Community Trust Bancorp, Inc. Reports Earnings for the Second Quarter 2020

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[{"type":"text","content":" PIKEVILLE, Ky.--(BUSINESS WIRE)-- Community Trust Bancorp, Inc. (NASDAQ: CTBI):\n\n\nEarnings Summary\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n(in thousands except per share data)\n\n\n\n2Q\n2020\n\n\n\n1Q\n2020\n\n\n\n2Q\n2019\n\n\n\n6 Months\n2020\n\n\n\n6 Months\n2019\n\n\n\n\n\nNet income\n\n\n\n$19,652\n\n\n\n$6,579\n\n\n\n$18,324\n\n\n\n$26,231\n\n\n\n$33,263\n\n\n\n\n\nEarnings per share\n\n\n\n$1.11\n\n\n\n$0.37\n\n\n\n$1.03\n\n\n\n$1.48\n\n\n\n$1.88\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n$1.11\n\n\n\n$0.37\n\n\n\n$1.03\n\n\n\n$1.48\n\n\n\n$1.88\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nReturn on average assets\n\n\n\n1.63%\n\n\n\n0.60%\n\n\n\n1.69%\n\n\n\n1.14%\n\n\n\n1.56%\n\n\n\n\n\nReturn on average equity\n\n\n\n12.66%\n\n\n\n4.24%\n\n\n\n12.45%\n\n\n\n8.45%\n\n\n\n11.54%\n\n\n\n\n\nEfficiency ratio\n\n\n\n55.17%\n\n\n\n59.18%\n\n\n\n62.22%\n\n\n\n57.12%\n\n\n\n61.39%\n\n\n\n\n\nTangible common equity\n\n\n\n11.42%\n\n\n\n12.77%\n\n\n\n12.27%\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nDividends declared per share\n\n\n\n$0.38\n\n\n\n$0.38\n\n\n\n$0.36\n\n\n\n$0.76\n\n\n\n$0.72\n\n\n\n\n\nBook value per share\n\n\n\n$35.51\n\n\n\n$34.46\n\n\n\n$33.46\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nWeighted average shares\n\n\n\n17,739\n\n\n\n17,752\n\n\n\n17,721\n\n\n\n17,746\n\n\n\n17,717\n\n\n\n\n\nWeighted average shares - diluted\n\n\n\n17,742\n\n\n\n17,763\n\n\n\n17,733\n\n\n\n17,753\n\n\n\n17,728\n\n\n\n\n\nCommunity Trust Bancorp, Inc. (NASDAQ-CTBI) reports record earnings for the second quarter 2020 of $19.7 million, or $1.11 per basic share, compared to $6.6 million, or $0.37 per basic share, earned during the first quarter 2020 and $18.3 million, or $1.03 per basic share, earned during the second quarter 2019. The increase in earnings for the quarter was impacted by a $12.8 million positive variance in charges to the provision for credit losses. Year-to-date earnings for the six months ended June 30, 2020 were $26.2 million, or $1.48 per basic share, compared to $33.3 million, or $1.88 per basic share, for the six months ended June 30, 2019.\n\n\nWe continue to work diligently with our customers as we all continue to battle COVID-19. At June 30, 2020, we had 3,668 COVID-19 loan d...

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