Kentucky
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61-0979818
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(State or other jurisdiction of
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(IRS Employer Identification Number)
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incorporation or organization)
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346 North Mayo Trail
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Pikeville, Kentucky
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41501
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(Address of principal executive offices)
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(Zip code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press release, dated January 18, 2012
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COMMUNITY TRUST BANCORP, INC. | |||
Date: January 18, 2012
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By:
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/s/ Jean R. Hale | |
Jean R. Hale | |||
Chairman, President and Chief Executive Officer | |||
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Exhibit No.
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Description
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99.1
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Press release, dated January 18, 2012
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Earnings Summary
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||||||||||||||||||||
(in thousands except per share data)
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4Q 2011 | 3Q 2011 | 4Q 2010 |
Year 2011
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Year 2010
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|||||||||||||||
Net income
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$ | 9,888 | $ | 10,665 | $ | 9,240 | $ | 38,827 | $ | 33,034 | ||||||||||
Earnings per share
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$ | 0.64 | $ | 0.70 | $ | 0.61 | $ | 2.54 | $ | 2.17 | ||||||||||
Earnings per share—diluted
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$ | 0.64 | $ | 0.70 | $ | 0.60 | $ | 2.53 | $ | 2.16 | ||||||||||
Return on average assets
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1.09 | % | 1.20 | % | 1.11 | % | 1.11 | % | 1.03 | % | ||||||||||
Return on average equity
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10.71 | % | 11.75 | % | 10.71 | % | 10.91 | % | 9.90 | % | ||||||||||
Efficiency ratio
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60.15 | % | 58.10 | % | 58.50 | % | 60.23 | % | 59.45 | % | ||||||||||
Tangible common equity
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8.52 | % | 8.44 | % | 8.26 | % | 8.52 | % | 8.26 | % | ||||||||||
Dividends declared per share
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$ | 0.31 | $ | 0.31 | $ | 0.305 | $ | 1.23 | $ | 1.21 | ||||||||||
Book value per share
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$ | 23.78 | $ | 23.44 | $ | 22.08 | $ | 23.78 | $ | 22.08 | ||||||||||
Weighted average shares
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15,332 | 15,318 | 15,265 | 15,313 | 15,234 | |||||||||||||||
Weighted average shares—diluted
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15,357 | 15,339 | 15,294 | 15,337 | 15,259 |
v
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CTBI's basic earnings per share for the quarter increased $0.03 per share from fourth quarter 2010 but were $0.06 per share below third quarter 2011. Earnings per share for the year 2011 increased $0.37 per share from prior year with increased net interest income and noninterest income and decreased provision for loan loss partially offset by increased noninterest expense.
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v
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Noninterest expense was significantly impacted by a $3.2 million decrease in the carrying value of two groups of foreclosed properties that were vandalized. Claims have been filed with the insurance carriers and discussions are ongoing. Since no agreement has been reached, the amount of recovery is uncertain. Accordingly, the entire decrease in the carrying value of the properties has been charged against earnings and no estimate of insurance recovery is reflected at December 31, 2011.
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v
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Due to increased liquidity and changes in earning asset mix, CTBI’s quarterly net interest margin of 3.98% was a decrease from 4.15% for the quarter ended December 31, 2010 and 4.11% for prior quarter. Net interest margin for the year 2011 of 4.13% was a 6 basis point increase from prior year.
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v
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Nonperforming loans at $37.3 million decreased from the $62.0 million at December 31, 2010 and the $37.5 million at September 30, 2011. Nonperforming assets at $93.9 million decreased $11.2 million from prior year and $1.7 million from prior quarter.
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v
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Our loan loss provision for the quarter decreased $0.9 million from prior year fourth quarter but increased $0.5 million from prior quarter. Loan loss provision for the year 2011 was $3.2 million below 2010.
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v
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Net loan charge-offs for the quarter ended December 31, 2011 of $4.9 million, or 0.75% of average loans annualized, was an increase from the $3.4 million, or 0.54%, experienced for the fourth quarter 2010 and from prior quarter’s $2.7 million, or 0.41%.
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v
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Our loan loss reserve as a percentage of total loans outstanding at December 31, 2011 decreased to 1.30% compared to 1.34% at December 31, 2010 and 1.36% at September 30, 2011. Our reserve coverage (allowance for loan loss reserve to nonperforming loans) of 93.3% at September 30, 2011 began to show improvement from the 59.0% and 56.1% at June 30, 2011 and December 31, 2010, respectively. Our December 31, 2011 reserve coverage of 89.0% evidenced two consecutive quarters of continued improvement. Several of the matrices and factors utilized in evaluating the adequacy of our loan loss reserve also show significant improvement, including level of past dues, nonperforming loans, and nonaccrual loans, and after two consecutive quarters of continued improvement, we determined that our loan loss reserve of 1.30% was adequate. The allowance-to-legacy loan ratio, which excludes acquired loans, was 1.34%, 1.40%, and 1.41%, respectively, at December 31, 2011, December 31, 2010, and September 30, 2011.
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v
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Noninterest income increased 4.6% for the quarter ended December 31, 2011 compared to same period 2010 and 5.6% compared to prior quarter. Noninterest income for the year ended December 31, 2011 increased 7.1% from prior year, primarily due to increased gains on sales of loans, deposit service charges, and trust revenue.
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v
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Our loan portfolio decreased $48.6 million from prior year and $17.0 million from prior quarter.
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v
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Our investment portfolio increased $188.7 million from prior year and $63.8 million during the quarter.
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v
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Deposits, including repurchase agreements, increased $201.1 million from prior year and $57.7 million from prior quarter.
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v
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Our tangible common equity/tangible assets ratio remains strong at 8.52%.
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Community Trust Bancorp, Inc.
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||||||||||||||||||||
Financial Summary (Unaudited)
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||||||||||||||||||||
December 31, 2011
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||||||||||||||||||||
(in thousands except per share data and # of employees)
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||||||||||||||||||||
Three
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Three
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Three
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Twelve
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Twelve
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||||||||||||||||
Months
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Months
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Months
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Months
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Months
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||||||||||||||||
Ended
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Ended
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Ended
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Ended
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Ended
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||||||||||||||||
December 31, 2011
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September 30, 2011
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December 31, 2010
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December 31, 2011
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December 31, 2010
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Interest income
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$ | 39,051 | $ | 39,708 | $ | 39,255 | $ | 158,460 | $ | 154,511 | ||||||||||
Interest expense
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6,143 | 6,613 | 8,001 | 27,005 | 35,257 | |||||||||||||||
Net interest income
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32,908 | 33,095 | 31,254 | 131,455 | 119,254 | |||||||||||||||
Loan loss provision
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3,040 | 2,515 | 3,980 | 13,262 | 16,484 | |||||||||||||||
Gains on sales of loans
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583 | 438 | 288 | 1,749 | 1,642 | |||||||||||||||
Deposit service charges
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6,577 | 6,681 | 6,089 | 25,576 | 23,255 | |||||||||||||||
Trust revenue
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1,564 | 1,597 | 1,472 | 6,354 | 5,846 | |||||||||||||||
Loan related fees
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763 | 250 | 1,499 | 2,372 | 3,247 | |||||||||||||||
Securities gains
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218 | - | - | 218 | - | |||||||||||||||
Other noninterest income
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1,854 | 1,976 | 1,698 | 7,563 | 6,936 | |||||||||||||||
Total noninterest income
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11,559 | 10,942 | 11,046 | 43,832 | 40,926 | |||||||||||||||
Personnel expense
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11,754 | 12,240 | 12,627 | 48,795 | 47,264 | |||||||||||||||
Occupancy and equipment
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2,855 | 3,021 | 2,823 | 11,679 | 10,923 | |||||||||||||||
FDIC insurance premiums
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638 | 591 | 1,153 | 3,192 | 4,410 | |||||||||||||||
Amortization of core deposit intangible
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53 | 53 | 40 | 213 | 430 | |||||||||||||||
Other noninterest expense
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11,567 | 9,922 | 8,313 | 42,508 | 33,023 | |||||||||||||||
Total noninterest expense
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26,867 | 25,827 | 24,956 | 106,387 | 96,050 | |||||||||||||||
Net income before taxes
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14,560 | 15,695 | 13,364 | 55,638 | 47,646 | |||||||||||||||
Income taxes
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4,672 | 5,030 | 4,124 | 16,811 | 14,612 | |||||||||||||||
Net income
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$ | 9,888 | $ | 10,665 | $ | 9,240 | $ | 38,827 | $ | 33,034 | ||||||||||
Memo: TEQ interest income
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$ | 39,468 | $ | 40,122 | $ | 39,610 | $ | 160,037 | $ | 155,887 | ||||||||||
Average shares outstanding
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15,332 | 15,318 | 15,265 | 15,313 | 15,234 | |||||||||||||||
Diluted average shares outstanding
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15,357 | 15,339 | 15,294 | 15,337 | 15,259 | |||||||||||||||
Basic earnings per share
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$ | 0.64 | $ | 0.70 | $ | 0.61 | $ | 2.54 | $ | 2.17 | ||||||||||
Diluted earnings per share
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$ | 0.64 | $ | 0.70 | $ | 0.60 | $ | 2.53 | $ | 2.16 | ||||||||||
Dividends per share
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$ | 0.31 | $ | 0.31 | $ | 0.305 | $ | 1.23 | $ | 1.21 | ||||||||||
Average balances:
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Loans
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$ | 2,566,047 | $ | 2,577,585 | $ | 2,525,256 | $ | 2,580,351 | $ | 2,461,225 | ||||||||||
Earning assets
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3,320,294 | 3,232,322 | 3,025,155 | 3,221,648 | 2,961,971 | |||||||||||||||
Total assets
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3,611,517 | 3,516,394 | 3,295,719 | 3,505,903 | 3,220,087 | |||||||||||||||
Deposits
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2,868,998 | 2,819,166 | 2,634,055 | 2,811,333 | 2,574,961 | |||||||||||||||
Interest bearing liabilities
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2,593,362 | 2,542,397 | 2,392,413 | 2,540,317 | 2,341,272 | |||||||||||||||
Shareholders' equity
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366,352 | 360,273 | 342,380 | 355,773 | 333,645 | |||||||||||||||
Performance ratios:
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Return on average assets
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1.09 | % | 1.20 | % | 1.11 | % | 1.11 | % | 1.03 | % | ||||||||||
Return on average equity
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10.71 | % | 11.75 | % | 10.71 | % | 10.91 | % | 9.90 | % | ||||||||||
Yield on average earning assets (tax equivalent)
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4.72 | % | 4.92 | % | 5.19 | % | 4.97 | % | 5.26 | % | ||||||||||
Cost of interest bearing funds (tax equivalent)
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0.94 | % | 1.03 | % | 1.33 | % | 1.06 | % | 1.51 | % | ||||||||||
Net interest margin (tax equivalent)
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3.98 | % | 4.11 | % | 4.15 | % | 4.13 | % | 4.07 | % | ||||||||||
Efficiency ratio (tax equivalent)
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60.15 | % | 58.10 | % | 58.50 | % | 60.23 | % | 59.45 | % | ||||||||||
Loan charge-offs
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$ | 5,446 | $ | 3,360 | $ | 4,254 | $ | 17,534 | $ | 17,636 | ||||||||||
Recoveries
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(578 | ) | (692 | ) | (841 | ) | (2,638 | ) | (3,314 | ) | ||||||||||
Net charge-offs
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$ | 4,868 | $ | 2,668 | $ | 3,413 | $ | 14,896 | $ | 14,322 | ||||||||||
Market Price:
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High
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$ | 29.99 | $ | 28.82 | $ | 29.91 | $ | 30.35 | $ | 31.56 | ||||||||||
Low
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22.28 | 22.64 | 26.52 | 22.28 | 22.15 | |||||||||||||||
Close
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29.42 | 23.29 | 28.96 | 29.42 | 28.96 |
Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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December 31, 2011
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(in thousands except per share data and # of employees)
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As of
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As of
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As of
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||||||||||
December 31, 2011
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September 30, 2011
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December 31, 2010
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Assets:
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Loans
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$ | 2,556,548 | $ | 2,573,557 | $ | 2,605,180 | ||||||
Loan loss reserve
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(33,171 | ) | (34,999 | ) | (34,805 | ) | ||||||
Net loans
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2,523,377 | 2,538,558 | 2,570,375 | |||||||||
Loans held for sale
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536 | 826 | 455 | |||||||||
Securities AFS
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527,398 | 463,610 | 338,675 | |||||||||
Securities HTM
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1,662 | 1,662 | 1,662 | |||||||||
Other equity investments
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30,556 | 30,556 | 30,107 | |||||||||
Other earning assets
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182,484 | 192,300 | 113,037 | |||||||||
Cash and due from banks
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69,723 | 73,236 | 62,559 | |||||||||
Premises and equipment
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54,297 | 55,168 | 55,343 | |||||||||
Goodwill and core deposit intangible
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66,607 | 66,660 | 66,841 | |||||||||
Other assets
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134,539 | 134,085 | 116,818 | |||||||||
Total Assets
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$ | 3,591,179 | $ | 3,556,661 | $ | 3,355,872 | ||||||
Liabilities and Equity:
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NOW accounts
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$ | 19,113 | $ | 19,701 | $ | 33,641 | ||||||
Savings deposits
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821,036 | 734,660 | 679,755 | |||||||||
CD's >=$100,000
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647,557 | 631,991 | 609,930 | |||||||||
Other time deposits
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805,918 | 820,409 | 857,313 | |||||||||
Total interest bearing deposits
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2,293,624 | 2,206,761 | 2,180,639 | |||||||||
Noninterest bearing deposits
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584,735 | 602,061 | 525,478 | |||||||||
Total deposits
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2,878,359 | 2,808,822 | 2,706,117 | |||||||||
Repurchase agreements
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217,177 | 229,000 | 188,275 | |||||||||
Other interest bearing liabilities
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96,054 | 99,344 | 92,259 | |||||||||
Noninterest bearing liabilities
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32,723 | 58,217 | 30,583 | |||||||||
Total liabilities
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3,224,313 | 3,195,383 | 3,017,234 | |||||||||
Shareholders' equity
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366,866 | 361,278 | 338,638 | |||||||||
Total Liabilities and Equity
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$ | 3,591,179 | $ | 3,556,661 | $ | 3,355,872 | ||||||
Ending shares outstanding
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15,430 | 15,415 | 15,334 | |||||||||
Memo: Market value of HTM securities
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$ | 1,661 | $ | 1,663 | $ | 1,662 | ||||||
30 - 89 days past due loans
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$ | 21,721 | $ | 26,177 | $ | 28,425 | ||||||
90 days past due loans
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11,515 | 9,543 | 17,014 | |||||||||
Nonaccrual loans
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25,753 | 27,986 | 45,021 | |||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
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19,305 | 21,347 | 5,690 | |||||||||
Foreclosed properties
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56,545 | 58,004 | 42,935 | |||||||||
Other repossessed assets
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58 | 58 | 129 | |||||||||
Tier 1 leverage ratio
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9.89 | % | 10.00 | % | 10.16 | % | ||||||
Tier 1 risk based ratio
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13.88 | % | 13.65 | % | 12.90 | % | ||||||
Total risk based ratio
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15.14 | % | 14.92 | % | 14.10 | % | ||||||
Tangible equity to tangible assets ratio
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8.52 | % | 8.44 | % | 8.26 | % | ||||||
FTE employees
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1,015 | 1,019 | 1,041 |
Community Trust Bancorp, Inc.
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Financial Summary (Unaudited)
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December 31, 2011
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(in thousands except per share data and # of employees)
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Community Trust Bancorp, Inc. reported earnings for the three and twelve months ending December 31, 2011 and 2010 as follows:
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Three Months Ended
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Twelve Months Ended
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December 31
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December 31
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Net income
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$ | 9,888 | $ | 9,240 | $ | 38,827 | $ | 33,034 | ||||||||
Basic earnings per share
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$ | 0.64 | $ | 0.61 | $ | 2.54 | $ | 2.17 | ||||||||
Diluted earnings per share
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$ | 0.64 | $ | 0.60 | $ | 2.53 | $ | 2.16 | ||||||||
Average shares outstanding
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15,332 | 15,265 | 15,313 | 15,234 | ||||||||||||
Total assets (end of period)
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$ | 3,591,179 | $ | 3,355,872 | ||||||||||||
Return on average equity
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10.71 | % | 10.71 | % | 10.91 | % | 9.90 | % | ||||||||
Return on average assets
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1.09 | % | 1.11 | % | 1.11 | % | 1.03 | % | ||||||||
Provision for loan losses
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$ | 3,040 | $ | 3,980 | $ | 13,262 | $ | 16,484 | ||||||||
Gains on sales of loans
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$ | 583 | $ | 288 | $ | 1,749 | $ | 1,642 |