Community Trust Bancorp announces financial results.LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Ky.--(BUSINESS WIRE)--Jan. 13, 1997--Community Trust Bancorp Inc. (formerly Pikeville Pikeville may refer to:
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
1996 1995 1996 1995
(in thousands except
per share information)
Net income $4,949 $2,266 $18,795 $10,813
Earnings per share $ 0.54 $ 0.25 $ 2.06 $ 1.21
Average shares
outstanding 9,140 9,075 9,138 8,960
Total assets $1,815,660 $1,730,170
Provision for
loan losses $2,108 $1,850 $ 7,285 $ 5,858
Securities gains $ 23 $ 0 $ 88 $ 12
Gains on sales of
loans $ 286 $ 183 $ 1,735 $ 462
Community Trust Bancorp Inc.
Financial Summary
Dec. 31, 1996
(in thousands except per share data)
Three Three Three
Months Months Months
Ended Ended Ended
12/31/96 9/30/96 12/31/95
Interest income $ 37,484 $ 36,634 $ 34,768
Interest expense 17,539 17,511 17,331
Net interest income 19,945 19,123 17,437
Loan loss provision 2,108 2,003 1,850
Securities gains 23 5 -
Loan sales gains 286 698 183
Deposit service charges 1,765 1,634 1,456
Trust revenue 402 392 287
Insurance commissions 342 496 414
Other noninterest income 1,004 471 1,002
Total noninterest income 3,822 3,696 3,342
Personnel expense 6,963 6,989 6,217
Occupancy and equipment 1,979 1,913 2,165
Goodwill amortization 272 264 432
Other noninterest expense 5,213 4,534 7,055
Total noninterest expense 14,427 13,700 15,869
Net income before taxes 7,232 7,116 3,060
Income taxes 2,283 2,210 794
Net income $ 4,949 $ 4,906 $ 2,266
Memo: TEQ interest income $ 38,029 $ 37,214 $ 35,382
Average shares outstanding 9,140 9,139 9,075
Earnings per share $ 0.54 $ 0.54 $ 0.25
Dividends per share $ 0.20 $ 0.18 $ 0.18
Average balances:
Loans, net of unearned
income $1,287,733 $1,253,087 $1,096,762
Earning assets 1,665,421 1,655,479 1,567,395
Total assets 1,796,240 1,785,449 1,699,438
Deposits 1,479,910 1,463,729 1,436,790
Interest bearing
liabilities 1,441,654 1,444,063 1,368,033
Shareholders' equity 143,874 140,192 133,711
Performance ratios:
Return on average assets 1.10% 1.09% 0.53%
Return on average equity 13.69% 13.92% 6.96%
Yield on average earning
assets 9.08% 8.94% 8.97%
Cost of interest bearing
funds 4.84% 4.82% 5.02%
Net interest margin 4.89% 4.73% 4.57%
Efficiency ratio 59.40% 58.56% 74.18%
Loan charge-offs $ (2,709) $ (1,504) $ (3,050)
Recoveries 662 566 351
Net charge-offs $ (2,047) $ (938) $ (2,699)
Market price:
High $ 26.00 $ 23.75 $ 21.50
Low 20.25 20.75 19.00
Close 24.50 22.25 19.25
Twelve Twelve
Months Months
Ended Ended
12/31/96 12/31/95
Interest income $ 144,447 $ 131,026
Interest expense 69,092 64,992
Net interest income 75,355 66,034
Loan loss provision 7,285 5,858
Securities gains 88 12
Loan sales gains 1,735 462
Deposit service charges 6,282 5,224
Trust revenue 1,592 1,341
Insurance commissions 1,571 1,132
Other noninterest income 3,171 2,945
Total noninterest income 14,439 11,116
Personnel expense 28,229 24,639
Occupancy and equipment 7,726 7,640
Goodwill amortization 1,204 1,154
Other noninterest expense 18,084 22,438
Total noninterest expense 55,243 55,871
Net income before taxes 27,266 15,421
Income taxes 8,471 4,608
Net income $ 18,795 $ 10,813
Memo: TEQ interest income $ 146,773 $ 133,482
Average shares outstanding 9,138 8,960
Earnings per share $ 2.06 $ 1.21
Dividends per share $ 0.74 $ 0.66
Average balances:
Loans, net of unearned
income $1,215,243 $1,021,637
Earning assets 1,632,532 1,508,540
Total assets 1,762,009 1,630,923
Deposits 1,467,794 1,359,948
Interest bearing
liabilities 1,422,564 1,318,462
Shareholders' equity 138,925 130,780
Performance ratios:
Return on average assets 1.07% 0.66%
Return on average equity 13.53% 8.27%
Yield on average earning
assets 8.99% 8.86%
Cost of interest bearing
funds 4.86% 4.93%
Net interest margin 4.76% 4.54%
Efficiency ratio 60.03% 70.18%
Loan charge-offs $ (6,988) $ (6,032)
Recoveries 2,446 1,274
Net charge-offs $ (4,542) $ (4,758)
Market price:
High $ 26.00 $ 25.25
Low 18.50 19.00
Close 24.50 19.25
Community Trust Bancorp. Inc.
Financial Summary
Dec. 31, 1996
(in thousands, except per share data)
As of As of As of
12/31/96 9/30/96 12/31/95
Assets:
Loans, net of unearned $1,309,623 $1,266,147 $1,115,068
Loan loss reserve (18,825) (18,764) (16,082)
Net loans 1,290,798 1,247,383 1,098,986
Securities AFS 229,952 238,001 279,717
Securities HTM 137,733 141,530 150,721
Other earning assets 836 1,448 43,995
Cash and due from banks 63,048 69,168 63,017
Premises and equipment 46,275 46,181 47,553
Goodwill 19,822 20,086 20,110
Other assets 27,196 36,506 26,071
Total Assets $1,815,660 $1,800,303 $1,730,170
Liabilities and Equity
NOW accounts $ 185,441 $ 171,035 $ 178,187
Savings deposits 230,273 247,782 227,456
CDs >= $100,000 261,507 268,683 264,914
Other time deposits 603,379 582,827 610,057
Total interest bearing deposits 1,280,600 1,270,327 1,280,614
Noninterest bearing deposits 200,222 191,651 186,829
Total deposits 1,480,822 1,461,978 1,467,443
Other interest bearing liabilities 174,690 179,768 111,885
Noninterest bearing liabilities 15,394 18,096 17,047
Total liabilities 1,670,906 1,659,842 1,596,375
Shareholders' equity 144,754 140,461 133,795
Total liabilities and equity $1,815,660 $1,800,303 $1,730,170
Ending shares outstanding 9,129 9,124 9,124
Memo: Market value of HTM
securities $ 137,550 $ 137,181 $ 150,315
90 days past due loans $ 5,802 $ 5,022 $ 3,947
Nonaccrual loans 10,156 10,165 9,433
Foreclosed properties 1,058 1,494 1,927
Tier 1 leverage ratio 7.05% 6.82% 6.44%
Tier 1 risk based ratio 9.71% 9.60% 10.24%
Total risk based ratio 10.96% 10.85% 11.51%
FTE employees 792 785 757
CONTACT: Community Trust Bancorp Inc., Lexington Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a M. Levy To assess; raise; execute; exact; tax; collect; gather; take up; seize. Thus, to levy a tax; to levy a Nuisance; to levy a fine; to levy war; to levy an execution, i.e., to levy or collect a sum of money on an execution. A seizure. , 606/437-3282 |
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