

3.45%

3.52%

3.58%

(2.0)%

 

(3.6)%

3.50%

3.88%

(9.8)%

Rate paid on interest bearing liabilities

0.42%

0.43%

0.55%

(2.3)%

 

(23.6)%

0.45%

0.82%

(45.1)%

Gross interest margin

3.03%

3.09%

3.03%

(1.9)%

 

0.0%

3.05%

3.06%

(0.3)%

Net interest margin

3.17%

3.23%

3.20%

(1.9)%

 

(0.9)%

3.21%

3.33%

(3.6)%

   

Average balances

 

Investment securities

$1,496,322

$1,511,178

$ 988,910

(1.0)%

 

51.3%

$1,324,689

$ 825,164

60.5%

Loans

$3,381,206

$3,400,194

$3,548,178

(0.6)%

 

(4.7)%

$3,455,742

$3,453,529

0.1%

Earning assets

$5,133,843

$5,184,749

$4,821,196

(1.0)%

 

6.5%

$5,115,961

$4,562,172

12.1%

Interest-bearing liabilities

$3,337,053

$3,410,286

$3,261,814

(2.1)%

 

2.3%

$3,376,788

$3,111,367

8.5%

Net interest income for the quarter of $40.8 million decreased $1.2 million, or 2.9%, from third quarter 2021 but increased $2.2 million, or 5.7%, from fourth quarter 2020. Our net interest income excluding PPP loans for the quarter ended December 31, 2021 was $38.3 million compared to $37.7 million for the quarter ended September 30, 2021 and $36.9 million for the quarter ended December 31, 2020. Our net interest margin at 3.17% decreased 6 basis points from prior quarter and 3 basis points from prior year same quarter, as our average earning assets decreased $50.9 million from prior quarter but increased $312.6 million from prior year same quarter. Our yield on average earning assets decreased 7 basis points from prior quarter and 13 basis points from prior year same quarter, and our cost of funds decreased 1 basis points from prior quarter and 13 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 fourth quarter 2021 was 15 basis points. Net interest income for the year ended December 31, 2021 increased $12.1 million, or 8.0%, compared to the year ended December 31, 2020. Interest income recognized on PPP loans increased $8.7 million year over year.

The PPP loan portfolio had an annualized yield for the quarter of 13.61% compared to 12.24% for the third quarter 2021. Interest income on the portfolio was $0.2 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 $2.3 million, down $1.7 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 15 basis points for the fourth quarter 2021 compared to 25 basis points for the third quarter 2021 and 18 basis points for the year ended December 31, 2021 while the margin was negatively impacted by one basis point for the year ended December 31, 2020.

Our ratio of average loans to deposits, including repurchase agreements, was 73.3% for the quarter ended December 31, 2021 compared to 73.1% for the quarter ended September 30, 2021 and 82.3% for the quarter ended December 31, 2020.

Noninterest Income

       

Percent Change

     

 

 
       

4Q 2021

Compared to:

       

($ in thousands)

 

4Q

2021

 

3Q

2021

 

4Q

2020

 

3Q

2021

 

4Q

2020

 

Year

2021

 

Year

2020

 

Percent

Change

 

Deposit service charges

 

$7,083

 

$7,066

 

$6,282

 

0.2%

 

12.7%

 

$26,529

 

$23,461

 

13.1%

 

Trust revenue

 

3,305

 

3,039

 

2,786

 

8.7%

 

18.6%

 

12,644

 

10,931

 

15.7%

 

Gains on sales of loans

 

1,241

 

1,239

 

2,520

 

0.1%

 

(50.8)%

 

6,820

 

7,226

 

(5.6)%

 

Loan related fees

 

1,254

 

1,050

 

1,741

 

19.4%

 

(28.0)%

 

5,578

 

4,041

 

38.0%

 

Bank owned life insurance revenue

 

1,036

 

655

 

567

 

58.5%

 

82.4%

 

2,844

 

2,306

 

23.3%

 

Brokerage revenue

 

432

 

519

 

488

 

(16.8)%

 

(11.3)%

 

1,962

 

1,483

 

32.3%

 

Other

 

626

 

820

 

865

 

(23.5)%

 

(27.4)%

 

4,086

 

5,112

 

(20.1)%

 

Total noninterest income

 

$14,977

 

$14,388

 

$15,249

 

4.1%

 

(1.8)%

 

$60,463

 

$54,560

 

10.8%

 

Noninterest income for the quarter ended December 31, 2021 of $15.0 million was an increase of $0.6 million, or 4.1%, from prior quarter but a decrease of $0.3 million, or 1.8%, from prior year same quarter. The increase from prior quarter included increases in bank owned life insurance revenue ($0.4 million), trust revenue ($0.3 million), and loan related fees ($0.2 million). The decrease from prior year same quarter included decreases in gains on sales of loans ($1.3 million), securities gains ($0.6 million), and loan related fees ($0.5 million), partially offset by increases in deposit service charges ($0.8 million), trust revenue ($0.5 million), net gains on other real estate owned ($0.5 million), and bank owned life insurance revenue ($0.5 million).

Noninterest income for the year ended December 31, 2021 of $60.5 million was a $5.9 million, or 10.8% increase from the year ended December 31, 2020. The year over year increase in noninterest income was driven by increases in deposit service charges ($3.1 million), trust revenue ($1.7 million), loan related fees ($1.5 million), brokerage revenue ($0.5 million), bank owned life insurance revenue ($0.5 million), and net gains on other real estate owned ($0.4 million), partially offset by decreases in securities gains ($1.9 million), net gains on loans ($0.4 million), and OREO rental income ($0.2 million). 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. Gains on sales of loans were impacted year over year by the slowdown in the industry-wide refinancing boom.

Noninterest Expense

Percent Change

 

4Q 2021

Compared to:

($ in thousands)

4Q

2021

3Q

2021

4Q

2020

 

3Q

2021

 

4Q

2020

Year

2021

Year

2020

Percent

Change

Salaries

$11,982

$11,962

$11,797

 

0.2%

 

1.6%

$47,061

$46,448

1.3%

Employee benefits

7,486

6,891

8,309

 

8.6%

 

(9.9)%

27,053

19,979

35.4%

Net occupancy and equipment

2,625

2,733

2,595

 

(3.9)%

 

1.2%

10,854

10,649

1.9%

Data processing

2,099

1,911

2,152

 

9.8%

 

(2.5)%

8,039

7,941

1.2%

Legal and professional fees

868

685

669

 

26.8%

 

29.8%

3,199

3,725

(14.1)%

Advertising and marketing

676

820

981

 

(17.5)%

 

(31.0)%

2,928

2,980

(1.8)%

Net other real estate owned expense

299

296

680

 

1.2%

 

(56.0)%

1,401

2,655

(47.2)%

Other

5,114

5,030

6,453

 

1.6%

 

(20.8)%

18,750

24,862

(24.6)%

Total noninterest expense

$31,149

$30,328

$33,636

 

2.7%

 

(7.4)%

$119,285

$119,239

0.0%

     

Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter but decreased $2.5 million, or 7.4%, from prior year same quarter. The increase in noninterest expense quarter over quarter was primarily the result of an increase in post-retirement benefits. The decrease from prior year same quarter was the result of decreases in taxes other than property and payroll ($1.3 million), personnel expense ($0.6 million), and net other real estate owned expense ($0.4 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 earnings for the year.

Noninterest expense for the year ended December 31, 2021 of $119.3 million remained relatively flat to prior year, as a $7.7 million increase in personnel expense was offset by decreases in taxes other than property and payroll ($5.6 million), net other real estate owned expense ($1.3 million), and legal and professional fees ($0.5 million). The increase in personnel expense year over year was primarily due to incentive accruals. We experienced a $5.8 million decline in franchise taxes included in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021.

Balance Sheet Review

Total Loans

 

Percent Change

4Q 2021 Compared to:

($ in thousands)

4Q

2021

3Q

2021

4Q

2020

3Q

2021

 

4Q

2020

Commercial nonresidential real estate

$757,893

$732,442

$743,238

3.5%

 

2.0%

Commercial residential real estate

335,233

330,660

287,928

1.4%

 

16.4%

SBA guaranteed PPP loans

47,335

99,116

252,667

(52.2)%

 

(81.3)%

Other commercial

616,992

600,583

609,694

2.7%

 

1.2%

Total commercial

1,757,453

1,762,801

1,893,527

(0.3)%

 

(7.2)%

   

Residential mortgage

767,185

763,005

784,559

0.5%

 

(2.2)%

Home equity loans/lines

106,667

105,007

103,770

1.6%

 

2.8%

Total residential

873,852

868,012

888,329

0.7%

 

(1.6)%

   

Consumer indirect

620,825

612,394

620,051

1.4%

 

0.1%

Consumer direct

156,683

155,022

152,304

1.1%

 

2.9%

Total consumer

777,508

767,416

772,355

1.3%

 

0.7%

   

Total loans

$3,408,813

$3,398,229

$3,554,211

0.3%

 

(4.1)%

Total Deposits and Repurchase Agreements

Percent Change

4Q 2021 Compared to:

($ in thousands)

4Q

2021

3Q

2021

4Q

2020

3Q

2021

 

4Q

2020

Non-interest bearing deposits

$1,331,103

$1,318,158

$1,140,925

1.0%

 

16.7%

Interest bearing deposits

 

Interest checking

97,064

90,657

78,308

7.1%

 

24.0%

Money market savings

1,206,401

1,210,551

1,228,742

(0.3)%

 

(1.8)%

Savings accounts

632,645

616,561

527,436

2.6%

 

19.9%

Time deposits

1,077,079

1,060,309

1,040,671

1.6%

 

3.5%

Repurchase agreements

271,088

292,022

355,862

(7.2)%

 

(23.8)%

Total interest bearing deposits and repurchase agreements

3,284,277

3,270,100

3,231,019

0.4%

 

1.6%

Total deposits and repurchase agreements

$4,615,380

$4,588,258

$4,371,944

0.6%

 

5.6%

CTBI’s total assets at $5.4 billion increased $32.7 million, or 2.4% annualized, from September 30, 2021 and $279.1 million, or 5.4%, from December 31, 2020. Loans outstanding at December 31, 2021 were $3.4 billion, an increase of $10.6 million, an annualized 1.2%, from September 30, 2021 but a decrease of $145.4 million, or 4.1%, from December 31, 2020. Loans, excluding PPP loans, increased $62.4 million during the quarter, with a $46.4 million increase in the commercial loan portfolio, an $8.4 million increase in the indirect consumer loan portfolio, a $5.9 million increase in the residential loan portfolio, and a $1.7 million increase in the direct consumer loan portfolio. The PPP loan portfolio declined during the quarter $51.8 million as a result of SBA forgiveness. CTBI’s investment portfolio decreased $70.5 million, or an annualized 18.3%, from September 30, 2021 but increased $457.9 million, or 45.8%, from December 31, 2020. Deposits in other banks increased $124.5 million from prior quarter but decreased $18.8 million from prior year same quarter. Deposits, including repurchase agreements, at $4.6 billion increased $27.1 million, or an annualized 2.3%, from September 30, 2021 and $243.4 million, or 5.6%, from December 31, 2020.

Shareholders’ equity at December 31, 2021 was $698.2 million, a $6.6 million, or an annualized 3.8%, increase from the $691.6 million at September 30, 2021 and a $43.3 million, or 6.6%, increase from the $654.9 million at December 31, 2020. CTBI’s annualized dividend yield to shareholders as of December 31, 2021 was 3.67%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020. Accruing loans 90+ days past due at $6.0 million decreased $0.7 million from prior quarter and $11.2 million from December 31, 2020. Nonaccrual loans at $10.7 million decreased $1.4 million during the quarter but increased $1.2 million from December 31, 2020. Accruing loans 30-89 days past due at $10.9 million increased $2.0 million from prior quarter but decreased $1.6 million from December 31, 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 $3.5 million at December 31, 2021 was a $0.8 million decrease from the $4.3 million at September 30, 2021 and a $4.2 million decrease from the $7.7 million at December 31, 2020. Sales of foreclosed properties for the quarter ended December 31, 2021 totaled $0.9 million while new foreclosed properties totaled $0.3 million. At December 31, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

We experienced a net recovery of loan charge-offs for the quarter of $8 thousand, compared to net loan charge-offs of $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021 and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020. For the year ended December 31, 2021, we experienced a net recovery of loan losses of $0.1 million compared to net charge-offs of $6.2 million, or 0.18% of average loans annualized, for the year ended December 31, 2020.

Allowance for Credit Losses

Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021. Provision for credit losses for the fourth quarter 2020 totaled $1.0 million. We experienced a recovery of provision for credit losses for the year 2021 of $6.4 million compared to provision for credit losses of $16.0 million for the year 2020. The reduction to our allowance for credit losses during the year was the result of positive credit metrics, the lack of pandemic related losses provided for in 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2021 was 251.2% compared to 220.0% at September 30, 2021 and 180.7% at December 31, 2020. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2021 was 1.22% (1.24% excluding PPP loans) compared to 1.21% at September 30, 2021 (1.25% excluding PPP loans) and 1.35% at December 31, 2020 (1.45% 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)
December 31, 2021
(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, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Interest income

$

44,357

 

$

45,726

 

$

43,148

 

$

178,169

 

$

176,441

 

Interest expense

 

3,541

 

 

3,712

 

 

4,543

 

 

15,090

 

 

25,450

 

Net interest income

 

40,816

 

 

42,014

 

 

38,605

 

 

163,079

 

 

150,991

 

Loan loss provision

 

533

 

 

(163

)

 

956

 

 

(6,386

)

 

16,047

 

 
Gains on sales of loans

 

1,241

 

 

1,239

 

 

2,520

 

 

6,820

 

 

7,226

 

Deposit service charges

 

7,083

 

 

7,066

 

 

6,282

 

 

26,529

 

 

23,461

 

Trust revenue

 

3,305

 

 

3,039

 

 

2,786

 

 

12,644

 

 

10,931

 

Loan related fees

 

1,254

 

 

1,050

 

 

1,741

 

 

5,578

 

 

4,041

 

Securities gains (losses)

 

(208

)

 

(62

)

 

441

 

 

(158

)

 

1,769

 

Other noninterest income

 

2,302

 

 

2,056

 

 

1,479

 

 

9,050

 

 

7,132

 

Total noninterest income

 

14,977

 

 

14,388

 

 

15,249

 

 

60,463

 

 

54,560

 

 
Personnel expense

 

19,468

 

 

18,853

 

 

20,106

 

 

74,114

 

 

66,427

 

Occupancy and equipment

 

2,625

 

 

2,733

 

 

2,595

 

 

10,854

 

 

10,649

 

Data processing expense

 

2,099

 

 

1,911

 

 

2,152

 

 

8,039

 

 

7,941

 

FDIC insurance premiums

 

339

 

 

393

 

 

320

 

 

1,381

 

 

1,056

 

Other noninterest expense

 

6,618

 

 

6,438

 

 

8,463

 

 

24,897

 

 

33,166

 

Total noninterest expense

 

31,149

 

 

30,328

 

 

33,636

 

 

119,285

 

 

119,239

 

 
Net income before taxes

 

24,111

 

 

26,237

 

 

19,262

 

 

110,643

 

 

70,265

 

Income taxes

 

4,863

 

 

5,095

 

 

3,436

 

 

22,704

 

 

10,761

 

Net income

$

19,248

 

$

21,142

 

$

15,826

 

$

87,939

 

$

59,504

 

 
Memo: TEQ interest income

$

44,581

 

$

45,952

 

$

43,336

 

$

179,066

 

$

177,168

 

 
Average shares outstanding

 

17,796

 

 

17,790

 

 

17,755

 

 

17,786

 

 

17,748

 

Diluted average shares outstanding

 

17,820

 

 

17,808

 

 

17,769

 

 

17,804

 

 

17,756

 

Basic earnings per share

$

1.08

 

$

1.19

 

$

0.89

 

$

4.94

 

$

3.35

 

Diluted earnings per share

$

1.08

 

$

1.19

 

$

0.89

 

$

4.94

 

$

3.35

 

Dividends per share

$

0.400

 

$

0.400

 

$

0.385

 

$

1.570

 

$

1.530

 

 
Average balances:
Loans

$

3,381,206

 

$

3,400,194

 

$

3,548,178

 

$

3,455,742

 

$

3,453,529

 

Earning assets

 

5,133,843

 

 

5,184,749

 

 

4,821,196

 

 

5,115,961

 

 

4,562,172

 

Total assets

 

5,418,854

 

 

5,457,558

 

 

5,092,100

 

 

5,387,241

 

 

4,838,160

 

Deposits, including repurchase agreements

 

4,612,010

 

 

4,650,885

 

 

4,310,970

 

 

4,592,415

 

 

4,079,810

 

Interest bearing liabilities

 

3,337,053

 

 

3,410,286

 

 

3,261,814

 

 

3,376,788

 

 

3,111,367

 

Shareholders' equity

 

697,727

 

 

695,490

 

 

652,827

 

 

682,697

 

 

635,978

 

 
Performance ratios:
Return on average assets

 

1.41

%

 

1.54

%

 

1.24

%

 

1.63

%

 

1.23

%

Return on average equity

 

10.94

%

 

12.06

%

 

9.64

%

 

12.88

%

 

9.36

%

Yield on average earning assets (tax equivalent)

 

3.45

%

 

3.52

%

 

3.58

%

 

3.50

%

 

3.88

%

Cost of interest bearing funds (tax equivalent)

 

0.42

%

 

0.43

%

 

0.55

%

 

0.45

%

 

0.82

%

Net interest margin (tax equivalent)

 

3.17

%

 

3.23

%

 

3.20

%

 

3.21

%

 

3.33

%

Efficiency ratio (tax equivalent)

 

55.40

%

 

53.50

%

 

62.75

%

 

53.11

%

 

58.30

%

 
Loan charge-offs

$

865

 

$

1,042

 

$

1,961

 

$

4,325

 

$

10,453

 

Recoveries

 

(873

)

 

(725

)

 

(1,041

)

 

(4,445

)

 

(4,292

)

Net charge-offs

$

(8

)

$

317

 

$

920

 

$

(120

)

$

6,161

 

 
Market Price:
High

$

46.21

 

$

42.95

 

$

38.50

 

$

47.53

 

$

46.87

 

Low

$

41.05

 

$

38.20

 

$

27.74

 

$

36.02

 

$

26.45

 

Close

$

43.61

 

$

42.10

 

$

37.05

 

$

43.61

 

$

37.05

 

 
As of As of As of
December 31, 2021 September 30, 2021 December 31, 2020
Assets:
Loans

$

3,408,813

 

$

3,398,229

 

$

3,554,211

 

Loan loss reserve

 

(41,756

)

 

(41,215

)

 

(48,022

)

Net loans

 

3,367,057

 

 

3,357,014

 

 

3,506,189

 

Loans held for sale

 

2,632

 

 

12,056

 

 

23,259

 

Securities AFS

 

1,455,429

 

 

1,525,738

 

 

997,261

 

Equity securities at fair value

 

2,253

 

 

2,461

 

 

2,471

 

Other equity investments

 

13,026

 

 

13,026

 

 

14,935

 

Other earning assets

 

267,286

 

 

143,789

 

 

286,074

 

Cash and due from banks

 

46,558

 

 

66,075

 

 

54,250

 

Premises and equipment

 

40,479

 

 

40,145

 

 

42,001

 

Right of use asset

 

12,148

 

 

12,399

 

 

13,215

 

Goodwill and core deposit intangible

 

65,490

 

 

65,490

 

 

65,490

 

Other assets

 

145,899

 

 

147,392

 

 

133,996

 

Total Assets

$

5,418,257

 

$

5,385,585

 

$

5,139,141

 

 
Liabilities and Equity:
Interest bearing checking

$

97,064

 

$

90,657

 

$

78,308

 

Savings deposits

 

1,839,046

 

 

1,827,112

 

 

1,756,178

 

CD's >=$100,000

 

589,853

 

 

565,869

 

 

545,613

 

Other time deposits

 

487,226

 

 

494,440

 

 

495,058

 

Total interest bearing deposits

 

3,013,189

 

 

2,978,078

 

 

2,875,157

 

Noninterest bearing deposits

 

1,331,103

 

 

1,318,158

 

 

1,140,925

 

Total deposits

 

4,344,292

 

 

4,296,236

 

 

4,016,082

 

Repurchase agreements

 

271,088

 

 

292,022

 

 

355,862

 

Other interest bearing liabilities

 

58,716

 

 

58,721

 

 

58,736

 

Lease liability

 

13,005

 

 

13,229

 

 

13,972

 

Other noninterest bearing liabilities

 

32,954

 

 

33,734

 

 

39,624

 

Total liabilities

 

4,720,055

 

 

4,693,942

 

 

4,484,276

 

Shareholders' equity

 

698,202

 

 

691,643

 

 

654,865

 

Total Liabilities and Equity

$

5,418,257

 

$

5,385,585

 

$

5,139,141

 

 
Ending shares outstanding

 

17,843

 

 

17,837

 

 

17,810

 

 
30 - 89 days past due loans

$

10,874

 

$

8,874

 

$

12,465

 

90 days past due loans

 

5,954

 

 

6,650

 

 

17,133

 

Nonaccrual loans

 

10,671

 

 

12,084

 

 

9,444

 

Restructured loans (excluding 90 days past due and nonaccrual)

 

69,827

 

 

70,932

 

 

68,554

 

Foreclosed properties

 

3,486

 

 

4,314

 

 

7,694

 

 
Community bank leverage ratio

 

13.00

%

 

12.71

%

 

12.70

%

Tangible equity to tangible assets ratio

 

11.82

%

 

11.77

%

 

11.62

%

FTE employees

 

974

 

 

960

 

 

998

 

 

 

Contacts

Community Trust Bancorp, Inc.

Jean R. Hale, (606) 437-3294

Chairman and C.E.O.

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