SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2007
   
 
Or
   
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to _____________
   

Commission file number 0-11129

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.
   
346 North Mayo Trail
Pikeville, Kentucky
(address of principal executive offices)
41501
(Zip Code)

(606) 432-1414
(Registrant's telephone number)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ü
No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer ü
Non-accelerated filer

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes
No ü

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date.

Common stock - 15,216,524 shares outstanding at April 30, 2007
 
 

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
 
   
 
 
 
 
   
 
 
 
PART II - OTHER INFOMRATION
 
 
 
 
 
 
 
 

 
PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements
 
The accompanying information has not been audited by independent registered public accountants; however, in the opinion of management such information reflects all adjustments necessary for a fair presentation of the results for the interim period. All such adjustments are of a normal and recurring nature.

The accompanying condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Registrant's annual report on Form 10-K. Accordingly, the reader of the Form 10-Q should refer to the Registrant's Form 10-K for the year ended December 31, 2006 for further information in this regard.
 
Community Trust Bancorp, Inc.
Condensed Consolidated Balance Sheets

(dollars in thousands)
  
(unaudited)
March 31
2007
  
 
December 31
2006
  
Assets:
              
Cash and due from banks
  
$
79,865
  
$
95,438
  
Federal funds sold
    
192,545
    
62,100
  
Cash and cash equivalents
    
272,410
    
157,538
  
               
Securities available-for-sale at fair value
              
(amortized cost of $444,667 and $430,867, respectively)
    
440,587
    
425,851
  
Securities held-to-maturity at amortized cost
             
(fair value of $37,371 and $39,015, respectively)
    
38,655
    
40,508
  
Federal Reserve Bank and Federal Home Loan Bank stock
    
28,032
    
28,027
  
Loans held for sale
    
893
    
1,431
  
               
Loans
    
2,171,484
    
2,167,458
  
Allowance for loan losses
    
(27,077
)
  
(27,526
)
Net loans
    
2,144,407
    
2,139,932
  
               
Premises and equipment, net
    
55,148
    
55,665
  
Goodwill
    
65,059
    
65,059
  
Core deposit intangible (net of accumulated amortization of $5,112 and
              
$4,953, respectively)
    
2,393
    
2,551
  
Bank owned life insurance
    
21,136
    
20,937
  
Other assets
    
30,066
    
32,262
  
Total assets
  
$
3,098,786
  
$
2,969,761
  
               
Liabilities and shareholders’ equity:
              
Deposits
              
Noninterest bearing
  
$
435,023
  
$
429,994
  
Interest bearing
    
1,958,009
    
1,911,173
  
Total deposits
    
2,393,032
    
2,341,167
  
               
Repurchase agreements
    
168,441
    
161,630
  
Federal funds purchased and other short-term borrowings
    
17,640
    
15,940
  
Advances from Federal Home Loan Bank
    
81,133
    
81,245
  
Long-term debt
    
120,841
    
61,341
  
Other liabilities
    
29,901
    
26,063
  
Total liabilities
    
2,810,988
    
2,687,386
  
               
Shareholders’ equity:
              
Preferred stock, 300,000 shares authorized and unissued
              
Common stock, $5 par value, shares authorized 25,000,000;
              
shares outstanding 2007 - 15,203,172; 2006 - 15,158,176
    
76,016
    
75,791
  
Capital surplus
    
152,259
    
150,965
  
Retained earnings
    
62,175
    
58,879
  
Accumulated other comprehensive loss, net of tax
    
(2,652
)
  
(3,260
)
Total shareholders’ equity
    
287,798
    
282,375
  
               
Total liabilities and shareholders’ equity
  
$
3,098,786
  
$
2,969,761
  
 
See notes to condensed consolidated financial statements.
 
Community Trust Bancorp, Inc.
Condensed Consolidated Statements of Income and Other Comprehensive Income
(unaudited)

   
Three Months Ended
  
   
March 31
  
(in thousands except per share data)
  
2007
  
2006
  
Interest income:
              
Interest and fees on loans, including loans held for sale
  
$
42,187
  
$
38,083
  
Interest and dividends on securities
              
Taxable
    
4,645
    
4,440
  
Tax exempt
    
501
    
520
  
Interest and dividends on other equity investments
    
438
    
381
  
Other, including interest on federal funds sold
    
1,408
    
964
  
Total interest income
    
49,179
    
44,388
  
               
Interest expense:
              
Interest on deposits
    
19,051
    
13,830
  
Interest on repurchase agreements and other short-term borrowings
    
2,158
    
1,846
  
Interest on advances from Federal Home Loan Bank
    
704
    
1,001
  
Interest on long-term debt
    
1,376
    
1,354
  
Total interest expense
    
23,289