Business

Round up of area banks earnings

Jim O'Brien, president of Valvoline, will be leaving Valvoline for a higher position in Ashland.  Tuesday Dec 11, 2001
Jim O'Brien, president of Valvoline, will be leaving Valvoline for a higher position in Ashland. Tuesday Dec 11, 2001 LEXINGTON HERALD-LEADER

A number of Central Kentucky-based banks and those with substantial operations in the area have announced earnings over the past week. Below is a roundup of their performance:

PNC

Fourth Prior-year quarter period

Net income$820M $1.1B

Earns per share$1.50 $2.17

2010 2009

Net income$3.4B $2.4B

Earns per share$5.74 $4.36

The Pittsburgh-based company's provision for credit losses declined to $442 million in the fourth quarter compared with $486 million in the third quarter as overall credit quality improved. The year-ago numbers for the fourth quarter included a one-time $1.076 billion gain related to BlackRock, in which the company owns equity, acquiring Barclays Global Investors.

Community Trust Bancorp

Fourth Prior-year quarter period

Net income$9.24M $6.96M

Earns per share$0.60 $0.46

2010 2009

Net income$33M $25.1M

Earns per share$2.16 $1.65

The Pikeville-based bank's provision for loan losses declined $1.2 million in the fourth quarter compared to the same period in 2009 and was down $1 million in 2010 compared to 2009.

BB&T

Fourth Prior-year quarter period

Net income$208M $185M

Earns per share$0.30 $0.27

2010 2009

Net income$816M $729M

Earns per share$1.16 $1.15

The North Carolina-based bank saw its credit trends improve, as the provision for credit losses, excluding covered loans, declined $182 million in the fourth quarter compared with the same period a year earlier.

The Bank of Kentucky

Fourth Prior-year quarter period

Net income$2.97M $1.82M

Earns per share$0.46 $0.32

2010 2009

Net income$9.43M $6.97M

Earns per share$1.61 $1.23

In November, the Northern Kentucky company sold 1.77 million shares of common stock at $17 each. It used $17 million of the $28 million in proceeds to repurchase some shares of its stock issued to the U.S. Treasury under the federal Troubled Asset Relief Program program.

REpublic Bancorp

Fourth Prior-year quarter period

Net income$4.4M $3.8M

Earns per share$0.21 $0.19

2010 2009

Net income$64.8M $42.1M

Earns per share$3.10 $2.02

The Louisville-based bank said its credit quality measures have improved, as the percentage of delinquent loans to total loans fell from 1.98 percent at the end of 2009 to 1.24 percent at the end of 2010.

Farmers Capital Bank

Fourth Prior-year quarter period

Net income$891,000 -$47.1M

Earns per share$0.06 -$6.45

2010 2009

Net income$6.9M -$44.7M

Earns per share$0.68 -$6.32

The year-ago numbers for the fourth quarter included a one-time, non-cash accounting charge of $52.4 million that heavily reduced earnings. The Frankfort-based bank said its provision for loan losses decreased $2.9 million year over year in the fourth quarter and $3.5 million for the year compared to 2009.

CKF Bancorp

Fourth Prior-year quarter period

Net income$14.4K $0.01

Earns per share-$130.8K -$0.10

2010 2009

Net income$256K $0.21

Earns per share$131K $0.11

Deposits at the Danville-headquartered Central Kentucky Federal Savings Bank were $101 million at the end of the year, up from $95.5 million at the end of 2009.

Scott Sloan

  Comments