Community Trust Bancorp Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Loan Charge-Offs for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
April 18, 2018 at 08:48 am EDT
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Community Trust Bancorp Inc. reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net interest income of $34,591,000 against $33,090,000 a year ago. Net income before taxes was $18,274,000 against $15,796,000 a year ago. Net income was $15,814,000 against $11,277,000 a year ago. Basic and diluted earnings per share were $0.89 against $0.64 a year ago. Return on average assets was 1.55% against 1.15% a year ago. Return on average equity was 12.00% against 9.02% a year ago. Book value per share was $30.33 against $28.73 a year ago. Interest income was $40,580,000 against $36,768,000 a year ago.
Net loan charge-offs for the quarter ended March 31, 2018 were $1,908,000 compared to $1,449,000 a year ago.
With the current tax laws, the company expects effective income tax rate for the year 2018 to be within the 13% to 17% range.
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 First Quarter Ended March 31, 2018; Reports Net Loan Charge-Offs for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018