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[X]
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the quarterly period ended March 31, 2008
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Or
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[ ]
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from _____________ to
_____________
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Kentucky
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61-0979818
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(State
or other jurisdiction of incorporation or organization)
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IRS
Employer Identification No.
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346
North Mayo Trail
Pikeville,
Kentucky
(address
of principal executive offices)
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41501
(Zip
Code)
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Yes ü
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No
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Large
accelerated filer
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Accelerated
filer ü
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Non-accelerated
filer
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Smaller
reporting company
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(Do
not check if a smaller reporting company)
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Yes
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No
ü
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(dollars
in thousands)
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(unaudited)
March
31
2008
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December
31
2007
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||||||
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Assets:
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Cash
and due from banks
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$ | 89,612 | $ | 105,209 | ||||
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Federal
funds sold
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56,000 | 32,041 | ||||||
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Cash
and cash equivalents
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145,612 | 137,250 | ||||||
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Securities
available-for-sale at fair value
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(amortized
cost of $296,894 and $325,879, respectively)
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299,831 | 324,153 | ||||||
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Securities
held-to-maturity at amortized cost
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(fair
value of $31,384 and $32,350, respectively)
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31,137 | 32,959 | ||||||
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Loans
held for sale
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1,310 | 2,334 | ||||||
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Loans
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2,251,846 | 2,227,897 | ||||||
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Allowance
for loan losses
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(28,599 | ) | (28,054 | ) | ||||
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Net
loans
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2,223,247 | 2,199,843 | ||||||
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Premises
and equipment, net
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52,823 | 53,391 | ||||||
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Federal
Reserve Bank and Federal Home Loan Bank stock
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28,064 | 28,060 | ||||||
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Goodwill
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65,059 | 65,059 | ||||||
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Core
deposit intangible (net of accumulated amortization of $5,746
and
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$5,588,
respectively)
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1,758 | 1,917 | ||||||
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Bank
owned life insurance
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23,508 | 23,285 | ||||||
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Mortgage
servicing rights
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2,837 | 3,258 | ||||||
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Other
assets
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29,298 | 31,175 | ||||||
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Total
assets
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$ | 2,904,484 | $ | 2,902,684 | ||||
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Liabilities
and shareholders’ equity:
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Deposits
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Noninterest
bearing
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$ | 434,033 | $ | 449,861 | ||||
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Interest
bearing
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1,871,534 | 1,843,303 | ||||||
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Total
deposits
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2,305,567 | 2,293,164 | ||||||
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Repurchase
agreements
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148,739 | 158,980 | ||||||
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Federal
funds purchased and other short-term borrowings
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8,511 | 18,364 | ||||||
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Advances
from Federal Home Loan Bank
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40,858 | 40,906 | ||||||
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Long-term
debt
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61,341 | 61,341 | ||||||
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Other
liabilities
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32,619 | 28,574 | ||||||
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Total
liabilities
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2,597,635 | 2,601,329 | ||||||
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Shareholders’
equity:
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Preferred
stock, 300,000 shares authorized and unissued
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- | - | ||||||
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Common
stock, $5 par value, shares authorized 25,000,000;
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shares outstanding 2008 – 14,979,336; 2007 – 15,044,124
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74,897 | 75,221 | ||||||
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Capital
surplus
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147,586 | 149,005 | ||||||
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Retained
earnings
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82,457 | 78,251 | ||||||
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Accumulated
other comprehensive income (loss), net of tax
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1,909 | (1,122 | ) | |||||
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Total
shareholders’ equity
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306,849 | 301,355 | ||||||
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Total
liabilities and shareholders’ equity
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$ | 2,904,484 | $ | 2,902,684 | ||||
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Three
Months Ended
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March
31
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(in
thousands except per share data)
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2008
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2007
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Interest
income:
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Interest
and fees on loans, including loans held for sale
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$ | 39,755 | $ | 42,187 | ||
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Interest
and dividends on securities
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Taxable
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3,412 | 4,645 | ||||
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Tax
exempt
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474 | 501 | ||||
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Interest
and dividends on Federal Reserve and Federal Home Loan Bank
stock
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509 | 438 | ||||
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Other,
including interest on federal funds sold
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530 | 1,407 | ||||
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Total
interest income
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44,680 | 49,178 | ||||
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Interest
expense:
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Interest
on deposits
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15,527 | 19,050 | ||||
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Interest
on repurchase agreements and other short-term borrowings
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1,468 | 2,158 | ||||
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Interest
on advances from Federal Home Loan Bank
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377 | 704 | ||||
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Interest
on long-term debt
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1,000 | 1,376 | ||||
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Total
interest expense
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18,372 | 23,288 | ||||
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Net
interest income
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26,308 | 25,890 | ||||
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Provision
for loan losses
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