Key Developments For Community Trust Bancorp, Inc.
Community Trust Bancorp, Inc. (CTBI.O) (Nasdaq)
Community Trust Bancorp, Inc. Restates Q1 2009 Financial Primarily Related To Expensing Of FDIC Premiums
Community Trust Bancorp, Inc. announced that it will restate its financial statements for the first quarter of 2009 to correct the accounting errors. The restated financial statements will be included in an amended Quarterly Report on Form 10-Q which will be filed by the Company. The EPS for the second quarter remains as previously announced, the Company is issuing a corrected earnings release for Q2 2009. The pending restatement is primarily the result of the correction of an accounting error related to expensing of FDIC premiums net of related Federal income taxes. The restatement also includes the correction of a computational error related to the tax benefit associated with the Company's ESOP. As a result of the restatement, earnings per share for the Quarter ended March 31, 2009 is $0.44 rather than $0.49 per share as previously reported. As a result of the pending restatement, the Company's previously filed financial statements for the quarter ended March 31, 2009 should not be relied upon.
Community Trust Bancorp, Inc. Issues Q4, FY 2008 EPS Outlook Below Analysts' Estimates
Community Trust Bancorp, Inc. announced that for fourth quarter of 2008, it expects basic earnings per share (EPS) to be from $0.38-$0.40. For fiscal 2008, it expects EPS from $1.49-$1.51. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.56 for fourth quarter of 2008 and EPS of $1.60 for fiscal 2008.
Community Trust Bancorp, Inc. Increases Its Cash Dividend
Community Trust Bancorp, Inc. announced that it has increased its cash dividend to $0.30 per share, which will be paid on January 1, 2009, to shareholders of record on December 15, 2008. This represents an increase of 3.45% in the quarterly cash dividend.
Community Trust Bancorp, Inc. Increases Its Cash Dividend
Community Trust Bancorp, Inc. announced that it has increased its cash dividend to $0.29 per share, which will be paid on January 1, 2008, to shareholders of record on December 15, 2007. This represents an increase of 7.41% in the quarterly cash dividend.
Community Trust Bancorp, Inc. Announces Termination of Merger Agreement With Eagle Fidelity, Inc.
Community Trust Bancorp, Inc. announced that it has terminated its Agreement and Plan of Merger dated May 31, 2007, with Eagle Fidelity, Inc. On August 10, 2007, the Company was informed that the Eagle Board of Directors had determined that a third party had made a 'superior proposal' for the acquisition of Eagle. The Company's Board of Directors determined that it would not increase the consideration under the merger agreement. The Company has requested payment of the maximum termination fee under the merger agreement of $1.25 million.
