Financial News

Community Trust Bancorp, Inc. Reports Earnings for the 4th Quarter and Year 2023

Community Trust Bancorp, Inc. (NASDAQ-CTBI):

Earnings Summary

(in thousands except per share data)

4Q

2023

3Q

2023

4Q

2022

Year

2023

Year

2022

Net income

$

18,659

 

$

20,628

 

$

22,443

 

$

78,004

 

$

81,814

 

Earnings per share

$

1.04

 

$

1.15

 

$

1.26

 

$

4.36

 

$

4.59

 

Earnings per share – diluted

$

1.04

 

$

1.15

 

$

1.26

 

$

4.36

 

$

4.58

 

 

 

 

 

 

 

Return on average assets

 

1.30

%

 

1.46

%

 

1.64

%

 

1.40

%

 

1.50

%

Return on average equity

 

10.98

%

 

12.30

%

 

14.42

%

 

11.75

%

 

12.73

%

Efficiency ratio

 

55.74

%

 

52.66

%

 

51.81

%

 

54.29

%

 

53.12

%

Tangible common equity

 

11.16

%

 

10.55

%

 

10.58

%

 

 

 

 

 

 

 

 

Dividends declared per share

$

0.46

 

$

0.46

 

$

0.44

 

$

1.80

 

$

1.68

 

Book value per share

$

39.01

 

$

36.30

 

$

35.05

 

 

 

 

 

 

 

 

 

Weighted average shares

 

17,901

 

 

17,893

 

 

17,848

 

 

17,887

 

 

17,836

 

Weighted average shares - diluted

 

17,926

 

 

17,904

 

 

17,872

 

 

17,900

 

 

17,851

 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2023 of $18.7 million, or $1.04 per basic share, compared to $20.6 million, or $1.15 per basic share, earned during the third quarter 2023 and $22.4 million, or $1.26 per basic share, earned during the fourth quarter 2022. Total revenue was $1.9 million below prior quarter and $1.8 million below prior year same quarter. Net interest revenue decreased $0.2 million compared to prior quarter and $1.8 million compared to prior year same quarter, and noninterest income decreased $1.8 million compared to prior quarter but remained relatively flat compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year fourth quarter. Noninterest expense increased $0.8 million compared to prior quarter and $1.4 million compared to prior year same quarter. Earnings for the year ended December 31, 2023 were $78.0 million, or $4.36 per basic share, compared to $81.8 million, or $4.59 per basic share for the year ended December 31, 2022. Year over year earnings were impacted by increases in provision for loan losses and noninterest expense and a decrease in noninterest income.

4th Quarter 2023 Highlights

  • Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter.
  • Provision for credit losses at $1.8 million for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter.
  • Our loan portfolio at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022.
  • We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022.
  • Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Nonperforming assets at $15.6 million increased $0.4 million from September 30, 2023 but decreased $3.4 million from December 31, 2022.
  • Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022.
  • Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022.
  • Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022.
  • Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter.
  • Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.

Net Interest Income

Percent Change

 

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Components of net interest income:

Income on earning assets

$

73,329

 

$

69,499

 

$

57,458

 

5.5

%

27.6

%

$

268,650

 

$

197,742

 

35.9

%

Expense on interest bearing liabilities

 

30,354

 

 

26,359

 

 

12,714

 

15.2

%

138.8

%

 

95,540

 

 

28,640

 

233.6

%

Net interest income

 

42,975

 

 

43,140

 

 

44,744

 

(0.4

%)

(4.0

%)

 

173,110

 

 

169,102

 

2.4

%

TEQ

 

297

 

 

298

 

 

249

 

(0.4

%)

19.3

%

 

1,191

 

 

956

 

24.6

%

Net interest income, tax equivalent

$

43,272

 

$

43,438

 

$

44,993

 

(0.4

%)

(3.8

%)

$

174,301

 

$

170,058

 

2.5

%

 

 

 

 

 

 

 

 

Average yield and rates paid:

 

 

 

 

 

 

 

 

Earning assets yield

 

5.43

%

 

5.25

%

 

4.51

%

3.5

%

20.5

%

 

5.15

%

 

3.87

%

33.1

%

Rate paid on interest bearing liabilities

 

3.27

%

 

2.93

%

 

1.52

%

11.4

%

115.1

%

 

2.72

%

 

0.85

%

220.0

%

Gross interest margin

 

2.16

%

 

2.32

%

 

2.99

%

(6.9

%)

(27.8

%)

 

2.43

%

 

3.02

%

(19.6

%)

Net interest margin

 

3.19

%

 

3.27

%

 

3.51

%

(2.3

%)

(9.2

%)

 

3.32

%

 

3.32

%

0.0

%

 

 

 

 

 

 

 

 

Average balances:

 

 

 

 

 

 

 

 

Investment securities

$

1,144,078

 

$

1,178,707

 

$

1,284,470

 

(2.9

%)

(10.9

%)

$

1,200,965

 

$

1,399,877

 

(14.2

%)

Loans

 

4,022,547

 

 

3,952,096

 

 

3,662,221

 

1.8

%

9.8

%

 

3,888,585

 

 

3,552,941

 

9.4

%

Earning assets

 

5,377,827

 

 

5,274,542

 

 

5,079,176

 

2.0

%

5.9

%

 

5,244,128

 

 

5,129,345

 

2.2

%

Interest-bearing liabilities

 

3,687,660

 

 

3,567,343

 

 

3,321,914

 

3.4

%

11.0

%

 

3,514,142

 

 

3,351,221

 

4.9

%

Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.19% decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter. Our average earning assets increased $103.3 million from prior quarter and $298.7 million from prior year same quarter. Our yield on average earning assets increased 18 basis points from prior quarter and 92 basis points from prior year same quarter, and our cost of funds increased 34 basis points from prior quarter and 175 basis points from prior year same quarter. Our net interest income for the year ended December 31, 2023 was $173.1 million compared to $169.1 million for the year ended December 31, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 81.8% for the quarter ended December 31, 2023 compared to 83.2% for the quarter ended September 30, 2023 and 78.2% for the quarter ended December 31, 2022.

Noninterest Income

Percent Change

 

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Deposit related fees

$

7,312

$

7,823

$

7,411

(6.5

%)

(1.3

%)

$

29,935

$

29,049

3.0

%

Trust revenue

 

3,318

 

3,277

 

2,959

1.2

%

12.1

%

 

13,025

 

12,394

5.1

%

Gains on sales of loans

 

54

 

105

 

174

(48.3

%)

(68.9

%)

 

395

 

1,525

(74.1

%)

Loan related fees

 

467

 

1,283

 

1,119

(63.6

%)

(58.3

%)

 

3,792

 

6,185

(38.7

%)

Bank owned life insurance revenue

 

816

 

1,108

 

572

(26.3

%)

42.7

%

 

3,517

 

2,708

29.8

%

Brokerage revenue

 

285

 

452

 

344

(37.0

%)

(17.2

%)

 

1,473

 

1,846

(20.2

%)

Other

 

1,473

 

1,448

 

1,192

1.7

%

23.6

%

 

5,522

 

4,209

31.2

%

Total noninterest income

$

13,725

$

15,496

$

13,771

(11.4

%)

(0.3

%)

$

57,659

$

57,916

(0.4

%)

 

Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter. The quarter over quarter decrease included a $0.5 million decrease in deposit related fees, a $0.8 million decrease in loan related fees, a $0.3 million decrease in bank owned life insurance revenue, and a $0.2 million decrease in brokerage revenue. A year over year decrease of $0.7 million in loan related fees was primarily offset by increases in trust revenue ($0.4 million) and bank owned life insurance revenue ($0.2 million). The decline in loan related fees resulted from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the year 2023 was $57.7 million compared to $57.9 million for the year 2022. Noninterest income was impacted year over year by a $2.4 million decline in loan related fees, a $1.1 million decline in gains on sales of loans, and a $0.4 million decline in brokerage revenue, offset by increases of $0.9 million in deposit related fees, $0.6 million in trust revenue, $1.2 million in securities gains, and $0.8 million in bank owned life insurance revenue.

Noninterest Expense

Percent Change

 

4Q 2023

Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Year

2023

Year

2022

Percent Change

Salaries

$

13,163

$

12,755

$

12,439

3.2

%

5.8

%

$

51,283

$

48,934

4.8

%

Employee benefits

 

5,282

 

5,298

 

5,433

(0.3

%)

(2.8

%)

 

22,428

 

23,556

(4.8

%)

Net occupancy and equipment

 

3,045

 

2,875

 

2,576

5.9

%

18.2

%

 

11,843

 

11,083

6.9

%

Data processing

 

2,630

 

2,410

 

2,344

9.1

%

12.2

%

 

9,726

 

8,910

9.2

%

Legal and professional fees

 

900

 

722

 

931

24.6

%

(3.3

%)

 

3,350

 

3,434

(2.4

%)

Advertising and marketing

 

923

 

767

 

826

20.4

%

11.8

%

 

3,214

 

3,005

7.0

%

Taxes other than property and payroll

 

421

 

420

 

296

0.3

%

42.2

%

 

1,706

 

1,570

8.7

%

Net other real estate owned expense

 

5

 

165

 

18

(96.8

%)

(72.2

%)

 

350

 

456

(23.4

%)

Other

 

5,259

 

5,435

 

5,396

(3.2

%)

(2.5

%)

 

21,490

 

20,123

6.8

%

Total noninterest expense

$

31,628

$

30,847

$

30,259

2.5

%

4.5

%

$

125,390

$

121,071

3.6

%

 

Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter. The increase in noninterest expense quarter over quarter included a $0.4 million increase in personnel expense, a $0.2 million increase in occupancy and equipment, and a $0.2 million increase in data processing expense. The increase year over year resulted from a $0.6 million increase in personnel expense, a $0.5 million increase in occupancy and equipment expense, a $0.3 million increase in data processing expense, and a $0.3 million increase in FDIC insurance premiums. Noninterest expense for the year 2023 was $125.4 million compared to $121.1 million for the year 2022 with increases of $1.2 million in personnel expense, $0.8 million in occupancy and equipment, $0.8 million in data processing expense, $1.0 million in FDIC insurance premiums, and $0.4 million in telephone expense.

The Compensation Committee of the Board of Directors has authorized a discretionary gift/payment to all full-time employees hired prior to July 1, 2023 of $1000 and all full-time employees hired after June 30, 2023 of $500. The Committee also authorized a discretionary gift/payment to our Executive Committee and other members of senior management. This discretionary gift/payment will occur January 19, 2024 for all eligible employees. This payment was accrued as of December 31, 2023 in the amount of $1.2 million. The Compensation Committee approved this gift/payment even though we did not achieve the desired financial results for our company and chose to do so because they recognize the significant efforts of all our employees during this very turbulent time in the banking industry.

Balance Sheet Review

Total Loans

Percent Change

4Q 2023 Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Commercial nonresidential real estate

$

778,637

$

788,287

$

762,349

(1.2

%)

2.1

%

Commercial residential real estate

 

417,943

 

404,779

 

372,914

3.3

%

12.1

%

Hotel/motel

 

395,765

 

386,067

 

343,640

2.5

%

15.2

%

Other commercial

 

391,390

 

377,449

 

389,955

3.7

%

0.4

%

Total commercial

 

1,983,735

 

1,956,582

 

1,868,858

1.4

%

6.1

%

 

Residential mortgage

 

937,524

 

916,580

 

824,996

2.3

%

13.6

%

Home equity loans/lines

 

147,036

 

139,085

 

120,540

5.7

%

22.0

%

Total residential

 

1,084,560

 

1,055,665

 

945,536

2.7

%

14.7

%

 

Consumer indirect

 

823,505

 

812,060

 

737,392

1.4

%

11.7

%

Consumer direct

 

159,106

 

160,712

 

157,504

(1.0

%)

1.0

%

Total consumer

 

982,611

 

972,772

 

894,896

1.0

%

9.8

%

 

Total loans

$

4,050,906

$

3,985,019

$

3,709,290

1.7

%

9.2

%

Total Deposits and Repurchase Agreements

Percent Change

4Q 2023 Compared to:

($ in thousands)

4Q

2023

3Q

2023

4Q

2022

3Q

2023

4Q

2022

Non-interest bearing deposits

$

1,260,690

$

1,314,189

$

1,394,915

(4.1

%)

(9.6

%)

Interest bearing deposits

Interest checking

 

123,927

 

125,107

 

112,265

(0.9

%)

10.4

%

Money market savings

 

1,525,537

 

1,412,679

 

1,348,809

8.0

%

13.1

%

Savings accounts

 

535,063

 

556,820

 

654,380

(3.9

%)

(18.2

%)

Time deposits

 

1,279,405

 

1,219,097

 

915,774

4.9

%

39.7

%

Repurchase agreements

 

225,245

 

232,577

 

215,431

(3.2

%)

4.6

%

Total interest bearing deposits and repurchase agreements

 

3,689,177

 

3,546,280

 

3,246,659

4.0

%

13.6

%

Total deposits and repurchase agreements

$

4,949,867

$

4,860,469

$

4,641,574

1.8

%

6.6

%

 

CTBI’s total assets at $5.8 billion as of December 31, 2023 increased $134.8 million, or 9.5% annualized, from September 30, 2023 and $389.4 million, or 7.2%, from December 31, 2022. Loans outstanding at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022. The increase in loans from prior quarter included a $27.2 million increase in the commercial loan portfolio, a $28.9 million increase in the residential loan portfolio, a $11.4 million increase in the indirect consumer loan portfolio, and a $1.6 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio increased $28.1 million, or an annualized 9.8%, from September 30, 2023 but decreased $91.5 million, or 7.3%, from December 31, 2022. Deposits in other banks increased $62.6 million from prior quarter and $135.2 million from December 31, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022. Due to the increasing and competitive interest rate environment, we have seen a change in our deposit mix year over year with a 9.6% decrease in noninterest bearing deposits and a 13.6% increase in interest bearing deposits and repurchase agreements.

Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022. Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022. CTBI’s annualized dividend yield to shareholders as of December 31, 2023 was 4.20%.

Asset Quality

Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $9.9 million increased $1.9 million from prior quarter and $1.4 million from December 31, 2022. Nonaccrual loans at $4.0 million decreased $0.9 million from prior quarter and $2.8 million from December 31, 2022. Accruing loans 30-89 days past due at $15.3 million increased $3.2 million from prior quarter and were relatively flat to December 31, 2022. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties was $1.6 million at December 31, 2023 compared to $2.2 million at September 30, 2023 and $3.7 million at December 31, 2022. Sales of foreclosed properties for the quarter ended December 31, 2023 totaled $0.7 million while new foreclosed properties totaled $0.2 million.

We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022. Net charge-offs for the year ended December 31, 2023 were $3.2 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.02% of average loans annualized, for the year ended December 31, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter. Provision for credit losses for the year ended December 31, 2023 increased $1.9 million from the year ended December 31, 2022. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2023 was 354.7% compared to 375.2% at September 30, 2023 and 300.4% at December 31, 2022. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2023 remained at 1.22% from September 30, 2023 down from the 1.24% at December 31, 2022.

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.8 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
December 31, 2023
(in thousands except per share data and # of employees)
 
 Three   Three   Three   Twelve   Twelve 
 Months   Months   Months   Months   Months 
 Ended  Ended  Ended  Ended  Ended 
December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022
Interest income

 $

                     73,329

 

 $

                     69,499

 

 $

                     57,458

 

 $

                   268,650

 

 $

                   197,742

 

Interest expense

 

                        30,354

 

 

                        26,359

 

 

                        12,714

 

 

                        95,540

 

 

                        28,640

 

Net interest income

 

                        42,975

 

 

                        43,140

 

 

                        44,744

 

 

                      173,110

 

 

                      169,102

 

Loan loss provision

 

1,815

 

 

1,871

 

 

                          1,539

 

 

6,811

 

 

4,905

 

 
Gains on sales of loans

 

                               54

 

 

                             105

 

 

                             174

 

 

                             395

 

 

                          1,525

 

Deposit related fees

 

                          7,312

 

 

                          7,823

 

 

                          7,411

 

 

                        29,935

 

 

                        29,049

 

Trust revenue

 

                          3,318

 

 

                          3,277

 

 

                          2,959

 

 

                        13,025

 

 

                        12,394

 

Loan related fees

 

                             467

 

 

                          1,283

 

 

                          1,119

 

 

                          3,792

 

 

                          6,185

 

Securities gains (losses)

 

 258

 

 

 355

 

 

 117

 

 

 996

 

 

 (168

)

Other noninterest income

 

                          2,316

 

 

                          2,653

 

 

                          1,991

 

 

                          9,516

 

 

                          8,931

 

Total noninterest income

 

                        13,725

 

 

                        15,496

 

 

                        13,771

 

 

                        57,659

 

 

                        57,916

 

 
Personnel expense

 

                        18,445

 

 

                        18,053

 

 

                        17,872

 

 

                        73,711

 

 

                        72,490

 

Occupancy and equipment

 

  ��                       3,045

 

 

                          2,875

 

 

                          2,576

 

 

                        11,843

 

 

                        11,083

 

Data processing expense

 

                          2,630

 

 

                          2,410

 

 

                          2,344

 

 

                          9,726

 

 

                          8,910

 

FDIC insurance premiums

 

 655

 

 

 612

 

 

                             374

 

 

                          2,483

 

 

                          1,447

 

Other noninterest expense

 

                          6,853

 

 

                          6,897

 

 

                          7,093

 

 

                        27,627

 

 

                        27,141

 

Total noninterest expense

 

                        31,628

 

 

                        30,847

 

 

                        30,259

 

 

                      125,390

 

 

                      121,071

 

 
Net income before taxes

 

                        23,257

 

 

                        25,918

 

 

                        26,717

 

 

                        98,568

 

 

                      101,042

 

Income taxes

 

 4,598

 

 

 5,290

 

 

 4,274

 

 

 20,564

 

 

 19,228

 

Net income

 $

                     18,659

 

 $

                     20,628

 

 $

                     22,443

 

 $

                     78,004

 

 $

                     81,814

 

 
Memo: TEQ interest income

 $

                     73,626

 

 $

                     69,797

 

 $

                     57,707

 

 $

                   269,841

 

 $

                   198,698

 

 
Average shares outstanding

 

                        17,901

 

 

                        17,893

 

 

                        17,848

 

 

                        17,887

 

 

                        17,836

 

Diluted average shares outstanding

 

                        17,926

 

 

                        17,904

 

 

                        17,872

 

 

                        17,900

 

 

                        17,851

 

Basic earnings per share

 $

                         1.04

 

 $

                         1.15

 

 $

                         1.26

 

 $

                         4.36

 

 $

                         4.59

 

Diluted earnings per share

 $

                         1.04

 

 $

                         1.15

 

 $

                         1.26

 

 $

                         4.36

 

 $

                         4.58

 

Dividends per share

 $

                         0.46

 

 $

                         0.46

 

 $

                         0.44

 

 $

                         1.80

 

 $

                         1.68

 

 
Average balances:
Loans

 $

                4,022,547

 

 $

                3,952,096

 

 $

                3,662,221

 

 $

                3,888,585

 

 $

                3,552,941

 

Earning assets

 

                   5,377,827

 

 

                   5,274,542

 

 

                   5,079,176

 

 

                   5,244,128

 

 

                   5,129,345

 

Total assets

 

                   5,713,977

 

 

                   5,603,586

 

 

                   5,412,752

 

 

                   5,572,141

 

 

                   5,438,696

 

Deposits, including repurchase agreements

 

                   4,916,208

 

 

                   4,750,448

 

 

                   4,682,014

 

 

                   4,771,106

 

 

                   4,688,976

 

Interest bearing liabilities

 

                   3,687,660

 

 

                   3,567,343

 

 

                   3,321,914

 

 

                   3,514,142

 

 

                   3,351,221

 

Shareholders' equity

 

                      674,349

 

 

                      665,129

 

 

                      617,338

 

 

                      663,664

 

 

                      642,423

 

 
Performance ratios:
Return on average assets

 

 1.30

%

 

 1.46

%

 

 1.64

%

 

 1.40

%

 

 1.50

%

Return on average equity

 

 10.98

%

 

 12.30

%

 

 14.42

%

 

 11.75

%

 

 12.73

%

Yield on average earning assets (tax equivalent)

 

 5.43

%

 

 5.25

%

 

 4.51

%

 

 5.15

%

 

 3.87

%

Cost of interest bearing funds (tax equivalent)

 

 3.27

%

 

 2.93

%

 

 1.52

%

 

 2.72

%

 

 0.85

%

Net interest margin (tax equivalent)

 

 3.19

%

 

 3.27

%

 

 3.51

%

 

 3.32

%

 

 3.32

%

Efficiency ratio (tax equivalent)

 

 55.74

%

 

 52.66

%

 

 51.81

%

 

 54.29

%

 

 53.12

%

 
Loan charge-offs

 $

                       2,529

 

 $

                       2,012

 

 $

                       1,995

 

 $

                       8,259

 

 $

                       5,346

 

Recoveries

 

 (1,538

)

 

 (842

)

 

 (2,004

)

 

 (5,010

)

 

 (4,666

)

Net charge-offs

  $

                         991

 

  $

                      1,170

 

 $

                           (9

)

  $

                      3,249

 

  $

                         680

 

 
Market Price:
High

  $

                      45.74

 

  $

                      39.86

 

  $

                      48.05

 

  $

                      47.35

 

  $

                      48.05

 

Low

  $

                      33.91

 

  $

                      33.48

 

  $

                      40.81

 

  $

                      32.68

 

  $

                      39.10

 

Close

  $

                      43.86

 

  $

                      34.26

 

  $

                      45.93

 

  $

                      43.86

 

  $

                      45.93

 

 
 As of   As of   As of 
December 31, 2023 September 30, 2023 December 31, 2022
Assets:
Loans

 $

                4,050,906

 

 $

                3,985,019

 

 $

                3,709,290

 

Loan loss reserve

 

 (49,543

)

 

 (48,719

)

 

 (45,981

)

Net loans

 

                   4,001,363

 

 

                   3,936,300

 

 

                   3,663,309

 

Loans held for sale

 

                             152

 

 

                                 -

 

 

                             109

 

Securities AFS

 

                   1,163,724

 

 

                   1,135,878

 

 

                   1,256,226

 

Equity securities at fair value

 

                          3,158

 

 

                          2,900

 

 

                          2,166

 

Other equity investments

 

                          9,599

 

 

                        12,557

 

 

                        11,563

 

Other earning assets

 

                      214,664

 

 

                      152,064

 

 

                        79,475

 

Cash and due from banks

 

                        58,833

 

 

                        69,291

 

 

                        51,306

 

Premises and equipment

 

                        45,311

 

 

                        44,962

 

 

                        42,633

 

Right of use asset

 

                        15,703

 

 

                        16,100

 

 

                        17,071

 

Goodwill and core deposit intangible

 

                        65,490

 

 

                        65,490

 

 

                        65,490

 

Other assets

 

 191,699

 

 

 199,390

 

 

 190,968

 

Total Assets

 $

                5,769,696

 

 $

                5,634,932

 

 $

                5,380,316

 

 
Liabilities and Equity:
Interest bearing checking

 $

                   123,927

 

 $

                   125,107

 

 $

                   112,265

 

Savings deposits

 

                   2,060,600

 

 

                   1,969,499

 

 

                   2,003,189

 

CD's >=$100,000

 

                      704,222

 

 

                      666,808

 

 

                      471,934

 

Other time deposits

 

 575,183

 

 

 552,289

 

 

 443,840

 

Total interest bearing deposits

 

                   3,463,932

 

 

                   3,313,703

 

 

                   3,031,228

 

Noninterest bearing deposits

 

 1,260,690

 

 

 1,314,189

 

 

 1,394,915

 

Total deposits

 

                   4,724,622

 

 

                   4,627,892

 

 

                   4,426,143

 

Repurchase agreements

 

                      225,245

 

 

                      232,577

 

 

                      215,431

 

Other interest bearing liabilities

 

                        65,075

 

 

                        65,136

 

 

                        58,696

 

Lease liability

 

                        16,393

 

 

                        16,801

 

 

                        17,628

 

Other noninterest bearing liabilities

 

 36,153

 

 

 39,492

 

 

 34,371

 

Total liabilities

 

                   5,067,488

 

 

                   4,981,898

 

 

                   4,752,269

 

Shareholders' equity

 

 702,208

 

 

 653,034

 

 

 628,047

 

Total Liabilities and Equity

 $

                5,769,696

 

 $

                5,634,932

 

 $

                5,380,316

 

 
Ending shares outstanding

 

                        18,000

 

 

                        17,991

 

 

                        17,918

 

 
30 - 89 days past due loans

 $

                     15,343

 

 $

                     12,098

 

 $

                     15,303

 

90 days past due loans

 

                          9,920

 

 

                          8,069

 

 

                          8,496

 

Nonaccrual loans

 

                          4,048

 

 

                          4,916

 

 

                          6,813

 

Foreclosed properties

 

                          1,616

 

 

                          2,175

 

 

                          3,671

 

 
Community bank leverage ratio

 

 13.69

%

 

 13.78

%

 

 13.55

%

Tangible equity to tangible assets ratio

 

 11.16

%

 

 10.55

%

 

 10.58

%

FTE employees

 

 967

 

 

 951

 

 

 985

 

 

Contacts

MARK A. GOOCH, VICE CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

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