Community Trust Bancorp Announces Earnings.PIKEVILLE Pikeville may refer to:
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 :CTBI CTBI Churches Together in Britain and Ireland ) is pleased to announce earnings of $4,240,000 ($0.42 per share) for the three months ended June June: see month. 30, 1998. 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 $4,556,000 ($0.45 per share) for the same period last year. Earnings for the six months ended June 30, 1998 were $8,404,000 ($0.84 per share) as compared to operating earnings of $9,017,000 ($0.89 per share) for the same period last year. Including an extraordinary gain of $3,085,000 (net of taxes) in a settlement from a former vendor, the company earned $12,102,000 ($1.20 per share) in the first six months of last year. Earnings continue to meet management's expectations. In late June 1998 CTBI's newly chartered subsidiary Community Trust Bank of 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. , NA purchased 16 branches and sold nine branches. With the sale of the nine branches a gain was recorded which contributed to an increase of noninterest income from $4,035,000 in the first quarter to $5,817,000 in the second quarter. During the quarter the Company continued to strengthen the allowance for loan losses as charge-offs in the Indirect Auto Loan Portfolio continues at high levels. As reported in the first quarter, the Company has tightened the credit underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and collection procedures in the Indirect Auto Loan Portfolio. Analysis of new credits booked since January January: see month. 1, 1998 reflect much improved credit quality in line with expectations. The funds to purchase the CTBWV branches were provided by the proceeds received from the issuance of the Trust Preferred securities in the second quarter 1997 and the sale of an affiliate bank in July July: see month. 1997. -O-
Community Trust Bancorp, Inc. reported earnings for the three and
six months ended June 30, 1998 and June 30, 1997 as follows:
Three months ended Six months ended
June 30 June 30
1998 1997 1998 1997
(in thousands except
per share information)
Net Income Before
Extraordinary Gain $4,240 $4,556 $8,404 $9,017
Net Income After
Extraordinary Gain $4,240 $4,556 $8,404 $12,102
Basic earnings per share
Before Extraordinary Gain $0.42 $0.45 $0.84 $0.89
Basic earnings per share
After Extraordinary Gain $0.42 $0.45 $0.84 $1.20
Average Shares outstanding 10,063 10,060 10,063 10,057
Total Assets (End of period) $2,106,406 $1,835,520
Return on Equity
Before Extraordinary Gain 10.52% 11.98% 10.76% 11.95%
Return on Equity
After Extraordinary Gain 10.52% 11.98% 10.76% 16.17%
Return on Average Assets
Before Extraordinary Gain 0.90% 0.99% 0.91% 0.99%
Return on Average Assets
After Extraordinary Gain 0.90% 0.99% 0.91% 1.33%
Provision for loan losses $4,053 $1,731 $6,558 $3,449
Securities gains (losses) $12 $(47) $12 $46
Gains on sales of loans $665 $242 $1,104 $447
Total assets June 30, 1997, included $78,791,000 at West Liberty
which was sold July 1, 1997.
Community Trust Bancorp, Inc., with assets of $2.1 billion, is headquartered in Pikeville, Ky. and has 56 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. CONTACT: Community Trust Bancorp Inc., Pikeville Burlin Coleman, 606/437-3276 |
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