Kentucky
|
61-0979818
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification Number)
|
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))
|
(d) |
Exhibits
|
99.1
|
Press Release dated July 19, 2017
|
COMMUNITY TRUST BANCORP, INC.
|
|
Date: July 19, 2017
|
By:
|
/s/ Jean R. Hale
|
|
Jean R. Hale
|
|
Chairman, President and Chief Executive Officer
|
Exhibit No.
|
Description
|
Press Release dated July 19, 2017
|
Earnings Summary
|
||||||||||||||||||||||
(in thousands except per share data)
|
2Q
2017
|
1Q
2017
|
2Q
2016
|
6 Months
2017
|
6 Months
2016
|
|||||||||||||||||
Net income
|
$
|
11,541
|
$
|
11,277
|
$
|
11,566
|
$
|
22,818
|
$
|
23,168
|
||||||||||||
Earnings per share
|
$
|
0.65
|
$
|
0.64
|
$
|
0.66
|
$
|
1.29
|
$
|
1.32
|
||||||||||||
Earnings per share - diluted
|
$
|
0.65
|
$
|
0.64
|
$
|
0.66
|
$
|
1.29
|
$
|
1.32
|
||||||||||||
Return on average assets
|
1.14
|
%
|
1.15
|
%
|
1.19
|
%
|
1.15
|
%
|
1.20
|
%
|
||||||||||||
Return on average equity
|
8.97
|
%
|
9.02
|
%
|
9.46
|
%
|
9.00
|
%
|
9.54
|
%
|
||||||||||||
Efficiency ratio
|
59.32
|
%
|
61.18
|
%
|
59.98
|
%
|
60.23
|
%
|
59.31
|
%
|
||||||||||||
Tangible common equity
|
11.19
|
%
|
11.14
|
%
|
11.17
|
%
|
||||||||||||||||
Dividends declared per share
|
$
|
0.32
|
$
|
0.32
|
$
|
0.31
|
$
|
0.64
|
$
|
0.62
|
||||||||||||
Book value per share
|
$
|
29.14
|
$
|
28.73
|
$
|
28.11
|
||||||||||||||||
Weighted average shares
|
17,626
|
17,615
|
17,530
|
17,621
|
17,521
|
|||||||||||||||||
Weighted average shares - diluted
|
17,645
|
17,638
|
17,542
|
17,641
|
17,538
|
v |
Net interest income for the quarter of $34.2 million was an increase of $1.1 million, or 3.5%, from first quarter 2017 and $1.2 million, or 3.6%, from prior year second quarter.
|
v |
While net charge-offs improved for the quarter, provision for loan losses for the quarter ended June 30, 2017 increased $1.5 million over prior quarter and $0.9 million over prior year same quarter as a result of an increase in our loan portfolio.
|
v |
Our loan portfolio increased $117.5 million, an annualized 15.9%, during the quarter and $156.0 million from June 30, 2016.
|
v |
Net loan charge-offs for the quarter ended June 30, 2017 were $1.3 million, or 0.18% of average loans annualized, compared to $1.4 million, or 0.20%, experienced for the first quarter 2017 and $2.5 million, or 0.34%, for the second quarter 2016.
|
v |
Nonperforming loans at $28.0 million increased $2.9 million from March 31, 2017 and $3.3 million from June 30, 2016. Nonperforming assets at $60.7 million decreased $0.2 million from March 31, 2017 and $1.9 million from June 30, 2016.
|
v |
Deposits, including repurchase agreements, decreased $54.5 million during the quarter but increased $59.5 million from June 30, 2016.
|
v |
Noninterest income for the quarter ended June 30, 2017 of $12.3 million was an increase of $0.7 million, or 6.3%, from prior quarter and $0.5 million, or 4.6%, from prior year same quarter. The increase for the quarter was primarily the result of a $0.6 million gain on the repurchase of $2.0 million in trust preferred securities.
|
v |
Noninterest expense for the quarter ended June 30, 2017 of $27.6 million remained relatively flat to prior quarter, but increased $0.4 million, or 1.4%, from prior year same quarter. The increase in noninterest expense was due to an increase in net other real estate owned expense.
|
Three
Months
Ended
June 30, 2017
|
Three
Months
Ended
March 31, 2017
|
Three
Months
Ended
June 30, 2016
|
Six
Months
Ended
June 30, 2017
|
Six
Months
Ended
June 30, 2016
|
||||||||||||||||
Interest income
|
$
|
38,411
|
$
|
36,768
|
$
|
36,374
|
$
|
75,179
|
$
|
72,901
|
||||||||||
Interest expense
|
4,171
|
3,678
|
3,315
|
7,849
|
6,518
|
|||||||||||||||
Net interest income
|
34,240
|
33,090
|
33,059
|
67,330
|
66,383
|
|||||||||||||||
Loan loss provision
|
2,764
|
1,229
|
1,873
|
3,993
|
3,638
|
|||||||||||||||
Gains on sales of loans
|
251
|
256
|
446
|
507
|
762
|
|||||||||||||||
Deposit service charges
|
6,199
|
5,960
|
6,272
|
12,159
|
12,117
|
|||||||||||||||
Trust revenue
|
2,649
|
2,586
|
2,396
|
5,235
|
4,671
|
|||||||||||||||
Loan related fees
|
773
|
1,005
|
739
|
1,778
|
1,350
|
|||||||||||||||
Securities gains (losses)
|
18
|
(8
|
)
|
(4
|
)
|
10
|
64
|
|||||||||||||
Other noninterest income
|
2,421
|
1,780
|
1,920
|
4,201
|
3,776
|
|||||||||||||||
Total noninterest income
|
12,311
|
11,579
|
11,769
|
23,890
|
22,740
|
|||||||||||||||
Personnel expense
|
14,044
|
14,924
|
14,322
|
28,968
|
28,455
|
|||||||||||||||
Occupancy and equipment
|
2,720
|
2,813
|
2,695
|
5,533
|
5,467
|
|||||||||||||||
Data processing expense
|
1,757
|
1,789
|
1,559
|
3,546
|
3,128
|
|||||||||||||||
FDIC insurance premiums
|
315
|
292
|
576
|
607
|
1,159
|
|||||||||||||||
Other noninterest expense
|
8,730
|
7,826
|
8,040
|
16,556
|
15,225
|
|||||||||||||||
Total noninterest expense
|
27,566
|
27,644
|
27,192
|
55,210
|
53,434
|
|||||||||||||||
Net income before taxes
|
16,221
|
15,796
|
15,763
|
32,017
|
32,051
|
|||||||||||||||
Income taxes
|
4,680
|
4,519
|
4,197
|
9,199
|
8,883
|
|||||||||||||||
Net income
|
$
|
11,541
|
$
|
11,277
|
$
|
11,566
|
$
|
22,818
|
$
|
23,168
|
||||||||||
Memo: TEQ interest income
|
$
|
38,910
|
$
|
37,277
|
$
|
36,880
|
$
|
76,187
|
$
|
73,938
|
||||||||||
Average shares outstanding
|
17,626
|
17,615
|
17,530
|
17,621
|
17,521
|
|||||||||||||||
Diluted average shares outstanding
|
17,645
|
17,638
|
17,542
|
17,641
|
17,538
|
|||||||||||||||
Basic earnings per share
|
$
|
0.65
|
$
|
0.64
|
$
|
0.66
|
$
|
1.29
|
$
|
1.32
|
||||||||||
Diluted earnings per share
|
$
|
0.65
|
$
|
0.64
|
$
|
0.66
|
$
|
1.29
|
$
|
1.32
|
||||||||||
Dividends per share
|
$
|
0.32
|
$
|
0.32
|
$
|
0.31
|
$
|
0.64
|
$
|
0.62
|
||||||||||
Average balances:
|
||||||||||||||||||||
Loans
|
$
|
3,027,044
|
$
|
2,954,283
|
$
|
2,913,461
|
$
|
2,990,865
|
$
|
2,896,147
|
||||||||||
Earning assets
|
3,782,548
|
3,704,690
|
3,634,945
|
3,743,834
|
3,627,631
|
|||||||||||||||
Total assets
|
4,052,791
|
3,975,089
|
3,900,660
|
4,014,155
|
3,894,120
|
|||||||||||||||
Deposits, including repurchase agreements
|
3,366,489
|
3,362,792
|
3,307,591
|
3,364,651
|
3,281,406
|
|||||||||||||||
Interest bearing liabilities
|
2,731,147
|
2,660,794
|
2,615,806
|
2,696,164
|
2,620,012
|
|||||||||||||||
Shareholders' equity
|
515,834
|
507,237
|
491,634
|
511,560
|
488,192
|
|||||||||||||||
Performance ratios:
|
||||||||||||||||||||
Return on average assets
|
1.14
|
%
|
1.15
|
%
|
1.19
|
%
|
1.15
|
%
|
1.20
|
%
|
||||||||||
Return on average equity
|
8.97
|
%
|
9.02
|
%
|
9.46
|
%
|
9.00
|
%
|
9.54
|
%
|
||||||||||
Yield on average earning assets (tax equivalent)
|
4.13
|
%
|
4.08
|
%
|
4.08
|
%
|
4.10
|
%
|
4.10
|
%
|
||||||||||
Cost of interest bearing funds (tax equivalent)
|
0.61
|
%
|
0.56
|
%
|
0.51
|
%
|
0.59
|
%
|
0.50
|
%
|
||||||||||
Net interest margin (tax equivalent)
|
3.68
|
%
|
3.68
|
%
|
3.71
|
%
|
3.68
|
%
|
3.74
|
%
|
||||||||||
Efficiency ratio (tax equivalent)
|
59.32
|
%
|
61.18
|
%
|
59.98
|
%
|
60.23
|
%
|
59.31
|
%
|
||||||||||
Loan charge-offs
|
$
|
2,189
|
$
|
2,491
|
$
|
3,302
|
$
|
4,680
|
$
|
5,767
|
||||||||||
Recoveries
|
(845
|
)
|
(1,042
|
)
|
(797
|
)
|
(1,887
|
)
|
(1,732
|
)
|
||||||||||
Net charge-offs
|
$
|
1,344
|
$
|
1,449
|
$
|
2,505
|
$
|
2,793
|
$
|
4,035
|
||||||||||
Market Price:
|
||||||||||||||||||||
High
|
$
|
46.90
|
$
|
50.40
|
$
|
36.95
|
$
|
50.40
|
$
|
36.95
|
||||||||||
Low
|
$
|
41.07
|
$
|
43.25
|
$
|
32.98
|
$
|
41.07
|
$
|
30.89
|
||||||||||
Close
|
$
|
43.75
|
$
|
45.75
|
$
|
34.66
|
$
|
43.75
|
$
|
34.66
|
As of
June 30, 2017
|
As of
March 31, 2017
|
As of
June 30, 2016
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$
|
3,087,342
|
$
|
2,969,865
|
$
|
2,931,385
|
||||||
Loan loss reserve
|
(37,133
|
)
|
(35,713
|
)
|
(35,697
|
)
|
||||||
Net loans
|
3,050,209
|
2,934,152
|
2,895,688
|
|||||||||
Loans held for sale
|
4,624
|
2,599
|
1,707
|
|||||||||
Securities AFS
|
610,368
|
605,701
|
579,115
|
|||||||||
Securities HTM
|
858
|
858
|
1,661
|
|||||||||
Other equity investments
|
22,814
|
22,814
|
22,814
|
|||||||||
Other earning assets
|
90,711
|
163,362
|
81,894
|
|||||||||
Cash and due from banks
|
51,224
|
51,089
|
59,700
|
|||||||||
Premises and equipment
|
47,036
|
47,298
|
48,104
|
|||||||||
Goodwill and core deposit intangible
|
65,543
|
65,583
|
65,702
|
|||||||||
Other assets
|
137,726
|
140,705
|
138,937
|
|||||||||
Total Assets
|
$
|
4,081,113
|
$
|
4,034,161
|
$
|
3,895,322
|
||||||
Liabilities and Equity:
|
||||||||||||
NOW accounts
|
$
|
48,476
|
$
|
50,762
|
$
|
50,362
|
||||||
Savings deposits
|
1,070,706
|
1,093,019
|
1,025,394
|
|||||||||
CD's >=$100,000
|
592,794
|
601,063
|
574,657
|
|||||||||
Other time deposits
|
610,770
|
609,990
|
626,103
|
|||||||||
Total interest bearing deposits
|
2,322,746
|
2,354,834
|
2,276,516
|
|||||||||
Noninterest bearing deposits
|
782,864
|
804,944
|
765,467
|
|||||||||
Total deposits
|
3,105,610
|
3,159,778
|
3,041,983
|
|||||||||
Repurchase agreements
|
257,208
|
257,497
|
261,298
|
|||||||||
Other interest bearing liabilities
|
167,455
|
73,614
|
66,674
|
|||||||||
Noninterest bearing liabilities
|
35,925
|
35,788
|
31,757
|
|||||||||
Total liabilities
|
3,566,198
|
3,526,677
|
3,401,712
|
|||||||||
Shareholders' equity
|
514,915
|
507,484
|
493,610
|
|||||||||
Total Liabilities and Equity
|
$
|
4,081,113
|
$
|
4,034,161
|
$
|
3,895,322
|
||||||
Ending shares outstanding
|
17,671
|
17,661
|
17,560
|
|||||||||
Memo: Market value of HTM securities
|
$
|
858
|
$
|
858
|
$
|
1,662
|
||||||
30 - 89 days past due loans
|
$
|
15,234
|
$
|
15,316
|
$
|
18,995
|
||||||
90 days past due loans
|
8,362
|
8,583
|
8,237
|
|||||||||
Nonaccrual loans
|
19,651
|
16,498
|
16,447
|
|||||||||
Restructured loans (excluding 90 days past due and nonaccrual)
|
53,786
|
55,822
|
55,088
|
|||||||||
Foreclosed properties
|
32,638
|
35,665
|
37,740
|
|||||||||
Other repossessed assets
|
45
|
103
|
136
|
|||||||||
Common equity Tier 1 capital
|
14.91
|
%
|
15.21
|
%
|
14.79
|
%
|
||||||
Tier 1 leverage ratio
|
12.72
|
%
|
12.85
|
%
|
12.57
|
%
|
||||||
Tier 1 risk-based capital ratio
|
16.81
|
%
|
17.25
|
%
|
16.88
|
%
|
||||||
Total risk based capital ratio
|
18.05
|
%
|
18.49
|
%
|
18.13
|
%
|
||||||
Tangible equity to tangible assets ratio
|
11.19
|
%
|
11.14
|
%
|
11.17
|
%
|
||||||
FTE employees
|
1,000
|
996
|
998
|