Community Trust Bancorp announces quarterly earnings.PIKEVILLE, Ky.--(BUSINESS WIRE)--Oct. 14, 1997--Community Trust Bancorp Inc. (NASDAQ NASDAQ 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 announcing quarterly earnings of $4,412,000 or $0.44 per share for the three months ended Sept. 30, 1997 as compared to $4,906,000 or $0.49 per share for the same period in 1996. Earnings for the nine months ended Sept. 30, 1997 were $16,514,000 or $1.63 per share, including an extraordinary item of $3,085,000 (net of tax) or $0.30 per share, as compared to $13,846,000 or $1.38 per share for the same period in 1996. The extraordinary item was a settlement with a former vendor received in the first quarter. Return on average assets after the extraordinary item was 0.99 percent for the three months and 1.22 percent for the nine months ended Sept. 30, 1997 as compared to 1.09 percent and 1.06 percent, respectively, for the same periods in 1996. 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. after the extraordinary item was 11.05 percent for the three months and 14.39 percent for the nine months ended Sept. 30, 1997 as compared to 13.92 percent and 13.47 percent, respectively, for the same periods in 1996. On July 1, the company completed the sale of its West Liberty affiliate for approximately $10.0 million in cash, which resulted in a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. gain of $3.0 million. This affiliate had assets of $76 million, which represented 4 percent of the company's total assets. The company's allowance for loan loss was increased during the third quarter to $20,359,000 or 1.48 percent of total loans, compared to $18,825,000 or 1.44 percent for the same period in 1996. Higher year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. charge-offs (0.54 percent of total loans) reflect the company's success in increasing its consumer loan portfolio as a percentage of total loans. Consumer loans traditionally experience higher charge-off ratios and higher yields than other loans. The company's total loan portfolio currently accounts for 74.1 percent of total assets at Sept. 30, 1997 compared to only 70.3 percent at Sept. 30, 1996. Community Trust Bancorp Inc., with assets of $1.8 billion, is headquartered in Pikeville. and has 55 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. . CONTACT: Community Trust Bancorp Inc., Pikeville Richard M. Levy, 606/437-3282 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion