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Community Trust Bancorp, Inc. Reports Earnings for the 1st Quarter 2022

Community Trust Bancorp, Inc. (NASDAQ:CTBI):

Earnings Summary

 

 

 

 

 

(in thousands except per share data)

1Q

2022

 

4Q

2021

 

1Q

2021

Net income

$19,728

 

$19,248

 

$23,618

Earnings per share

$1.11

 

$1.08

 

$1.33

Earnings per share – diluted

$1.11

 

$1.08

 

$1.33

 

 

 

 

 

 

Return on average assets

1.48%

 

1.41%

 

1.84%

Return on average equity

11.77%

 

10.94%

 

14.48%

Efficiency ratio

53.25%

 

55.40%

 

50.37%

Tangible common equity

10.93%

 

11.82%

 

11.27%

 

 

 

 

 

 

Dividends declared per share

$0.400

 

$0.400

 

$0.385

Book value per share

$36.53

 

$39.13

 

$37.14

 

 

 

 

 

 

Weighted average shares

17,820

 

17,796

 

17,774

Weighted average shares – diluted

17,832

 

17,820

 

17,787

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the first quarter 2022 of $19.7 million, or $1.11 per basic share, compared to $19.2 million, or $1.08 per basic share, earned during the fourth quarter 2021 and $23.6 million, or $1.33 per basic share, earned during the first quarter 2021. Noninterest income remained relatively flat to prior quarter, but decreased from prior year same quarter; however, our total revenue declined from both periods, primarily as a result of a decline in interest income on Paycheck Protection Program loans (PPP loans). Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021.

1st Quarter 2022 Highlights

  • Net interest income for the quarter of $40.0 million was $0.8 million, or 1.9%, below prior quarter and $0.2 million, or 0.5%, below first quarter 2021.
  • Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021.
  • Our loan portfolio increased $106.7 million, an annualized 12.7%, during the quarter but was a decline of $23.3 million, or 0.7%, from March 31, 2021. Loans, excluding PPP loans, increased $131.6 million during the quarter.
  • Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended March 31, 2022 compared to a net recovery of loan charge-offs for the fourth quarter 2021 of $8 thousand and net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the first quarter 2021.
  • Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $13.7 million at March 31, 2022 from $16.6 million at December 31, 2021 and $21.0 million at March 31, 2021. Nonperforming assets at $16.0 million decreased $4.1 million from December 31, 2021 and $11.3 million from March 31, 2021.
  • Deposits, including repurchase agreements, increased $67.5 million, an annualized 5.9%, during the quarter and $94.9 million, or 2.1%, from March 31, 2021.
  • Shareholders’ equity declined $44.8 million, or an annualized 26.0%, during the quarter due to a $58.1 million net after tax increase in unrealized losses on our securities portfolio.
  • Noninterest income for the quarter ended March 31, 2022 of $15.0 million remained relatively flat to prior quarter, but decreased $0.6 million, or 3.9%, from prior year same quarter.
  • Noninterest expense for the quarter ended March 31, 2022 of $29.4 million decreased $1.8 million, or 5.7%, from prior quarter, but increased $1.0 million, or 3.7%, from prior year same quarter.

Net Interest Income

Percent Change

1Q 2022 Compared to:

($ in thousands)

1Q

2022

4Q

2021

1Q

2021

4Q

2021

1Q

2021

Components of net interest income

Income on earning assets, tax equivalent

$43,762

$44,581

$44,428

(1.8)%

(1.5)%

Expense on interest bearing liabilities

3,495

3,541

3,969

(1.3)%

(11.9)%

Net interest income, tax equivalent

$40,267

$41,040

$40,459

(1.9)%

(0.5)%

 

Average yield and rates paid

Earning assets yield

3.46%

3.45%

3.63%

0.3%

(4.9)%

Rate paid on interest bearing liabilities

0.42%

0.42%

0.48%

0.5%

(12.3)%

Gross interest margin

3.04%

3.03%

3.15%

0.3%

(3.7)%

Net interest margin

3.18%

3.17%

3.31%

0.3%

(3.9)%

 

Average balances

Investment securities

$1,486,799

$1,498,781

$1,063,773

(0.8)%

39.8%

Loans

$3,440,439

$3,381,206

$3,548,358

1.8%

(3.0)%

Earning assets

$5,134,150

$5,133,843

$4,957,636

0.0%

3.6%

Interest-bearing liabilities

$3,350,208

$3,337,053

$3,335,206

0.4%

0.4%

Net interest income for the quarter of $40.0 million was $0.8 million, or 1.9%, below prior quarter and $0.2 million, or 0.5%, below first quarter 2021. Our net interest income excluding PPP loans for the quarter ended March 31, 2022 was $38.6 million compared to $38.3 million for the quarter ended December 31, 2021 and $36.3 million for the quarter ended March 31, 2021. Our net interest margin, on a fully tax equivalent basis, at 3.18% increased 1 basis point from prior quarter but decreased 13 basis points from prior year same quarter, as our average earning assets increased $0.3 million from prior quarter and $176.5 million from prior year same quarter. Our yield on average earning assets increased 1 basis point from prior quarter but decreased 17 basis points from prior year same quarter, and our cost of funds remained unchanged from prior quarter but decreased 6 basis points from prior year same quarter. As discussed more fully below, the impact of the PPP loans to the net interest margin for the first quarter 2022 was 11 basis points.

The PPP loan portfolio had an annualized yield for the quarter of 17.03% compared to 13.61% for the fourth quarter 2021. Interest income on the portfolio was $86 thousand during the quarter, down $98 thousand from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $1.4 million, down $0.9 million from prior quarter. These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness. The impact of the PPP loan portfolio to the net interest margin was an increase of 11 basis points for the first quarter 2022 compared to an increase of 15 basis points for the fourth quarter 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 74.2% for the quarter ended March 31, 2022 compared to 73.3% for the quarter ended December 31, 2021 and 79.9% for the quarter ended March 31, 2021.

Noninterest Income

Percent Change

1Q 2022 Compared to:

($ in thousands)

1Q

2022

4Q

2021

1Q

2021

4Q

2021

1Q

2021

Deposit related fees

$6,746

$7,083

$6,022

(4.8)%

12.0%

Trust revenue

3,248

3,305

2,951

(1.7)%

10.1%

Gains on sales of loans

597

1,241

2,433

(51.9)%

(75.5)%

Loan related fees

2,062

1,254

2,270

64.4%

(9.2)%

Bank owned life insurance revenue

691

1,036

573

(33.3)%

20.5%

Brokerage revenue

590

432

457

36.5%

29.3%

Other

1,031

626

871

64.8%

18.4%

Total noninterest income

$14,965

$14,977

$15,577

(0.1)%

(3.9)%

Noninterest income for the quarter ended March 31, 2022 of $15.0 million was relatively flat to prior quarter, but a decrease of $0.6 million, or 3.9%, from prior year same quarter. Decreases from prior quarter in gains on sales of loans ($0.6 million) and deposit related fees ($0.3 million) were offset by increases in loan related fees ($0.8 million) and securities gains ($0.3 million). The decrease from prior year same quarter included decreases in gains on sales of loans ($1.8 million) and loan related fees ($0.2 million), partially offset by increases in deposit related fees ($0.7 million), trust revenue ($0.3 million), and securities gains ($0.2 million). Gains on sales of loans were impacted by the slowdown in the industry-wide mortgage refinancing boom. Deposit related fees were primarily impacted by debit card income. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.

Noninterest Expense

Percent Change

1Q 2022 Compared to:

($ in thousands)

1Q

2022

4Q

2021

1Q

2021

4Q

2021

1Q

2021

Salaries

$11,739

$11,982

$11,412

(2.0)%

2.9%

Employee benefits

5,799

7,486

5,421

(22.5)%

7.0%

Net occupancy and equipment

2,854

2,625

2,828

8.7%

0.9%

Data processing

2,201

2,099

2,159

4.8%

1.9%

Legal and professional fees

867

868

893

(0.1)%

(2.8)%

Advertising and marketing

752

676

722

11.2%

4.1%

Taxes other than property and payroll

426

542

370

(21.3)%

15.2%

Net other real estate owned expense

353

299

318

17.8%

11.0%

Other

4,368

4,572

4,187

(4.4)%

4.3%

Total noninterest expense

$29,359

$31,149

$28,310

(5.7)%

3.7%

Noninterest expense for the quarter ended March 31, 2022 of $29.4 million decreased $1.8 million, or 5.7%, from prior quarter, but increased $1.0 million, or 3.7%, from prior year same quarter. The decrease in noninterest expense quarter over quarter was the result of a decrease in personnel expense ($1.9 million), which was primarily due to a lower accrual for bonuses and incentives. The increase from prior year same quarter was primarily the result of an increase in personnel expense year over year ($0.7 million) and loan related expenses ($0.2 million). This increase in personnel expense included increases in salaries, group medical and life insurance expense, and other employee benefits.

Balance Sheet Review

Total Loans

Percent Change

1Q 2022 Compared to:

($ in thousands)

1Q

2022

4Q

2021

1Q

2021

4Q

2021

1Q

2021

Commercial nonresidential real estate

$774,791

$757,892

$732,978

2.2%

5.7%

Commercial residential real estate

337,447

335,233

305,079

0.7%

10.6%

Hotel/motel

274,256

257,062

258,974

6.7%

5.9%

SBA guaranteed PPP loans

22,482

47,335

254,732

(52.5)%

(91.2)%

Other commercial

394,875

359,931

348,721

9.7%

13.2%

Total commercial

1,803,851

1,757,453

1,900,484

2.6%

(5.1)%

 

Residential mortgage

780,453

767,185

770,026

1.7%

1.4%

Home equity loans/lines

107,230

106,667

101,595

0.5%

5.5%

Total residential

887,683

873,852

871,621

1.6%

1.8%

 

Consumer indirect

667,387

620,825

617,305

7.5%

8.1%

Consumer direct

156,620

156,683

149,394

(0.0)%

4.8%

Total consumer

824,007

777,508

766,699

6.0%

7.5%

 

Total loans

$3,515,541

$3,408,813

$3,538,804

3.1%

(0.7)%

Total Deposits and Repurchase Agreements

Percent Change

1Q 2022 Compared to:

($ in thousands)

1Q

2022

4Q

2021

1Q

2021

4Q

2021

1Q

2021

Non-interest bearing deposits

$1,398,529

$1,331,103

$1,283,309

5.1%

9.0%

Interest bearing deposits

Interest checking

89,863

97,064

91,803

(7.4)%

(2.1)%

Money market savings

1,200,408

1,206,401

1,240,530

(0.5)%

(3.2)%

Savings accounts

666,874

632,645

574,181

5.4%

16.1%

Time deposits

1,072,630

1,077,079

1,043,949

(0.4)%

2.7%

Repurchase agreements

254,623

271,088

354,235

(6.1)%

(28.1)%

Total interest bearing deposits and repurchase agreements

3,284,398

3,284,277

3,304,698

0.0%

(0.6)%

Total deposits and repurchase agreements

$4,682,927

$4,615,380

$4,588,007

1.5%

2.1%

CTBI’s total assets at $5.4 billion increased $24.9 million, or 1.9% annualized, from December 31, 2021 and $83.0 million, or 1.5%, from March 31, 2021. Loans outstanding at March 31, 2022 were $3.5 billion, an increase of $106.7 million, an annualized 12.7%, from December 31, 2021 but a decrease of $23.3 million, or 0.7%, from March 31, 2021. Loans, excluding PPP loans, increased $131.6 million during the quarter, with a $71.3 million increase in the commercial loan portfolio, an $46.5 million increase in the indirect consumer loan portfolio, and a $13.8 million increase in the residential loan portfolio. The PPP loan portfolio declined during the quarter $24.9 million as a result of SBA forgiveness. CTBI’s investment portfolio increased $47.8 million, or an annualized 13.3%, from December 31, 2021 and $348.1 million, or 30.1%, from March 31, 2021. Deposits in other banks decreased $159.1 million from prior quarter and $250.3 million from prior year same quarter. Deposits in other banks were used during the quarter to fund loan growth and additional investments in available-for-sale securities. Deposits, including repurchase agreements, at $4.7 billion increased $67.5 million, or an annualized 5.9%, from December 31, 2021 and $94.9 million, or 2.1%, from March 31, 2021.

Shareholders’ equity at March 31, 2022 was $653.4 million, a $44.8 million, or an annualized 26.0%, decrease from the $698.2 million at December 31, 2021 and an $8.7 million, or 1.3%, decrease from the $662.1 million at March 31, 2021. The decline in shareholders’ equity is due to a $58.1 million net after tax increase during the quarter in unrealized losses on our securities portfolio. CTBI’s annualized dividend yield to shareholders as of March 31, 2022 was 3.88%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $13.7 million at March 31, 2022 from $16.6 million at December 31, 2021 and $21.0 million at March 31, 2021. Accruing loans 90+ days past due at $4.9 million decreased $1.1 million from prior quarter and $4.0 million from March 31, 2021. Nonaccrual loans at $8.8 million decreased $1.8 million during the quarter and $3.4 million from March 31, 2021. Accruing loans 30-89 days past due at $10.8 million remained relatively stable from prior quarter but decreased $2.4 million from March 31, 2021. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties at $2.3 million at March 31, 2022 was a $1.2 million decrease from the $3.5 million at December 31, 2021 and a $3.9 million decrease from the $6.2 million at March 31, 2021. Sales of foreclosed properties for the quarter ended March 31, 2022 totaled $1.1 million while new foreclosed properties totaled $0.1 million. At March 31, 2022, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended March 31, 2022 compared to a net recovery of loan charge-offs for the fourth quarter 2021 of $8 thousand and net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the first quarter 2021.

Allowance for Credit Losses

Provision for loan losses for the quarter was $0.9 million, compared to provision of $0.5 million for the quarter ended December 31, 2021 and a recovery of provision of $2.5 million for the first quarter 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at March 31, 2022 was 309.1% compared to 251.2% at December 31, 2021 and 215.5% at March 31, 2021. Our credit loss reserve as a percentage of total loans outstanding at March 31, 2022 was 1.20% (1.21% excluding PPP loans) compared to 1.22% at December 31, 2021 (1.24% excluding PPP loans) and 1.28% at March 31, 2021 (1.38% excluding PPP loans).

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.4 billion, is headquartered in Pikeville, Kentucky and has 69 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

 
Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
March 31, 2022
(in thousands except per share data and # of employees)
 
Three Three Three
Months Months Months
Ended Ended Ended
March 31, 2022 December 31, 2021 March 31, 2021
Interest income

$

43,527

 

$

44,357

 

$

44,211

 

Interest expense

 

3,495

 

 

3,541

 

 

3,969

 

Net interest income

 

40,032

 

 

40,816

 

 

40,242

 

Loan loss provision

 

875

 

 

533

 

 

(2,499

)

 
Gains on sales of loans

 

597

 

 

1,241

 

 

2,433

 

Deposit related fees

 

6,746

 

 

7,083

 

 

6,022

 

Trust revenue

 

3,248

 

 

3,305

 

 

2,951

 

Loan related fees

 

2,062

 

 

1,254

 

 

2,270

 

Securities gains (losses)

 

99

 

 

(208

)

 

(168

)

Other noninterest income

 

2,213

 

 

2,302

 

 

2,069

 

Total noninterest income

 

14,965

 

 

14,977

 

 

15,577

 

 
Personnel expense

 

17,538

 

 

19,468

 

 

16,833

 

Occupancy and equipment

 

2,854

 

 

2,625

 

 

2,828

 

Data processing expense

 

2,201

 

 

2,099

 

 

2,159

 

FDIC insurance premiums

 

355

 

 

339

 

 

326

 

Other noninterest expense

 

6,411

 

 

6,618

 

 

6,164

 

Total noninterest expense

 

29,359

 

 

31,149

 

 

28,310

 

 
Net income before taxes

 

24,763

 

 

24,111

 

 

30,008

 

Income taxes

 

5,035

 

 

4,863

 

 

6,390

 

Net income

$

19,728

 

$

19,248

 

$

23,618

 

 
Memo: TEQ interest income

$

43,762

 

$

44,581

 

$

44,428

 

 
Average shares outstanding

 

17,820

 

 

17,796

 

 

17,774

 

Diluted average shares outstanding

 

17,832

 

 

17,820

 

 

17,787

 

Basic earnings per share

$

1.11

 

$

1.08

 

$

1.33

 

Diluted earnings per share

$

1.11

 

$

1.08

 

$

1.33

 

Dividends per share

$

0.400

 

$

0.400

 

$

0.385

 

 
Average balances:
Loans

$

3,440,439

 

$

3,381,206

 

$

3,548,358

 

Earning assets

 

5,134,150

 

 

5,133,843

 

 

4,957,636

 

Total assets

 

5,417,800

 

 

5,418,854

 

 

5,219,406

 

Deposits, including repurchase agreements

 

4,633,988

 

 

4,612,010

 

 

4,442,647

 

Interest bearing liabilities

 

3,350,208

 

 

3,337,053

 

 

3,335,206

 

Shareholders' equity

 

679,527

 

 

697,727

 

 

661,302

 

 
Performance ratios:
Return on average assets

 

1.48

%

 

1.41

%

 

1.84

%

Return on average equity

 

11.77

%

 

10.94

%

 

14.48

%

Yield on average earning assets (tax equivalent)

 

3.46

%

 

3.45

%

 

3.63

%

Cost of interest bearing funds (tax equivalent)

 

0.42

%

 

0.42

%

 

0.48

%

Net interest margin (tax equivalent)

 

3.18

%

 

3.17

%

 

3.31

%

Efficiency ratio (tax equivalent)

 

53.25

%

 

55.40

%

 

50.37

%

 
Loan charge-offs

$

1,320

 

$

865

 

$

1,470

 

Recoveries

 

(998

)

 

(873

)

 

(1,293

)

Net charge-offs

$

322

 

$

(8

)

$

177

 

 
Market Price:
High

$

46.30

 

$

46.21

 

$

47.53

 

Low

$

40.53

 

$

41.05

 

$

36.02

 

Close

$

41.20

 

$

43.61

 

$

44.03

 

 
As of As of As of
March 31, 2022 December 31, 2021 March 31, 2021
Assets:
Loans

$

3,515,541

 

$

3,408,813

 

$

3,538,804

 

Loan loss reserve

 

(42,309

)

 

(41,756

)

 

(45,346

)

Net loans

 

3,473,232

 

 

3,367,057

 

 

3,493,458

 

Loans held for sale

 

1,941

 

 

2,632

 

 

17,748

 

Securities AFS

 

1,503,165

 

 

1,455,429

 

 

1,155,195

 

Equity securities at fair value

 

2,352

 

 

2,253

 

 

2,243

 

Other equity investments

 

13,026

 

 

13,026

 

 

14,858

 

Other earning assets

 

108,222

 

 

267,286

 

 

358,529

 

Cash and due from banks

 

58,352

 

 

46,558

 

 

66,664

 

Premises and equipment

 

40,738

 

 

40,479

 

 

40,997

 

Right of use asset

 

11,941

 

 

12,148

 

 

12,787

 

Goodwill and core deposit intangible

 

65,490

 

 

65,490

 

 

65,490

 

Other assets

 

164,674

 

 

145,899

 

 

132,150

 

Total Assets

$

5,443,133

 

$

5,418,257

 

$

5,360,119

 

 
Liabilities and Equity:
Interest bearing checking

$

89,863

 

$

97,064

 

$

91,803

 

Savings deposits

 

1,867,282

 

 

1,839,046

 

 

1,814,711

 

CD's >=$100,000

 

590,476

 

 

589,853

 

 

547,767

 

Other time deposits

 

482,154

 

 

487,226

 

 

496,182

 

Total interest bearing deposits

 

3,029,775

 

 

3,013,189

 

 

2,950,463

 

Noninterest bearing deposits

 

1,398,529

 

 

1,331,103

 

 

1,283,309

 

Total deposits

 

4,428,304

 

 

4,344,292

 

 

4,233,772

 

Repurchase agreements

 

254,623

 

 

271,088

 

 

354,235

 

Other interest bearing liabilities

 

58,711

 

 

58,716

 

 

58,731

 

Lease liability

 

12,796

 

 

13,005

 

 

13,549

 

Other noninterest bearing liabilities

 

35,328

 

 

32,954

 

 

37,763

 

Total liabilities

 

4,789,762

 

 

4,720,055

 

 

4,698,050

 

Shareholders' equity

 

653,371

 

 

698,202

 

 

662,069

 

Total Liabilities and Equity

$

5,443,133

 

$

5,418,257

 

$

5,360,119

 

 
Ending shares outstanding

 

17,884

 

 

17,843

 

 

17,826

 

 
30 - 89 days past due loans

$

10,838

 

$

10,874

 

$

13,204

 

90 days past due loans

 

4,858

 

 

5,954

 

 

8,816

 

Nonaccrual loans

 

8,832

 

 

10,671

 

 

12,223

 

Restructured loans (excluding 90 days past due and nonaccrual)

 

70,814

 

 

69,827

 

 

68,485

 

Foreclosed properties

 

2,299

 

 

3,486

 

 

6,224

 

 
Community bank leverage ratio

 

13.15

%

 

13.00

%

 

12.70

%

Tangible equity to tangible assets ratio

 

10.93

%

 

11.82

%

 

11.27

%

FTE employees

 

963

 

 

974

 

 

970

 

 

Contacts

Mark A. Gooch

Vice Chairman, President, and CEO

Community Trust Bancorp, Inc.

(606) 437-3229

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