CELEBRATING 75 YEARS OF STRENGTHENING EVERY …
Transcript of CELEBRATING 75 YEARS OF STRENGTHENING EVERY …
Central Bank & Trust Co. • Central Insurance Services • Central Investment Center, Inc.
CELEBRATING 75 YEARS OF STRENGTHENING EVERY COMMUNITY WE SERVE.
2021 SECOND QUARTER REPORT
MISSION STATEMENTThe mission of Central Bancshares is to become
Kentucky’s leading, high-performing, community
banking company by empowering our staff to deliver
consistently superior service and value to our customers,
shareholders and communities. We will be successful because
Central Bankers are our greatest resource and our most
sustainable advantage.
For additional copies or information:MARKETINGCENTRAL BANK300 West Vine StreetLexington, KY 40507
FOCUSED ON COMMUNITY SINCE 1946.
CONTENTS Financial Highlights 1
Consolidated Balance Sheets 2
Consolidated Statements of Income 3
Boards of Directors 4
Officers 6
CONTENTS Financial Highlights 1
Consolidated Balance Sheets 2
Consolidated Statements of Income 3
Boards of Directors 4
Officers 6
FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data) RESULTS OF OPERATIONS: Net income Net income per share Book value per share at quarter end
AT JUNE 30: Assets Earning assets Loans, net Deposits Shareholders’ equity
PERFORMANCE RATIOS: Return on average assets Return on average shareholders’ equity Average tangible equity to average tangible assets Net charge-offs to average loans Allowance for loan losses as a percentage of quarter end loans Net interest margin (tax equivalent)
2021
$ 16,7880.489.94
$ 3,467,7803,366,0592,362,4822,849,060
345,791
0.99%10.06%
9.50%0.03%
1.05%3.18%
2018
$ 13,6390.397.72
$ 2,510,9262,396,6392,018,0272,052,387
268,444
1.12%10.50%
10.12%0.02%
1.04%4.02%
2017
$ 9,1150.267.10
$ 2,315,6082,185,3811,851,9951,939,642
247,045
0.80%7.58%
10.02%0.04%
1.16%3.94%
2019
$ 16,5160.478.55
$ 2,675,4932,575,6992,112,7642,141,569
297,325
1.29%11.58%
10.66%0.05%
1.00%4.10%
2020
$ 10,1500.299.16
$ 3,147,4083,034,4332,359,5502,537,665
318,690
0.70%6.52%
10.31%0.05%
0.90%3.58%
2021 SECOND QUARTER REPORT 1
As of and for the six months ended June 30
$ 47,320 599,500 646,820 372,222
2,387,586 (25,104
2,362,482 26,470
6,751 14,313
38,722 $ 3,467,780
$ 1,167,523 1,681,537
2,849,060
209,764 500
25,301 15,000 22,364
3,121,989
3,479
- 6,890
336,891 -
(1,469 345,791
$ 3,467,780
2
CONSOLIDATED BALANCE SHEETS
ASSETS Cash and due from financial institutionsInterest bearing deposits with other financial institutions Total cash and cash equivalentsDebt securities Loans, net of unearned incomeAllowance for loan losses Loans, netPremises and equipment, netFederal Home Loan Bank stockIntangible assetsPrepaid expenses and other assets Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITYDeposits: Non-interest bearing Interest bearing Total deposits Repurchase agreementsFederal funds purchasedFederal Home Loan Bank advancesSubordinated debenturesOther liabilities Total liabilities
SHAREHOLDERS’ EQUITYCommon stock (voting), $10 par value; 350,000 shares authorized; 347,922 shares issued and outstandingCommon stock (non-voting), no par value; 34,650,000 shares authorized; 34,444,278 shares issued and outstandingAdditional paid-in capitalRetained earningsUnearned Employee Stock Ownership SharesAccumulated other comprehensive loss Total shareholders’ equity Total liabilities and shareholders’ equity
June 302021
June 302020
$ 56,165 374,100
430,265 272,659
2,380,923 (21,373
2,359,550 26,867
6,751 14,313 37,003
$ 3,147,408
$ 1,007,768 1,529,887 2,537,655
183,949 500
55,317 15,000 36,297
2,828,718
3,479
-
6,890 316,829
(662 (7,846
318,690$ 3,147,408
) )
(in thousands, except share data)
)))
32021 SECOND QUARTER REPORT
For the six months ended
CONSOLIDATED STATEMENTS OF INCOME
INTEREST AND DIVIDEND INCOME Loans, including fees Debt securities Deposits with other financial institutions
INTEREST EXPENSE Interest on deposits Interest on borrowed funds
Net interest incomeProvision for loan lossesNet interest income after provision for loan losses
NON-INTEREST INCOME Service charges on deposit accounts Service charges on loans Wealth management income Other income
NON-INTEREST EXPENSE Salaries Benefits Occupancy and equipment Other non-interest expenses
Income before income taxesIncome taxesNet income
Basic earnings per share
June 302021
June 302020
$ 52,192 1,399
319 53,910
1,618 507
2,125
51,785 727
51,058
2,705 6,778 9,001 4,249
22,733
22,316 4,827 9,642
17,067 53,852
19,939 3,151
$ 16,788
$ 0.48
$ 50,614 2,596 1,104
54,314
3,701 859
4,560
49,754 3,327
46,427
2,981 5,561 7,479 3,516
19,537
21,876 7,073
10,685 15,299 54,933
11,031 881
$ 10,150
$ 0.29
(in thousands, except share data)
BOARDS OF DIRECTORS
Central Bancshares, Inc. and Central Bank & Trust Co. Board of Directors
Luther Deaton, Jr. Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
Joan D. Kincaid Vice Chairman of the Board, Central Bancshares, Inc. and Central Bank & Trust Co.
Ulysses Lee “Junior” BridgemanPresident & CEO, Bridgeman Foods Inc.
Michael D. Foley Retired PartnerRFH, PLLC Certified Public Accountants
Wayne M. MartinVice President of Development,Retail Division,Booth Energy
G. Michael RitchieOwner, MND Holdings, LLC
Paul E. Sullivan Partner, Frost Brown Todd, LLC
Advisory Boards of Directors
Central Bank, GeorgetownAdvisory Board of Directors
Dallas BlankenshipRetired Superintendent,Scott County Board of Education
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
Mason “Butch” GlassCommunity Volunteer
William C. HaughCEO, Georgetown Community Hospital
George H. LusbyRetired Scott County Judge Executive
Kimberly E. MarshallMarket President
Randy MasonOwner-Operator, McDonald’s
W. Thomas PratherChairman, Central Bank Georgetown & Mayor of Georgetown
Central Bank, LexingtonAdvisory Board of Directors
Dennis AndersonPresident, Anderson Communities
John AtchisonCo-owner, Atchison Heller Construction
Rick AvareMAP Entities
Ray BallOwner, Ball Homes
William BrewerDink, Inc.
Jed BullardOwner, E.D. Bullard Company
Lucas CampbellGorman Company
Kevin DoyleCFO, Congleton Hacker Company
William Farish, Jr.President, Lane’s End Farm
Crinda FranckePresident, ExecuTrain of Kentucky
Don Howard, Jr.President, H&W Management
John Irvin, Jr.Attorney, Kinkead & Stilz, PLLC
Bill JusticePresident, Justice Real Estate
Louis MulloyLTM Associates, LLC
Deborah Spike-Pierce, DVMPresident & CEO, Rood & Riddle Equine Hospital
Bill QuenomoenCEO, Denham-Blythe Company
Nick RowePresident, Kentucky American Water Co.
Adolph Rupp IIIRupp & Associates, Inc.
Kenny SchompPresident & Owner, Lexington Truck Sales, Inc.
Nick StrongPresident, Old Colony Insurance
Bill Thomason Retired President, Keeneland Association
Dr. Lee ToddRetired President, University of Kentucky
Lawrence WeathersChief of Police, Lexington
Carol WorshamPresident, Winterwood, Inc.
Central Bank, LouisvilleAdvisory Board of Directors
Claire AlagiaGeneral Manager,Wakefield Reutlinger Realtors
Ronald L. CarmicleOwner, PLC Management
Marcia CassadyDirector, Capital Link Consultants
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
William “Billy” K. DoelkerOwner, Key Homes, LLC
Michael D. Foley Retired PartnerRFH, PLLC Certified Public Accountants
William P. MaloneRetired, Deming, Malone, Livesay & Ostroff
William E. Summers IVRetired, Deputy Mayor, Louisville Metro Government
4
Chairman, President & CEO
Luther Deaton, Jr.
Jude ThompsonCEO, Delta Dental
Mark Wheeler Market President
Central Bank, Madison County Advisory Board of Directors
Dianna Ackerman Broker/Owner, ERA Professional Hometown Services
Robert R. BlytheMayor of RichmondPastor, First Baptist Church
James R. CarrBuilder and Developer
Shannon Combs Partner, Combs, Parsons and Collins Funeral Home
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
Jeff FultzMarket President
Greg GerardPresident, Baptist Health Richmond
James Ernest HillardOwner, Middletown Industrial
Mike Rice Owner, Cars of Kentucky, Inc.
Rita H. SmartOwner, The Bennett House
Central Bank, NicholasvilleAdvisory Board of Directors
Sandra J. AdamsOwner, Zaxby’s
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
Michael D. Foley Retired PartnerRFH, PLLC Certified Public Accountants
Joan D. KincaidVice Chairman of the Board, Central Bancshares, Inc. and Central Bank & Trust Co.
Ben A. RainwaterTutt, Inc.
Paul E. Sullivan Partner, Frost Brown Todd, LLC
Benjamin G. TaylorTaylor Made Farm & Sales Agency, Inc.
Alan S. VanArsdallMarket President
Central Bank, Northern Kentucky Advisory Board of Directors Mark AyerManaging MemberReading Investments, LLC
Adam BortzCEO, Towne Properties
Tonya Burns-GerakosTonya Burns Law
Chris CarleSenior Vice President & COO, St. Elizabeth Healthcare, Florence
Wayne CarlislePresident & CEOCarlisle Enterprises
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
David HeidrichCEO, Zalla Companies
Thomas J. MunninghoffPresident, Munninghoff, Lange & Co.
Greg SchrandPresident, GSE, Inc.
Gregory ShumateMember, Frost Brown Todd, LLC
David M. SpauldingVice President & General Manager, Turner Construction Company
James UebelMarket President
Paul VerstPresident & CEO, Verst Group Logistics, Inc., and Zenith Logistics
John YeagerOwner, Ashley Development
Central Bank, WinchesterAdvisory Board of Directors
Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.
Jeff FultzMarket President
Gerald F. (Kelly) Healy IIIDirector of Operations McDonald’s
Glenn D. LeveridgeChairman, Central Bank Winchester
Rex McCrary, D.M.D.Dentist
Jeff MonohanPresident The Allen Company
Ralph J. PalmerPresident, Palmer Engineering Co.
Patricia M. SmithPresident, MD Consulting, Inc.
Robert Strode Retired
Mary Jane WarnerManager of Power Delivery, East Kentucky Power Cooperative, Inc.
52021 SECOND QUARTER REPORT
BOARDS OF DIRECTORS
OFFICERS
Central Bancshares, Inc.
Luther Deaton, Jr. Chairman, President & CEO
Joan D. Kincaid Vice Chairman
Susan L. Simmons Vice President
Ranee LelandVice President &Corporate Secretary
Edward BarnesTreasurer
Central Bank, Lexington
ADMINISTRATION
Luther Deaton, Jr. Chairman, President & CEO
Ranee LelandVice President &Corporate Secretary
Auditing
Jennifer R. StiversExecutive Vice President
Lisa S. Grant, CRCMSenior Vice President & Compliance Officer
Donna J. Craven, CRCMVice President
Danny C. NolandVice President
COMMERCIAL BANKING
Paul R. Thornsberry Executive Vice President
Commercial Lending
David RossSenior Vice President
Shane AndersonVice President
Mark R. Fox Vice President
Stephen J. MalloryVice President
Jeff MurphyVice President
Commercial Real Estate Lending
Megan BarlowVice President
Susan A. DeanVice President
Paul B. DrakeVice President
Gary LoucksVice President
Jordan OwensVice President
Consumer Lending
D. Keith PrestonVice President
Ramon GreeneIndirect Lending Officer
Cameron SteinerConsumer MortgageUnderwriter Officer
Central Bank Mortgage
Catherine HimesSenior Vice President
Tom BreathittVice President
Brad FieldsVice President
Lorraine KinleyVice President
Brian W. West Vice President
Lisa Hart Assistant Vice President
Vina RisnerAssistant Vice President
Bradley SutherlandAssistant Vice President
Melissa McCaySecondary MortgageUnderwriter Officer
Chris McGaugheyCRA Community Development Officer
Corporate Services
Karen Rowland, CTPSenior Vice President
Joan Patterson, CTPVice President
Lisa K. Vickers Vice President
Chris CampbellAssistant Vice President
Allison CarterAssistant Vice President
Ashley N. RodgersAssistant Vice President
Credit Analysis
Benjamin WilbanksSenior Vice President
Steffen HanserAssistant Vice President
Michael DanhauerCredit Analyst Officer
Special Assets Steve HallVice President
Julie SzymanskiVice President
Becky MullinsAssistant Vice President
Mike McFarlandSpecial Assets Officer
Loan Processing
Donna M. TurnerVice President
Loan Review
LeeAnn LayneVice President
Leigh M. CarrAssistant Vice President
Small Business
Richard D. Hartley Vice President
Terri A. SteinVice President
HUMAN RESOURCES
Susan L. Simmons Executive Vice President
Amy ManningSenior Vice President
Shelia Plymale Senior Vice President
June CarpenterVice President
TECHNOLOGY SERVICES
Julie Bondra Executive Vice President
Anna ClaytonSenior Vice President
David HakeSenior Vice President
Kevin J. LippertSenior Vice President
E. Sean ProfittVice President
Adrian EmbreeTechnology Officer
Kyle HamiltonTechnology Officer
RETAIL & PRIVATE BANKING
Gregory M. Shewmaker Executive Vice President
Michael GartnerSenior Vice President
Matthew S. RatliffVice President
Banking Centers
Lana AlexanderAssistant Vice President
Gina EnsmingerAssistant Vice President
Angela M. FrieszAssistant Vice President
Barbara JohnsonAssistant Vice President
Karen Lackey Assistant Vice President
6
Philip RochesterAssistant Vice President
Alexandra T. WolfAssistant Vice President
Sharon BradleyRetail Banking Officer
Sheila CarmackRetail Banking Officer
Rachel JonesRetail Banking Officer
Laura M. OwensRetail Banking Officer
Client Services
Cathy K. Combs Senior Vice President
Diane Gentry Client Services Officer
Marketing
Lesley CatronSenior Vice President
Christine WhalenMarketing Officer
Correspondent Banking
Doug Flynn Correspondent Banking Officer
Private Banking
Mark RuddellSenior Vice President
Leslie FlynnVice President
Alicia JordanVice President
Christopher ThomasonVice President
Melissa ShimfesselPrivate Banking Officer
FINANCIAL PLANNING Edward BarnesExecutive Vice President & CFO
Mark. A. Hampton, CPASenior Vice President
Mark KendallAssistant Vice President
Lisa A. WilliamsonAssistant Vice President
ENTERPRISE RISKMANAGEMENT
C. Gregory StacyExecutive Vice President
Beth Lakes RobinsonVice President
Funds Management
James R. NallAssistant Vice Presiden
OPERATIONS AND SUPPORT
Operations
Laura Schweitzer Executive Vice President
Karen G. Crawley Senior Vice President
Robin Michul Senior Vice President
Harvey SwordSenior Vice President
Image Processing
Ryan Leigh ChapmanAssistant Vice President
Internet Banking
Brenda P. Oaks Assistant Vice President
Card Services
Beverly Smalley Assistant Vice President
Loan Services
Timothy R. AustinVice President
Shawn PresnellVice President
Deposit Services
Lisa DurhamVice President
Financial Intelligence & Security Unit
Shane EnsmingerVice President Angela D. CampbellAssistant Vice President
Alan StewartSecurity Officer
Betsy WilliamsSecurity Officer
WEALTH MANAGEMENT
Trust
Barry HickeyExecutive Vice President
Business Development
Charles N. Rush, Jr.Vice President
Employee Benefits Vicky L. Foster Vice President
Sheila C. Parks Vice President
Brett T. Trusty Vice President
Operations
Leigh Ann YoungAssistant Vice President
Carol RobinsonTrust Operations Supervisor
Personal Trust Kathryn Wilson GibsonSenior Vice President
Elizabeth JohnsVice President
Matthew Frank, CFP®
Assistant Vice President
Anna HovekampAssistant Vice President
Lauren LovelyAssistant Vice President
Ballard “Cash” CassadyPersonal Trust Officer
Investment Management
Timothy D. FyffeSenior Vice President
Chris Andress, CFA®
Vice President
Thomas CorrVice President
Chris TaylorTrust Officer
CENTRAL INSURANCESERVICES
Ross BarnettePresident
Tom FrancisVice President
Rob WesselVice President
Justin WhippleVice President
Steven P. WrightVice President
Don YadenVice President
Chris HarrisonAssistant Vice President
Andrew AlexanderCommercial Insurance Officer
Joanna Gwinn-EstillInsurance Officer
CENTRAL INVESTMENT CENTER, INC.
Jeff GinnanExecutive Vice President & Senior Financial Advisor
Jeff Fields, CRPS®
Vice President & Financial Advisor
Tony BrownFinancial Advisor
Deborah FisherFinancial Advisor
Thomas E. Roberts, CFP®
Financial Advisor
72021 SECOND QUARTER REPORT
OFFICERS
John SaunierFinancial Advisor
Jennifer WilsonFinancial Advisor
CENTRAL BANK, GEORGETOWN
Kimberly E. MarshallMarket President
Andrea SmithVice President
Mortgage Lending Ashley WeirVice President
CENTRAL BANK, LOUISVILLE
Mark WheelerMarket President
James E. Evans IISenior Vice President & Senior Market Lender
James “Jim” R. SparksVice President
John Hubbuch, Jr.Vice President
Retail Banking
Edman CundiffVice President
Elaine FawbushVice President
Clayton RogersRetail Banking Officer
Private Banking
Robert SliderSenior Vice President
Mary LittrellVice President
Jim MorrisVice President
M. Trish OsbornVice President
Wealth Management
Bill KaiserVice President
CENTRAL BANK, MADISON COUNTY
Jeff FultzMarket President
Cameron AbneySenior Vice President &Senior Market Lender
Ken RileyVice President
Retail Banking
Shawn McWilliamsVice President
Kristy NapierRetail Banking Officer
Mortgage Lending Donna HaneyVice President
CENTRAL BANK, NICHOLASVILLE
Alan S. VanArsdallMarket President
Brandy OsborneAssistant Vice President
Jill SloneAssistant Vice President
Kathy MooreRetail Banking Officer
Adam RodgersCommercial Lending Officer
Mortgage Lending
Monna Treadway Vice President
CENTRAL BANK, NORTHERN KENTUCKY
James UebelMarket President
John FinleySenior Vice President
Karen HartigVice President
Karen J. HomanVice President
Amy RobertsVice President
JB SchmidtAssistant Vice President
Mortgage Lending
Dennis BarnesVice President
Dottie DawsonMortgage Lending Officer
Retail Banking
Steven GillespieVice President
Adam MetzgerVice President
Mark MintonVice President
Diana WebsterVice President
Private Banking
Matthew E. EilersSenior Vice President
Larry LuebbersVice President
Wealth Management
Jeff AugsbackTrust Officer
CENTRAL BANK, WINCHESTER
Jeff FultzMarket President
Tim M. DuncanSenior Vice President &Senior Market Lender
Lisa T. EarlywineVice President
Erica ParksAssistant Vice President
Retail Banking
Tammy M. CarrollVice President
Deborah R. BanksRetail Banking Officer
Crystal HuntRetail Banking Officer
Mortgage Lending
Paula BeebeVice President
Lee ColemanVice President
OFFICERS
8