Company Quick10K Filing
Community Trust Bancorp
Price42.53 EPS3
Shares18 P/E16
MCap756 P/FCF12
Net Debt-222 EBIT85
TEV534 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-07-28 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-08-01 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-07-28 Other Events
8-K 2020-06-30 Earnings, Exhibits
8-K 2020-04-30
8-K 2020-04-28
8-K 2020-03-31
8-K 2020-03-31
8-K 2020-03-09
8-K 2020-01-28
8-K 2019-12-31
8-K 2019-09-30
8-K 2019-09-30
8-K 2019-07-23
8-K 2019-06-30
8-K 2019-06-30
8-K 2019-04-23
8-K 2019-03-31
8-K 2019-03-31
8-K 2019-02-26
8-K 2019-01-29
8-K 2018-12-31
8-K 2018-09-30
8-K 2018-09-30
8-K 2018-09-04
8-K 2018-07-26
8-K 2018-07-24
8-K 2018-06-30
8-K 2018-06-14
8-K 2018-04-24
8-K 2018-04-23
8-K 2018-04-17
8-K 2018-01-23
8-K 2017-12-31
8-K 2017-12-31

CTBI 10Q Quarterly Report

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 - Other Real Estate Owned
Note 6 - Repurchase Agreements
Note 7 - Fair Market Value of Financial Assets and Liabilities
Note 8 - Earnings per Share
Note 9 - 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
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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 2020-03-31

Balance SheetIncome StatementCash Flow


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 March 31, 2020
 
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
The The Nasdaq Stock Market LLC Global Select Market
(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 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 – 17,794,598 shares outstanding at April 30, 2020




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; 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.

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, 2019 for further information in this regard.

1

Community Trust Bancorp, Inc.
Condensed Consolidated Balance Sheets

(dollars in thousands)
 
(unaudited)
March 31
2020
   
December 31
2019
 
Assets:
           
Cash and due from banks
 
$
67,728
   
$
58,680
 
Interest bearing deposits
   
124,974
     
206,003
 
Federal funds sold
   
0
     
0
 
Cash and cash equivalents
   
192,702
     
264,683
 
                 
Certificates of deposit in other banks
   
245
     
245
 
Debt securities available-for-sale at fair value (amortized cost of $625,914 and $593,945, respectively)
   
633,479
     
599,844
 
Debt securities held-to-maturity at amortized cost (fair value of $0 and $517, respectively)
   
0
     
517
 
Equity securities at fair value
   
1,721
     
1,953
 
Loans held for sale
   
1,403
     
1,167
 
                 
Loans
   
3,287,541
     
3,248,664
 
Allowance for credit losses*
   
(49,445
)
   
(35,096
)
Net loans
   
3,238,096
     
3,213,568
 
                 
Premises and equipment, net
   
43,568
     
44,046
 
Right-of-use asset
   
14,210
     
14,550
 
Federal Home Loan Bank stock
   
11,354
     
10,474
 
Federal Reserve Bank stock
   
4,887
     
4,887
 
Goodwill
   
65,490
     
65,490
 
Bank owned life insurance
   
69,609
     
69,269
 
Mortgage servicing rights
   
2,481
     
3,263
 
Other real estate owned
   
19,816
     
19,480
 
Accrued interest receivable
   
14,680
     
14,836
 
Other assets
   
38,904
     
37,731
 
Total assets
 
$
4,352,645
   
$
4,366,003
 
                 
Liabilities and shareholders’ equity:
               
Deposits:
               
Noninterest bearing
 
$
860,844
   
$
865,760
 
Interest bearing
   
2,534,264
     
2,539,812
 
Total deposits
   
3,395,108
     
3,405,572
 
                 
Repurchase agreements
   
236,908
     
226,917
 
Federal funds purchased
   
4,907
     
7,906
 
Advances from Federal Home Loan Bank
   
411
     
415
 
Long-term debt
   
57,841
     
57,841
 
Deferred taxes
   
2,719
     
5,110
 
Operating lease liability
   
13,400
     
13,729
 
Finance lease liability
   
1,453
     
1,456
 
Accrued interest payable
   
3,447
     
2,839
 
Other liabilities
   
23,529
     
29,332
 
Total liabilities
   
3,739,723
     
3,751,117
 
                 
Shareholders’ equity:
               
Preferred stock, 300,000 shares authorized and unissued
   
-
     
-
 
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2020 – 17,787,274; 2019 – 17,793,165
   
88,936
     
88,966
 
Capital surplus
   
224,277
     
224,907
 
Retained earnings
   
294,223
     
296,760
 
Accumulated other comprehensive income, net of tax
   
5,486
     
4,253
 
Total shareholders’ equity
   
612,922
     
614,886
 
                 
Total liabilities and shareholders’ equity
 
$
4,352,645
   
$
4,366,003
 

*Effective January 1, 2020, the allowance for loan and lease losses became the allowance for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.

See notes to condensed consolidated financial statements.

2

Community Trust Bancorp, Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(unaudited)

 
Three Months Ended
 
   
March 31
 
(in thousands except per share data)
 
2020
   
2019
 
Interest income:
           
Interest and fees on loans, including loans held for sale
 
$
40,465
   
$
40,910
 
Interest and dividends on securities
               
Taxable
   
3,046
     
3,163
 
Tax exempt
   
527
     
678
 
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock
   
140
     
296
 
Interest on Federal Reserve Bank deposits
   
496
     
786
 
Other, including interest on federal funds sold
   
25
     
56
 
Total interest income
   
44,699
     
45,889
 
                 
Interest expense:
               
Interest on deposits
   
6,942
     
8,075
 
Interest on repurchase agreements and federal funds purchased
   
1,004
     
1,156
 
Interest on advances from Federal Home Loan Bank
   
0
     
39
 
Interest on long-term debt
   
509
     
636
 
Total interest expense
   
8,455
     
9,906
 
                 
Net interest income
   
36,244
     
35,983
 
Provision for credit losses*
   
12,707
     
190
 
Net interest income after provision for credit losses
   
23,537
     
35,793
 
                 
Noninterest income:
               
Service charges on deposit accounts
   
5,916
     
6,120
 
Gains on sales of loans, net
   
483
     
330
 
Trust and wealth management income
   
2,884
     
2,575
 
Loan related fees
   
95
     
573
 
Bank owned life insurance
   
573
     
558
 
Brokerage revenue
   
372
     
261
 
Securities gains
   
249
     
356
 
Other noninterest income
   
949
     
1,397
 
Total noninterest income
   
11,521
     
12,170
 
                 
Noninterest expense:
               
Officer salaries and employee benefits
   
2,751
     
3,374
 
Other salaries and employee benefits
   
12,280
     
12,585
 
Occupancy, net
   
1,985
     
2,051
 
Equipment
   
721
     
739
 
Data processing
   
1,978
     
1,763
 
Bank franchise tax
   
1,812
     
1,715
 
Legal fees
   
477
     
430
 
Professional fees
   
569
     
531
 
Advertising and marketing
   
634
     
792
 
FDIC insurance
   
147
     
177
 
Other real estate owned provision and expense
   
869
     
771
 
Repossession expense
   
135
     
377
 
Amortization of limited partnership investments
   
888
     
777
 
Other noninterest expense
   
2,975
     
3,001
 
Total noninterest expense
   
28,221
     
29,083
 
                 
Income before income taxes
   
6,837
     
18,880
 
Income taxes
   
258
     
3,941
 
Net income
   
6,579
     
14,939
 
                 
Other comprehensive income:
               
Unrealized holding gains on securities available-for-sale:
               
Unrealized holding gains arising during the period
   
2,147
     
6,124
 
Less: Reclassification adjustments for realized gains included in net income
   
481
     
1
 
Tax expense
   
433
     
1,286
 
Other comprehensive income, net of tax
   
1,233
     
4,837
 
Comprehensive income
 
$
7,812
   
$
19,776
 
                 
Basic earnings per share
 
$
0.37
   
$
0.84
 
Diluted earnings per share
 
$
0.37
   
$
0.84
 
                 
Weighted average shares outstanding-basic
   
17,752
     
17,712
 
Weighted average shares outstanding-diluted
   
17,763
     
17,723
 

*Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.

See notes to condensed consolidated financial statements.

3

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, December 31, 2018
   
17,732,853
   
$
88,665
   
$
223,161
   
$
258,935
   
$
(6,611
)
 
$
564,150
 
Implementation of ASU 2016-02
                           
(480
)
   
0
     
(480
)
Balance, January 1, 2019
   
17,732,853
     
88,665
     
223,161
     
258,455
     
(6,611
)
   
563,670
 
Net income
                           
14,939
             
14,939
 
Other comprehensive income, net of tax of $1,286
                                   
4,837
     
4,837
 
Cash dividends declared ($0.36 per share)
                           
(6,378
)
           
(6,378
)
Issuance of common stock
   
19,065
     
95
     
163
                     
258
 
Vesting of restricted stock
   
(12,186
)
   
(61
)
   
61
                     
0
 
Issuance of restricted stock
   
27,921
     
140
     
(140
)
                   
0
 
Forfeiture of restricted stock
   
(59
)
   
0
     
0
                     
0
 
Stock-based compensation
                   
181
                     
181
 
Balance, March 31, 2019
   
17,767,594
   
$
88,839
   
$
223,426
   
$
267,016
   
$
(1,774
)
 
$
577,507
 

(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, 2019
   
17,793,165
   
$
88,966
   
$
224,907
   
$
296,760
   
$
4,253
   
$
614,886
 
Implementation of ASU 2016-13
                           
(2,366
)
           
(2,366
)
Balance, January 1, 2020
   
17,793,165
     
88,966
     
224,907
     
294,394
     
4,253
     
612,520
 
Net income
                           
6,579
             
6,579
 
Other comprehensive income, net of tax of $433
                                   
1,233
     
1,233
 
Cash dividends declared ($0.38 per share)
                           
(6,750
)
           
(6,750
)
Issuance of common stock
   
21,953
     
110
     
122
                     
232
 
Repurchase of common stock
   
(32,664
)
   
(164
)
   
(935
)
                   
(1,099
)
Issuance of restricted stock
   
21,544
     
108
     
(108
)
                   
0
 
Vesting of restricted stock
   
(16,724
)
   
(84
)
   
84
                     
0
 
Stock-based compensation
                   
207
                     
207
 
Balance, March 31, 2020
   
17,787,274
   
$
88,936
   
$
224,277
   
$
294,223
   
$
5,486
   
$
612,922
 

See notes to condensed consolidated financial statements.

4


Community Trust Bancorp, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

 
Three Months Ended
March 31
 
(in thousands)
 
2020
   
2019
 
Cash flows from operating activities:
           
Net income
 
$
6,579
   
$
14,939
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
1,356
     
1,427
 
Deferred taxes
   
(2,037
)
   
2,008
 
Stock-based compensation
   
228
     
200
 
Provision for credit losses*
   
12,707
     
190
 
Write-downs of other real estate owned and other repossessed assets
   
458
     
489
 
Gains on sale of mortgage loans held for sale
   
(483
)
   
(330
)
Securities gains, net
   
(481
)
   
(1
)
Change in fair market value of equity securities
   
232
     
(355
)
Gains on sale of assets, net
   
(3
)
   
(51
)
Proceeds from sale of mortgage loans held for sale
   
23,032
     
14,927
 
Funding of mortgage loans held for sale
   
(22,785
)
   
(25,785
)
Amortization of securities premiums and discounts, net
   
1,271
     
1,112
 
Change in cash surrender value of bank owned life insurance
   
(340
)
   
(357
)
Payment of operating lease liabilities
   
(444
)
   
0
 
Mortgage servicing rights:
               
Fair value adjustments
   
926
     
(116
)
New servicing assets created
   
(144
)
   
333
 
Changes in:
               
Accrued interest receivable
   
156
     
683
 
Other assets
   
(1,173
)
   
6,399
 
Accrued interest payable
   
608
     
(1,081
)
Other liabilities
   
(5,939
)
   
(2,541
)
Net cash provided by operating activities
   
13,724
     
12,090
 
                 
Cash flows from investing activities:
               
Certificates of deposit in other banks:
               
Maturity of certificates of deposit
   
0
     
2,450
 
Securities available-for-sale (AFS):
               
Purchase of AFS securities
   
(126,748
)
   
(59,583
)
Proceeds from the sales of AFS securities
   
21,746
     
12,550
 
Proceeds from prepayments and maturities of AFS securities
   
72,243
     
46,491
 
Securities held-to-maturity (HTM):
               
Proceeds from maturities of HTM securities
   
517
     
30
 
Change in loans, net
   
(41,183
)
   
18,755
 
Purchase of premises and equipment
   
(423
)
   
(226
)
Redemption of stock by Federal Home Loan Bank
   
0
     
2,452
 
Investment in Federal Home Loan Bank stock
   
(880
)
   
0
 
Proceeds from sale of other real estate and repossessed assets
   
116
     
964
 
Net cash provided by (used in) investing activities
   
(74,612
)
   
23,883
 
                 
Cash flows from financing activities: