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)

September 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 October 16, 2024, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 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 October 16, 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:	October 16, 2024	By:

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

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 16, 2024

FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 434-4331

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 3^RD QUARTER 2024

Earnings Summary

Earnings Summary
(in thousands except per share data)	3Q 2024			2Q 2024			3Q 2023			YTD 2024			YTD 2023
Net income	$	22,142		$	19,499		$	20,628		$	60,320		$	59,345
Earnings per share	$	1.23		$	1.09		$	1.15		$	3.36		$	3.32
Earnings per share - diluted	$	1.23		$	1.09		$	1.15		$	3.36		$	3.32

Return on average assets		1.50	%		1.35	%		1.46	%		1.38	%		1.44	%
Return on average equity		11.77	%		11.03	%		12.30	%		11.15	%		12.02	%
Efficiency ratio		51.75	%		52.17	%		52.66	%		52.91	%		53.82	%
Tangible common equity		11.79	%		11.39	%		10.55	%

Dividends declared per share	$	0.47		$	0.46		$	0.46		$	1.39		$	1.34
Book value per share	$	42.14		$	39.91		$	36.30

Weighted average shares		17,962			17,939			17,893			17,942			17,882
Weighted average shares - diluted		17,991			17,959			17,904			17,965			17,892

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2024 of $22.1 million, or $1.23 per basic share, compared to $19.5 million, or $1.09 per basic share, earned during the second quarter 2024 and $20.6 million, or $1.15 per basic share, earned during the third quarter 2023. Total revenue for the quarter was $1.4 million above prior quarter and $4.1 million above prior year same quarter. Net interest revenue for the quarter increased $1.5 million compared to prior quarter and $4.1 million compared to prior year same quarter, and noninterest income decreased $0.1 million compared to prior quarter but increased $0.1 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.2 million from prior quarter but increased $0.9 million from prior year same quarter. Noninterest expense increased $0.1 million compared to prior quarter and $1.7 million compared to prior year same quarter. Net income for the nine months ended September 30, 2024 was $60.3 million, or $3.36 per basic share, compared to $59.3 million, or $3.32 per basic share, for the nine months ended September 30, 2023.

3^rd Quarter 2024 Highlights

❖	Net interest income for the quarter of $47.2 million was $1.5 million, or 3.3%, above prior quarter and $4.1 million, or 9.4%, above prior year same quarter, as our net interest margin increased 1 basis point from prior quarter and 12 basis points from prior year same quarter.

❖	Provision for credit losses at $2.7 million for the quarter decreased $0.2 million from prior quarter but increased $0.9 million from prior year same quarter.

❖	Noninterest income for the quarter ended September 30, 2024 of $15.6 million was $0.1 million, or 0.9%, below prior quarter but $0.1 million, or 0.4%, above prior year same quarter.

❖	Noninterest expense for the quarter ended September 30, 2024 of $32.5 million was $0.1 million, or 0.3%, above prior quarter and $1.7 million, or 5.4%, above prior year same quarter.

❖	Our loan portfolio at $4.4 billion increased $89.2 million, an annualized 8.3%, from June 30, 2024 and $365.5 million, or 9.2%, from September 30, 2023.

❖	We had net loan charge-offs of $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 compared to $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 and $1.2 million, or an annualized 0.12% of average loans, for the third quarter 2023.

❖	Our total nonperforming loans increased to $25.1 million at September 30, 2024 from $19.8 million at June 30, 2024 and $13.0 million at September 30, 2023. Nonperforming assets at $26.4 million increased $5.0 million from June 30, 2024 and $11.3 million from September 30, 2023.

❖	Deposits, including repurchase agreements, at $5.1 billion increased $110.2 million, or an annualized 8.8%, from June 30, 2024 and $211.1 million, or 4.3%, from September 30, 2023.

❖	Shareholders’ equity at $760.8 million increased $41.4 million, or an annualized 22.9%, during the quarter and $107.7 million, or 16.5%, from September 30, 2023.

Net Interest Income

										Percent Change
										3Q 2024 Compared to:
($ in thousands)	3Q 2024			2Q 2024			3Q 2023			2Q 2024			3Q 2023			YTD 2024			YTD 2023			Percent Change
Components of net interest income:
Income on earning assets	$	79,814		$	76,648		$	69,499			4.1	%		14.8	%	$	231,464		$	195,321			18.5	%
Expense on interest bearing liabilities		32,615			30,970			26,359			5.3	%		23.7	%		94,996			65,186			45.7	%
Net interest income		47,199			45,678			43,140			3.3	%		9.4	%		136,468			130,135			4.9	%
TEQ		280			292			298			(4.1	%)		(5.8	%)		866			894			(3.2	%)
Net interest income, tax equivalent	$	47,479		$	45,970		$	43,438			3.3	%		9.3	%	$	137,334		$	131,029			4.8	%

Average yield and rates paid:
Earning assets yield		5.72	%		5.66	%		5.25	%		1.1	%		9.0	%		5.64	%		5.05	%		11.8	%
Rate paid on interest bearing liabilities		3.36	%		3.30	%		2.93	%		1.9	%		14.7	%		3.34	%		2.52	%		32.3	%
Gross interest margin		2.36	%		2.36	%		2.32	%		0.0	%		1.7	%		2.31	%		2.53	%		(9.0	%)
Net interest margin		3.39	%		3.38	%		3.27	%		0.3	%		3.9	%		3.34	%		3.37	%		(1.0	%)

Average balances:
Investment securities	$	1,091,258		$	1,095,182		$	1,178,707			(0.4	%)		(7.4	%)	$	1,111,411		$	1,220,135			(8.9	%)
Loans	$	4,300,652		$	4,191,992		$	3,952,096			2.6	%		8.8	%	$	4,196,884		$	3,843,441			9.2	%
Earning assets	$	5,570,160		$	5,469,813		$	5,274,542			1.8	%		5.6	%	$	5,499,608		$	5,199,072			5.8	%
Interest-bearing liabilities	$	3,859,978		$	3,776,362		$	3,567,343			2.2	%		8.2	%	$	3,803,491		$	3,455,666			10.1	%

Net interest income for the quarter of $47.2 million was $1.5 million, or 3.3%, above prior quarter and $4.1 million, or 9.4%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.39% increased 1 basis point from prior quarter and 12 basis points from prior year same quarter. Our quarterly average earning assets increased $100.3 million from prior quarter and $295.6 million from prior year same quarter. Our yield on average earning assets increased 6 basis points from prior quarter and 47 basis points from prior year same quarter, while our cost of funds increased 6 basis points from prior quarter and 43 basis points from prior year same quarter. Net interest income for the nine months ended September 30, 2024 was $136.5 million compared to $130.1 million for the nine months ended September 30, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 85.8% for the quarter ended September 30, 2024 compared to 84.5% for the quarter ended June 30, 2024 and 83.2% for the quarter ended September 30, 2023.

Noninterest Income

							Percent Change
							3Q 2024 Compared to:
($ in thousands)	3Q 2024		2Q 2024		3Q 2023		2Q 2024			3Q 2023			YTD 2024		YTD 2023		Percent Change
Deposit related fees	$	7,886	$	7,308	$	7,823		7.9	%		0.8	%	$	22,205	$	22,623		(1.8	%)
Trust revenue		3,707		3,736		3,277		(0.8	%)		13.1	%		10,960		9,707		12.9	%
Gains on sales of loans		80		119		105		(33.2	%)		(23.8	%)		244		341		(28.4	%)
Loan related fees		813		1,320		1,283		(38.4	%)		(36.6	%)		3,485		3,325		4.8	%
Bank owned life insurance revenue		1,214		1,815		1,108		(33.1	%)		9.6	%		4,321		2,701		60.0	%
Brokerage revenue		563		683		452		(17.7	%)		24.5	%		1,736		1,188		46.2	%
Other		1,300		727		1,448		78.8	%		(10.2	%)		3,454		4,049		(14.7	%)
Total noninterest income	$	15,563	$	15,708	$	15,496		(0.9	%)		0.4	%		46,405		43,934		5.6	%

Noninterest income for the quarter ended September 30, 2024 of $15.6 million was $0.1 million, or 0.9%, below prior quarter but $0.1 million, or 0.4%, above prior year same quarter. Quarter over quarter increases in deposit related fees ($0.6 million) and securities gains ($0.7 million) were offset by decreases in loan related fees ($0.5 million) and bank owned life insurance revenue ($0.6 million). Year over year increase in trust fees ($0.4 million was offset by a decrease in loan related fees ($0.5 million). Noninterest income for the nine months ended September 30, 2024 was $46.4 million compared to $43.9 million for the nine months ended September 30, 2023.

Noninterest Expense

							Percent Change
							3Q 2024 Compared to:
($ in thousands)	3Q 2024		2Q 2024		3Q 2023		2Q 2024			3Q 2023			YTD 2024		YTD 2023		Percent Change
Salaries	$	13,374	$	13,037	$	12,755		2.6	%		4.9	%	$	39,447	$	38,120		3.5	%
Employee benefits		6,147		6,554		5,298		(6.2	%)		16.0	%		19,787		17,146		15.4	%
Net occupancy and equipment		3,072		3,089		2,875		(0.6	%)		6.8	%		9,189		8,798		4.5	%
Data processing		2,804		2,669		2,410		5.1	%		16.3	%		7,991		7,096		12.6	%
Legal and professional fees		1,024		978		722		4.7	%		41.8	%		2,834		2,450		15.7	%
Advertising and marketing		876		856		767		2.4	%		14.3	%		2,309		2,291		0.8	%
Taxes other than property and payroll		438		438		420		(0.0	%)		4.4	%		1,318		1,285		2.6	%
Other		4,777		4,801		5,600		(0.5	%)		(14.7	%)		14,279		16,576		(13.9	%)
Total noninterest expense	$	32,512	$	32,422	$	30,847		0.3	%		5.4	%	$	97,154	$	93,762		3.6	%

Noninterest expense for the quarter ended September 30, 2024 of $32.5 million was $0.1 million, or 0.3%, above prior quarter and $1.7 million, or 5.4%, above prior year same quarter. The increase year over year primarily resulted from a $1.5 million increase in personnel expense, which included a $0.6 million increase in salaries and a $0.7 million increase in the cost of group medical and life insurance benefits. Noninterest expense for the nine months ended September 30, 2024 was $97.2 million compared to $93.8 million for the nine months ended September 30, 2023.

Balance Sheet Review

Total Loans

							Percent Change
							3Q 2024 Compared to:
($ in thousands)	3Q 2024		2Q 2024		3Q 2023		2Q 2024			3Q 2023
Commercial nonresidential real estate	$	834,985	$	825,934	$	788,287		1.1	%		5.9	%
Commercial residential real estate		485,004		480,418		404,779		1.0	%		19.8	%
Hotel/motel		453,465		417,161		386,067		8.7	%		17.5	%
Other commercial		440,636		428,263		377,449		2.9	%		16.7	%
Total commercial		2,214,090		2,151,776		1,956,582		2.9	%		13.2	%

Residential mortgage		1,003,123		978,144		916,580		2.6	%		9.4	%
Home equity loans/lines		163,013		154,311		139,085		5.6	%		17.2	%
Total residential		1,166,136		1,132,455		1,055,665		3.0	%		10.5	%

Consumer indirect		816,187		819,689		812,060		(0.4	%)		0.5	%
Consumer direct		154,061		157,327		160,712		(2.1	%)		(4.1	%)
Total consumer		970,248		977,016		972,772		(0.7	%)		(0.3	%)

Total loans	$	4,350,474	$	4,261,247	$	3,985,019		2.1	%		9.2	%

Total Deposits and Repurchase Agreements

							Percent Change
							3Q 2024 Compared to:
($ in thousands)	3Q 2024		2Q 2024		3Q 2023		2Q 2024			3Q 2023
Noninterest bearing deposits	$	1,204,515	$	1,241,514	$	1,314,189		(3.0	%)		(8.3	%)
Interest bearing deposits
Interest checking		156,249		138,767		125,107		12.6	%		24.9	%
Money market savings		1,658,758		1,664,580		1,412,679		(0.3	%)		17.4	%
Savings accounts		501,933		527,251		556,820		(4.8	%)		(9.9	%)
Time deposits		1,316,807		1,161,686		1,219,097		13.4	%		8.0	%
Repurchase agreements		233,324		227,576		232,577		2.5	%		0.3	%
Total interest bearing deposits and repurchase agreements		3,867,071		3,719,860		3,546,280		4.0	%		9.0	%
Total deposits and repurchase agreements	$	5,071,586	$	4,961,374	$	4,860,469		2.2	%		4.3	%

CTBI’s total assets at $6.0 billion as of September 30, 2024 increased $158.6 million, or 10.9% annualized, from June 30, 2024 and $328.0 million, or 5.8%, from September 30, 2023. Loans outstanding at $4.4 billion increased $89.2 million, an annualized 8.3%, from June 30, 2024 and $365.5 million, or 9.2%, from September 30, 2023. The increase in loans from prior quarter included a $62.3 million increase in the commercial loan portfolio and a $33.7 million increase in the residential loan portfolio, partially offset by a $3.5 million decrease in the indirect consumer loan portfolio and a $3.3 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio increased $8.0 million, or an annualized 2.9%, from June 30, 2024 but decreased $37.4 million, or 3.3%, from September 30, 2023. Deposits in other banks increased $48.3 million from prior quarter and $5.0 million from September 30, 2023. Deposits, including repurchase agreements, at $5.1 billion increased $110.2 million, or an annualized 8.8%, from June 30, 2024 and $211.1 million, or 4.3%, from September 30, 2023. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of September 30, 2024, no one customer accounted for more than 3% of our $5.1 billion in deposits. Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $760.8 million increased $41.4 million, or an annualized 22.9%, during the quarter and $107.7 million, or 16.5%, from September 30, 2023. Net unrealized losses on securities, net of deferred taxes, were $80.6 million at September 30, 2024, compared to $107.1 million at June 30, 2024 and $141.4 million at September 30, 2023. CTBI’s annualized dividend yield to shareholders as of September 30, 2024 was 3.79%.

Asset Quality

Our total nonperforming loans increased to $25.1 million at September 30, 2024 from $19.8 million at June 30, 2024 and $13.0 million at September 30, 2023. Accruing loans 90+ days past due at $19.1 million increased $4.4 million from prior quarter and $11.0 million from September 30, 2023. Nonaccrual loans at $6.0 million increased $0.9 million from prior quarter and $1.1 million from September 30, 2023. Accruing loans 30-89 days past due at $20.6 million decreased $3.5 million from prior quarter but increased $8.5 million from September 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 $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 compared to $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 and $1.2 million, or an annualized 0.12% of average loans, for the third quarter 2023. Of the net charge-offs for the quarter, $1.2 million were in indirect consumer loans, $0.2 million were in direct consumer loans, and $0.1 million were in residential loans. Year-to-date net loan charge-offs of an annualized 0.14% of average loans are in line with management’s expectations.

Allowance for Credit Losses

Our provision for credit losses at $2.7 million for the quarter decreased $0.2 million from prior quarter but increased $0.9 million from prior year same quarter. Of the provision for the quarter, $1.1 million was allotted to fund loan growth. Year-to-date provision for credit losses increased $3.4 million from the nine months ended September 30, 2023. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2024 was 212.7% compared to 263.0% at June 30, 2024 and 375.2% at September 30, 2023. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2024 was 1.23% compared to 1.22% at June 30, 2024 and September 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 $6.0 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.

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

	Three			Three			Three			Nine			Nine
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest income	$	79,814		$	76,648		$	69,499		$	231,464		$	195,321
Interest expense		32,615			30,970			26,359			94,996			65,186
Net interest income		47,199			45,678			43,140			136,468			130,135
Loan loss provision		2,736			2,972			1,871			8,364			4,996

Gains on sales of loans		80			119			105			244			341
Deposit related fees		7,886			7,308			7,823			22,205			22,623
Trust revenue		3,707			3,736			3,277			10,960			9,707
Loan related fees		813			1,320			1,283			3,485			3,325
Securities gains (losses)		213			(474	)		355			110			738
Other noninterest income		2,864			3,699			2,653			9,401			7,200
Total noninterest income		15,563			15,708			15,496			46,405			43,934

Personnel expense		19,521			19,591			18,053			59,234			55,266
Occupancy and equipment		3,072			3,089			2,875			9,189			8,798
Data processing expense		2,804			2,669			2,410			7,991			7,096
FDIC insurance premiums		629			645			612			1,916			1,828
Other noninterest expense		6,486			6,428			6,897			18,824			20,774
Total noninterest expense		32,512			32,422			30,847			97,154			93,762

Net income before taxes		27,514			25,992			25,918			77,355			75,311
Income taxes		5,372			6,493			5,290			17,035			15,966
Net income	$	22,142		$	19,499		$	20,628		$	60,320		$	59,345

Memo: TEQ interest income	$	80,094		$	76,940		$	69,797		$	232,330		$	196,215

Average shares outstanding		17,962			17,939			17,893			17,942			17,882
Diluted average shares outstanding		17,991			17,959			17,904			17,965			17,892
Basic earnings per share	$	1.23		$	1.09		$	1.15		$	3.36		$	3.32
Diluted earnings per share	$	1.23		$	1.09		$	1.15		$	3.36		$	3.32
Dividends per share	$	0.47		$	0.46		$	0.46		$	1.39		$	1.34

Average balances:
Loans	$	4,300,652		$	4,191,992		$	3,952,096		$	4,196,884		$	3,843,441
Earning assets		5,570,160			5,469,813			5,274,542			5,499,608			5,199,072
Total assets		5,891,157			5,795,937			5,603,586			5,824,780			5,524,343
Deposits, including repurchase agreements		5,014,506			4,959,382			4,750,448			4,977,040			4,722,207
Interest bearing liabilities		3,859,978			3,776,362			3,567,343			3,803,491			3,455,666
Shareholders' equity		748,098			711,331			665,129			722,683			660,063

Performance ratios:
Return on average assets		1.50	%		1.35	%		1.46	%		1.38	%		1.44	%
Return on average equity		11.77	%		11.03	%		12.30	%		11.15	%		12.02	%
Yield on average earning assets (tax equivalent)		5.72	%		5.66	%		5.25	%		5.64	%		5.05	%
Cost of interest bearing funds (tax equivalent)		3.36	%		3.30	%		2.93	%		3.34	%		2.52	%
Net interest margin (tax equivalent)		3.39	%		3.38	%		3.27	%		3.34	%		3.37	%
Efficiency ratio (tax equivalent)		51.75	%		52.17	%		52.66	%		52.91	%		53.82	%

Loan charge-offs	$	2,736		$	2,836		$	2,012		$	8,239		$	5,730
Recoveries		(1,212	)		(1,441	)		(842	)		(3,692	)		(3,472	)
Net charge-offs	$	1,524		$	1,395		$	1,170		$	4,547		$	2,258

Market Price:
High	$	52.22		$	44.32		$	39.86		$	52.22		$	47.35
Low	$	41.50		$	39.28		$	33.48		$	38.44		$	32.68
Close	$	49.66		$	43.66		$	34.26		$	49.66		$	34.26

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

September 30, 2024

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

	As of			As of			As of
	September 30, 2024			June 30, 2024			September 30, 2023
Assets:
Loans	$	4,350,474		$	4,261,247		$	3,985,019
Loan loss reserve		(53,360	)		(52,148	)		(48,719	)
Net loans		4,297,114			4,209,099			3,936,300
Loans held for sale		115			350			-
Securities AFS		1,098,076			1,090,322			1,135,878
Equity securities at fair value		3,266			3,054			2,900
Other equity investments		10,060			14,022			12,557
Other earning assets		157,092			108,823			152,064
Cash and due from banks		85,944			54,935			69,291
Premises and equipment		47,519			47,178			44,962
Right of use asset		14,718			15,121			16,100
Goodwill and core deposit intangible		65,490			65,490			65,490
Other assets		183,574			195,945			199,390
Total Assets	$	5,962,968		$	5,804,339		$	5,634,932

Liabilities and Equity:
Interest bearing checking	$	156,249		$	138,767		$	125,107
Savings deposits		2,160,691			2,191,831			1,969,499
CD's >=$100,000		753,253			637,206			666,808
Other time deposits		563,554			524,480			552,289
Total interest bearing deposits		3,633,747			3,492,284			3,313,703
Noninterest bearing deposits		1,204,515			1,241,514			1,314,189
Total deposits		4,838,262			4,733,798			4,627,892
Repurchase agreements		233,324			227,576			232,577
Other interest bearing liabilities		64,893			64,954			65,136
Lease liability		15,530			15,880			16,801
Other noninterest bearing liabilities		50,197			42,808			39,492
Total liabilities		5,202,206			5,085,016			4,981,898
Shareholders' equity		760,762			719,323			653,034
Total Liabilities and Equity	$	5,962,968		$	5,804,339		$	5,634,932

Ending shares outstanding		18,052			18,026			17,991

30 - 89 days past due loans	$	20,578		$	24,099		$	12,098
90 days past due loans		19,111			14,703			8,069
Nonaccrual loans		5,980			5,127			4,916
Foreclosed properties		1,344			1,626			2,175

Community bank leverage ratio		13.99	%		13.90	%		13.78	%
Tangible equity to tangible assets ratio		11.79	%		11.39	%		10.55	%
FTE employees		943			930			951

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