Form 8-K - Current report

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)

June 30, 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)

(606) 432-1414 (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. ☐

Item 2.02 – Results of Operations and Financial Condition

On July 17, 2024, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 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 July 17, 2024

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:	July 17, 2024	By:

		/s/ Mark A. Gooch
		Mark A. Gooch
		Chairman, President, and Chief Executive Officer

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 17, 2024

FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 2^ND QUARTER 2024

Earnings Summary

Earnings Summary
(in thousands except per share data)	2Q 2024			1Q 2024			2Q 2023			YTD 2024			YTD 2023
Net income	$	19,499		$	18,679		$	19,404		$	38,178		$	38,717
Earnings per share	$	1.09		$	1.04		$	1.09		$	2.13		$	2.17
Earnings per share - diluted	$	1.09		$	1.04		$	1.08		$	2.13		$	2.16

Return on average assets		1.35	%		1.30	%		1.41	%		1.33	%		1.42	%
Return on average equity		11.03	%		10.61	%		11.72	%		10.82	%		11.87	%
Efficiency ratio		52.17	%		54.94	%		53.52	%		53.51	%		54.40	%
Tangible common equity		11.39	%		11.10	%		10.90	%

Dividends declared per share	$	0.46		$	0.46		$	0.44		$	0.92		$	0.88
Book value per share	$	39.91		$	39.28		$	36.71

Weighted average shares		17,939			17,926			17,884			17,932			17,877
Weighted average shares - diluted		17,959			17,943			17,890			17,951			17,885

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2024 of $19.5 million, or $1.09 per basic share, compared to $18.7 million, or $1.04 per basic share, earned during the first quarter 2024 and $19.4 million, or $1.09 per basic share, earned during the second quarter 2023. Total revenue for the quarter was $2.7 million above prior quarter and $3.6 million above prior year same quarter. Net interest revenue for the quarter increased $2.1 million compared to prior quarter and $2.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $1.0 million compared to prior year same quarter. Our provision for credit losses for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter. Noninterest expense increased $0.2 million compared to prior quarter and $1.4 million compared to prior year same quarter. Net income for the six months ended June 30, 2024 was $38.2 million, or $2.13 per basic share, compared to $38.7 million, or $2.17 per basic share, for the six months ended June 30, 2023.

2^nd Quarter 2024 Highlights

❖	Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter, as our net interest margin increased 15 basis points from prior quarter and 3 basis points from prior year same quarter.

❖	Provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter.

❖	Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter.

❖	Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.

❖	Our loan portfolio at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023.

❖	We had net loan charge-offs of $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023.

❖	Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023. Nonperforming assets at $21.5 million increased $4.3 million from March 31, 2024 and $7.7 million from June 30, 2023.

❖	Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023.

❖	Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023.

Net Interest Income

										Percent Change
										2Q 2024 Compared to:
($ in thousands)	2Q 2024			1Q 2024			2Q 2023			1Q 2024			2Q 2023			YTD 2024			YTD 2023			Percent Change
Components of net interest income:
Income on earning assets	$	76,648		$	75,002		$	64,827			2.2	%		18.2	%	$	151,650		$	125,822			20.5	%
Expense on interest bearing liabilities		30,970			31,411			21,748			(1.4	%)		42.4	%		62,381			38,827			60.7	%
Net interest income		45,678			43,591			43,079			4.8	%		6.0	%		89,269			86,995			2.6	%
TEQ		292			294			298			(0.7	%)		(2.1	%)		586			596			(1.7	%)
Net interest income, tax equivalent	$	45,970		$	43,885		$	43,377			4.8	%		6.0	%	$	89,855		$	87,591			2.6	%

Average yield and rates paid:
Earning assets yield		5.66	%		5.55	%		5.03	%		2.0	%		12.4	%		5.60	%		4.94	%		13.4	%
Rate paid on interest bearing liabilities		3.30	%		3.35	%		2.54	%		(1.5	%)		29.9	%		3.32	%		2.30	%		44.3	%
Gross interest margin		2.36	%		2.20	%		2.49	%		7.2	%		(5.4	%)		2.28	%		2.64	%		(13.5	%)
Net interest margin		3.38	%		3.23	%		3.35	%		4.5	%		0.9	%		3.31	%		3.42	%		(3.4	%)

Average balances:
Investment securities	$	1,095,182		$	1,148,014		$	1,230,556			(4.6	%)		(11.0	%)	$	1,121,598		$	1,241,193			(9.6	%)
Loans	$	4,191,992		$	4,096,866		$	3,836,446			2.3	%		9.3	%	$	4,144,429		$	3,788,213			9.4	%
Earning assets	$	5,469,813		$	5,458,075		$	5,189,716			0.2	%		5.4	%	$	5,463,944		$	5,160,712			5.9	%
Interest-bearing liabilities	$	3,776,362		$	3,773,513		$	3,435,072			0.1	%		9.9	%	$	3,774,937		$	3,398,902			11.1	%

Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.38% increased 15 basis points from prior quarter and 3 basis points from prior year same quarter. Our quarterly average earning assets increased $11.7 million from prior quarter and $280.1 million from prior year same quarter. Our yield on average earning assets increased 11 basis points from prior quarter and 63 basis points from prior year same quarter, and our cost of funds decreased 5 basis points from prior quarter but increased 76 basis points from prior year same quarter. Net interest income for the six months ended June 30, 2024 was $89.3 million compared to $87.0 million for the six months ended June 30, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 84.5% for the quarter ended June 30, 2024 compared to 82.7% for the quarter ended March 31, 2024 and 81.2% for the quarter ended June 30, 2023.

Noninterest Income

							Percent Change
							2Q 2024 Compared to:
($ in thousands)	2Q 2024		1Q 2024		2Q 2023		1Q 2024			2Q 2023			YTD 2024		YTD 2023		Percent Change
Deposit related fees	$	7,308	$	7,011	$	7,513		4.2	%		(2.7	%)	$	14,319	$	14,800		(3.2	%)
Trust revenue		3,736		3,517		3,351		6.2	%		11.5	%		7,253		6,430		12.8	%
Gains on sales of loans		119		45		115		167.9	%		4.0	%		164		236		(30.5	%)
Loan related fees		1,320		1,352		1,197		(2.4	%)		10.3	%		2,672		2,042		30.8	%
Bank owned life insurance revenue		1,815		1,292		735		40.5	%		147.0	%		3,107		1,593		95.0	%
Brokerage revenue		683		490		388		39.5	%		76.2	%		1,173		736		59.5	%
Other		727		1,427		1,457		(49.1	%)		(50.1	%)		2,154		2,601		(17.2	%)
Total noninterest income	$	15,708	$	15,134	$	14,756		3.8	%		6.4	%	$	30,842	$	28,438		8.5	%

Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter. The quarter over quarter increase included a $0.5 million increase in bank owned life insurance revenue, a $0.3 million increase in deposit related fees, a $0.2 million increase in trust revenue, and a $0.2 million increase in brokerage revenue, partially offset by $0.8 million decrease in securities gains. The year over year increase included a $1.1 million increase in bank owned life insurance, a $0.4 million increase in trust revenue, a $0.3 million increase in brokerage revenue, partially offset by a $0.6 million decrease in securities gains and a $0.2 million decrease in deposit related fees. Noninterest income for the six months ended June 30, 2024 was $30.8 million compared to $28.4 million for the six months ended June 30, 2023.

Noninterest Expense

							Percent Change
							2Q 2024 Compared to:
($ in thousands)	2Q 2024		1Q 2024		2Q 2023		1Q 2024			2Q 2023			YTD 2024		YTD 2023		Percent Change
Salaries	$	13,037	$	13,036	$	12,732		0.0	%		2.4	%	$	26,073	$	25,365		2.8	%
Employee benefits		6,554		7,086		5,573		(7.5	%)		17.6	%		13,640		11,848		15.1	%
Net occupancy and equipment		3,089		3,028		2,895		2.0	%		6.7	%		6,117		5,923		3.3	%
Data processing		2,669		2,518		2,383		6.0	%		12.0	%		5,187		4,686		10.7	%
Legal and professional fees		978		832		912		17.5	%		7.3	%		1,810		1,728		4.8	%
Advertising and marketing		856		577		704		48.2	%		21.6	%		1,433		1,524		(6.0	%)
Taxes other than property and payroll		438		442		433		(0.7	%)		1.2	%		880		865		1.7	%
Other		4,801		4,701		5,393		2.1	%		(11.0	%)		9,502		10,976		(13.4	%)
Total noninterest expense	$	32,422	$	32,220	$	31,025		0.6	%		4.5	%	$	64,642	$	62,915		2.7	%

Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter. The increase year over year primarily resulted from a $1.3 million increase in personnel expense, which included a $0.3 million increase in salaries, a $0.9 million increase in bonuses and incentives, and a $0.5 million increase in the cost of group medical and life insurance benefits, partially offset by a $0.4 million decrease in payroll taxes. Noninterest expense for the six months ended June 30, 2024 was $64.6 million compared to $62.9 million for the six months ended June 30, 2023.

Balance Sheet Review

Total Loans

							Percent Change
							2Q 2024 Compared to:
($ in thousands)	2Q 2024		1Q 2024		2Q 2023		1Q 2024			2Q 2023
Commercial nonresidential real estate	$	825,934	$	813,904	$	787,598		1.5	%		4.9	%
Commercial residential real estate		480,418		456,585		393,309		5.2	%		22.1	%
Hotel/motel		417,161		416,759		372,981		0.1	%		11.8	%
Other commercial		428,263		397,922		396,741		7.6	%		7.9	%
Total commercial		2,151,776		2,085,170		1,950,629		3.2	%		10.3	%

Residential mortgage		978,144		955,616		883,104		2.4	%		10.8	%
Home equity loans/lines		154,311		151,577		132,033		1.8	%		16.9	%
Total residential		1,132,455		1,107,193		1,015,137		2.3	%		11.6	%

Consumer indirect		819,689		813,005		806,081		0.8	%		1.7	%
Consumer direct		157,327		155,807		157,848		1.0	%		(0.3	%)
Total consumer		977,016		968,812		963,929		0.8	%		1.4	%

Total loans	$	4,261,247	$	4,161,175	$	3,929,695		2.4	%		8.4	%

Total Deposits and Repurchase Agreements

							Percent Change
							2Q 2024 Compared to:
($ in thousands)	2Q 2024		1Q 2024		2Q 2023		1Q 2024			2Q 2023
Noninterest bearing deposits	$	1,241,514	$	1,274,583	$	1,361,078		(2.6	%)		(8.8	%)
Interest bearing deposits
Interest checking		138,767		131,227		142,542		5.7	%		(2.6	%)
Money market savings		1,664,580		1,608,849		1,389,081		3.5	%		19.8	%
Savings accounts		527,251		543,338		611,772		(3.0	%)		(13.8	%)
Time deposits		1,161,686		1,226,273		1,012,187		(5.3	%)		14.8	%
Repurchase agreements		227,576		234,671		229,020		(3.0	%)		(0.6	%)
Total interest bearing deposits and repurchase agreements		3,719,860		3,744,358		3,384,602		(0.7	%)		9.9	%
Total deposits and repurchase agreements	$	4,961,374	$	5,018,941	$	4,745,680		(1.1	%)		4.5	%

CTBI’s total assets at $5.8 billion as of June 30, 2024 decreased $45.9 million, or 3.2% annualized, from March 31, 2024 but increased $283.5 million, or 5.1%, from June 30, 2023. Loans outstanding at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023. The increase in loans from prior quarter included a $66.6 million increase in the commercial loan portfolio, a $25.3 million increase in the residential loan portfolio, a $6.7 million increase in the indirect consumer loan portfolio, and a $1.5 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $21.7 million, or an annualized 7.8%, from March 31, 2024 and $110.4 million, or 9.2%, from June 30, 2023. Deposits in other banks decreased $130.7 million from prior quarter but increased $49.1 million from June 30, 2023. Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of June 30, 2024, no one customer accounted for more than 2.25% of our $5.0 billion in deposits. Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023. Net unrealized losses on securities, net of deferred taxes, were $107.1 million at June 30, 2024, compared to $106.9 million at March 31, 2024 and $121.3 million at June 30, 2023. CTBI’s annualized dividend yield to shareholders as of June 30, 2024 was 4.21%.

Asset Quality

Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023. Accruing loans 90+ days past due at $14.7 million increased $3.2 million from prior quarter and $8.3 million from June 30, 2023. Nonaccrual loans at $5.1 million increased $0.8 million from prior quarter but decreased $0.2 million from June 30, 2023. Accruing loans 30-89 days past due at $24.1 million increased $11.9 million from prior quarter and from June 30, 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 $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023. Of the net charge-offs for the quarter, $0.8 million were in indirect consumer loans, $0.5 million were in commercial loans, and $0.1 million were in direct consumer loans. Year-to-date net loan charge-offs of an annualized 0.15% of average loans are in line with management’s expectations.

Allowance for Credit Losses

Our provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter. Of the provision for the quarter, $1.2 million was allotted to fund loan growth. Year-to-date provision for credit losses increased $2.5 million from the six months ended June 30, 2023. Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2024 was 263.0% compared to 319.0% at March 31, 2024 and 408.9% at June 30, 2023. Our credit loss reserve as a percentage of total loans outstanding at June 30, 2024 remained at 1.22% from March 31, 2024 and June 30, 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 $5.8 billion, is headquartered in Pikeville, Kentucky and has 71 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.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2024
(in thousands except per share data and # of employees)

	Three			Three			Three			Six			Six
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Interest income	$	76,648		$	75,002		$	64,827		$	151,650		$	125,822
Interest expense		30,970			31,411			21,748			62,381			38,827
Net interest income		45,678			43,591			43,079			89,269			86,995
Loan loss provision		2,972			2,656			2,009			5,628			3,125

Gains on sales of loans		119			45			115			164			236
Deposit related fees		7,308			7,011			7,513			14,319			14,800
Trust revenue		3,736			3,517			3,351			7,253			6,430
Loan related fees		1,320			1,352			1,197			2,672			2,042
Securities gains (losses)		(474	)		371			165			(103	)		383
Other noninterest income		3,699			2,838			2,415			6,537			4,547
Total noninterest income		15,708			15,134			14,756			30,842			28,438

Personnel expense		19,591			20,122			18,305			39,713			37,213
Occupancy and equipment		3,089			3,028			2,895			6,117			5,923
Data processing expense		2,669			2,518			2,383			5,187			4,686
FDIC insurance premiums		645			642			610			1,287			1,216
Other noninterest expense		6,428			5,910			6,832			12,338			13,877
Total noninterest expense		32,422			32,220			31,025			64,642			62,915

Net income before taxes		25,992			23,849			24,801			49,841			49,393
Income taxes		6,493			5,170			5,397			11,663			10,676
Net income	$	19,499		$	18,679		$	19,404		$	38,178		$	38,717

Memo: TEQ interest income	$	76,940		$	75,296		$	65,125		$	152,236		$	126,418

Average shares outstanding		17,939			17,926			17,884			17,932			17,877
Diluted average shares outstanding		17,959			17,943			17,890			17,951			17,885
Basic earnings per share	$	1.09		$	1.04		$	1.09		$	2.13		$	2.17
Diluted earnings per share	$	1.09		$	1.04		$	1.08		$	2.13		$	2.16
Dividends per share	$	0.46		$	0.46		$	0.44		$	0.92		$	0.88

Average balances:
Loans	$	4,191,992		$	4,096,866		$	3,836,446		$	4,144,429		$	3,788,213
Earning assets		5,469,813			5,458,075			5,189,716			5,463,944			5,160,712
Total assets		5,795,937			5,786,515			5,509,776			5,791,226			5,484,065
Deposits, including repurchase agreements		4,959,382			4,956,820			4,727,386			4,958,101			4,707,853
Interest bearing liabilities		3,776,362			3,773,513			3,435,072			3,774,937			3,398,902
Shareholders' equity		711,331			708,341			663,896			709,836			657,488

Performance ratios:
Return on average assets		1.35	%		1.30	%		1.41	%		1.33	%		1.42	%
Return on average equity		11.03	%		10.61	%		11.72	%		10.82	%		11.87	%
Yield on average earning assets (tax equivalent)		5.66	%		5.55	%		5.03	%		5.60	%		4.94	%
Cost of interest bearing funds (tax equivalent)		3.30	%		3.35	%		2.54	%		3.32	%		2.30	%
Net interest margin (tax equivalent)		3.38	%		3.23	%		3.35	%		3.31	%		3.42	%
Efficiency ratio (tax equivalent)		52.17	%		54.94	%		53.52	%		53.51	%		54.40	%

Loan charge-offs	$	2,836		$	2,667		$	1,953		$	5,503		$	3,718
Recoveries		(1,441	)		(1,039	)		(1,279	)		(2,480	)		(2,630	)
Net charge-offs	$	1,395		$	1,628		$	674		$	3,023		$	1,088

Market Price:
High	$	44.32		$	44.38		$	40.30		$	44.38		$	47.35
Low	$	39.28		$	38.44		$	32.68		$	38.44		$	32.68
Close	$	43.66		$	42.65		$	35.57		$	43.66		$	35.57

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

June 30, 2024

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

	As of			As of			As of
	June 30, 2024			March 31, 2024			June 30, 2023
Assets:
Loans	$	4,261,247		$	4,161,175		$	3,929,695
Loan loss reserve		(52,148	)		(50,571	)		(48,018	)
Net loans		4,209,099			4,110,604			3,881,677
Loans held for sale		350			57			238
Securities AFS		1,090,322			1,111,505			1,201,253
Equity securities at fair value		3,054			3,529			2,545
Other equity investments		14,022			9,327			11,432
Other earning assets		108,823			239,554			62,726
Cash and due from banks		54,935			55,841			48,915
Premises and equipment		47,178			46,595			42,911
Right of use asset		15,121			15,500			16,678
Goodwill and core deposit intangible		65,490			65,490			65,490
Other assets		195,945			192,253			186,933
Total Assets	$	5,804,339		$	5,850,255		$	5,520,798

Liabilities and Equity:
Interest bearing checking	$	138,767		$	131,227		$	142,542
Savings deposits		2,191,831			2,152,187			2,000,853
CD's >=$100,000		637,206			678,148			538,492
Other time deposits		524,480			548,125			473,695
Total interest bearing deposits		3,492,284			3,509,687			3,155,582
Noninterest bearing deposits		1,241,514			1,274,583			1,361,078
Total deposits		4,733,798			4,784,270			4,516,660
Repurchase agreements		227,576			234,671			229,020
Other interest bearing liabilities		64,954			65,014			65,195
Lease liability		15,880			16,208			17,317
Other noninterest bearing liabilities		42,808			42,368			32,481
Total liabilities		5,085,016			5,142,531			4,860,673
Shareholders' equity		719,323			707,724			660,125
Total Liabilities and Equity	$	5,804,339		$	5,850,255		$	5,520,798

Ending shares outstanding		18,026			18,019			17,984

30 - 89 days past due loans	$	24,099		$	12,234		$	12,158
90 days past due loans		14,703			11,550			6,399
Nonaccrual loans		5,127			4,302			5,345
Foreclosed properties		1,626			1,266			2,047

Community bank leverage ratio		13.90	%		13.74	%		13.82	%
Tangible equity to tangible assets ratio		11.39	%		11.10	%		10.90	%
FTE employees		930			945			953

Document and Entity Information	Jun. 30, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 30, 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