On July 28, 2020, the Board of Directors of Community Trust Bancorp, Inc. (NASDAQ: CTBI) declared a quarterly cash dividend of $0.385 per share beginning with the October 1, 2020 payment to shareholders of record on September 15, 2020. This represents an increase of 1.32% in the quarterly cash dividend. CTBI’s increase in the cash dividend is less than previous increases as the Company recognizes the uncertainty of operating with the impact of COVID-19 on its customers and the US economy. With this uncertainty, CTBI made a substantial allocation to its allowance for credit losses during the first quarter of 2020 resulting in lower than expected earnings; however, CTBI experienced record earnings during the second quarter 2020. We are pleased to currently operate with all of our capital measures greatly exceeding those required to be considered well-capitalized by regulators. At June 30, 2020, we had a common equity Tier 1 capital ratio of 17.21% compared to a required 6.5%, a Tier 1 capital ratio of 18.93% versus the required 8.0%, a total capital ratio of 20.18% versus the required 10.0%, a Tier l leverage ratio of 12.92% versus the required 5.0%, and a capital conservation buffer of 12.18%. “We are pleased to have the ability to increase the cash dividend to our shareholders for the 40th consecutive year,” said Jean R. Hale, Chairman, President and CEO.
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