0000350852-22-000018.txt : 20220119 0000350852-22-000018.hdr.sgml : 20220119 20220119083448 ACCESSION NUMBER: 0000350852-22-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220119 DATE AS OF CHANGE: 20220119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY TRUST BANCORP INC /KY/ CENTRAL INDEX KEY: 0000350852 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 610979818 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31220 FILM NUMBER: 22536866 BUSINESS ADDRESS: STREET 1: 346 NORTH MAYO TRAIL STREET 2: P.O. BOX 2947 CITY: PIKEVILLE STATE: KY ZIP: 41502-2947 BUSINESS PHONE: (606)433-4643 MAIL ADDRESS: STREET 1: 346 NORTH MAYO TRAIL STREET 2: P.O. BOX 2947 CITY: PIKEVILLE STATE: KY ZIP: 41502-2947 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNITY TRUST BANCORP INC/ DATE OF NAME CHANGE: 19971124 8-K 1 ctbi1221er8k.htm CTBI DECEMBER 31, 2021 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)
December 31, 2021

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 January 19, 2022, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2021.  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 January 19, 2022


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:
January 19, 2022
By:
     
   
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman and Chief Executive Officer

EX-99.1 3 ctbi1221er8kex99.htm CTBI DECEMBER 31, 2021 EARNINGS RELEASE 8-K EXHIBIT 99.1

Exhibit 99.1



FOR IMMEDIATE RELEASE
January 19, 2022

FOR ADDITIONAL INFORMATION, PLEASE CONTACT JEAN R. HALE, CHAIRMAN AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS RECORD EARNINGS FOR THE YEAR 2021

Earnings Summary
                              
(in thousands except per share data)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
YTD
2021
    
Year
2020
  
Net income
  
$
19,248
    
$
21,142
    
$
15,826
    
$
87,939
    
$
59,504
  
Earnings per share
  
$
1.08
    
$
1.19
    
$
0.89
    
$
4.94
    
$
3.35
  
Earnings per share - diluted
  
$
1.08
    
$
1.19
    
$
0.89
    
$
4.94
    
$
3.35
  
                                         
Return on average assets
    
1.41
%
    
1.54
%
    
1.24
%
    
1.63
%
    
1.23
%
Return on average equity
    
10.94
%
    
12.06
%
    
9.64
%
    
12.88
%
    
9.36
%
Efficiency ratio
    
55.40
%
    
53.50
%
    
62.75
%
    
53.11
%
    
58.30
%
Tangible common equity
    
11.82
%
    
11.77
%
    
11.62
%
                
                                         
Dividends declared per share
  
$
0.400
    
$
0.400
    
$
0.385
    
$
1.570
    
$
1.530
  
Book value per share
  
$
39.13
    
$
38.78
    
$
36.77
                  
                                         
Weighted average shares
    
17,796
      
17,790
      
17,755
      
17,786
      
17,748
  
Weighted average shares - diluted
    
17,820
      
17,808
      
17,769
      
17,804
      
17,756
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2021 of $19.2 million, or $1.08 per basic share, compared to $21.1 million, or $1.19 per basic share, earned during the third quarter 2021 and $15.8 million, or $0.89 per basic share, earned during the fourth quarter 2020.  Noninterest income increased quarter over quarter; however, our total revenue declined primarily as a result of a $1.8 million decline in interest income on Paycheck Protection Program loans (PPP loans).  Earnings for the year ended December 31, 2021 were $87.9 million compared to $59.5 million for the year ended December 31, 2020.

4th Quarter 2021 Highlights

❖
Net interest income for the quarter of $40.8 million was $1.2 million, or 2.9%, below prior quarter but $2.2 million, or 5.7%, above fourth quarter 2020.

❖
Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021.  Provision for credit losses for the fourth quarter 2020 totaled $1.0 million.

❖
Our loan portfolio increased $10.6 million, an annualized 1.2%, during the quarter but was a decline of $145.4 million, or 4.1%, from December 31, 2020.  Loans, excluding PPP loans, increased $62.4 million during the quarter.

❖
We experienced a net recovery of loan charge-offs for the quarter of $8 thousand.  Net charge-offs for the quarter ended September 30, 2021, were $0.3 million, or 0.04% of average loans annualized, and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020.

❖
Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020.  Nonperforming assets at $20.1 million decreased $2.9 million from September 30, 2021 and $14.2 million from December 31, 2020.

❖
Deposits, including repurchase agreements, increased $27.1 million, an annualized 2.3%, during the quarter and $243.4 million, or 5.6%, from December 31, 2020.

❖
Noninterest income for the quarter ended December 31, 2021 of $15.0 million increased from prior quarter by $0.6 million, or 4.1%, but decreased $0.3 million, or 1.8%, from prior year same quarter.

❖
Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter, but decreased $2.5 million, or 7.4%, from prior year same quarter.

❖
We experienced a $5.8 million decline in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021.  Our effective income tax rate for the year 2021 was 16% compared to 14% for the year 2020.

COVID-19

We continue working with our customers through the COVID-19 pandemic.  At December 31, 2021, there was one customer with a CARES Act deferral outstanding in the amount of $1.4 million.  The CARES Act 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.

At December 31, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including 3,352 loans totaling $124.3 million stemming from the Consolidated Appropriations Act 2021 (second round).  Through December 31, 2021, we have had 5,543 of our PPP loans totaling $351.8 million forgiven by the SBA, including 2,608 loans totaling $76.1 million from the second round.

Net Interest Income

                     
Percent Change
                    
                     
4Q 2021 Compared to:
                    
($ in thousands)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
3Q
2021
    
4Q
2020
    
Year
2021
    
Year
2020
    
Percent Change
  
Components of net interest income
                                                
Income on earning assets
  
$
44,357
    
$
45,726
    
$
43,148
      
(3.0
)%
    
2.8
%
  
$
178,169
    
$
176,441
      
1.0
%
Expense on interest bearing liabilities
    
3,541
      
3,712
      
4,543
      
(4.6
)
    
(22.1
)
    
15,090
      
25,450
      
(40.7
)
Net interest income
  
$
40,816
    
$
42,014
    
$
38,605
      
(2.9
)%
    
5.7
%
  
$
163,079
    
$
150,991
      
8.0
%
                                                                 
Average yield and rates paid
                                                                
Earning assets yield
    
3.45
%
    
3.52
%
    
3.58
%
    
(2.0
)%
    
(3.6
)%
    
3.50
%
    
3.88
%
    
(9.8
)%
Rate paid on interest bearing liabilities
    
0.42

   
0.43

   
0.55

   
(2.3
)
    
(23.6
)
    
0.45

   
0.82

   
(45.1
)
Gross interest margin
    
3.03
%
    
3.09
%
    
3.03
%
    
(1.9
)%
    
0.0
%
    
3.05
%
    
3.06
%
    
(0.3
)%
Net interest margin
    
3.17
%
    
3.23
%
    
3.20
%
    
(1.9
)%
    
(0.9
)%
    
3.21
%
    
3.33
%
    
(3.6
)%
                                                                 
Average balances
                                                                
Investment securities
  
$
1,496,322
    
$
1,511,178
    
$
988,910
      
(1.0
)%
    
51.3
%
  
$
1,324,689
    
$
825,164
      
60.5
%
Loans
  
$
3,381,206
    
$
3,400,194
    
$
3,548,178
      
(0.6
)%
    
(4.7
)%
  
$
3,455,742
    
$
3,453,529
      
0.1
%
 Earning assets
  
$
5,133,843
    
$
5,184,749
    
$
4,821,196
      
(1.0
)%
    
6.5
%
  
$
5,115,961
    
$
4,562,172
      
12.1
%
Interest-bearing liabilities
  
$
3,337,053
    
$
3,410,286
    
$
3,261,814
      
(2.1
)%
    
2.3
%
  
$
3,376,788
    
$
3,111,367
      
8.5
%

Net interest income for the quarter of $40.8 million decreased $1.2 million, or 2.9%, from third quarter 2021 but increased $2.2 million, or 5.7%, from fourth quarter 2020.  Our net interest income excluding PPP loans for the quarter ended December 31, 2021 was $38.3 million compared to $37.7 million for the quarter ended September 30, 2021 and $36.9 million for the quarter ended December 31, 2020.  Our net interest margin at 3.17% decreased 6 basis points from prior quarter and 3 basis points from prior year same quarter, as our average earning assets decreased $50.9 million from prior quarter but increased $312.6 million from prior year same quarter.  Our yield on average earning assets decreased 7 basis points from prior quarter and 13 basis points from prior year same quarter, and our cost of funds decreased 1 basis points from prior quarter and 13 basis points from prior year same quarter.  As discussed more fully below, the impact of the PPP loans to the net interest margin for the fourth quarter 2021 was 15 basis points.  Net interest income for the year ended December 31, 2021 increased $12.1 million, or 8.0%, compared to the year ended December 31, 2020.  Interest income recognized on PPP loans increased $8.7 million year over year.


The PPP loan portfolio had an annualized yield for the quarter of 13.61% compared to 12.24% for the third quarter 2021.  Interest income on the portfolio was $0.2 million during the quarter, down $0.2 million from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $2.3 million, down $1.7 million from prior quarter.  These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness.  The impact of the PPP loan portfolio to the net interest margin was 15 basis points for the fourth quarter 2021 compared to 25 basis points for the third quarter 2021 and 18 basis points for the year ended December 31, 2021 while the margin was negatively impacted by one basis point for the year ended December 31, 2020.

Our ratio of average loans to deposits, including repurchase agreements, was 73.3% for the quarter ended December 31, 2021 compared to 73.1% for the quarter ended September 30, 2021 and 82.3% for the quarter ended December 31, 2020.

Noninterest Income

                     
Percent Change
                    
                     
4Q 2021 Compared to:
                    
($ in thousands)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
3Q
2021
    
4Q
2020
    
Year
2021
    
Year
2020
    
Percent Change
  
Deposit service charges
  
$
7,083
    
$
7,066
    
$
6,282
      
0.2
%
    
12.7
 %  
$
26,529
    
$
23,461
      
13.1
%
Trust revenue
    
3,305
      
3,039
      
2,786
      
8.7
   
18.6
   
12,644
      
10,931
      
15.7

Gains on sales of loans
    
1,241
      
1,239
      
2,520
      
0.1
   
(50.8
)
    
6,820
      
7,226
      
(5.6
)
Loan related fees
    
1,254
      
1,050
      
1,741
      
19.4
   
(28.0
)
    
5,578
      
4,041
      
38.0

Bank owned life insurance revenue
    
1,036
      
655
      
567
      
58.5
   
82.4
%
    
2,844
      
2,306
      
23.3

Brokerage revenue
    
432
      
519
      
488
      
(16.8
)
    
(11.3
)
    
1,962
      
1,483
      
32.3

Other
    
626
      
820
      
865
      
(23.5
)
    
(27.4
)
    
4,086
      
5,112
      
(20.1
)
Total noninterest income
  
$
14,977
    
$
14,388
    
$
15,249
      
4.1
%
    
(1.8
)%
  
$
60,463
    
$
54,560
      
10.8
%

Noninterest income for the quarter ended December 31, 2021 of $15.0 million was an increase of $0.6 million, or 4.1%, from prior quarter but a decrease of $0.3 million, or 1.8%, from prior year same quarter.  The increase from prior quarter included increases in bank owned life insurance revenue ($0.4 million), trust revenue ($0.3 million), and loan related fees ($0.2 million).  The decrease from prior year same quarter included decreases in gains on sales of loans ($1.3 million), securities gains ($0.6 million), and loan related fees ($0.5 million), partially offset by increases in deposit service charges ($0.8 million), trust revenue ($0.5 million), net gains on other real estate owned ($0.5 million), and bank owned life insurance revenue ($0.5 million).

Noninterest income for the year ended December 31, 2021 of $60.5 million was a $5.9 million, or 10.8% increase from the year ended December 31, 2020.  The year over year increase in noninterest income was driven by increases in deposit service charges ($3.1 million), trust revenue ($1.7 million), loan related fees ($1.5 million), brokerage revenue ($0.5 million), bank owned life insurance revenue ($0.5 million), and net gains on other real estate owned ($0.4 million), partially offset by decreases in securities gains ($1.9 million), net gains on loans ($0.4 million), and OREO rental income ($0.2 million).  Deposit service charges were primarily impacted year over year by an increase in debit card income.  Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.  Gains on sales of loans were impacted year over year by the slowdown in the industry-wide refinancing boom.  

Noninterest Expense

                     
Percent Change
                    
                     
4Q 2021 Compared to:
                    
($ in thousands)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
3Q
2021
    
4Q
2020
    
Year
2021
    
Year
2020
    
Percent Change
  
Salaries
  
$
11,982
    
$
11,962
    
$
11,797
      
0.2
%
    
1.6
%
  
$
47,061
    
$
46,448
      
1.3
%
Employee benefits
    
7,486
      
6,891
      
8,309
      
8.6

   
(9.9
)
    
27,053
      
19,979
      
35.4

Net occupancy and equipment
    
2,625
      
2,733
      
2,595
      
(3.9
)
    
1.2

   
10,854
      
10,649
      
1.9

Data processing
    
2,099
      
1,911
      
2,152
      
9.8

   
(2.5
)
    
8,039
      
7,941
      
1.2

Legal and professional fees
    
868
      
685
      
669
      
26.8

   
29.8

   
3,199
      
3,725
      
(14.1
)
Advertising and marketing
    
676
      
820
      
981
      
(17.5
)
    
(31.0
)
    
2,928
      
2,980
      
(1.8
)
Net other real estate owned expense
    
299
      
296
      
680
      
1.2

   
(56.0
)
    
1,401
      
2,655
      
(47.2
)
Other
    
5,114
      
5,030
      
6,453
      
1.6

   
(20.8
)
    
18,750
      
24,862
      
(24.6
)
Total noninterest expense
  
$
31,149
    
$
30,328
    
$
33,636
      
2.7
%
    
(7.4
)%
  
$
119,285
    
$
119,239
      
0.0
%

Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter but decreased $2.5 million, or 7.4%, from prior year same quarter.  The increase in noninterest expense quarter over quarter was primarily the result of an increase in post-retirement benefits.  The decrease from prior year same quarter was the result of decreases in taxes other than property and payroll ($1.3 million), personnel expense ($0.6 million), and net other real estate owned expense ($0.4 million).  The increase in personnel expense included a $1.8 million increase in bonuses and incentives as we increased the accruals for incentive payments based on earnings for the year.

Noninterest expense for the year ended December 31, 2021 of $119.3 million remained relatively flat to prior year, as a $7.7 million increase in personnel expense was offset by decreases in taxes other than property and payroll ($5.6 million), net other real estate owned expense ($1.3 million), and legal and professional fees ($0.5 million).  The increase in personnel expense year over year was primarily due to incentive accruals.  We experienced a $5.8 million decline in franchise taxes included in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021.

Balance Sheet Review

Total Loans
                              
                     
Percent Change
  
                     
4Q 2021 Compared to:
  
($ in thousands)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
3Q
2021
    
4Q
2020
  
Commercial nonresidential real estate
  
$
757,893
    
$
732,442
    
$
743,238
      
3.5
%
    
2.0
%
Commercial residential real estate
    
335,233
      
330,660
      
287,928
      
1.4

   
16.4

SBA guaranteed PPP loans
    
47,335
      
99,116
      
252,667
      
(52.2
)
    
(81.3
)
Other commercial
    
616,992
      
600,583
      
609,694
      
2.7

   
1.2

Total commercial
    
1,757,453
      
1,762,801
      
1,893,527
      
(0.3
)
    
(7.2
)
                                         
Residential mortgage
    
767,185
      
763,005
      
784,559
      
0.5

   
(2.2
)
Home equity loans/lines
    
106,667
      
105,007
      
103,770
      
1.6

   
2.8

Total residential
    
873,852
      
868,012
      
888,329
      
0.7

   
(1.6
)
                                         
Consumer indirect
    
620,825
      
612,394
      
620,051
      
1.4

   
0.1

Consumer direct
    
156,683
      
155,022
      
152,304
      
1.1

   
2.9

Total consumer
    
777,508
      
767,416
      
772,355
      
1.3

   
0.7

                                         
Total loans
  
$
3,408,813
    
$
3,398,229
    
$
3,554,211
      
0.3
%
    
(4.1
)%

Total Deposits and Repurchase Agreements
                              
                     
Percent Change
  
                     
4Q 2021 Compared to:
  
($ in thousands)
  
4Q
2021
    
3Q
2021
    
4Q
2020
    
3Q
2021
    
4Q
2020
  
Non-interest bearing deposits
  
$
1,331,103
    
$
1,318,158
    
$
1,140,925
      
1.0
%
    
16.7
%
Interest bearing deposits
                                        
Interest checking
    
97,064
      
90,657
      
78,308
      
7.1

   
24.0

Money market savings
    
1,206,401
      
1,210,551
      
1,228,742
      
(0.3
)
    
(1.8
)
Savings accounts
    
632,645
      
616,561
      
527,436
      
2.6

   
19.9

Time deposits
    
1,077,079
      
1,060,309
      
1,040,671
      
1.6

   
3.5

Repurchase agreements
    
271,088
      
292,022
      
355,862
      
(7.2
)
    
(23.8
)
Total interest bearing deposits and repurchase agreements
    
3,284,277
      
3,270,100
      
3,231,019
      
0.4

   
1.6

Total deposits and repurchase agreements
  
$
4,615,380
    
$
4,588,258
    
$
4,371,944
      
0.6
%
    
5.6
%

CTBI’s total assets at $5.4 billion increased $32.7 million, or 2.4% annualized, from September 30, 2021 and $279.1 million, or 5.4%, from December 31, 2020.  Loans outstanding at December 31, 2021 were $3.4 billion, an increase of $10.6 million, an annualized 1.2%, from September 30, 2021 but a decrease of $145.4 million, or 4.1%, from December 31, 2020.  Loans, excluding PPP loans, increased $62.4 million during the quarter, with a $46.4 million increase in the commercial loan portfolio, an $8.4 million increase in the indirect consumer loan portfolio, a $5.9 million increase in the residential loan portfolio, and a $1.7 million increase in the direct consumer loan portfolio.  The PPP loan portfolio declined during the quarter $51.8 million as a result of SBA forgiveness.  CTBI’s investment portfolio decreased $70.5 million, or an annualized 18.3%, from September 30, 2021 but increased $457.9 million, or 45.8%, from December 31, 2020.  Deposits in other banks increased $124.5 million from prior quarter but decreased $18.8 million from prior year same quarter.  Deposits, including repurchase agreements, at $4.6 billion increased $27.1 million, or an annualized 2.3%, from September 30, 2021 and $243.4 million, or 5.6%, from December 31, 2020.

Shareholders’ equity at December 31, 2021 was $698.2 million, a $6.6 million, or an annualized 3.8%, increase from the $691.6 million at September 30, 2021 and a $43.3 million, or 6.6%, increase from the $654.9 million at December 31, 2020.  CTBI’s annualized dividend yield to shareholders as of December 31, 2021 was 3.67%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020.  Accruing loans 90+ days past due at $6.0 million decreased $0.7 million from prior quarter and $11.2 million from December 31, 2020.  Nonaccrual loans at $10.7 million decreased $1.4 million during the quarter but increased $1.2 million from December 31, 2020.  Accruing loans 30-89 days past due at $10.9 million increased $2.0 million from prior quarter but decreased $1.6 million from December 31, 2020.  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 $3.5 million at December 31, 2021 was a $0.8 million decrease from the $4.3 million at September 30, 2021 and a $4.2 million decrease from the $7.7 million at December 31, 2020.  Sales of foreclosed properties for the quarter ended December 31, 2021 totaled $0.9 million while new foreclosed properties totaled $0.3 million.  At December 31, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

We experienced a net recovery of loan charge-offs for the quarter of $8 thousand, compared to net loan charge-offs of $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021 and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020.  For the year ended December 31, 2021, we experienced a net recovery of loan losses of $0.1 million compared to net charge-offs of $6.2 million, or 0.18% of average loans annualized, for the year ended December 31, 2020.

Allowance for Credit Losses

Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021.  Provision for credit losses for the fourth quarter 2020 totaled $1.0 million.  We experienced a recovery of provision for credit losses for the year 2021 of $6.4 million compared to provision for credit losses of $16.0 million for the year 2020.  The reduction to our allowance for credit losses during the year was the result of positive credit metrics, the lack of pandemic related losses provided for in 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit.  Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2021 was 251.2% compared to 220.0% at September 30, 2021 and 180.7% at December 31, 2020.  Our credit loss reserve as a percentage of total loans outstanding at December 31, 2021 was 1.22% (1.24% excluding PPP loans) compared to 1.21% at September 30, 2021 (1.25% excluding PPP loans) and 1.35% at December 31, 2020 (1.45% excluding PPP loans).

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 $5.4 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)
  
 December 31, 2021  
(in thousands except per share data and # of employees)
  
                               
   
Three
    
Three
    
Three
    
Twelve
    
Twelve
  
   
Months
    
Months
    
Months
    
Months
    
Months
  
   
Ended
    
Ended
    
Ended
    
Ended
    
Ended
  
   
December 31, 2021
    
September 30, 2021
    
December 31, 2020
    
December 31, 2021
    
December 31, 2020
  
Interest income
  
$
44,357
    
$
45,726
    
$
43,148
    
$
178,169
    
$
176,441
  
Interest expense
    
3,541
      
3,712
      
4,543
      
15,090
      
25,450
  
Net interest income
    
40,816
      
42,014
      
38,605
      
163,079
      
150,991
  
Loan loss provision
    
533
      
(163
)
    
956
      
(6,386
)
    
16,047
  
                                         
Gains on sales of loans
    
1,241
      
1,239
      
2,520
      
6,820
      
7,226
  
Deposit service charges
    
7,083
      
7,066
      
6,282
      
26,529
      
23,461
  
Trust revenue
    
3,305
      
3,039
      
2,786
      
12,644
      
10,931
  
Loan related fees
    
1,254
      
1,050
      
1,741
      
5,578
      
4,041
  
Securities gains (losses)
    
(208
)
    
(62
)
    
441
      
(158
)
    
1,769
  
Other noninterest income
    
2,302
      
2,056
      
1,479
      
9,050
      
7,132
  
Total noninterest income
    
14,977
      
14,388
      
15,249
      
60,463
      
54,560
  
                                         
Personnel expense
    
19,468
      
18,853
      
20,106
      
74,114
      
66,427
  
Occupancy and equipment
    
2,625
      
2,733
      
2,595
      
10,854
      
10,649
  
Data processing expense
    
2,099
      
1,911
      
2,152
      
8,039
      
7,941
  
FDIC insurance premiums
    
339
      
393
      
320
      
1,381
      
1,056
  
Other noninterest expense
    
6,618
      
6,438
      
8,463
      
24,897
      
33,166
  
Total noninterest expense
    
31,149
      
30,328
      
33,636
      
119,285
      
119,239
  
                                         
Net income before taxes
    
24,111
      
26,237
      
19,262
      
110,643
      
70,265
  
Income taxes
    
4,863
      
5,095
      
3,436
      
22,704
      
10,761
  
Net income
  
$
19,248
    
$
21,142
    
$
15,826
    
$
87,939
    
$
59,504
  
                                         
Memo: TEQ interest income
  
$
44,581
    
$
45,952
    
$
43,336
    
$
179,066
    
$
177,168
  
                                         
Average shares outstanding
    
17,796
      
17,790
      
17,755
      
17,786
      
17,748
  
Diluted average shares outstanding
    
17,820
      
17,808
      
17,769
      
17,804
      
17,756
  
Basic earnings per share
  
$
1.08
    
$
1.19
    
$
0.89
    
$
4.94
    
$
3.35
  
Diluted earnings per share
  
$
1.08
    
$
1.19
    
$
0.89
    
$
4.94
    
$
3.35
  
Dividends per share
  
$
0.400
    
$
0.400
    
$
0.385
    
$
1.570
    
$
1.530
  
                                         
Average balances:
                                        
Loans
  
$
3,381,206
    
$
3,400,194
    
$
3,548,178
    
$
3,455,742
    
$
3,453,529
  
Earning assets
    
5,133,843
      
5,184,749
      
4,821,196
      
5,115,961
      
4,562,172
  
Total assets
    
5,418,854
      
5,457,558
      
5,092,100
      
5,387,241
      
4,838,160
  
Deposits, including repurchase agreements
    
4,612,010
      
4,650,885
      
4,310,970
      
4,592,415
      
4,079,810
  
Interest bearing liabilities
    
3,337,053
      
3,410,286
      
3,261,814
      
3,376,788
      
3,111,367
  
Shareholders' equity
    
697,727
      
695,490
      
652,827
      
682,697
      
635,978
  
                                         
Performance ratios:
                                        
Return on average assets
    
1.41
%
    
1.54
%
    
1.24
%
    
1.63
%
    
1.23
%
Return on average equity
    
10.94
%
    
12.06
%
    
9.64
%
    
12.88
%
    
9.36
%
Yield on average earning assets (tax equivalent)
    
3.45
%
    
3.52
%
    
3.58
%
    
3.50
%
    
3.88
%
Cost of interest bearing funds (tax equivalent)
    
0.42
%
    
0.43
%
    
0.55
%
    
0.45
%
    
0.82
%
Net interest margin (tax equivalent)
    
3.17
%
    
3.23
%
    
3.20
%
    
3.21
%
    
3.33
%
Efficiency ratio (tax equivalent)
    
55.40
%
    
53.50
%
    
62.75
%
    
53.11
%
    
58.30
%
                                         
Loan charge-offs
  
$
865
    
$
1,042
    
$
1,961
    
$
4,325
    
$
10,453
  
Recoveries
    
(873
)
    
(725
)
    
(1,041
)
    
(4,445
)
    
(4,292
)
Net charge-offs
  
$
(8
)
  
$
317
    
$
920
    
$
(120
)
  
$
6,161
  
                                         
Market Price:
                                        
High
  
$
46.21
    
$
42.95
    
$
38.50
    
$
47.53
    
$
46.87
  
Low
  
$
41.05
    
$
38.20
    
$
27.74
    
$
36.02
    
$
26.45
  
Close
  
$
43.61
    
$
42.10
    
$
37.05
    
$
43.61
    
$
37.05
  

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
 December 31, 2021
(in thousands except per share data and # of employees)
 
   
As of
    
As of
    
As of
  
   
December 31, 2021
    
September 30, 2021
    
December 31, 2020
  
Assets:
                  
Loans
  
$
3,408,813
    
$
3,398,229
    
$
3,554,211
  
Loan loss reserve
    
(41,756
)
    
(41,215
)
    
(48,022
)
Net loans
    
3,367,057
      
3,357,014
      
3,506,189
  
Loans held for sale
    
2,632
      
12,056
      
23,259
  
Securities AFS
    
1,455,429
      
1,525,738
      
997,261
  
Equity securities at fair value
    
2,253
      
2,461
      
2,471
  
Other equity investments
    
13,026
      
13,026
      
14,935
  
Other earning assets
    
267,286
      
143,789
      
286,074
  
Cash and due from banks
    
46,558
      
66,075
      
54,250
  
Premises and equipment
    
40,479
      
40,145
      
42,001
  
Right of use asset
    
12,148
      
12,399
      
13,215
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
145,899
      
147,392
      
133,996
  
Total Assets
  
$
5,418,257
    
$
5,385,585
    
$
5,139,141
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
97,064
    
$
90,657
    
$
78,308
  
Savings deposits
    
1,839,046
      
1,827,112
      
1,756,178
  
CD's >=$100,000
    
589,853
      
565,869
      
545,613
  
Other time deposits
    
487,226
      
494,440
      
495,058
  
Total interest bearing deposits
    
3,013,189
      
2,978,078
      
2,875,157
  
Noninterest bearing deposits
    
1,331,103
      
1,318,158
      
1,140,925
  
Total deposits
    
4,344,292
      
4,296,236
      
4,016,082
  
Repurchase agreements
    
271,088
      
292,022
      
355,862
  
Other interest bearing liabilities
    
58,716
      
58,721
      
58,736
  
Lease liability
    
13,005
      
13,229
      
13,972
  
Other noninterest bearing liabilities
    
32,954
      
33,734
      
39,624
  
Total liabilities
    
4,720,055
      
4,693,942
      
4,484,276
  
Shareholders' equity
    
698,202
      
691,643
      
654,865
  
Total Liabilities and Equity
  
$
5,418,257
    
$
5,385,585
    
$
5,139,141
  
                         
Ending shares outstanding
    
17,843
      
17,837
      
17,810
  
                         
30 - 89 days past due loans
  
$
10,874
    
$
8,874
    
$
12,465
  
90 days past due loans
    
5,954
      
6,650
      
17,133
  
Nonaccrual loans
    
10,671
      
12,084
      
9,444
  
Restructured loans (excluding 90 days past due and nonaccrual)
    
69,827
      
70,932
      
68,554
  
Foreclosed properties
    
3,486
      
4,314
      
7,694
  
                         
Community bank leverage ratio
    
13.00
%
    
12.71
%
    
12.70
%
Tangible equity to tangible assets ratio
    
11.82
%
    
11.77
%
    
11.62
%
FTE employees
    
974
      
960
      
998
  


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Document and Entity Information
Dec. 31, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 31, 2021
Entity Registrant Name Community Trust Bancorp, Inc.
Entity Incorporation, State or Country Code KY
Entity File Number 001-31220
Entity Tax Identification Number 61-0979818
Entity Address, Address Line One P.O. Box 2947
Entity Address, Address Line Two 346 North Mayo Trail
Entity Address, City or Town Pikeville
Entity Address, State or Province KY
Entity Address, Postal Zip Code 41502
City Area Code 606
Local Phone Number 432-1414
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000350852
Title of 12(b) Security Common Stock
Trading Symbol CTBI
Security Exchange Name NASDAQ
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