Form 8-K - Current report

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UNITED STATES

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)

December 31, 2024

Commission file number 001-31220

Community Trust Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Kentucky	61-0979818
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
P.O. Box 2947 346 North Mayo Trail Pikeville, Kentucky	41502
(Address of principal executive offices)	(Zip code)
[phone] (Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock (Title of class)

CTBI	The NASDAQ Global Select Market
(Trading symbol)	(Name of exchange on which registered)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 – Results of Operations and Financial Condition

On January 15, 2025, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2024.  A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1.  The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed with this report:

99.1	Press Release dated January 15, 2025

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 thereunto duly authorized.

		COMMUNITY TRUST BANCORP, INC.
Date:	January 15, 2025	By:
		/s/ Mark A. Gooch
		Mark A. Gooch
		Chairman, President, and Chief Executive Officer

Page 2

Page 3

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 15, 2025

FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT [phone]

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 4^TH QUARTER AND YEAR 2024

Earnings Summary

Earnings Summary
(in thousands except per share data)		4Q 2024				3Q 2024				4Q 2023				Year 2024				Year 2023
Net income		$	22,493			$	22,142			$	18,659			$	82,813			$	78,004
Earnings per share		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Earnings per share - diluted		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Return on average assets			1.47	%			1.50	%			1.30	%			1.41	%			1.40	%
Return on average equity			11.77	%			11.77	%			10.98	%			11.31	%			11.75	%
Efficiency ratio			51.60	%			51.75	%			55.74	%			52.57	%			54.29	%
Tangible common equity			11.30	%			11.79	%			11.16	%
Dividends declared per share		$	0.47			$	0.47			$	0.46			$	1.86			$	1.80
Book value per share		$	41.95			$	42.14			$	39.01
Weighted average shares			17,971				17,962				17,901				17,950				17,887
Weighted average shares - diluted			18,009				17,991				17,926				17,977				17,900

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2024 of $22.5 million, or $1.25 per basic share, compared to $22.1 million, or $1.23 per basic share, earned during the third quarter 2024 and $18.7 million, or $1.04 per basic share, earned during the fourth quarter 2023.  Total revenue for the quarter was $2.9 million above prior quarter and $9.0 million above prior year same quarter.  Net interest revenue for the quarter increased $2.3 million compared to prior quarter and $6.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $2.4 million compared to prior year same quarter.  Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter.  Noninterest expense increased $1.3 million compared to prior quarter and $2.1 million compared to prior year same quarter.  Net income for the year ended December 31, 2024 was $82.8 million, or $4.61 per basic share, compared to $78.0 million, or $4.36 per basic share, for the year ended December 31, 2023.

4^th Quarter 2024 Highlights

❖	Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter, as our net interest margin increased 4 basis points from prior quarter and 24 basis points from prior year same quarter.

❖	Provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter.

❖	Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter.

❖	Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter.

❖	Our loan portfolio at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023.

❖	We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023.

❖	Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023.  Nonperforming assets at $30.3 million increased $3.9 million from September 30, 2024 and $14.7 million from December 31, 2023.

❖	Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023.

❖

Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023.  Shareholders’ equity was negatively impacted during the quarter by the increase in unrealized losses on securities driven by higher long-term interest rates.

Net Interest Income

														Percent Change
														4Q 2024 Compared to:
($ in thousands)		4Q 2024				3Q 2024				4Q 2023				3Q 2024				4Q 2023				Year 2024				Year 2023				Percent Change
Components of net interest income:
Income on earning assets		$	81,979			$	79,814			$	73,329				2.7	%			11.8	%			313,443			$	268,650				16.7	%
Expense on interest bearing liabilities			32,452				32,615				30,354				(0.5	%)			6.9	%			127,448				95,540				33.4	%
Net interest income			49,527				47,199				42,975				4.9	%			15.2	%			185,995				173,110				7.4	%
TEQ			273				280				297				(2.6	%)			(8.0	%)			1,139				1,191				(4.3	%)
Net interest income, tax equivalent		$	49,800			$	47,479			$	43,272				4.9	%			15.1	%			187,134			$	174,301				7.4	%
Average yield and rates paid:
Earning assets yield			5.66	%			5.72	%			5.43	%			(1.0	%)			4.2	%			5.65	%			5.15	%			9.8	%
Rate paid on interest bearing liabilities			3.18	%			3.36	%			3.27	%			(5.4	%)			(2.6	%)			3.30	%			2.72	%			21.2	%
Gross interest margin			2.48	%			2.36	%			2.16	%			5.2	%			15.1	%			2.35	%			2.43	%			(3.1	%)
Net interest margin			3.43	%			3.39	%			3.19	%			1.1	%			7.5	%			3.36	%			3.32	%			1.1	%
Average balances:
Investment securities		$	1,075,698			$	1,091,258			$	1,144,078				(1.4	%)			(6.0	%)			1,102,434			$	1,200,965				(8.2	%)
Loans		$	4,399,291			$	4,300,652				4,022,547				2.3	%			9.4	%			4,247,762				3,888,585				9.2	%
Earning assets		$	5,779,438			$	5,570,160				5,377,827				3.8	%			7.5	%			5,569,948				5,244,128				6.2	%
Interest-bearing liabilities		$	4,059,061			$	3,859,978				3,687,660				5.2	%			10.1	%			3,867,733				3,514,142				10.1	%

Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.43% increased 4 basis points from prior quarter and 24 basis points from prior year same quarter.  Our quarterly average earning assets increased $209.3 million from prior quarter and $401.6 million from prior year same quarter.  Our yield on average earning assets decreased 6 basis points from prior quarter but increased 23 basis points from prior year same quarter, while our cost of funds decreased 18 basis points from prior quarter and 9 basis points from prior year same quarter.  Net interest income for the year ended December 31, 2024 was $186.0 million compared to $173.1 million for the year ended December 31, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 84.4% for the quarter ended December 31, 2024 compared to 85.8% for the quarter ended September 30, 2024 and 81.8% for the quarter ended December 31, 2023.

Noninterest Income

														Percent Change
														4Q 2024 Compared to:
($ in thousands)		4Q 2024				3Q 2024				4Q 2023				3Q 2024				4Q 2023				Year 2024				Year 2023				Percent Change
Deposit related fees		$	7,619			$	7,886			$	7,312				(3.4	%)			4.2	%			29,824			$	29,935				(0.4	%)
Trust revenue			3,961				3,707				3,318				6.9				19.4	%			14,921				13,025				14.6	%
Gains on sales of loans			50				80				54				(37.6	)			(8.0	%)			294				395				(25.6	%)
Loan related fees			1,472				813				467				81.2	%			215.5	%			4,957				3,792				30.7	%
Bank owned life insurance revenue			915				1,214				816				(24.6	%)			12.1	%			5,236				3,517				48.9	%
Brokerage revenue			536				563				285				(4.8	%)			88.2	%			2,272				1,473				54.3	%
Other			1,607				1,300				1,473				23.6	%			9.1	%			5,061				5,522				(8.3	%)
Total noninterest income		$	16,160			$	15,563			$	13,725				3.8	%			17.7	%			62,565			$	57,659				8.5	%

Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter.  Quarter over quarter increases in loan related fees ($0.7 million), trust revenue ($0.3 million), and securities gains ($0.3 million) were offset by decreases in deposit related fees ($0.3 million) and bank owned life insurance revenue ($0.3 million).  Year over year increases included loan related fees ($1.0 million), trust fees ($0.6 million), deposit related fees ($0.3 million), securities gains ($0.3 million), and brokerage revenue ($0.2 million).  The increase in loan related fees for the quarter resulted primarily from the fluctuation in the fair market value of our mortgage servicing rights.  The increase in securities gains for the quarter was primarily the result of the valuation of our Visa Class B stock.  Noninterest income for the year 2024 was $62.6 million compared to $57.7 million for the year 2023.

Noninterest Expense

														Percent Change
														4Q 2024 Compared to:
($ in thousands)		4Q 2024				3Q 2024				4Q 2023				3Q 2024				4Q 2023				Year 2024				Year 2023				Percent Change
Salaries		$	13,310			$	13,374			$	13,163				(0.5	%)			1.1	%		$	52,757			$	51,283				2.9	%
Employee benefits			6,883				6,147				5,282				12.0	%			30.3	%			26,670				22,428				18.9	%
Net occupancy and equipment			3,015				3,072				3,045				(1.9	%)			(1.0	%)			12,204				11,843				3.1	%
Data processing			3,181				2,804				2,630				13.4	%			20.9	%			11,172				9,726				14.9	%
Legal and professional fees			1,039				1,024				900				1.4	%			15.4	%			3,873				3,350				15.6	%
Advertising and marketing			821				876				923				(6.3	%)			(11.0	%)			3,130				3,214				(2.6	%)
Taxes other than property and payroll			436				438				421				(0.5	%)			3.5	%			1,754				1,706				2.8	%
Other			5,084				4,777				5,264				6.4	%			(3.4	%)			19,363				21,840				(11.3	%)
Total noninterest expense		$	33,769			$	32,512			$	31,628				3.9	%			6.8	%		$	130,923			$	125,390				4.4	%

Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter.  The quarter over quarter increase primarily resulted from increases in personnel expense ($0.7 million) and data processing expense ($0.4 million).  The year over year increase was primarily due to increases in personnel expense ($1.7 million, which included a $1.1 million increase in bonuses and incentives and a $0.5 million increase in the cost of group medical and life insurance benefits) and data processing ($0.6 million).  Other noninterest expense was positively impacted year over year by the accounting method change related to investments in tax credit structures (ASU No. 2023-02).  Noninterest expense for the year 2024 was $130.9 million compared to $125.4 million for the year 2023.

Balance Sheet Review

Total Loans

														Percent Change
														4Q 2024 Compared to:
($ in thousands)		4Q 2024				3Q 2024				4Q 2023				3Q 2024				4Q 2023
Commercial nonresidential real estate		$	865,031			$	834,985			$	778,637				3.6	%			11.1	%
Commercial residential real estate			508,310				485,004				417,943				4.8	%			21.6	%
Hotel/motel			458,832				453,465				395,765				1.2	%			15.9	%
Other commercial			440,506				440,636				391,390				(0.0	%)			12.5	%
Total commercial			2,272,679				2,214,090				1,983,735				2.6	%			14.6	%
Residential mortgage			1,043,401				1,003,123				937,524				4.0	%			11.3	%
Home equity loans/lines			167,425				163,013				147,036				2.7	%			13.9	%
Total residential			1,210,826				1,166,136				1,084,560				3.8	%			11.6	%
Consumer indirect			850,289				816,187				823,505				4.2	%			3.3	%
Consumer direct			152,843				154,061				159,106				(0.8	%)			(3.9	%)
Total consumer			1,003,132				970,248				982,611				3.4	%			2.1	%
Total loans		$	4,486,637			$	4,350,474			$	4,050,906				3.1	%			10.8	%

Total Deposits and Repurchase Agreements

														Percent Change
														4Q 2024 Compared to:
($ in thousands)		4Q 2024				3Q 2024				4Q 2023				3Q 2024				4Q 2023
Noninterest bearing deposits		$	1,242,676			$	1,204,515			$	1,260,690				3.2	%			(1.4	%)
Interest bearing deposits
Interest checking			167,736				156,249				123,927				7.4	%			35.4	%
Money market savings			1,781,415				1,658,758				1,525,537				7.4	%			16.8	%
Savings accounts			511,378				501,933				535,063				1.9	%			(4.4	%)
Time deposits			1,366,984				1,316,807				1,279,405				3.8	%			6.8	%
Repurchase agreements			240,166				233,324				225,245				2.9	%			6.6	%
Total interest bearing deposits and repurchase agreements			4,067,679				3,867,071				3,689,177				5.2	%			10.3	%
Total deposits and repurchase agreements		$	5,310,355			$	5,071,586			$	4,949,867				4.7	%			7.3	%

CTBI’s total assets at $6.2 billion as of December 31, 2024 increased $230.3 million, or 15.4% annualized, from September 30, 2024 and $423.5 million, or 7.3%, from December 31, 2023.  Loans outstanding at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023.  The increase in loans from prior quarter included a $58.6 million increase in the commercial loan portfolio, a $44.7 million increase in the residential loan portfolio, and a $34.1 million increase in the indirect consumer loan portfolio, partially offset by a $1.2 million decrease in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $41.8 million, or an annualized 15.1%, from September 30, 2024 and $107.4 million, or 9.2%, from December 31, 2023.  The decrease in our investment portfolio quarter over quarter was primarily attributable to an increase in our unrealized losses in the amount of $23.7 million, while our unrealized losses decreased year over year by $6.6 million.  Deposits in other banks increased $141.5 million from prior quarter and $83.9 million from December 31, 2023.  Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of December 31, 2024, no one customer accounted for more than 4% of our $5.1 billion in deposits.  Only three customer relationships accounted for more than 1% each.

Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023.  Net unrealized losses on securities, net of deferred taxes, were $98.4 million at December 31, 2024, compared to $80.6 million at September 30, 2024 and $103.3 million at December 31, 2023.  CTBI’s annualized dividend yield to shareholders as of December 31, 2024 was 3.55%.

Asset Quality

Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023.  Accruing loans 90+ days past due at $10.3 million decreased $8.8 million from prior quarter but increased $0.4 million from December 31, 2023.  Nonaccrual loans at $16.4 million increased $10.4 million from prior quarter and $12.3 million from December 31, 2023.  The increase in nonaccrual loans included an $8.0 million credit that is 80% USDA guaranteed.  Accruing loans 30-89 days past due at $16.8 million decreased $3.7 million from prior quarter but increased $1.5 million from December 31, 2023.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023.  Of the net charge-offs for the quarter, $0.5 million were in indirect consumer loans, $0.2 million were in commercial loans, $0.2 million were in direct consumer loans, and $0.1 million were in residential loans.  Net loan charge-offs for the year 2024 were in line with management’s expectations at $5.5 million, or 0.13% of average loans, compared to $3.2 million, or 0.08% of average loans for the year 2023.

Allowance for Credit Losses

Our provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter.  Of the provision for the quarter, $1.6 million was allotted to fund loan growth.  Provision for credit losses for the year 2024 increased $4.1 million from the year 2023.  Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2024 was 206.0% compared to 212.7% at September 30, 2024 and 354.7% at December 31, 2023.  Our credit loss reserve as a percentage of total loans outstanding at December 31, 2024 remained at 1.23% from September 30, 2024 compared to 1.22% at December 31, 2023.

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.  CTBI’s 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 epidemics, pandemics, or other infectious disease outbreaks; 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 $6.2 billion, is headquartered in Pikeville, Kentucky and has 72 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.

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Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
December 31, 2024
(in thousands except per share data and # of employees)
		Three				Three				Three				Twelve				Twelve
		Months				Months				Months				Months				Months
		Ended				Ended				Ended				Ended				Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Interest income		$	81,979			$	79,814			$	73,329			$	313,443			$	268,650
Interest expense			32,452				32,615				30,354				127,448				95,540
Net interest income			49,527				47,199				42,975				185,995				173,110
Loan loss provision			2,587				2,736				1,815				10,951				6,811
Gains on sales of loans			50				80				54				294				395
Deposit related fees			7,619				7,886				7,312				29,824				29,935
Trust revenue			3,961				3,707				3,318				14,921				13,025
Loan related fees			1,472				813				467				4,957				3,792
Securities gains (losses)			521				213				258				631				996
Other noninterest income			2,537				2,864				2,316				11,938				9,516
Total noninterest income			16,160				15,563				13,725				62,565				57,659
Personnel expense			20,193				19,521				18,445				79,427				73,711
Occupancy and equipment			3,015				3,072				3,045				12,204				11,843
Data processing expense			3,181				2,804				2,630				11,172				9,726
FDIC insurance premiums			670				629				655				2,586				2,483
Other noninterest expense			6,710				6,486				6,853				25,534				27,627
Total noninterest expense			33,769				32,512				31,628				130,923				125,390
Net income before taxes			29,331				27,514				23,257				106,686				98,568
Income taxes			6,838				5,372				4,598				23,873				20,564
Net income		$	22,493			$	22,142			$	18,659			$	82,813			$	78,004
Memo: TEQ interest income		$	82,252			$	80,094			$	73,626			$	314,582			$	269,841
Average shares outstanding			17,971				17,962				17,901				17,950				17,887
Diluted average shares outstanding			18,009				17,991				17,926				17,977				17,900
Basic earnings per share		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Diluted earnings per share		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Dividends per share		$	0.47			$	0.47			$	0.46			$	1.86			$	1.80
Average balances:
Loans		$	4,399,291			$	4,300,652			$	4,022,547			$	4,247,762			$	3,888,585
Earning assets			5,779,438				5,570,160				5,377,827				5,569,948				5,244,128
Total assets			6,100,136				5,891,157				5,713,977				5,893,995				5,572,141
Deposits, including repurchase agreements			5,215,204				5,014,506				4,916,208				5,036,906				4,771,106
Interest bearing liabilities			4,059,061				3,859,978				3,687,660				3,867,733				3,514,142
Shareholders' equity			760,223				748,098				674,349				732,119				663,664
Performance ratios:
Return on average assets			1.47	%			1.50	%			1.30	%			1.41	%			1.40	%
Return on average equity			11.77	%			11.77	%			10.98	%			11.31	%			11.75	%
Yield on average earning assets (tax equivalent)			5.66	%			5.72	%			5.43	%			5.65	%			5.15	%
Cost of interest bearing funds (tax equivalent)			3.18	%			3.36	%			3.27	%			3.30	%			2.72	%
Net interest margin (tax equivalent)			3.43	%			3.39	%			3.19	%			3.36	%			3.32	%
Efficiency ratio (tax equivalent)			51.60	%			51.75	%			55.74	%			52.57	%			54.29	%
Loan charge-offs		$	2,264			$	2,736			$	2,529			$	10,503			$	8,259
Recoveries			(1,285	)			(1,212	)			(1,538	)			(4,977	)			(5,010	)
Net charge-offs		$	979			$	1,524			$	991			$	5,526			$	3,249
Market Price:
High		$	61.66			$	52.22			$	45.74			$	61.66			$	47.35
Low		$	46.55			$	41.50			$	33.91			$	38.44			$	32.68
Close		$	53.03			$	49.66			$	43.86			$	53.03			$	43.86

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Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

December 31, 2024

(in thousands except per share data and # of employees)

		As of				As of				As of
		December 31, 2024				September 30, 2024				December 31, 2023
Assets:
Loans		$	4,486,637			$	4,350,474			$	4,050,906
Loan loss reserve			(54,968	)			(53,360	)			(49,543	)
Net loans			4,431,669				4,297,114				4,001,363
Loans held for sale			184				115				152
Securities AFS			1,055,728				1,098,076				1,163,724
Equity securities at fair value			3,781				3,266				3,158
Other equity investments			9,949				10,060				9,599
Other earning assets			298,580				157,092				214,664
Cash and due from banks			73,021				85,944				58,833
Premises and equipment			49,630				47,519				45,311
Right of use asset			14,385				14,718				15,703
Goodwill and core deposit intangible			65,490				65,490				65,490
Other assets			190,828				183,574				191,699
Total Assets		$	6,193,245			$	5,962,968			$	5,769,696
Liabilities and Equity:
Interest bearing checking		$	167,736			$	156,249			$	123,927
Savings deposits			2,292,793				2,160,691				2,060,600
CD's >=$100,000			795,619				753,253				704,222
Other time deposits			571,365				563,554				575,183
Total interest bearing deposits			3,827,513				3,633,747				3,463,932
Noninterest bearing deposits			1,242,676				1,204,515				1,260,690
Total deposits			5,070,189				4,838,262				4,724,622
Repurchase agreements			240,166				233,324				225,245
Other interest bearing liabilities			64,830				64,893				65,075
Lease liability			15,190				15,530				16,393
Other noninterest bearing liabilities			45,286				50,197				36,153
Total liabilities			5,435,661				5,202,206				5,067,488
Shareholders' equity			757,584				760,762				702,208
Total Liabilities and Equity		$	6,193,245			$	5,962,968			$	5,769,696
Ending shares outstanding			18,058				18,052				18,000
30 - 89 days past due loans		$	16,833			$	20,578			$	15,343
90 days past due loans			10,317				19,111				9,920
Nonaccrual loans			16,369				5,980				4,048
Foreclosed properties			3,647				1,344				1,616
Community bank leverage ratio			13.76	%			13.99	%			13.69	%
Tangible equity to tangible assets ratio			11.30	%			11.79	%			11.16	%
FTE employees			934				943				967

Document and Entity Information	Dec. 31, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Entity File Number	001-31220
Entity Registrant Name	Community Trust Bancorp, Inc.
Entity Central Index Key	0000350852
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0979818
Entity Address, Address Line One	P.O. Box 2947
Entity Address, Address Line Two	346 North Mayo Trail
Entity Address, City or Town	Pikeville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	41502
City Area Code	606
Local Phone Number	432-1414
Title of 12(b) Security	Common Stock
Trading Symbol	CTBI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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