Community Trust Bancorp, Inc. Reports Earnings for the 3rd Quarter 2023

Rhea-AI Summary

Community Trust Bancorp reports earnings for the third quarter of 2023, with net income of $20.6 million and earnings per share of $1.15. Total revenue is $0.8 million above the prior quarter and $0.4 million above the prior year same quarter.

Positive

• Community Trust Bancorp achieved earnings of $20.6 million for the third quarter of 2023, with a net interest income of $43.1 million. Noninterest income increased by $0.7 million compared to the prior quarter and $0.8 million compared to the prior year same quarter. The loan portfolio increased by $55.3 million, or 5.6%, from the previous quarter.

Negative

• None.

PIKEVILLE, Ky.--(BUSINESS WIRE)-- Community Trust Bancorp, Inc. (NASDAQ: CTBI):

Earnings Summary
(in thousands except per share data)		3Q 2023		2Q 2023		3Q 2022		YTD 2023		YTD 2022
Net income		$20,628		$19,404		$19,372		$59,345		$59,371
Earnings per share		$1.15		$1.09		$1.09		$3.32		$3.33
Earnings per share - diluted		$1.15		$1.08		$1.08		$3.32		$3.33
Return on average assets		1.46%		1.41%		1.40%		1.44%		1.46%
Return on average equity		12.30%		11.72%		12.08%		12.02%		12.20%
Efficiency ratio		52.66%		53.52%		53.70%		53.82%		53.58%
Tangible common equity		10.55%		10.90%		9.93%
Dividends declared per share		$0.46		$0.44		$0.44		$1.34		$1.24
Book value per share		$36.30		$36.71		$33.66
Weighted average shares		17,893		17,884		17,841		17,882		17,832
Weighted average shares - diluted		17,904		17,890		17,857		17,892		17,844

Community Trust Bancorp, Inc. (NASDAQ: CTBI) achieved earnings for the third quarter 2023 of $20.6 million, or $1.15 per basic share, compared to $19.4 million, or $1.09 per basic share, earned during the second quarter 2023 and $19.4 million, or $1.09 per basic share, earned during the third quarter 2022. Total revenue was $0.8 million above prior quarter and $0.4 million above prior year same quarter. Net interest revenue increased $0.1 million compared to prior quarter but decreased $0.4 million compared to prior year same quarter, and noninterest income increased $0.7 million compared to prior quarter and $0.8 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million for the quarter and $0.5 million from prior year third quarter. Noninterest expense decreased $0.2 million compared to prior quarter and $0.6 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2023 were $59.3 million, or $3.32 per basic share, compared to $59.4 million, or $3.33 per basic share for the nine months ended September 30, 2022.

3^rd Quarter 2023 Highlights

• Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter.
• Provision for credit losses at $1.9 million for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter.
• Our loan portfolio at $4.0 billion increased $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022.
• We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022.
• Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 2022. Nonperforming assets at $15.2 million increased $1.4 million from June 30, 2023 but decreased $0.4 million from September 30, 2022.
• Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0% from September 30, 2022.
• Shareholders’ equity at $653.0 million decreased $7.1 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022.
• Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity.
• Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter.
• Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter.

Net Interest Income

								Percent Change
								3Q 2023 Compared to:
($ in thousands)		3Q 2023		2Q 2023		3Q 2022		2Q 2023		3Q 2022		YTD 2023		YTD 2022		Percent Change
Components of net interest income:
Income on earning assets		$69,499		$64,827		$51,405		7.2%		35.2%		$195,321		$140,284		39.2%
Expense on interest bearing liabilities		26,359		21,748		7,869		21.2%		234.9%		65,186		15,926		309.3%
Net interest income		43,140		43,079		43,536		0.1%		(0.9%)		130,135		124,358		4.6%
TEQ		298		298		240		0.0%		24.1%		894		707		26.4%
Net interest income, tax equivalent		$43,438		$43,377		$43,776		0.1%		(0.8%)		$131,029		$125,065		4.8%
Average yield and rates paid:
Earning assets yield		5.25%		5.03%		3.97%		4.3%		32.3%		5.05%		3.66%		37.8%
Rate paid on interest bearing liabilities		2.93%		2.54%		0.93%		15.4%		215.4%		2.52%		0.63%		298.1%
Gross interest margin		2.32%		2.49%		3.04%		(7.0%)		(23.7%)		2.53%		3.03%		(16.7%)
Net interest margin		3.27%		3.35%		3.36%		(2.5%)		(2.9%)		3.37%		3.25%		3.7%
Average balances:
Investment securities		$1,178,707		$1,230,556		$1,380,881		(4.2%)		(14.6%)		$1,220,135		$1,438,769		(15.2%)
Loans		$3,952,096		$3,836,446		$3,568,174		3.0%		10.8%		$3,843,441		$3,516,114		9.3%
Earning assets		$5,274,542		$5,189,716		$5,163,624		1.6%		2.1%		$5,199,072		$5,146,251		1.0%
Interest-bearing liabilities		$3,567,343		$3,435,072		$3,359,242		3.9%		6.2%		$3,455,666		$3,361,097		2.8%

Net interest income for the quarter of $43.1 million was $0.1 million above prior quarter but $0.4 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.27% decreased 8 basis points from prior quarter and 9 basis points from prior year same quarter. Our average earning assets increased $84.8 million from prior quarter and $110.9 million from prior year same quarter. Our yield on average earning assets increased 22 basis points from prior quarter and 128 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 200 basis points from prior year same quarter. Our net interest income for the nine months ended September 30, 2023 was $130.1 million compared to $124.4 million for the nine months ended September 30, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 83.2% for the quarter ended September 30, 2023 compared to 81.2% for the quarter ended June 30, 2023 and 75.4% for the quarter ended September 30, 2022.

Noninterest Income

								Percent Change
								3Q 2023 Compared to:
($ in thousands)		3Q 2023		2Q 2023		3Q 2022		2Q 2023		3Q 2022		YTD 2023		YTD 2022		Percent Change
Deposit related fees		$7,823		$7,513		$7,629		4.1%		2.5%		$22,623		$21,638		4.6%
Trust revenue		3,277		3,351		2,989		(2.2%)		9.6%		9,707		9,435		2.9%
Gains on sales of loans		105		115		235		(8.8%)		(55.3%)		341		1,351		(74.7%)
Loan related fees		1,283		1,197		1,589		7.2%		(19.3%)		3,325		5,066		(34.4%)
Bank owned life insurance revenue		1,108		735		743		50.7%		49.1%		2,701		2,136		26.5%
Brokerage revenue		452		388		453		16.5%		(0.2%)		1,188		1,502		(20.9%)
Other		1,448		1,457		1,041		(0.6%)		39.1%		4,049		3,017		34.2%
Total noninterest income		$15,496		$14,756		$14,679		5.0%		5.6%		$43,934		$44,145		(0.5%)

Noninterest income for the quarter ended September 30, 2023 of $15.5 million was $0.7 million, or 5.0%, above prior quarter and $0.8 million, or 5.6%, above prior year same quarter. The quarter over quarter increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in securities gains, and a $0.4 million increase in bank owned life insurance. The year over year increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, a $0.5 million increase in securities gains, and a $0.4 million increase in bank owned life insurance partially offset by a $0.1 million decline in gains on sales of loans and a $0.3 million decline in loan related fees resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first nine months of 2023 was $43.9 million compared to $44.1 million for the nine months ended September 30, 2022.

Noninterest Expense

								Percent Change
								3Q 2023 Compared to:
($ in thousands)		3Q 2023		2Q 2023		3Q 2022		2Q 2023		3Q 2022		YTD 2023		YTD 2022		Percent Change
Salaries		$12,755		$12,732		$12,537		0.2%		1.7%		$38,120		$36,495		4.5%
Employee benefits		5,298		5,573		6,009		(4.9%)		(11.8%)		17,146		18,123		(5.4%)
Net occupancy and equipment		2,875		2,895		2,897		(0.7%)		(0.8%)		8,798		8,507		3.4%
Data processing		2,410		2,383		2,270		1.1%		6.2%		7,096		6,566		8.1%
Legal and professional fees		722		912		752		(20.8%)		(3.9%)		2,450		2,503		(2.1%)
Advertising and marketing		767		704		768		9.0%		(0.1%)		2,291		2,180		5.1%
Taxes other than property and payroll		420		433		422		(3.1%)		(0.4%)		1,285		1,274		0.9%
Net other real estate owned expense		165		61		42		169.9%		292.9%		345		438		(21.2%)
Other		5,435		5,332		5,778		1.9%		(5.9%)		16,231		14,726		10.2%
Total noninterest expense		$30,847		$31,025		$31,475		(0.6%)		(2.0%)		$93,762		$90,812		3.2%

Noninterest expense for the quarter ended September 30, 2023 of $30.8 million was $0.2 million, or 0.6%, below prior quarter and $0.6 million, or 2.0%, below prior year same quarter. The decrease in noninterest expense quarter over quarter included a $0.3 million decrease in personnel expense. The decrease in personnel expense included a $0.7 million decrease in group medical and life insurance partially offset by a $0.4 million increase in bonuses and incentives. The decrease year over year was primarily a decrease in personnel costs of $0.5 million which included a $0.6 million decrease in bonuses and incentives, and a $0.1 million decrease in group medical and life insurance, partially offset by a $0.2 million increase in salary expense. Noninterest expense for the first nine months of 2023 was $93.8 million compared to $90.8 million for the nine months ended September 30, 2022.

Balance Sheet Review

Total Loans
								Percent Change
								3Q 2023 Compared to:
($ in thousands)		3Q 2023		2Q 2023		3Q 2022		2Q 2023		3Q 2022
Commercial nonresidential real estate		$788,287		$787,598		$756,138		0.1%		4.3%
Commercial residential real estate		404,779		393,309		359,643		2.9%		12.6%
Hotel/motel		386,067		372,981		335,253		3.5%		15.2%
Other commercial		377,449		396,741		385,356		(4.9%)		(2.1%)
Total commercial		1,956,582		1,950,629		1,836,390		0.3%		6.5%
Residential mortgage		916,580		883,104		814,944		3.8%		12.5%
Home equity loans/lines		139,085		132,033		115,400		5.3%		20.5%
Total residential		1,055,665		1,015,137		930,344		4.0%		13.5%
Consumer indirect		812,060		806,081		703,016		0.7%		15.5%
Consumer direct		160,712		157,848		160,866		1.8%		(0.1%)
Total consumer		972,772		963,929		863,882		0.9%		12.6%
Total loans		$3,985,019		$3,929,695		$3,630,616		1.4%		9.8%

Total Deposits and Repurchase Agreements
								Percent Change
								3Q 2023 Compared to:
($ in thousands)		3Q 2023		2Q 2023		3Q 2022		2Q 2023		3Q 2022
Non-interest bearing deposits		$1,314,189		$1,361,078		$1,481,078		(3.4%)		(11.3%)
Interest bearing deposits
Interest checking		125,107		142,542		100,680		(12.2%)		24.3%
Money market savings		1,412,679		1,389,081		1,268,682		1.7%		11.4%
Savings accounts		556,820		611,772		683,697		(9.0%)		(18.6%)
Time deposits		1,219,097		1,012,187		1,000,931		20.4%		21.8%
Repurchase agreements		232,577		229,020		230,123		1.6%		1.1%
Total interest bearing deposits and repurchase agreements		3,546,280		3,384,602		3,284,113		4.8%		8.0%
Total deposits and repurchase agreements		$4,860,469		$4,745,680		$4,765,191		2.4%		2.0%

CTBI’s total assets at $5.6 billion as of September 30, 2023 increased $114.1 million, or 8.2% annualized, from June 30 2023 and $160.6 million, or 2.9%, from September 30, 2022. Loans outstanding at September 30, 2023 were $4.0 billion, an increase of $55.3 million, an annualized 5.6%, from June 30, 2023 and $354.4 million, or 9.8%, from September 30, 2022. The increase in loans from prior quarter included a $6.0 million increase in the commercial loan portfolio, a $40.5 million increase in the residential loan portfolio, a $6.0 million increase in the indirect consumer loan portfolio, and a $2.8 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $65.0 million, or an annualized 21.4%, from June 30, 2023 and $161.8 million, or 12.4%, from September 30, 2022. Deposits in other banks increased $92.3 million from prior quarter but decreased $49.1 million from September 30, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $114.8 million, or an annualized 9.6%, from June 30, 2023 and $95.3 million, or 2.0%, from September 30, 2022.

Shareholders’ equity at $653.0 million decreased $7.0 million, or an annualized 4.3%, during the quarter but increased $50.5 million, or 8.4%, from September 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $141.4 million at September 30, 2023, compared to $121.3 million at June 30, 2023 and $139.4 million at September 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of September 30, 2023 was 5.37%.

Asset Quality

Our total nonperforming loans increased to $13.0 million at September 30, 2023 from $11.7 million at June 30, 2023 but decreased $0.7 million from the $13.7 million at September 30, 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 $8.1 million increased $1.7 million from prior quarter and $2.5 million from September 30, 2022. Nonaccrual loans at $4.9 million decreased $0.4 million from prior quarter and $3.2 million from September 30, 2022. Accruing loans 30-89 days past due at $12.1 million decreased $0.1 million from prior quarter and were relatively flat to September 30, 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 $2.2 million at September 30, 2023 compared to $2.0 million at June 30, 2023 and $1.9 million at September 30, 2022. Sales of foreclosed properties for the quarter ended September 30, 2023 totaled $0.1 million while new foreclosed properties totaled $0.3 million. At September 30, 2023, the book value of properties under contracts to sell was $0.8 million; however, the closings had not occurred at quarter-end.

We had net loan charge-offs of $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 compared to $0.7 million, or 0.07% of average loans annualized, for the second quarter 2023 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022. Net charge-offs for the nine months ended September 30, 2023 were $2.3 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.03% of average loans annualized, for the nine months ended September 30, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter decreased $0.1 million from prior quarter and $0.5 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2023 was 375.2% compared to 408.9% at June 30, 2023 and 324.5% at September 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2023 remained at 1.22% from June 30, 2023 and September 30, 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 $5.6 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)
September 30, 2023
(in thousands except per share data and # of employees)
	Three				Three				Three				Nine				Nine
	Months				Months				Months				Months				Months
	Ended				Ended				Ended				Ended				Ended
	September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Interest income	$	69,499			$	64,827			$	51,405			$	195,321			$	140,284
Interest expense		26,359				21,748				7,869				65,186				15,926
Net interest income		43,140				43,079				43,536				130,135				124,358
Loan loss provision		1,871				2,009				2,414				4,996				3,366
Gains on sales of loans		105				115				235				341				1,351
Deposit related fees		7,823				7,513				7,629				22,623				21,638
Trust revenue		3,277				3,351				2,989				9,707				9,435
Loan related fees		1,283				1,197				1,589				3,325				5,066
Securities gains (losses)		355				165				(159	)			738				(285	)
Other noninterest income		2,653				2,415				2,396				7,200				6,940
Total noninterest income		15,496				14,756				14,679				43,934				44,145
Personnel expense		18,053				18,305				18,546				55,266				54,618
Occupancy and equipment		2,875				2,895				2,897				8,798				8,507
Data processing expense		2,410				2,383				2,270				7,096				6,566
FDIC insurance premiums		612				610				360				1,828				1,073
Other noninterest expense		6,897				6,832				7,402				20,774				20,048
Total noninterest expense		30,847				31,025				31,475				93,762				90,812
Net income before taxes		25,918				24,801				24,326				75,311				74,325
Income taxes		5,290				5,397				4,954				15,966				14,954
Net income	$	20,628			$	19,404			$	19,372			$	59,345			$	59,371
Memo: TEQ interest income	$	69,797			$	65,125			$	51,645			$	196,215			$	140,991
Average shares outstanding		17,893				17,884				17,841				17,882				17,832
Diluted average shares outstanding		17,904				17,890				17,857				17,892				17,844
Basic earnings per share	$	1.15			$	1.09			$	1.09			$	3.32			$	3.33
Diluted earnings per share	$	1.15			$	1.08			$	1.08			$	3.32			$	3.33
Dividends per share	$	0.46			$	0.44			$	0.44			$	1.34			$	1.24
Average balances:
Loans	$	3,952,096			$	3,836,446			$	3,568,174			$	3,843,441			$	3,516,114
Earning assets		5,274,542				5,189,716				5,163,624				5,199,072				5,146,251
Total assets		5,603,586				5,509,776				5,477,596				5,524,343				5,447,439
Deposits, including repurchase agreements		4,750,448				4,727,386				4,733,393				4,722,207				4,691,322
Interest bearing liabilities		3,567,343				3,435,072				3,359,242				3,455,666				3,361,097
Shareholders' equity		665,129				663,896				636,038				660,063				650,877
Performance ratios:
Return on average assets		1.46	%			1.41	%			1.40	%			1.44	%			1.46	%
Return on average equity		12.30	%			11.72	%			12.08	%			12.02	%			12.20	%
Yield on average earning assets (tax equivalent)		5.25	%			5.03	%			3.97	%			5.05	%			3.66	%
Cost of interest bearing funds (tax equivalent)		2.93	%			2.54	%			0.93	%			2.52	%			0.63	%
Net interest margin (tax equivalent)		3.27	%			3.35	%			3.36	%			3.37	%			3.25	%
Efficiency ratio (tax equivalent)		52.66	%			53.52	%			53.70	%			53.82	%			53.58	%
Loan charge-offs	$	2,012			$	1,953			$	1,203			$	5,730			$	3,351
Recoveries		(842	)			(1,279	)			(878	)			(3,472	)			(2,662	)
Net charge-offs	$	1,170			$	674			$	325			$	2,258			$	689
Market Price:
High	$	39.86			$	40.30			$	45.37			$	47.35			$	46.30
Low	$	33.48			$	32.68			$	39.65			$	32.68			$	39.10
Close	$	34.26			$	35.57			$	40.55			$	34.26			$	40.55
									As of				As of				As of
									September 30, 2023				June 30, 2023				September 30, 2022
Assets:
Loans									$	3,985,019			$	3,929,695			$	3,630,616
Loan loss reserve										(48,719	)			(48,018	)			(44,433	)
Net loans										3,936,300				3,881,677				3,586,183
Loans held for sale										-				238				1,043
Securities AFS										1,135,878				1,201,253				1,298,592
Equity securities at fair value										2,900				2,545				1,969
Other equity investments										12,557				11,432				11,563
Other earning assets										152,064				62,726				201,196
Cash and due from banks										69,291				48,915				60,527
Premises and equipment										44,962				42,911				41,593
Right of use asset										16,100				16,678				12,131
Goodwill and core deposit intangible										65,490				65,490				65,490
Other assets										199,390				186,933				194,051
Total Assets									$	5,634,932			$	5,520,798			$	5,474,338
Liabilities and Equity:
Interest bearing checking									$	125,107			$	142,542			$	100,680
Savings deposits										1,969,499				2,000,853				1,952,379
CD's >=$100,000										666,808				538,492				537,233
Other time deposits										552,289				473,695				463,698
Total interest bearing deposits										3,313,703				3,155,582				3,053,990
Noninterest bearing deposits										1,314,189				1,361,078				1,481,078
Total deposits										4,627,892				4,516,660				4,535,068
Repurchase agreements										232,577				229,020				230,123
Other interest bearing liabilities										65,136				65,195				58,701
Lease liability										16,801				17,317				12,636
Other noninterest bearing liabilities										39,492				32,481				35,250
Total liabilities										4,981,898				4,860,673				4,871,778
Shareholders' equity										653,034				660,125				602,560
Total Liabilities and Equity									$	5,634,932			$	5,520,798			$	5,474,338
Ending shares outstanding										17,991				17,984				17,901
30 - 89 days past due loans									$	12,098			$	12,158			$	12,058
90 days past due loans										8,069				6,399				5,554
Nonaccrual loans										4,916				5,345				8,138
Foreclosed properties										2,175				2,047				1,864
Community bank leverage ratio										13.78	%			13.82	%			13.24	%
Tangible equity to tangible assets ratio										10.55	%			10.90	%			9.93	%
FTE employees										951				975				964

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018479369/en/

Mark A. Gooch

Vice Chairman, President, and CEO

Community Trust Bancorp, Inc.

(606) 437-3229

Source: Community Trust Bancorp, Inc.

FAQ

What were the earnings for the third quarter of 2023?

Community Trust Bancorp reported earnings of $20.6 million for the third quarter of 2023.

How did the net interest income change compared to the prior quarter?

The net interest income increased by $0.1 million compared to the prior quarter.

What was the change in the loan portfolio?

The loan portfolio increased by $55.3 million, or 5.6%, from the previous quarter.