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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, 2023

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 19, 2023, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2023.  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 19, 2023


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 19, 2023
By:
     
   
/s/ Mark A. Gooch
   
Mark A. Gooch
   
Vice Chairman, President, and Chief Executive Officer

EX-99.1 3 ctbi0623er8kex99.htm CTBI 2ND QUARTER 2023 EARNINGS RELEASE 8-K EXHIBIT 99.1
Exhibit 99.1




FOR IMMEDIATE RELEASE
July 19, 2023

FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, VICE CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 2ND QUARTER 2023

Earnings Summary
                              
(in thousands except per share data)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
YTD
2023
    
YTD
2022
  
Net income
  
$
19,404
    
$
19,313
    
$
20,271
    
$
38,717
    
$
39,999
  
Earnings per share
  
$
1.09
    
$
1.08
    
$
1.14
    
$
2.17
    
$
2.24
  
Earnings per share - diluted
  
$
1.08
    
$
1.08
    
$
1.14
    
$
2.16
    
$
2.24
  
                                         
Return on average assets
    
1.41
%
    
1.44
%
    
1.49
%
    
1.42
%
    
1.48
%
Return on average equity
    
11.72
%
    
12.03
%
    
12.75
%
    
11.87
%
    
12.25
%
Efficiency ratio
    
53.52
%
    
55.29
%
    
53.77
%
    
54.40
%
    
53.51
%
Tangible common equity
    
10.90
%
    
10.82
%
    
10.53
%
                
                                         
Dividends declared per share
  
$
0.44
    
$
0.44
    
$
0.40
    
$
0.88
    
$
0.80
  
Book value per share
  
$
36.71
    
$
36.54
    
$
35.32
                  
                                         
Weighted average shares
    
17,884
      
17,872
      
17,835
      
17,877
      
17,827
  
Weighted average shares - diluted
    
17,890
      
17,884
      
17,843
      
17,885
      
17,838
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2023 of $19.4 million, or $1.09 per basic share, compared to $19.3 million, or $1.08 per basic share, earned during the first quarter 2023 and $20.3 million, or $1.14 per basic share, earned during the second quarter 2022.  Total revenue was $0.2 million above prior quarter and $2.5 million above prior year same quarter.  Net interest revenue decreased $0.8 million compared to prior quarter but increased $2.3 million compared to prior year same quarter, and noninterest income increased $1.1 million compared to prior quarter and $0.3 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $0.9 million for the quarter and was $1.9 million higher than second quarter 2022.  Noninterest expense decreased $0.9 million compared to prior quarter but was $1.0 million higher than prior year same quarter.  Earnings for the six months ended June 30, 2023 were $38.7 million, or $2.17 per basic share, compared to $40.0 million, or $2.24 per basic share for the six months ended June 30, 2022.

2nd Quarter 2023 Highlights

❖
Net interest income for the quarter of $43.1 million was $0.8 million below prior quarter but $2.3 million above prior year same quarter, as our net interest margin decreased 14 basis points from prior quarter but increased 15 basis points from prior year same quarter.

❖
Provision for credit losses at $2.0 million for the quarter increased $0.9 million from prior quarter and $1.9 million from prior year same quarter.

❖
Our loan portfolio at $3.9 billion increased $152.3 million, an annualized 16.2%, from March 31, 2023 and $371.3 million, or 10.4%, from June 30, 2022.

❖
We had net loan charge-offs of $674 thousand, or 0.07% of average loans annualized for the second quarter 2023 compared to $414 thousand, or 0.04% of average loans annualized for the first quarter 2023 and $43 thousand, or 0.00% of average loans annualized, for the quarter ended June 30, 2022.

❖
Our total nonperforming loans decreased to $11.7 million at June 30, 2023 from $12.2 million at March 31, 2023 and $13.8 million at June 30, 2022.  Nonperforming assets at $13.8 million decreased $1.2 million from March 31, 2023 and $2.0 million from June 30, 2022.

❖
Deposits, including repurchase agreements, at $4.7 billion decreased $6.5 million, or an annualized 0.6%, from March 31, 2023 but increased $34.0 million, or 0.7% from June 30, 2022.

❖
Shareholders’ equity at $660.1 million increased $3.3 million, or an annualized 2.0%, during the quarter and $28.1 million, or 4.4%, from June 30, 2022.

❖
Noninterest income for the quarter ended June 30, 2023 of $14.8 million was $1.1 million, or 7.9%, above prior quarter and $0.3 million, or 1.8%, above prior year same quarter.

❖
Noninterest expense for the quarter ended June 30, 2023 of $31.0 million was $0.9 million, or 2.7%, below prior quarter but $1.0 million, or 3.5%, above prior year same quarter.



Net Interest Income

                     
Percent Change
                    
                     
2Q 2023
Compared to:
                    
($ in thousands)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
1Q
2023
    
2Q
2022
    
YTD
2023
    
YTD
2022
    
Percent Change
  
Components of net interest income:
                                                
Income on earning assets
  
$
64,827
    
$
60,995
    
$
45,352
      
6.3
%
    
42.9
%
  
$
125,822
    
$
88,879
      
41.6
%
Expense on interest bearing liabilities
    
21,748
      
17,079
      
4,562
      
27.3
%
    
376.7
%
    
38,827
      
8,057
      
381.9
%
Net interest income
    
43,079
      
43,916
      
40,790
      
(1.9
%)
    
5.6
%
    
86,995
      
80,822
      
7.6
%
TEQ
    
298
      
298
      
232
      
0.1
%
    
28.6
%
    
596
      
467
      
27.6
%
Net interest income, tax equivalent
  
$
43,377
    
$
44,214
    
$
41,022
      
(1.9
%)
    
5.7
%
  
$
87,591
    
$
81,289
      
7.8
%
                                                                 
Average yield and rates paid:
                                                                
Earning assets yield
    
5.03
%
    
4.84
%
    
3.56
%
    
3.9
%
    
41.5
%
    
4.94
%
    
3.51
%
    
40.9
%
Rate paid on interest bearing liabilities
    
2.54
%
    
2.06
%
    
0.54
%
    
23.3
%
    
368.2
%
    
2.30
%
    
0.48
%
    
376.7
%
Gross interest margin
    
2.49
%
    
2.78
%
    
3.02
%
    
(10.4
%)
    
(17.5
%)
    
2.64
%
    
3.03
%
    
(12.8
%)
Net interest margin
    
3.35
%
    
3.49
%
    
3.20
%
    
(4.1
%)
    
4.7
%
    
3.42
%
    
3.19
%
    
7.3
%
                                                                 
Average balances:
                                                                
Investment securities
  
$
1,230,556
    
$
1,251,948
    
$
1,452,021
      
(1.7
%)
    
(15.3
%)
  
$
1,241,193
    
$
1,468,193
      
(15.5
%)
Loans
  
$
3,836,446
    
$
3,739,443
    
$
3,538,324
      
2.6
%
    
8.4
%
  
$
3,788,213
    
$
3,489,652
      
8.6
%
Earning assets
  
$
5,189,716
    
$
5,131,385
    
$
5,140,656
      
1.1
%
    
1.0
%
  
$
5,160,712
    
$
5,137,421
      
0.5
%
Interest-bearing liabilities
  
$
3,435,072
    
$
3,362,331
    
$
3,373,741
      
2.2
%
    
1.8
%
  
$
3,398,902
    
$
3,362,039
      
1.1
%

Net interest income for the quarter of $43.1 million was $0.8 million below prior quarter but $2.3 million above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.35% decreased 14 basis points from prior quarter but increased 15 basis points from prior year same quarter.  Our average earning assets increased $58.3 million from prior quarter and $49.1 million from prior year same quarter.  Our yield on average earning assets increased 19 basis points from prior quarter and 147 basis points from prior year same quarter, and our cost of funds increased 48 basis points from prior quarter and 200 basis points from prior year same quarter.  Money market accounts, certificates of deposit, and other time deposits all experienced significant increases in rates during the quarter.  Our net interest income for the six months ended June 30, 2023 was $87.0 million compared to $80.8 million for the six months ended June 30, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 81.2% for the quarter ended June 30, 2023 compared to 79.8% for the quarter ended March 31, 2023 and 75.2% for the quarter ended June 30, 2022.

Noninterest Income

                     
Percent Change
                    
                     
2Q 2023
Compared to:
                    
($ in thousands)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
1Q
2023
    
2Q
2022
    
YTD
2023
    
YTD
2022
    
Percent Change
  
Deposit related fees
  
$
7,513
    
$
7,287
    
$
7,263
      
3.1
%
    
3.4
%
  
$
14,800
    
$
14,009
      
5.6
%
Trust revenue
    
3,351
      
3,079
      
3,198
      
8.9
%
    
4.8
%
    
6,430
      
6,446
      
(0.2
%)
Gains on sales of loans
    
115
      
121
      
519
      
(5.3
%)
    
(77.9
%)
    
236
      
1,116
      
(78.9
%)
Loan related fees
    
1,197
      
845
      
1,415
      
41.7
%
    
(15.4
%)
    
2,042
      
3,477
      
(41.3
%)
Bank owned life insurance revenue
    
735
      
858
      
702
      
(14.4
%)
    
4.7
%
    
1,593
      
1,393
      
14.4
%
Brokerage revenue
    
388
      
348
      
459
      
11.5
%
    
(15.4
%)
    
736
      
1,049
      
(29.8
%)
Other
    
1,457
      
1,144
      
945
      
27.4
%
    
54.3
%
    
2,601
      
1,976
      
31.6
%
Total noninterest income
  
$
14,756
    
$
13,682
    
$
14,501
      
7.9
%
    
1.8
%
  
$
28,438
    
$
29,466
      
(3.5
%)

Noninterest income for the quarter ended June 30, 2023 of $14.8 million was $1.1 million, or 7.9%, above prior quarter and $0.3 million, or 1.8%, above prior year same quarter.  The quarter over quarter increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, and a $0.4 million increase in loan related fees due to the change in the fair market value of our mortgage servicing rights. The year over year increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in trust revenue, and a $0.4 million increase in securities gains, partially offset by a $0.4 million decline in gains on sales of loans and a $0.2 million decline in loan related fees also resulting from the fluctuation in the fair market value of our mortgage servicing rights.  Noninterest income for the first six months of 2023 was $28.4 million compared to $29.5 million for the six months ended June 30, 2022.


Noninterest Expense

                     
Percent Change
                    
                     
2Q 2023
Compared to:
                    
($ in thousands)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
1Q
2023
    
2Q
2022
    
YTD
2023
    
YTD
2022
    
Percent Change
  
Salaries
  
$
12,732
    
$
12,633
    
$
12,219
      
0.8
%
    
4.2
%
  
$
25,365
    
$
23,958
      
5.9
%
Employee benefits
    
5,573
      
6,275
      
6,315
      
(11.2
%)
    
(11.7
%)
    
11,848
      
12,114
      
(2.2
%)
Net occupancy and equipment
    
2,895
      
3,028
      
2,756
      
(4.4
%)
    
5.1
%
    
5,923
      
5,610
      
5.6
%
Data processing
    
2,383
      
2,303
      
2,095
      
3.5
%
    
13.8
%
    
4,686
      
4,296
      
9.1
%
Legal and professional fees
    
912
      
816
      
884
      
11.8
%
    
3.2
%
    
1,728
      
1,751
      
(1.3
%)
Advertising and marketing
    
704
      
820
      
659
      
(14.1
%)
    
6.9
%
    
1,524
      
1,411
      
8.0
%
Taxes other than property and payroll
    
433
      
432
      
425
      
0.1
%
    
1.7
%
    
865
      
851
      
1.6
%
Net other real estate owned expense
    
61
      
119
      
43
      
(48.4
%)
    
43.6
%
    
180
      
396
      
(54.6
%)
Other
    
5,332
      
5,464
      
4,582
      
(2.4
%)
    
16.4
%
    
10,796
      
8,950
      
20.6
%
Total noninterest expense
  
$
31,025
    
$
31,890
    
$
29,978
      
(2.7
%)
    
3.5
%
  
$
62,915
    
$
59,337
      
6.0
%

Noninterest expense for the quarter ended June 30, 2023 of $31.0 million was $0.9 million, or 2.7%, below prior quarter but $1.0 million, or 3.5%, above prior year same quarter.  The decrease in noninterest expense quarter over quarter was primarily a result of a decrease in the accruals for incentive payments based on our current projected earnings for the year.  The year over year increase included a $0.3 million increase in data processing expense, a $0.3 million increase in FDIC insurance premiums, and a $0.1 million increase in occupancy and equipment.  A year over year decrease in personnel costs of $0.2 million was the result of reduction in the accruals for incentive payments of $1.3 million, partially offset by increases in salary expense ($0.5 million), group medical and life insurance expense ($0.5 million), and other employee benefits ($0.1 million).  Noninterest expense for the first six months of 2023 was $62.9 million compared to $59.3 million for the six months ended June 30, 2022.

Balance Sheet Review

Total Loans
                              
                     
Percent Change
  
                     
2Q 2023 Compared to:
  
($ in thousands)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
1Q
2023
    
2Q
2022
  
Commercial nonresidential real estate
  
$
787,598
    
$
750,498
    
$
758,227
      
4.9
%
    
3.9
%
Commercial residential real estate
    
393,309
      
385,328
      
354,668
      
2.1
%
    
10.9
%
Hotel/motel
    
372,981
      
348,876
      
280,956
      
6.9
%
    
32.8
%
Other commercial
    
396,741
      
392,398
      
403,664
      
1.1
%
    
(1.7
%)
Total commercial
    
1,950,629
      
1,877,100
      
1,797,515
      
3.9
%
    
8.5
%
                                         
Residential mortgage
    
883,104
      
846,435
      
793,249
      
4.3
%
    
11.3
%
Home equity loans/lines
    
132,033
      
124,096
      
110,828
      
6.4
%
    
19.1
%
Total residential
    
1,015,137
      
970,531
      
904,077
      
4.6
%
    
12.3
%
                                         
Consumer indirect
    
806,081
      
772,570
      
697,060
      
4.3
%
    
15.6
%
Consumer direct
    
157,848
      
157,158
      
159,791
      
0.4
%
    
(1.2
%)
Total consumer
    
963,929
      
929,728
      
856,851
      
3.7
%
    
12.5
%
                                         
Total loans
  
$
3,929,695
    
$
3,777,359
    
$
3,558,443
      
4.0
%
    
10.4
%

Total Deposits and Repurchase Agreements
                              
                     
Percent Change
  
                     
2Q 2023 Compared to:
  
($ in thousands)
  
2Q
2023
    
1Q
2023
    
2Q
2022
    
1Q
2023
    
2Q
2022
  
Non-interest bearing deposits
  
$
1,361,078
    
$
1,409,839
    
$
1,408,148
      
(3.5
%)
    
(3.3
%)
Interest bearing deposits
                                        
Interest checking
    
142,542
      
120,678
      
99,055
      
18.1
%
    
43.9
%
Money market savings
    
1,389,081
      
1,408,314
      
1,243,817
      
(1.4
%)
    
11.7
%
Savings accounts
    
611,772
      
642,232
      
671,349
      
(4.7
%)
    
(8.9
%)
Time deposits
    
1,012,187
      
962,361
      
1,050,559
      
5.2
%
    
(3.7
%)
Repurchase agreements
    
229,020
      
208,777
      
238,733
      
9.7
%
    
(4.1
%)
Total interest bearing deposits and repurchase agreements
    
3,384,602
      
3,342,362
      
3,303,513
      
1.3
%
    
2.5
%
Total deposits and repurchase agreements
  
$
4,745,680
    
$
4,752,201
    
$
4,711,661
      
(0.1
%)
    
0.7
%

CTBI’s total assets at $5.5 billion as of June 30, 2023 decreased $8.5 million, or 0.6% annualized, from March 31 2023 but increased $73.4 million, or 1.3%, from June 30, 2022.  Loans outstanding at June 30, 2023 were $3.9 billion, an increase of $152.3 million, an annualized 16.2%, from March 31, 2023 and $371.3 million, or 10.4%, from June 30, 2022.  The increase in loans from prior quarter included a $73.5 million increase in the commercial loan portfolio, a $44.6 million increase in the residential loan portfolio, a $33.5 million increase in the indirect consumer loan portfolio, and a $0.7 million increase in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $39.7 million, or an annualized 12.8%, from March 31, 2023 and $200.5 million, or 14.3%, from June 30, 2022.  Deposits in other banks decreased $117.5 million from prior quarter and $78.7 million from June 30, 2022.  Deposits, including repurchase agreements, at $4.7 billion decreased $6.5 million, or an annualized 0.6%, from March 31, 2023 but increased $34.0 million, or 0.7%, from June 30, 2022.

Shareholders’ equity at $660.1 million increased $3.3 million, or an annualized 2.0%, during the quarter and $28.1 million, or 4.4%, from June 30, 2022, as unrealized losses on our securities portfolio continue to impact equity.  Net unrealized losses on securities, net of deferred taxes, were $121.3 million at June 30, 2023, compared to $112.4 million at March 31, 2023 and $97.9 million at June 30, 2022.  Management has evaluated the unrealized losses and determined that they were primarily driven by market rates.  Management has the ability and intent to hold these securities to recovery or maturity.  CTBI’s annualized dividend yield to shareholders as of June 30, 2023 was 4.95%.

Asset Quality

Our total nonperforming loans decreased to $11.7 million at June 30, 2023 from $12.2 million at March 31, 2023 and $13.8 million at June 30, 2022.  Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02.  Accruing loans 90+ days past due at $6.4 million increased $0.2 million from prior quarter and $1.4 million from June 30, 2022.  Nonaccrual loans at $5.3 million decreased $0.6 million from prior quarter and $3.5 million from June 30, 2022.  Accruing loans 30-89 days past due at $12.2 million increased $0.4 million from prior quarter and $1.6 million from June 30, 2022.  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 was $2.0 million at June 30, 2023 compared to $2.8 million at March 31, 2023 and $2.0 million at June 30, 2022.  Sales of foreclosed properties for the quarter ended June 30, 2023 totaled $0.9 million while new foreclosed properties totaled $0.1 million.  At June 30, 2023, the book value of properties under contracts to sell was $0.7 million; however, the closings had not occurred at quarter-end.

We had net loan charge-offs of $674 thousand, or 0.07% of average loans annualized for the second quarter 2023 compared to $414 thousand, or 0.04% of average loans annualized for the first quarter 2023 and $43 thousand, or 0.00% of average loans annualized, for the quarter ended June 30, 2022.  Net charge-offs for the six months ended June 30, 2023 were $1.1 million, or 0.06% of average loans annualized compared to $0.4 million, or 0.02% of average loans annualized for the six months ended June 30, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter increased $0.9 million from prior quarter and $1.9 million from prior year same quarter.  Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2023 was 408.9% compared to 382.3% at March 31, 2023 and 305.9% at June 30, 2022.  Our credit loss reserve as a percentage of total loans outstanding at June 30, 2023 was 1.22% compared to 1.24% at March 31, 2023 and 1.19% at June 30, 2022.

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 $5.5 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, 2023
  
(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, 2023
    
March 31, 2023
    
June 30, 2022
    
June 30, 2023
    
June 30, 2022
  
Interest income
  
$
64,827
    
$
60,995
    
$
45,352
    
$
125,822
    
$
88,879
  
Interest expense
    
21,748
      
17,079
      
4,562
      
38,827
      
8,057
  
Net interest income
    
43,079
      
43,916
      
40,790
      
86,995
      
80,822
  
Loan loss provision
    
2,009
      
1,116
      
77
      
3,125
      
952
  
                                         
Gains on sales of loans
    
115
      
121
      
519
      
236
      
1,116
  
Deposit related fees
    
7,513
      
7,287
      
7,263
      
14,800
      
14,009
  
Trust revenue
    
3,351
      
3,079
      
3,198
      
6,430
      
6,446
  
Loan related fees
    
1,197
      
845
      
1,415
      
2,042
      
3,477
  
Securities gains (losses)
    
165
      
218
      
(225
)
    
383
      
(126
)
Other noninterest income
    
2,415
      
2,132
      
2,331
      
4,547
      
4,544
  
Total noninterest income
    
14,756
      
13,682
      
14,501
      
28,438
      
29,466
  
                                         
Personnel expense
    
18,305
      
18,908
      
18,534
      
37,213
      
36,072
  
Occupancy and equipment
    
2,895
      
3,028
      
2,756
      
5,923
      
5,610
  
Data processing expense
    
2,383
      
2,303
      
2,095
      
4,686
      
4,296
  
FDIC insurance premiums
    
610
      
606
      
358
      
1,216
      
713
  
Other noninterest expense
    
6,832
      
7,045
      
6,235
      
13,877
      
12,646
  
Total noninterest expense
    
31,025
      
31,890
      
29,978
      
62,915
      
59,337
  
                                         
Net income before taxes
    
24,801
      
24,592
      
25,236
      
49,393
      
49,999
  
Income taxes
    
5,397
      
5,279
      
4,965
      
10,676
      
10,000
  
Net income
  
$
19,404
    
$
19,313
    
$
20,271
    
$
38,717
    
$
39,999
  
                                         
Memo: TEQ interest income
  
$
65,125
    
$
61,293
    
$
45,584
    
$
126,418
    
$
89,346
  
                                         
Average shares outstanding
    
17,884
      
17,872
      
17,835
      
17,877
      
17,827
  
Diluted average shares outstanding
    
17,890
      
17,884
      
17,843
      
17,885
      
17,838
  
Basic earnings per share
  
$
1.09
    
$
1.08
    
$
1.14
    
$
2.17
    
$
2.24
  
Diluted earnings per share
  
$
1.08
    
$
1.08
    
$
1.14
    
$
2.16
    
$
2.24
  
Dividends per share
  
$
0.44
    
$
0.44
    
$
0.40
    
$
0.88
    
$
0.800
  
                                         
Average balances:
                                        
Loans
  
$
3,836,446
    
$
3,739,443
    
$
3,538,324
    
$
3,788,213
    
$
3,489,652
  
Earning assets
    
5,189,716
      
5,131,385
      
5,140,656
      
5,160,712
      
5,137,421
  
Total assets
    
5,509,776
      
5,458,067
      
5,446,263
      
5,484,065
      
5,432,110
  
Deposits, including repurchase agreements
    
4,727,386
      
4,688,103
      
4,705,492
      
4,707,853
      
4,669,938
  
Interest bearing liabilities
    
3,435,072
      
3,362,331
      
3,373,741
      
3,398,902
      
3,362,039
  
Shareholders' equity
    
663,896
      
651,008
      
637,542
      
657,488
      
658,419
  
                                         
Performance ratios:
                                        
Return on average assets
    
1.41
%
    
1.44
%
    
1.49
%
    
1.42
%
    
1.48
%
Return on average equity
    
11.72
%
    
12.03
%
    
12.75
%
    
11.87
%
    
12.25
%
Yield on average earning assets (tax equivalent)
    
5.03
%
    
4.84
%
    
3.56
%
    
4.94
%
    
3.51
%
Cost of interest bearing funds (tax equivalent)
    
2.54
%
    
2.06
%
    
0.54
%
    
2.30
%
    
0.48
%
Net interest margin (tax equivalent)
    
3.35
%
    
3.49
%
    
3.20
%
    
3.42
%
    
3.19
%
Efficiency ratio (tax equivalent)
    
53.52
%
    
55.29
%
    
53.77
%
    
54.40
%
    
53.51
%
                                         
Loan charge-offs
  
$
1,953
    
$
1,765
    
$
828
    
$
3,718
    
$
2,148
  
Recoveries
    
(1,279
)
    
(1,351
)
    
(786
)
    
(2,630
)
    
(1,784
)
Net charge-offs
  
$
674
    
$
414
    
$
42
    
$
1,088
    
$
364
  
                                         
Market Price:
                                        
High
  
$
40.30
    
$
47.35
    
$
42.91
    
$
47.35
    
$
46.30
  
Low
  
$
32.68
    
$
37.31
    
$
39.10
    
$
32.68
    
$
39.10
  
Close
  
$
35.57
    
$
37.95
    
$
40.44
    
$
35.57
    
$
40.44
  





Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2023
(in thousands except per share data and # of employees)

   
As of
    
As of
    
As of
  
   
June 30, 2023
    
March 31, 2023
    
June 30, 2022
  
Assets:
                  
Loans
  
$
3,929,695
    
$
3,777,359
    
$
3,558,443
  
Loan loss reserve
    
(48,018
)
    
(46,683
)
    
(42,344
)
Net loans
    
3,881,677
      
3,730,676
      
3,516,099
  
Loans held for sale
    
238
      
182
      
936
  
Securities AFS
    
1,201,253
      
1,241,080
      
1,402,127
  
Equity securities at fair value
    
2,545
      
2,380
      
2,128
  
Other equity investments
    
11,432
      
9,713
      
13,026
  
Other earning assets
    
62,726
      
177,209
      
140,384
  
Cash and due from banks
    
48,915
      
60,762
      
75,373
  
Premises and equipment
    
42,911
      
42,636
      
40,704
  
Right of use asset
    
16,678
      
17,037
      
12,005
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
186,933
      
182,155
      
179,078
  
Total Assets
  
$
5,520,798
    
$
5,529,320
    
$
5,447,350
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
142,542
    
$
120,678
    
$
99,055
  
Savings deposits
    
2,000,853
      
2,050,546
      
1,915,166
  
CD's >=$100,000
    
538,492
      
501,557
      
573,519
  
Other time deposits
    
473,695
      
460,804
      
477,040
  
Total interest bearing deposits
    
3,155,582
      
3,133,585
      
3,064,780
  
Noninterest bearing deposits
    
1,361,078
      
1,409,839
      
1,408,148
  
Total deposits
    
4,516,660
      
4,543,424
      
4,472,928
  
Repurchase agreements
    
229,020
      
208,777
      
238,733
  
Other interest bearing liabilities
    
65,195
      
65,254
      
58,706
  
Lease liability
    
17,317
      
17,619
      
12,479
  
Other noninterest bearing liabilities
    
32,481
      
37,425
      
32,454
  
Total liabilities
    
4,860,673
      
4,872,499
      
4,815,300
  
Shareholders' equity
    
660,125
      
656,821
      
632,050
  
Total Liabilities and Equity
  
$
5,520,798
    
$
5,529,320
    
$
5,447,350
  
                         
Ending shares outstanding
    
17,984
      
17,976
      
17,895
  
                         
30 - 89 days past due loans
  
$
12,158
    
$
11,728
    
$
10,595
  
90 days past due loans
    
6,399
      
6,218
      
5,018
  
Nonaccrual loans
    
5,345
      
5,993
      
8,824
  
Foreclosed properties
    
2,047
      
2,776
      
1,954
  
                         
Community bank leverage ratio
    
13.82
%
    
13.71
%
    
13.14
%
Tangible equity to tangible assets ratio
    
10.90
%
    
10.82
%
    
10.53
%
FTE employees
    
975
      
945
      
958