CBT Corporation announces first quarter earnings.PADUCAH Paducah (pədy  `kə, –d`–), city (1990 pop. 27,256), seat of McCracken co., SW Ky. , Ky.--(BUSINESS WIRE)--April 21, 1995--CBT Corporation
(NASDAQ NASDAQin 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 earnings of $2,767,000 for the first quarter of 1995, a 5.2 percent increase over first quarter 1994. Earnings per share improved $.02 to $.35 for the period. Costs associated with a voluntary separation program offered in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. wit corporate re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. were recognized during the period, having an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. impact of $350,000, or $.04 per share. Exclusive of this one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, net income was $3.1 million, an 18.5 percent increase over 1994. Net interest income increased 8.9 percent, and non-interest income grew 17.1 percent compared to first quarter 1994. Exclusive of the one-time charge taken, non-interest expenses grew 6.0 percent over first quarter 1994. Return of average assets was 1.29 percent for the quarter, compared to the year ago mark of 1.32 percent. First quarter return on average equity was 11.48 percent vs. 11.82 percent for the comparable 1994 period. Assets grew $45.8 million over the past 12 months totaling $863.6 million at March 31, 1995. During this period, loans grew by $83.6 million and deposits increased $15.2 million. Net interest margin for the first quarter of 1995 was 4.90 percent, 8 basis points less than the similar period one year ago. The efficiency ratio of 63.29 percent, up by 268 basis points compared to first quarter 1994, was affected by the one-time charge. Without the one-time charge, the efficiency ratio was 58.65 percent, a 196 basis point improvement over 1994. 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 an $864 million financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company headquartered in Paducah, Ky. CBT affiliates include: Citizens Bank & Trust Company in Paducah, Ky.; Pennyrile Citizens Bank & Trust Company in Hopkinsville Hopkinsville, city (1990 pop. 29,809), seat of Christian co., SW Ky.; inc. 1804. Fertile agricultural lands surround Hopkinsville, which is a leading tobacco and livestock market. There is also diverse manufacturing. Ft. Campbell, a major U.S. army base, is nearby. , Ky.; The Bank of Marshall County Marshall County is the name of twelve counties in the United States:
A region of southwest France in the Garonne River valley. The area is known for its fine table wines. Noun 1. Graves - English writer known for his interest in mythology and in the classics (1895-1985) County Bank in Mayfield Mayfield, city (1990 pop. 9,935), seat of Graves co., SW Ky., in an area of farms and clay deposits; founded 1823. It is an agricultural trade center with a tobacco market. , Wingo Wingo was an experimental indoor shooting sport invented by Winchester in the early 1970s. The only Wingo facility built was in San Diego, California. The equipment consisted of a bank of machines that created four-inch diameter hollow spheres of ice. and Fancy fancy in the name of canary breeds, refers to a special, cultivated show type of bird, rather than the ordinary type. In dog and cat circles, it refers to the entire following of breeders, owners and admirers. Farm, Ky.; United Commonwealth Bank in Murray Murray, river, Australia 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 Fidelity is a notion that at its most abstract level implies a truthful connection to a source or sources. Its original meaning dealt with loyalty and attentiveness to one's duty to a lord or a king, in a broader sense than the related concept of fealty. Credit Corporation also 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 21 Fidelity Credit offices throughout the state. The company's stock is traded on the NASDAQ national market under the symbol CBTC. -0-
CBT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands)
(unaudited)(audited)(unaudited)
March 31 Dec. 31 March 31
1995 1994 1994
ASSETS
Cash and due from banks $ 28,093 $ 30,404 $ 24,552
Federal funds sold - - 8,406
Money market investments - - 1,894
Total cash and cash equivalents 28,093 30,404 34,852
Investment securities to be held to maturity 48,981 48,175 46,802 Securities available for sale 147,886 161,478 184,126 Loans, net of unearned interest 619,738 616,009 536,095 Allowance for loan losses (11,366) (11,533) (11,310) Loans, net 608,372 604,476 524,785 Premises and equipment, net 16,535 15,910 15,039 Accrued interest receivable 5,937 6,068 5,303 Other 7,824 8,606 6,892 TOTAL ASSETS $863,628 $875,117 $817,799 LIABILITIES Deposits: Non-interest bearing $ 65,248 $ 70,962 $ 60,085 Interest bearing 599,696 598,615 589,659 Total deposits 664,944 669,577 649,744 Borrowings: Federal funds purchased and securities sold under agreements to repurchase 48,601 56,976 37,075 Notes payable -- U.S. Treasury 556 1,718 2,000 Revolving lines of credit and other 6,500 6,000 5,100 Federal Home Loan Bank advances 31,918 35,432 19,956 Term debt 5,092 5,092 5,115 Total borrowings 92,667 105,218 69,246 Accrued interest payable 4,329 3,881 3,064 Other 6,008 5,104 4,602 TOTAL LIABILITIES $767,948 $783,780 $726,656 STOCKHOLDER'S EQUITY Common stock, no par value, authorized 12,000,000 shares; issued and outstanding 7,952,108 shares March 31, 1995; 7,927,113 shares Dec. 31, 1994; and 7,926,158 shares March 31, 1994 4,100 4,100 4,100 Capital surplus 18,985 18,553 18,543 Retained earnings 75,429 74,070 68,008 Unrealized losses on securities available for sale, net of deferred taxes (2,834) (5,386) 492 TOTAL STOCKHOLDERS' EQUITY 95,680 91,337 91,143
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $863,628 $875,117 $817,799
CBT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands except per share data)
(unaudited)
Three Months Ended
March 31,
1995 1994
INTEREST INCOME
Loans, including fees:
Taxable $14,593 $11,529
Tax-exempt 48 84
Securities:
Taxable 2,515 2,334
Tax-exempt 903 958
Other 72 117
Total interest income 18,131 15,022
INTEREST EXPENSE Deposits 6,947 5,463 Other borrowings 1,415 588 Total interest expense 8,362 6,051 NET INTEREST INCOME 9,769 8,971 Provision for loan losses 231 311 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,538 8,660 NON-INTEREST INCOME Trust and investment advisory fees 311 351 Service charges on deposit accounts 865 655 Insurance commissions 309 214 Gain (loss) on sale of securities (2) (4) Other 360 358 Total non-interest income 1,843 1,574 NON-INTEREST EXPENSE Salaries and employee benefits 4,454 3,347 Net occupancy 253 260 Depreciation and amortization 460 409 Supplies 186 169 Data processing 318 293 FDIC assessments 376 366 Tax on bank shares 295 272 Other 1,218 1,509 Total non-interest expense 7,560 6,625 INCOME BEFORE INCOME TAXES 3,821 3,609 Income taxes 1,054 979 NET INCOME $ 2,767 $ 2,630 NET INCOME PER COMMON SHARE $ 0.35 $ 0.33
FINANCIAL HIGHLIGHTS
($ in thousands except per share data)
Three Months Ended
March 31 Dec. 31 March 31
1995 1994 1994
Total assets (a) $863,628 $875,117 $817,799
Net income 2,767 2,832 2,630
Earnings per share 0.35 0.36 0.33
Dividends declared 0.11 0.11 0.10
Market value -- High 24.75 23.00 23.38
-- Low 21.00 20.63 18.50
Book value per share (a) 12.03 11.52 11.50
Net interest margin (t/e) 4.90% 4.90% 4.98%
Efficiency ratio (t/e) 63.29 61.95 60.61
Return on average assets (b) 1.29 1.27 1.32
Return on average equity (b) 11.48 11.77 11.82
Ending equity on total assets (a) 11.08 10.44 11.14
(a) Includes SFAS 115
(b) Excludes SFAS 115
INTEREST RATE ANALYSIS
($ in thousands)
Three Months Ended
March 31 Dec. 31 March 31
1995 1994 1994
Yield on investments 7.15% 7.12% 6.59%
Yield on loans 9.63 9.21 8.94
Yield on federal funds sold and other
money market investments 5.47 5.01 4.76
Yield on earning assets 8.98 8.63 8.19
Rate on interest-bearing deposits 4.72 4.37 3.79 Rate on other borrowings 5.48 5.43 3.55 Rate on interest-bearing liabilities 4.83 4.52 3.77 Net interest margin including fees 4.90 4.90 4.98
PROGRESSION OF ALLOWANCE FOR CREDIT LOSSES
($ in thousands)
Three Months Ended
March 31 Dec. 31 March 31
1995 1994 1994
Balance, beginning of period $ 11,533 $ 11,900 $ 10,998
Provision for credit losses 231 307 311
Loans charged off (553) (783) (101) Recoveries 155 109 102 Net charge-offs (398) (674) 1 Balance, end of period $ 11,366 $ 11,533 $ 11,310 Allowance for credit losses to total loans, net of unearned interest 1.83% 1.87% 2.11% Net charge-offs to average loans 0.26% 0.43% 0.00% Non-performing assets to period-end loans and other real estate 0.46% 0.37% 0.23%
YEAR-TO-DATE AND QUARTERLY STATISTICS
($ in thousands except per share data)
March 31 Quarterly
Year to Date Statistics
1995 1994 1Q95
AVERAGE BALANCES
Total securities $209,576 $224,535 $209,576
Net loans 617,129 528,065 617,129
Assets 872,266 810,283 872,266
Earning assets (b) 832,070 762,572 832,070
Deposits 661,087 645,803 661,087
Stockholders' equity (b) 97,768 90,249 97,768
END OF PERIOD BALANCES
Securities available for sale (a) 147,886 184,126 147,886
Investment securities 48,981 46,802 48,981
Net loans 619,738 536,095 619,738
Allowance for credit losses 11,366 11,310 11,366
Assets (a) 863,628 817,799 863,628
Deposits 664,944 649,744 664,944
Shareholders' equity (a) 95,680 91,143 95,680
INCOME STATEMENT
Interest income 18,131 15,022 18,131
Interest expense 8,362 6,051 8,362
Net interest income 9,769 8,971 9,769
Provision for credit losses 231 311 231
Non-interest income 1,843 1,574 1,843
Non-interest expense 7,560 6,625 7,560
Pre-tax income 3,821 3,609 3,821
Net income 2,767 2,630 2,767
PER SHARE
Net income 0.35 0.33 0.35
Cash dividends 0.11 0.10 0.11
Book value (a) 12.03 11.50 12.03
ASSET QUALITY
Nonaccrual and restructured loans 2,003 963 2,003
Loans 90+ days past due 832 174 832
Total nonperforming loans (NPL) 2,835 1,137 2,835
Other real estate owned 0 81 0
Total nonperforming assets (NPA) 2,835 1,218 2,835
Net charge-offs (recoveries) 397 (1) 397
NPL/Loans 0.46% 0.23% 0.46%
NPA/Total assets 0.33 0.15 0.33
Net charge-offs (recoveries)/Average
loans 0.26 0.00 0.26
Allowance for credit losses/Total loans 1.83 2.11 1.83
Allowance for credit losses/NPA 401 929 401
PERFORMANCE RATIOS
Return on average assets (b) 1.29 1.32 1.29
Return on average equity (b) 11.48 11.82 11.48
Net interest margin (t/e) 4.90 4.98 4.90
Efficiency ratio 63.29 60.61 63.29
Average shares outstanding 7,946,045 7,926,158 7,946,045
YEAR-TO-DATE AND QUARTERLY STATISTICS
($ in thousands except per share data)
Quarterly Statistics
4Q94 3Q94 2Q94 1Q94
AVERAGE BALANCES
Total securities $217,831 $227,914 $229,574 $224,535
Net loans 605,608 580,849 552,863 528,065
Assets 883,919 850,215 818,548 810,283
Earning assets (b) 829,136 809,319 786,394 762,572
Deposits 626,221 664,167 649,661 645,803
Stockholders' equity (b) 95,461 94,486 90,995 90,249
END OF PERIOD BALANCES
Securities available for sale
(a) 161,478 167,183 177,767 184,126
Investment securities 48,175 47,611 47,905 46,802
Net loans 616,009 602,515 566,348 536,095
Allowance for credit losses 11,533 11,900 11,649 11,310
Assets (a) 875,117 864,542 841,833 817,799
Deposits 669,577 664,869 664,347 649,744
Shareholders' equity (a) 91,337 91,630 90,469 91,143
INCOME STATEMENT
Interest income 17,688 17,197 16,000 15,022
Interest expense 7,952 6,842 6,366 6,051
Net interest income 9,736 10,355 9,634 8,971
Provision for credit losses 307 359 384 311
Non-interest income 1,930 1,205 1,804 1,574
Non-interest expense 7,543 6,930 7,031 6,625
Pre-tax income 3,816 4,271 4,023 3,609
Net income 2,832 3,110 2,914 2,630
PER SHARE
Net income 0.36 0.39 0.37 0.33
Cash dividends 0.11 0.11 0.11 0.10
Book value (a) 11.52 11.56 11.41 11.50
ASSET QUALITY
Nonaccrual and restructured
loans 1,806 865 1,328 963
Loans 90+ days past due 494 618 824 174
Total nonperforming loans (NPL) 2,300 1,483 2,152 1,137
Other real estate owned 7 7 0 81
Total nonperforming assets (NPA) 2,307 1,490 2,152 1,218
Net charge-offs (recoveries) 674 108 45 (1)
NPL/Loans 0.37% 0.25% 0.39% 0.23%
NPA/Total assets 0.26 0.17 0.26 0.15
Net charge-offs (recoveries)/Average
loans 0.43 0.07 0.03 0.00
Allowance for credit losses/Total
loans 1.87 1.98 2.06 2.11
Allowance for credit losses/NPA 500 799 541 929
PERFORMANCE RATIOS
Return on average assets (b) 1.27 1.45 1.43 1.32
Return on average equity (b) 11.77 13.06 12.84 11.82
Net interest margin (t/e) 4.90 5.24 5.11 4.98
Efficiency ratio 61.95 58.25 59.46 60.61
Average shares outstanding 7,926,199 7,926,158 7,926,158 7,926,158
(a) Includes SFAS 115 (b) Excludes SFAS 115 CONTACT: CBT Corporation, Paducah Kathleen O'Toole Kathleen M. O'Toole is the Chief Inspector of the Garda Inspectorate, set up to audit Ireland's national police force, the Garda Síochána and report to Ireland's Minister for Justice, Equality & Law Reform on changes to improve efficiency in line with best international practice. , 502/575-5285 William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Jones, 502/575-5139 |
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