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

Strategic Insights -

Community Trust Bancorp, Inc., a bank holding company headquartered in Pikeville, Kentucky, reported earnings for the third quarter 2022 of $19.4 million, or $1.09 per basic share, compared to $20.3 million, or $1.14 per basic share, earned during the second quarter 2022 and $21.1 million, or $1.19 per basic share, earned during the third quarter 2021. Total revenue was $2.9 million above prior quarter and $1.8 million above prior year same quarter. Net interest revenue increased $2.7 million compared to prior quarter and $1.5 million compared to prior year same quarter, and noninterest income increased $0.2 million compared to prior quarter and $0.3 million compared to prior year same quarter.

Key Takeaways:

  • The company has 78 banking locations in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee.
  • At September 30, 2022, total consolidated assets were $5.5 billion and total consolidated deposits, including repurchase agreements, were $4.8 billion.
  • Total shareholders' equity at September 30, 2022 was $602.6 million.
  • The loan portfolio increased $72.2 million, an annualized 8.0%, during the quarter and $221.8 million, an annualized 8.7%, from December 31, 2021.
  • Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 compared to $0.04 million, or less than 0.01% of average loans annualized, for the second quarter 2022 and $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021.
  • Asset quality remains strong from prior quarter as nonperforming loans, excluding TDRs, decreased slightly to $13.7 million at September 30, 2022 from $13.8 million at June 30, 2022 and decreased $2.9 million from the $16.6 million at December 31, 2021.
  • Deposits, including repurchase agreements, increased $53.5 million, an annualized 4.5%, during the quarter and $149.8 million, an annualized 4.3%, from December 31, 2021.

Statistics:

  • Net interest revenue increased $2.7 million compared to prior quarter and $1.5 million compared to prior year same quarter.
  • Noninterest income increased $0.2 million compared to prior quarter and $0.3 million compared to prior year same quarter.
  • Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021.
  • Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022.
  • Nonperforming loans, excluding TDRs, decreased to $13.7 million at September 30, 2022.
  • Deposits, including repurchase agreements, increased $53.5 million, an annualized 4.5%, during the quarter.

Sources:

  • Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview
  • COMTEX_418396039/2041/2022-11-08T08:05:00
  • COMTEX via EDGAR Online