Community Trust Bancorp, Inc. (NASDAQ: CTBI):
Earnings Summary
Earnings Summary
(in thousands except per share data)
2Q
2024
1Q 2024
2Q
2023
YTD
2024
YTD
2023
Net income
$19,499
$18,679
$19,404
$38,178
$38,717
Earnings per share
$1.09
$1.04
$1.09
$2.13
$2.17
Earnings per share - diluted
$1.09
$1.04
$1.08
$2.13
$2.16
Return on average assets
1.35%
1.30%
1.41%
1.33%
1.42%
Return on average equity
11.03%
10.61%
11.72%
10.82%
11.87%
Efficiency ratio
52.17%
54.94%
53.52%
53.51%
54.40%
Tangible common equity
11.39%
11.10%
10.90%
Dividends declared per share
$0.46
$0.46
$0.44
$0.92
$0.88
Book value per share
$39.91
$39.28
$36.71
Weighted average shares
17,939
17,926
17,884
17,932
17,877
Weighted average shares - diluted
17,959
17,943
17,890
17,951
17,885
Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings
for the second quarter 2024 of $19.5 million, or $1.09 per basic
share, compared to $18.7 million, or $1.04 per basic share, earned
during the first quarter 2024 and $19.4 million, or $1.09 per basic
share, earned during the second quarter 2023. Total revenue for the
quarter was $2.7 million above prior quarter and $3.6 million above
prior year same quarter. Net interest revenue for the quarter
increased $2.1 million compared to prior quarter and $2.6 million
compared to prior year same quarter, and noninterest income
increased $0.6 million compared to prior quarter and $1.0 million
compared to prior year same quarter. Our provision for credit
losses for the quarter increased $0.3 million from prior quarter
and $1.0 million from prior year same quarter. Noninterest expense
increased $0.2 million compared to prior quarter and $1.4 million
compared to prior year same quarter. Net income for the six months
ended June 30, 2024 was $38.2 million, or $2.13 per basic share,
compared to $38.7 million, or $2.17 per basic share, for the six
months ended June 30, 2023.
2nd Quarter 2024 Highlights
- Net interest income for the quarter of $45.7 million was $2.1
million, or 4.8%, above prior quarter and $2.6 million, or 6.0%,
above prior year same quarter, as our net interest margin increased
15 basis points from prior quarter and 3 basis points from prior
year same quarter.
- Provision for credit losses at $3.0 million for the quarter
increased $0.3 million from prior quarter and $1.0 million from
prior year same quarter.
- Noninterest income for the quarter ended June 30, 2024 of $15.7
million was $0.6 million, or 3.8%, above prior quarter and $1.0
million, or 6.5%, above prior year same quarter.
- Noninterest expense for the quarter ended June 30, 2024 of
$32.4 million was $0.2 million, or 0.6%, above prior quarter and
$1.4 million, or 4.5%, above prior year same quarter.
- Our loan portfolio at $4.3 billion increased $100.1 million, an
annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%,
from June 30, 2023.
- We had net loan charge-offs of $1.4 million, or an annualized
0.13% of average loans, for the second quarter 2024 compared to
$1.6 million, or an annualized 0.16% of average loans, for the
first quarter 2024 and $0.7 million, or an annualized 0.07% of
average loans, for the second quarter 2023.
- Our total nonperforming loans increased to $19.8 million at
June 30, 2024 from $15.9 million at March 31, 2024 and $11.7
million at June 30, 2023. Nonperforming assets at $21.5 million
increased $4.3 million from March 31, 2024 and $7.7 million from
June 30, 2023.
- Deposits, including repurchase agreements, at $5.0 billion
decreased $57.6 million, or an annualized 4.6%, from March 31, 2024
but increased $215.7 million, or 4.5%, from June 30, 2023.
- Shareholders’ equity at $719.3 million increased $11.6 million,
or an annualized 6.6%, during the quarter and $59.2 million, or
9.0%, from June 30, 2023.
Net Interest Income
Percent Change
2Q 2024
Compared to:
($ in thousands)
2Q
2024
1Q
2024
2Q
2023
1Q
2024
2Q
2023
YTD
2024
YTD
2023
Percent Change
Components of net interest income:
Income on earning assets
$76,648
$75,002
$64,827
2.2%
18.2%
$151,650
$125,822
20.5%
Expense on interest bearing
liabilities
30,970
31,411
21,748
(1.4%)
42.4%
62,381
38,827
60.7%
Net interest income
45,678
43,591
43,079
4.8%
6.0%
89,269
86,995
2.6%
TEQ
292
294
298
(0.7%)
(2.1%)
586
596
(1.7%)
Net interest income, tax equivalent
$45,970
$43,885
$43,377
4.8%
6.0%
$89,855
$87,591
2.6%
Average yield and rates paid:
Earning assets yield
5.66%
5.55%
5.03%
2.0%
12.4%
5.60%
4.94%
13.4%
Rate paid on interest bearing
liabilities
3.30%
3.35%
2.54%
(1.5%)
29.9%
3.32%
2.30%
44.3%
Gross interest margin
2.36%
2.20%
2.49%
7.2%
(5.4%)
2.28%
2.64%
(13.5%)
Net interest margin
3.38%
3.23%
3.35%
4.5%
0.9%
3.31%
3.42%
(3.4%)
Average balances:
Investment securities
$1,095,182
$1,148,014
$1,230,556
(4.6%)
(11.0%)
$1,121,598
$1,241,193
(9.6%)
Loans
$4,191,992
$4,096,866
$3,836,446
2.3%
9.3%
$4,144,429
$3,788,213
9.4%
Earning assets
$5,469,813
$5,458,075
$5,189,716
0.2%
5.4%
$5,463,944
$5,160,712
5.9%
Interest-bearing liabilities
$3,776,362
$3,773,513
$3,435,072
0.1%
9.9%
$3,774,937
$3,398,902
11.1%
Net interest income for the quarter of $45.7 million was $2.1
million, or 4.8%, above prior quarter and $2.6 million, or 6.0%,
above prior year same quarter. Our net interest margin, on a fully
tax equivalent basis, at 3.38% increased 15 basis points from prior
quarter and 3 basis points from prior year same quarter. Our
quarterly average earning assets increased $11.7 million from prior
quarter and $280.1 million from prior year same quarter. Our yield
on average earning assets increased 11 basis points from prior
quarter and 63 basis points from prior year same quarter, and our
cost of funds decreased 5 basis points from prior quarter but
increased 76 basis points from prior year same quarter. Net
interest income for the six months ended June 30, 2024 was $89.3
million compared to $87.0 million for the six months ended June 30,
2023.
Our ratio of average loans to deposits, including repurchase
agreements, was 84.5% for the quarter ended June 30, 2024 compared
to 82.7% for the quarter ended March 31, 2024 and 81.2% for the
quarter ended June 30, 2023.
Noninterest Income
Percent Change
2Q 2024
Compared to:
($ in thousands)
2Q
2024
1Q
2024
2Q
2023
1Q
2024
2Q
2023
YTD
2024
YTD
2023
Percent Change
Deposit related fees
$7,308
$7,011
$7,513
4.2%
(2.7%)
$14,319
$14,800
(3.2%)
Trust revenue
3,736
3,517
3,351
6.2%
11.5%
7,253
6,430
12.8%
Gains on sales of loans
119
45
115
167.9%
4.0%
164
236
(30.5%)
Loan related fees
1,320
1,352
1,197
(2.4%)
10.3%
2,672
2,042
30.8%
Bank owned life insurance revenue
1,815
1,292
735
40.5%
147.0%
3,107
1,593
95.0%
Brokerage revenue
683
490
388
39.5%
76.2%
1,173
736
59.5%
Other
727
1,427
1,457
(49.1%)
(50.1%)
2,154
2,601
(17.2%)
Total noninterest income
$15,708
$15,134
$14,756
3.8%
6.4%
$30,842
$28,438
8.5%
Noninterest income for the quarter ended June 30, 2024 of $15.7
million was $0.6 million, or 3.8%, above prior quarter and $1.0
million, or 6.5%, above prior year same quarter. The quarter over
quarter increase included a $0.5 million increase in bank owned
life insurance revenue, a $0.3 million increase in deposit related
fees, a $0.2 million increase in trust revenue, and a $0.2 million
increase in brokerage revenue, partially offset by $0.8 million
decrease in securities gains. The year over year increase included
a $1.1 million increase in bank owned life insurance, a $0.4
million increase in trust revenue, a $0.3 million increase in
brokerage revenue, partially offset by a $0.6 million decrease in
securities gains and a $0.2 million decrease in deposit related
fees. Noninterest income for the six months ended June 30, 2024 was
$30.8 million compared to $28.4 million for the six months ended
June 30, 2023.
Noninterest Expense
Percent Change
2Q 2024
Compared to:
($ in thousands)
2Q
2024
1Q
2024
2Q
2023
1Q
2024
2Q
2023
YTD
2024
YTD
2023
Percent Change
Salaries
$13,037
$13,036
$12,732
0.0%
2.4%
$26,073
$25,365
2.8%
Employee benefits
6,554
7,086
5,573
(7.5%)
17.6%
13,640
11,848
15.1%
Net occupancy and equipment
3,089
3,028
2,895
2.0%
6.7%
6,117
5,923
3.3%
Data processing
2,669
2,518
2,383
6.0%
12.0%
5,187
4,686
10.7%
Legal and professional fees
978
832
912
17.5%
7.3%
1,810
1,728
4.8%
Advertising and marketing
856
577
704
48.2%
21.6%
1,433
1,524
(6.0%)
Taxes other than property and payroll
438
442
433
(0.7%)
1.2%
880
865
1.7%
Other
4,801
4,701
5,393
2.1%
(11.0%)
9,502
10,976
(13.4%)
Total noninterest expense
$32,422
$32,220
$31,025
0.6%
4.5%
$64,642
$62,915
2.7%
Noninterest expense for the quarter ended June 30, 2024 of $32.4
million was $0.2 million, or 0.6%, above prior quarter and $1.4
million, or 4.5%, above prior year same quarter. The increase year
over year primarily resulted from a $1.3 million increase in
personnel expense, which included a $0.3 million increase in
salaries, a $0.9 million increase in bonuses and incentives, and a
$0.5 million increase in the cost of group medical and life
insurance benefits, partially offset by a $0.4 million decrease in
payroll taxes. Noninterest expense for the six months ended June
30, 2024 was $64.6 million compared to $62.9 million for the six
months ended June 30, 2023.
Balance Sheet Review
Total Loans
Percent Change
2Q 2024 Compared to:
($ in thousands)
2Q
2024
1Q
2024
2Q
2023
1Q
2024
2Q
2023
Commercial nonresidential real estate
$825,934
$813,904
$787,598
1.5%
4.9%
Commercial residential real estate
480,418
456,585
393,309
5.2%
22.1%
Hotel/motel
417,161
416,759
372,981
0.1%
11.8%
Other commercial
428,263
397,922
396,741
7.6%
7.9%
Total commercial
2,151,776
2,085,170
1,950,629
3.2%
10.3%
Residential mortgage
978,144
955,616
883,104
2.4%
10.8%
Home equity loans/lines
154,311
151,577
132,033
1.8%
16.9%
Total residential
1,132,455
1,107,193
1,015,137
2.3%
11.6%
Consumer indirect
819,689
813,005
806,081
0.8%
1.7%
Consumer direct
157,327
155,807
157,848
1.0%
(0.3%)
Total consumer
977,016
968,812
963,929
0.8%
1.4%
Total loans
$4,261,247
$4,161,175
$3,929,695
2.4%
8.4%
Total Deposits and Repurchase Agreements
Percent Change
2Q 2024 Compared to:
($ in thousands)
2Q
2024
1Q
2024
2Q
2023
1Q
2024
2Q
2023
Noninterest bearing deposits
$1,241,514
$1,274,583
$1,361,078
(2.6%)
(8.8%)
Interest bearing deposits
Interest checking
138,767
131,227
142,542
5.7%
(2.6%)
Money market savings
1,664,580
1,608,849
1,389,081
3.5%
19.8%
Savings accounts
527,251
543,338
611,772
(3.0%)
(13.8%)
Time deposits
1,161,686
1,226,273
1,012,187
(5.3%)
14.8%
Repurchase agreements
227,576
234,671
229,020
(3.0%)
(0.6%)
Total interest bearing deposits and
repurchase agreements
3,719,860
3,744,358
3,384,602
(0.7%)
9.9%
Total deposits and repurchase
agreements
$4,961,374
$5,018,941
$4,745,680
(1.1%)
4.5%
CTBI’s total assets at $5.8 billion as of June 30, 2024
decreased $45.9 million, or 3.2% annualized, from March 31, 2024
but increased $283.5 million, or 5.1%, from June 30, 2023. Loans
outstanding at $4.3 billion increased $100.1 million, an annualized
9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June
30, 2023. The increase in loans from prior quarter included a $66.6
million increase in the commercial loan portfolio, a $25.3 million
increase in the residential loan portfolio, a $6.7 million increase
in the indirect consumer loan portfolio, and a $1.5 million
increase in the consumer direct loan portfolio. CTBI’s investment
portfolio decreased $21.7 million, or an annualized 7.8%, from
March 31, 2024 and $110.4 million, or 9.2%, from June 30, 2023.
Deposits in other banks decreased $130.7 million from prior quarter
but increased $49.1 million from June 30, 2023. Deposits, including
repurchase agreements, at $5.0 billion decreased $57.6 million, or
an annualized 4.6%, from March 31, 2024 but increased $215.7
million, or 4.5%, from June 30, 2023. CTBI is not dependent on any
one customer or group of customers for their source of deposits. As
of June 30, 2024, no one customer accounted for more than 2.25% of
our $5.0 billion in deposits. Only two customer relationships
accounted for more than 1% each.
Shareholders’ equity at $719.3 million increased $11.6 million,
or an annualized 6.6%, during the quarter and $59.2 million, or
9.0%, from June 30, 2023. Net unrealized losses on securities, net
of deferred taxes, were $107.1 million at June 30, 2024, compared
to $106.9 million at March 31, 2024 and $121.3 million at June 30,
2023. CTBI’s annualized dividend yield to shareholders as of June
30, 2024 was 4.21%.
Asset Quality
Our total nonperforming loans increased to $19.8 million at June
30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at
June 30, 2023. Accruing loans 90+ days past due at $14.7 million
increased $3.2 million from prior quarter and $8.3 million from
June 30, 2023. Nonaccrual loans at $5.1 million increased $0.8
million from prior quarter but decreased $0.2 million from June 30,
2023. Accruing loans 30-89 days past due at $24.1 million increased
$11.9 million from prior quarter and from June 30, 2023. Our loan
portfolio management processes focus on the immediate
identification, management, and resolution of problem loans to
maximize recovery and minimize loss.
We had net loan charge-offs of $1.4 million, or an annualized
0.13% of average loans, for the second quarter 2024 compared to
$1.6 million, or an annualized 0.16% of average loans, for the
first quarter 2024 and $0.7 million, or an annualized 0.07% of
average loans, for the second quarter 2023. Of the net charge-offs
for the quarter, $0.8 million were in indirect consumer loans, $0.5
million were in commercial loans, and $0.1 million were in direct
consumer loans. Year-to-date net loan charge-offs of an annualized
0.15% of average loans are in line with management’s
expectations.
Allowance for Credit Losses
Our provision for credit losses at $3.0 million for the quarter
increased $0.3 million from prior quarter and $1.0 million from
prior year same quarter. Of the provision for the quarter, $1.2
million was allotted to fund loan growth. Year-to-date provision
for credit losses increased $2.5 million from the six months ended
June 30, 2023. Our reserve coverage (allowance for credit losses to
nonperforming loans) at June 30, 2024 was 263.0% compared to 319.0%
at March 31, 2024 and 408.9% at June 30, 2023. Our credit loss
reserve as a percentage of total loans outstanding at June 30, 2024
remained at 1.22% from March 31, 2024 and June 30, 2023.
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. CTBI’s 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 epidemics, pandemics, or other
infectious disease outbreaks; 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 71 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) June 30, 2024 (in thousands except per share
data and # of employees)
Three Three Three Six Six
Months Months Months Months Months
Ended Ended Ended Ended Ended
June 30, 2024 March 31, 2024 June 30, 2023
June 30, 2024 June 30, 2023 Interest income
$
76,648
$
75,002
$
64,827
$
151,650
$
125,822
Interest expense
30,970
31,411
21,748
62,381
38,827
Net interest income
45,678
43,591
43,079
89,269
86,995
Loan loss provision
2,972
2,656
2,009
5,628
3,125
Gains on sales of loans
119
45
115
164
236
Deposit related fees
7,308
7,011
7,513
14,319
14,800
Trust revenue
3,736
3,517
3,351
7,253
6,430
Loan related fees
1,320
1,352
1,197
2,672
2,042
Securities gains (losses)
(474
)
371
165
(103
)
383
Other noninterest income
3,699
2,838
2,415
6,537
4,547
Total noninterest income
15,708
15,134
14,756
30,842
28,438
Personnel expense
19,591
20,122
18,305
39,713
37,213
Occupancy and equipment
3,089
3,028
2,895
6,117
5,923
Data processing expense
2,669
2,518
2,383
5,187
4,686
FDIC insurance premiums
645
642
610
1,287
1,216
Other noninterest expense
6,428
5,910
6,832
12,338
13,877
Total noninterest expense
32,422
32,220
31,025
64,642
62,915
Net income before taxes
25,992
23,849
24,801
49,841
49,393
Income taxes
6,493
5,170
5,397
11,663
10,676
Net income
$
19,499
$
18,679
$
19,404
$
38,178
$
38,717
Memo: TEQ interest income
$
76,940
$
75,296
$
65,125
$
152,236
$
126,418
Average shares
outstanding
17,939
17,926
17,884
17,932
17,877
Diluted average shares outstanding
17,959
17,943
17,890
17,951
17,885
Basic earnings per share
$
1.09
$
1.04
$
1.09
$
2.13
$
2.17
Diluted earnings per share
$
1.09
$
1.04
$
1.08
$
2.13
$
2.16
Dividends per share
$
0.46
$
0.46
$
0.44
$
0.92
$
0.88
Average balances:
Loans
$
4,191,992
$
4,096,866
$
3,836,446
$
4,144,429
$
3,788,213
Earning assets
5,469,813
5,458,075
5,189,716
5,463,944
5,160,712
Total assets
5,795,937
5,786,515
5,509,776
5,791,226
5,484,065
Deposits, including repurchase agreements
4,959,382
4,956,820
4,727,386
4,958,101
4,707,853
Interest bearing liabilities
3,776,362
3,773,513
3,435,072
3,774,937
3,398,902
Shareholders' equity
711,331
708,341
663,896
709,836
657,488
Performance
ratios: Return on average
assets
1.35
%
1.30
%
1.41
%
1.33
%
1.42
%
Return on average equity
11.03
%
10.61
%
11.72
%
10.82
%
11.87
%
Yield on average earning assets (tax equivalent)
5.66
%
5.55
%
5.03
%
5.60
%
4.94
%
Cost of interest bearing funds (tax equivalent)
3.30
%
3.35
%
2.54
%
3.32
%
2.30
%
Net interest margin (tax equivalent)
3.38
%
3.23
%
3.35
%
3.31
%
3.42
%
Efficiency ratio (tax equivalent)
52.17
%
54.94
%
53.52
%
53.51
%
54.40
%
Loan charge-offs
$
2,836
$
2,667
$
1,953
$
5,503
$
3,718
Recoveries
(1,441
)
(1,039
)
(1,279
)
(2,480
)
(2,630
)
Net charge-offs
$
1,395
$
1,628
$
674
$
3,023
$
1,088
Market Price:
High
$
44.32
$
44.38
$
40.30
$
44.38
$
47.35
Low
$
39.28
$
38.44
$
32.68
$
38.44
$
32.68
Close
$
43.66
$
42.65
$
35.57
$
43.66
$
35.57
As
of As of As of June 30, 2024
March 31, 2024 June 30, 2023
Assets:
Loans
$
4,261,247
$
4,161,175
$
3,929,695
Loan loss reserve
(52,148
)
(50,571
)
(48,018
)
Net loans
4,209,099
4,110,604
3,881,677
Loans held for sale
350
57
238
Securities AFS
1,090,322
1,111,505
1,201,253
Equity securities at fair value
3,054
3,529
2,545
Other equity investments
14,022
9,327
11,432
Other earning assets
108,823
239,554
62,726
Cash and due from banks
54,935
55,841
48,915
Premises and equipment
47,178
46,595
42,911
Right of use asset
15,121
15,500
16,678
Goodwill and core deposit intangible
65,490
65,490
65,490
Other assets
195,945
192,253
186,933
Total Assets
$
5,804,339
$
5,850,255
$
5,520,798
Liabilities and
Equity: Interest bearing
checking
$
138,767
$
131,227
$
142,542
Savings deposits
2,191,831
2,152,187
2,000,853
CD's >=$100,000
637,206
678,148
538,492
Other time deposits
524,480
548,125
473,695
Total interest bearing deposits
3,492,284
3,509,687
3,155,582
Noninterest bearing deposits
1,241,514
1,274,583
1,361,078
Total deposits
4,733,798
4,784,270
4,516,660
Repurchase agreements
227,576
234,671
229,020
Other interest bearing liabilities
64,954
65,014
65,195
Lease liability
15,880
16,208
17,317
Other noninterest bearing liabilities
42,808
42,368
32,481
Total liabilities
5,085,016
5,142,531
4,860,673
Shareholders' equity
719,323
707,724
660,125
Total Liabilities and Equity
$
5,804,339
$
5,850,255
$
5,520,798
Ending shares outstanding
18,026
18,019
17,984
30 - 89 days past due
loans
$
24,099
$
12,234
$
12,158
90 days past due loans
14,703
11,550
6,399
Nonaccrual loans
5,127
4,302
5,345
Foreclosed properties
1,626
1,266
2,047
Community bank leverage
ratio
13.90
%
13.74
%
13.82
%
Tangible equity to tangible assets ratio
11.39
%
11.10
%
10.90
%
FTE employees
930
945
953
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717141109/en/
MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST
BANCORP, INC. AT (606) 437-3229
Community Trust Bancorp (NASDAQ:CTBI)
過去 株価チャート
から 6 2024 まで 7 2024
Community Trust Bancorp (NASDAQ:CTBI)
過去 株価チャート
から 7 2023 まで 7 2024
