Exhibit 99.1
FOR IMMEDIATE RELEASE
January 17, 2006
FOR ADDITIONAL INFORMATION PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294
Pikeville, Kentucky:
COMMUNITY TRUST BANCORP, INC. REPORTS RECORD EARNINGS FOR THE YEAR 2006.
Earnings Summary |
(in thousands except per share data) | | 4Q 2006 | 3Q 2006 | 4Q 2005 | 12 Months 2006 | 12 Months 2005 |
| Net income | | $ | 9,520 | | $ | 9,884 | | $ | 8,890 | | $ | 39,064 | | $ | 34,412 | |
| Earnings per share | | $ | 0.63 | | $ | 0.65 | | $ | 0.59 | | $ | 2.59 | | $ | 2.31 | |
| Earnings per share (diluted) | | $ | 0.62 | | $ | 0.64 | | $ | 0.58 | | $ | 2.55 | | $ | 2.27 | |
| | | | | | | | | | | | | | | | | |
| Return on average assets | | | 1.28 | % | | 1.34 | % | | 1.23 | % | | 1.33 | % | | 1.22 | % |
| Return on average equity | | | 13.45 | % | | 14.40 | % | | 13.94 | % | | 14.51 | % | | 13.98 | % |
| Efficiency ratio | | | 57.43 | % | | 55.35 | % | | 55.34 | % | | 56.67 | % | | 56.83 | % |
| | | | | | | | | | | | | | | | | |
| Dividends declared per share | | $ | 0.27 | | $ | 0.26 | | $ | 0.26 | | $ | 1.05 | | $ | 0.98 | |
| Book value per share | | $ | 18.63 | | $ | 18.16 | | $ | 16.93 | | $ | 18.63 | | $ | 16.93 | |
| | | | | | | | | | | | | | | | | |
| Weighted average shares | | | 15,154 | | | 15,129 | | | 14,975 | | | 15,086 | | | 14,908 | |
| Weighted average shares (diluted) | | | 15,417 | | | 15,369 | | | 15,225 | | | 15,300 | | | 15,139 | |
Community Trust Bancorp, Inc. (NASDAQ-CTBI) is pleased to report record earnings for the year ended December 31, 2006 of $39.1 million or $2.59 per share compared to $34.4 million or $2.31 per share earned during the year ended December 31, 2005. Earnings for the fourth quarter 2006 were $9.5 million or $0.63 per share compared to $8.9 million or $0.59 per share earned during the fourth quarter of 2005 and $9.9 million or $0.65 per share earned during the third quarter of 2006.
Fourth Quarter and Year 2006 Highlights
| v | The Company's basic earnings per share for the year 2006 increased 12.1% from prior year. Earnings per share for the fourth quarter 2006 reflect an increase of 6.8% over the fourth quarter 2005. |
| v | The Company's year-to-date net interest margin remained flat from prior year at 4.02%. As anticipated by management, as interest rates stabilized the Company experienced margin pressure which is reflected in the decrease in the quarterly net interest margin of 18 basis points from prior year and 14 basis points from prior quarter. |
| v | The Company’s average earning assets for the year ended December 31, 2006 were a 4.5% increase over the year ended December 31, 2005. Average earning assets for the quarter ended December 31, 2006 increased 3.4% from the quarter ended December 31, 2005 and 0.7% from the quarter ended September 30, 2006. |
| v | The Company's investment portfolio increased 5.0% from December 31, 2005 to December 31, 2006 and an annualized 7.2% from prior quarter. |
| v | The Company's loan portfolio grew at a rate of 2.9% from December 31, 2005 and at an annualized rate of 2.5% from prior quarter. |
| v | The Company's asset quality continues to improve as evidenced by nonperforming loans as a percentage of total loans at December 31, 2006 of 0.66%, a 36 basis point decrease from December 31, 2005 and a decrease of 7 basis points from prior quarter. |
| v | As a result of the improvement in credit quality trends, provision for loan losses for the year ended December 31, 2006 decreased to $4.3 million compared to $8.3 million for the same period last year. Provision for loan losses for the quarter ended December 31, 2006 was $1.2 million compared to $2.7 million for the quarter ended December 31, 2005 and $1.8 million for the quarter ended September 30, 2006. |
| v | Return on average assets for the year ended December 31, 2006 was 1.33%, a 9.0% increase from the 1.22% for the year ended December 31, 2005. Return on average assets for the quarter ended December 31, 2006 of 1.28% was an increase from the 1.23% for the same period 2005. |
| v | Our return on average shareholders' equity for the year ended December 31, 2006 of 14.51% reflects a 53 basis point or 3.8% increase from the 13.98% for the year ended December 31, 2005. Return on average shareholders' equity for the quarter ended December 31, 2006 was 13.45% compared to 13.94% for the quarter ended December 31, 2005 and 14.40% for the quarter ended September 30, 2006. |
| v | CTBI's efficiency ratio for the year ended December 31, 2006 improved 16 basis points to 56.67% compared to 56.83% for the year ended December 31, 2005. Our efficiency ratio for the quarter ended December 31, 2006 was 57.43% compared to 55.34% for the quarter ended December 31, 2005 and 55.35% for the quarter ended September 30, 2006. |
Net Interest Income
Our year over year net interest margin remained flat at 4.02%. As rates stabilized in the latter part of the year, the margin compressed as expected. Our net interest margin for the fourth quarter 2006 was 3.94% compared to 4.12% for the fourth quarter 2005 and 4.08% for the third quarter 2006.
Year-to-date net interest income increased 4.4% or $4.6 million from the year ended December 31, 2005. Net interest income for the quarter of $26.7 million was a decrease of 0.9% from the $27.0 million for the fourth quarter 2005 and a 2.7% decrease from the $27.4 million for the third quarter 2006. Average earning assets for the year ended December 31, 2006 increased 4.5% or $116.0 million over the year ended December 31, 2005. Average earning assets increased 3.4% from the quarter ended December 31, 2005 and 0.7% from prior quarter to $2.7 billion for the quarter ended December 31, 2006.
Noninterest Income
Year-to-date noninterest income decreased 2.7% to $32.7 million for the year ended December 31, 2006 from the $33.6 million for the same period last year. Noninterest income for the quarter ended December 31, 2006 increased 0.2% from the quarter ended December 31, 2005 and 4.6% from the quarter ended September 30, 2006.
The following table displays the quarterly and year over year activity in the various significant noninterest income accounts.
Noninterest Income Summary | | | | | | | | | | | |
(in thousands) | | | 4Q 2006 | | | 3Q 2006 | | | 4Q 2005 | | | 12 Months 2006 | | | 12 Months 2005 | |
| Deposit related fees | | $ | 5,081 | | $ | 5,220 | | $ | 4,820 | | $ | 20,162 | | $ | 18,050 | |
| Loan related fees | | | 700 | | | 661 | | | 1,508 | | | 2,473 | | | 5,638 | |
| Trust revenue | | | 1,074 | | | 927 | | | 837 | | | 3,743 | | | 3,067 | |
| Gains on sales of loans | | | 380 | | | 265 | | | 389 | | | 1,265 | | | 1,481 | |
| Other revenue | | | 1,377 | | | 1,158 | | | 1,042 | | | 5,076 | | | 5,391 | |
| Total noninterest income | | $ | 8,612 | | $ | 8,231 | | $ | 8,596 | | $ | 32,719 | | $ | 33,627 | |
The increases in recurring revenue sources year over year 2005 to 2006 in deposit related fees and trust revenue were offset by declines in gains on sales of loans due to the interest rate environment and loan related fees.
Year-to-date noninterest expense increased 2.3% from $78.6 million to $80.4 million. The most significant components of this increase were a 3.8% increase in personnel expenses due to normal annual salary adjustments and health care costs and a 6.8% increase in occupancy and equipment due to expenditures for new branch locations and technology and communication upgrades to the Company's core operating systems. Noninterest expense for the quarter ended December 31, 2006 of $20.5 million was a 3.1% increase from the $19.9 million for the fourth quarter 2005 and a 2.8% increase from the $20.0 million for the third quarter 2006.
Balance Sheet Review
The Company’s total assets grew $118.7 million or 4.2% during 2006 with $75.4 million of the growth occurring during the fourth quarter. Asset growth during 2006 was all organic growth and is inclusive of the reduction of $40 million in the investment portfolio during the third quarter to payoff a maturing Federal Home Loan Bank advance. Loans outstanding at December 31, 2006 of $2.2 billion grew $60.1 million or 2.9% during the year. Loan growth for the quarter was $13.3 million, an annualized growth rate of 2.5%. Deposits, including repurchase agreements, of $2.5 billion at December 31, 2006 were a 5.3% or $127.1 million increase from December 31, 2005 and an annualized 10.6% or $65.0 million increase from September 30, 2006. The deposit growth in excess of loan growth was invested in our investment portfolio and federal funds sold. Federal funds sold almost doubled year over year and quarter over quarter with increases of $31.0 million and $37.7 million, respectively, while the investment portfolio increased 5.0% or $23.7 million year over year and an annualized 7.2% or $8.8 million during the quarter.
Shareholders’ equity of $282.4 million on December 31, 2006 was an 11.2% increase from the $253.9 million on December 31, 2005 and an annualized increase of 10.8% from the $274.9 million on September 30, 2006.
Asset Quality
Nonperforming loans at December 31, 2006 were $14.2 million, a 33.5% decrease from $21.4 million at December 31, 2005 and a 9.2% decrease from the $15.7 million at September 30, 2006. Nonperforming loans as a percentage of total loans at December 31, 2006 were 0.66%, a 36 basis point decrease from December 31, 2005 and a 7 basis point decrease from prior quarter.
Foreclosed properties at December 31, 2006 were $4.5 million compared to $5.4 million on December 31, 2005 and $3.9 million on September 30, 2006.
Net loan charge-offs for the year decreased 16.8% from $7.6 million, or 0.4% of average loans, to $6.3 million, or 0.3% of average loans. Net loan charge-offs for the quarter ended December 31, 2006 were $1.7 million compared to $2.9 million for the quarter ended December 31, 2005 and $1.6 million for the quarter ended September 30, 2006. Reflective of the improvement in asset quality, our reserve for losses on loans as a percentage of total loans outstanding at December 31, 2006 decreased to 1.27% from the 1.40% at December 31, 2005 and the 1.30% at September 30, 2006.
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 $3.0 billion, is headquartered in Pikeville, Kentucky and has 74 banking locations across eastern, northeast, central, and south central Kentucky, five banking locations in southern West Virginia, and five trust offices across Kentucky.
Additional information follows.
Community Trust Bancorp, Inc. |
Financial Summary (Unaudited) |
December 31, 2006 |
| (in thousands except per share data) |
| |
| | | Three | Three | Three | Twelve | Twelve |
| | | Months | Months | Months | Months | Months |
| | | Ended | Ended | Ended | Ended | Ended |
| | | December 31, 2006 | September 30, 2006 | December 31, 2005 | December 31, 2006 | December 31, 2005 |
| | | | | | | | | | | | | | | | | |
| Interest income | | $ | 49,194 | | $ | 48,453 | | $ | 43,494 | | $ | 189,145 | | $ | 160,162 | |
| Interest expense | | | 22,496 | | | 21,028 | | | 16,544 | | | 81,538 | | | 57,117 | |
| Net interest income | | | 26,698 | | | 27,425 | | | 26,950 | | | 107,607 | | | 103,045 | |
| Loan loss provision | | | 1,200 | | | 1,755 | | | 2,748 | | | 4,305 | | | 8,285 | |
| | | | | | | | | | | | | | | | | |
| Gains on sales of loans | | | 380 | | | 265 | | | 389 | | | 1,265 | | | 1,481 | |
| Deposit service charges | | | 5,081 | | | 5,220 | | | 4,820 | | | 20,162 | | | 18,050 | |
| Trust revenue | | | 1,074 | | | 927 | | | 837 | | | 3,743 | | | 3,067 | |
| Insurance commissions | | | 126 | | | 124 | | | 53 | | | 532 | | | 382 | |
| Other noninterest income | | | 1,951 | | | 1,695 | | | 2,497 | | | 7,017 | | | 10,647 | |
| Total noninterest income | | | 8,612 | | | 8,231 | | | 8,596 | | | 32,719 | | | 33,627 | |
| | | | | | | | | | | | | | | | | |
| Personnel expense | | | 11,607 | | | 10,750 | | | 10,845 | | | 44,145 | | | 42,535 | |
| Occupancy and equipment | | | 2,779 | | | 2,735 | | | 2,702 | | | 11,467 | | | 10,739 | |
| Amortization of core deposit intangible | | | 158 | | | 159 | | | 158 | | | 634 | | | 607 | |
| Other noninterest expense | | | 5,962 | | | 6,313 | | | 6,183 | | | 24,161 | | | 24,688 | |
| Total noninterest expense | | | 20,506 | | | 19,957 | | | 19,888 | | | 80,407 | | | 78,569 | |
| | | | | | | | | | | | | | | | | |
| Net income before taxes | | | 13,604 | | | 13,944 | | | 12,910 | | | 55,614 | | | 49,818 | |
| Income taxes | | | 4,084 | | | 4,060 | | | 4,020 | | | 16,550 | | | 15,406 | |
| Net income | | $ | 9,520 | | $ | 9,884 | | $ | 8,890 | | $ | 39,064 | | $ | 34,412 | |
| | | | | | | | | | | | | | | | | |
| Memo: TEQ interest income | | $ | 49,591 | | $ | 48,849 | | $ | 43,888 | | $ | 190,719 | | $ | 161,738 | |
| | | | | | | | | | | | | | | | | |
| Average shares outstanding | | | 15,154 | | | 15,129 | | | 14,975 | | | 15,086 | | | 14,908 | |
| Basic earnings per share | | $ | 0.63 | | $ | 0.65 | | $ | 0.59 | | $ | 2.59 | | $ | 2.31 | |
| Diluted earnings per share | | $ | 0.62 | | $ | 0.64 | | $ | 0.58 | | $ | 2.55 | | $ | 2.27 | |
| Dividends per share | | $ | 0.27 | | $ | 0.26 | | $ | 0.26 | | $ | 1.05 | | $ | 0.98 | |
| | | | | | | | | | | | | | | | | |
Average balances: | | | | | | | | | | | | | | | | |
| Loans, net of unearned income | | $ | 2,160,249 | | $ | 2,144,185 | | $ | 2,107,267 | | $ | 2,131,649 | | $ | 2,024,756 | |
| Earning assets | | | 2,725,182 | | | 2,706,026 | | | 2,634,476 | | | 2,715,464 | | | 2,599,443 | |
| Total assets | | | 2,951,213 | | | 2,932,924 | | | 2,864,359 | | | 2,942,892 | | | 2,817,549 | |
| Deposits | | | 2,328,294 | | | 2,282,383 | | | 2,263,820 | | | 2,294,385 | | | 2,217,735 | |
| Interest bearing liabilities | | | 2,220,325 | | | 2,205,385 | | | 2,142,813 | | | 2,214,162 | | | 2,127,658 | |
| Shareholders' equity | | | 280,707 | | | 272,256 | | | 253,010 | | | 269,202 | | | 246,119 | |
| | | | | | | | | | | | | | | | | |
Performance ratios: | | | | | | | | | | | | | | | | |
| Return on average assets | | | 1.28 | % | | 1.34 | % | | 1.23 | % | | 1.33 | % | | 1.22 | % |
| Return on average equity | | | 13.45 | % | | 14.40 | % | | 13.94 | % | | 14.51 | % | | 13.98 | % |
| Yield on average earning assets (tax equivalent) | | | 7.22 | % | | 7.16 | % | | 6.61 | % | | 7.02 | % | | 6.22 | % |
| Cost of interest bearing funds (tax equivalent) | | | 4.02 | % | | 3.78 | % | | 3.06 | % | | 3.68 | % | | 2.68 | % |
| Net interest margin (tax equivalent) | | | 3.94 | % | | 4.08 | % | | 4.12 | % | | 4.02 | % | | 4.02 | % |
| Efficiency ratio (tax equivalent) | | | 57.43 | % | | 55.35 | % | | 55.34 | % | | 56.67 | % | | 56.83 | % |
| | | | | | | | | | | | | | | | | |
| Loan charge-offs | | $ | 2,413 | | $ | 2,101 | | $ | 3,817 | | $ | 9,430 | | $ | 10,968 | |
| Recoveries | | | (733 | ) | | (538 | ) | | (876 | ) | | (3,145 | ) | | (3,413 | ) |
| Net charge-offs | | $ | 1,680 | | $ | 1,563 | | $ | 2,941 | | $ | 6,285 | | $ | 7,555 | |
| | | | | | | | | | | | | | | | | |
Market Price: | | | | | | | | | | | | | | | | |
| High | | $ | 42.59 | | $ | 39.07 | | $ | 34.69 | | $ | 42.59 | | $ | 35.01 | |
| Low | | | 36.51 | | | 33.62 | | | 30.12 | | | 30.60 | | | 27.94 | |
| Close | | | 41.53 | | | 37.65 | | | 30.75 | | | 41.53 | | | 30.75 | |
| |
| |
| | | | | | | | | As of | As of | As of |
| | | | | | | | | December 31, 2006 | September 30, 2006 | December 31, 2005 |
| | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
| Loans, net of unearned | | | | | | | | $ | 2,167,458 | | $ | 2,154,129 | | $ | 2,107,344 | |
| Loan loss reserve | | | | | | | | | (27,526 | ) | | (28,006 | ) | | (29,506 | ) |
| Net loans | | | | | | | | | 2,139,932 | | | 2,126,123 | | | 2,077,838 | |
| Loans held for sale | | | | | | | | | 1,431 | | | 1,826 | | | 135 | |
| Securities AFS and other | | | | | | | | | 453,878 | | | 443,350 | | | 422,253 | |
| Securities HTM | | | | | | | | | 40,508 | | | 42,213 | | | 48,444 | |
| Other earning assets | | | | | | | | | 63,202 | | | 25,483 | | | 32,279 | |
| Cash and due from banks | | | | | | | | | 94,336 | | | 77,078 | | | 89,932 | |
| Premises and equipment | | | | | | | | | 55,665 | | | 56,025 | | | 57,966 | |
| Goodwill and core deposit intangible | | | | | | | | | 67,610 | | | 67,769 | | | 66,709 | |
| Other assets | | | | | | | | | 53,199 | | | 54,452 | | | 55,497 | |
Total Assets | | | | | | | | $ | 2,969,761 | | $ | 2,894,319 | | $ | 2,851,053 | |
| | | | | | | | | | | | | | | | | |
Liabilities and Equity: | | | | | | | | | | | | | | | | |
| NOW accounts | | | | | | | | $ | 18,107 | | $ | 16,636 | | $ | 19,542 | |
| Savings deposits | | | | | | | | | 669,263 | | | 648,336 | | | 598,280 | |
| CD's >=$100,000 | | | | | | | | | 438,080 | | | 421,959 | | | 411,749 | |
| Other time deposits | | | | | | | | | 785,723 | | | 778,737 | | | 771,051 | |
| Total interest bearing deposits | | | | | | | | | 1,911,173 | | | 1,865,668 | | | 1,800,622 | |
| Noninterest bearing deposits | | | | | | | | | 429,994 | | | 414,037 | | | 445,929 | |
| Total deposits | | | | | | | | | 2,341,167 | | | 2,279,705 | | | 2,246,551 | |
| Repurchase agreements | | | | | | | | | 161,630 | | | 158,085 | | | 129,156 | |
| Other interest bearing liabilities | | | | | | | | | 158,526 | | | 148,650 | | | 201,660 | |
| Noninterest bearing liabilities | | | | | | | | | 26,063 | | | 32,980 | | | 19,741 | |
| Total liabilities | | | | | | | | | 2,687,386 | | | 2,619,420 | | | 2,597,108 | |
| Shareholders' equity | | | | | | | | | 282,375 | | | 274,899 | | | 253,945 | |
Total Liabilities and Equity | | | | | | | | $ | 2,969,761 | | $ | 2,894,319 | | $ | 2,851,053 | |
| | | | | | | | | | | | | | | | | |
| Ending shares outstanding | | | | | | | | | 15,158 | | | 15,141 | | | 14,997 | |
| Memo: Market value of HTM Securities | | | | | | | | $ | 39,015 | | $ | 40,237 | | $ | 46,528 | |
| | | | | | | | | | | | | | | | | |
| 90 days past due loans | | | | | | | | $ | 4,294 | | $ | 6,648 | | $ | 8,284 | |
| Nonaccrual loans | | | | | | | | | 9,863 | | | 8,926 | | | 12,219 | |
| Restructured loans | | | | | | | | | 66 | | | 84 | | | 899 | |
| Foreclosed properties | | | | | | | | | 4,524 | | | 3,900 | | | 5,410 | |
| | | | | | | | | | | | | | | | | |
| Tier 1 leverage ratio | | | | | | | | | 9.58 | % | | 9.42 | % | | 8.94 | % |
| Tier 1 risk based ratio | | | | | | | | | 12.21 | % | | 12.05 | % | | 11.52 | % |
| Total risk based ratio | | | | | | | | | 13.43 | % | | 13.30 | % | | 12.76 | % |
| FTE employees | | | | | | | | | 1,021 | | | 1,006 | | | 1,003 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Community Trust Bancorp, Inc. reported earnings for the three and twelve months ending December 31, 2006 and 2005 as follows: |
| | | | | | | | | | | | | | | | | |
| | | | | | Three Months Ended | Twelve Months Ended |
| | | | | | December 31 | December 31 |
| | | | | 2006 | 2005 | 2006 | 2005 |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income | | | | | $ | 9,520 | | $ | 8,890 | | $ | 39,064 | | $ | 34,412 | |
| | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | | | $ | 0.63 | | $ | 0.59 | | $ | 2.59 | | $ | 2.31 | |
| | | | | | | | | | | | | | | | | |
| Diluted earnings per share | | | | | $ | 0.62 | | $ | 0.58 | | $ | 2.55 | | $ | 2.27 | |
| | | | | | | | | | | | | | | | | |
| Average shares outstanding | | | | | | 15,154 | | | 14,975 | | | 15,086 | | | 14,908 | |
| | | | | | | | | | | | | | | | | |
| Total assets (end of period) | | | | | $ | 2,969,761 | | $ | 2,851,053 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Return on average equity | | | | | | 13.45 | % | | 13.94 | % | | 14.51 | % | | 13.98 | % |
| | | | | | | | | | | | | | | | | |
| Return on average assets | | | | | | 1.28 | % | | 1.23 | % | | 1.33 | % | | 1.22 | % |
| | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | | | $ | 1,200 | | $ | 2,748 | | $ | 4,305 | | $ | 8,285 | |
| | | | | | | | | | | | | | | | | |
| Gains on sales of loans | | | | | $ | 380 | | $ | 389 | | $ | 1,265 | | $ | 1,481 | |
