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 14a-12 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 16, 2019
|
COMMUNITY TRUST BANCORP, INC.
|
||
Date:
|
January 16, 2019
|
By:
|
/s/ Jean R. Hale
|
||
Jean R. Hale
|
||
Chairman, President and Chief Executive Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated January 16, 2019
|
Earnings Summary
|
||||||||||||||||||||
(in thousands except per share data)
|
4Q
2018
|
3Q
2018
|
4Q
2017
|
Year
2018
|
Year
2017
|
|||||||||||||||
Net income
|
$
|
15,709
|
$
|
16,106
|
$
|
14,912
|
$
|
59,228
|
$
|
51,493
|
||||||||||
Earnings per share
|
$
|
0.89
|
$
|
0.91
|
$
|
0.84
|
$
|
3.35
|
$
|
2.92
|
||||||||||
Earnings per share - diluted
|
$
|
0.89
|
$
|
0.91
|
$
|
0.84
|
$
|
3.35
|
$
|
2.92
|
||||||||||
Return on average assets
|
1.48
|
%
|
1.52
|
%
|
1.43
|
%
|
1.41
|
%
|
1.27
|
%
|
||||||||||
Return on average equity
|
11.16
|
%
|
11.62
|
%
|
11.18
|
%
|
10.83
|
%
|
9.93
|
%
|
||||||||||
Efficiency ratio
|
58.04
|
%
|
57.33
|
%
|
57.76
|
%
|
60.17
|
%
|
58.66
|
%
|
||||||||||
Tangible common equity
|
12.06
|
%
|
11.80
|
%
|
11.43
|
%
|
||||||||||||||
Dividends declared per share
|
$
|
0.36
|
$
|
0.36
|
$
|
0.33
|
$
|
1.38
|
$
|
1.30
|
||||||||||
Book value per share
|
$
|
31.81
|
$
|
31.04
|
$
|
30.00
|
||||||||||||||
Weighted average shares
|
17,696
|
17,691
|
17,650
|
17,687
|
17,631
|
|||||||||||||||
Weighted average shares - diluted
|
17,714
|
17,710
|
17,674
|
17,703
|
17,653
|
●
|
Net interest income for the quarter of $36.3 million was an increase of $0.1 million, or 0.4%, from third quarter 2018
and $1.2 million, or 3.4%, from prior year fourth quarter.
|
●
|
Provision for loan losses for the quarter ended December 31, 2018 increased $0.2 million from prior quarter but
decreased $1.1 million from prior year same quarter.
|
●
|
Our loan portfolio increased $30.8 million, an annualized 3.8%, during the quarter and $85.7 million, or 2.7%, from
December 31, 2017.
|
●
|
Net loan charge-offs for the quarter ended December 31, 2018 were $1.6 million, or 0.20% of average loans annualized,
compared to $1.5 million, or 0.19%, experienced for the third quarter 2018 and $3.1 million, or 0.39%, for the fourth quarter 2017.
|
●
|
Nonperforming loans at $22.1 million increased $1.0 million from September 30, 2018 but decreased $6.2 million from
December 31, 2017. Nonperforming assets at $49.4 million decreased $1.4 million from September 30, 2018 and $11.1 million from December 31, 2017.
|
●
|
Deposits, including repurchase agreements, increased $14.0 million during the quarter and $31.0 million from December
31, 2017.
|
●
|
Noninterest income for the quarter ended December 31, 2018 of $12.2 million was a decrease of $0.4 million, or 3.3%,
from prior quarter and $0.2 million, or 1.4%, from prior year same quarter. The decrease in noninterest income was primarily the result of a decrease in
loan related fees due to a decline in the fair value of our mortgage servicing rights.
|
●
|
Noninterest expense for the quarter ended December 31, 2018 of $28.2 million increased $0.1 million, or 0.2%, from
prior quarter, and $0.4 million, or 1.6%, from prior year same quarter. The variance in noninterest expense from prior year same quarter was primarily due to increases in taxes other than income, property, and payroll and net other real
estate owned expense, partially offset by a decrease in personnel expense. The decrease in personnel expense was due to the 2017 one-time bonus to employees as a result of the positive impact on income tax expense during the period.
|
●
|
Income tax expense continues to be positively impacted by the change in the corporate income tax rate from 35% to
21%. We utilize various tax exempt investments and loans, including municipal bonds, bank owned life insurance, and low income housing projects, to lower our effective income tax rate. With the current tax laws, our effective tax rate for
the year ended December 31, 2018 was 16% compared to 28% for the year ended December 31, 2017.
|
Community Trust Bancorp, Inc.
|
||||||||||||||||||||
Financial Summary (Unaudited)
|
||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||
(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, 2018
|
September 30, 2018
|
December 31, 2017
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||||
Interest income
|
$
|
45,238
|
$
|
43,607
|
$
|
40,673
|
$
|
171,450
|
$
|
155,696
|
||||||||||
Interest expense
|
8,958
|
7,471
|
5,571
|
29,295
|
18,294
|
|||||||||||||||
Net interest income
|
36,280
|
36,136
|
35,102
|
142,155
|
137,402
|
|||||||||||||||
Loan loss provision
|
1,749
|
1,543
|
2,862
|
6,167
|
7,521
|
|||||||||||||||
Gains on sales of loans
|
386
|
319
|
423
|
1,288
|
1,320
|
|||||||||||||||
Deposit service charges
|
6,602
|
6,671
|
6,463
|
25,974
|
25,121
|
|||||||||||||||
Trust revenue
|
2,663
|
2,836
|
2,684
|
11,313
|
10,453
|
|||||||||||||||
Loan related fees
|
644
|
1,022
|
1,108
|
3,729
|
3,678
|
|||||||||||||||
Securities gains (losses)
|
203
|
(2
|
)
|
15
|
(85
|
)
|
73
|
|||||||||||||
Other noninterest income
|
1,741
|
1,817
|
1,723
|
9,733
|
7,863
|
|||||||||||||||
Total noninterest income
|
12,239
|
12,663
|
12,416
|
51,952
|
48,508
|
|||||||||||||||
Personnel expense
|
15,257
|
15,264
|
15,782
|
61,562
|
58,829
|
|||||||||||||||
Occupancy and equipment
|
2,698
|
2,744
|
2,804
|
11,045
|
11,121
|
|||||||||||||||
Data processing expense
|
1,715
|
1,695
|
1,782
|
6,680
|
7,100
|
|||||||||||||||
FDIC insurance premiums
|
264
|
314
|
316
|
1,171
|
1,239
|
|||||||||||||||
Other noninterest expense
|
8,238
|
8,089
|
7,052
|
36,940
|
31,589
|
|||||||||||||||
Total noninterest expense
|
28,172
|
28,106
|
27,736
|
117,398
|
109,878
|
|||||||||||||||
Net income before taxes
|
18,598
|
19,150
|
16,920
|
70,542
|
68,511
|
|||||||||||||||
Income taxes
|
2,889
|
3,044
|
2,008
|
11,314
|
17,018
|
|||||||||||||||
Net income
|
$
|
15,709
|
$
|
16,106
|
$
|
14,912
|
$
|
59,228
|
$
|
51,493
|
||||||||||
Memo: TEQ interest income
|
$
|
45,462
|
$
|
43,833
|
$
|
41,186
|
$
|
172,352
|
$
|
157,722
|
||||||||||
Average shares outstanding
|
17,696
|
17,691
|
17,650
|
17,687
|
17,631
|
|||||||||||||||
Diluted average shares outstanding
|
17,714
|
17,710
|
17,674
|
17,703
|
17,653
|
|||||||||||||||
Basic earnings per share
|
$
|
0.89
|
$
|
0.91
|
$
|
0.84
|
$
|
3.35
|
$
|
2.92
|
||||||||||
Diluted earnings per share
|
$
|
0.89
|
$
|
0.91
|
$
|
0.84
|
$
|
3.35
|
$
|
2.92
|
||||||||||
Dividends per share
|
$
|
0.36
|
$
|
0.36
|
$
|
0.33
|
$
|
1.38
|
$
|
1.30
|
||||||||||
Average balances:
|
||||||||||||||||||||
Loans
|
$
|
3,191,980
|
$
|
3,167,357
|
$
|
3,116,070
|
$
|
3,150,878
|
$
|
3,048,879
|
||||||||||
Earning assets
|
3,937,106
|
3,918,183
|
3,869,028
|
3,913,596
|
3,799,128
|
|||||||||||||||
Total assets
|
4,217,158
|
4,190,768
|
4,141,555
|
4,187,397
|
4,068,970
|
|||||||||||||||
Deposits, including repurchase agreements
|
3,555,292
|
3,539,482
|
3,498,571
|
3,540,717
|
3,406,627
|
|||||||||||||||
Interest bearing liabilities
|
2,794,216
|
2,789,473
|
2,778,996
|
2,796,092
|
2,734,076
|
|||||||||||||||
Shareholders' equity
|
558,632
|
549,837
|
529,334
|
546,641
|
518,767
|
|||||||||||||||
Performance ratios:
|
||||||||||||||||||||
Return on average assets
|
1.48
|
%
|
1.52
|
%
|
1.43
|
%
|
1.41
|
%
|
1.27
|
%
|
||||||||||
Return on average equity
|
11.16
|
%
|
11.62
|
%
|
11.18
|
%
|
10.83
|
%
|
9.93
|
%
|
||||||||||
Yield on average earning assets (tax equivalent)
|
4.58
|
%
|
4.44
|
%
|
4.22
|
%
|
4.40
|
%
|
4.15
|
%
|
||||||||||
Cost of interest bearing funds (tax equivalent)
|
1.27
|
%
|
1.06
|
%
|
0.80
|
%
|
1.05
|
%
|
0.67
|
%
|
||||||||||
Net interest margin (tax equivalent)
|
3.68
|
%
|
3.68
|
%
|
3.65
|
%
|
3.66
|
%
|
3.67
|
%
|
||||||||||
Efficiency ratio (tax equivalent)
|
58.04
|
%
|
57.33
|
%
|
57.76
|
%
|
60.17
|
%
|
58.66
|
%
|
||||||||||
Loan charge-offs
|
$
|
2,667
|
$
|
2,828
|
$
|
3,962
|
$
|
10,998
|
$
|
11,085
|
||||||||||
Recoveries
|
(1,035
|
)
|
(1,305
|
)
|
(860
|
)
|
(4,588
|
)
|
(3,782
|
)
|
||||||||||
Net charge-offs
|
$
|
1,632
|
$
|
1,523
|
$
|
3,102
|
$
|
6,410
|
$
|
7,303
|
||||||||||
Market Price:
|
||||||||||||||||||||
High
|
$
|
46.86
|
$
|
52.80
|
$
|
51.90
|
$
|
53.00
|
$
|
51.90
|
||||||||||
Low
|
$
|
35.70
|
$
|
45.65
|
$
|
45.00
|
$
|
35.70
|
$
|
40.33
|
||||||||||
Close
|
$
|
39.61
|
$
|
46.35
|
$
|
47.10
|
$
|
39.61
|
$
|
47.10
|
Community Trust Bancorp, Inc.
|
|||||||||||||||||||
Financial Summary (Unaudited)
|
|||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
(in thousands except per share data and # of employees)
|
|||||||||||||||||||
As of
|
As of
|
As of
|
||||||||||
December 31, 2018
|
September 30, 2018
|
December 31, 2017
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$
|
3,208,638
|
$
|
3,177,888
|
$
|
3,122,940
|
||||||
Loan loss reserve
|
(35,908
|
)
|
(35,791
|
)
|
(36,151
|
)
|
||||||
Net loans
|
3,172,730
|
3,142,097
|
3,086,789
|
|||||||||
Loans held for sale
|
2,461
|
1,029
|
1,033
|
|||||||||
Securities AFS
|
594,919
|
569,208
|
585,761
|
|||||||||
Securities HTM
|
649
|
659
|
659
|
|||||||||
Other equity investments
|
19,600
|
19,600
|
22,814
|
|||||||||
Other earning assets
|
82,585
|
124,413
|
139,392
|
|||||||||
Cash and due from banks
|
64,632
|
53,912
|
47,528
|
|||||||||
Premises and equipment
|
45,291
|
45,808
|
46,318
|
|||||||||
Goodwill and core deposit intangible
|
65,490
|
65,490
|
65,490
|
|||||||||
Other assets
|
153,259
|
151,627
|
140,447
|
|||||||||
Total Assets
|
$
|
4,201,616
|
$
|
4,173,843
|
$
|
4,136,231
|
||||||
Liabilities and Equity:
|
||||||||||||
NOW accounts
|
$
|
56,964
|
$
|
59,379
|
$
|
51,218
|
||||||
Savings deposits
|
1,294,037
|
1,190,977
|
1,108,572
|
|||||||||
CD's >=$100,000
|
598,125
|
624,801
|
702,218
|
|||||||||
Other time deposits
|
553,508
|
571,685
|
610,925
|
|||||||||
Total interest bearing deposits
|
2,502,634
|
2,446,842
|
2,472,933
|
|||||||||
Noninterest bearing deposits
|
803,316
|
826,804
|
790,930
|
|||||||||
Total deposits
|
3,305,950
|
3,273,646
|
3,263,863
|
|||||||||
Repurchase agreements
|
232,712
|
250,983
|
243,814
|
|||||||||
Other interest bearing liabilities
|
60,957
|
61,433
|
67,498
|
|||||||||
Noninterest bearing liabilities
|
37,847
|
37,517
|
30,357
|
|||||||||
Total liabilities
|
3,637,466
|
3,623,579
|
3,605,532
|
|||||||||
Shareholders' equity
|
564,150
|
550,264
|
530,699
|
|||||||||
Total Liabilities and Equity
|
$
|
4,201,616
|
$
|
4,173,843
|
$
|
4,136,231
|
||||||
Ending shares outstanding
|
17,733
|
17,728
|
17,693
|
|||||||||
Memo: Market value of HTM securities
|
$
|
649
|
$
|
660
|
$
|
660
|
||||||
30 - 89 days past due loans
|
$
|
22,682
|
$
|
28,172
|
$
|
19,388
|
||||||
90 days past due loans
|
10,198
|
8,005
|
10,176
|
|||||||||
Nonaccrual loans
|
11,867
|
13,032
|
18,119
|
|||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
|
56,328
|
58,008
|
53,010
|
|||||||||
Foreclosed properties
|
27,273
|
29,666
|
31,996
|
|||||||||
Other repossessed assets
|
42
|
54
|
155
|
|||||||||
Common equity Tier 1 capital
|
16.27
|
%
|
16.08
|
%
|
15.33
|
%
|
||||||
Tier 1 leverage ratio
|
13.51
|
%
|
13.37
|
%
|
12.89
|
%
|
||||||
Tier 1 risk-based capital ratio
|
18.12
|
%
|
17.94
|
%
|
17.22
|
%
|
||||||
Total risk based capital ratio
|
19.29
|
%
|
19.11
|
%
|
18.41
|
%
|
||||||
Tangible equity to tangible assets ratio
|
12.06
|
%
|
11.80
|
%
|
11.43
|
%
|
||||||
FTE employees
|
978
|
979
|
990
|