0000350852-21-000066.txt : 20210721 0000350852-21-000066.hdr.sgml : 20210721 20210721082740 ACCESSION NUMBER: 0000350852-21-000066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210721 DATE AS OF CHANGE: 20210721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY TRUST BANCORP INC /KY/ CENTRAL INDEX KEY: 0000350852 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 610979818 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31220 FILM NUMBER: 211102820 BUSINESS ADDRESS: STREET 1: 346 NORTH MAYO TRAIL STREET 2: P.O. BOX 2947 CITY: PIKEVILLE STATE: KY ZIP: 41502-2947 BUSINESS PHONE: (606)433-4643 MAIL ADDRESS: STREET 1: 346 NORTH MAYO TRAIL STREET 2: P.O. BOX 2947 CITY: PIKEVILLE STATE: KY ZIP: 41502-2947 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNITY TRUST BANCORP INC/ DATE OF NAME CHANGE: 19971124 8-K 1 ctbi0621er8k.htm CTBI JUNE 30, 2021 EARNINGS RELEASE 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
June 30, 2021

Commission file number 001-31220

Community Trust Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Kentucky
61-0979818
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
   
P.O. Box 2947
346 North Mayo Trail
Pikeville, Kentucky
41502
(Address of principal executive offices)
(Zip code)
   
(606) 432-1414
(Registrant’s telephone number)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock
(Title of class)
 

CTBI
The Nasdaq Global Select Market
(Trading symbol)
(Name of exchange on which registered)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02 – Results of Operations and Financial Condition

On July 21, 2021, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2021.  A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1.  The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed with this report:

99.1
Press Release dated July 21, 2021


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

   
COMMUNITY TRUST BANCORP, INC.
     
Date:
July 21, 2021
By:
     
   
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman, President, and Chief Executive Officer



Exhibit Index

Exhibit No.
Description
   
99.1
Press Release dated July 21, 2021
EX-99.1 3 ctbi0621er8kex99.htm CTBI JUNE 30, 2021 EARNINGS RELEASE 8-K EXHIBIT 99.1
Exhibit 99.1





FOR IMMEDIATE RELEASE
July 21, 2021

FOR ADDITIONAL INFORMATION, PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS RECORD EARNINGS FOR THE SECOND CONSECUTIVE QUARTER 2021

Earnings Summary
                              
(in thousands except per share data)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
YTD
2021
    
YTD
2020
  
Net income
  
$
23,931
    
$
23,618
    
$
19,652
    
$
47,549
    
$
26,231
  
Earnings per share
  
$
1.35
    
$
1.33
    
$
1.11
    
$
2.67
    
$
1.48
  
Earnings per share - diluted
  
$
1.34
    
$
1.33
    
$
1.11
    
$
2.67
    
$
1.48
  
                                         
Return on average assets
    
1.76
%
    
1.84
%
    
1.63
%
    
1.80
%
    
1.14
%
Return on average equity
    
14.20
%
    
14.48
%
    
12.66
%
    
14.34
%
    
8.45
%
Efficiency ratio
    
53.17
%
    
50.37
%
    
55.17
%
    
51.76
%
    
57.12
%
Tangible common equity
    
11.39
%
    
11.27
%
    
11.42
%
                
                                         
Dividends declared per share
  
$
0.385
    
$
0.385
    
$
0.380
    
$
0.770
    
$
0.760
  
Book value per share
  
$
38.36
    
$
37.14
    
$
35.51
                  
                                         
Weighted average shares
    
17,784
      
17,774
      
17,739
      
17,779
      
17,746
  
Weighted average shares - diluted
    
17,800
      
17,787
      
17,742
      
17,794
      
17,753
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) experienced record earnings for the second consecutive quarter as our loan portfolio quality and the industry outlook continue to see improvement, allowing a reduction in credit loss reserves.  Earnings for the second quarter 2021 were a record $23.9 million, or $1.35 per basic share, compared to $23.6 million, or $1.33 per basic share, earned during the first quarter 2021 and $19.7 million, or $1.11 per basic share, earned during the second quarter 2020.  Earnings for the six months ended June 30, 2021 were $47.5 million compared to $26.2 million for the six months ended June 30, 2020.  Deposit growth as a result of the government stimulus, along with lack of loan growth, continues to put pressure on our net interest margin.  Total revenue declined from prior quarter as a result of the continued pressure on our net interest margin, but noninterest income remained steady.

2nd Quarter 2021 Highlights

❖
Net interest income for the quarter of $40.0 million was $0.2 million, or 0.6%, below prior quarter but $1.5 million, or 4.0%, above second quarter 2020.

❖
We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021.  The reduction to our allowance for credit losses was the result of continued positive credit metrics, the lack of pandemic related losses provided for in the first quarter 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit.  We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively.

❖
Our loan portfolio decreased $90.3 million, an annualized 10.2%, during the quarter and $90.3 million, or 2.6%, from June 30, 2020.

❖
CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020.

❖
Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, remained relatively flat from $21.0 million at March 31, 2021 to $21.1 million at June 30, 2021, down $15.0 million from June 30, 2020.  Nonperforming assets at $27.0 million decreased $0.3 million from March 31, 2021 and $26.8 million from June 30, 2020.

❖
Deposits, including repurchase agreements, increased $106.3 million, an annualized 9.3%, during the quarter and $426.0 million, or 10.0%, from June 30, 2020.

❖
Noninterest income for the quarter ended June 30, 2021 of $15.5 million  decreased slightly from prior quarter by $0.1 million, or 0.4%, but increased $2.6 million, or 20.5%, from prior year same quarter.

❖
Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter.

COVID-19

We continue working with our customers through the COVID-19 pandemic.  At June 30, 2021, the number of customers with CARES Act deferrals reduced to 60 for a total outstanding amount of $28.6 million.  The majority of our CARES Act deferrals have been 90 day deferrals.  Total outstanding deferrals include 21 commercial loan deferrals with a total outstanding amount of $26.0 million, 29 residential loan deferrals with a total outstanding amount of $2.4 million, and 10 consumer loan deferrals with a total outstanding amount of $0.2 million.  These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act.  Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

At June 30, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including $124.3 million stemming from the Consolidated Appropriations Act 2021.  Through June 30, 2021, we have had $217.2 million of our PPP loans forgiven by the SBA.

Net Interest Income

                     
Percent Change
                    
                     
2Q 2021 Compared to:
                    
($ in thousands)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
1Q
2021
    
2Q
2020
    
YTD
2021
    
YTD
2020
    
Percent Change
  
Components of net interest income
                                                
Income on earning assets
  
$
44,105
    
$
44,428
    
$
45,149
      
(0.7
%)
    
(2.3
%)
  
$
88,533
    
$
90,017
      
(1.6
%)
Expense on interest bearing liabilities
    
3,868
      
3,969
      
6,506
      
(2.5
%)
    
(40.5
%)
    
7,837
      
14,961
      
(47.6
%)
Net interest income (tax equivalent)
  
$
40,237
    
$
40,459
    
$
38,643
      
(0.5
%)
    
4.1
%
  
$
80,696
    
$
75,056
      
7.5
%
                                                                 
Average yield and rates paid
                                                                
Earning assets yield
    
3.41
%
    
3.63
%
    
3.98
%
    
(6.1
%)
    
(14.3
%)
    
3.52
%
    
4.18
%
    
(15.8
%)
Rate paid on interest bearing liabilities
    
0.45
%
    
0.48
%
    
0.85
%
    
(6.3
%)
    
(47.1
%)
    
0.47
%
    
1.01
%
    
(53.5
%)
Gross interest margin
    
2.96
%
    
3.15
%
    
3.13
%
    
(6.0
%)
    
(5.4
%)
    
3.05
%
    
3.17
%
    
(3.8
%)
Net interest margin
    
3.11
%
    
3.31
%
    
3.41
%
    
(6.0
%)
    
(8.8
%)
    
3.21
%
    
3.49
%
    
(8.0
%)
                                                                 
Average balances
                                                                
Investment securities
  
$
1,223,123
    
$
1,061,304
    
$
711,336
      
15.2
%
    
71.9
%
  
$
1,142,660
    
$
681,094
      
67.8
%
Loans
  
$
3,495,655
    
$
3,548,358
    
$
3,461,505
      
(1.5
%)
    
1.0
%
  
$
3,521,861
    
$
3,362,217
      
4.7
%
 Earning assets
  
$
5,184,923
    
$
4,957,636
    
$
4,559,670
      
4.6
%
    
13.7
%
  
$
5,071,907
    
$
4,326,752
      
17.2
%
Interest-bearing liabilities
  
$
3,424,218
    
$
3,335,206
    
$
3,094,931
      
2.7
%
    
10.6
%
  
$
3,379,958
    
$
2,971,064
      
13.8
%

Net interest income for the quarter of $40.0 million decreased $0.2 million, or 0.6%, from first quarter 2021 but increased $1.5 million, or 4.0%, from second quarter 2020.  Our net interest margin at 3.11% decreased 20 basis points from prior quarter and 30 basis points from prior year same quarter, as our average earning assets increased $227.3 million and $625.3 million, respectively, during those same periods.  Our yield on average earning assets decreased 22 basis points from prior quarter and 57 basis points from prior year same quarter, and our cost of funds decreased 3 basis points from prior quarter and 40 basis points from prior year same quarter.  Net interest income for the six months ended June 30, 2021 increased $5.5 million, or 7.4%, compared to the six months ended June 30, 2020.

The PPP loan portfolio had an annualized yield for the quarter of 6.04%, a one basis point increase from the 6.03% yield in the first quarter 2021.  Interest income on the portfolio was $0.6 million during the quarter, down $0.1 million from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $3.0 million, down $0.3 million from prior quarter.  These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness.  The impact to the net interest margin of the $3.0 million in fee income recognized was 23 basis points for the second quarter 2021, a 4 basis point decline from the 27 basis points for the first quarter 2021.  While the PPP loan portfolio significantly impacted the net interest margin year over year, the decrease from prior quarter was primarily the result of a reduction in yield on our commercial real estate and indirect loan portfolios, along with an increase in our lower yielding financial assets due to the decrease in our loan portfolio and an increase in our investment portfolio.

Our ratio of average loans to deposits, including repurchase agreements, was 75.0% for the quarter ended June 30, 2021 compared to 79.9% for the quarter ended March 31, 2021 and 84.5% for the quarter ended June 30, 2020.

Noninterest Income

                     
Percent Change
                    
                     
2Q 2021 Compared to:
                    
($ in thousands)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
1Q
2021
    
2Q
2020
    
YTD
2021
    
YTD
2020
    
Percent Change
  
Deposit service charges
  
$
6,358
    
$
6,022
    
$
4,967
      
5.6
%
    
28.0
%
  
$
12,380
    
$
10,883
      
13.8
%
Trust revenue
    
3,349
      
2,951
      
2,569
      
13.5
%
    
30.4
%
    
6,300
      
5,453
      
15.5
%
Gains on sales of loans
    
1,907
      
2,433
      
1,753
      
(21.6
%)
    
8.8
%
    
4,340
      
2,236
      
94.1
%
Loan related fees
    
1,004
      
2,270
      
822
      
(55.8
%)
    
22.1
%
    
3,274
      
917
      
257.0
%
Bank owned life insurance revenue
    
581
      
573
      
564
      
1.4
%
    
3.0
%
    
1,154
      
1,137
      
1.5
%
Brokerage revenue
    
554
      
457
      
313
      
21.2
%
    
77.0
%
    
1,011
      
685
      
47.6
%
Other
    
1,768
      
871
      
1,891
      
103.0
%
    
(6.5
%)
    
2,639
      
3,089
      
(14.6
%)
Total noninterest income
  
$
15,521
    
$
15,577
    
$
12,879
      
(0.4
%)
    
20.5
%
  
$
31,098
    
$
24,400
      
27.5
%

Noninterest income for the quarter ended June 30, 2021 of $15.5 million was a slight decrease of $0.1 million, or 0.4%, from prior quarter but a $2.6 million, or 20.5%, increase from prior year same quarter.  Increases from prior quarter in deposit service charges, trust revenue, and securities gains were offset by declines in gains on sales of loans and loan related fees.  The increase in noninterest income from prior year same quarter was primarily the result of increases in gains on sales of loans, deposit service charges, trust revenue, and loan related fees.  Noninterest income for the six months ended June 30, 2021 of $31.1 million was a $6.7 million, or 27.5% increase from the six months ended June 30, 2020.

Deposit service charges were impacted during the quarter and year over year by the continued increase in deposits due to the government stimulus, as gains on sales of loans have been impacted by the slowdown in the industry-wide refinancing boom.  Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.  As trust revenue is largely driven by the market value of the portfolios managed, it has benefited from an increase in equity market values, a larger volume of managed assets, and robust sales.  Brokerage revenue has benefited from a change in sales mix moving more to fee based revenue and from the low interest rates driving some investors into annuities and out of lower paying deposit products.

Noninterest Expense

                     
Percent Change
                    
                     
2Q 2021 Compared to:
                    
($ in thousands)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
1Q
2021
    
2Q
2020
    
YTD
2021
    
YTD
2020
    
Percent Change
  
Salaries
  
$
11,706
    
$
11,412
    
$
11,481
      
2.6
%
    
2.0
%
  
$
23,118
    
$
23,011
      
0.5
%
Employee benefits
    
7,254
      
5,421
      
3,672
      
33.8
%
    
97.5
%
    
12,675
      
7,173
      
76.7
%
Net occupancy and equipment
    
2,668
      
2,828
      
2,624
      
(5.7
%)
    
1.7
%
    
5,496
      
5,330
      
3.1
%
Data processing
    
1,870
      
2,159
      
1,875
      
(13.4
%)
    
(0.3
%)
    
4,029
      
3,853
      
4.6
%
Legal and professional fees
    
753
      
893
      
1,010
      
(15.7
%)
    
(25.4
%)
    
1,646
      
2,056
      
(19.9
%)
Advertising and marketing
    
710
      
722
      
568
      
(1.7
%)
    
25.0
%
    
1,432
      
1,202
      
19.1
%
Telephone
    
502
      
509
      
457
      
(1.4
%)
    
9.8
%
    
1,011
      
890
      
13.6
%
Other
    
4,035
      
4,366
      
6,222
      
(7.6
%)
    
(35.1
%)
    
8,401
      
12,615
      
(33.4
%)
Total noninterest expense
  
$
29,498
    
$
28,310
    
$
27,909
      
4.2
%
    
5.7
%
  
$
57,808
    
$
56,130
      
3.0
%

Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter.  The increase in noninterest expense was the result of an increase in personnel expense.  The increase in personnel expense quarter over quarter included a $1.5 million increase in bonuses and incentives as we increased the accruals for incentive payments based on our current projected earnings for the year.  Noninterest expense for the six months ended June 30, 2021 increased $1.7 million, or 3.0%, compared to the six months ended June 30, 2020.

Balance Sheet Review

Total Loans
                              
                     
Percent Change
  
                     
2Q 2021 Compared to:
  
($ in thousands)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
1Q
2021
    
2Q
2020
  
Commercial nonresidential real estate
  
$
979,760
    
$
732,978
    
$
772,537
      
33.7
%
    
26.8
%
Commercial residential real estate
    
309,627
      
305,079
      
257,517
      
1.5
%
    
20.2
%
SBA guaranteed PPP loans
    
175,983
      
254,732
      
266,951
      
(30.9
%)
    
(34.1
%)
Other commercial
    
356,359
      
607,695
      
609,004
      
(41.4
%)
    
(41.5
%)
Total commercial
    
1,821,729
      
1,900,484
      
1,906,009
      
(4.1
%)
    
(4.4
%)
                                         
Residential mortgage
    
762,649
      
770,026
      
780,632
      
(1.0
%)
    
(2.3
%)
Home equity loans/lines
    
102,551
      
101,595
      
108,531
      
0.9
%
    
(5.5
%)
Total residential
    
865,200
      
871,621
      
889,163
      
(0.7
%)
    
(2.7
%)
                                         
Consumer indirect
    
610,024
      
617,305
      
596,314
      
(1.2
%)
    
2.3
%
Consumer direct
    
151,540
      
149,394
      
147,284
      
1.4
%
    
2.9
%
Total consumer
    
761,564
      
766,699
      
743,598
      
(0.7
%)
    
2.4
%
                                         
Total loans
  
$
3,448,493
    
$
3,538,804
    
$
3,538,770
      
(2.6
%)
    
(2.6
%)

Total Deposits and Repurchase Agreements
                              
                     
Percent Change
  
                     
2Q 2021 Compared to:
  
($ in thousands)
  
2Q
2021
    
1Q
2021
    
2Q
2020
    
1Q
2021
    
2Q
2020
  
Non-interest bearing deposits
  
$
1,286,989
    
$
1,283,309
    
$
1,109,873
      
0.3
%
    
16.0
%
Interest bearing deposits
                                        
Interest checking
    
99,226
      
91,803
      
77,518
      
8.1
%
    
28.0
%
Money market savings
    
1,281,431
      
1,240,530
      
1,209,633
      
3.3
%
    
5.9
%
Savings accounts
    
596,426
      
574,181
      
487,172
      
3.9
%
    
22.4
%
Time deposits
    
1,059,630
      
1,043,949
      
1,088,113
      
1.5
%
    
(2.6
%)
Repurchase agreements
    
370,568
      
354,235
      
296,007
      
4.6
%
    
25.2
%
Total interest bearing deposits and repurchase agreements
  
$
3,407,281
    
$
3,304,698
    
$
3,158,443
      
3.1
%
    
7.9
%
Total deposits and repurchase agreements
  
$
4,694,270
    
$
4,588,007
    
$
4,268,316
      
2.3
%
    
10.0
%

CTBI’s total assets at $5.5 billion increased $134.0 million, or 10.0% annualized, from March 31, 2021 and $471.3 million, or 9.4%, from June 30, 2020.  Loans outstanding at June 30, 2021 were $3.4 billion, a decrease of $90.3 million, an annualized 10.2%, from March 31, 2021 and $90.3 million, or 2.6%, from June 30, 2020.  Loans, excluding PPP loans, declined $11.6 million during the quarter, with a $7.3 million decrease in the indirect consumer loan portfolio and a $6.4 million decrease in the residential loan portfolio, offset partially by a $2.1 million increase in the direct consumer loan portfolio.  The commercial loan portfolio decreased as the result of a $78.8 million decline in PPP loans.  CTBI’s investment portfolio increased $202.7 million, or an annualized 70.2%, from March 31, 2021 and $617.5 million, or 83.2%, from June 30, 2020 as we continued to deploy our increased liquidity in investments due to continued soft loan demand.  Deposits in other banks increased $34.1 million from prior quarter but decreased $24.4 million from prior year same quarter.  Deposits, including repurchase agreements, at $4.7 billion increased $106.3 million, or an annualized 9.3%, from March 31, 2021 and $426.0 million, or 10.0%, from June 30, 2020, due to the ongoing government stimulus.

Shareholders’ equity at June 30, 2021 was $684.1 million, a $22.0 million increase from the $662.1 million at March 31, 2021 and a $52.2 million increase from the $631.8 million at June 30, 2020.  CTBI’s annualized dividend yield to shareholders as of June 30, 2021 was 3.81%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $21.1 million, or 0.61% of total loans, at June 30, 2021 compared to $21.0 million, or 0.59% of total loans, at March 31, 2021 and $36.2 million, or 1.02% of total loans, at June 30, 2020.  Accruing loans 90+ days past due decreased $0.5 million from prior quarter and $13.5 million from June 30, 2020.  Nonaccrual loans increased $0.6 million during the quarter but decreased $1.5 million from March 31, 2020.  Accruing loans 30-89 days past due at $10.8 million decreased $2.4 million from prior quarter and $2.8 million from June 30, 2020.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties at $5.8 million at June 30, 2021 was a $0.4 million decrease from the $6.2 million at March 31, 2021 and an $11.8 million decrease from the $17.7 million at June 30, 2020.  Sales of foreclosed properties for the quarter ended June 30, 2021 totaled $0.4 million while new foreclosed properties totaled $0.4 million.  At June 30, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020.  For the six months ended June 30, 2021 we experienced a net recovery of loan losses of $0.4 million compared to net charge-offs of $4.2 million, or 0.25% of average loans annualized, for the six months ended June 30, 2020.

Allowance for Credit Losses

We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021.  The reduction was the result of continued positive credit metrics, the lack of pandemic related losses provided for in Q1 2020 as well as an improvement in the industry outlook for certain industries included in our concentrations of credit..  We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively.  Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2021 was 197.2% compared to 215.5% at March 31, 2021 and 129.0% at June 30, 2020.  Our credit loss reserve as a percentage of total loans outstanding at June 30, 2021 was 1.21% (1.27% excluding PPP loans) compared to 1.28% at March 31, 2021 (1.38% excluding PPP loans) and 1.32% at June 30, 2020 (1.43% excluding PPP loans).

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal  proceedings and related matters.  In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results.  These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.5 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.



Community Trust Bancorp, Inc.
  
Financial Summary (Unaudited)
  
 June 30, 2021  
(in thousands except per share data and # of employees)
  
                               
   
Three
    
Three
    
Three
    
Six
    
Six
  
   
Months
    
Months
    
Months
    
Months
    
Months
  
   
Ended
    
Ended
    
Ended
    
Ended
    
Ended
  
   
June 30, 2021
    
March 31, 2021
    
June 30, 2020
    
June 30, 2021
    
June 30, 2020
  
Interest income
  
$
43,875
    
$
44,211
    
$
44,968
    
$
88,086
    
$
89,667
  
Interest expense
    
3,868
      
3,969
      
6,506
      
7,837
      
14,961
  
Net interest income
    
40,007
      
40,242
      
38,462
      
80,249
      
74,706
  
Loan loss provision
    
(4,257
)
    
(2,499
)
    
(49
)
    
(6,756
)
    
12,658
  
                                         
Gains on sales of loans
    
1,907
      
2,433
      
1,753
      
4,340
      
2,236
  
Deposit service charges
    
6,358
      
6,022
      
4,967
      
12,380
      
10,883
  
Trust revenue
    
3,349
      
2,951
      
2,569
      
6,300
      
5,453
  
Loan related fees
    
1,004
      
2,270
      
822
      
3,274
      
917
  
Securities gains (losses)
    
280
      
(168
)
    
937
      
112
      
1,186
  
Other noninterest income
    
2,623
      
2,069
      
1,831
      
4,692
      
3,725
  
Total noninterest income
    
15,521
      
15,577
      
12,879
      
31,098
      
24,400
  
                                         
Personnel expense
    
18,960
      
16,833
      
15,153
      
35,793
      
30,184
  
Occupancy and equipment
    
2,668
      
2,828
      
2,624
      
5,496
      
5,330
  
Data processing expense
    
1,870
      
2,159
      
1,875
      
4,029
      
3,853
  
FDIC insurance premiums
    
323
      
326
      
294
      
649
      
441
  
Other noninterest expense
    
5,677
      
6,164
      
7,963
      
11,841
      
16,322
  
Total noninterest expense
    
29,498
      
28,310
      
27,909
      
57,808
      
56,130
  
                                         
Net income before taxes
    
30,287
      
30,008
      
23,481
      
60,295
      
30,318
  
Income taxes
    
6,356
      
6,390
      
3,829
      
12,746
      
4,087
  
Net income
  
$
23,931
    
$
23,618
    
$
19,652
    
$
47,549
    
$
26,231
  
                                         
Memo: TEQ interest income
  
$
44,105
    
$
44,428
    
$
45,149
    
$
88,533
    
$
90,017
  
                                         
Average shares outstanding
    
17,784
      
17,774
      
17,739
      
17,779
      
17,746
  
Diluted average shares outstanding
    
17,800
      
17,787
      
17,742
      
17,794
      
17,753
  
Basic earnings per share
  
$
1.35
    
$
1.33
    
$
1.11
    
$
2.67
    
$
1.48
  
Diluted earnings per share
  
$
1.34
    
$
1.33
    
$
1.11
    
$
2.67
    
$
1.48
  
Dividends per share
  
$
0.385
    
$
0.385
    
$
0.38
    
$
0.770
    
$
0.76
  
                                         
Average balances:
                                        
Loans
  
$
3,495,655
    
$
3,548,358
    
$
3,461,505
    
$
3,521,861
    
$
3,362,217
  
Earning assets
    
5,184,923
      
4,957,636
      
4,559,670
      
5,071,907
      
4,326,752
  
Total assets
    
5,450,182
      
5,219,406
      
4,837,293
      
5,335,432
      
4,609,851
  
Deposits, including repurchase agreements
    
4,661,615
      
4,442,647
      
4,096,647
      
4,552,736
      
3,863,536
  
Interest bearing liabilities
    
3,424,218
      
3,335,206
      
3,094,931
      
3,379,958
      
2,971,064
  
Shareholders' equity
    
675,727
      
661,302
      
624,111
      
668,555
      
624,261
  
                                         
Performance ratios:
                                        
Return on average assets
    
1.76
%
    
1.84
%
    
1.63
%
    
1.80
%
    
1.14
%
Return on average equity
    
14.20
%
    
14.48
%
    
12.66
%
    
14.34
%
    
8.45
%
Yield on average earning assets (tax equivalent)
    
3.41
%
    
3.63
%
    
3.98
%
    
3.52
%
    
4.18
%
Cost of interest bearing funds (tax equivalent)
    
0.45
%
    
0.48
%
    
0.85
%
    
0.47
%
    
1.01
%
Net interest margin (tax equivalent)
    
3.11
%
    
3.31
%
    
3.41
%
    
3.21
%
    
3.49
%
Efficiency ratio (tax equivalent)
    
53.17
%
    
50.37
%
    
55.17
%
    
51.76
%
    
57.12
%
                                         
Loan charge-offs
  
$
948
    
$
1,470
    
$
3,809
    
$
2,418
    
$
6,224
  
Recoveries
    
(1,554
)
    
(1,293
)
    
(1,047
)
    
(2,847
)
    
(2,064
)
Net charge-offs
  
$
(606
)
  
$
177
    
$
2,762
    
$
(429
)
  
$
4,160
  
                                         
Market Price:
                                        
High
  
$
45.95
    
$
47.53
    
$
37.07
    
$
47.53
    
$
46.87
  
Low
  
$
39.76
    
$
36.02
    
$
26.45
    
$
36.02
    
$
26.45
  
Close
  
$
40.38
    
$
44.03
    
$
32.76
    
$
40.38
    
$
32.76
  



Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 June 30, 2021
(in thousands except per share data and # of employees)
 
   
As of
    
As of
    
As of
  
   
June 30, 2021
    
March 31, 2021
    
June 30, 2020
  
Assets:
                  
Loans
  
$
3,448,493
    
$
3,538,804
    
$
3,538,770
  
Loan loss reserve
    
(41,695
)
    
(45,346
)
    
(46,634
)
Net loans
    
3,406,798
      
3,493,458
      
3,492,136
  
Loans held for sale
    
4,912
      
17,748
      
28,987
  
Securities AFS
    
1,357,597
      
1,155,195
      
740,479
  
Equity securities at fair value
    
2,523
      
2,243
      
2,093
  
Other equity investments
    
13,915
      
14,858
      
15,295
  
Other earning assets
    
392,591
      
358,529
      
416,980
  
Cash and due from banks
    
63,917
      
66,664
      
63,194
  
Premises and equipment
    
40,391
      
40,997
      
42,810
  
Right of use asset
    
12,729
      
12,787
      
13,867
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
133,300
      
132,150
      
141,510
  
Total Assets
  
$
5,494,163
    
$
5,360,119
    
$
5,022,841
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
99,226
    
$
91,803
    
$
77,518
  
Savings deposits
    
1,877,857
      
1,814,711
      
1,696,805
  
CD's >=$100,000
    
561,269
      
547,767
      
537,124
  
Other time deposits
    
498,361
      
496,182
      
550,989
  
Total interest bearing deposits
    
3,036,713
      
2,950,463
      
2,862,436
  
Noninterest bearing deposits
    
1,286,989
      
1,283,309
      
1,109,873
  
Total deposits
    
4,323,702
      
4,233,772
      
3,972,309
  
Repurchase agreements
    
370,568
      
354,235
      
296,007
  
Other interest bearing liabilities
    
58,726
      
58,731
      
59,246
  
Lease liability
    
13,529
      
13,549
      
14,550
  
Other noninterest bearing liabilities
    
43,555
      
37,763
      
48,882
  
Total liabilities
    
4,810,080
      
4,698,050
      
4,390,994
  
Shareholders' equity
    
684,083
      
662,069
      
631,847
  
Total Liabilities and Equity
  
$
5,494,163
    
$
5,360,119
    
$
5,022,841
  
                         
Ending shares outstanding
    
17,831
      
17,826
      
17,795
  
                         
30 - 89 days past due loans
  
$
10,847
    
$
13,204
    
$
13,666
  
90 days past due loans
    
8,283
      
8,816
      
21,799
  
Nonaccrual loans
    
12,863
      
12,223
      
14,358
  
Restructured loans (excluding 90 days past due and nonaccrual)
    
66,887
      
68,485
      
59,823
  
Foreclosed properties
    
5,848
      
6,224
      
17,675
  
                         
Community bank leverage ratio
    
12.45
%
    
12.70
%
    
12.92
%
Tangible equity to tangible assets ratio
    
11.39
%
    
11.27
%
    
11.42
%
FTE employees
    
961
      
970
      
979
  
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Document and Entity Information
Jun. 30, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 30, 2021
Entity Registrant Name Community Trust Bancorp, Inc.
Entity Incorporation, State or Country Code KY
Entity File Number 001-31220
Entity Tax Identification Number 61-0979818
Entity Address, Address Line One P.O. Box 2947
Entity Address, Address Line Two 346 North Mayo Trail
Entity Address, City or Town Pikeville
Entity Address, State or Province KY
Entity Address, Postal Zip Code 41502
City Area Code 606
Local Phone Number 432-1414
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000350852
Title of 12(b) Security Common Stock
Trading Symbol CTBI
Security Exchange Name NASDAQ
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) ! end