CBT Corporation Reports First Quarter Earnings.PADUCAH, Ky.--(BUSINESS WIRE)--April 20, 1998--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 ) reported first quarter earnings of $3,201,000 (Diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. : $.40), a 2.2 percent increase over first quarter 1997 earnings of $3,131,000 (Diluted EPS: $.40). Highlights of the quarter follow: -- Returns on average assets were 1.25 percent and 1.33 percent for 1998 and 1997, respectively. -- Returns on average equity were 10.77 percent and 11.37 percent for 1998 and 1997, respectively. -- Net interest margin for first quarter 1998 and 1997 were 4.76 percent and 4.81 percent, respectively. -- Efficiency ratios were 56.85 percent and 56.75 percent for 1998 and 1997, respectively. -- Gains on sales in the first quarter of 1998 totaled $261,000 pre-tax, compared with $185,000 pre-tax in 1997. -- Exclusive of gains on sales, fee income increased 10.5 percent quarter-over-quarter, led by trust and brokerage fees. -- 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. increased 8.6 percent in the first quarter of 1998 versus 1997. Salaries and benefits grew 6.1 percent quarter-over-quarter. -- Provision for loan losses increased $239,000 (25.7 percent) quarter-over-quarter, bringing the allowance for loan losses to $9.8 million, or 1.37 percent of total loans. The allowance is 125.14 percent of non-performing assets. 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. CBT affiliates include: Citizens Bank & Trust Company in Paducah, Kentucky Paducah is a city in McCracken County, Kentucky at the confluence of the Tennessee River and the Ohio River. The population was 26,307 at the 2000 census. It is the county seat of McCracken County. ; Pennyrile Citizens Bank & Trust in Hopkinsville, Kentucky Hopkinsville is a city in Christian County, Kentucky, United States. The population was 30,089 at the 2000 census. It is the county seat of Christian CountyGR6. ; The Bank of Marshall County in Benton, Kentucky; Graves County Bank in Mayfield, Kentucky; United Commonwealth Bank in Murray, Kentucky; and Fidelity Credit Corporation also in Paducah. The company has 18 banking locations in Western Kentucky and 26 Fidelity Credit offices throughout the State. On January 10, 1998, CBT Corporation announced they had signed a definitive agreement to merge with Mercantile Bancorporation, Inc., a $30 billion, multi-bank holding company based in St. Louis, Missouri. The merger is expected to close early in the third quarter of 1998. CONTACT: CBT Corporation, Paducah William J. Jones, 502/575-5139 |
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