central bank & trust co. central bank, fsb central
TRANSCRIPT
Quarterly Statement of ConditionThird Quarter, September 30, 2010
Central Bank & Trust Co.Central Bank, FSB
Central Insurance ServicesCentral Bank of Jefferson County
Central Investment Center, Inc.Salt Lick Deposit Bank
Showing you the way.
1
The mission of Central Bancshares is to be a high-performance financial
services company that delivers superior service and value to each customer we
serve. We will emphasize customer and employee satisfaction – always mindful
that quality people will make the Central difference.
Contents
Financial Highlights........................................ 1Consolidated Balance Sheets......................... 2Consolidated Income Statements.............. 3Boards of Directors.......................................... 4Officers...................................................... 6
For additional copies or information, contact:Stephen C. Kelly
Executive Vice President, Marketing & Sales
Central Bank
300 West Vine Street
Lexington, KY 40507
(859) 253-6201
Email: [email protected]
Member FDIC
Central Bancshares’ Mission Statement
1
Financial Highlights
Results of Operations: Net income Net income per share Cash dividends per share Book value per share at quarter end At September 30: Assets Earning assets Net loans and leases Deposits Shareholders’ equity Performance Ratios: Return on average assets Return on average shareholders’ equity Average shareholders’ equity to average assets Net charge-offs to average loans and leases Allowance for credit losses as a percentage of quarter end loans and leases Net interest margin (tax equivalent)
20072010
$
$
3,181,4439.140.00
443.15
2,175,179,9452,009,258,9841,746,052,3211,837,979,588
154,181,962
0.20%
2.75%
6.58%
0.66%
1.37%
3.91%
2008 2006
$
$
$
$
$
$
2009
$
$
1,002,0652.883.75
415.12
1,951,660,3751,807,038,5861,636,072,0331,625,759,761
144,430,143
0.07%
0.91%
6.73%
0.50%
1.28%
3.45%
8,012,86623.036.75
433.61
1,815,945,3651,686,364,8981,490,423,6411,480,552,070
150,861,785
0.59%
7.18%
7.33%
0.27%
1.35%
3.80%
8,758,56425.176.75
426.30
1,811,348,7311,657,724,2401,419,406,5981,505,235,215
148,319,464
0.66%
8.02%
7.33%
0.18%
1.21%
3.79%
12,228,74235.156.75
398.72
1,683,997,2371,547,682,9941,326,264,6041,349,065,575
138,723,403
0.99%
12.22%
7.15%
0.09%
1.31%
3.87%
2
Consolidated Balance Sheets
ASSETSCash and due from banksFederal funds sold Total cash and cash equivalentsSecuritiesLoans and leases, net of unearned incomeAllowance for credit losses Loans and leases, 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 depositsFederal funds purchased and securities sold under repurchase agreementsCustomer sweep accountsFederal Home Loan Bank advancesLong term debt payableOther liabilities Total liabilities
SHAREHOLDERS’ EQUITYCommon stock, par value, $10 a share; 350,000 shares authorized, 347,922 shares outstandingAdditional paid-in capital Retained earningsAccumulated other comprehensive income Total shareholders’ equity Total liabilities and shareholders’ equity
45,044,937136,500,000181,544,937
95,749,3211,770,327,480
(24,275,1591,746,052,321
46,338,8157,959,300
17,140,31980,394,932
2,175,179,945
336,046,4201,501,933,1681,837,979,588
37,375,00053,751,92439,125,17637,600,00015,166,295
2,020,997,983
3,479,2206,890,468
145,776,310(1,964,036
154,181,9622,175,179,945
September 30, 2010
$
$
$
$
)
September 30, 2009
)
36,066,60715,800,00051,866,607
127,354,3991,657,202,551
(21,130,5181,636,072,033
49,630,6017,959,300
17,634,90761,142,528
1,951,660,375
276,748,9861,349,010,7751,625,759,761
30,800,00055,382,04742,669,62237,600,00015,018,802
1,807,230,232
3,479,2206,890,468
142,263,226(8,202,771
144,430,1431,951,660,375
$
$
$
$
)
)
3
Consolidated Income Statements
(For nine months ended)
INTEREST INCOME Interest and fees on loans Interest on securities Interest on short term investments
INTEREST EXPENSE Interest on deposits Interest on borrowed funds
Net interest incomeProvision for credit lossesNet interest income after provision for credit losses
OTHER INCOME Service charges on deposit accounts Service charges on loans Wealth management income Other income
OTHER EXPENSES Salaries Benefits Occupancy Other non-interest expenses
Income before provision for income taxesProvision for income taxesNet income
Basic earnings per share
72,978,601 1,459,260
147,02174,584,882
16,610,7013,055,684
19,666,385
54,918,49715,072,86839,845,629
8,717,1915,481,9667,180,271
369,24321,748,671
21,445,6015,559,286
12,754,42221,103,51660,862,825
731,475(2,449,968 3,181,443
9.14
September 30, 2010
$
$
$
September 30, 2009
)
67,827,093 2,420,723
83,04970,330,865
21,576,1362,801,561
24,377,697
45,953,1687,318,391
38,634,777
8,129,7216,354,0916,575,731
942,92122,002,464
21,727,5746,511,930
13,284,30320,167,70261,691,509
(1,054,268(2,056,333 1,002,065
2.88
$
$
$
))
4
Boards of Directors
Central Bancshares, Inc. andCentral Bank & Trust Co.Board of DirectorsLuther Deaton, Jr. Chairman, President & CEO Central Bancshares, Inc. andCentral Bank & Trust Co.
Michael D. Foley Partner Ray, Foley, Hensley & Company, PLLCCertified Public Accountants
Richard W. FurstDean EmeritusGatton College of Business & EconomicsUniversity of Kentucky
Joan D. Kincaid Vice Chairman of the BoardCentral Bancshares, Inc. and Central Bank & Trust Co.
Wayne MartinPresident & General ManagerWKYT-TV
G. Michael RitchiePresident & CEOPhoto Science, Inc.
Paul E. Sullivan Partner Frost Brown Todd, LLC
Central Bank, LexingtonAdvisory Board of DirectorsAnthany BeattyUniversity of Kentucky, Campus Services Public Safety
Frank ButlerExecutive Vice President, University of Kentucky
Kurt BraunFinance Director, Southland Christian Church
Gary L. CoyleRetired, Central Bank
Kevin DoyleSecretary & Treasurer, Congleton-Hacker Co.
John DundonHead Superintendent, Lexington Christian Acadamy
Sarah HealyMcDonald’s
David R. HouchinPresident, Intech Contracting, Inc.
Don Howard, Jr.President, H & W Management
Hugh A. JamesPresident, Lexington Furniture Co.
Jay JohnsonOwner, Thermal Balance, Inc.
William LearAttorney, Stoll, Keenon, Ogdon
Everette McCorveyUniversity of Kentucky and Opera Department Chair
Sylvia Lovely
P.G. PeeplesPresident & CEO, The Urban League of Lexington-Fayette Co.
Bruce PierattPresident, Pieratt’s
Kathy RigginsPresident, Interspace Limited
Michelle RipleyPresident, Commonwealth Fund for KET
Charles R. ScrogginSenior Vice President, HDR-Quest, Inc.
Steven S.J. ShermanPartner, Sherman-Carter-Barnhart, PSC
David G. StonePresident, General Rubber & Plastics, Inc.
Greg Vance, DMDOwner, Premier Periodontics
Carol WorshamCo-Principal, Winterwood, Inc.
Central Bank, WinchesterAdvisory Board of DirectorsJames AllenFormer Clark County Judge-Executive
Danny Fitzpatrick Owner, Fitzpatrick Enterprises
Gerald F. (Kelly) Healy IIIDirector of Operations, McDonald’s
Nancy LawwillRetired Vice President & Assistant Treasurer, Central Bank, Winchester
Glenn LeveridgePresident
Terry LittrellBuilder and Developer
Rex McCrary, DMDDentist
Jeff MonohanAssistant Vice President, The Allen Company
Ralph J. PalmerPresident, Palmer Engineering Company
Patricia M. SmithPresidentMD Consulting, Inc.
Robert Strode Retired
Mary Jane WarnerManager of Power DeliveryEast Kentucky Power Cooperative, Inc.
Central Bank, FSB NicholasvilleBoard of DirectorsSandra J. AdamsOwner, Zaxby’s
Luther Deaton, Jr. Chairman & CEO Michael D. Foley Partner, Ray, Foley, Hensley & Company, PLLC Certified Public Accountants
Joan D. KincaidVice Chairman of the BoardCentral Bancshares, Inc.
Ben A. RainwaterTutt Construction
5
Boards of Directors
Paul E. Sullivan Partner, Frost Brown Todd, LLC
Benjamin G. TaylorTaylor Made Farm & Sales Agency, Inc.
Alan S. VanArsdallPresident
Central Bank, FSB GeorgetownAdvisory Board of DirectorsDallas BlankenshipRetired SuperintendentScott County Board of Education
Mason “Butch” GlassCommunity Volunteer
Kimberly E. MarshallPresident
Randy MasonOwner-Operator, McDonald’s
Happy OsborneHead Basketball Coach, Georgetown College
Barry PapaniaCEO, Georgetown Community Hospital
W. Thomas PratherChairman, Central Bank, GeorgetownExecutive Vice President, NewCities Foundation
Central Bank of Jefferson CountyBoard of DirectorsJonathan S. BlueChairman, Blue Equity, LLC
Ronald L. CarmicleChairman, Central Bank of Jefferson CountyPresident and Owner, River City Development
Marcia CassadyDirector, Classical Studies Institute of Louisville
Ray DauenhauerOwner, R.C. Dauenhauer Management, LLC
Luther Deaton, Jr. CEO, Central Bank of Jefferson County
Michael D. Foley Partner, Ray, Foley, Hensley & Company, PLLC Certified Public Accountants
William P. MaloneRetired, Deming, Malone, Livesay & Ostroff
James Clay SmithPresident
William E. Summers, IVDeputy Mayor, Louisville Metro Govt.
Jude ThompsonPresident and COO, Papa John’s International, Inc.
Central Bank, Madison CountyAdvisory Board of DirectorsRobert T. BatesOwner, The Country Place
Frankie C. Blevins, Jr.Attorney, Blevins Law, LLC
Robert R. BlytheEKU ProfessorPastor, First Baptist Church
James R. CarrBuilder and Developer
Jeff FultzPresident
James Ernest HillardOwner, Middletown Industrial
Jeffrey R. SandwithPresident & Owner, Classy Chassy, LLC
Rita H. SmartOwner, The Bennett House
Central Bank, Northern Kentucky Advisory Board of DirectorsHelen CarrollManager, Community RelationsToyota Motor Manufacturing
Joseph A. Creevy, MDPartner, The Urology Group
Mark GoetzOwner, Edgewood Electric
Merwin Grayson, Jr.President
Ron HillManaging Director, TPS Solutions, LTD
Robert “Bubby” NewmanOwner, State Farm Insurance
Kim PattonPartner, GBBN Architects
Doug RidenourPresident, Federal Equipment
Ray Will, MDCardiothoracic Surgeon
John YeagerOwner, Ashley Development
Salt Lick Deposit BankBoard of DirectorsLuther Deaton, Jr.Chairman & CEO
Ernest W. DolihitePresident
Michael D. Foley Partner, Ray, Foley, Hensley & Company, PLLC Certified Public Accountants
Bradley G. FrizzellOwner, Frizzell Tax Service, Inc.
William Grimes, PACPresident & CEO, New Hope Ministries Inc.
Paula G. RichardsonPresident, Richardson, Barber & Williamson, PSC
Floyd Jack IsonVice President, Hoffman, Ison & Greene, Inc.
Michael G. TearneyKPMG Professor of Accountancy & Gatton College Associate Dean Emeritus, University of Kentucky
6
Central Bancshares, Inc.Officers Luther Deaton, Jr. Chairman, President & CEO
Joan D. Kincaid Vice Chairman
Anne B. Carter Vice President
Patricia P. Price Treasurer
Jeff D. JacobSecurity Officer
Lisa S. Grant, CRCMCompliance Officer
Ranee Leland Corporate Secretary
Central Bank, LexingtonADMINISTRATIONLuther Deaton, Jr. Chairman, President & CEO
Ranee LelandCorporate Secretary
AuditingCraig L. Daniels, CPA Senior Vice President
Lisa S. Grant, CRCMVice President & Compliance Officer Donna J. Craven, CRCMVice President
Danny C. NolandVice President
ENTERPRISE RISK MANAGEMENTGregory A. Bibb Executive Vice President
Ben WassonAssistant Vice President
Loan ReviewMarie A. YoungVice President
Danny G. AbnerVice President
Linda A. CollinsVice President
Leigh M. CarrAssistant Vice President
LeeAnn LayneLoan Review Officer
Michael WilliamsLoan Review Officer
Loan ServicesLaura L. SchweitzerSenior Vice President
Timothy R. AustinLoan Services Officer
Loan ProcessingDonna M. TurnerVice President
Special Assets Randy Shaw Senior Vice President
David Barkman Vice President
Steve HallVice President
Julie SzymanskiAssistant Vice President
COMMERCIAL BANKINGLawrence A. Hobbs Executive Vice President
Commercial LendingP. David BurkeSenior Vice President
Mark R. Fox Vice President
Thomas E. GreinkeVice President
Daniel B. MasonVice President
Stephen J. MalloryCommercial Lending Officer
Consumer Lending Jerry F. Smalley Vice President
T. J. TomlinVice President
Mortgage Lending George R. Lathram Senior Vice President
Paul B. DrakeVice President
Timothy E. SchulerVice President
Paul R. ThornsberryVice President
Central Bank Mortgage Ed WorkmanSenior Vice President
Tom BreathittVice President
Brad FieldsVice President
Catherine HimesVice President
Susan BradleyAssistant Vice President
Lorraine KinleyAssistant Vice President
Officers
7
Chris McGaugheyMortgage Lending Officer
Rebecca HaddixMortgage Officer/Underwriter
HUMAN RESOURCES Rose Douglass Executive Vice President
Shelia Plymale Vice President
Amy ManningAssistant Vice President
June CarpenterHuman Resources Officer
TECHNOLOGY SERVICESJulia Bondra Executive Vice President
Anna EliassenVice President
E. Sean ProfittVice President
Rachel A. RichardsAssistant Vice President
Brian CatronApplication Development Officer
Kevin J. LippertTechnology Services Officer
Chris SchumInformation Security Officer
RETAIL BANKINGDavid L. Moore Executive Vice President
Michael GartnerSenior Vice President
Banking CentersRichard D. Hartley Retail Development Officer
Terri A. Jones Retail Development Officer
D. Keith PrestonRetail Development Officer
David L. RansdellRetail Development Officer
Alicia F. SmithRetail Development Officer
Karen Burton Assistant Vice President
Jeffrey BentonRetail Banking Officer
Gina EnsmingerRetail Banking Officer
Ugochi E. EzeRetail Banking Officer
Angela M. FrieszRetail Banking Officer
Barbara JohnsonRetail Banking Officer
Terra LongRetail Banking Officer
Kyle NorsworthyRetail Banking Officer
Philip RochesterRetail Banking Officer
Alexandra TerryRetail Banking Officer
D. Christopher ZaumeyerRetail Banking Officer
Client ServicesCathy K. Combs Senior Vice President
FINANCIAL PLANNING AND CONTROL Patricia P. Price Executive Vice President & CFO
Edward BarnesSenior Vice President
Shawn PresnellAssistant Vice President
Matthew FrankFinancial Planning Officer
Jordan OwensFinancial Planning Officer
Lisa A. WilliamsonFinancial Planning Officer
FUNDS MANAGEMENT C. Gregory StacySenior Vice President
Jessica CombsFunds Management Officer
MARKETING Stephen C. Kelly Executive Vice President
Correspondent Banking Doug Flynn Correspondent Banking Officer
OPERATIONS AND SUPPORT Operations Anne B. Carter Executive Vice President
Karen G. Crawley Senior Vice President
Robin Michul Senior Vice President
Harvey Sword Assistant Vice President
Internet BankingBrenda P. OaksInternet Banking Officer
Officers
8
Card ServicesBeverly Smalley Assistant Vice President
Corporate ServicesKaren RowlandSenior Vice President &Corporate Treasury Manager
Maggie MayAssistant Vice President
Lisa K. Vickers Assistant Vice President
Chris CampbellCorporate Services Officer
Deposit ServicesAlisa DurhamAssistant Vice President
Bank Security Jeff D. Jacob Senior Vice PresidentSecurity, BSA & AML Officer
WEALTH MANAGEMENTTrustBarry HickeySenior Vice President &Trust Manager
Business DevelopmentCharles N. Rush, Jr.Vice President
Employee Benefits Douglas E. Fritz Vice President
Sheila C. ParksVice President
David L. Turner Vice President
Operations Marcia E. Wade Vice President
Personal Trust Kathryn Wilson GibsonVice President
Eloise G. Penn Vice President
Carolyn BishopTrust Officer
Investment Management Timothy D. FyffeSenior Vice President &Senior Portfolio Manager
Thomas CorrVice President & Senior Portfolio Manager
Private BankingGregory M. ShewmakerSenior Vice President &Private Banking Manager
Rita L. BuggVice President
Leslie FanninVice President
Alicia JordanVice President
Christopher ThomasonVice President
Lisa Will, CFP®Vice President
Central Insurance ServicesRoss BarnettePresident
Tom FrancisVice President
Robert WesselVice President
Steven P. WrightVice President
Officers
Beverly HicksCommercial Insurance Officer
Don YadenProperty and Casualty Officer
Central Investment Center, Inc. Jeff GinnanExecutive Vice President & Senior Financial Advisor
Peter McFarlandSenior Vice President &Financial Advisor
Don GraeterVice President & Financial Advisor
Drew GraeterVice President &Financial Advisor
Jim DeMossFinancial Advisor
Jeff Fields, CRPS©Financial Advisor
Deborah FisherFinancial Advisor
Jacobus M. Ockers Financial Advisor
Thomas E. Roberts, CFP®Financial Advisor
Spencer GraeterInvestment Officer
Central Bank, Madison CountyJeff FultzPresident
Cameron AbneySenior Vice President
Ken RileyVice President
9
Beverly HicksCommercial Insurance Officer
Don YadenProperty and Casualty Officer
Central Investment Center, Inc. Jeff GinnanExecutive Vice President & Senior Financial Advisor
Peter McFarlandSenior Vice President &Financial Advisor
Don GraeterVice President & Financial Advisor
Drew GraeterVice President &Financial Advisor
Jim DeMossFinancial Advisor
Jeff Fields, CRPS©Financial Advisor
Deborah FisherFinancial Advisor
Jacobus M. Ockers Financial Advisor
Thomas E. Roberts, CFP®Financial Advisor
Spencer GraeterInvestment Officer
Central Bank, Madison CountyJeff FultzPresident
Cameron AbneySenior Vice President
Ken RileyVice President
Officers
Donna HaneyAssistant Vice President
Scott JohnsonAssistant Vice President
Juanita MillerAssistant Vice President
Central Bank, WinchesterGlenn LeveridgePresident
Tom PorterExecutive Vice President
Tim M. DuncanSenior Vice President
Lisa T. EarlywineVice President
Lee ColemanAssistant Vice President
Tammy M. CarrollRetail Banking Officer
Central Bank, Northern KentuckyMerwin Grayson, Jr.President
Matthew E. EilersVice President
Karen J. HomanVice President
Kevin McCulloughVice President
Joseph NienaberVice President
Jim WillmanVice President
Central Bank, NicholasvilleAlan S. VanArsdallPresident
David ChrismanSenior Vice President
Jeff D. Jacob Senior Vice PresidentSecurity, BSA & AML Officer
Lisa S. Grant, CRCMVice PresidentCompliance Officer
Cathy LoweVice President
Marcus P. HanksAssistant Vice President
Jill SloneAssistant Vice President
Central Bank, GeorgetownKimberly E. MarshallPresident
Brian EnglandVice President
Jennifer J. RobertsVice President
Patricia VoigtVice President
Ashley WeirMortgage Lending Officer
Central Bank, Jefferson CountyJames Clay SmithPresident
Jeff D. Jacob Senior Vice PresidentSecurity, BSA & AML Officer
Lisa S. Grant, CRCMVice President Compliance Officer
William E. Summers, VVice President Business Development Officer
Commercial LendingChristopher BellVice President & Commercial Lending Manager
Commercial Mortgage LendingAmy SullivanVice President & Commercial Mortgage Manager
Mortgage LendingJeanie GammonMortgage Lending Officer
Leslie SampsonMortgage Lending Officer
Human ResourcesKaren Butler Vice President
Retail BankingElaine FawbushAssistant Vice President
Casey SteitzRetail Banking Officer
Felicia M. WatkinsRetail Banking Officer
Corporate ServicesScott NortonCorporate Services Officer
Private BankingRobert SliderSenior Vice President
Mary LittrellVice President
Wealth Management Bill KaiserTrust Officer
300 West Vine StreetLexington, Kentucky 40507
www.centralbank.com859-253-6222800-637-6884
Salt Lick Deposit BankErnest W. DolihitePresident
Jeff D. Jacob Senior Vice PresidentSecurity, BSA & AML Officer
Lisa S. Grant, CRCMVice President Compliance Officer
Vickie EvansAssistant Vice President
Vicki RomeroAssistant Vice President
Jacky WatsonAssistant Vice President
Cheryl ConyersConsumer Lending Officer