Market Newsdesk

Vincent Roche to Succeed Ray Stata as Chair of Analog Devices in 2022

WILMINGTON, Mass.–(BUSINESS WIRE)–Analog Devices, Inc. (NASDAQ: ADI) today announced that its Board of Directors has appointed President and CEO Vincent Roche as Chair of the Board, effective as of the date of ADI’s 2022 Annual Meeting of Shareholders. Roche will succeed Ray Stata, who has served as Chair of the Board since 1973 and will become only the second Chair in ADI’s history. Stata will stand for reelection as a director at ADI’s 2022 Annual Meeting of Shareholders.

“Vince has shown remarkable leadership of ADI as our President and CEO. We are certain that this appointment strengthens his ability to continue his leadership of ADI, as the Company continues to develop even more complete, high-performance solutions for our customers,” Stata said. “Since its inception in 1965, ADI has remained at the forefront of breakthrough innovation and technological advancements, and I am confident that the Company will continue on this trajectory with Vince as our Chair.”

“ADI has grown exponentially over the five decades that Ray has served as Chair, and I am honored to be appointed as his successor,” said Roche. “I personally thank him for his many years of service as our Chair and his significant contributions to ADI’s considerable success. I look forward to Ray’s continued involvement in ADI as a member of the Board.”

In 1965, Stata co-founded ADI with his Massachusetts Institute of Technology (MIT) fellow graduate, Matthew Lorber. Stata served as President of ADI from 1971 to 1991 and as CEO of the Company from 1973 to 1996. For Stata’s complete biography, the biographies of other members of ADI’s Board of Directors, as well as other corporate governance information, visit https://investor.analog.com/.

About Analog Devices

Analog Devices, Inc. (Nasdaq: ADI) operates at the center of the modern digital economy, converting real-world phenomena into actionable insight with its comprehensive suite of analog and mixed signal, power management, radio frequency (RF), and digital and sensor technologies. ADI serves 125,000 customers worldwide with more than 75,000 products in the industrial, communications, automotive, and consumer markets. ADI is headquartered in Wilmington, MA. Visit http://www.analog.com.

(ADI-WEB)

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Brittany Stone

917-935-1456

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Semiconductor Engineering Automotive Manufacturing Technology Manufacturing Hardware

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FirstEnergy Ohio Utilities’ Competitive Bidding Process Auction: Information Session for Prospective Bidders on Wednesday, January 19, 2022

BOSTON–(BUSINESS WIRE)–CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that an auction process will be conducted for FirstEnergy Corp.’s (NYSE: FE) Ohio utilities to procure full requirements service for their Standard Service Offer customers. The auction process will lead up to the auction scheduled for March 7, 2022.

The bidding process will use a descending-price clock auction format. The auction will be managed by the Auction Manager, CRA International, Inc. The auction is being conducted pursuant to the auction schedule approved by the Public Utilities Commission of Ohio (PUCO).

The Information Session for prospective bidders for the March auction is scheduled for Wednesday, January 19, 2022. Instructions on how to join the WebEx session are available on the Auction Information Website at www.firstenergycbp.com. Part 1 Applications from prospective bidders will be accepted starting January 20 and are due no later than February 2. For successful Part 1 applicants, the submission window for the Part 2 Application process will be February 9 through February 22.

Additional information about the auction process can be found at the Information Website at www.firstenergycbp.com.

About CRA International, Inc. and its Auctions & Competitive Bidding Practice

CRA is a global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world and celebrated its 50^th anniversary in 2015. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook. CRA’s Auctions & Competitive Bidding Practice offers businesses, governments, bidders, and other market participants extensive experience in auction and market design, implementation, monitoring, and participation. More information about CRA’s Auctions & Competitive Bidding Practice is available at www.auctions.crai.com.

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Media Relations

Charles River Associates

[email protected]

617-425-3620

Nicholas Manganaro

Sharon Merrill Associates, Inc.

[email protected]

617-542-5300

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Consulting Professional Services Finance

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Independent Research Firm Names Verint Workforce Engagement a Leader in Workforce Optimization Evaluation

MELVILLE, N.Y.–(BUSINESS WIRE)–Verint^® (NASDAQ: VRNT), The Customer Engagement Company^™, today announced that its Workforce Engagement solution has been named a leader in The Forrester Wave^™: Workforce Optimization Platforms Q4 2021 report.*

According to the report, “Verint’s unified suite is a key strength; it spans end-to-end workforce optimization (WFO) including cross-channel workforce management (WFM), quality management, performance management and reporting. Verint is cited as a leader, receiving the highest score in the prescriptive analytics criterion.

The report, authored by Forrester senior analyst Vasupradha Srinivasan, noted, “Verint’s sophisticated suite is rooted in an end-to-end approach to WFO. Verint draws on its customer service and WFM heritage and keeps on top of all things new in the evolving WFO landscape. The company has a solid strategy centered on a customer focused go-to-market approach, an agile platform, and a product enhancement framework that supports emerging areas like remote work, automated workflows, and insights-driven WFO.”

Verint also received the highest scores possible in 17 criteria including intraday schedule management, interaction recording, automated quality management, speech and text analytics, artificial intelligence and machine learning, performance management, unified agent workspace, interactive schedule management, partner ecosystem, delivery model, and planned enhancements.

The report states, “The integrated suite enables seamless cross-domain workflows and is a single solution for both supervisors and agents. Its mobile-enabled, employee-centered features for scheduling and performance tracking with built-in gamification are a hit with customers.”

“We’re honored to be a leader in this Forrester Wave report,” says Verint’s Celia Fleischaker, chief marketing officer. “We’re continually innovating and delivering capabilities to address the needs of brands as they orchestrate customer journeys that span the enterprise and deliver a connected experience across channels.”

Workforce Optimization capabilities are part of Verint Workforce Engagement solutions, which were analyzed in the 2021 Forrester Consulting Total Economic Impact™ Study commissioned by Verint. The study examined the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint solutions. Through customer interviews and financial analysis, Forrester found that a composite organization experiences benefits of $52.4 million over three years versus costs of $10.68 million, and a 391 percent return on investment over three years with a payback period of under six months.

Visit Verint Workforce Engagement to learn more.

About Verint

Verint^® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement^™ to help customers close The Engagement Capacity Gap^™.

Verint. The Customer Engagement Company^™. Learn more at Verint.com.

*The Forrester Wave^™: Workforce Optimization Platforms Q4 2021 report. December 2021

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, VERINT DA VINCI, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

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Media Relations

Amy Curry

[email protected]

Analyst Relations

Ryan Zuk

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Investor Relations

Matthew Frankel

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KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Data Management Professional Services Technology Software Human Resources

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IT Leaders Prioritize Secure Remote Work

Respondents to Citrix survey see enabling distributed collaboration as job number one

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–
Two years ago, IT leaders were forced into remote work. Many viewed it as a temporary experiment. Today, they see it for what it is: the future of work. And they’ve made it their top priority. According to the results of a Pulse survey conducted by Citrix Systems, Inc. (NASDAQ:CTXS), 100 percent of 400 IT and security leaders across North America, EMEA, and APAC have adopted the hybrid model, and rank enabling it as job number one for their organizations.

“In 2020, IT was focused on survival amid the great remote work pressure test. In 2021, they overhauled their infrastructure and strategies to accommodate this new model. And in 2022, they will enact flexible technology strategies and workplace policies to deliver what is clearly the future of work,” said Meerah Rajavel, Chief Information Officer, Citrix.

Leading the Charge

Business leaders who once bristled at the idea of remote work because they didn’t think employees could deliver outside the office now see the benefits it can deliver in terms of employee productivity and experience. They are calling on IT to enable it, and as revealed by the Citrix-Pulse survey, they’re answering.

When asked to rank their top five priorities over the next five years, respondents said:

• Enabling distributed collaboration
• Ensuring always-on availability
• Empowering individual focus
• Providing a consistent, consumer-like experience from device to device and location to location
• Automating work

Leaping Hurdles

But they’ll face some challenges in executing. When asked to identify the top obstacles to driving digital transformation, Citrix survey participants cited:

• Lack of understanding the needs across the business to effectively prioritize investments (41 percent)
• Cumbersome, complex infrastructure (34 percent)
• Lack of investment in cloud (24 percent)

Security is also a concern. When asked what they see as the top risks opened by remote and hybrid work, those polled called out:

• Ransomware attacks (41 percent)
• Insider threats (18 percent)
• API/software breaches and vulnerabilities (16 percent)
• Phishing and cloud-related attacks (15 percent)

And, their teams are stretched to the max, with respondents noting:

• 70 percent are working more hours
• 56 percent are leaving
• 50 percent are experiencing decreased productivity
• 49 percent are less satisfied with their jobs
• 24 percent are disengaged

Pushing Forward

How do the leaders polled plan to overcome these challenges? By focusing on seven key things:

• Bridging the cybersecurity gap (32 percent)
• Managing the pace of digital acceleration with cybersecurity investment (29 percent)
• Zero Trust Network Access (14 percent)
• Vendor consolidation/simplification (13 percent)
• Security AI and automation (7 percent)
• App/API protection and/or browser isolation for SaaS and web apps (3 percent)
• Acceleration to SASE (2 percent)

“When it comes to securing a workforce that cycles in and out of the office, ensuring an even playing field for collaboration and supporting employees through what remains a time of unprecedented upheaval, IT can no longer afford to make yesterday’s compromises between distributed collaboration and security,” Rajavel said. “Instead, they must implement solutions and strategies that help them balance these seemingly competing priorities and chart a new course that allows them to deliver the future of flexible work.”

Citrix provides a powerful set of secure access solutions that combine a full cloud-delivered security stack integrated with identity-aware Zero Trust Network Access (ZTNA) to give employees the freedom and choice to work when, where and how they choose, while ensuring that corporate information and devices remain safe. Click here to learn more about these solutions and how you can use them to build a workplace that wins.

About Citrix

Citrix (NASDAQ: CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience, and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.

For Citrix Investors:

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the impact of the global economy and uncertainty in the IT spending environment, revenue growth and recognition of revenue, products and services, their development and distribution, product demand and pipeline, economic and competitive factors, the Company’s key strategic relationships, acquisition and related integration risks as well as other risks detailed in the Company’s filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. The development, release and timing of any features or functionality described for our products remains at our sole discretion and is subject to change without notice or consultation. The information provided is for informational purposes only and is not a commitment, promise or legal obligation to deliver any material, code or functionality and should not be relied upon in making purchasing decisions or incorporated into any contract.

© 2022 Citrix Systems, Inc. Citrix, the Citrix logo, and other marks appearing herein are the property of Citrix Systems, Inc. and may be registered with the U.S. Patent and Trademark Office and in other countries. All other marks are the property of their respective owners.

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Karen Master

Citrix

+1 216-396-4683

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Data Management Security Technology Software Networks Hardware

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QIAGEN N.V. to release results for Q4 2021 and Full-Year of 2021

VENLO, the Netherlands–(BUSINESS WIRE)–
QIAGEN N.V. (NYSE: QGEN) (Frankfurt Stock Exchange: QIA) announced today that it plans to release its report on results for the fourth quarter and full-year results of 2021 on Tuesday, February 8, at approximately 16:05 Eastern Standard Time (EST) / 22:05 Central European Time (CET).

A conference call is scheduled for Wednesday, February 9 at 15:00 Frankfurt time / 14:00 London time / 09:00 New York time. It will be hosted by Thierry Bernard, Chief Executive Officer, and Roland Sackers, Chief Financial Officer.

Conference call and webcast details

Please use the following link to have the conference call you: Connect Me. This „click to join function” will be available 15 minutes before the call starts. Please enter your name, company and phone number, and you will be connected to the call.

Alternatively, you may listen to the call by dialling:

+1 929 477 0402 (U.S.), +44 (0)330 336 9125 (UK), +49 (0) 69 2222 25574 (Germany)

To avoid waiting time, please join the event conference 5-10 minutes prior to the start time.

Conference ID: 5585677

The webcast will be accessible at:

https://globalmeet.webcasts.com/starthere.jsp?ei=1523538&tp_key=66be96605b

A conference call replay will be available by using the following link:

https://globalmeet.webcasts.com/starthere.jsp?ei=1523538&tp_key=66be96605b

Contact: [email protected]

About QIAGEN

QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare), Applied Testing (primarily forensics), Pharma (pharma and biotech companies) and Academia (life sciences research). As of December 31, 2021, QIAGEN employed more than 6,000 people in over 35 locations worldwide. Further information can be found at http://www.qiagen.com.

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John Gilardi

Vice President, Head of Corporate Communications and Investor Relations

+49 2103 29 11711

+1 240 686 2222

Email: [email protected]

Phoebe Loh

Senior Director Investor Relations

+49 2103 29 11457

Email: [email protected]

KEYWORDS: Netherlands Europe

INDUSTRY KEYWORDS: Professional Services Medical Supplies Health Other Professional Services Pharmaceutical Biotechnology

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Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2021 of $19.2 million, or $1.08 per basic share, compared to $21.1 million, or $1.19 per basic share, earned during the third quarter 2021 and $15.8 million, or $0.89 per basic share, earned during the fourth quarter 2020. Noninterest income increased quarter over quarter; however, our total revenue declined primarily as a result of a $1.8 million decline in interest income on Paycheck Protection Program loans (PPP loans). Earnings for the year ended December 31, 2021 were $87.9 million compared to $59.5 million for the year ended December 31, 2020.

4^th Quarter 2021 Highlights

• Net interest income for the quarter of $40.8 million was $1.2 million, or 2.9%, below prior quarter but $2.2 million, or 5.7%, above fourth quarter 2020.

• Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021. Provision for credit losses for the fourth quarter 2020 totaled $1.0 million.

• Our loan portfolio increased $10.6 million, an annualized 1.2%, during the quarter but was a decline of $145.4 million, or 4.1%, from December 31, 2020. Loans, excluding PPP loans, increased $62.4 million during the quarter.

• We experienced a net recovery of loan charge-offs for the quarter of $8 thousand. Net charge-offs for the quarter ended September 30, 2021, were $0.3 million, or 0.04% of average loans annualized, and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020.

• Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020. Nonperforming assets at $20.1 million decreased $2.9 million from September 30, 2021 and $14.2 million from December 31, 2020.

• Deposits, including repurchase agreements, increased $27.1 million, an annualized 2.3%, during the quarter and $243.4 million, or 5.6%, from December 31, 2020.

• Noninterest income for the quarter ended December 31, 2021 of $15.0 million increased from prior quarter by $0.6 million, or 4.1%, but decreased $0.3 million, or 1.8%, from prior year same quarter.

• Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter, but decreased $2.5 million, or 7.4%, from prior year same quarter.

• We experienced a $5.8 million decline in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021. Our effective income tax rate for the year 2021 was 16% compared to 14% for the year 2020.

COVID-19

We continue working with our customers through the COVID-19 pandemic. At December 31, 2021, there was one customer with a CARES Act deferral outstanding in the amount of $1.4 million. The CARES Act loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act. Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

At December 31, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including 3,352 loans totaling $124.3 million stemming from the Consolidated Appropriations Act 2021 (second round). Through December 31, 2021, we have had 5,543 of our PPP loans totaling $351.8 million forgiven by the SBA, including 2,608 loans totaling $76.1 million from the second round.

Net Interest Income

Net interest income for the quarter of $40.8 million decreased $1.2 million, or 2.9%, from third quarter 2021 but increased $2.2 million, or 5.7%, from fourth quarter 2020. Our net interest income excluding PPP loans for the quarter ended December 31, 2021 was $38.3 million compared to $37.7 million for the quarter ended September 30, 2021 and $36.9 million for the quarter ended December 31, 2020. Our net interest margin at 3.17% decreased 6 basis points from prior quarter and 3 basis points from prior year same quarter, as our average earning assets decreased $50.9 million from prior quarter but increased $312.6 million from prior year same quarter. Our yield on average earning assets decreased 7 basis points from prior quarter and 13 basis points from prior year same quarter, and our cost of funds decreased 1 basis points from prior quarter and 13 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 fourth quarter 2021 was 15 basis points. Net interest income for the year ended December 31, 2021 increased $12.1 million, or 8.0%, compared to the year ended December 31, 2020. Interest income recognized on PPP loans increased $8.7 million year over year.

The PPP loan portfolio had an annualized yield for the quarter of 13.61% compared to 12.24% for the third quarter 2021. Interest income on the portfolio was $0.2 million during the quarter, down $0.2 million 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 $2.3 million, down $1.7 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 15 basis points for the fourth quarter 2021 compared to 25 basis points for the third quarter 2021 and 18 basis points for the year ended December 31, 2021 while the margin was negatively impacted by one basis point for the year ended December 31, 2020.

Our ratio of average loans to deposits, including repurchase agreements, was 73.3% for the quarter ended December 31, 2021 compared to 73.1% for the quarter ended September 30, 2021 and 82.3% for the quarter ended December 31, 2020.

Noninterest Income

Noninterest income for the quarter ended December 31, 2021 of $15.0 million was an increase of $0.6 million, or 4.1%, from prior quarter but a decrease of $0.3 million, or 1.8%, from prior year same quarter. The increase from prior quarter included increases in bank owned life insurance revenue ($0.4 million), trust revenue ($0.3 million), and loan related fees ($0.2 million). The decrease from prior year same quarter included decreases in gains on sales of loans ($1.3 million), securities gains ($0.6 million), and loan related fees ($0.5 million), partially offset by increases in deposit service charges ($0.8 million), trust revenue ($0.5 million), net gains on other real estate owned ($0.5 million), and bank owned life insurance revenue ($0.5 million).

Noninterest income for the year ended December 31, 2021 of $60.5 million was a $5.9 million, or 10.8% increase from the year ended December 31, 2020. The year over year increase in noninterest income was driven by increases in deposit service charges ($3.1 million), trust revenue ($1.7 million), loan related fees ($1.5 million), brokerage revenue ($0.5 million), bank owned life insurance revenue ($0.5 million), and net gains on other real estate owned ($0.4 million), partially offset by decreases in securities gains ($1.9 million), net gains on loans ($0.4 million), and OREO rental income ($0.2 million). Deposit service charges were primarily impacted year over year by an increase in debit card income. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights. Gains on sales of loans were impacted year over year by the slowdown in the industry-wide refinancing boom.

Noninterest Expense

Noninterest expense for the quarter ended December 31, 2021 of $31.1 million increased $0.8 million, or 2.7%, from prior quarter but decreased $2.5 million, or 7.4%, from prior year same quarter. The increase in noninterest expense quarter over quarter was primarily the result of an increase in post-retirement benefits. The decrease from prior year same quarter was the result of decreases in taxes other than property and payroll ($1.3 million), personnel expense ($0.6 million), and net other real estate owned expense ($0.4 million). The increase in personnel expense included a $1.8 million increase in bonuses and incentives as we increased the accruals for incentive payments based on earnings for the year.

Noninterest expense for the year ended December 31, 2021 of $119.3 million remained relatively flat to prior year, as a $7.7 million increase in personnel expense was offset by decreases in taxes other than property and payroll ($5.6 million), net other real estate owned expense ($1.3 million), and legal and professional fees ($0.5 million). The increase in personnel expense year over year was primarily due to incentive accruals. We experienced a $5.8 million decline in franchise taxes included in taxes other than property and payroll year over year and a corresponding increase in income taxes, as a result of the Kentucky enacted legislation requiring financial institutions to transition from a bank franchise tax to the Kentucky corporate income tax beginning in 2021.

Balance Sheet Review

CTBI’s total assets at $5.4 billion increased $32.7 million, or 2.4% annualized, from September 30, 2021 and $279.1 million, or 5.4%, from December 31, 2020. Loans outstanding at December 31, 2021 were $3.4 billion, an increase of $10.6 million, an annualized 1.2%, from September 30, 2021 but a decrease of $145.4 million, or 4.1%, from December 31, 2020. Loans, excluding PPP loans, increased $62.4 million during the quarter, with a $46.4 million increase in the commercial loan portfolio, an $8.4 million increase in the indirect consumer loan portfolio, a $5.9 million increase in the residential loan portfolio, and a $1.7 million increase in the direct consumer loan portfolio. The PPP loan portfolio declined during the quarter $51.8 million as a result of SBA forgiveness. CTBI’s investment portfolio decreased $70.5 million, or an annualized 18.3%, from September 30, 2021 but increased $457.9 million, or 45.8%, from December 31, 2020. Deposits in other banks increased $124.5 million from prior quarter but decreased $18.8 million from prior year same quarter. Deposits, including repurchase agreements, at $4.6 billion increased $27.1 million, or an annualized 2.3%, from September 30, 2021 and $243.4 million, or 5.6%, from December 31, 2020.

Shareholders’ equity at December 31, 2021 was $698.2 million, a $6.6 million, or an annualized 3.8%, increase from the $691.6 million at September 30, 2021 and a $43.3 million, or 6.6%, increase from the $654.9 million at December 31, 2020. CTBI’s annualized dividend yield to shareholders as of December 31, 2021 was 3.67%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, decreased to $16.6 million at December 31, 2021 from $18.7 million at September 30, 2021 and $26.6 million at December 31, 2020. Accruing loans 90+ days past due at $6.0 million decreased $0.7 million from prior quarter and $11.2 million from December 31, 2020. Nonaccrual loans at $10.7 million decreased $1.4 million during the quarter but increased $1.2 million from December 31, 2020. Accruing loans 30-89 days past due at $10.9 million increased $2.0 million from prior quarter but decreased $1.6 million from December 31, 2020. 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 $3.5 million at December 31, 2021 was a $0.8 million decrease from the $4.3 million at September 30, 2021 and a $4.2 million decrease from the $7.7 million at December 31, 2020. Sales of foreclosed properties for the quarter ended December 31, 2021 totaled $0.9 million while new foreclosed properties totaled $0.3 million. At December 31, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

We experienced a net recovery of loan charge-offs for the quarter of $8 thousand, compared to net loan charge-offs of $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2021 and $0.9 million, or 0.10% of average loans annualized, for the fourth quarter 2020. For the year ended December 31, 2021, we experienced a net recovery of loan losses of $0.1 million compared to net charge-offs of $6.2 million, or 0.18% of average loans annualized, for the year ended December 31, 2020.

Allowance for Credit Losses

Provision for credit losses for the fourth quarter 2021 was $0.5 million compared to a recovery of provision of $0.2 million during the quarter ended September 30, 2021. Provision for credit losses for the fourth quarter 2020 totaled $1.0 million. We experienced a recovery of provision for credit losses for the year 2021 of $6.4 million compared to provision for credit losses of $16.0 million for the year 2020. The reduction to our allowance for credit losses during the year was the result of positive credit metrics, the lack of pandemic related losses provided for in 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2021 was 251.2% compared to 220.0% at September 30, 2021 and 180.7% at December 31, 2020. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2021 was 1.22% (1.24% excluding PPP loans) compared to 1.21% at September 30, 2021 (1.25% excluding PPP loans) and 1.35% at December 31, 2020 (1.45% 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 70 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220119005436/en/

Community Trust Bancorp, Inc.

Jean R. Hale, (606) 437-3294

Chairman and C.E.O.

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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