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Community Trust Bancorp, Inc. Reports Earnings for the 4th Quarter and Year 2024

1. CTBI's Q4 2024 net income of $22.5M increased year-over-year. 2. Earnings per share rose to $1.25 from $1.04 in Q4 2023. 3. Nonperforming loans rose to $26.7M, indicating potential credit risk. 4. Total deposits increased 7.3% year-over-year, bolstering liquidity. 5. The provision for credit losses rose by $0.8M from Q4 2023.

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The increase in earnings and revenue may positively influence investor sentiment, similar to past strong earnings reports continuing CTBI's growth.

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PIKEVILLE, Ky.--(BUSINESS WIRE)--Community Trust Bancorp, Inc. (NASDAQ-CTBI): Earnings Summary Earnings Summary (in thousands except per share data) 4Q 2024 3Q 2024 4Q 2023 Year 2024 Year 2023 Net income $22,493 $22,142 $18,659 $82,813 $78,004 Earnings per share $1.25 $1.23 $1.04 $4.61 $4.36 Earnings per share - diluted $1.25 $1.23 $1.04 $4.61 $4.36 Return on average assets 1.47% 1.50% 1.30% 1.41% 1.40% Return on average equity 11.77% 11.77% 10.98% 11.31% 11.75% Efficiency ratio 51.60% 51.75% 55.74% 52.57% 54.29% Tangible common equity 11.30% 11.79% 11.16% Dividends declared per share $0.47 $0.47 $0.46 $1.86 $1.80 Book value per share $41.95 $42.14 $39.01 Weighted average shares 17,971 17,962 17,901 17,950 17,887 Weighted average shares - diluted 18,009 17,991 17,926 17,977 17,900 Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2024 of $22.5 million, or $1.25 per basic share, compared to $22.1 million, or $1.23 per basic share, earned during the third quarter 2024 and $18.7 million, or $1.04 per basic share, earned during the fourth quarter 2023. Total revenue for the quarter was $2.9 million above prior quarter and $9.0 million above prior year same quarter. Net interest revenue for the quarter increased $2.3 million compared to prior quarter and $6.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $2.4 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter. Noninterest expense increased $1.3 million compared to prior quarter and $2.1 million compared to prior year same quarter. Net income for the year ended December 31, 2024 was $82.8 million, or $4.61 per basic share, compared to $78.0 million, or $4.36 per basic share, for the year ended December 31, 2023. 4th Quarter 2024 Highlights Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter, as our net interest margin increased 4 basis points from prior quarter and 24 basis points from prior year same quarter. Provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter. Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter. Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter. Our loan portfolio at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023. We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023. Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023. Nonperforming assets at $30.3 million increased $3.9 million from September 30, 2024 and $14.7 million from December 31, 2023. Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023. Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023. Shareholders’ equity was negatively impacted during the quarter by the increase in unrealized losses on securities driven by higher long-term interest rates. Net Interest Income Percent Change 4Q 2024 Compared to: ($ in thousands) 4Q 2024 3Q 2024 4Q 2023 3Q 2024 4Q 2023 Year 2024 Year 2023 Percent Change Components of net interest income: Income on earning assets $81,979 $79,814 $73,329 2.7% 11.8% 313,443 $268,650 16.7% Expense on interest bearing liabilities 32,452 32,615 30,354 (0.5%) 6.9% 127,448 95,540 33.4% Net interest income 49,527 47,199 42,975 4.9% 15.2% 185,995 173,110 7.4% TEQ 273 280 297 (2.6%) (8.0%) 1,139 1,191 (4.3%) Net interest income, tax equivalent $49,800 $47,479 $43,272 4.9% 15.1% 187,134 $174,301 7.4% Average yield and rates paid: Earning assets yield 5.66% 5.72% 5.43% (1.0%) 4.2% 5.65% 5.15% 9.8% Rate paid on interest bearing liabilities 3.18% 3.36% 3.27% (5.4%) (2.6%) 3.30% 2.72% 21.2% Gross interest margin 2.48% 2.36% 2.16% 5.2% 15.1% 2.35% 2.43% (3.1%) Net interest margin 3.43% 3.39% 3.19% 1.1% 7.5% 3.36% 3.32% 1.1% Average balances: Investment securities $1,075,698 $1,091,258 $1,144,078 (1.4%) (6.0%) 1,102,434 $1,200,965 (8.2%) Loans $4,399,291 $4,300,652 4,022,547 2.3% 9.4% 4,247,762 3,888,585 9.2% Earning assets $5,779,438 $5,570,160 5,377,827 3.8% 7.5% 5,569,948 5,244,128 6.2% Interest-bearing liabilities $4,059,061 $3,859,978 3,687,660 5.2% 10.1% 3,867,733 3,514,142 10.1% Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.43% increased 4 basis points from prior quarter and 24 basis points from prior year same quarter. Our quarterly average earning assets increased $209.3 million from prior quarter and $401.6 million from prior year same quarter. Our yield on average earning assets decreased 6 basis points from prior quarter but increased 23 basis points from prior year same quarter, while our cost of funds decreased 18 basis points from prior quarter and 9 basis points from prior year same quarter. Net interest income for the year ended December 31, 2024 was $186.0 million compared to $173.1 million for the year ended December 31, 2023. Our ratio of average loans to deposits, including repurchase agreements, was 84.4% for the quarter ended December 31, 2024 compared to 85.8% for the quarter ended September 30, 2024 and 81.8% for the quarter ended December 31, 2023. Noninterest Income Percent Change 4Q 2024 Compared to: ($ in thousands) 4Q 2024 3Q 2024 4Q 2023 3Q 2024 4Q 2023 Year 2024 Year 2023 Percent Change Deposit related fees $7,619 $7,886 $7,312 (3.4%) 4.2% 29,824 $29,935 (0.4%) Trust revenue 3,961 3,707 3,318 6.9 19.4% 14,921 13,025 14.6% Gains on sales of loans 50 80 54 (37.6) (8.0%) 294 395 (25.6%) Loan related fees 1,472 813 467 81.2% 215.5% 4,957 3,792 30.7% Bank owned life insurance revenue 915 1,214 816 (24.6%) 12.1% 5,236 3,517 48.9% Brokerage revenue 536 563 285 (4.8%) 88.2% 2,272 1,473 54.3% Other 1,607 1,300 1,473 23.6% 9.1% 5,061 5,522 (8.3%) Total noninterest income $16,160 $15,563 $13,725 3.8% 17.7% 62,565 $57,659 8.5% Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter. Quarter over quarter increases in loan related fees ($0.7 million), trust revenue ($0.3 million), and securities gains ($0.3 million) were offset by decreases in deposit related fees ($0.3 million) and bank owned life insurance revenue ($0.3 million). Year over year increases included loan related fees ($1.0 million), trust fees ($0.6 million), deposit related fees ($0.3 million), securities gains ($0.3 million), and brokerage revenue ($0.2 million). The increase in loan related fees for the quarter resulted primarily from the fluctuation in the fair market value of our mortgage servicing rights. The increase in securities gains for the quarter was primarily the result of the valuation of our Visa Class B stock. Noninterest income for the year 2024 was $62.6 million compared to $57.7 million for the year 2023. Noninterest Expense Percent Change 4Q 2024 Compared to: ($ in thousands) 4Q 2024 3Q 2024 4Q 2023 3Q 2024 4Q 2023 Year 2024 Year 2023 Percent Change Salaries $13,310 $13,374 $13,163 (0.5%) 1.1% $52,757 $51,283 2.9% Employee benefits 6,883 6,147 5,282 12.0% 30.3% 26,670 22,428 18.9% Net occupancy and equipment 3,015 3,072 3,045 (1.9%) (1.0%) 12,204 11,843 3.1% Data processing 3,181 2,804 2,630 13.4% 20.9% 11,172 9,726 14.9% Legal and professional fees 1,039 1,024 900 1.4% 15.4% 3,873 3,350 15.6% Advertising and marketing 821 876 923 (6.3%) (11.0%) 3,130 3,214 (2.6%) Taxes other than property and payroll 436 438 421 (0.5%) 3.5% 1,754 1,706 2.8% Other 5,084 4,777 5,264 6.4% (3.4%) 19,363 21,840 (11.3%) Total noninterest expense $33,769 $32,512 $31,628 3.9% 6.8% $130,923 $125,390 4.4% Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter. The quarter over quarter increase primarily resulted from increases in personnel expense ($0.7 million) and data processing expense ($0.4 million). The year over year increase was primarily due to increases in personnel expense ($1.7 million, which included a $1.1 million increase in bonuses and incentives and a $0.5 million increase in the cost of group medical and life insurance benefits) and data processing ($0.6 million). Other noninterest expense was positively impacted year over year by the accounting method change related to investments in tax credit structures (ASU No. 2023-02). Noninterest expense for the year 2024 was $130.9 million compared to $125.4 million for the year 2023. Balance Sheet Review Total Loans Percent Change 4Q 2024 Compared to: ($ in thousands) 4Q 2024 3Q 2024 4Q 2023 3Q 2024 4Q 2023 Commercial nonresidential real estate $865,031 $834,985 $778,637 3.6% 11.1% Commercial residential real estate 508,310 485,004 417,943 4.8% 21.6% Hotel/motel 458,832 453,465 395,765 1.2% 15.9% Other commercial 440,506 440,636 391,390 (0.0%) 12.5% Total commercial 2,272,679 2,214,090 1,983,735 2.6% 14.6% Residential mortgage 1,043,401 1,003,123 937,524 4.0% 11.3% Home equity loans/lines 167,425 163,013 147,036 2.7% 13.9% Total residential 1,210,826 1,166,136 1,084,560 3.8% 11.6% Consumer indirect 850,289 816,187 823,505 4.2% 3.3% Consumer direct 152,843 154,061 159,106 (0.8%) (3.9%) Total consumer 1,003,132 970,248 982,611 3.4% 2.1% Total loans $4,486,637 $4,350,474 $4,050,906 3.1% 10.8% Total Deposits and Repurchase Agreements Percent Change 4Q 2024 Compared to: ($ in thousands) 4Q 2024 3Q 2024 4Q 2023 3Q 2024 4Q 2023 Noninterest bearing deposits $1,242,676 $1,204,515 $1,260,690 3.2% (1.4%) Interest bearing deposits Interest checking 167,736 156,249 123,927 7.4% 35.4% Money market savings 1,781,415 1,658,758 1,525,537 7.4% 16.8% Savings accounts 511,378 501,933 535,063 1.9% (4.4%) Time deposits 1,366,984 1,316,807 1,279,405 3.8% 6.8% Repurchase agreements 240,166 233,324 225,245 2.9% 6.6% Total interest bearing deposits and repurchase agreements 4,067,679 3,867,071 3,689,177 5.2% 10.3% Total deposits and repurchase agreements $5,310,355 $5,071,586 $4,949,867 4.7% 7.3% CTBI’s total assets at $6.2 billion as of December 31, 2024 increased $230.3 million, or 15.4% annualized, from September 30, 2024 and $423.5 million, or 7.3%, from December 31, 2023. Loans outstanding at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023. The increase in loans from prior quarter included a $58.6 million increase in the commercial loan portfolio, a $44.7 million increase in the residential loan portfolio, and a $34.1 million increase in the indirect consumer loan portfolio, partially offset by a $1.2 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $41.8 million, or an annualized 15.1%, from September 30, 2024 and $107.4 million, or 9.2%, from December 31, 2023. The decrease in our investment portfolio quarter over quarter was primarily attributable to an increase in our unrealized losses in the amount of $23.7 million, while our unrealized losses decreased year over year by $6.6 million. Deposits in other banks increased $141.5 million from prior quarter and $83.9 million from December 31, 2023. Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of December 31, 2024, no one customer accounted for more than 4% of our $5.1 billion in deposits. Only three customer relationships accounted for more than 1% each. Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023. Net unrealized losses on securities, net of deferred taxes, were $98.4 million at December 31, 2024, compared to $80.6 million at September 30, 2024 and $103.3 million at December 31, 2023. CTBI’s annualized dividend yield to shareholders as of December 31, 2024 was 3.55%. Asset Quality Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023. Accruing loans 90+ days past due at $10.3 million decreased $8.8 million from prior quarter but increased $0.4 million from December 31, 2023. Nonaccrual loans at $16.4 million increased $10.4 million from prior quarter and $12.3 million from December 31, 2023. The increase in nonaccrual loans included an $8.0 million credit that is 80% USDA guaranteed. Accruing loans 30-89 days past due at $16.8 million decreased $3.7 million from prior quarter but increased $1.5 million from December 31, 2023. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss. We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023. Of the net charge-offs for the quarter, $0.5 million were in indirect consumer loans, $0.2 million were in commercial loans, $0.2 million were in direct consumer loans, and $0.1 million were in residential loans. Net loan charge-offs for the year 2024 were in line with management’s expectations at $5.5 million, or 0.13% of average loans, compared to $3.2 million, or 0.08% of average loans for the year 2023. Allowance for Credit Losses Our provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter. Of the provision for the quarter, $1.6 million was allotted to fund loan growth. Provision for credit losses for the year 2024 increased $4.1 million from the year 2023. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2024 was 206.0% compared to 212.7% at September 30, 2024 and 354.7% at December 31, 2023. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2024 remained at 1.23% from September 30, 2024 compared to 1.22% at December 31, 2023. 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. CTBI’s 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 epidemics, pandemics, or other infectious disease outbreaks; 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 $6.2 billion, is headquartered in Pikeville, Kentucky and has 72 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) December 31, 2024 (in thousands except per share data and # of employees)   Three Three Three Twelve Twelve Months Months Months Months Months Ended Ended Ended Ended Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Interest income $ 81,979 $ 79,814 $ 73,329 $ 313,443 $ 268,650 Interest expense 32,452 32,615 30,354 127,448 95,540 Net interest income 49,527 47,199 42,975 185,995 173,110 Loan loss provision 2,587 2,736 1,815 10,951 6,811   Gains on sales of loans 50 80 54 294 395 Deposit related fees 7,619 7,886 7,312 29,824 29,935 Trust revenue 3,961 3,707 3,318 14,921 13,025 Loan related fees 1,472 813 467 4,957 3,792 Securities gains (losses) 521 213 258 631 996 Other noninterest income 2,537 2,864 2,316 11,938 9,516 Total noninterest income 16,160 15,563 13,725 62,565 57,659   Personnel expense 20,193 19,521 18,445 79,427 73,711 Occupancy and equipment 3,015 3,072 3,045 12,204 11,843 Data processing expense 3,181 2,804 2,630 11,172 9,726 FDIC insurance premiums 670 629 655 2,586 2,483 Other noninterest expense 6,710 6,486 6,853 25,534 27,627 Total noninterest expense 33,769 32,512 31,628 130,923 125,390   Net income before taxes 29,331 27,514 23,257 106,686 98,568 Income taxes 6,838 5,372 4,598 23,873 20,564 Net income $ 22,493 $ 22,142 $ 18,659 $ 82,813 $ 78,004   Memo: TEQ interest income $ 82,252 $ 80,094 $ 73,626 $ 314,582 $ 269,841   Average shares outstanding 17,971 17,962 17,901 17,950 17,887 Diluted average shares outstanding 18,009 17,991 17,926 17,977 17,900 Basic earnings per share $ 1.25 $ 1.23 $ 1.04 $ 4.61 $ 4.36 Diluted earnings per share $ 1.25 $ 1.23 $ 1.04 $ 4.61 $ 4.36 Dividends per share $ 0.47 $ 0.47 $ 0.46 $ 1.86 $ 1.80   Average balances: Loans $ 4,399,291 $ 4,300,652 $ 4,022,547 $ 4,247,762 $ 3,888,585 Earning assets 5,779,438 5,570,160 5,377,827 5,569,948 5,244,128 Total assets 6,100,136 5,891,157 5,713,977 5,893,995 5,572,141 Deposits, including repurchase agreements 5,215,204 5,014,506 4,916,208 5,036,906 4,771,106 Interest bearing liabilities 4,059,061 3,859,978 3,687,660 3,867,733 3,514,142 Shareholders' equity 760,223 748,098 674,349 732,119 663,664   Performance ratios: Return on average assets 1.47 % 1.50 % 1.30 % 1.41 % 1.40 % Return on average equity 11.77 % 11.77 % 10.98 % 11.31 % 11.75 % Yield on average earning assets (tax equivalent) 5.66 % 5.72 % 5.43 % 5.65 % 5.15 % Cost of interest bearing funds (tax equivalent) 3.18 % 3.36 % 3.27 % 3.30 % 2.72 % Net interest margin (tax equivalent) 3.43 % 3.39 % 3.19 % 3.36 % 3.32 % Efficiency ratio (tax equivalent) 51.60 % 51.75 % 55.74 % 52.57 % 54.29 %   Loan charge-offs $ 2,264 $ 2,736 $ 2,529 $ 10,503 $ 8,259 Recoveries (1,285 ) (1,212 ) (1,538 ) (4,977 ) (5,010 ) Net charge-offs $ 979 $ 1,524 $ 991 $ 5,526 $ 3,249   Market Price: High $ 61.66 $ 52.22 $ 45.74 $ 61.66 $ 47.35 Low $ 46.55 $ 41.50 $ 33.91 $ 38.44 $ 32.68 Close $ 53.03 $ 49.66 $ 43.86 $ 53.03 $ 43.86   As of As of As of December 31, 2024 September 30, 2024 December 31, 2023 Assets: Loans $ 4,486,637 $ 4,350,474 $ 4,050,906 Loan loss reserve (54,968 ) (53,360 ) (49,543 ) Net loans 4,431,669 4,297,114 4,001,363 Loans held for sale 184 115 152 Securities AFS 1,055,728 1,098,076 1,163,724 Equity securities at fair value 3,781 3,266 3,158 Other equity investments 9,949 10,060 9,599 Other earning assets 298,580 157,092 214,664 Cash and due from banks 73,021 85,944 58,833 Premises and equipment 49,630 47,519 45,311 Right of use asset 14,385 14,718 15,703 Goodwill and core deposit intangible 65,490 65,490 65,490 Other assets 190,828 183,574 191,699 Total Assets $ 6,193,245 $ 5,962,968 $ 5,769,696   Liabilities and Equity: Interest bearing checking $ 167,736 $ 156,249 $ 123,927 Savings deposits 2,292,793 2,160,691 2,060,600 CD's >=$100,000 795,619 753,253 704,222 Other time deposits 571,365 563,554 575,183 Total interest bearing deposits 3,827,513 3,633,747 3,463,932 Noninterest bearing deposits 1,242,676 1,204,515 1,260,690 Total deposits 5,070,189 4,838,262 4,724,622 Repurchase agreements 240,166 233,324 225,245 Other interest bearing liabilities 64,830 64,893 65,075 Lease liability 15,190 15,530 16,393 Other noninterest bearing liabilities 45,286 50,197 36,153 Total liabilities 5,435,661 5,202,206 5,067,488 Shareholders' equity 757,584 760,762 702,208 Total Liabilities and Equity $ 6,193,245 $ 5,962,968 $ 5,769,696   Ending shares outstanding 18,058 18,052 18,000   30 - 89 days past due loans $ 16,833 $ 20,578 $ 15,343 90 days past due loans 10,317 19,111 9,920 Nonaccrual loans 16,369 5,980 4,048 Foreclosed properties 3,647 1,344 1,616   Community bank leverage ratio 13.76 % 13.99 % 13.69 % Tangible equity to tangible assets ratio 11.30 % 11.79 % 11.16 % FTE employees 934 943 967

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