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, 2008
   
 
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, a non-accelerated filer, or a smaller reporting company.  See definition of “accelerated filer, large accelerated filer, and smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer  ü
Non-accelerated filer
Smaller reporting company
   
(Do not check if a smaller reporting company)
  

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 – 14,989,039 shares outstanding at April 30, 2008
 

 
 
 
 

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, 2007 for further information in this regard.


 
 
 

Community Trust Bancorp, Inc.
Condensed Consolidated Balance Sheets

(dollars in thousands)
  
(unaudited)
March 31
2008
    
December 31
2007
  
Assets:
            
Cash and due from banks
   $ 89,612     $ 105,209  
Federal funds sold
     56,000       32,041  
Cash and cash equivalents
     145,612       137,250  
                 
Securities available-for-sale at fair value
                
(amortized cost of $296,894 and $325,879, respectively)
     299,831       324,153  
Securities held-to-maturity at amortized cost
                
(fair value of $31,384 and $32,350, respectively)
     31,137       32,959  
Loans held for sale
     1,310       2,334  
                 
Loans
     2,251,846       2,227,897  
Allowance for loan losses
     (28,599 )     (28,054 )
Net loans
     2,223,247       2,199,843  
                 
Premises and equipment, net
     52,823       53,391  
Federal Reserve Bank and Federal Home Loan Bank stock
     28,064       28,060  
Goodwill
     65,059       65,059  
Core deposit intangible (net of accumulated amortization of $5,746 and
                
$5,588, respectively)
     1,758       1,917  
Bank owned life insurance
     23,508       23,285  
Mortgage servicing rights
     2,837       3,258  
Other assets
     29,298       31,175  
Total assets
   $ 2,904,484     $ 2,902,684  
                 
Liabilities and shareholders’ equity:
                
Deposits
                
Noninterest bearing
   $ 434,033     $ 449,861  
Interest bearing
     1,871,534       1,843,303  
Total deposits
     2,305,567       2,293,164  
                 
Repurchase agreements
     148,739       158,980  
Federal funds purchased and other short-term borrowings
     8,511       18,364  
Advances from Federal Home Loan Bank
     40,858       40,906  
Long-term debt
     61,341       61,341  
Other liabilities
     32,619       28,574  
Total liabilities
     2,597,635       2,601,329  
                 
Shareholders’ equity:
                
Preferred stock, 300,000 shares authorized and unissued
     -       -  
Common stock, $5 par value, shares authorized 25,000,000;
                
   shares outstanding 2008 – 14,979,336; 2007 – 15,044,124
     74,897       75,221  
Capital surplus
     147,586       149,005  
Retained earnings
     82,457       78,251  
Accumulated other comprehensive income (loss), net of tax
     1,909       (1,122 )
Total shareholders’ equity
     306,849       301,355  
                 
Total liabilities and shareholders’ equity
   $ 2,904,484     $ 2,902,684  


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)
2008
  
2007
  
Interest income:
        
Interest and fees on loans, including loans held for sale
 $ 39,755   $ 42,187  
Interest and dividends on securities
            
Taxable
   3,412     4,645  
Tax exempt
   474     501  
Interest and dividends on Federal Reserve and Federal Home Loan Bank stock
   509     438  
Other, including interest on federal funds sold
   530     1,407  
Total interest income
   44,680     49,178  
             
Interest expense:
            
Interest on deposits
   15,527     19,050  
Interest on repurchase agreements and other short-term borrowings
   1,468     2,158  
Interest on advances from Federal Home Loan Bank
   377     704  
Interest on long-term debt
   1,000     1,376  
Total interest expense
   18,372     23,288  
             
Net interest income
   26,308     25,890  
Provision for loan losses