Community Trust Bancorp, Inc. Reports Third Quarter Results.PIKEVILLE Pikeville may refer to:
Community Trust Bancorp, Inc. (Nasdaq:CTBI CTBI Churches Together in Britain and Ireland ) is pleased to announce the fourth quarter of improved earnings and the third straight quarter of record earnings. Community Trust Bancorp, Inc. closed the quarter ending September September: see month. 30, 1999 with earnings of $5,638,000 ($0.51 per share). This compares to operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $704,000 ($0.06 per share) for the same period last year when the Company took a one time charge to clean up problems in its Indirect Lending Portfolio and to complete the efficiency initiative which began in 1997. Earnings for the nine months ended September 30, 1999 were $16,170,000 ($1.46 per share) as compared to earnings of $9,107,000 ($0.82 per share) for the same period last year. Net income on an adjusted basis excluding amortization of goodwill and core deposit intangible as of September 30, 1999 was $17,765,000 or $1.61 per share as compared to $10,000,000 or $0.90 per share for the same period in 1998. All per share data has been restated to reflect the 10% stock dividend effective April 15, 1999. Return on average assets was 1.03% for the three months ended September 30, 1999 as compared to 0.13% for the same period in 1998. Return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was 13.14% for the three months ended September 30, 1999 as compared to 1.69% for the same period in 1998. Return on average assets and return on average equity for the nine months ended September 30, 1999 were 0.99% and 12.82%, respectively. This is a significant improvement over the same period in 1998 when the return on average assets and return on average equity were 0.62% and 7.50%, respectively. Return on average assets and return on average equity on an adjusted basis excluding amortization of goodwill and core deposit intangible was 1.16% and 14.38% for the quarter ended September 30, 1999 as compared to 0.21% and 2.70% respectively for the quarter ended September 30, 1998. Return on average assets and return on average equity on an adjusted basis excluding amortization of goodwill and core deposit intangible was 1.12% and 14.09% for the nine months ended September 30, 1999 as compared to 0.69% and 8.24% respectively for the nine months ended September 30, 1998. Expenses, excluding those associated with the newly acquired branches, have been held relatively flat. The efficiencies gained through management's actions have successfully controlled personnel and other noninterest expenses while deposits increased $411 million through branch acquisitions. During the second and third quarter of 1999, the Company has successfully redeployed funds into higher yielding loans as is reflected in the increase in its average loan to deposit ratio of 84.68% for September 30, 1999 compared to 78.73% for December December: see month. 31, 1998. The Company's net interest margin increase in the third quarter reflects the increase in loans in addition to the increase in interest rates resulting from recent market changes. Community Trust Bancorp, Inc. reported record earnings excluding extraordinary items for the three and nine months ended September 30, 1999 and September 30, 1998 as follows: -0-
Three months ended Nine months ended
September 30 September 30
1999 1998 1999 1998
(in thousands except
per share information)
Net Income $ 5,638 $ 704 $16,170 $ 9,107
Net Cash Income $ 6,169 $ 1,122 $17,765 $10,000
Basic earnings
per share $ 0.51 $ 0.06 $ 1.46 $ 0.82
Net cash earnings
per share $ 0.56 $ 0.10 $ 1.61 $ 0.90
Diluted earnings
per share $ 0.50 $ 0.06 $ 1.44 $ 0.82
Diluted cash earnings
per share $ 0.55 $ 0.10 $ 1.59 $ 0.90
Average Shares
outstanding 11,068 11,069 11,067 11,069
Total Assets
(End of period) $2,158,688 $2,259,849
Return on Average
Equity 13.14% 1.69% 12.82% 7.50%
Cash Return on
Average Equity 14.38% 2.70% 14.09% 8.24%
Return on Average
Assets 1.03% 0.13% 0.99% 0.62%
Cash Return on
Average Assets 1.16% 0.21% 1.12% 0.69%
Provision for
loan losses $2,200 $8,160 $6,905 $14,718
Gains on sales
of loans $295 $449 $1,383 $1,553
All per share data has been restated to reflect the 10% stock
dividend effective April 15, 1999 for shareholders of record on
March 15, 1999.
Community Trust Bancorp, Inc., with assets of $2.2 billion, is headquartered in Pikeville, Kentucky Pikeville is a city in Pike County, Kentucky, United States. The population was 6,295 at the 2000 census. It is the county seat of Pike CountyGR6. Pike County has a population of approximately 70,000. and has 62 banking locations across eastern and central Kentucky Central Kentucky is sometimes considered the Central and Southern part of the Bluegrass region, the Far Upper Western Eastern Mountain Coal Fields, and the Far Upper Eastern Pennyroyal regions. Its major cities include Lexington and Frankfort. , and 7 banking locations in West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . |
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