Quick10K

Community Trust Bancorp

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	18	$756

10-Q	2019-11-08	Quarter: 2019-09-30 Print
10-Q	2019-08-08	Quarter: 2019-06-30 Print
10-Q	2019-05-09	Quarter: 2019-03-31 Print
10-K	2019-02-28	Annual: 2018-12-31 Print
10-Q	2018-11-08	Quarter: 2018-09-30 Print
10-Q	2018-08-08	Quarter: 2018-06-30 Print
10-Q	2018-05-09	Quarter: 2018-03-31 Print
10-K	2018-02-28	Annual: 2017-12-31 Print
10-Q	2017-11-08	Quarter: 2017-09-30 Print
10-Q	2017-08-03	Quarter: 2017-06-30 Print
10-Q	2017-05-09	Quarter: 2017-03-31 Print
10-K	2017-03-15	Annual: 2016-12-31 Print
10-Q	2016-11-08	Quarter: 2016-09-30 Print
10-Q	2016-08-08	Quarter: 2016-07-28 Print
10-Q	2016-05-09	Quarter: 2016-03-31 Print
10-K	2016-03-14	Annual: 2015-12-31 Print
10-Q	2015-11-06	Quarter: 2015-09-30 Print
10-Q	2015-08-07	Quarter: 2015-06-30 Print
10-Q	2015-05-08	Quarter: 2015-03-31 Print
10-K	2015-03-13	Annual: 2014-12-31 Print
10-Q	2014-11-07	Quarter: 2014-09-30 Print
10-Q	2014-08-08	Quarter: 2014-08-01 Print
10-Q	2014-05-09	Quarter: 2014-03-31 Print
10-K	2014-03-14	Annual: 2013-12-31 Print
10-Q	2013-11-08	Quarter: 2013-09-30 Print
10-Q	2013-08-09	Quarter: 2013-06-30 Print
10-Q	2013-05-10	Quarter: 2013-03-31 Print
10-K	2013-03-14	Annual: 2012-12-31 Print
10-Q	2012-11-08	Quarter: 2012-09-30 Print
10-Q	2012-08-09	Quarter: 2012-06-30 Print
10-Q	2012-05-09	Quarter: 2012-03-31 Print
10-K	2012-03-15	Annual: 2011-12-31 Print
10-Q	2011-11-09	Quarter: 2011-09-30 Print
10-Q	2011-08-08	Quarter: 2011-06-30 Print
10-Q	2011-05-09	Quarter: 2011-03-31 Print
10-K	2011-03-15	Annual: 2010-12-31 Print
10-Q	2010-11-05	Quarter: 2010-09-30 Print
10-Q	2010-08-06	Quarter: 2010-06-30 Print
10-Q	2010-05-07	Quarter: 2010-03-31 Print
10-K	2010-03-12	Annual: 2009-12-31 Print

8-K	2019-09-30
8-K	2019-09-30	Regulation FD, Exhibits
8-K	2019-07-23	Other Events
8-K	2019-06-30	Earnings, Exhibits
8-K	2019-06-30	Regulation FD, Exhibits
8-K	2019-04-23	Shareholder Vote
8-K	2019-03-31	Earnings, Exhibits
8-K	2019-03-31	Regulation FD, Exhibits
8-K	2019-02-26	Officers, Exhibits
8-K	2019-01-29	Enter Agreement, Officers, Exhibits
8-K	2018-12-31	Earnings, Exhibits
8-K	2018-09-30	Earnings, Exhibits
8-K	2018-09-30	Regulation FD, Exhibits
8-K	2018-09-04	Regulation FD, Exhibits
8-K	2018-07-26	Enter Agreement, Exhibits
8-K	2018-07-24	Other Events
8-K	2018-06-30	Earnings, Exhibits
8-K	2018-06-14	Other Events
8-K	2018-04-24	Shareholder Vote
8-K	2018-04-23	Regulation FD, Exhibits
8-K	2018-04-17	Earnings, Exhibits
8-K	2018-01-23	Enter Agreement, Officers, Exhibits
8-K	2017-12-31	Earnings, Exhibits
8-K	2017-12-31	Regulation FD, Exhibits

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Community Trust Bancorp Earnings 2019-09-30

CTBI 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow
CopyHistoryView	CopyHistoryView	CopyHistoryView

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended September 30, 2019
	Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _____________ to _____________

(Exact name of registrant as specified in its charter)

(606) 432-1414

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ✓	Accelerated Filer  ☐	Non-accelerated Filer  ☐
Smaller Reporting Company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common stock – 17,782,752 shares outstanding at October 31, 2019

CAUTIONARY STATEMENT

REGARDING 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; 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.

The accompanying information has not been audited by our independent registered public accountants; however, in the opinion of management such information reflects all adjustments necessary for a fair presentation of the results for the interim period.  All such adjustments are of a normal and recurring nature.

The accompanying condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Registrant’s annual report on Form 10-K.  Accordingly, the reader of the Form 10-Q should refer to the Registrant’s Form 10-K for the year ended December 31, 2018 for further information in this regard.

Community Trust Bancorp, Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands)		(unaudited) September 30 2019				December 31 2018
Assets:
Cash and due from banks		$	68,472			$	64,632
Interest bearing deposits			153,349				75,718
Federal funds sold			0				1,100
Cash and cash equivalents			221,821				141,450
Certificates of deposit in other banks			245				3,920
Securities available-for-sale at fair value (amortized cost of $643,164 and $602,114, respectively)			649,976				593,746
Securities held-to-maturity at amortized cost (fair value of $517 and $649, respectively)			517				649
Equity securities at fair value			1,743				1,173
Loans held for sale			1,943				2,461
Loans			3,214,785				3,208,638
Allowance for loan and lease losses			(34,811	)			(35,908	)
Net loans			3,179,974				3,172,730
Premises and equipment, net			44,223				45,291
Right-of-use asset			14,702				0
Federal Home Loan Bank stock			10,794				14,713
Federal Reserve Bank stock			4,887				4,887
Goodwill			65,490				65,490
Bank owned life insurance			68,929				67,076
Mortgage servicing rights			2,904				3,607
Other real estate owned			19,833				27,273
Other assets			49,682				57,150
Total assets		$	4,337,663			$	4,201,616
Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing		$	849,582			$	803,316
Interest bearing			2,539,973				2,502,634
Total deposits			3,389,555				3,305,950
Repurchase agreements			228,755				232,712
Federal funds purchased			5,900				1,180
Advances from Federal Home Loan Bank			421				436
Long-term debt			57,841				59,341
Deferred taxes			4,286				3,363
Operating lease liability			13,826				0
Finance lease liability			1,460				0
Other liabilities			30,101				34,484
Total liabilities			3,732,145				3,637,466
Shareholders’ equity:
Preferred stock, 300,000 shares authorized and unissued			-				-
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2019 – 17,777,251; 2018 – 17,732,853			88,886				88,665
Capital surplus			224,210				223,161
Retained earnings			287,493				258,935
Accumulated other comprehensive income (loss), net of tax			4,929				(6,611	)
Total shareholders’ equity			605,518				564,150
Total liabilities and shareholders’ equity		$	4,337,663			$	4,201,616

See notes to condensed consolidated financial statements.

Community Trust Bancorp, Inc.

Condensed Consolidated Statements of Income and Comprehensive Income

(unaudited)

		Three Months Ended September 30								Nine Months Ended September 30
(in thousands except per share data)		2019				2018				2019				2018
Interest income:
Interest and fees on loans, including loans held for sale		$	41,781			$	39,420			$	124,009			$	113,788
Interest and dividends on securities
Taxable			3,086				2,422				9,338				7,314
Tax exempt			552				699				1,810				2,102
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			207				341				764				1,002
Interest on Federal Reserve Bank deposits			1,330				659				3,641				1,811
Other, including interest on federal funds sold			31				66				131				195
Total interest income			46,987				43,607				139,693				126,212
Interest expense:
Interest on deposits			8,649				6,051				25,680				16,508
Interest on repurchase agreements and federal funds purchased			1,169				818				3,516				2,176
Interest on advances from Federal Home Loan Bank			0				3				39				7
Interest on long-term debt			650				599				1,929				1,646
Total interest expense			10,468				7,471				31,164				20,337
Net interest income			36,519				36,136				108,529				105,875
Provision for loan losses			1,253				1,543				3,006				4,418
Net interest income after provision for loan losses			35,266				34,593				105,523				101,457
Noninterest income:
Service charges on deposit accounts			6,859				6,671				19,504				19,372
Gains on sales of loans, net			450				319				1,298				902
Trust and wealth management income			2,725				2,836				8,065				8,650
Loan related fees			622				1,022				1,635				3,085
Bank owned life insurance			590				555				1,837				3,112
Brokerage revenue			418				331				978				1,054
Securities gains (losses)			14				(2	)			574				(288	)
Other noninterest income			711				931				2,920				3,826
Total noninterest income			12,389				12,663				36,811				39,713
Noninterest expense:
Officer salaries and employee benefits			2,812				3,475				9,483				9,909
Other salaries and employee benefits			12,208				11,789				37,583				36,396
Occupancy, net			2,031				2,019				5,894				6,178
Equipment			776				725				2,264				2,169
Data processing			1,987				1,695				5,539				4,965
Bank franchise tax			1,656				1,618				5,054				4,896
Legal fees			555				373				1,409				1,275
Professional fees			577				507				1,654				1,504
Advertising and marketing			894				744				2,560				2,352
FDIC insurance			(280	)			314				266				907
Other real estate owned provision and expense			2,476				1,094				4,271				3,348
Repossession expense			334				246				823				959
Amortization of limited partnership investments			745				609				2,688				1,825
Other noninterest expense			3,111				2,898				9,507				12,543
Total noninterest expense			29,882				28,106				88,995				89,226
Income before income taxes			17,773				19,150				53,339				51,944
Income taxes			2,504				3,044				4,807				8,425
Net income			15,269				16,106				48,532				43,519
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available-for-sale:
Unrealized holding gains (losses) arising during the period			2,538				(2,521	)			15,184				(9,830	)
Less: Reclassification adjustments for realized gains (losses) included in net income			(2	)			(2	)			4				149
Tax expense (benefit)			664				(529	)			3,640				(2,096	)
Other comprehensive income (loss), net of tax			1,876				(1,990	)			11,540				(7,883	)
Comprehensive income		$	17,145			$	14,116			$	60,072			$	35,636
Basic earnings per share		$	0.86			$	0.91			$	2.74			$	2.46
Diluted earnings per share		$	0.86			$	0.91			$	2.74			$	2.46
Weighted average shares outstanding-basic			17,726				17,691				17,720				17,683
Weighted average shares outstanding-diluted			17,743				17,710				17,733				17,700