EX-99.1 3 ctbi1222er8kex99.htm CTBI DECEMBER 31, 2022 EARNINGS RELEASE 8-K EXHIBIT 99.1

Exhibit 99.1




FOR IMMEDIATE RELEASE
January 18, 2023

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 4TH QUARTER AND YEAR 2022

Earnings Summary
                              
(in thousands except per share data)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
Year
2022
    
Year
2021
  
Net income
  
$
22,443
    
$
19,372
    
$
19,248
    
$
81,814
    
$
87,939
  
Earnings per share
  
$
1.26
    
$
1.09
    
$
1.08
    
$
4.59
    
$
4.94
  
Earnings per share – diluted
  
$
1.26
    
$
1.08
    
$
1.08
    
$
4.58
    
$
4.94
  
                                         
Return on average assets
    
1.64
%
    
1.40
%
    
1.41
%
    
1.50
%
    
1.63
%
Return on average equity
    
14.42
%
    
12.08
%
    
10.94
%
    
12.73
%
    
12.88
%
Efficiency ratio
    
51.81
%
    
53.70
%
    
55.40
%
    
53.12
%
    
53.11
%
Tangible common equity
    
10.58
%
    
9.93
%
    
11.82
%
                
                                         
Dividends declared per share
  
$
0.44
    
$
0.44
    
$
0.40
    
$
1.68
    
$
1.57
  
Book value per share
  
$
35.05
    
$
33.66
    
$
39.13
                  
                                         
Weighted average shares
    
17,848
      
17,841
      
17,796
      
17,836
      
17,786
  
Weighted average shares – diluted
    
17,872
      
17,857
      
17,820
      
17,851
      
17,804
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2022 of $22.4 million, or $1.26 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the third quarter 2022 and $19.2 million, or $1.08 per basic share, earned during the fourth quarter 2021.  Total revenue was $0.3 million above prior quarter and $2.7 million above prior year same quarter.  Net interest revenue increased $1.2 million compared to prior quarter and $3.9 million compared to prior year same quarter, and noninterest income decreased $0.9 million compared to prior quarter and $1.2 million compared to prior year same quarter.  Our provision for credit losses for the quarter was $1.5 million compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021.  Noninterest expense decreased $1.2 million compared to prior quarter and $0.9 million compared to prior year same quarter.  Net income for the year ended December 31, 2022 was below prior year by $6.1 million, primarily due to the $6.4 million recovery of provision for credit losses taken in 2021 compared to provision expense of $4.9 million for the year 2022 and a $5.3 million decline in gains on sales of loans year over year.

4th Quarter 2022 Highlights

❖
Net interest income for the quarter of $44.7 million was $1.2 million above prior quarter and $3.9 million above prior year same quarter.

❖
Provision for credit losses for the quarter were $1.5 million compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021.

❖
Our loan portfolio increased $78.7 million, an annualized 8.6%, from September 30, 2022 and $300.5 million, or 8.8%, from December 31, 2021.

❖
We had a net recovery of loan charge-offs for the fourth quarter 2022 of $9 thousand compared to net loan charge-offs of $325 thousand, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 and an $8 thousand net recovery of loan charge-offs for the quarter ended December 31, 2021.

❖
Our total nonperforming loans, excluding troubled debt restructurings, increased to $15.3 million at December 31, 2022 from $13.7 million at September 30, 2022 but were below the $16.6 million at December 31, 2021.  Nonperforming assets at $19.0 million increased $3.4 million from September 30, 2022 but decreased $1.1 million from December 31, 2021.

❖
Deposits, including repurchase agreements, at $4.6 billion decreased $123.6 million, or an annualized 10.3%, from September 30, 2022 but increased $26.2 million, or 0.6%, from December 31, 2021.

❖
Shareholders’ equity at $628.0 million increased $25.5 million, or an annualized 16.8%, during the quarter but declined $70.2 million, or 10.0%, from December 31, 2021, as a result of an increase year over year in unrealized losses on our securities portfolio due to an increased interest rate environment.

❖
Noninterest income for the quarter ended December 31, 2022 of $13.8 million was $0.9 million, or 6.2%, below prior quarter and $1.2 million, or 8.1%, below prior year same quarter.

❖
Noninterest expense for the quarter ended December 31, 2022 of $30.3 million was $1.2 million, or 3.9%, lower than prior quarter and $0.9 million, or 2.9%, below prior year same quarter.



Net Interest Income

                     
Percent Change
                    
                     
4Q 2022 Compared to:
                    
($ in thousands)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
3Q
2022
    
4Q
2021
    
Year
2022
    
Year
2021
    
Percent Change
  
Components of net interest income:
                                                
Income on earning assets
  
$
57,458
    
$
51,405
    
$
44,357
      
11.8
%
    
29.5
%
  
$
197,742
    
$
178,169
      
11.0
%
Expense on interest bearing liabilities
    
12,714
      
7,869
      
3,541
      
61.6

   
259.1

   
28,640
      
15,090
      
89.8

Net interest income
    
44,744
      
43,536
      
40,816
      
2.8

   
9.6

   
169,102
      
163,079
      
3.7

TEQ
    
249
      
240
      
224
      
4.0

   
11.2

   
956
      
897
      
6.5

Net interest income, tax equivalent
  
$
44,993
    
$
43,776
    
$
41,040
      
2.8
%
    
9.6
%
  
$
170,058
    
$
163,976
      
3.7
%
                                                                 
Average yield and rates paid:
                                                                
Earning assets yield
    
4.51
%
    
3.97
%
    
3.45
%
    
13.6
%
    
30.8
%
    
3.87
%
    
3.50
%
    
10.7
%
Rate paid on interest bearing liabilities
    
1.52

   
0.93

   
0.42

   
63.4

   
260.7

   
0.85

   
0.45

   
91.3

Gross interest margin
    
2.99
%
    
3.04
%
    
3.03
%
    
(1.6
%)
    
(1.5
%)
    
3.02
%
    
3.05
%
    
(1.1
%)
Net interest margin
    
3.51
%
    
3.36
%
    
3.17
%
    
4.5
%
    
10.8
%
    
3.32
%
    
3.21
%
    
3.4
%
                                                                 
Average balances:
                                                                
Investment securities
  
$
1,284,470
    
$
1,380,881
    
$
1,496,322
      
(7.0
%)
    
(14.2
%)
  
$
1,399,877
    
$
1,324,689
      
5.7
%
Loans
  
$
3,662,221
    
$
3,568,174
    
$
3,381,206
      
2.6
%
    
8.3
%
  
$
3,552,941
    
$
3,455,742
      
2.8
%
 Earning assets
  
$
5,079,176
    
$
5,163,624
    
$
5,133,843
      
(1.6
%)
    
(1.1
%)
  
$
5,129,345
    
$
5,115,961
      
0.3
%
Interest-bearing liabilities
  
$
3,321,914
    
$
3,359,242
    
$
3,337,053
      
(1.1
%)
    
(0.5
%)
  
$
3,351,221
    
$
3,376,788
      
(0.8
%)

Net interest income for the quarter of $44.7 million was $1.2 million above prior quarter and $3.9 million above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.51% increased 15 basis points from prior quarter and 34 basis points from prior year same quarter.  Our average earning assets decreased $84.4 million from prior quarter and $54.7 million from prior year same quarter.  Our yield on average earning assets increased 54 basis points from prior quarter and 106 basis points from prior year same quarter, and our cost of funds increased 59 basis points from prior quarter and 110 basis points from prior year same quarter.  While the cost of funds increased more than our yield on earning assets improved, the net interest margin increased because of the benefit of our noninterest bearing deposits.  The benefit of these deposits increased 23 basis points during the quarter.  Noninterest bearing deposits decreased $86.2 million over prior quarter but increased $63.8 million over prior year.  Net interest income for the year ended December 31, 2022 increased $6.0 million or 3.7% from the year ended December 31, 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 78.2% for the quarter ended December 31, 2022 compared to 75.4% for the quarter ended September 30, 2022 and 73.3% for the quarter ended December 31, 2021.

Noninterest Income

                     
Percent Change
                    
                     
4Q 2022 Compared to:
                    
($ in thousands)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
3Q
2022
    
4Q
2021
    
Year
2022
    
Year
2021
    
Percent Change
  
Deposit related fees
  
$
7,411
    
$
7,629
    
$
7,083
      
(2.9
%)
    
4.6
%
  
$
29,049
    
$
26,529
      
9.5
%
Trust revenue
    
2,959
      
2,989
      
3,305
      
(1.0
)
    
(10.5
)
    
12,394
      
12,644
      
(2.0
)
Gains on sales of loans
    
174
      
235
      
1,241
      
(26.1
)
    
(86.0
)
    
1,525
      
6,820
      
(77.6
)
Loan related fees
    
1,119
      
1,589
      
1,254
      
(29.6
)
    
(10.8
)
    
6,185
      
5,578
      
10.9

Bank owned life insurance revenue
    
572
      
743
      
1,036
      
(22.8
)
    
(44.8
)
    
2,708
      
2,844
      
(4.8
)
Brokerage revenue
    
344
      
453
      
432
      
(24.0
)
    
(20.4
)
    
1,846
      
1,962
      
(5.9
)
Other
    
1,192
      
1,041
      
626
      
14.4

   
90.2

   
4,209
      
4,086
      
3.0

Total noninterest income
  
$
13,771
    
$
14,679
    
$
14,977
      
(6.2
%)
    
(8.1
%)
  
$
57,916
    
$
60,463
      
(4.2
%)

Noninterest income for the quarter ended December 31, 2022 of $13.8 million was $0.9 million, or 6.2%, below prior quarter and $1.2 million, or 8.1%, below prior year same quarter.  The quarter over quarter decrease included a $0.2 million decrease in deposit related fees, a $0.5 million decrease in loan related fees, and a $0.2 million decrease in bank owned life insurance income.  Noninterest income for the year 2022 decreased $2.5 million from the year ended December 31, 2021 due to a $5.3 million decline in gains on sales of loans, partially offset by a $2.5 million increase in deposit related fees.  Gains on sales of loans continue to be impacted by the slowdown in the industry-wide mortgage refinancing boom.  Deposit related fees were primarily impacted by debit card income and overdraft charges.



Noninterest Expense

                     
Percent Change
                    
                     
4Q 2022 Compared to:
                    
($ in thousands)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
3Q
2022
    
4Q
2021
    
Year
2022
    
Year
2021
    
Percent Change
  
Salaries
  
$
12,439
    
$
12,537
    
$
11,982
      
(0.8
%)
    
3.8
%
  
$
48,934
    
$
47,061
      
4.0
%
Employee benefits
    
5,433
      
6,009
      
7,486
      
(9.6
)
    
(27.4
)
    
23,556
      
27,053
      
(12.9
)
Net occupancy and equipment
    
2,576
      
2,897
      
2,625
      
(11.1
)
    
(1.9
)
    
11,083
      
10,854
      
2.1

Data processing
    
2,344
      
2,270
      
2,099
      
3.3

   
11.6

   
8,910
      
8,039
      
10.8

Legal and professional fees
    
931
      
752
      
868
      
23.9

   
7.2

   
3,434
      
3,199
      
7.3

Advertising and marketing
    
826
      
768
      
676
      
7.3

   
22.1

   
3,005
      
2,928
      
2.6

Taxes other than property and payroll
    
296
      
422
      
542
      
(30.2
)
    
(45.5
)
    
1,570
      
1,750
      
(10.3
)
Net other real estate owned expense
    
18
      
42
      
299
      
(58.4
)
    
(94.3
)
    
456
      
1,401
      
(67.4
)
Other
    
5,396
      
5,778
      
4,572
      
(6.6
)
    
18.1

   
20,123
      
17,000
      
18.4

Total noninterest expense
  
$
30,259
    
$
31,475
    
$
31,149
      
(3.9
%)
    
(2.9
%)
  
$
121,071
    
$
119,285
      
1.5
%

Noninterest expense for the quarter ended December 31, 2022 of $30.3 million was $1.2 million, or 3.9%, lower than prior quarter and $0.9 million, or 2.9%, below prior year same quarter.  The decrease in noninterest expense was primarily the result of a decline in post retirement benefits, included in employee benefits.  Noninterest expense for the year ended December 31, 2022 was $1.8 million, or 1.5%, higher than the year 2021.  Noninterest expense for the year 2022 was impacted by a $1.4 million accrual for customer refunds of re-presented returned item fees during the third quarter and year over year increases of $0.9 million in data processing expense, $0.6 million in loan related expenses, and $0.4 million in contributions, partially offset by a $1.6 million year over year decrease in personnel expense.



Balance Sheet Review

Total Loans
                              
                     
Percent Change
  
                     
4Q 2022 Compared to:
  
($ in thousands)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
3Q
2022
    
4Q
2021
  
Commercial nonresidential real estate
  
$
762,349
    
$
756,138
    
$
757,893
      
0.8
%
    
0.6
%
Commercial residential real estate
    
372,914
      
359,643
      
335,233
      
3.7

   
11.2

Hotel/motel
    
343,640
      
335,253
      
257,062
      
2.5

   
33.7

SBA guaranteed PPP loans
    
883
      
1,958
      
47,335
      
(54.9
)
    
(98.1
)
Other commercial
    
389,072
      
383,398
      
359,930
      
1.5

   
8.1

Total commercial
    
1,868,858
      
1,836,390
      
1,757,453
      
1.8

   
6.3

                                         
Residential mortgage
    
824,995
      
814,944
      
767,185
      
1.2

   
7.5

Home equity loans/lines
    
120,541
      
115,400
      
106,667
      
4.5

   
13.0

Total residential
    
945,536
      
930,344
      
873,852
      
1.6

   
8.2

                                         
Consumer indirect
    
737,392
      
703,016
      
620,825
      
4.9

   
18.8

Consumer direct
    
157,504
      
160,866
      
156,683
      
(2.1
)
    
0.5

Total consumer
    
894,896
      
863,882
      
777,508
      
3.6

   
15.1

                                         
Total loans
  
$
3,709,290
    
$
3,630,616
    
$
3,408,813
      
2.2
%
    
8.8
%

Total Deposits and Repurchase Agreements
                              
                     
Percent Change
  
                     
4Q 2022 Compared to:
  
($ in thousands)
  
4Q
2022
    
3Q
2022
    
4Q
2021
    
3Q
2022
    
4Q
2021
  
Non-interest bearing deposits
   $
1,394,915
    
$
1,481,078
    
$
1,331,103
      
(5.8
%)
    
4.8
%
Interest bearing deposits
                                        
Interest checking
    
112,265
      
100,680
      
97,064
      
11.5

   
15.7

Money market savings
    
1,348,809
      
1,268,682
      
1,206,401
      
6.3

   
11.8

Savings accounts
    
654,380
      
683,697
      
632,645
      
(4.3
)
    
3.4

Time deposits
    
915,774
      
1,000,931
      
1,077,079
      
(8.5
)
    
(15.0
)
Repurchase agreements
    
215,431
      
230,123
      
271,088
      
(6.4
)
    
(20.5
)
Total interest bearing deposits and repurchase agreements
    
3,246,659
      
3,284,113
      
3,284,277
      
(1.1
)
    
(1.1
)
Total deposits and repurchase agreements
   $
4,641,574
    
$
4,765,191
    
$
4,615,380
      
(2.6
%)
    
0.6
%

CTBI’s total assets at $5.4 billion decreased $94.0 million, or 6.8% annualized, from September 30, 2022 and $37.9 million, or 0.7%, from December 31, 2021.  Loans outstanding at December 31, 2022 were $3.7 billion, an increase of $78.7 million, an annualized 8.6%, from September 30, 2022 and $300.5 million, or 8.8%, from December 31, 2021.  The increase in loans from prior quarter included a $32.5 million increase in the commercial loan portfolio, a $15.2 million increase in the residential loan portfolio, and a $34.4 million increase in the indirect consumer loan portfolio, offset partially by a $3.4 million decrease in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $42.2 million, or an annualized 12.9%, from September 30, 2022 and $199.3 million, or 13.7%, from December 31, 2021.  Deposits in other banks decreased $121.7 million from prior quarter and $187.8 million from year end 2021.  Deposits, including repurchase agreements, at $4.6 billion decreased $123.6 million, or an annualized 10.3%, from September 30, 2022 but increased $26.2 million, or 0.6%, from December 31, 2021.  Though deposits decreased during the quarter, $48.3 million was referred to our trust subsidiary, Community Trust and Investment Company (CTIC), allowing us to maintain the overall customer relationship for those depositors who moved funds for additional investment opportunities.  During the year 2022, $100.2 million in deposits was referred to CTIC.

Shareholders’ equity at $628.0 million increased $25.5 million, or an annualized 16.8%, during the quarter but declined $70.2 million, or 10.0%, from December 31, 2021, as a result of an increase year over year in unrealized losses on our securities portfolio due to an increased interest rate environment.  Net unrealized losses on securities were $129.2 million at December 31, 2022, compared to $139.4 million at September 30, 2022 and $4.8 million at December 31, 2021.  Management has the ability and intent to hold these securities to recovery or maturity.  CTBI’s annualized dividend yield to shareholders as of December 31, 2022 was 3.83%.

Asset Quality

Our total nonperforming loans, excluding troubled debt restructurings, increased to $15.3 million at December 31, 2022 from $13.7 million at September 30, 2022 but were below the $16.6 million at December 31, 2021.  Accruing loans 90+ days past due at $8.5 million increased $2.9 million from prior quarter and $2.5 million from December 31, 2021.  Nonaccrual loans at $6.8 million decreased $1.3 million from prior quarter and $3.9 million from December, 2021.  Accruing loans 30-89 days past due at $15.3 million increased $3.2 million from prior quarter and $4.4 million from December 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 was $3.7 million at December 31, 2022 compared to $1.9 million at September 30, 2022 and $3.5 million at December 31, 2021.  Sales of foreclosed properties for the quarter ended December 31, 2022 totaled $0.1 million while new foreclosed properties totaled $2.0 million.  For the year 2022, we had sales of $2.0 million and new foreclosed properties of $2.4 million.  At December 31, 2022, the book value of properties under contracts to sell was $1.2 million; however, the closings had not occurred at quarter-end.

We had a net recovery of loan charge-offs for the fourth quarter 2022 of $9 thousand, resulting from a $1.1 million recovery of a previous year’s charge-off.  Net loan charge-offs were $325 thousand, or 0.04% of average loans annualized, for the quarter ended September 30, 2022.  We had an $8 thousand net recovery of loan charge-offs for the quarter ended December 31, 2021.  Net loan charge-offs for the year 2022 were $0.7 million, or 0.02% of average loans annualized, compared to a net recovery of loan charge-offs of $0.1 million for the year 2021.

Allowance for Credit Losses

Provision for credit losses for the fourth quarter 2022 was $1.5 million, compared to $2.4 million for the quarter ended September 30, 2022 and $0.5 million for the fourth quarter 2021.  Provision for the year 2022 was $4.9 million compared to a recovery of $6.4 million during the year 2021.  Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2022 was 300.4% compared to 324.5% at September 30, 2022 and 251.2% at December 31, 2021.  Our credit loss reserve as a percentage of total loans outstanding at December 31, 2022 was 1.24% compared to 1.22% at September 30, 2022 and December 31, 2021.

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 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, 2022  
(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, 2022
    
September 30, 2022
    
December 31, 2021
    
December 31, 2022
    
December 31, 2021
  
Interest income
  
$
57,458
    
$
51,405
    
$
44,357
    
$
197,742
    
$
178,169
  
Interest expense
    
12,714
      
7,869
      
3,541
      
28,640
      
15,090
  
Net interest income
    
44,744
      
43,536
      
40,816
      
169,102
      
163,079
  
Loan loss provision
    
1,539
      
2,414
      
533
      
4,905
      
(6,386
)
                                         
Gains on sales of loans
    
174
      
235
      
1,241
      
1,525
      
6,820
  
Deposit related fees
    
7,411
      
7,629
      
7,083
      
29,049
      
26,529
  
Trust revenue
    
2,959
      
2,989
      
3,305
      
12,394
      
12,644
  
Loan related fees
    
1,119
      
1,589
      
1,254
      
6,185
      
5,578
  
Securities gains (losses)
    
117
      
(159
)
    
(208
)
    
(168
)
    
(158
)
Other noninterest income
    
1,991
      
2,396
      
2,302
      
8,931
      
9,050
  
Total noninterest income
    
13,771
      
14,679
      
14,977
      
57,916
      
60,463
  
                                         
Personnel expense
    
17,872
      
18,546
      
19,468
      
72,490
      
74,114
  
Occupancy and equipment
    
2,576
      
2,897
      
2,625
      
11,083
      
10,854
  
Data processing expense
    
2,344
      
2,270
      
2,099
      
8,910
      
8,039
  
FDIC insurance premiums
    
374
      
360
      
339
      
1,447
      
1,381
  
Other noninterest expense
    
7,093
      
7,402
      
6,618
      
27,141
      
24,897
  
Total noninterest expense
    
30,259
      
31,475
      
31,149
      
121,071
      
119,285
  
                                         
Net income before taxes
    
26,717
      
24,326
      
24,111
      
101,042
      
110,643
  
Income taxes
    
4,274
      
4,954
      
4,863
      
19,228
      
22,704
  
Net income
  
$
22,443
    
$
19,372
    
$
19,248
    
$
81,814
    
$
87,939
  
                                         
Memo: TEQ interest income
  
$
57,707
    
$
51,645
    
$
44,581
    
$
198,698
    
$
179,066
  
                                         
Average shares outstanding
    
17,848
      
17,841
      
17,796
      
17,836
      
17,786
  
Diluted average shares outstanding
    
17,872
      
17,857
      
17,820
      
17,851
      
17,804
  
Basic earnings per share
  
$
1.26
    
$
1.09
    
$
1.08
    
$
4.59
    
$
4.94
  
Diluted earnings per share
  
$
1.26
    
$
1.08
    
$
1.08
    
$
4.58
    
$
4.94
  
Dividends per share
  
$
0.44
    
$
0.44
    
$
0.40
    
$
1.68
    
$
1.570
  
                                         
Average balances:
                                        
Loans
  
$
3,662,221
    
$
3,568,174
    
$
3,381,206
    
$
3,552,941
    
$
3,455,742
  
Earning assets
    
5,079,176
      
5,163,624
      
5,133,843
      
5,129,345
      
5,115,961
  
Total assets
    
5,412,752
      
5,477,596
      
5,418,854
      
5,438,696
      
5,387,241
  
Deposits, including repurchase agreements
    
4,682,014
      
4,733,393
      
4,612,010
      
4,688,976
      
4,592,415
  
Interest bearing liabilities
    
3,321,914
      
3,359,242
      
3,337,053
      
3,351,221
      
3,376,788
  
Shareholders' equity
    
617,338
      
636,038
      
697,727
      
642,423
      
682,697
  
                                         
Performance ratios:
                                        
Return on average assets
    
1.64
%
    
1.40
%
    
1.41
%
    
1.50
%
    
1.63
%
Return on average equity
    
14.42
%
    
12.08
%
    
10.94
%
    
12.73
%
    
12.88
%
Yield on average earning assets (tax equivalent)
    
4.51
%
    
3.97
%
    
3.45
%
    
3.87
%
    
3.50
%
Cost of interest bearing funds (tax equivalent)
    
1.52
%
    
0.93
%
    
0.42
%
    
0.85
%
    
0.45
%
Net interest margin (tax equivalent)
    
3.51
%
    
3.36
%
    
3.17
%
    
3.32
%
    
3.21
%
Efficiency ratio (tax equivalent)
    
51.81
%
    
53.70
%
    
55.40
%
    
53.12
%
    
53.11
%
                                         
Loan charge-offs
  
$
1,995
    
$
1,203
    
$
865
    
$
5,346
    
$
4,325
  
Recoveries
    
(2,004
)
    
(878
)
    
(873
)
    
(4,666
)
    
(4,445
)
Net charge-offs
  
$
(9
)
  
$
325
    
$
(8
)
  
$
680
    
$
(120
)
                                         
Market Price:
                                        
High
  
$
48.05
    
$
45.37
    
$
46.21
    
$
48.05
    
$
47.53
  
Low
  
$
40.81
    
$
39.65
    
$
41.05
    
$
39.10
    
$
36.02
  
Close
  
$
45.93
    
$
40.55
    
$
43.61
    
$
45.93
    
$
43.61
  



Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 December 31, 2022
(in thousands except per share data and # of employees)
 
   
As of
    
As of
    
As of
  
   
December 31, 2022
    
September 30, 2022
    
December 31, 2021
  
Assets:
                  
Loans
  
$
3,709,290
    
$
3,630,616
    
$
3,408,813
  
Loan loss reserve
    
(45,981
)
    
(44,433
)
    
(41,756
)
Net loans
    
3,663,309
      
3,586,183
      
3,367,057
  
Loans held for sale
    
109
      
1,043
      
2,632
  
Securities AFS
    
1,256,226
      
1,298,592
      
1,455,429
  
Equity securities at fair value
    
2,166
      
1,969
      
2,253
  
Other equity investments
    
11,563
      
11,563
      
13,026
  
Other earning assets
    
79,475
      
201,196
      
267,286
  
Cash and due from banks
    
51,306
      
60,527
      
46,558
  
Premises and equipment
    
42,633
      
41,593
      
40,479
  
Right of use asset
    
17,071
      
12,131
      
12,148
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
190,968
      
194,051
      
145,899
  
Total Assets
  
$
5,380,316
    
$
5,474,338
    
$
5,418,257
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
112,265
    
$
100,680
    
$
97,064
  
Savings deposits
    
2,003,189
      
1,952,379
      
1,839,046
  
CD's >=$100,000
    
471,934
      
537,233
      
589,853
  
Other time deposits
    
443,840
      
463,698
      
487,226
  
Total interest bearing deposits
    
3,031,228
      
3,053,990
      
3,013,189
  
Noninterest bearing deposits
    
1,394,915
      
1,481,078
      
1,331,103
  
Total deposits
    
4,426,143
      
4,535,068
      
4,344,292
  
Repurchase agreements
    
215,431
      
230,123
      
271,088
  
Other interest bearing liabilities
    
58,696
      
58,701
      
58,716
  
Lease liability
    
17,628
      
12,636
      
13,005
  
Other noninterest bearing liabilities
    
34,371
      
35,250
      
32,954
  
Total liabilities
    
4,752,269
      
4,871,778
      
4,720,055
  
Shareholders' equity
    
628,047
      
602,560
      
698,202
  
Total Liabilities and Equity
  
$
5,380,316
    
$
5,474,338
    
$
5,418,257
  
                         
Ending shares outstanding
    
17,918
      
17,901
      
17,843
  
                         
30 - 89 days past due loans
  
$
15,303
    
$
12,058
    
$
10,874
  
90 days past due loans
    
8,496
      
5,554
      
5,954
  
Nonaccrual loans
    
6,813
      
8,138
      
10,671
  
Restructured loans (excluding 90 days past due and nonaccrual)
    
81,331
      
79,092
      
69,827
  
Foreclosed properties
    
3,671
      
1,864
      
3,486
  
                         
Community bank leverage ratio
    
13.55
%
    
13.24
%
    
13.00
%
Tangible equity to tangible assets ratio
    
10.58
%
    
9.93
%
    
11.82
%
FTE employees
    
985
      
964
      
974