CBT Corporation announces fourth quarter earnings and strategic initiative update.PADUCAH Paducah (pədy  `kə, –d`–), city (1990 pop. 27,256), seat of McCracken co., SW Ky. , Ky.--(BUSINESS WIRE)--Jan. 20, 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 fourth quarter earnings of $.36 per share, a 9% increase over 1993. For the year, earnings per share of $1.45 exceeded 1993 by 10%. "Growth in core lines of business fueled our fourth quarter earnings performance as compared to fourth quarter 1993," said 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, President and Chief Executive Officer. "Net interest income increased 13% as average 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 grew by 10% comparing 1994 to 1993. Average loans exceeded prior year by 17%. Non-interest income, exclusive of non-recurring items, increased by 11%. For the full year, net interest income increased 15% on the strength of an 11% growth in earning assets. Average loans grew 18% over 1993. Non-interest income improved by 7% over the prior year, excluding non-recurring items. Assets, at year end, were in excess of $875 million. Return on average assets for the fourth quarter was 1.27%, virtually identical to 1993. Return on average equity for the quarter, 11.77%, was also unchanged compared to the fourth quarter of 1993. Net interest margin increased 19 basis points to 4.90%, while the efficiency ratio improved 224 basis points to 61.95% as compared to fourth quarter 1993. For the full year, return on average assets for 1994 was 1.37%. Return on average equity was 12.42%. Both marks were comparable to 1993. The 1994 net interest margin, at 5.04%, was 16 basis points better than 1993. The efficiency ratio increased modestly from 59.98% in 1993 to 60.06% in 1994. The Corporation is poised to continue its strong performance by pursuing the "CBT (Computer-Based Training) Using the computer for training and instruction. CBT programs are called "courseware" and provide interactive training sessions for all disciplines. 2000" initiative announced last October October: see month. . The company defines "CBT 2000" as A Quantum Leap quantum leap n. An abrupt change or step, especially in method, information, or knowledge: "War was going to take a quantum leap; it would never be the same" Garry Wills. in Business Performance and Positioning by Re-Designing Core Processes to Better Serve Customers. "It is important for us to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improve the products and services provided to our customers if we are to keep building performance momentum," said Jones. "That is the driving force behind our "CBT 2000" initiative. Creating an environment that is customer focused, challenging and exciting to our staff, and positioned to effectively compete in a rapidly changing 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. environment is our objective. "Consistent with this objective, we are in the process of realigning our resources to better match the needs of our customers. The principles supporting this realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. are simple, but powerful. One: the primary focus of CBT Corporation must be on the customer. That is, we must put an organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. in place that trains and develops our sales associates and gives them the tools to meet customer needs. Two: We must consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. support functions to improve the delivery of key services to our sales team. Three: We must apply proven technology to improve customer service and efficiency. Four: We must emphasize performance within the Company so that our employees clearly know what is expected and get continuous feedback on their progress." Over the last few weeks, the Company has been sharing with its associates the details of the new structure and its implications for them and our customers. These changes are essential if we are to continue to grow and remain competitive in the future. We fully expect our employees to meet the challenge involved with serving our customers in this period of rapid change. CBT Corporation is headquartered 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. . CBT Affiliates include: Citizens Bank & Trust Company in Paducah, Kentucky; Pennyrile Citizens Bank & Trust Company 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 Marshall County is the name of twelve counties in the United States:
Draffenville is located at 36°55'32"N 88°20'30"W. ; Graves 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 Farm, Kentucky Fancy Farm is a village in Graves County, Kentucky, about ten miles west of the county seat, Mayfield on Kentucky Route 80, in the rural western portion of the state called the Jackson Purchase. ; United Commonwealth Bank in Murray, Kentucky Murray is a city in Calloway County, Kentucky, United States. The population was 15,725 as of 2006 census estimates and has a micropolitan area population of 35,421. It is the county seat of Calloway CountyGR6 and is the home of Murray State University. 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
Financial Highlights
($ in thousands except per share data)
Three Months Ended Twelve Months Ended
December 31 December 31
1994 1993 1994 1993
Total assets $875,117 $805,476 $875,117 $805,476
Net income 2,832 2,603 11,486 10,448
Earnings per share 0.36 0.33 1.45 1.32
Dividends declared 0.11 0.10 0.43 0.39
Market value - High 23.00 19.25 23.38 19.25
- Low 20.63 17.75 18.50 13.50
Book value per share 11.52 11.19 11.52 11.19
Net interest margin (FTE) 4.90% 4.71% 5.04% 4.88%
Efficiency ratio (FTE) 61.95 64.19 60.06 59.98
Return on average assets 1.27 1.29 1.37 1.38
Return on average equity 11.77 11.75 12.42 12.30
Ending equity to total assets 10.44 11.01 10.44 11.01
Note: (FTE) Fully Taxable Equivalent
Interest Rate Analysis
($ in thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
1994 1993 1994 1993
Yield on investments 7.12% 6.58% 6.93% 6.77%
Yield on loans 9.21 8.79 9.10 9.21
Yield on federal funds sold
and other money market
investments 5.01 3.08 3.42 3.11
Yield on earning assets 8.63 8.02 8.44 8.35
Rate on interest-bearing
deposits 4.37 3.92 3.97 4.18
Rate on other borrowings 5.43 3.41 4.44 3.60
Rate on interest bearing
liabilities 4.52 3.87 4.03 4.13
Net interest margin including
fees 4.90 4.71 5.04 4.88
Progression of Allowance For Credit Losses
($ in thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
1994 1993 1994 1993
Balance, beginning of period $ 11,900 $ 10,800 $ 10,998 $ 10,022
Provision for credit losses 307 337 1,361 1,366
Adjustments related to
purchases and sales of
finance receivables (177)
Loans charged off (783) (376) (1,255) (833)
Recoveries 109 237 429 620
Net charge-offs (674) (139) (826) (213)
Balance, end of period $ 11,533 $ 10,998 $ 11,533 $ 10,998
Allowance for credit losses
to total loans, net of
unearned interest 1.87% 2.10% 1.87% 2.10%
Net charge-offs to average
loans 0.44% 0.11% 0.15% 0.04%
Non-performing loans to
period-end loans and other
real estate 0.37% 0.23% 0.37% 0.23%
YEAR-TO-DATE AND QUARTERLY STATISTICS
($ in thousands except per share data)
December 31
YEAR-TO-DATE QUARTERLY STATISTICS
1994 1993 4Q94 3Q94 2Q94 1Q94
AVERAGE BALANCES Total securities 225,515 225,936 217,831 227,914 229,574 224,535 Net loans 567,182 481,664 605,608 580,849 552,863 525,367 Assets 838,608 755,936 883,919 850,215 818,548 810,283 Earning assets 799,365 718,802 829,136 809,319 786,394 762,572 Deposits 657,383 610,465 626,221 664,167 649,661 630,020 Stockholders' equity 92,495 84,914 95,461 94,486 90,995 90,249 END OF PERIOD BALANCES Securities available for sale 161,478 181,027 161,478 167,183 177,767 184,126 Investment securities 48,175 45,843 48,175 47,611 47,905 46,802 Net loans 616,009 524,185 616,009 602,515 566,348 536,095 Allowance for credit losses 11,533 10,998 11,533 11,900 11,649 11,310 Assets 875,117 805,476 875,117 864,542 841,833 817,799 Deposits 669,577 648,644 669,577 664,869 664,347 649,744 Shareholders' equity 91,337 88,712 91,337 91,630 90,469 91,143 INCOME STATEMENT Interest income 65,857 58,558 17,688 17,197 16,000 14,972 Interest expense 27,161 24,960 7,952 6,842 6,366 6,001 Net interest income 38,696 33,598 9,736 10,355 9,634 8,971 Provision for credit losses 1,361 1,366 307 359 384 311 Non-interest income 6,513 7,017 1,930 1,205 1,804 1,574 Non-interest expense 28,129 25,236 7,543 6,930 7,031 6,625 Pre-tax income 15,719 14,013 3,816 4,271 4,023 3,609 Net income 11,486 10,448 2,832 3,110 2,914 2,630 PER SHARE Net income 1.45 1.32 0.36 0.39 0.37 0.33 Cash dividends 0.43 0.39 0.11 0.11 0.11 0.10 Book value 11.52 11.19 11.52 11.56 11.41 11.50 ASSET QUALITY Nonaccrual and restructured loans 1,806 759 1,806 865 1,328 876 Loans 90+ days past due 494 298 494 618 824 261 Total nonperforming loans (NPL) 2,300 1,057 2,300 1,483 2,152 1,137 Other real estate owned 7 128 7 7 0 81 Total nonperforming assets (NPA) 2,307 1,185 2,307 1,490 2,152 1,218 Net charge-offs (recoveries) 826 213 674 108 45 (1) NPL/Loans 0.37 0.22 0.37 0.25 0.39 0.22 NPA/Total assets 0.26 0.15 0.26 0.17 0.26 0.15 Net charge-offs (recoveries)/ Average loans 0.15 0.04 0.44 0.07 0.03 0.00 Allowance for credit losses/ Total loans 1.87 2.10 1.87 1.98 2.06 2.11 Allowance for credit losses/ NPA 500 928 500 799 541 929 PERFORMANCE RATIOS Return on average assets 1.37 1.38 1.27 1.45 1.43 1.32 Return on average equity 12.42 12.30 11.77 13.06 12.84 11.82 Net interest margin (FTE) 5.04 4.88 4.90 5.24 5.11 4.98 Efficiency ratio 60.06 59.98 61.95 58.25 59.46 60.61 Average shares outstanding 7,926,168 7,926,158 7,926,199 7,926,158 7,926,158 7,926,158 CONTACT: CBT Corp., Paducah Media: 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 Financial: William J. Jones, 502/575-5139 |
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