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Section 1: 8-K (CTBI 2ND QUARTER 2020 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, 2020

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 15, 2020, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter ended and six months ended June 30, 2020.  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 15, 2020


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 15, 2020
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 15, 2020
(Back To Top)

Section 2: EX-99.1 (CTBI 2ND QUARTER 2020 EARNINGS RELEASE 8-K EX. 99.1)

Exhibit 99.1



FOR IMMEDIATE RELEASE
July 15, 2020

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 EARNINGS FOR THE SECOND QUARTER 2020

Earnings Summary
                             
(in thousands except per share data)
 
2Q
2020
   
1Q
2020
   
2Q
2019
   
6 Months
2020
   
6 Months
2019
 
Net income
 
$
19,652
   
$
6,579
   
$
18,324
   
$
26,231
   
$
33,263
 
Earnings per share
 
$
1.11
   
$
0.37
   
$
1.03
   
$
1.48
   
$
1.88
 
Earnings per share - diluted
 
$
1.11
   
$
0.37
   
$
1.03
   
$
1.48
   
$
1.88
 
                                         
Return on average assets
   
1.63
%
   
0.60
%
   
1.69
%
   
1.14
%
   
1.56
%
Return on average equity
   
12.66
%
   
4.24
%
   
12.45
%
   
8.45
%
   
11.54
%
Efficiency ratio
   
55.17
%
   
59.18
%
   
62.22
%
   
57.12
%
   
61.39
%
Tangible common equity
   
11.42
%
   
12.77
%
   
12.27
%
               
                                         
Dividends declared per share
 
$
0.38
   
$
0.38
   
$
0.36
   
$
0.76
   
$
0.72
 
Book value per share
 
$
35.51
   
$
34.46
   
$
33.46
                 
                                         
Weighted average shares
   
17,739
     
17,752
     
17,721
     
17,746
     
17,717
 
Weighted average shares - diluted
   
17,742
     
17,763
     
17,733
     
17,753
     
17,728
 

Community Trust Bancorp, Inc. (NASDAQ-CTBI) reports record earnings for the second quarter 2020 of $19.7 million, or $1.11 per basic share, compared to $6.6 million, or $0.37 per basic share, earned during the first quarter 2020 and $18.3 million, or $1.03 per basic share, earned during the second quarter 2019.  The increase in earnings for the quarter was impacted by a $12.8 million positive variance in charges to the provision for credit losses.  Year-to-date earnings for the six months ended June 30, 2020 were $26.2 million, or $1.48 per basic share, compared to $33.3 million, or $1.88 per basic share, for the six months ended June 30, 2019.

We continue to work diligently with our customers as we all continue to battle COVID-19.  At June 30, 2020, we had 3,668 COVID-19 loan deferrals totaling $756.6 million, consisting of 850 commercial loan deferrals totaling $639.4 million, 485 residential loan deferrals totaling $63.3 million, and 2,264 consumer loan deferrals totaling $44.6 million, in addition to 69 serviced loan deferrals, pursuant to Freddie Mac guidelines, totaling $9.3 million.  We also had 50 customers who had previously received COVID-19 loan deferrals that have requested assistance for a second time.  Those deferrals total $68.4 million, consisting of 30 commercial loans deferrals totaling $65.7 million, 18 residential loan deferrals totaling $2.2 million, and two serviced loan deferrals, pursuant to Freddie Mac guidelines, totaling $0.5 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.  We have continued participating in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19.  As of June 30, 2020, we had 2,848 PPP loans authorized totaling $275.9 million.  Of these, 2,703 were under $350 thousand, 132 were between $350 thousand and $2.0 million, and 13 were over $2.0 million.  We have closed 2,782 of these loans for a total amount of $274.1 million.

2nd Quarter 2020 Highlights

Net interest income for the quarter of $38.5 million was $2.2 million, or 6.1%, above prior quarter and $2.4 million, or 6.8%, above second quarter 2019.

Provision for credit losses for the quarter ended June 30, 2020 decreased $12.8 million from prior quarter and $1.6 million from prior year same quarter.  The $12.7 million provision from prior quarter was a result of the projected economic impact of the COVID-19 pandemic, as disclosed in our prior quarter filings.

Our loan portfolio increased $251.2 million, an annualized 30.7%, during the quarter and $346.6 million, or 10.9%, from June 30, 2019.

Net loan charge-offs for the quarter ended June 30, 2020 were $2.8 million, or 0.32% of average loans annualized, compared to $1.4 million, or 0.17%, experienced for the first quarter 2020 and $1.6 million, or 0.20%, for the second quarter 2019.

Nonperforming loans at $36.2 million increased $0.8 million from March 31, 2020 and $12.2 million from June 30, 2019.  Nonperforming assets at $53.8 million decreased $1.4 million from March 31, 2020 but increased $7.3 million from June 30, 2019.

Deposits, including repurchase agreements, increased $636.3 million, an annualized 70.5%, during the quarter and $597.9 million, or 16.3%, from June 30, 2019.

Noninterest income for the quarter ended June 30, 2020 of $12.9 million was a $1.4 million, or 11.8%, increase from prior quarter and a $0.6 million, or 5.1%, increase from prior year same quarter.

Noninterest expense for the quarter ended June 30, 2020 of $27.9 million decreased $0.3 million, or 1.1%, from prior quarter, and $2.1 million, or 7.1%, from prior year same quarter.

Net Interest Income

Net interest income for the quarter of $38.5 million was an increase of $2.2 million, or 6.1%, from first quarter 2020 and an increase of $2.4 million, or 6.8%, from second quarter 2019.  Our net interest margin at 3.41% decreased 17 basis points from prior quarter and 16 basis points from prior year same quarter, while our average earning assets increased $465.8 million and $490.3 million, respectively, during those same periods.  Our yield on average earning assets decreased 43 basis points from prior quarter and 65 basis points from prior year same quarter, and our cost of funds decreased 34 basis points from prior quarter and 65 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 84.5% for the quarter ended June 30, 2020 compared to 89.9% for the quarter ended March 31, 2020 and 87.3% for the quarter ended June 30, 2019.  Year-to-date net interest income for the six months ended June 30, 2020 was $74.7 million compared to $72.0 million for the six months ended June 30, 2019.

Noninterest Income

Noninterest income for the quarter ended June 30, 2020 of $12.9 million was a $1.4 million, or 11.8%, increase from prior quarter and a $0.6 million, or 5.1%, increase from prior year same quarter.  The increase in noninterest income for the quarter was the result of a $1.3 million increase in gains on sales of loans, a $0.7 million increase in loan related fees, and a $0.7 million increase in securities gains, partially offset by a $1.0 million decrease in deposit related fees and a $0.3 million decrease in trust revenue.  The increase in loan related fees is due to fluctuation in the valuation of our mortgage servicing rights.  The decrease in deposit related fees was impacted by a 30-day waiver of overdraft charges as a result of the COVID-19 pandemic which resulted in a $0.7 million loss in revenue in April.  Additionally, overdraft fees have seen a general decline since the COVID – 19 pandemic resulting in an additional decline in overdraft revenue of $0.7 million.  The decrease in overdraft fees was partially offset by a $0.4 million increase in Visa Debit fee income.  The positive variance to prior year same quarter included a $1.2 million increase in gains on sales of loans, a $0.7 million increase in securities gains, and a $0.4 million increase in loan related fees, partially offset by a $1.6 million decrease in deposit service charges and a $0.2 million decrease in trust revenue.  Year-to-date noninterest income was $24.4 million for both the six months periods ending June 30, 2020 and 2019.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2020 of $27.9 million decreased $0.3 million, or 1.1%, from prior quarter, and $2.1 million, or 7.1%, from prior year same quarter.  The decrease from prior quarter was primarily due to a $0.3 million decrease in net other real estate owned expense.  The decrease in noninterest expense from prior year same quarter included a $0.9 million decrease in personnel expense, as bonuses and incentives decreased $0.6 million and the cost of group medical and life insurance declined $0.4 million.  Noninterest expense for the six months ended June 30, 2020 was $3.0 million below the six months ended June 30, 2019 as personnel expense decreased $1.9 million year over year, with decreases of $1.7 million in bonuses and incentives and $0.8 million in the cost of group medical and life insurance, offset partially by an increase of $0.8 million in salaries.  The accruals for incentive payments are lower than prior year based on our current projected earnings for the year.  We also had decreases year over year in several other noninterest expense categories, such as FDIC insurance ($0.1 million), marketing and promotional ($0.2 million), advertising ($0.3 million), charitable contributions ($0.1 million), postage and shipping ($0.1 million), and net other real estate owned expense ($0.3 million).

Balance Sheet Review

CTBI’s total assets at $5.0 billion increased $670.2 million, or 61.9% annualized, from March 31, 2020 and $645.6 million, or 14.7%, from June 30, 2019.  Loans outstanding at June 30, 2020 were $3.5 billion, an increase of $251.2 million, an annualized 30.7%, from March 31, 2020 and $346.6 million, or 10.9%, from June 30, 2019.  We experienced increases during the quarter of $229.1 million in the commercial loan portfolio (primarily PPP loans), $41.8 million in the indirect consumer loan portfolio, and $1.9 million in the direct consumer loan portfolio, offset partially by a $21.6 million decrease in the residential loan portfolio.  The historically low mortgage loan rates have created a significant refinancing boom.  In the quarter ended June 30, 2020, we closed and delivered 647 secondary market mortgage loans for a total of $116.4 million compared to 122 secondary market mortgage loans closed and delivered totaling $16.0 million in the second quarter 2019.  Correspondingly, our total mortgage servicing portfolio increased by $34.5 million during the quarter to $486.3 million.  CTBI’s investment portfolio increased $107.4 million, or an annualized 68.0%, from March 31, 2020 and $148.6 million, or 25.0%, from June 30, 2019.  Deposits in other banks increased $289.9 million from prior quarter and $145.8 million from prior year same quarter.  Deposits, including repurchase agreements, at $4.3 billion increased $636.3 million, or an annualized 70.5%, from March 31, 2020 and $597.9 million, or 16.3%, from June 30, 2019.  The increase in deposits is primarily the result of the receipt of advance Medicare payments from some customers in the healthcare industry, PPP loan proceeds retained on deposit by corporate borrowers, and stimulus payments received and retained by our customers, all a result of the COVID-19 pandemic.

Shareholders’ equity at June 30, 2020 was $631.8 million, an $18.9 million increase from the $612.9 million at March 31, 2020 and a $37.1 million increase from the $594.7 million at June 30, 2019.  CTBI’s annualized dividend yield to shareholders as of June 30, 2020 was 4.64%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $36.2 million, or 1.02% of total loans, at June 30, 2020 compared to $35.4 million, or 1.08% of total loans, at March 31, 2020 and $24.0 million, or 0.75% of total loans, at June 30, 2019.  Accruing loans 90+ days past due increased $3.8 million from prior quarter and $10.7 million from June 30, 2019.  The increase in accruing loans 90+ days past due includes a $4 million loan which is well-secured and in the process of collection.  Nonaccrual loans decreased $3.0 million during the quarter but increased $1.5 million from June 30, 2019.  Accruing loans 30-89 days past due at $13.7 million decreased $10.4 million from prior quarter and $16.9 million from June 30, 2019.  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 $17.7 million at June 30, 2020 was a $2.1 million decrease from the $19.8 million at March 31, 2020 and a $4.9 million decrease from the $22.5 million at June 30, 2019.  Sales of foreclosed properties for the quarter ended June 30, 2020 totaled $2.1 million while new foreclosed properties totaled $0.2 million.  The suspension of residential foreclosure actions as a result of COVID-19 has continued through the second quarter 2020.  At June 30, 2020, the book value of properties under contracts to sell was $3.5 million; however, the closings had not occurred at quarter-end.  Write-downs on foreclosed properties for the second quarter 2020 totaled $0.3 million compared to $0.5 million in the first quarter 2020 and $0.7 million in the second quarter 2019.  As disclosed in our Form 10-K for the year ended December 31, 2019, CTBI is required to dispose of any foreclosed property that has not been sold within 10 years.  As of June 30, 2020, two foreclosed properties with a total book value of $1.0 million had been held by us for at least nine years.  One of the properties totaling $0.9 million is expected to sell in the third quarter 2020 at no expected loss.

Net loan charge-offs for the quarter ended June 30, 2020 were $2.8 million, or 0.32% of average loans annualized, compared to $1.4 million, or 0.17%, experienced for the first quarter 2020 and $1.6 million, or 0.20%, for the second quarter 2019.  Of the net charge-offs for the quarter, $2.1 million were in commercial loans, $0.4 million were in indirect consumer loans, $0.2 million were in direct consumer loans, and $0.1 million were in residential loans.

Allowance for Credit Losses

While our overall outlook for credit quality has not changed, the allowance for credit losses (ACL) declined by $2.8 million or 19 basis points during the quarter ended June 30, 2020.  The decline was primarily in the specific reserves allocated to individually evaluated loans.  These specific reserves declined from $3.2 million at March 31, 2020 to $0.5 million at June 30, 2020.  Driving this $2.8 million reduction was action taken on two commercial credit relationships which have been in workout for some time.  We restructured one credit relationship, thus eliminating $1.5 million in specific reserves, and charged down another relationship totaling $1.7 million that previously had $0.8 million in specific reserves.  Additionally, we transferred eight credits totaling $1.4 million into the general analysis pool, in accordance with our ACL policy, with a corresponding reduction in specific reserves of $0.5 million.  The decline in ACL as a percentage of loans was also driven by the large growth in Paycheck Protection Program loans during the quarter of $267.0 million.  As one hundred percent SBA guaranteed loans, these loans were provided no allowance for credit losses.  These decreases were partially offset by growth during the quarter in our indirect lending segment of $41.8 million and our hotel/motel segment of $8.5 million.

As a result of items discussed in the paragraph above, allocations to the allowance for credit losses for the quarter ended June 30, 2020 were a credit of $49 thousand, a decrease of $12.8 million from prior quarter and $1.6 million from prior year same quarter.  As discussed more fully in our first quarter 2020 earnings release and Form 10-Q, the substantial allocation to the allowance during the first quarter 2020 was directly attributable to the COVID-19 pandemic and its expected potential impact on future net charge-offs.  Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2020 was 129.0% compared to 139.8% at March 31, 2020 and allowance for loan and lease losses to nonperforming loans of 146.0% at June 30, 2019.  Our credit loss reserve as a percentage of total loans outstanding at June 30, 2020 decreased to 1.32% from the 1.50% at March 31, 2020 but above the allowance for loan loss reserve incurred loss model of 1.10% from June 30, 2019.

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 $5.0 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, 2020  
(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, 2020
   
March 31, 2020
   
June 30, 2019
   
June 30, 2020
   
June 30, 2019
 
Interest income
 
$
44,968
   
$
44,699
   
$
46,817
   
$
89,667
   
$
92,706
 
Interest expense
   
6,506
     
8,455
     
10,790
     
14,961
     
20,696
 
Net interest income
   
38,462
     
36,244
     
36,027
     
74,706
     
72,010
 
Loan loss provision
   
(49
)
   
12,707
     
1,563
     
12,658
     
1,753
 
                                         
Gains on sales of loans
   
1,753
     
483
     
518
     
2,236
     
848
 
Deposit service charges
   
4,967
     
5,916
     
6,525
     
10,883
     
12,645
 
Trust revenue
   
2,569
     
2,884
     
2,765
     
5,453
     
5,340
 
Loan related fees
   
822
     
95
     
440
     
917
     
1,013
 
Securities gains (losses)
   
937
     
249
     
204
     
1,186
     
560
 
Other noninterest income
   
1,831
     
1,894
     
1,800
     
3,725
     
4,016
 
Total noninterest income
   
12,879
     
11,521
     
12,252
     
24,400
     
24,422
 
                                         
Personnel expense
   
15,153
     
15,031
     
16,087
     
30,184
     
32,046
 
Occupancy and equipment
   
2,624
     
2,706
     
2,561
     
5,330
     
5,351
 
Data processing expense
   
1,875
     
1,978
     
1,789
     
3,853
     
3,552
 
FDIC insurance premiums
   
294
     
147
     
369
     
441
     
546
 
Other noninterest expense
   
7,963
     
8,359
     
9,224
     
16,322
     
17,618
 
Total noninterest expense
   
27,909
     
28,221
     
30,030
     
56,130
     
59,113
 
                                         
Net income before taxes
   
23,481
     
6,837
     
16,686
     
30,318
     
35,566
 
Income taxes
   
3,829
     
258
     
(1,638
)
   
4,087
     
2,303
 
Net income
 
$
19,652
   
$
6,579
   
$
18,324
   
$
26,231
   
$
33,263
 
                                         
Memo: TEQ interest income
 
$
45,149
   
$
44,868
   
$
47,009
   
$
90,017
   
$
93,118
 
                                         
Average shares outstanding
   
17,739
     
17,752
     
17,721
     
17,746
     
17,717
 
Diluted average shares outstanding
   
17,742
     
17,763
     
17,733
     
17,753
     
17,728
 
Basic earnings per share
 
$
1.11
   
$
0.37
   
$
1.03
   
$
1.48
   
$
1.88
 
Diluted earnings per share
 
$
1.11
   
$
0.37
   
$
1.03
   
$
1.48
   
$
1.88
 
Dividends per share
 
$
0.38
   
$
0.38
   
$
0.36
   
$
0.76
   
$
0.72
 
                                         
Average balances:
                                       
Loans
 
$
3,461,505
   
$
3,262,928
   
$
3,178,903
   
$
3,362,217
   
$
3,187,080
 
Earning assets
   
4,559,670
     
4,093,833
     
4,069,323
     
4,326,752
     
4,018,187
 
Total assets
   
4,837,293
     
4,382,408
     
4,353,936
     
4,609,851
     
4,303,520
 
Deposits, including repurchase agreements
   
4,096,647
     
3,630,426
     
3,640,061
     
3,863,536
     
3,598,228
 
Interest bearing liabilities
   
3,094,931
     
2,847,197
     
2,883,586
     
2,971,064
     
2,848,964
 
Shareholders' equity
   
624,111
     
624,411
     
590,240
     
624,261
     
581,448
 
                                         
Performance ratios:
                                       
Return on average assets
   
1.63
%
   
0.60
%
   
1.69
%
   
1.14
%
   
1.56
%
Return on average equity
   
12.66
%
   
4.24
%
   
12.45
%
   
8.45
%
   
11.54
%
Yield on average earning assets (tax equivalent)
   
3.98
%
   
4.41
%
   
4.63
%
   
4.18
%
   
4.67
%
Cost of interest bearing funds (tax equivalent)
   
0.85
%
   
1.19
%
   
1.50
%
   
1.01
%
   
1.46
%
Net interest margin (tax equivalent)
   
3.41
%
   
3.58
%
   
3.57
%
   
3.49
%
   
3.63
%
Efficiency ratio (tax equivalent)
   
55.17
%
   
59.18
%
   
62.22
%
   
57.12
%
   
61.39
%
                                         
Loan charge-offs
 
$
3,809
   
$
2,415
   
$
2,797
   
$
6,224
   
$
4,852
 
Recoveries
   
(1,047
)
   
(1,017
)
   
(1,228
)
   
(2,064
)
   
(2,189
)
Net charge-offs
 
$
2,762
   
$
1,398
   
$
1,569
   
$
4,160
   
$
2,663
 
                                         
Market Price:
                                       
High
 
$
37.07
   
$
46.87
   
$
43.60
   
$
46.87
   
$
43.75
 
Low
 
$
26.45
   
$
27.68
   
$
39.45
   
$
26.45
   
$
38.03
 
Close
 
$
32.76
   
$
31.79
   
$
42.29
   
$
32.76
   
$
42.29
 



Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 June 30, 2020
(in thousands except per share data and # of employees)
   
As of
   
As of
   
As of
 
   
June 30, 2020
   
March 31, 2020
   
June 30, 2019
 
Assets:
                 
Loans
 
$
3,538,770
   
$
3,287,541
   
$
3,192,207
 
Loan loss reserve
   
(46,634
)
   
(49,445
)
   
(34,998
)
Net loans
   
3,492,136
     
3,238,096
     
3,157,209
 
Loans held for sale
   
28,987
     
1,403
     
1,067
 
Securities AFS
   
740,479
     
633,479
     
591,586
 
Securities HTM
   
-
     
-
     
619
 
Equity securities at fair value
   
2,093
     
1,721
     
1,727
 
Other equity investments
   
15,295
     
16,241
     
16,247
 
Other earning assets
   
416,980
     
127,065
     
271,186
 
Cash and due from banks
   
63,194
     
67,728
     
52,545
 
Premises and equipment
   
42,810
     
43,568
     
44,404
 
Right of use asset
   
13,867
     
14,210
     
15,028
 
Goodwill and core deposit intangible
   
65,490
     
65,490
     
65,490
 
Other assets
   
141,510
     
143,644
     
160,149
 
Total Assets
 
$
5,022,841
   
$
4,352,645
   
$
4,377,257
 
                         
Liabilities and Equity:
                       
Interest bearing checking
 
$
77,518
   
$
69,717
   
$
51,209
 
Savings deposits
   
1,696,805
     
1,370,836
     
1,445,166
 
CD's >=$100,000
   
537,124
     
538,820
     
569,829
 
Other time deposits
   
550,989
     
554,891
     
537,933
 
Total interest bearing deposits
   
2,862,436
     
2,534,264
     
2,604,137
 
Noninterest bearing deposits
   
1,109,873
     
860,844
     
833,044
 
Total deposits
   
3,972,309
     
3,395,108
     
3,437,181
 
Repurchase agreements
   
296,007
     
236,908
     
233,238
 
Other interest bearing liabilities
   
59,246
     
63,159
     
63,667
 
Lease liability
   
14,550
     
14,853
     
15,544
 
Other noninterest bearing liabilities
   
48,882
     
29,695
     
32,919
 
Total liabilities
   
4,390,994
     
3,739,723
     
3,782,549
 
Shareholders' equity
   
631,847
     
612,922
     
594,708
 
Total Liabilities and Equity
 
$
5,022,841
   
$
4,352,645
   
$
4,377,257
 
                         
Ending shares outstanding
   
17,795
     
17,787
     
17,772
 
                         
30 - 89 days past due loans
 
$
13,666
   
$
24,074
   
$
30,616
 
90 days past due loans
   
21,799
     
18,044
     
11,076
 
Nonaccrual loans
   
14,358
     
17,333
     
12,902
 
Restructured loans (excluding 90 days past due and nonaccrual)
   
59,823
     
64,526
     
60,713
 
Foreclosed properties
   
17,675
     
19,816
     
22,536
 
                         
Common equity Tier 1 capital
   
17.21
%
   
17.04
%
   
16.83
%
Tier 1 leverage ratio
   
13.47
%
   
13.99
%
   
13.61
%
Tier 1 risk-based capital ratio
   
18.93
%
   
18.79
%
   
18.67
%
Total risk based capital ratio
   
20.18
%
   
20.03
%
   
19.80
%
Tangible equity to tangible assets ratio
   
11.42
%
   
12.77
%
   
12.27
%
FTE employees
   
979
     
1,003
     
1,002
 
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