$CTBI
COMMUNITY TRUST BANCORP INC /KY/

2024 Q3 Form 10-Q Financial Statement

#000114036124036298 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $79.81M $76.65M
YoY Change 14.84% 18.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.340M $1.320M
YoY Change -4.29% -22.35%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $27.51M $25.99M
YoY Change 6.16% 4.8%
Income Tax $5.372M $6.493M
% Of Pretax Income 19.52% 24.98%
Net Earnings $22.14M $19.50M
YoY Change 7.34% 0.49%
Net Earnings / Revenue 27.74% 25.44%
Basic Earnings Per Share $1.23 $1.09
Diluted Earnings Per Share $1.23 $1.09
COMMON SHARES
Basic Shares Outstanding 18.05M 18.03M
Diluted Shares Outstanding 17.99M 17.96M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $240.9M $161.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $62.24M $62.30M
YoY Change 38.42% 45.18%
Goodwill $65.50M $65.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.17M $29.99M
YoY Change -48.74% -13.32%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $5.963B $5.804B
YoY Change 5.82% 5.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.30M $12.26M
YoY Change 98.83% 118.93%
Accrued Expenses $15.53M $15.88M
YoY Change 16.77% 15.07%
Deferred Revenue
YoY Change
Short-Term Debt $233.3M $227.6M
YoY Change 0.1% -0.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $248.9M $243.5M
YoY Change -2.26% -2.19%
LONG-TERM LIABILITIES
Long-Term Debt $64.89M $64.95M
YoY Change -4.29% -4.2%
Other Long-Term Liabilities $50.20M $42.81M
YoY Change 60.37% 59.14%
Total Long-Term Liabilities $115.1M $107.8M
YoY Change 16.14% 13.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $248.9M $243.5M
Total Long-Term Liabilities $115.1M $107.8M
Total Liabilities $5.202B $5.085B
YoY Change 4.42% 4.62%
SHAREHOLDERS EQUITY
Retained Earnings $517.8M $504.1M
YoY Change 9.25% 9.22%
Common Stock $323.5M $322.3M
YoY Change 0.96% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $760.8M $719.3M
YoY Change
Total Liabilities & Shareholders Equity $5.963B $5.804B
YoY Change 5.82% 5.14%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $22.14M $19.50M
YoY Change 7.34% 0.49%
Depreciation, Depletion And Amortization $1.340M $1.320M
YoY Change -4.29% -22.35%
Cash From Operating Activities $36.69M $19.93M
YoY Change 45.6% 29.43%
INVESTING ACTIVITIES
Capital Expenditures $1.339M $1.524M
YoY Change -53.83% 27.0%
Acquisitions
YoY Change
Other Investing Activities -$58.70M -$84.44M
YoY Change 204.15% -33.19%
Cash From Investing Activities -$60.04M -$85.97M
YoY Change 170.45% -32.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 102.6M -65.60M
YoY Change -3.91% 361.99%
NET CHANGE
Cash From Operating Activities 36.69M 19.93M
Cash From Investing Activities -60.04M -85.97M
Cash From Financing Activities 102.6M -65.60M
Net Change In Cash 79.28M -131.6M
YoY Change -27.8% 4.14%
FREE CASH FLOW
Cash From Operating Activities $36.69M $19.93M
Capital Expenditures $1.339M $1.524M
Free Cash Flow $35.35M $18.41M
YoY Change 58.52% 29.63%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000350852
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EquitySecuritiesFvNi
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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
0
us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
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us-gaap Use Of Estimates
UseOfEstimates
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; margin-left: 36pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-align: left; text-indent: 36pt;">Significant Accounting Policies –</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of consolidated financial statements in conformity <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 48px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">with GAAP requires</span> the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes.  Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates.  Such differences could be material to our consolidated financial statements.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">We believe the application of accounting policies and the estimates required therein are reasonable.  These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change.  Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">We have identified the following significant accounting policies:</div>
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CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
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CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
140012000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
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CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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PercentageOfTotalInvestmentWithUnrealizedLosses
0.959
CY2023Q4 ctbi Percentage Of Total Investment With Unrealized Losses
PercentageOfTotalInvestmentWithUnrealizedLosses
0.973
CY2024Q2 ctbi Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than Twelve Months Amortized Cost
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThanTwelveMonthsAmortizedCost
20968000
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2023Q4 ctbi Debt Securities Available For Sale Continuous Unrealized Loss Position Twelve Months Or Longer Amortized Cost
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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NotesReceivableGross
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MortgageLoansInProcessOfForeclosureAmount
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FinancingReceivableModificationRecordedInvestmentNonaccrualStatus
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CY2023Q2 ctbi Financing Receivable Modification Recorded Investment Nonaccrual Status
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544000
CY2024Q2 ctbi Financing Receivable Loan Modifications Subsequent Default Number Of Contracts
FinancingReceivableLoanModificationsSubsequentDefaultNumberOfContracts
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CY2024Q2 ctbi Financing Receivable Loan Modifications Subsequent Default Number Of Contracts
FinancingReceivableLoanModificationsSubsequentDefaultNumberOfContracts
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
1124000
ctbi Financing Receivable Loan Modifications Subsequent Default Number Of Contracts
FinancingReceivableLoanModificationsSubsequentDefaultNumberOfContracts
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CY2023Q4 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
1500000
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OtherRealEstateAndForeclosedAssets
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3671000
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RealEstateNewAssetsAcquired
443000
CY2023Q2 ctbi Real Estate New Assets Acquired
RealEstateNewAssetsAcquired
124000
ctbi Real Estate New Assets Acquired
RealEstateNewAssetsAcquired
474000
ctbi Real Estate New Assets Acquired
RealEstateNewAssetsAcquired
175000
CY2024Q2 ctbi Capitalized Costs To Other Real Estate Owned
CapitalizedCostsToOtherRealEstateOwned
0
CY2023Q2 ctbi Capitalized Costs To Other Real Estate Owned
CapitalizedCostsToOtherRealEstateOwned
40000
ctbi Capitalized Costs To Other Real Estate Owned
CapitalizedCostsToOtherRealEstateOwned
12000
ctbi Capitalized Costs To Other Real Estate Owned
CapitalizedCostsToOtherRealEstateOwned
40000
CY2024Q2 ctbi Fair Value Adjustments To Other Real Estate Owned
FairValueAdjustmentsToOtherRealEstateOwned
7000
CY2023Q2 ctbi Fair Value Adjustments To Other Real Estate Owned
FairValueAdjustmentsToOtherRealEstateOwned
25000
ctbi Fair Value Adjustments To Other Real Estate Owned
FairValueAdjustmentsToOtherRealEstateOwned
49000
ctbi Fair Value Adjustments To Other Real Estate Owned
FairValueAdjustmentsToOtherRealEstateOwned
106000
CY2024Q2 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
76000
CY2023Q2 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
868000
us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
427000
us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
1733000
CY2024Q2 us-gaap Other Real Estate And Foreclosed Assets
OtherRealEstateAndForeclosedAssets
1626000
CY2023Q2 us-gaap Other Real Estate And Foreclosed Assets
OtherRealEstateAndForeclosedAssets
2047000
CY2024Q2 us-gaap Other Real Estate And Foreclosed Assets
OtherRealEstateAndForeclosedAssets
1626000
CY2023Q2 us-gaap Other Real Estate And Foreclosed Assets
OtherRealEstateAndForeclosedAssets
2047000
CY2024Q2 ctbi Carrying Cost And Fair Value Adjustment For Foreclosed Properties1
CarryingCostAndFairValueAdjustmentForForeclosedProperties1
20000
CY2023Q2 ctbi Carrying Cost And Fair Value Adjustment For Foreclosed Properties1
CarryingCostAndFairValueAdjustmentForForeclosedProperties1
100000
ctbi Carrying Cost And Fair Value Adjustment For Foreclosed Properties1
CarryingCostAndFairValueAdjustmentForForeclosedProperties1
100000
ctbi Carrying Cost And Fair Value Adjustment For Foreclosed Properties1
CarryingCostAndFairValueAdjustmentForForeclosedProperties1
200000
CY2024Q2 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
1626000
CY2023Q4 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
1616000
CY2024Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
-566000
CY2023Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
227000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-86000
us-gaap Gain Loss On Investments
GainLossOnInvestments
44000
CY2023Q2 ctbi Fair Value Adjustment On Collateral Dependent Loans
FairValueAdjustmentOnCollateralDependentLoans
0
CY2023 ctbi Fair Value Adjustment On Collateral Dependent Loans
FairValueAdjustmentOnCollateralDependentLoans
300000
CY2023 ctbi Fair Value Adjustment On Other Real Estate Owned
FairValueAdjustmentOnOtherRealEstateOwned
100000
CY2024Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
3054000
CY2024Q2 us-gaap Servicing Asset
ServicingAsset
7749000
CY2024Q2 ctbi Collateral Dependent Loans Fair Value Disclosure
CollateralDependentLoansFairValueDisclosure
8319000
CY2024Q2 us-gaap Other Real Estate
OtherRealEstate
471000
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
3158000
CY2023Q4 us-gaap Servicing Asset
ServicingAsset
7665000
CY2023Q4 ctbi Collateral Dependent Loans Fair Value Disclosure
CollateralDependentLoansFairValueDisclosure
8397000
CY2023Q4 us-gaap Other Real Estate
OtherRealEstate
205000
CY2024Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
0
CY2024Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
19499000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
19404000
us-gaap Net Income Loss
NetIncomeLoss
38178000
us-gaap Net Income Loss
NetIncomeLoss
38717000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17939000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17884000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17932000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17877000
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
20000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
19000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17959000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17890000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17951000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17885000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.17
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.16
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001140361-24-036298.txt Edgar Link pending
0001140361-24-036298-xbrl.zip Edgar Link pending
ctbi-20240630.xsd Edgar Link pending
ef20029701_10q.htm Edgar Link pending
ef20029701_ex31-1.htm Edgar Link pending
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