Community Trust Bancorp, Inc. reports was the performance in the first quarter of 2008
Community Trust Bancorp, Inc. (NASDAQ: CTBI) reports results for the quarter to 31 March 2008 of $ 8.5 million, or $ 0.57 per share, basic research compared with $ 9.3 million or 0 $ 62 per share basis of merit in the quarter to 31 December 2007 and $ 8.0 million, or $ 0.53 per share credit for basic research during the first quarter of 2007.
First Quarter 2008 Highlights
CTBI continue to focus on our heart banking and expenditure during this period of uncertainty in the U.S. economy.
CTBI’s unverwässerten earnings per share for the first quarter of 2008 increased by 7.5% in the first quarter of the previous year, but decreased compared to 8.1% over the previous quarter. First quarter of the previous year, the result was negatively influenced by the time an after-tax charge of $ 1.2 million under the refinancing of CTBI’s genussscheinähnlichen obligations.
Interest rates and zinsunabhängigen surplus revenues increased by $ 0.4 million and $ 0.2 million, respectively, year on year. The decline in income quarter over quarter was influenced by a decrease of $ 0.6 million of net interest income and a decrease of $ 0.5 million income zinsunabhängigen.
Our net interest margin declined compared to 2 basis points has increased the previous quarter, but 16 basis points over the previous year first quarter. CTBI expects that to continue to put pressure on our net interest margin on loans and deposits continue to reprice new loans and yields on current interest rate environment as a result of the decline in rates interest of the Federal Reserve has increased by 200 basis points over the last 90 days. In addition, future reductions in interest rates would continue to put pressure on our net interest margin loans that our reprice faster than our deposits.
Independent product interest rate for the quarter to 31 March 2008 increased by $ 0.2 million over the same period last year. The increases related to the filing of charges on sales and profits borrowings were $ 0.6 million to return this year, year in the fair value of mortgage servicing. CTBI quarter quarter on a seasonal decline in deposit service, including award fees decreased, and a decrease in loans, fees decline in the fair value of mortgage loans.
Based on current economic conditions, nonperforming loans have increased as expected in the quarter to 31 March 2008. Nonperforming loans at the end of the quarter were $ 42.6 million compared to $ 31.9 million during the previous quarter-end and $ 17.9 million for the quarter a year earlier on March 31, 2007.
Our loan portfolio annualized increase of 4.3% during the quarter with $ 23.9 million in growth. Loan growth in the first quarter of the previous year was $ 80.4 million.
Our investment portfolio, a source of liquidity to finance the growth of loans, decreased by 29.4% in the previous quarter and 30.9% in the first quarter of the previous year. Management has used cash instead of strengthening fees (deposits decreased by $ 107 million years over several years) to support loans for growth and margin. The quarter over quarter of decline has resulted from the sale of $ 25 million of our $ 40 million in securities auctions sentence which was offset by a decrease in the amount of funds acquired by the Confederation.
Our efficiency ratio was 56.39% for the quarter to March 31, 2008 compared to 64.68% and 55.60% for the quarter to 31 and March 31, 2007 December 2007, respectively.
Return on average assets for the quarter was 1.09% against 1.18% for first quarter 2007 and 1.26% for the quarter to 31 December 2007.
Return on average recorded for the quarter was 11.20% against 11.33% for the first quarter of 2007 and 12.22% for the quarter to 31 December 2007.
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