Kentucky
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61-1206757
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(State or other jurisdiction of incorporation organization)
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(I.R.S. Employer Identification No.)
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2883 Fifth Avenue
Huntington, West Virginia
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25702
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number (304) 525-1600
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Not Applicable
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Former name or former address, if changes since last report)
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☐ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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NEWS FOR IMMEDIATE RELEASE
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CONTACT:
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BRIEN M. CHASE, CFO
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MARCH 6, 2019
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304-525-1600
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For the
Quarter Ended
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For the
Year Ended
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|||||||||||||||
Dec 31
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Dec 31
|
Dec 31
|
Dec 31
|
|||||||||||||
2018
|
2017
|
2018
|
2017
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|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
15,407
|
13,758
|
56,856
|
55,425
|
||||||||||||
Investments and other
|
2,861
|
1,616
|
8,965
|
6,565
|
||||||||||||
Total interest income
|
18,268
|
15,374
|
65,821
|
61,990
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,861
|
1,001
|
5,444
|
3,855
|
||||||||||||
Borrowings and other
|
216
|
174
|
623
|
647
|
||||||||||||
Total interest expense
|
2,077
|
1,175
|
6,067
|
4,502
|
||||||||||||
Net interest income
|
16,191
|
14,199
|
59,754
|
57,488
|
||||||||||||
Provision for loan losses
|
425
|
466
|
2,315
|
2,499
|
||||||||||||
Net interest income after provision
|
15,766
|
13,733
|
57,439
|
54,989
|
||||||||||||
Non-interest Income
|
||||||||||||||||
Service charges on deposit accounts
|
1,219
|
1,156
|
4,562
|
4,357
|
||||||||||||
Electronic banking income
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853
|
836
|
3,530
|
3,260
|
||||||||||||
Other non-interest income
|
292
|
335
|
1,006
|
1,038
|
||||||||||||
Total non-interest income
|
2,364
|
2,327
|
9,098
|
8,655
|
||||||||||||
Non-Interest Expense
|
||||||||||||||||
Salaries and employee benefits
|
5,136
|
4,652
|
19,803
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19,355
|
||||||||||||
Net occupancy and equipment
|
1,634
|
1,518
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6,294
|
5,999
|
||||||||||||
Outside data processing
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1,358
|
1,154
|
5,199
|
5,173
|
||||||||||||
OREO expenses and writedowns, net
|
579
|
462
|
244
|
1,601
|
||||||||||||
Amortization of intangibles
|
203
|
206
|
778
|
974
|
||||||||||||
Other non-interest expenses
|
1,947
|
1,899
|
8,153
|
7,116
|
||||||||||||
Total non-interest expense
|
10,857
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9,891
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40,471
|
40,218
|
||||||||||||
Income Before Taxes
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7,273
|
6,169
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26,066
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23,426
|
||||||||||||
Income Taxes
|
1,634
|
2,400
|
5,898
|
8,607
|
||||||||||||
NET INCOME
|
5,639
|
3,769
|
20,168
|
14,819
|
||||||||||||
EARNINGS PER SHARE *
|
0.39
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0.28
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1.48
|
1.11
|
||||||||||||
DILUTED EARNINGS PER SHARE *
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0.39
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0.28
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1.47
|
1.10
|
||||||||||||
DIVIDENDS PER SHARE *
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0.15
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0.12
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0.57
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0.48
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||||||||||||
Charge-offs
|
238
|
801
|
1,368
|
1,903
|
||||||||||||
Recoveries
|
68
|
80
|
687
|
672
|
||||||||||||
Net charge-offs (recoveries)
|
170
|
721
|
681
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1,231
|
||||||||||||
* Previously presented per share information has been restated to reflect a 5 for 4 stock split issued on June 8, 2018 to shareholders
of record on June 4, 2018.
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Balances as of
|
||||||||
December 31
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December 31
|
|||||||
2018
|
2017
|
|||||||
ASSETS
|
||||||||
Cash and Due From Banks
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22,992
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40,814
|
||||||
Interest Bearing Bank Balances
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39,911
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39,773
|
||||||
Federal Funds Sold
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17,872
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4,658
|
||||||
Securities Available for Sale
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365,731
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278,466
|
||||||
Loans (net)
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1,135,563
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1,036,948
|
||||||
Other Real Estate Owned
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14,024
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19,966
|
||||||
Other Assets
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41,114
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34,053
|
||||||
Goodwill and Other Intangibles
|
52,908
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38,746
|
||||||
TOTAL ASSETS
|
1,690,115
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1,493,424
|
||||||
LIABILITIES & EQUITY
|
||||||||
Deposits
|
1,430,127
|
1,272,675
|
||||||
Fed Funds/Repurchase Agreements
|
22,062
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23,310
|
||||||
FHLB Borrowings
|
8,819
|
-
|
||||||
Other Borrowings
|
2,500
|
5,000
|
||||||
Subordinated Debentures
|
5,406
|
5,376
|
||||||
Other Liabilities
|
4,472
|
3,708
|
||||||
TOTAL LIABILITIES
|
1,473,386
|
1,310,069
|
||||||
Common Stockholders’ Equity
|
216,729
|
183,355
|
||||||
TOTAL LIABILITIES &
STOCKHOLDERS’ EQUITY
|
1,690,115
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1,493,424
|
||||||
TOTAL BOOK VALUE PER COMMON SHARE
|
14.82
|
13.74
|
||||||
Tangible Book Value per Common Share
|
11.20
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10.84
|
||||||
Non-Accrual Loans
|
17,448
|
15,246
|
||||||
Loans 90 Days Past Due and Still Accruing
|
1,086
|
3,391
|