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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) April 20, 1994
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CBT Corporation
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(Exact name of registrant as specified in its charter)
Kentucky 0-16878 61-1030727
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
333 Broadway, Paducah, Kentucky 42001
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (502) 575-5100
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(Former name or former address, if changed since last report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On April 20, 1994, CBT Corporation (the "Company") reported net income of
$2.1 million for the quarter ended March 31, 1994. Net income per common share
was $0.77 and return on equity was 12.70% for the quarter. Return on assets
for the period was 1.44%. After adjusting first quarter 1993 results for a
significant non-recurring gain, first quarter 1994 net income represented a
12.4% increase and a $0.12 improvement in net income per common share. Return
on equity and return on assets for the first quarter of 1994 exceeded the
adjusted 1993 marks by .36% and .40%, respectively. The 1993 results have been
restated to include Pennyrile Bancshares, acquired on November 30, 1993 in a
pooling-of-interests transaction.
Average earnings assets increased 11% over 1993 while net interest margin
held steady at 5.11%, resulting in a $712 thousand increase in tax-equivalent
net interest income. Continued sterling credit quality allowed a prudent 20%
reduction in the provision for credit losses for the period. Allowance
coverage of non-performing assets improved to 618%, in spite of the provision
reduction.
Core fee income growth of 6.3% was masked by the timing of cash-based fees
in various trust products. Other significant fee categories posted 20 to 30%
increases over 1993 as the Company continues to emphasize fee-based financial
services.
Non-interest expenses increased 10.7% over 1993. Excluding additional
holding company expenses related to acquisition activity, the increase was
8.2%. Increases were experienced in all major categories and were related
primarily to growth in core businesses.
Financial highlights and comparative consolidated balance sheets and
income statements are set out below.
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<TABLE>
<CAPTION>
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FINANCIAL HIGHLIGHTS
Three Months Ended
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($ in thousands except per share data) (unaudited) March 31 December 31 March 31
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1994 1993 1993(1)
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<S> <C> <C> <C>
AVERAGE BALANCES:
Total assets $ 600,948 $ 595,578 $ 544,357
Total deposits and corporate cash
management repurchase agreements 491,769 498,932 446,133
Loans, net of unearned 380,799 369,117 332,697
Total stockholders' equity 68,191 66,334 62,118
PER SHARE:
Net income 0.77 0.74 0.81
Cash dividends 0.20 0.20 0.18
Book value (2) 24.75 24.19 22.70
Market value-high 46.75 38.50 33.00
Market value-low 37.00 35.50 27.00
KEY RATIOS:
Return on average total assets 1.44% 1.36% 1.47%
Return on average total equity 12.70% 12.23% 12.88%
Ending equity to total assets 11.36% 11.15% 11.60%
Allowance for loan losses as a % of total loans 2.27% 2.25% 2.32%
Net charge-offs to average loans 0.00% 0.09% 0.03%
Non-performing assets as a % of total loans
and other real estate owned 0.26% 0.24% 0.47%
(1) Amounts have been restated for the effects of the Pennyrile Bancshares, Inc. acquisition.
(2) Before unrealized gains on securities available for sale.
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</TABLE>
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<PAGE> 4
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS (unaudited) (audited) (unaudited)
($ in thousands) MARCH 31 DECEMBER 31 MARCH 31
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1994 1993 1993
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<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 19,535 $ 19,365 $ 17,894
Federal funds sold 1,671 2,571 397
Money market investments 1,894 2,010 2,156
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Total cash and cash equivalents 23,100 23,946 20,447
Investment securities 42,558 40,332 44,349
Mortgage-backed securities - - 80,482
Securities available for sale 143,548 144,728 49,777
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Total investments 186,106 185,060 174,608
Loans (net of unearned interest) 386,063 377,726 336,451
Less allowance for loan losses (8,770) (8,483) (7,807)
-------- -------- --------
Loans, net 377,293 369,243 328,644
Premises and equipment, net 11,660 11,963 11,002
Accrued interest receivable 3,896 3,974 3,792
Other 5,945 6,311 3,293
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TOTAL ASSETS $608,000 $600,497 $541,786
======== ======== ========
LIABILITIES
Deposits
Non-interest bearing $ 43,561 $ 44,598 $ 37,383
Interest bearing 421,536 423,696 384,994
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Total deposits 465,097 468,294 422,377
Short-term borrowings
Federal funds purchased and securities
sold under agreements to repurchase 37,075 36,446 34,208
Notes payable - U.S. Treasury 2,000 2,000 2,122
Revolving lines of credit and other
short-term borrowings 5,100 1,240 1,000
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Total short-term borrowings 44,175 39,686 37,330
Accrued interest payable 2,082 1,659 1,953
Term debt 5,000 5,000 5,000
Federal Home Loan Bank Board borrowed funds 18,535 15,535 7,500
Other 4,063 3,384 4,801
-------- -------- --------
TOTAL LIABILITIES 538,952 533,558 478,961
STOCKHOLDERS' EQUITY
Common stock, no par value, authorized 6,000,000 shares;
issued and outstanding 2,767,519 shares 4,100 4,100 4,100
Capital surplus 13,298 13,298 13,298
Retained earnings 51,104 49,541 45,427
Unrealized gain on securities available
for sale, net of deferred tax 546 - -
-------- -------- --------
TOTAL STOCKHOLDERS' EQUITY 69,048 66,939 62,825
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $608,000 $600,497 $541,786
======== ======== ========
</TABLE>
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<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
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($ in thousands except per share data) March 31
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1994 1993
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<S> <C> <C>
INTEREST INCOME
Loans, including fees:
Taxable $ 8,629 $ 8,022
Tax-exempt 76 81
Investment securities
Taxable 366 658
Tax-exempt 865 755
Mortgage-backed securities 1,402 1,436
Federal funds sold 41 14
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Total interest income 11,379 10,966
INTEREST EXPENSE
Deposits 3,987 4,303
Short-term borrowings 490 399
Term debt 81 81
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Total interest income 4,558 4,783
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NET INTEREST INCOME 6,821 6,183
PROVISION FOR LOAN LOSSES 284 355
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NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 6,537 5,828
NON-INTEREST INCOME
Trust and investment advisory fees 351 399
Service charges on deposit accounts 501 381
Insurance commissions 188 153
Investment securities gains (losses) (4) 16
Gain on sale of certain receivables - 553
Other 310 317
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Total non-interest income 1,346 1,819
NON-INTEREST EXPENSE
Salaries and employee benefits 2,648 2,447
Net occupancy 211 176
Depreciation and amortization 329 306
Data processing 199 177
Federal Deposit Insurance 266 242
Bank shares tax 209 173
Other 1,184 1,037
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Total non-interest expense 5,046 4,558
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INCOME BEFORE INCOME TAXES 2,837 3,089
INCOME TAX EXPENSE 703 859
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NET INCOME $ 2,134 $ 2,230
======= =======
Per common share $ 0.77 $ 0.81
======= =======
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CBT Corporation
By: /s/ Eddie L. Holman
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Eddie L. Holman
Title: Vice President and Principal
Financial Officer
Date: April 29, 1994
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