|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip code)
|
(
(Registrant’s telephone number)
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
(Title of class)
|
|
|
(Trading symbol)
|
(Name of exchange on which registered)
|
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))
|
99.1
|
Press Release dated April 17, 2024
|
COMMUNITY TRUST BANCORP, INC.
|
||
Date:
|
April 17, 2024
|
By:
|
/s/ Mark A. Gooch
|
||
Mark A. Gooch
|
||
Chairman, President, and Chief Executive Officer
|
(in thousands except per share data)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
|||||||||
Net income
|
$
|
18,679
|
$
|
18,659
|
$
|
19,313
|
||||||
Earnings per share
|
$
|
1.04
|
$
|
1.04
|
$
|
1.08
|
||||||
Earnings per share – diluted
|
$
|
1.04
|
$
|
1.04
|
$
|
1.08
|
||||||
Return on average assets
|
1.30
|
%
|
1.30
|
%
|
1.44
|
%
|
||||||
Return on average equity
|
10.61
|
%
|
10.98
|
%
|
12.03
|
%
|
||||||
Efficiency ratio
|
54.94
|
%
|
55.74
|
%
|
55.29
|
%
|
||||||
Tangible common equity
|
11.10
|
%
|
11.16
|
%
|
10.82
|
%
|
||||||
Dividends declared per share
|
$
|
0.46
|
$
|
0.46
|
$
|
0.44
|
||||||
Book value per share
|
$
|
39.28
|
$
|
39.01
|
$
|
36.54
|
||||||
Weighted average shares
|
17,926
|
17,901
|
17,872
|
|||||||||
Weighted average shares – diluted
|
17,943
|
17,926
|
17,884
|
❖
|
Net interest income for the quarter of $43.6 million was $0.6 million above prior quarter but $0.3 million below prior year same
quarter, as our net interest margin increased 4 basis points from prior quarter but decreased 26 basis points from prior year same quarter.
|
❖
|
Provision for credit losses at $2.7 million for the quarter increased $0.8 million from prior quarter and $1.5 million from prior
year same quarter.
|
❖
|
Our loan portfolio at $4.2 billion increased $110.3 million, an annualized 10.9%, from December 31, 2023 and $383.8 million, or
10.2%, from March 31, 2023.
|
❖
|
We had net loan charge-offs of $1.6 million, or 0.16% of average loans annualized, for the first quarter 2024 compared to $1.0
million, or 0.10% of average loans annualized, for the fourth quarter 2023 and $0.4 million for the first quarter 2023.
|
❖
|
Our total nonperforming loans increased to $15.9 million at March 31, 2024 from $14.0 million at December 31, 2023 and $12.2 million
at March 31, 2023. Nonperforming assets at $17.1 million increased $1.5 million from December 31, 2023 and $2.1 million from March 31, 2024.
|
❖
|
Deposits, including repurchase agreements, at $5.0 billion increased $69.1 million, or an annualized 5.6%, from December 31, 2023
and $266.7 million, or 5.6% from March 31, 2023.
|
❖
|
Shareholders’ equity at $707.7 million increased $5.5 million, or an annualized 3.2%, during the quarter and $50.9 million, or 7.7%,
from March 31, 2023.
|
❖
|
Noninterest income for the quarter ended March 31, 2024 of $15.1 million was $1.4 million, or 10.3%, above prior quarter and $1.5
million, or 10.6%, above prior year same quarter.
|
❖
|
Noninterest expense for the quarter
ended March 31, 2024 of $32.2 million was $0.6 million, or 1.9%, above prior quarter and $0.3 million, or 1.0%, above prior year same quarter.
|
Percent Change
|
||||||||||||||||||||
1Q 2024 Compared to:
|
||||||||||||||||||||
($ in thousands)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
4Q
2023
|
1Q
2023
|
|||||||||||||||
Components of net interest income
|
||||||||||||||||||||
Income on earning assets
|
$
|
75,002
|
$
|
73,329
|
$
|
60,995
|
2.3
|
%
|
23.0
|
%
|
||||||||||
Expense on interest bearing liabilities
|
31,411
|
30,354
|
17,079
|
3.5
|
%
|
83.9
|
%
|
|||||||||||||
Net interest income
|
43,591
|
42,975
|
43,916
|
1.4
|
%
|
(0.7
|
%)
|
|||||||||||||
TEQ
|
294
|
297
|
298
|
(1.0
|
%)
|
(1.3
|
%)
|
|||||||||||||
Net interest income, tax equivalent
|
$
|
43,885
|
$
|
43,272
|
$
|
44,214
|
1.4
|
%
|
(0.7
|
%)
|
||||||||||
Average yield and rates paid:
|
||||||||||||||||||||
Earning assets yield
|
5.55
|
%
|
5.43
|
%
|
4.84
|
%
|
2.2
|
%
|
14.7
|
%
|
||||||||||
Rate paid on interest bearing liabilities
|
3.35
|
%
|
3.27
|
%
|
2.06
|
%
|
2.4
|
%
|
62.6
|
%
|
||||||||||
Gross interest margin
|
2.20
|
%
|
2.16
|
%
|
2.78
|
%
|
1.9
|
%
|
(20.9
|
%)
|
||||||||||
Net interest margin
|
3.23
|
%
|
3.19
|
%
|
3.49
|
%
|
1.3
|
%
|
(7.4
|
%)
|
||||||||||
Average balances:
|
||||||||||||||||||||
Investment securities
|
$
|
1,148,014
|
$
|
1,144,078
|
$
|
1,251,948
|
0.3
|
%
|
(8.3
|
%)
|
||||||||||
Loans
|
$
|
4,096,866
|
$
|
4,022,547
|
$
|
3,739,443
|
1.8
|
%
|
9.6
|
%
|
||||||||||
Earning assets
|
$
|
5,458,075
|
$
|
5,377,827
|
$
|
5,131,385
|
1.5
|
%
|
6.4
|
%
|
||||||||||
Interest-bearing liabilities
|
$
|
3,773,513
|
$
|
3,687,660
|
$
|
3,362,331
|
2.3
|
%
|
12.2
|
%
|
Percent Change
|
||||||||||||||||||||
1Q 2024 Compared to:
|
||||||||||||||||||||
($ in thousands)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
4Q
2023
|
1Q
2023
|
|||||||||||||||
Deposit related fees
|
$
|
7,011
|
$
|
7,312
|
$
|
7,287
|
(4.1
|
%)
|
(3.8
|
%)
|
||||||||||
Trust revenue
|
3,517
|
3,318
|
3,079
|
6.0
|
%
|
14.2
|
%
|
|||||||||||||
Gains on sales of loans
|
45
|
54
|
121
|
(16.7
|
%)
|
(62.8
|
%)
|
|||||||||||||
Loan related fees
|
1,352
|
467
|
845
|
189.5
|
%
|
60.0
|
%
|
|||||||||||||
Bank owned life insurance revenue
|
1,292
|
816
|
858
|
58.3
|
%
|
50.6
|
%
|
|||||||||||||
Brokerage revenue
|
490
|
285
|
348
|
71.9
|
%
|
40.8
|
%
|
|||||||||||||
Other
|
1,427
|
1,473
|
1,144
|
(3.1
|
%)
|
24.7
|
%
|
|||||||||||||
Total noninterest income
|
$
|
15,134
|
$
|
13,725
|
$
|
13,682
|
10.3
|
%
|
10.6
|
%
|
Percent Change
|
||||||||||||||||||||
1Q 2024 Compared to:
|
||||||||||||||||||||
($ in thousands)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
4Q
2023
|
1Q
2023
|
|||||||||||||||
Salaries
|
$
|
13,036
|
$
|
13,163
|
$
|
12,633
|
(1.0
|
%)
|
3.2
|
%
|
||||||||||
Employee benefits
|
7,086
|
5,282
|
6,275
|
34.2
|
%
|
12.9
|
%
|
|||||||||||||
Net occupancy and equipment
|
3,028
|
3,045
|
3,028
|
(0.6
|
%)
|
(0.0
|
%)
|
|||||||||||||
Data processing
|
2,518
|
2,630
|
2,303
|
(4.3
|
%)
|
9.3
|
%
|
|||||||||||||
Legal and professional fees
|
832
|
900
|
816
|
(7.6
|
%)
|
2.0
|
%
|
|||||||||||||
Advertising and marketing
|
577
|
923
|
820
|
(37.5
|
%)
|
(29.6
|
%)
|
|||||||||||||
Taxes other than property and payroll
|
442
|
421
|
432
|
5.0
|
%
|
2.3
|
%
|
|||||||||||||
Other
|
4,701
|
5,264
|
5,583
|
(10.7
|
%)
|
(15.8
|
%)
|
|||||||||||||
Total noninterest expense
|
$
|
32,220
|
$
|
31,628
|
$
|
31,890
|
1.9
|
%
|
1.0
|
%
|
Percent Change
|
||||||||||||||||||||
1Q 2024 Compared to:
|
||||||||||||||||||||
($ in thousands)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
4Q
2023
|
1Q
2023
|
|||||||||||||||
Commercial nonresidential real estate
|
$
|
813,904
|
$
|
778,637
|
$
|
750,498
|
4.5
|
%
|
8.4
|
%
|
||||||||||
Commercial residential real estate
|
456,585
|
417,943
|
385,328
|
9.2
|
%
|
18.5
|
%
|
|||||||||||||
Hotel/motel
|
416,759
|
395,765
|
348,876
|
5.3
|
%
|
19.5
|
%
|
|||||||||||||
Other commercial
|
397,922
|
391,390
|
392,398
|
1.7
|
%
|
1.4
|
%
|
|||||||||||||
Total commercial
|
2,085,170
|
1,983,735
|
1,877,100
|
5.1
|
%
|
11.1
|
%
|
|||||||||||||
Residential mortgage
|
955,616
|
937,524
|
846,435
|
1.9
|
%
|
12.9
|
%
|
|||||||||||||
Home equity loans/lines
|
151,577
|
147,036
|
124,096
|
3.1
|
%
|
22.1
|
%
|
|||||||||||||
Total residential
|
1,107,193
|
1,084,560
|
970,531
|
2.1
|
%
|
14.1
|
%
|
|||||||||||||
Consumer indirect
|
813,005
|
823,505
|
772,570
|
(1.3
|
%)
|
5.2
|
%
|
|||||||||||||
Consumer direct
|
155,807
|
159,106
|
157,158
|
(2.1
|
%)
|
(0.9
|
%)
|
|||||||||||||
Total consumer
|
968,812
|
982,611
|
929,728
|
(1.4
|
%)
|
4.2
|
%
|
|||||||||||||
Total loans
|
$
|
4,161,175
|
$
|
4,050,906
|
$
|
3,777,359
|
2.7
|
%
|
10.2
|
%
|
Percent Change
|
||||||||||||||||||||
1Q 2024 Compared to:
|
||||||||||||||||||||
($ in thousands)
|
1Q
2024
|
4Q
2023
|
1Q
2023
|
4Q
2023
|
1Q
2023
|
|||||||||||||||
Non-interest bearing deposits
|
$
|
1,274,583
|
$
|
1,260,690
|
$
|
1,409,839
|
1.1
|
%
|
(9.6
|
%)
|
||||||||||
Interest bearing deposits
|
||||||||||||||||||||
Interest checking
|
131,227
|
123,927
|
120,678
|
5.9
|
%
|
8.7
|
%
|
|||||||||||||
Money market savings
|
1,608,849
|
1,525,537
|
1,408,314
|
5.5
|
%
|
14.2
|
%
|
|||||||||||||
Savings accounts
|
543,338
|
535,063
|
642,232
|
1.5
|
%
|
(15.4
|
%)
|
|||||||||||||
Time deposits
|
1,226,273
|
1,279,405
|
962,361
|
(4.2
|
%)
|
27.4
|
%
|
|||||||||||||
Repurchase agreements
|
234,671
|
225,245
|
208,777
|
4.2
|
%
|
12.4
|
%
|
|||||||||||||
Total interest bearing deposits and repurchase agreements
|
3,744,358
|
3,689,177
|
3,342,362
|
1.5
|
%
|
12.0
|
%
|
|||||||||||||
Total deposits and repurchase agreements
|
$
|
5,018,941
|
$
|
4,949,867
|
$
|
4,752,201
|
1.4
|
%
|
5.6
|
%
|
Community Trust Bancorp, Inc.
|
||||||||||||
Financial Summary (Unaudited)
|
||||||||||||
March 31, 2024 |
||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||
Three
|
Three
|
Three
|
||||||||||
Months
|
Months
|
Months
|
||||||||||
Ended
|
Ended
|
Ended
|
||||||||||
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||
Interest income
|
$
|
75,002
|
$
|
73,329
|
$
|
60,995
|
||||||
Interest expense
|
31,411
|
30,354
|
17,079
|
|||||||||
Net interest income
|
43,591
|
42,975
|
43,916
|
|||||||||
Loan loss provision
|
2,656
|
1,815
|
1,116
|
|||||||||
Gains on sales of loans
|
45
|
54
|
121
|
|||||||||
Deposit related fees
|
7,011
|
7,312
|
7,287
|
|||||||||
Trust revenue
|
3,517
|
3,318
|
3,079
|
|||||||||
Loan related fees
|
1,352
|
467
|
845
|
|||||||||
Securities gains (losses)
|
371
|
258
|
218
|
|||||||||
Other noninterest income
|
2,838
|
2,316
|
2,132
|
|||||||||
Total noninterest income
|
15,134
|
13,725
|
13,682
|
|||||||||
Personnel expense
|
20,122
|
18,445
|
18,908
|
|||||||||
Occupancy and equipment
|
3,028
|
3,045
|
3,028
|
|||||||||
Data processing expense
|
2,518
|
2,630
|
2,303
|
|||||||||
FDIC insurance premiums
|
642
|
655
|
606
|
|||||||||
Other noninterest expense
|
5,910
|
6,853
|
7,045
|
|||||||||
Total noninterest expense
|
32,220
|
31,628
|
31,890
|
|||||||||
Net income before taxes
|
23,849
|
23,257
|
24,592
|
|||||||||
Income taxes
|
5,170
|
4,598
|
5,279
|
|||||||||
Net income
|
$
|
18,679
|
$
|
18,659
|
$
|
19,313
|
||||||
Memo: TEQ interest income
|
$
|
75,296
|
$
|
73,626
|
$
|
61,293
|
||||||
Average shares outstanding
|
17,926
|
17,901
|
17,872
|
|||||||||
Diluted average shares outstanding
|
17,943
|
17,926
|
17,884
|
|||||||||
Basic earnings per share
|
$
|
1.04
|
$
|
1.04
|
$
|
1.08
|
||||||
Diluted earnings per share
|
$
|
1.04
|
$
|
1.04
|
$
|
1.08
|
||||||
Dividends per share
|
$
|
0.46
|
$
|
0.46
|
$
|
0.44
|
||||||
Average balances:
|
||||||||||||
Loans
|
$
|
4,096,866
|
$
|
4,022,547
|
$
|
3,739,443
|
||||||
Earning assets
|
5,458,075
|
5,377,827
|
5,131,385
|
|||||||||
Total assets
|
5,786,515
|
5,713,977
|
5,458,067
|
|||||||||
Deposits, including repurchase agreements
|
4,956,820
|
4,916,208
|
4,688,103
|
|||||||||
Interest bearing liabilities
|
3,773,513
|
3,687,660
|
3,362,331
|
|||||||||
Shareholders' equity
|
708,341
|
674,349
|
651,008
|
|||||||||
Performance ratios:
|
||||||||||||
Return on average assets
|
1.30
|
%
|
1.30
|
%
|
1.44
|
%
|
||||||
Return on average equity
|
10.61
|
%
|
10.98
|
%
|
12.03
|
%
|
||||||
Yield on average earning assets (tax equivalent)
|
5.55
|
%
|
5.43
|
%
|
4.84
|
%
|
||||||
Cost of interest bearing funds (tax equivalent)
|
3.35
|
%
|
3.27
|
%
|
2.06
|
%
|
||||||
Net interest margin (tax equivalent)
|
3.23
|
%
|
3.19
|
%
|
3.49
|
%
|
||||||
Efficiency ratio (tax equivalent)
|
54.94
|
%
|
55.74
|
%
|
55.29
|
%
|
||||||
Loan charge-offs
|
$
|
2,667
|
$
|
2,529
|
$
|
1,765
|
||||||
Recoveries
|
(1,039
|
)
|
(1,538
|
)
|
(1,351
|
)
|
||||||
Net charge-offs
|
$
|
1,628
|
$
|
991
|
$
|
414
|
||||||
Market Price:
|
||||||||||||
High
|
$
|
44.38
|
$
|
45.74
|
$
|
47.35
|
||||||
Low
|
$
|
38.44
|
$
|
33.91
|
$
|
37.31
|
||||||
Close
|
$
|
42.65
|
$
|
43.86
|
$
|
37.95
|
Community Trust Bancorp, Inc.
|
||||||||||||
Financial Summary (Unaudited)
|
||||||||||||
March 31, 2024 |
||||||||||||
(in thousands except per share data and # of employees)
|
||||||||||||
As of
|
As of
|
As of
|
||||||||||
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||
Assets:
|
||||||||||||
Loans
|
$
|
4,161,175
|
$
|
4,050,906
|
$
|
3,777,359
|
||||||
Loan loss reserve
|
(50,571
|
)
|
(49,543
|
)
|
(46,683
|
)
|
||||||
Net loans
|
4,110,604
|
4,001,363
|
3,730,676
|
|||||||||
Loans held for sale
|
57
|
152
|
182
|
|||||||||
Securities AFS
|
1,111,505
|
1,163,724
|
1,241,080
|
|||||||||
Equity securities at fair value
|
3,529
|
3,158
|
2,380
|
|||||||||
Other equity investments
|
9,327
|
9,599
|
9,713
|
|||||||||
Other earning assets
|
239,554
|
214,664
|
177,209
|
|||||||||
Cash and due from banks
|
55,841
|
58,833
|
60,762
|
|||||||||
Premises and equipment
|
46,595
|
45,311
|
42,636
|
|||||||||
Right of use asset
|
15,500
|
15,703
|
17,037
|
|||||||||
Goodwill and core deposit intangible
|
65,490
|
65,490
|
65,490
|
|||||||||
Other assets
|
192,253
|
191,699
|
182,155
|
|||||||||
Total Assets
|
$
|
5,850,255
|
$
|
5,769,696
|
$
|
5,529,320
|
||||||
Liabilities and Equity:
|
||||||||||||
Interest bearing checking
|
$
|
131,227
|
$
|
123,927
|
$
|
120,678
|
||||||
Savings deposits
|
2,152,187
|
2,060,600
|
2,050,546
|
|||||||||
CD's >=$100,000
|
678,148
|
704,222
|
501,557
|
|||||||||
Other time deposits
|
548,125
|
575,183
|
460,804
|
|||||||||
Total interest bearing deposits
|
3,509,687
|
3,463,932
|
3,133,585
|
|||||||||
Noninterest bearing deposits
|
1,274,583
|
1,260,690
|
1,409,839
|
|||||||||
Total deposits
|
4,784,270
|
4,724,622
|
4,543,424
|
|||||||||
Repurchase agreements
|
234,671
|
225,245
|
208,777
|
|||||||||
Other interest bearing liabilities
|
65,014
|
65,075
|
65,254
|
|||||||||
Lease liability
|
16,208
|
16,393
|
17,619
|
|||||||||
Other noninterest bearing liabilities
|
42,368
|
36,153
|
37,425
|
|||||||||
Total liabilities
|
5,142,531
|
5,067,488
|
4,872,499
|
|||||||||
Shareholders' equity
|
707,724
|
702,208
|
656,821
|
|||||||||
Total Liabilities and Equity
|
$
|
5,850,255
|
$
|
5,769,696
|
$
|
5,529,320
|
||||||
Ending shares outstanding
|
18,019
|
18,000
|
17,976
|
|||||||||
30 - 89 days past due loans
|
$
|
12,234
|
$
|
15,343
|
$
|
11,728
|
||||||
90 days past due loans
|
11,550
|
9,920
|
6,218
|
|||||||||
Nonaccrual loans
|
4,302
|
4,048
|
5,993
|
|||||||||
Foreclosed properties
|
1,266
|
1,616
|
2,776
|
|||||||||
Community bank leverage ratio
|
13.74
|
%
|
13.69
|
%
|
13.71
|
%
|
||||||
Tangible equity to tangible assets ratio
|
11.10
|
%
|
11.16
|
%
|
10.82
|
%
|
||||||
FTE employees
|
945
|
967
|
945
|
Document and Entity Information |
Mar. 31, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Entity File Number | 001-31220 |
Entity Registrant Name | Community Trust Bancorp, Inc. |
Entity Central Index Key | 0000350852 |
Entity Incorporation, State or Country Code | KY |
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 |
Title of 12(b) Security | Common Stock |
Trading Symbol | CTBI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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