Community Trust Bancorp Inc. (CTBI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Community Trust Bancorp Inc. has a market cap of $443.7 million; its shares were traded at around $29.19 with a P/E ratio of 17.5 and P/S ratio of 2.3. The dividend yield of Community Trust Bancorp Inc. stocks is 4.1%. Community Trust Bancorp Inc. had an annual average earning growth of 2.6% over the past 10 years.CTBI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Amortization of core deposit intangible is estimated at approximately $0.4 million for year one, approximately $0.05 million annually in years two through five, and approximately $0.03 million in year six.
CTBI reported earnings for the first quarter 2010 of $6.8 million or $0.45 per basic share compared to $6.6 million or $0.44 per basic share earned during the first quarter of 2009 and $7.0 million or $0.46 per basic share earned during the quarter ended December 31, 2009.
Net loan charge-offs for the quarter were $3.5 million, or 0.58% of average loans annualized, an increase from prior year first quarter s $2.2 million or 0.38% and a decline from prior quarter's $4.5 million or 0.73%. Of the total net charge-offs for the quarter of $3.5 million, $2.1 million was in commercial loans, $1.2 million was in indirect auto loans, and $167 thousand was in residential real estate mortgage loans. Allocations to loan loss reserves were $5.7 million for the quarter ended March 31, 2010 compared to $2.0 million for the quarter ended March 31, 2009 and $5.2 million for the quarter ended December 31, 2009. Our loan loss reserves as a percentage of total loans outstanding at March 31, 2010 increased to 1.44% from 1.31% at March 31, 2009 and 1.34% at December 31, 2009. The adequacy of our loan loss reserves is analyzed quarterly and adjusted as necessary with a focus on maintaining appropriate reserves for potential losses.
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Community Trust Bancorp Inc. has a market cap of $443.7 million; its shares were traded at around $29.19 with a P/E ratio of 17.5 and P/S ratio of 2.3. The dividend yield of Community Trust Bancorp Inc. stocks is 4.1%. Community Trust Bancorp Inc. had an annual average earning growth of 2.6% over the past 10 years.CTBI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Community Trust Bancorp, Inc. (“CTBI”) is a bank holding company headquartered in Pikeville, Kentucky. At March 31, 2010, CTBI owned one commercial bank and one trust company. Through its subsidiaries, CTBI has seventy-six banking locations in eastern, northeastern, central, and south central Kentucky and southern West Virginia, and five trust offices across Kentucky. At March 31, 2010, CTBI had total consolidated assets of $3.2 billion and total consolidated deposits, including repurchase agreements, of $2.7 billion, making it the second largest depository of Kentucky based deposits of any bank holding company headquartered in the Commonwealth of Kentucky. Total shareholders equity at March 31, 2010 was $324.9 million.Amortization of core deposit intangible is estimated at approximately $0.4 million for year one, approximately $0.05 million annually in years two through five, and approximately $0.03 million in year six.
CTBI reported earnings for the first quarter 2010 of $6.8 million or $0.45 per basic share compared to $6.6 million or $0.44 per basic share earned during the first quarter of 2009 and $7.0 million or $0.46 per basic share earned during the quarter ended December 31, 2009.
Net loan charge-offs for the quarter were $3.5 million, or 0.58% of average loans annualized, an increase from prior year first quarter s $2.2 million or 0.38% and a decline from prior quarter's $4.5 million or 0.73%. Of the total net charge-offs for the quarter of $3.5 million, $2.1 million was in commercial loans, $1.2 million was in indirect auto loans, and $167 thousand was in residential real estate mortgage loans. Allocations to loan loss reserves were $5.7 million for the quarter ended March 31, 2010 compared to $2.0 million for the quarter ended March 31, 2009 and $5.2 million for the quarter ended December 31, 2009. Our loan loss reserves as a percentage of total loans outstanding at March 31, 2010 increased to 1.44% from 1.31% at March 31, 2009 and 1.34% at December 31, 2009. The adequacy of our loan loss reserves is analyzed quarterly and adjusted as necessary with a focus on maintaining appropriate reserves for potential losses.
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