Community Trust Bancorp (CTBI) reported earnings for the fourth quarter 2015 of $11.9 million, or $0.68 per basic share.
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This compares to $10.0 million, or $0.58 per basic share, earned during the fourth quarter 2014 and $11.2 million, or $0.64 per basic share, earned during the third quarter 2015.
Earnings for the year ended December 31, 2015 were a record $46.4 million, or $2.66 per basic share compared to $43.3 million, or $2.50 per basic share, for the year ended December 31, 2014.
Loan portfolio increased $140.1 million from December 31, 2014 and $53.5 million during the quarter. Investment portfolio decreased $45.2 million from December 31, 2014 but increased $18.2 million during the quarter.
Deposits, including repurchase agreements, increased $122.6 million from December 31, 2014 and $0.6 million during the quarter.
Nonperforming loans at $28.6 million decreased $10.3 million from December 31, 2014 and $4.1 million from September 30, 2015. Nonperforming assets at $69.5 million decreased $6.4 million from December 31, 2014 but increased $2.0 million from September 30, 2015.
Net loan charge-offs for the quarter ended December 31, 2015 were $1.4 million, or 0.19% of average loans annualized, compared to $3.0 million, or 0.44%, experienced for the fourth quarter 2014 and $2.2 million, or 0.31%, for the third quarter 2015.
CTBI’s investments in low income housing and other community related investments provided tax credits to offset current income tax expense for the fourth quarter 2015 in the amount of $0.3 million compared to $0.3 million in the fourth quarter 2014 and $1.2 million in the third quarter 2015.
Credits used to offset current income tax expense totaled $2.7 million for the year 2015 compared to $1.1 million for the year 2014. The amortization of our investment in these partnerships for the fourth quarter 2015 totaled $0.6 million compared to $0.2 million for the fourth quarter 2014 and $1.0 million for the third quarter 2015.
Amortization for the year 2015 was $2.6 million compared to $0.9 million for the year 2014. ■