CBT Corporation Announces Record Third Quarter Earnings.PADUCAH, Ky.--(BUSINESS WIRE)--Oct. 15, 1997--CBT Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBTC CBTC Communications-Based Train Control ) announced record earnings of $3,191,000 ($.41 per share), a 30 percent increase over third quarter 1996 earnings of $2,454,000 ($.31 per share). Last year's third quarter was affected by a non-recurring pre-tax charge of $560,000 ($.05 per share after-tax) related to the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. ("SAIF"). Exclusive of that charge, earnings for the third quarter of 1997 were 13.2 percent higher than the third quarter of 1996, and earnings per share were up 13.9 percent over the prior year. Growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. combined to produce the improved performance. -0- Other key performance measures follow: -- Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings of $9,524,000 ($1.21 per share), an 11.0 percent increase over 1996 year-to-date earnings of $8,584,000 ($1.09, per share). -- Return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). for the third quarter of 1997 of 1.24 percent, compared to last year's third quarter of 1.05 percent. -- Year-to-date return on assets of 1.29 percent for 1997, compared to 1.25 percent for 1996. -- Third quarter 1997 return on equity of 10.9 percent, compared to 9.0 percent for the third quarter of 1996. -- Year-to-date return on equity of 11.2 percent for 1997, compared to 10.7 percent for 1996. -- Net interest margin for third quarter and year-to-date 1997 of 4.80 percent, compared to 4.80 and 4.94 percent for third quarter and year-to-date 1996, respectively. -- Efficiency ratio of 55.5 percent for the third quarter of 1997, compared to 65.1 percent for the third quarter of 1996. Exclusive of the SAIF charge, the third quarter 1996 efficiency ratio was 60.7 percent. -- Year-to-date 1997 efficiency ratio of 56.3 percent compared to 61.6 percent for year-to-date 1996. Exclusive of the SAIF charge, the year-to-date 1996 efficiency ratio was 60.1 percent. -- Year-to-date net charge-offs of $1.7 million for 1997 compared to $4.0 million for year-to-date 1996. Year-to-date provision for loan losses totals $3.0 million for 1997 compared to $1.8 million for 1996. -- Allowance for loan losses at Sept. 30, 1997 of 1.32 percent of loans and 122.6 percent of non-performing assets, compared to allowance of 1.30 percent and 92.9 percent of loans and non-performing assets, respectively, at Sept. 30, 1996. CBT (Computer-Based Training) Using the computer for training and instruction. CBT programs are called "courseware" and provide interactive training sessions for all disciplines. Corporation is a $1 billion five bank holding company. Affiliates include: Citizens Bank & Trust Company in Paducah; Pennyrile Citizens Bank & Trust Company in Hopkinsville, Ky.; The Bank of Marshall County Marshall County is the name of twelve counties in the United States:
Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. , Ky.; and Fidelity Credit Corporation in Paducah. The company has 18 banking locations in Western Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. and 27 Fidelity Credit offices throughout the State. -0-
CBT CORPORATION AND SUBSIDIARIES
Financial Highlights
($ in thousands except per share data)
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1997 1996 1997 1996
Total assets (a) $1,044,679 $942,690 $1,044,679 $942,690
Net income 3,191 2,454 9,525 8,584
Earnings per share $0.41 $0.31 $1.21 $1.09
Dividends declared 0.13 0.13 0.26 0.37
Market value - high 25.63 23.50 26.50 24.50
Market value - low 21.25 20.00 20.25 20.00
Book value per
share (a) 14.91 13.62 14.14 13.62
Net interest margin(t/e) 4.80% 4.83% 4.80% 4.95%
Efficiency ratio (t/e) 55.48 65.09 56.25 61.55
Return on average
assets (b) 1.24 1.05 1.29 1.25
Return on average
equity (b) 10.90 8.96 11.16 10.70
Ending equity to total
assets (a) 11.22 11.35 11.22 11.35
(a) Includes SFAS 115
(b) Excludes SFAS 115
CONTACT: CBT Corporation, Paducah William J. Jones, 502/575-5139 |
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