EX-99.1 3 ctbi0322earnings8kex99.htm CTBI MARCH 31, 2022 EARNINGS RELEASE 8-K EXHIBIT 99.1
Exhibit 99.1





FOR IMMEDIATE RELEASE
April 20, 2022

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

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 1ST QUARTER 2022

Earnings Summary
                  
(in thousands except per share data)
  
1Q
2022
    
4Q
2021
    
1Q
2021
  
Net income
  
$
19,728
    
$
19,248
    
$
23,618
  
Earnings per share
  
$
1.11
    
$
1.08
    
$
1.33
  
Earnings per share – diluted
  
$
1.11
    
$
1.08
    
$
1.33
  
                         
Return on average assets
    
1.48
%
    
1.41
%
    
1.84
%
Return on average equity
    
11.77
%
    
10.94
%
    
14.48
%
Efficiency ratio
    
53.25
%
    
55.40
%
    
50.37
%
Tangible common equity
    
10.93
%
    
11.82
%
    
11.27
%
                         
Dividends declared per share
  
$
0.400
    
$
0.400
    
$
0.385
  
Book value per share
  
$
36.53
    
$
39.13
    
$
37.14
  
                         
Weighted average shares
    
17,820
      
17,796
      
17,774
  
Weighted average shares – diluted
    
17,832
      
17,820
      
17,787
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the first quarter 2022 of $19.7 million, or $1.11 per basic share, compared to $19.2 million, or $1.08 per basic share, earned during the fourth quarter 2021 and $23.6 million, or $1.33 per basic share, earned during the first quarter 2021.  Noninterest income remained relatively flat to prior quarter, but decreased from prior year same quarter; however, our total revenue declined from both periods, primarily as a result of a decline in interest income on Paycheck Protection Program loans (PPP loans).  Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021.

1ST Quarter 2022 Highlights

❖
Net interest income for the quarter of $40.0 million was $0.8 million, or 1.9%, below prior quarter and $0.2 million, or 0.5%, below first quarter 2021.

❖
Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021.

❖
Our loan portfolio increased $106.7 million, an annualized 12.7%, during the quarter but was a decline of $23.3 million, or 0.7%, from March 31, 2021.  Loans, excluding PPP loans, increased $131.6 million during the quarter.

❖
Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended March 31, 2022 compared to a net recovery of loan charge-offs for the fourth quarter 2021 of $8 thousand and net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the first quarter 2021.

❖
Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $13.7 million at March 31, 2022 from $16.6 million at December 31, 2021 and $21.0 million at March 31, 2021.  Nonperforming assets at $16.0 million decreased $4.1 million from December 31, 2021 and $11.3 million from March 31, 2021.

❖
Deposits, including repurchase agreements, increased $67.5 million, an annualized 5.9%, during the quarter and $94.9 million, or 2.1%, from March 31, 2021.

❖
Shareholders’ equity declined $44.8 million, or an annualized 26.0%, during the quarter due to a $58.1 million net after tax increase in unrealized losses on our securities portfolio.

❖
Noninterest income for the quarter ended March 31, 2022 of $15.0 million remained relatively flat to prior quarter, but decreased $0.6 million, or 3.9%, from prior year same quarter.

❖
Noninterest expense for the quarter ended March 31, 2022 of $29.4 million decreased $1.8 million, or 5.7%, from prior quarter, but increased $1.0 million, or 3.7%, from prior year same quarter.

Net Interest Income

                     
Percent Change
  
                     
1Q 2022 Compared to:
  
($ in thousands)
  
1Q
2022
    
4Q
2021
    
1Q
2021
    
4Q
2021
    
1Q
2021
  
Components of net interest income
                              
Income on earning assets, tax equivalent
  
$
43,762
    
$
44,581
    
$
44,428
      
(1.8
)%
    
(1.5
)%
Expense on interest bearing liabilities
    
3,495
      
3,541
      
3,969
      
(1.3
)
    
(11.9
)
Net interest income, tax equivalent
  
$
40,267
    
$
41,040
    
$
40,459
      
(1.9
)%
    
(0.5
)%
                                         
Average yield and rates paid
                                        
Earning assets yield
    
3.46
%
    
3.45
%
    
3.63
%
    
0.3
%
    
(4.9
)%
Rate paid on interest bearing liabilities
    
0.42

   
0.42

   
0.48

   
0.5

   
(12.3
)
Gross interest margin
    
3.04
%
    
3.03
%
    
3.15
%
    
0.3
%
    
(3.7
)%
Net interest margin
    
3.18
%
    
3.17
%
    
3.31
%
    
0.3
%
    
(3.9
)%
                                         
Average balances
                                        
Investment securities
  
$
1,486,799
    
$
1,498,781
    
$
1,063,773
      
(0.8
)%
    
39.8
%
Loans
  
$
3,440,439
    
$
3,381,206
    
$
3,548,358
      
1.8
%
    
(3.0
)%
 Earning assets
  
$
5,134,150
    
$
5,133,843
    
$
4,957,636
      
0.0
%
    
3.6
%
Interest-bearing liabilities
  
$
3,350,208
    
$
3,337,053
    
$
3,335,206
      
0.4
%
    
0.4
%

Net interest income for the quarter of $40.0 million was $0.8 million, or 1.9%, below prior quarter and $0.2 million, or 0.5%, below first quarter 2021.  Our net interest income excluding PPP loans for the quarter ended March 31, 2022 was $38.6 million compared to $38.3 million for the quarter ended December 31, 2021 and $36.3 million for the quarter ended March 31, 2021.  Our net interest margin, on a fully tax equivalent basis, at 3.18% increased 1 basis point from prior quarter but decreased 13 basis points from prior year same quarter, as our average earning assets increased $0.3 million from prior quarter and $176.5 million from prior year same quarter.  Our yield on average earning assets increased 1 basis point from prior quarter but decreased 17 basis points from prior year same quarter, and our cost of funds remained unchanged from prior quarter but decreased 6 basis points from prior year same quarter.  As discussed more fully below, the impact of the PPP loans to the net interest margin for the first quarter 2022 was 11 basis points.

The PPP loan portfolio had an annualized yield for the quarter of 17.03% compared to 13.61% for the fourth quarter 2021.  Interest income on the portfolio was $86 thousand during the quarter, down $98 thousand from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $1.4 million, down $0.9 million from prior quarter.  These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness.  The impact of the PPP loan portfolio to the net interest margin was an increase of 11 basis points for the first quarter 2022 compared to an increase of 15 basis points for the fourth quarter 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 74.2% for the quarter ended March 31, 2022 compared to 73.3% for the quarter ended December 31, 2021 and 79.9% for the quarter ended March 31, 2021.

Noninterest Income

                     
Percent Change
  
                     
1Q 2022 Compared to:
  
($ in thousands)
  
1Q
2022
    
4Q
2021
    
1Q
2021
    
4Q
2021
    
1Q
2021
  
Deposit related fees
  
$
6,746
    
$
7,083
    
$
6,022
      
(4.8
)%
    
12.0
%
Trust revenue
    
3,248
      
3,305
      
2,951
      
(1.7
)
    
10.1

Gains on sales of loans
    
597
      
1,241
      
2,433
      
(51.9
)
    
(75.5
)
Loan related fees
    
2,062
      
1,254
      
2,270
      
64.4

   
(9.2
)
Bank owned life insurance revenue
    
691
      
1,036
      
573
      
(33.3
)
    
20.5

Brokerage revenue
    
590
      
432
      
457
      
36.5

   
29.3

Other
    
1,031
      
626
      
871
      
64.8

   
18.4

Total noninterest income
  
$
14,965
    
$
14,977
    
$
15,577
      
(0.1
)%
    
(3.9
)%

Noninterest income for the quarter ended March 31, 2022 of $15.0 million was relatively flat to prior quarter, but a decrease of $0.6 million, or 3.9%, from prior year same quarter.  Decreases from prior quarter in gains on sales of loans ($0.6 million) and deposit related fees ($0.3 million) were offset by increases in loan related fees ($0.8 million) and securities gains ($0.3 million).  The decrease from prior year same quarter included decreases in gains on sales of loans ($1.8 million) and loan related fees ($0.2 million), partially offset by increases in deposit related fees ($0.7 million), trust revenue ($0.3 million), and securities gains ($0.2 million).  Gains on sales of loans were impacted by the slowdown in the industry-wide mortgage refinancing boom.  Deposit related fees were primarily impacted by debit card income.  Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.    

Noninterest Expense

                     
Percent Change
  
                     
1Q 2022 Compared to:
  
($ in thousands)
  
1Q
2022
    
4Q
2021
    
1Q
2021
    
4Q
2021
    
1Q
2021
  
Salaries
  
$
11,739
    
$
11,982
    
$
11,412
      
(2.0
)%
    
2.9
%
Employee benefits
    
5,799
      
7,486
      
5,421
      
(22.5
)
    
7.0

Net occupancy and equipment
    
2,854
      
2,625
      
2,828
      
8.7

   
0.9

Data processing
    
2,201
      
2,099
      
2,159
      
4.8

   
1.9

Legal and professional fees
    
867
      
868
      
893
      
(0.1
)
    
(2.8
)
Advertising and marketing
    
752
      
676
      
722
      
11.2

   
4.1

Taxes other than property and payroll
    
426
      
542
      
370
      
(21.3
)
    
15.2

Net other real estate owned expense
    
353
      
299
      
318
      
17.8

   
11.0

Other
    
4,368
      
4,572
      
4,187
      
(4.4
)
    
4.3

Total noninterest expense
  
$
29,359
    
$
31,149
    
$
28,310
      
(5.7
)%
    
3.7
%

Noninterest expense for the quarter ended March 31, 2022 of $29.4 million decreased $1.8 million, or 5.7%, from prior quarter, but increased $1.0 million, or 3.7%, from prior year same quarter.  The decrease in noninterest expense quarter over quarter was the result of a decrease in personnel expense ($1.9 million), which was primarily due to a lower accrual for bonuses and incentives.  The increase from prior year same quarter was primarily the result of an increase in personnel expense year over year ($0.7 million) and loan related expenses ($0.2 million).  This increase in personnel expense included increases in salaries, group medical and life insurance expense, and other employee benefits.

Balance Sheet Review

Total Loans
                              
                     
Percent Change
  
                     
1Q 2022 Compared to:
  
($ in thousands)
  
1Q
2022
    
4Q
2021
    
1Q
2021
    
4Q
2021
    
1Q
2021
  
Commercial nonresidential real estate
  
$
774,791
    
$
757,892
    
$
732,978
      
2.2
%
    
5.7
%
Commercial residential real estate
    
337,447
      
335,233
      
305,079
      
0.7

   
10.6

Hotel/motel
    
274,256
      
257,062
      
258,974
      
6.7

   
5.9

SBA guaranteed PPP loans
    
22,482
      
47,335
      
254,732
      
(52.5
)
    
(91.2
)
Other commercial
    
394,875
      
359,931
      
348,721
      
9.7

   
13.2

Total commercial
    
1,803,851
      
1,757,453
      
1,900,484
      
2.6

   
(5.1
)
                                         
Residential mortgage
    
780,453
      
767,185
      
770,026
      
1.7

   
1.4

Home equity loans/lines
    
107,230
      
106,667
      
101,595
      
0.5

   
5.5

Total residential
    
887,683
      
873,852
      
871,621
      
1.6

   
1.8

                                         
Consumer indirect
    
667,387
      
620,825
      
617,305
      
7.5

   
8.1

Consumer direct
    
156,620
      
156,683
      
149,394
      
(0.0
)
    
4.8

Total consumer
    
824,007
      
777,508
      
766,699
      
6.0

   
7.5

                                         
Total loans
  
$
3,515,541
    
$
3,408,813
    
$
3,538,804
      
3.1
%
    
(0.7
%)

Total Deposits and Repurchase Agreements
                              
                     
Percent Change
  
                     
1Q 2022 Compared to:
  
($ in thousands)
  
1Q
2022
    
4Q
2021
    
1Q
2021
    
4Q
2021
    
1Q
2021
  
Non-interest bearing deposits
  
$
1,398,529
    
$
1,331,103
    
$
1,283,309
      
5.1
%
    
9.0
%
Interest bearing deposits
                                        
Interest checking
    
89,863
      
97,064
      
91,803
      
(7.4
)
    
(2.1
)
Money market savings
    
1,200,408
      
1,206,401
      
1,240,530
      
(0.5
)
    
(3.2
)
Savings accounts
    
666,874
      
632,645
      
574,181
      
5.4

   
16.1

Time deposits
    
1,072,630
      
1,077,079
      
1,043,949
      
(0.4
)
    
2.7

Repurchase agreements
    
254,623
      
271,088
      
354,235
      
(6.1
)
    
(28.1
)
Total interest bearing deposits and repurchase agreements
    
3,284,398
      
3,284,277
      
3,304,698
      
0.0

   
(0.6
)
Total deposits and repurchase agreements
  
$
4,682,927
    
$
4,615,380
    
$
4,588,007
      
1.5
%
    
2.1
%

CTBI’s total assets at $5.4 billion increased $24.9 million, or 1.9% annualized, from December 31, 2021 and $83.0 million, or 1.5%, from March 31, 2021.  Loans outstanding at March 31, 2022 were $3.5 billion, an increase of $106.7 million, an annualized 12.7%, from December 31, 2021 but a decrease of $23.3 million, or 0.7%, from March 31, 2021.  Loans, excluding PPP loans, increased $131.6 million during the quarter, with a $71.3 million increase in the commercial loan portfolio, an $46.5 million increase in the indirect consumer loan portfolio, and a $13.8 million increase in the residential loan portfolio.  The PPP loan portfolio declined during the quarter $24.9 million as a result of SBA forgiveness.  CTBI’s investment portfolio increased $47.8 million, or an annualized 13.3%, from December 31, 2021 and $348.1 million, or 30.1%, from March 31, 2021.  Deposits in other banks decreased $159.1 million from prior quarter and $250.3 million from prior year same quarter.  Deposits in other banks were used during the quarter to fund loan growth and additional investments in available-for-sale securities.  Deposits, including repurchase agreements, at $4.7 billion increased $67.5 million, or an annualized 5.9%, from December 31, 2021 and $94.9 million, or 2.1%, from March 31, 2021.

Shareholders’ equity at March 31, 2022 was $653.4 million, a $44.8 million, or an annualized 26.0%, decrease from the $698.2 million at December 31, 2021 and an $8.7 million, or 1.3%, decrease from the $662.1 million at March 31, 2021.  The decline in shareholders’ equity is due to a $58.1 million net after tax increase during the quarter in unrealized losses on our securities portfolio.  CTBI’s annualized dividend yield to shareholders as of March 31, 2022 was 3.88%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $13.7 million at March 31, 2022 from $16.6 million at December 31, 2021 and $21.0 million at March 31, 2021.  Accruing loans 90+ days past due at $4.9 million decreased $1.1 million from prior quarter and $4.0 million from March 31, 2021.  Nonaccrual loans at $8.8 million decreased $1.8 million during the quarter and $3.4 million from March 31, 2021.  Accruing loans 30-89 days past due at $10.8 million remained relatively stable from prior quarter but decreased $2.4 million from March 31, 2021.  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 at $2.3 million at March 31, 2022 was a $1.2 million decrease from the $3.5 million at December 31, 2021 and a $3.9 million decrease from the $6.2 million at March 31, 2021.  Sales of foreclosed properties for the quarter ended March 31, 2022 totaled $1.1 million while new foreclosed properties totaled $0.1 million.  At March 31, 2022, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended March 31, 2022 compared to a net recovery of loan charge-offs for the fourth quarter 2021 of $8 thousand and net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the first quarter 2021.

Allowance for Credit Losses

Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021.  Our reserve coverage (allowance for credit losses to nonperforming loans) at March 31, 2022 was 309.1% compared to 251.2% at December 31, 2021 and 215.5% at March 31, 2021.  Our credit loss reserve as a percentage of total loans outstanding at March 31, 2022 was 1.20% (1.21% excluding PPP loans) compared to 1.22% at December 31, 2021 (1.24% excluding PPP loans) and 1.28% at March 31, 2021 (1.38% excluding PPP loans).

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 $5.4 billion, is headquartered in Pikeville, Kentucky and has 69 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)
  
 March 31, 2022  
(in thousands except per share data and # of employees)
  
                   
   
Three
    
Three
    
Three
  
   
Months
    
Months
    
Months
  
   
Ended
    
Ended
    
Ended
  
   
March 31, 2022
    
December 31, 2021
    
March 31, 2021
  
Interest income
  
$
43,527
    
$
44,357
    
$
44,211
  
Interest expense
    
3,495
      
3,541
      
3,969
  
Net interest income
    
40,032
      
40,816
      
40,242
  
Loan loss provision
    
875
      
533
      
(2,499
)
                         
Gains on sales of loans
    
597
      
1,241
      
2,433
  
Deposit related fees
    
6,746
      
7,083
      
6,022
  
Trust revenue
    
3,248
      
3,305
      
2,951
  
Loan related fees
    
2,062
      
1,254
      
2,270
  
Securities gains (losses)
    
99
      
(208
)
    
(168
)
Other noninterest income
    
2,213
      
2,302
      
2,069
  
Total noninterest income
    
14,965
      
14,977
      
15,577
  
                         
Personnel expense
    
17,538
      
19,468
      
16,833
  
Occupancy and equipment
    
2,854
      
2,625
      
2,828
  
Data processing expense
    
2,201
      
2,099
      
2,159
  
FDIC insurance premiums
    
355
      
339
      
326
  
Other noninterest expense
    
6,411
      
6,618
      
6,164
  
Total noninterest expense
    
29,359
      
31,149
      
28,310
  
                         
Net income before taxes
    
24,763
      
24,111
      
30,008
  
Income taxes
    
5,035
      
4,863
      
6,390
  
Net income
  
$
19,728
    
$
19,248
    
$
23,618
  
                         
Memo: TEQ interest income
  
$
43,762
    
$
44,581
    
$
44,428
  
                         
Average shares outstanding
    
17,820
      
17,796
      
17,774
  
Diluted average shares outstanding
    
17,832
      
17,820
      
17,787
  
Basic earnings per share
  
$
1.11
    
$
1.08
    
$
1.33
  
Diluted earnings per share
  
$
1.11
    
$
1.08
    
$
1.33
  
Dividends per share
  
$
0.400
    
$
0.400
    
$
0.385
  
                         
Average balances:
                        
Loans
  
$
3,440,439
    
$
3,381,206
    
$
3,548,358
  
Earning assets
    
5,134,150
      
5,133,843
      
4,957,636
  
Total assets
    
5,417,800
      
5,418,854
      
5,219,406
  
Deposits, including repurchase agreements
    
4,633,988
      
4,612,010
      
4,442,647
  
Interest bearing liabilities
    
3,350,208
      
3,337,053
      
3,335,206
  
Shareholders' equity
    
679,527
      
697,727
      
661,302
  
                         
Performance ratios:
                        
Return on average assets
    
1.48
%
    
1.41
%
    
1.84
%
Return on average equity
    
11.77
%
    
10.94
%
    
14.48
%
Yield on average earning assets (tax equivalent)
    
3.46
%
    
3.45
%
    
3.63
%
Cost of interest bearing funds (tax equivalent)
    
0.42
%
    
0.42
%
    
0.48
%
Net interest margin (tax equivalent)
    
3.18
%
    
3.17
%
    
3.31
%
Efficiency ratio (tax equivalent)
    
53.25
%
    
55.40
%
    
50.37
%
                         
Loan charge-offs
  
$
1,320
    
$
865
    
$
1,470
  
Recoveries
    
(998
)
    
(873
)
    
(1,293
)
Net charge-offs
  
$
322
    
$
(8
)
  
$
177
  
                         
Market Price:
                        
High
  
$
46.30
    
$
46.21
    
$
47.53
  
Low
  
$
40.53
    
$
41.05
    
$
36.02
  
Close
  
$
41.20
    
$
43.61
    
$
44.03
  



Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 March 31, 2022
(in thousands except per share data and # of employees)
 
   
As of
    
As of
    
As of
  
   
March 31, 2022
    
December 31, 2021
    
March 31, 2021
  
Assets:
                  
Loans
  
$
3,515,541
    
$
3,408,813
    
$
3,538,804
  
Loan loss reserve
    
(42,309
)
    
(41,756
)
    
(45,346
)
Net loans
    
3,473,232
      
3,367,057
      
3,493,458
  
Loans held for sale
    
1,941
      
2,632
      
17,748
  
Securities AFS
    
1,503,165
      
1,455,429
      
1,155,195
  
Equity securities at fair value
    
2,352
      
2,253
      
2,243
  
Other equity investments
    
13,026
      
13,026
      
14,858
  
Other earning assets
    
108,222
      
267,286
      
358,529
  
Cash and due from banks
    
58,352
      
46,558
      
66,664
  
Premises and equipment
    
40,738
      
40,479
      
40,997
  
Right of use asset
    
11,941
      
12,148
      
12,787
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
164,674
      
145,899
      
132,150
  
Total Assets
  
$
5,443,133
    
$
5,418,257
    
$
5,360,119
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
89,863
    
$
97,064
    
$
91,803
  
Savings deposits
    
1,867,282
      
1,839,046
      
1,814,711
  
CD's >=$100,000
    
590,476
      
589,853
      
547,767
  
Other time deposits
    
482,154
      
487,226
      
496,182
  
Total interest bearing deposits
    
3,029,775
      
3,013,189
      
2,950,463
  
Noninterest bearing deposits
    
1,398,529
      
1,331,103
      
1,283,309
  
Total deposits
    
4,428,304
      
4,344,292
      
4,233,772
  
Repurchase agreements
    
254,623
      
271,088
      
354,235
  
Other interest bearing liabilities
    
58,711
      
58,716
      
58,731
  
Lease liability
    
12,796
      
13,005
      
13,549
  
Other noninterest bearing liabilities
    
35,328
      
32,954
      
37,763
  
Total liabilities
    
4,789,762
      
4,720,055
      
4,698,050
  
Shareholders' equity
    
653,371
      
698,202
      
662,069
  
Total Liabilities and Equity
  
$
5,443,133
    
$
5,418,257
    
$
5,360,119
  
                         
Ending shares outstanding
    
17,884
      
17,843
      
17,826
  
                         
30 - 89 days past due loans
  
$
10,838
    
$
10,874
    
$
13,204
  
90 days past due loans
    
4,858
      
5,954
      
8,816
  
Nonaccrual loans
    
8,832
      
10,671
      
12,223
  
Restructured loans (excluding 90 days past due and nonaccrual)
    
70,814
      
69,827
      
68,485
  
Foreclosed properties
    
2,299
      
3,486
      
6,224
  
                         
Community bank leverage ratio
    
13.15
%
    
13.00
%
    
12.70
%
Tangible equity to tangible assets ratio
    
10.93
%
    
11.82
%
    
11.27
%
FTE employees
    
963
      
974
      
970