Company Quick10K Filing
Community Trust Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 18 $756
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-15 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-07-28
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-14 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-08-01
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-14 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-03-15 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-12 Annual: 2009-12-31
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
CTBI 2019-09-30
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Stock-Based Compensation
Note 3 - Securities
Note 4 - Loans
Note 5 - Allowance for Loan and Lease Losses
Note 6 - Leases
Note 7 - Other Real Estate Owned
Note 8 - Repurchase Agreements
Note 9 - Fair Market Value of Financial Assets and Liabilities
Note 10 - Earnings per Share
Note 11 - Accumulated Other Comprehensive Income
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings None Item 1A. Risk Factors
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32.1 ex32_1.htm
EX-32.2 ex32_2.htm

Community Trust Bancorp Earnings 2019-09-30

CTBI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HMST 782 7,201 6,477 0 0 20 125 808 6.5 0%
CTBI 756 4,377 3,783 0 0 65 109 434 4.0 1%
TBK 755 4,783 4,140 0 0 55 142 546 3.8 1%
BMTC 749 4,737 4,146 0 0 60 118 686 5.8 1%
UVSP 748 5,154 4,503 0 0 66 121 834 6.9 1%
GABC 744 3,971 3,471 0 0 54 99 744 7.5 1%
NCOM 740 4,205 3,508 0 0 45 82 523 6.4 1%
TRST 732 5,228 4,712 0 0 60 108 172 1.6 1%
ORIT 731 4,071 3,541 2 0 52 124 1,227 0% 9.9 1%
HBNC 729 5,099 4,472 0 0 54 112 634 5.7 1%


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q

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 _____________

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.)

346 North Mayo Trail
P.O. Box 2947
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
NASDAQ
(Trading symbol)
(Name of exchange on which registered)

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.

Yes 
No

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.)

Yes 
No

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).

Yes
   No

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.

PART I - FINANCIAL INFORMATION

Item 1.          Condensed Consolidated Financial Statements

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.

2

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 201917,777,251; 201817,732,853
   
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.

3


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
 

See notes to condensed consolidated financial statements.

4


Consolidated Statements of Changes in Shareholders’ Equity
Quarterly

(in thousands except per share and share amounts)
 
Common
Shares
   
Common
Stock
   
Capital
Surplus
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
   
Total
 
Balance, June 30, 2018
   
17,725,313
   
$
88,626
   
$
222,486
   
$
239,955
   
$
(8,892
)
 
$
542,175
 
Net income
                           
16,106
             
16,106
 
Other comprehensive loss, net of tax of ($529)
                                   
(1,990
)
   
(1,990
)
Cash dividends declared ($0.36 per share)
                           
(6,370
)
           
(6,370
)
Issuance of common stock
   
3,939
     
21
     
182
                     
203
 
Forfeiture of restricted stock
   
(1,177
)
   
(6
)
   
6
                     
0
 
Stock-based compensation
                   
140
                     
140
 
Balance, September 30, 2018
   
17,728,075
   
$
88,641
   
$
222,814
   
$
249,691
   
$
(10,882
)
 
$
550,264
 

(in thousands except per share and share amounts)
 
Common
Shares
   
Common
Stock
   
Capital
Surplus
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
   
Total
 
Balance, June 30, 2019
   
17,772,309
   
$
88,862
   
$
223,833
   
$
278,960
   
$
3,053
   
$
594,708
 
Net income
                           
15,269
             
15,269
 
Other comprehensive income, net of tax of $664
                                   
1,876
     
1,876
 
Cash dividends declared ($0.38 per share)
                           
(6,736
)
           
(6,736
)
Issuance of common stock
   
4,942
     
24
     
183
                     
207
 
Forfeiture of restricted stock
   
0
     
0
     
0
                     
0
 
Stock-based compensation
                   
194
                     
194
 
Balance, September 30, 2019
   
17,777,251
   
$
88,886
   
$
224,210
   
$
287,493
   
$
4,929
   
$
605,518
 

See notes to condensed consolidated financial statements.

5

 
Consolidated Statements of Changes in Shareholders’ Equity
Year-to-Date

(in thousands except per share and share amounts)
 
Common
Shares
   
Common
Stock
   
Capital
Surplus
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
   
Total
 
Balance, December 31, 2017
   
17,692,912
   
$
88,465
   
$
221,472
   
$
224,268
   
$
(3,506
)
 
$
530,699
 
Net income
                           
43,519
             
43,519
 
Other comprehensive loss, net of tax of ($2,096)