Exhibit 1.
FOR IMMEDIATE RELEASE
January 18, 2006
FOR ADDITIONAL INFORMATION PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294
Community Trust Bancorp, Inc. reports record earnings for the year 2005.
Earnings Summary | | | | | | | | | | | |
(in thousands except per share data) | | | 4Q 2005 | | | 3Q 2005 | | | 4Q 2004 | | | 12 Months 2005 | | | 12 Months 2004 | |
| Net income | | $ | 8,890 | | $ | 9,083 | | $ | 7,900 | | $ | 34,412 | | $ | 30,950 | |
| Earnings per share | | $ | 0.59 | | $ | 0.61 | | $ | 0.53 | | $ | 2.31 | | $ | 2.09 | |
| Earnings per share (diluted) | | $ | 0.58 | | $ | 0.60 | | $ | 0.52 | | $ | 2.27 | | $ | 2.05 | |
| | | | | | | | | | | | | | | | | |
| Return on average assets | | | 1.23 | % | | 1.26 | % | | 1.17 | % | | 1.22 | % | | 1.22 | % |
| Return on average equity | | | 13.94 | % | | 14.50 | % | | 13.31 | % | | 13.98 | % | | 13.48 | % |
| Efficiency ratio | | | 55.34 | % | | 55.27 | % | | 56.79 | % | | 56.83 | % | | 58.25 | % |
| | | | | | | | | | | | | | | | | |
| Dividends declared per share | | $ | 0.26 | | $ | 0.24 | | $ | 0.24 | | $ | 0.98 | | $ | 0.87 | |
| Book value per share | | $ | 16.93 | | $ | 16.77 | | $ | 15.91 | | $ | 16.93 | | $ | 15.91 | |
| | | | | | | | | | | | | | | | | |
| Weighted average shares | | | 14,975 | | | 14,917 | | | 14,835 | | | 14,908 | | | 14,811 | |
| Weighted average shares (diluted) | | | 15,219 | | | 15,215 | | | 15,143 | | | 15,137 | | | 15,082 | |
Community Trust Bancorp, Inc. (NASDAQ-CTBI) is pleased to report earnings for the fourth quarter 2005 of $8.9 million or $0.59 per share compared to $7.9 million or $0.53 per share earned during the fourth quarter of 2004 and $9.1 million or $0.61 per share earned during the third quarter of 2005. Earnings for the year ended December 31, 2005 were $34.4 million or $2.31 per share compared to $31.0 million or $2.09 per share earned during 2004.
Fourth Quarter and Year-to-Date Highlights
| v | The Company's basic earnings per share for the fourth quarter 2005 reflects an increase of 11.3% over the fourth quarter 2004. Year-to-date earnings per share increased 10.5% over prior year. |
| v | The Company's net interest margin for the fourth quarter 2005 of 4.12% is an increase of 15 basis points from the fourth quarter 2004 and 4 basis points from prior quarter. |
| v | The Company’s average earning assets for year ended December 31, 2005 increased 11.2% from the year ended December 31, 2004. Quarterly average earning assets increased 6.0% from prior year fourth quarter. |
| v | The Company experienced growth in its loan portfolio at a rate of 10.8% from December 31, 2004, including the Danville acquisition. |
| v | Nonperforming loans as a percentage of total loans decreased from 1.1% of total loans at December 31, 2004 to 1.0% of total loans at December 31, 2005. |
| v | Return on average assets remained at 1.22% for the year ended December 31, 2005 from December 31, 2004. Return on average assets for the fourth quarter 2005 of 1.23% was an increase from the 1.17% for the fourth quarter 2004 and a decrease from the 1.26% for the third quarter 2005. |
| v | Our return on average shareholders' equity for the year ended December 31, 2005 of 13.98% reflects a 50 basis point increase from year-end 2004. Return on average shareholders' equity for the quarter ended December 31, 2005 was 13.94% compared to 13.31% for the quarter ended December 31, 2004 and 14.50% for the quarter ended September 30, 2005. |
| v | CTBI's efficiency ratio for the year ended December 31, 2005 improved to 56.83% from the 58.25% for the year ended December 31, 2004. The efficiency ratio for the quarter ended December 31, 2005 was 55.34% compared to 56.79% for the quarter ended December 31, 2004 and 55.27% for the quarter ended September 30, 2005. |
Net Interest Income
Our net interest margin of 4.12% for the quarter ended December 31, 2005 was a 15 basis point increase from the quarter ended December 31, 2004 and an increase of 4 basis points from prior quarter. The increase in the net interest margin was primarily the result of the increased yield on average earning assets attributable to the reallocation of earning assets from the investment portfolio to the higher yielding loan portfolio. The yield on average earning assets for the fourth quarter 2005 increased 87 basis points from the fourth quarter 2004 and 30 basis points from the third quarter 2005. Our net interest margin decreased 2 basis points year over year from 4.05% to 4.03%.
Noninterest Income
Noninterest income for the quarter ended December 31, 2005 increased 4.3% from the quarter ended December 31, 2004 but decreased 1.3% from the quarter ended September 30, 2005. Year-to-date noninterest income decreased 1.3% from prior year. The following table displays the quarterly and year-to-date activity in the various significant noninterest income accounts.
Noninterest Income Summary |
(in thousands) | 4Q 2005 | 3Q 2005 | 4Q 2004 | 12 Months 2005 | 12 Months 2004 |
| Deposit related fees | $ | 4,820 | $ | 4,723 | $ | 4,434 | $ | 18,050 | $ | 17,658 |
| Loan related fees | | 1,414 | | 1,408 | | 1,377 | | 5,331 | | 5,203 |
| Mortgage servicing rights | | 94 | | 81 | | 83 | | 307 | | 46 |
| Trust revenue | | 837 | | 750 | | 643 | | 3,067 | | 2,456 |
| Gains on sales of loans | | 389 | | 440 | | 382 | | 1,481 | | 1,619 |
| Securities gains | | 0 | | 0 | | 50 | | 3 | | 639 |
| Other revenue | | 1,002 | | 1,266 | | 1,238 | | 5,228 | | 6,296 |
| | Total noninterest income | $ | 8,556 | $ | 8,668 | $ | 8,207 | $ | 33,467 | $ | 33,917 |
The increase in recurring revenue sources from the year ended 2004 to the year ended 2005 including deposit related fees, loan related fees, and trust revenue was offset by the decline in nonrecurring other revenue items and a decline in gains on sales of loans due to the rising interest rate environment.
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2005 of $19.9 million was a 6.3% increase from the $18.7 million for the fourth quarter 2004 and a 0.5% increase from the third quarter 2005. Year-to-date non-interest expense increased 5.3% to $78.6 million from the $74.6 million for the year ended December 31, 2004. The increase in noninterest expense from prior year was primarily attributable to an increase of $3.0 million in personnel expense due to normal salary increases, the filling of budgeted key positions, and branch acquisitions and openings. Occupancy and equipment expense increased $1.3 million from 2004 to 2005 as a result of expenses relating to the three new branches which have been opened during the past 12 months, as well as the two branches acquired during the year.
Balance Sheet Review
The Company’s total assets grew 5.2%, or $140.1 million, during the year 2005 with $16.2 million of the growth occurring in the fourth quarter. Asset growth obtained through the Danville acquisition which occurred in June 2005 totaled $88.9 million. The loan portfolio grew $204.8 million during the year with growth occurring in all three major loan categories--commercial, residential real estate, and consumer loans. Loans obtained in the mid-year Danville acquisition totaled $73.7 million. The investment portfolio decreased $74.3 million during the year as maturing investments were used to partially fund the increased loan portfolio. Total deposits and repurchase agreements of $2.4 billion at December 31, 2005 reflects growth of 6.6%, or $146.9 million, over prior year-end. Deposit growth for the quarter ended December 31, 2005 totaled $10.4 million. Deposits obtained in the mid-year Danville acquisition totaled $69.8 million.
Shareholders’ equity of $253.9 million on December 31, 2005 was a 7.5% increase from the $236.2 million on December 31, 2004 and an increase of 1.5% from the $250.3 million on September 30, 2005. The Company's annualized dividend yield to shareholders as of December 31, 2005 was 3.38%.
Asset Quality
Nonperforming loans at December 31, 2005 were $21.4 million, or 1.0% of total loans, compared to $20.1 million, or 1.1% of total loans at December 31, 2004, and $21.8 million, or 1.0% of total loans at September 30, 2005. The increase of $1.3 million in nonperforming loans is primarily attributable to one loan which is 90 days past due and still accruing interest and has a USDA guarantee.
Foreclosed properties at December 31, 2005 were $5.4 million compared to $4.8 million on December 31, 2004 and $5.7 million at September 30, 2005. The year over year increase in foreclosed properties reflects normal fluctuations from residential real estate liquidations.
Year-to-date net loan charge-offs for the year ended December 31, 2005 increased to $7.6 million, or 0.4% of average loans, from the $6.3 million, or 0.4% of average loans, for the year ended December 31, 2004. Net loan charge-offs for the quarter ended December 31, 2005 increased to $2.9 million from the $2.2 million for the fourth quarter of 2004 and the $1.9 million for the third quarter of 2005. The increase in net charge-offs was the result of one commercial customer, which had been a workout, for which a specific allocation had been made to the reserve for losses on loans. Our reserve for losses on loans as a percentage of total loans outstanding at December 31, 2005 decreased to 1.40% from the 1.42% at December 31, 2004 and the 1.41% at September 30, 2005.
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. The Company’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, the performance of coal and coal related industries, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; results of various investment activities; the effects of competitors’ pricing policies, of changes in laws and regulations on competition and of 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; the adoption by the Company of an FFIEC policy that provides guidance on the reporting of delinquent consumer loans and the timing of associated credit charge-offs for financial institution subsidiaries; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and state regulators, whose policies and regulations could affect the Company’s results. These statements are representative only on the date hereof, and the Company undertakes no obligation to update any forward-looking statements made.
Community Trust Bancorp, Inc., with assets of $2.8 billion, is headquartered in Pikeville, Kentucky and has 75 banking locations across eastern, northern, central, and south central Kentucky, five banking locations in southern West Virginia, two loan production offices in Kentucky, and five trust offices across Kentucky.
Additional information follows.
Community Trust Bancorp, Inc. | |
Financial Summary (Unaudited) | |
December 31, 2005 | |
(in thousands except per share data) | |
| | | | | | | | | | | | |
| | | | Three | | | Three | | | Three | | | Twelve | | | Twelve | |
| | | | Months | | | Months | | | Months | | | Months | | | Months | |
| | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 12/31/2005 | | | 9/30/2005 | | | 12/31/2004 | | | 12/31/2005 | | | 12/31/2004 | |
| | | | | | | | | | | | | | | | | |
| Interest income | | $ | 43,494 | | $ | 41,572 | | $ | 35,459 | | $ | 160,162 | | $ | 130,401 | |
| Interest expense | | | 16,504 | | | 14,825 | | | 11,067 | | | 56,957 | | | 37,189 | |
| Net interest income | | | 26,990 | | | 26,747 | | | 24,392 | | | 103,205 | | | 93,212 | |
| Loan loss provision | | | 2,748 | | | 2,470 | | | 2,685 | | | 8,285 | | | 8,648 | |
| | | | | | | | | | | | | | | | | |
| Securities gains | | | - | | | - | | | 50 | | | 3 | | | 639 | |
| Gains on sales of loans | | | 389 | | | 440 | | | 382 | | | 1,481 | | | 1,619 | |
| Deposit service charges | | | 4,820 | | | 4,723 | | | 4,434 | | | 18,050 | | | 17,658 | |
| Trust revenue | | | 837 | | | 750 | | | 643 | | | 3,067 | | | 2,456 | |
| Insurance commissions | | | 53 | | | 112 | | | 105 | | | 382 | | | 367 | |
| Other noninterest income | | | 2,457 | | | 2,643 | | | 2,593 | | | 10,484 | | | 11,178 | |
| Total noninterest income | | | 8,556 | | | 8,668 | | | 8,207 | | | 33,467 | | | 33,917 | |
| | | | | | | | | | | | | | | | | |
| Personnel expense | | | 10,845 | | | 10,816 | | | 9,836 | | | 42,535 | | | 39,501 | |
| Occupancy and equipment | | | 2,702 | | | 2,808 | | | 2,329 | | | 10,739 | | | 9,484 | |
| Amortization of core deposit intangible | | | 158 | | | 159 | | | 145 | | | 607 | | | 580 | |
| Other noninterest expense | | | 6,183 | | | 6,007 | | | 6,402 | | | 24,688 | | | 25,030 | |
| Total noninterest expense | | | 19,888 | | | 19,790 | | | 18,712 | | | 78,569 | | | 74,595 | |
| | | | | | | | | | | | | | | | | |
| Net income before taxes | | | 12,910 | | | 13,155 | | | 11,202 | | | 49,818 | | | 43,886 | |
| Income taxes | | | 4,020 | | | 4,072 | | | 3,302 | | | 15,406 | | | 12,936 | |
| Net income | | $ | 8,890 | | $ | 9,083 | | $ | 7,900 | | $ | 34,412 | | $ | 30,950 | |
| | | | | | | | | | | | | | | | | |
| Memo: TEQ interest income | | $ | 43,888 | | $ | 41,964 | | $ | 35,861 | | $ | 161,738 | | $ | 131,975 | |
| | | | | | | | | | | | | | | | | |
| Average shares outstanding | | | 14,975 | | | 14,917 | | | 14,835 | | | 14,908 | | | 14,811 | |
| Basic earnings per share | | $ | 0.59 | | $ | 0.61 | | $ | 0.53 | | $ | 2.31 | | $ | 2.09 | |
| Diluted earnings per share | | $ | 0.58 | | $ | 0.60 | | $ | 0.52 | | $ | 2.27 | | $ | 2.05 | |
| Dividends per share | | $ | 0.26 | | $ | 0.24 | | $ | 0.24 | | $ | 0.98 | | $ | 0.87 | |
| | | | | | | | | | | | | | | | | |
Average balances: | | | | | | | | | | | | | | | | |
| Loans, net of unearned income | | $ | 2,107,267 | | $ | 2,085,841 | | $ | 1,884,571 | | $ | 2,024,756 | | $ | 1,816,146 | |
| Earning assets | | | 2,634,476 | | | 2,638,037 | | | 2,485,203 | | | 2,599,516 | | | 2,337,540 | |
| Total assets | | | 2,862,499 | | | 2,857,569 | | | 2,694,673 | | | 2,815,688 | | | 2,543,272 | |
| Deposits | | | 2,263,820 | | | 2,250,172 | | | 2,118,994 | | | 2,217,735 | | | 2,078,691 | |
| Interest bearing liabilities | | | 2,140,972 | | | 2,159,150 | | | 2,044,600 | | | 2,125,817 | | | 1,916,353 | |
| Shareholders' equity | | | 253,010 | | | 248,594 | | | 236,050 | | | 246,119 | | | 229,561 | |
| | | | | | | | | | | | | | | | | |
Performance ratios: | | | | | | | | | | | | | | | | |
| Return on average assets | | | 1.23 | % | | 1.26 | % | | 1.17 | % | | 1.22 | % | | 1.22 | % |
| Return on average equity | | | 13.94 | % | | 14.50 | % | | 13.31 | % | | 13.98 | % | | 13.48 | % |
| Yield on average earning assets (tax equivalent) | | | 6.61 | % | | 6.31 | % | | 5.74 | % | | 6.22 | % | | 5.65 | % |
| Cost of interest bearing funds (tax equivalent) | | | 3.06 | % | | 2.72 | % | | 2.15 | % | | 2.68 | % | | 1.94 | % |
| Net interest margin (tax equivalent) | | | 4.12 | % | | 4.08 | % | | 3.97 | % | | 4.03 | % | | 4.05 | % |
| Efficiency ratio | | | 55.34 | % | | 55.27 | % | | 56.79 | % | | 56.83 | % | | 58.25 | % |
| | | | | | | | | | | | | | | | | |
| Loan charge-offs | | $ | (3,817 | ) | $ | (2,593 | ) | $ | (2,839 | ) | $ | (10,968 | ) | $ | (9,588 | ) |
| Recoveries | | | 876 | | | 659 | | | 683 | | | 3,413 | | | 3,304 | |
| Net charge-offs | | $ | (2,941 | ) | $ | (1,934 | ) | $ | (2,156 | ) | $ | (7,555 | ) | $ | (6,284 | ) |
| | | | | | | | | | | | | | | | | |
Market Price: | | | | | | | | | | | | | | | | |
| High | | $ | 34.69 | | $ | 35.01 | | $ | 34.48 | | $ | 35.01 | | $ | 34.48 | |
| Low | | | 30.12 | | | 30.77 | | | 28.18 | | $ | 27.94 | | | 25.16 | |
| Close | | | 30.75 | | | 32.18 | | | 32.36 | | $ | 30.75 | | | 32.36 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | As of | | | As of | | | As of | |
| | | | | | | | | | 12/31/2005 | | | 9/30/2005 | | | 12/31/2004 | |
| | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
| Loans, net of unearned | | | | | | | | $ | 2,107,344 | | $ | 2,104,067 | | $ | 1,902,519 | |
| Loan loss reserve | | | | | | | | | (29,506 | ) | | (29,699 | ) | | (27,017 | ) |
| Net loans | | | | | | | | | 2,077,838 | | | 2,074,368 | | | 1,875,502 | |
| Loans held for sale | | | | | | | | | 135 | | | 745 | | | - | |
| Securities AFS | | | | | | | | | 422,253 | | | 419,205 | | | 482,280 | |
| Securities HTM | | | | | | | | | 48,444 | | | 50,957 | | | 62,671 | |
| Other earning assets | | | | | | | | | 32,279 | | | 27,684 | | | 51,982 | |
| Cash and due from banks | | | | | | | | | 89,932 | | | 82,982 | | | 77,598 | |
| Premises and equipment | | | | | | | | | 57,966 | | | 57,585 | | | 53,111 | |
| Goodwill and core deposit intangible | | | | | | | | | 66,709 | | | 68,398 | | | 63,371 | |
| Other assets | | | | | | | | | 53,657 | | | 51,076 | | | 42,579 | |
Total Assets | | | | | | | | $ | 2,849,213 | | $ | 2,833,000 | | $ | 2,709,094 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Equity: | | | | | | | | | | | | | | | | |
| NOW accounts | | | | | | | | $ | 19,542 | | $ | 14,590 | | $ | 15,101 | |
| Savings deposits | | | | | | | | | 598,280 | | | 611,217 | | | 602,484 | |
| CD's >=$100,000 | | | | | | | | | 411,749 | | | 414,811 | | | 389,011 | |
| Other time deposits | | | | | | | | | 771,051 | | | 770,233 | | | 730,030 | |
| Total interest bearing deposits | | | | | | | | | 1,800,622 | | | 1,810,851 | | | 1,736,626 | |
| Noninterest bearing deposits | | | | | | | | | 445,929 | | | 437,872 | | | 403,792 | |
| Total deposits | | | | | | | | | 2,246,551 | | | 2,248,723 | | | 2,140,418 | |
| Repurchase agreements | | | | | | | | | 129,156 | | | 116,628 | | | 88,404 | |
| Other interest bearing liabilities | | | | | | | | | 199,820 | | | 193,429 | | | 226,131 | |
| Noninterest bearing liabilities | | | | | | | | | 19,741 | | | 23,933 | | | 17,972 | |
| Total liabilities | | | | | | | | | 2,595,268 | | | 2,582,713 | | | 2,472,925 | |
| Shareholders' equity | | | | | | | | | 253,945 | | | 250,287 | | | 236,169 | |
Total Liabilities and Equity | | | | | | | | $ | 2,849,213 | | $ | 2,833,000 | | $ | 2,709,094 | |
| | | | | | | | | | | | | | | | | |
| Ending shares outstanding | | | | | | | | | 14,997 | | | 14,922 | | | 14,845 | |
| Memo: Market value of HTM Securities | | | | | | | | $ | 46,528 | | $ | 49,717 | | $ | 61,947 | |
| | | | | | | | | | | | | | | | | |
| 90 days past due loans | | | | | | | | $ | 8,284 | | $ | 6,556 | | $ | 5,319 | |
| Nonaccrual loans | | | | | | | | | 12,219 | | | 14,314 | | | 13,808 | |
| Restructured loans | | | | | | | | | 899 | | | 894 | | | 974 | |
| Foreclosed properties | | | | | | | | | 5,410 | | | 5,674 | | | 4,756 | |
| | | | | | | | | | | | | | | | | |
| Tier 1 leverage ratio | | | | | | | | | 8.94 | % | | 8.68 | % | | 8.78 | % |
| Tier 1 risk based ratio | | | | | | | | | 11.52 | % | | 11.34 | % | | 11.82 | % |
| Total risk based ratio | | | | | | | | | 12.76 | % | | 12.59 | % | | 13.07 | % |
| FTE employees | | | | | | | | | 1,003 | | | 988 | | | 954 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Community Trust Bancorp, Inc. reported earnings for the three and twelve months ending December 31, 2005 and 2004 as follows: |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended | | Twelve Months Ended | |
| | | | | | December 31 | | December 31 | |
| | | | | | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
(in thousands except per share information) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income | | | | | $ | 8,890 | | $ | 7,900 | | $ | 34,412 | | $ | 30,950 | |
| | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | | | $ | 0.59 | | $ | 0.53 | | $ | 2.31 | | $ | 2.09 | |
| | | | | | | | | | | | | | | | | |
| Diluted earnings per share | | | | | $ | 0.58 | | $ | 0.52 | | $ | 2.27 | | $ | 2.05 | |
| | | | | | | | | | | | | | | | | |
| Average shares outstanding | | | | | | 14,975 | | | 14,835 | | | 14,908 | | | 14,811 | |
| | | | | | | | | | | | | | | | | |
| Total assets (end of period) | | | | | $ | 2,849,213 | | $ | 2,709,094 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Return on average equity | | | | | | 13.94 | % | | 13.31 | % | | 13.98 | % | | 13.48 | % |
| | | | | | | | | | | | | | | | | |
| Return on average assets | | | | | | 1.23 | % | | 1.17 | % | | 1.22 | % | | 1.22 | % |
| | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | | | $ | 2,748 | | $ | 2,685 | | $ | 8,285 | | $ | 8,648 | |
| | | | | | | | | | | | | | | | | |
| Gains on sales of loans | | | | | $ | 389 | | $ | 382 | | $ | 1,481 | | $ | 1,619 | |
