Kentucky
|
61-0979818
|
(State or other jurisdiction of
|
(IRS Employer Identification Number)
|
incorporation or organization)
|
|
346 North Mayo Trail
|
|
Pikeville, Kentucky
|
41501
|
(Address of principal executive offices)
|
(Zip code)
|
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1
|
Press Release dated January 20, 2016
|
COMMUNITY TRUST BANCORP, INC. | |||
Date: January 20, 2016
|
By:
|
/s/ Jean R. Hale | |
Jean R. Hale | |||
Chairman, President and Chief Executive Officer | |||
Exhibit No.
|
Description
|
99.1
|
Press Release dated January 20, 2016
|
Earnings Summary
|
||||||||||||||||||||
(in thousands except per share data)
|
4Q
2015
|
3Q
2015
|
4Q
2014
|
Year
2015
|
Year
2014
|
|||||||||||||||
Net income
|
$
|
11,870
|
$
|
11,222
|
$
|
9,992
|
$
|
46,432
|
$
|
43,251
|
||||||||||
Earnings per share
|
$
|
0.68
|
$
|
0.64
|
$
|
0.58
|
$
|
2.66
|
$
|
2.50
|
||||||||||
Earnings per share – diluted
|
$
|
0.68
|
$
|
0.64
|
$
|
0.57
|
$
|
2.66
|
$
|
2.49
|
||||||||||
Return on average assets
|
1.22
|
%
|
1.18
|
%
|
1.07
|
%
|
1.23
|
%
|
1.18
|
%
|
||||||||||
Return on average equity
|
9.91
|
%
|
9.50
|
%
|
8.87
|
%
|
9.97
|
%
|
9.94
|
%
|
||||||||||
Efficiency ratio
|
56.35
|
%
|
60.53
|
%
|
60.76
|
%
|
58.20
|
%
|
59.12
|
%
|
||||||||||
Tangible common equity
|
10.68
|
%
|
10.82
|
%
|
10.44
|
%
|
||||||||||||||
Dividends declared per share
|
$
|
0.310
|
$
|
0.310
|
$
|
0.300
|
$
|
1.220
|
$
|
1.181
|
||||||||||
Book value per share
|
$
|
27.12
|
$
|
26.87
|
$
|
25.64
|
||||||||||||||
Weighted average shares
|
17,464
|
17,440
|
17,351
|
17,431
|
17,326
|
|||||||||||||||
Weighted average shares - diluted
|
17,516
|
17,491
|
17,422
|
17,483
|
17,397
|
v
|
Our loan portfolio increased $140.1 million from December 31, 2014 and $53.5 million during the quarter.
|
v
|
Our investment portfolio decreased $45.2 million from December 31, 2014 but increased $18.2 million during the quarter.
|
v
|
Deposits, including repurchase agreements, increased $122.6 million from December 31, 2014 and $0.6 million during the quarter.
|
v
|
Nonperforming loans at $28.6 million decreased $10.3 million from December 31, 2014 and $4.1 million from September 30, 2015. Nonperforming assets at $69.5 million decreased $6.4 million from December 31, 2014 but increased $2.0 million from September 30, 2015.
|
v
|
Net loan charge-offs for the quarter ended December 31, 2015 were $1.4 million, or 0.19% of average loans annualized, compared to $3.0 million, or 0.44%, experienced for the fourth quarter 2014 and $2.2 million, or 0.31%, for the third quarter 2015.
|
v
|
CTBI's investments in low income housing and other community related investments provided tax credits to offset current income tax expense for the fourth quarter 2015 in the amount of $0.3 million compared to $0.3 million in the fourth quarter 2014 and $1.2 million in the third quarter 2015. Credits used to offset current income tax expense totaled $2.7 million for the year 2015 compared to $1.1 million for the year 2014. The amortization of our investment in these partnerships for the fourth quarter 2015 totaled $0.6 million compared to $0.2 million for the fourth quarter 2014 and $1.0 million for the third quarter 2015. Amortization for the year 2015 was $2.6 million compared to $0.9 million for the year 2014.
|
v
|
In addition to the amortization expense mentioned above, noninterest expense for the quarter was impacted by decreases in personnel expense, data processing expense, repossession expense, and other direct expenses, resulting in a decrease in total noninterest expense. Noninterest expense for the year also decreased in total from prior year as a result of decreases in occupancy and equipment expense, data processing expense, and repossession expense.
|
Community Trust Bancorp, Inc.
|
||||||||||||||||||||
Financial Summary (Unaudited)
|
||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||||||||||
Three
|
Three
|
Three
|
Twelve
|
Twelve
|
||||||||||||||||
Months
|
Months
|
Months
|
Months
|
Months
|
||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||
December 31, 2015
|
September 30, 2015
|
December 31, 2014
|
December 31, 2015
|
December 31, 2014
|
||||||||||||||||
Interest income
|
$
|
36,300
|
$
|
35,912
|
$
|
36,406
|
$
|
144,020
|
$
|
143,867
|
||||||||||
Interest expense
|
3,105
|
2,947
|
2,907
|
11,773
|
11,797
|
|||||||||||||||
Net interest income
|
33,195
|
32,965
|
33,499
|
132,247
|
132,070
|
|||||||||||||||
Loan loss provision
|
1,910
|
2,520
|
3,375
|
8,650
|
8,755
|
|||||||||||||||
Gains on sales of loans
|
403
|
462
|
687
|
1,978
|
1,468
|
|||||||||||||||
Deposit service charges
|
6,306
|
6,348
|
6,153
|
24,282
|
23,892
|
|||||||||||||||
Trust revenue
|
2,384
|
2,297
|
2,308
|
9,286
|
9,011
|
|||||||||||||||
Loan related fees
|
1,074
|
641
|
958
|
3,821
|
3,531
|
|||||||||||||||
Securities gains (losses)
|
(248
|
)
|
12
|
(66
|
)
|
(106
|
)
|
(211
|
)
|
|||||||||||
Other noninterest income
|
1,891
|
2,275
|
1,998
|
7,548
|
7,390
|
|||||||||||||||
Total noninterest income
|
11,810
|
12,035
|
12,038
|
46,809
|
45,081
|
|||||||||||||||
Personnel expense
|
13,321
|
13,975
|
14,337
|
54,563
|
54,493
|
|||||||||||||||
Occupancy and equipment
|
2,643
|
2,688
|
2,654
|
10,875
|
11,431
|
|||||||||||||||
Data processing expense
|
1,539
|
1,577
|
2,002
|
6,743
|
7,877
|
|||||||||||||||
FDIC insurance premiums
|
584
|
606
|
618
|
2,382
|
2,400
|
|||||||||||||||
Other noninterest expense
|
7,691
|
8,688
|
8,408
|
30,880
|
29,798
|
|||||||||||||||
Total noninterest expense
|
25,778
|
27,534
|
28,019
|
105,443
|
105,999
|
|||||||||||||||
Net income before taxes
|
17,317
|
14,946
|
14,143
|
64,963
|
62,397
|
|||||||||||||||
Income taxes
|
5,447
|
3,724
|
4,151
|
18,531
|
19,146
|
|||||||||||||||
Net income
|
$
|
11,870
|
$
|
11,222
|
$
|
9,992
|
$
|
46,432
|
$
|
43,251
|
||||||||||
Memo: TEQ interest income
|
$
|
36,797
|
$
|
36,414
|
$
|
36,917
|
$
|
146,047
|
$
|
145,800
|
||||||||||
Average shares outstanding
|
17,464
|
17,440
|
17,351
|
17,431
|
17,326
|
|||||||||||||||
Diluted average shares outstanding
|
17,516
|
17,491
|
17,422
|
17,483
|
17,397
|
|||||||||||||||
Basic earnings per share
|
$
|
0.68
|
$
|
0.64
|
$
|
0.58
|
$
|
2.66
|
$
|
2.50
|
||||||||||
Diluted earnings per share
|
$
|
0.68
|
$
|
0.64
|
$
|
0.57
|
$
|
2.66
|
$
|
2.49
|
||||||||||
Dividends per share
|
$
|
0.310
|
$
|
0.310
|
$
|
0.300
|
$
|
1.220
|
$
|
1.181
|
||||||||||
Average balances:
|
||||||||||||||||||||
Loans
|
$
|
2,847,128
|
$
|
2,803,332
|
$
|
2,711,183
|
$
|
2,791,871
|
$
|
2,642,231
|
||||||||||
Earning assets
|
3,578,521
|
3,524,058
|
3,459,675
|
3,524,506
|
3,422,450
|
|||||||||||||||
Total assets
|
3,844,441
|
3,788,917
|
3,720,851
|
3,790,282
|
3,679,531
|
|||||||||||||||
Deposits, including repurchase agreements
|
3,253,160
|
3,203,122
|
3,150,160
|
3,201,545
|
3,130,338
|
|||||||||||||||
Interest bearing liabilities
|
2,586,609
|
2,562,274
|
2,543,308
|
2,569,344
|
2,547,267
|
|||||||||||||||
Shareholders' equity
|
475,261
|
468,442
|
447,080
|
465,682
|
435,290
|
|||||||||||||||
Performance ratios:
|
||||||||||||||||||||
Return on average assets
|
1.22
|
%
|
1.18
|
%
|
1.07
|
%
|
1.23
|
%
|
1.18
|
%
|
||||||||||
Return on average equity
|
9.91
|
%
|
9.50
|
%
|
8.87
|
%
|
9.97
|
%
|
9.94
|
%
|
||||||||||
Yield on average earning assets (tax equivalent)
|
4.08
|
%
|
4.10
|
%
|
4.23
|
%
|
4.14
|
%
|
4.26
|
%
|
||||||||||
Cost of interest bearing funds (tax equivalent)
|
0.48
|
%
|
0.46
|
%
|
0.45
|
%
|
0.46
|
%
|
0.46
|
%
|
||||||||||
Net interest margin (tax equivalent)
|
3.74
|
%
|
3.77
|
%
|
3.90
|
%
|
3.81
|
%
|
3.92
|
%
|
||||||||||
Efficiency ratio (tax equivalent)
|
56.35
|
%
|
60.53
|
%
|
60.76
|
%
|
58.20
|
%
|
59.12
|
%
|
||||||||||
Loan charge-offs
|
$
|
2,051
|
$
|
2,899
|
$
|
3,792
|
$
|
9,870
|
$
|
11,436
|
||||||||||
Recoveries
|
(695
|
)
|
(729
|
)
|
(774
|
)
|
(2,867
|
)
|
(3,120
|
)
|
||||||||||
Net charge-offs
|
$
|
1,356
|
$
|
2,170
|
$
|
3,018
|
$
|
7,003
|
$
|
8,316
|
||||||||||
Market Price:
|
||||||||||||||||||||
High
|
$
|
37.15
|
$
|
37.63
|
$
|
37.54
|
$
|
37.63
|
$
|
41.13
|
||||||||||
Low
|
$
|
33.68
|
$
|
33.62
|
$
|
33.19
|
$
|
31.53
|
$
|
32.33
|
||||||||||
Close
|
$
|
34.96
|
$
|
35.51
|
$
|
36.61
|
$
|
34.96
|
$
|
36.61
|
Community Trust Bancorp, Inc.
|
||||||||||||||||||||
Financial Summary (Unaudited)
|
||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||||||||||
As of
|
As of
|
As of
|
||||||||||
December 31, 2015
|
September 30, 2015
|
December 31, 2014
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$
|
2,873,961
|
$
|
2,820,460
|
$
|
2,733,824
|
||||||
Loan loss reserve
|
(36,094
|
)
|
(35,540
|
)
|
(34,447
|
)
|
||||||
Net loans
|
2,837,867
|
2,784,920
|
2,699,377
|
|||||||||
Loans held for sale
|
1,172
|
1,983
|
2,264
|
|||||||||
Securities AFS
|
594,936
|
576,713
|
640,186
|
|||||||||
Securities HTM
|
1,661
|
1,661
|
1,662
|
|||||||||
Other equity investments
|
22,814
|
22,814
|
22,796
|
|||||||||
Other earning assets
|
141,313
|
116,754
|
59,259
|
|||||||||
Cash and due from banks
|
51,974
|
54,041
|
56,299
|
|||||||||
Premises and equipment
|
48,188
|
48,541
|
49,980
|
|||||||||
Goodwill and core deposit intangible
|
65,781
|
65,821
|
65,967
|
|||||||||
Other assets
|
138,228
|
134,900
|
125,975
|
|||||||||
Total Assets
|
$
|
3,903,934
|
$
|
3,808,148
|
$
|
3,723,765
|
||||||
Liabilities and Equity:
|
||||||||||||
NOW accounts
|
$
|
44,567
|
$
|
32,249
|
$
|
31,998
|
||||||
Savings deposits
|
997,042
|
1,004,635
|
925,715
|
|||||||||
CD's >=$100,000
|
559,497
|
561,856
|
575,394
|
|||||||||
Other time deposits
|
629,701
|
638,832
|
663,524
|
|||||||||
Total interest bearing deposits
|
2,230,807
|
2,237,572
|
2,196,631
|
|||||||||
Noninterest bearing deposits
|
749,975
|
737,657
|
677,626
|
|||||||||
Total deposits
|
2,980,782
|
2,975,229
|
2,874,257
|
|||||||||
Repurchase agreements
|
251,225
|
256,153
|
235,186
|
|||||||||
Other interest bearing liabilities
|
165,993
|
71,640
|
133,552
|
|||||||||
Noninterest bearing liabilities
|
30,351
|
34,541
|
32,893
|
|||||||||
Total liabilities
|
3,428,351
|
3,337,563
|
3,275,888
|
|||||||||
Shareholders' equity
|
475,583
|
470,585
|
447,877
|
|||||||||
Total Liabilities and Equity
|
$
|
3,903,934
|
$
|
3,808,148
|
$
|
3,723,765
|
||||||
Ending shares outstanding
|
17,537
|
17,513
|
17,466
|
|||||||||
Memo: Market value of HTM securities
|
$
|
1,651
|
$
|
1,651
|
$
|
1,644
|
||||||
30 - 89 days past due loans
|
$
|
14,401
|
$
|
18,812
|
$
|
15,150
|
||||||
90 days past due loans
|
12,046
|
18,001
|
17,985
|
|||||||||
Nonaccrual loans
|
16,563
|
14,722
|
20,971
|
|||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
|
49,283
|
43,081
|
47,860
|
|||||||||
Foreclosed properties
|
40,674
|
34,654
|
36,776
|
|||||||||
Other repossessed assets
|
183
|
136
|
90
|
|||||||||
Common equity Tier 1 capital
|
14.58
|
%
|
14.49
|
%
|
-
|
|||||||
Tier 1 leverage ratio
|
12.40
|
%
|
12.40
|
%
|
12.04
|
%
|
||||||
Tier 1 risk-based capital ratio
|
16.70
|
%
|
16.63
|
%
|
16.51
|
%
|
||||||
Total risk based capital ratio
|
17.95
|
%
|
17.88
|
%
|
17.76
|
%
|
||||||
Tangible equity to tangible assets ratio
|
10.68
|
%
|
10.82
|
%
|
10.44
|
%
|
||||||
FTE employees
|
984
|
980
|
1,012
|