Community Trust Bancorp, Inc. Reports First Quarter 2022 Financial Results

Strategic Insights -

Community Trust Bancorp, Inc., a bank holding company headquartered in Pikeville, Kentucky, reported earnings for the first quarter 2022 of $19.7 million, or $1.11 per basic share. This represents a decrease from the first quarter 2021 earnings of $23.6 million, or $1.33 per basic share. The decline in earnings was primarily due to a decline in interest income on U.S. Small Business Administration Paycheck Protection Program loans. Despite this, the company's loan portfolio increased by 12.7% annually during the quarter, with loans excluding PPP loans increasing by $131.6 million. The company's asset quality remains strong, with nonperforming loans, excluding troubled debt restructurings, decreasing to $13.7 million at March 31, 2022.

Key Takeaways:

  • Community Trust Bancorp, Inc. reported earnings for the first quarter 2022 of $19.7 million, or $1.11 per basic share.
  • The company's loan portfolio increased by $106.7 million, an annualized 12.7%, during the quarter.
  • 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.
  • Asset quality remains strong, with nonperforming loans, excluding troubled debt restructurings, decreasing to $13.7 million at March 31, 2022.
  • Deposits, including repurchase agreements, increased $67.5 million, an annualized 5.9%, during the quarter.
  • Shareholders' equity declined $44.8 million, or 6.4%, during the quarter due to an increase in unrealized losses on the company's securities portfolio.
  • The company's noninterest income 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.

Statistics:

  • Total consolidated assets: $5.4 billion (at March 31, 2022)
  • Total consolidated deposits, including repurchase agreements: $4.7 billion (at March 31, 2022)
  • Total shareholders' equity: $653.4 million (at March 31, 2022)
  • Trust assets under management: $3.6 billion (at March 31, 2022)
  • Loan portfolio increase: $106.7 million (12.7% annualized)
  • Deposits, including repurchase agreements, increase: $67.5 million (5.9% annualized)
  • Shareholders' equity decline: $44.8 million (6.4% decline)
  • Noninterest income decrease: $0.6 million (3.9% decrease from prior year same quarter)
  • Noninterest expense decrease: $1.8 million (5.7% decrease from prior quarter)

Sources:

  • Community Trust Bancorp, Inc. (2022). Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
  • COMTEX (2022). COMTEX_406915679/2041/2022-05-09T08:33:53.