Community Trust Bancorp reported earnings for the second quarter 2015 of $12.4 million, or $0.71 per basic share, compared to $12.2 million, or $0.70 per basic share during Q2 2014 and $10.9 million, or $0.63 per basic share during Q1 2015.
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Earnings for the six months ended June 30, 2015 were $23.3 million, or $1.34 per basic share compared to $22.3 million, or $1.29 per basic share, for the six months ended June 30, 2014.
Our overall core banking metrics continued to improve during the second quarter 2015 as the company experienced significant loan growth, improvements in asset quality, stable loan charge-offs, increased noninterest income, and a nominal increase in noninterest expense.
Loan portfolio increased $160.2 million from June 30, 2014 and $46.3 million during the quarter. Investment portfolio decreased $66.3 million from June 30, 2014 and $45.1 million during the quarter.
Deposits, including repurchase agreements, increased $49.7 million from June 30, 2014 but decreased $29.3 million during the quarter. Additional funding for loan growth was provided through an increase in short-term FHLB borrowings of $50 million during the quarter.
Nonperforming loans at $33.4 million decreased $11.1 million from June 30, 2014 and $1.7 million from March 31, 2015. Nonperforming assets at $70.0 million decreased $7.6 million from June 30, 2014 and $4.0 million from March 31, 2015.
Net loan charge-offs for the quarter ended June 30, 2015 were $1.7 million, or 0.25% of average loans annualized, compared to $0.7 million, or 0.11%, experienced for the second quarter 2014 and $1.7 million, or 0.26%, for the first quarter 2015.
CTBI invests in limited partnerships that offer low income housing, new markets, and historic tax credits in exchange for investments in low income housing and other community related investments. Our investments in these partnerships increased by $7.2 million during the quarter and $9.3 million year-to-date.
Tax credits for the second quarter 2015, used to offset current income tax expense, totaled $0.9 million compared to $0.3 million in the second quarter 2014 and the first quarter 2015. Year-to-date credits used to offset current income tax expense totaled $1.2 million compared to $0.5 million for the first six months of 2014.
The amortization of company's investment in these partnerships increased as well. Amortization for the second quarter 2015 totaled $0.7 million compared to $0.2 million for the second quarter 2014 and $0.3 million for the first quarter 2015.
Year-to-date amortization was $1 million compared to $0.4 million for the first six months of 2014. ■