Community Trust Bancorp Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017
January 17, 2018 at 09:02 am
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Community Trust Bancorp Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $40,673,000 compared to $36,996,000 a year ago. Net interest income of $35,102,000 compared to $33,411,000 a year ago. Net income before taxes was $16,920,000 compared to $16,878,000 a year ago. Net income was $14,912,000 or $0.84 per basic and diluted share compared to $11,866,000 or $0.67 per basic and diluted share a year ago. Return on average assets was 1.43% compared to 1.19% a year ago. Return on average equity was 11.18% compared to 9.41% a year ago. Book value per share as on December 31, 2017 was $30.00 compared to $28.40 as on December 31, 2016.
For the full year, the company reported interest income of $155,696,000 compared to $146,576,000 a year ago. Net interest income of $137,402,000 compared to $133,021,000 a year ago. Net income before taxes was $68,511,000 compared to $66,464,000 a year ago. Net income was $51,493,000 or $2.92 per diluted share compared to $47,346,000 or $2.70 per basic and diluted share a year ago. Return on average assets was 1.27% compared to 1.21% a year ago. Return on average equity was 9.93% compared to 9.58% a year ago.
For the fourth quarter of 2017 the company reported net charge-offs of $3,102,000 compared to $1,911,000 a year ago.
Community Trust Bancorp, Inc. (CTBI) is a bank holding company. CTBI owns all the capital stock of one commercial bank and one trust company, serving small and mid-sized communities in eastern, northeastern, central, and south-central Kentucky, southern West Virginia, and northeastern Tennessee. The commercial bank is Community Trust Bank, Inc., Pikeville, Kentucky (CTB) and the trust company is Community Trust and Investment Company, Lexington, Kentucky. CTBI is engaged in a range of commercial and personal banking, and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of CTB include making commercial, construction, mortgage and personal loans.
Community Trust Bancorp Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017