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)

December 31, 2023

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 January 17, 2024, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2023. 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 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:	January 17, 2024	By:

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

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 17, 2024

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

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 4^TH QUARTER AND YEAR 2023

Earnings Summary

(in thousands except per share data)	4Q 2023			3Q 2023			4Q 2022			Year 2023			Year 2022
Net income	$	18,659		$	20,628		$	22,443		$	78,004		$	81,814
Earnings per share	$	1.04		$	1.15		$	1.26		$	4.36		$	4.59
Earnings per share – diluted	$	1.04		$	1.15		$	1.26		$	4.36		$	4.58

Return on average assets		1.30	%		1.46	%		1.64	%		1.40	%		1.50	%
Return on average equity		10.98	%		12.30	%		14.42	%		11.75	%		12.73	%
Efficiency ratio		55.74	%		52.66	%		51.81	%		54.29	%		53.12	%
Tangible common equity		11.16	%		10.55	%		10.58	%

Dividends declared per share	$	0.46		$	0.46		$	0.44		$	1.80		$	1.68
Book value per share	$	39.01		$	36.30		$	35.05

Weighted average shares		17,901			17,893			17,848			17,887			17,836
Weighted average shares - diluted		17,926			17,904			17,872			17,900			17,851

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2023 of $18.7 million, or $1.04 per basic share, compared to $20.6 million, or $1.15 per basic share, earned during the third quarter 2023 and $22.4 million, or $1.26 per basic share, earned during the fourth quarter 2022. Total revenue was $1.9 million below prior quarter and $1.8 million below prior year same quarter. Net interest revenue decreased $0.2 million compared to prior quarter and $1.8 million compared to prior year same quarter, and noninterest income decreased $1.8 million compared to prior quarter but remained relatively flat compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year fourth quarter. Noninterest expense increased $0.8 million compared to prior quarter and $1.4 million compared to prior year same quarter. Earnings for the year ended December 31, 2023 were $78.0 million, or $4.36 per basic share, compared to $81.8 million, or $4.59 per basic share for the year ended December 31, 2022. Year over year earnings were impacted by increases in provision for loan losses and noninterest expense and a decrease in noninterest income.

4^th Quarter 2023 Highlights

❖	Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter, as our net interest margin decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter.

❖	Provision for credit losses at $1.8 million for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter.

❖	Our loan portfolio at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022.

❖	We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022.

❖

Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Nonperforming assets at $15.6 million increased $0.4 million from September 30, 2023 but decreased $3.4 million from December 31, 2022.

❖	Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022.

❖	Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022.

❖	Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022.

❖	Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter.

❖	Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.

Net Interest Income

										Percent Change
										4Q 2023 Compared to:
($ in thousands)	4Q 2023			3Q 2023			4Q 2022			3Q 2023			4Q 2022			Year 2023			Year 2022			Percent Change
Components of net interest income:
Income on earning assets	$	73,329		$	69,499		$	57,458			5.5	%		27.6	%	$	268,650		$	197,742			35.9	%
Expense on interest bearing liabilities		30,354			26,359			12,714			15.2	%		138.8	%		95,540			28,640			233.6	%
Net interest income		42,975			43,140			44,744			(0.4	%)		(4.0	%)		173,110			169,102			2.4	%
TEQ		297			298			249			(0.4	%)		19.3	%		1,191			956			24.6	%
Net interest income, tax equivalent	$	43,272		$	43,438		$	44,993			(0.4	%)		(3.8	%)	$	174,301		$	170,058			2.5	%

Average yield and rates paid:
Earning assets yield		5.43	%		5.25	%		4.51	%		3.5	%		20.5	%		5.15	%		3.87	%		33.1	%
Rate paid on interest bearing liabilities		3.27	%		2.93	%		1.52	%		11.4	%		115.1	%		2.72	%		0.85	%		220.0	%
Gross interest margin		2.16	%		2.32	%		2.99	%		(6.9	%)		(27.8	%)		2.43	%		3.02	%		(19.6	%)
Net interest margin		3.19	%		3.27	%		3.51	%		(2.3	%)		(9.2	%)		3.32	%		3.32	%		0.0	%

Average balances:
Investment securities	$	1,144,078		$	1,178,707		$	1,284,470			(2.9	%)		(10.9	%)	$	1,200,965		$	1,399,877			(14.2	%)
Loans		4,022,547			3,952,096			3,662,221			1.8	%		9.8	%		3,888,585			3,552,941			9.4	%
Earning assets		5,377,827			5,274,542			5,079,176			2.0	%		5.9	%		5,244,128			5,129,345			2.2	%
Interest-bearing liabilities		3,687,660			3,567,343			3,321,914			3.4	%		11.0	%		3,514,142			3,351,221			4.9	%

Net interest income for the quarter of $43.0 million was $0.2 million below prior quarter and $1.8 million below prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.19% decreased 8 basis points from prior quarter and 32 basis points from prior year same quarter. Our average earning assets increased $103.3 million from prior quarter and $298.7 million from prior year same quarter. Our yield on average earning assets increased 18 basis points from prior quarter and 92 basis points from prior year same quarter, and our cost of funds increased 34 basis points from prior quarter and 175 basis points from prior year same quarter. Our net interest income for the year ended December 31, 2023 was $173.1 million compared to $169.1 million for the year ended December 31, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 81.8% for the quarter ended December 31, 2023 compared to 83.2% for the quarter ended September 30, 2023 and 78.2% for the quarter ended December 31, 2022.

Noninterest Income

							Percent Change
							4Q 2023 Compared to:
($ in thousands)	4Q 2023		3Q 2023		4Q 2022		3Q 2023			4Q 2022			Year 2023		Year 2022		Percent Change
Deposit related fees	$	7,312	$	7,823	$	7,411		(6.5	%)		(1.3	%)	$	29,935	$	29,049		3.0	%
Trust revenue		3,318		3,277		2,959		1.2	%		12.1	%		13,025		12,394		5.1	%
Gains on sales of loans		54		105		174		(48.3	%)		(68.9	%)		395		1,525		(74.1	%)
Loan related fees		467		1,283		1,119		(63.6	%)		(58.3	%)		3,792		6,185		(38.7	%)
Bank owned life insurance revenue		816		1,108		572		(26.3	%)		42.7	%		3,517		2,708		29.8	%
Brokerage revenue		285		452		344		(37.0	%)		(17.2	%)		1,473		1,846		(20.2	%)
Other		1,473		1,448		1,192		1.7	%		23.6	%		5,522		4,209		31.2	%
Total noninterest income	$	13,725	$	15,496	$	13,771		(11.4	%)		(0.3	%)	$	57,659	$	57,916		(0.4	%)

Noninterest income for the quarter ended December 31, 2023 of $13.7 million was $1.8 million, or 11.4%, below prior quarter but relatively flat to prior year same quarter. The quarter over quarter decrease included a $0.5 million decrease in deposit related fees, a $0.8 million decrease in loan related fees, a $0.3 million decrease in bank owned life insurance revenue, and a $0.2 million decrease in brokerage revenue. A year over year decrease of $0.7 million in loan related fees was primarily offset by increases in trust revenue ($0.4 million) and bank owned life insurance revenue ($0.2 million). The decline in loan related fees resulted from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the year 2023 was $57.7 million compared to $57.9 million for the year 2022. Noninterest income was impacted year over year by a $2.4 million decline in loan related fees, a $1.1 million decline in gains on sales of loans, and a $0.4 million decline in brokerage revenue, offset by increases of $0.9 million in deposit related fees, $0.6 million in trust revenue, $1.2 million in securities gains, and $0.8 million in bank owned life insurance revenue.

Noninterest Expense

							Percent Change
							4Q 2023 Compared to:
($ in thousands)	4Q 2023		3Q 2023		4Q 2022		3Q 2023			4Q 2022			Year 2023		Year 2022		Percent Change
Salaries	$	13,163	$	12,755	$	12,439		3.2	%		5.8	%	$	51,283	$	48,934		4.8	%
Employee benefits		5,282		5,298		5,433		(0.3	%)		(2.8	%)		22,428		23,556		(4.8	%)
Net occupancy and equipment		3,045		2,875		2,576		5.9	%		18.2	%		11,843		11,083		6.9	%
Data processing		2,630		2,410		2,344		9.1	%		12.2	%		9,726		8,910		9.2	%
Legal and professional fees		900		722		931		24.6	%		(3.3	%)		3,350		3,434		(2.4	%)
Advertising and marketing		923		767		826		20.4	%		11.8	%		3,214		3,005		7.0	%
Taxes other than property and payroll		421		420		296		0.3	%		42.2	%		1,706		1,570		8.7	%
Net other real estate owned expense		5		165		18		(96.8	%)		(72.2	%)		350		456		(23.4	%)
Other		5,259		5,435		5,396		(3.2	%)		(2.5	%)		21,490		20,123		6.8	%
Total noninterest expense	$	31,628	$	30,847	$	30,259		2.5	%		4.5	%	$	125,390	$	121,071		3.6	%

Noninterest expense for the quarter ended December 31, 2023 of $31.6 million was $0.8 million, or 2.5%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter. The increase in noninterest expense quarter over quarter included a $0.4 million increase in personnel expense, a $0.2 million increase in occupancy and equipment, and a $0.2 million increase in data processing expense. The increase year over year resulted from a $0.6 million increase in personnel expense, a $0.5 million increase in occupancy and equipment expense, a $0.3 million increase in data processing expense, and a $0.3 million increase in FDIC insurance premiums. Noninterest expense for the year 2023 was $125.4 million compared to $121.1 million for the year 2022 with increases of $1.2 million in personnel expense, $0.8 million in occupancy and equipment, $0.8 million in data processing expense, $1.0 million in FDIC insurance premiums, and $0.4 million in telephone expense.

The Compensation Committee of the Board of Directors has authorized a discretionary gift/payment to all full-time employees hired prior to July 1, 2023 of $1000 and all full-time employees hired after June 30, 2023 of $500. The Committee also authorized a discretionary gift/payment to our Executive Committee and other members of senior management. This discretionary gift/payment will occur January 19, 2024 for all eligible employees. This payment was accrued as of December 31, 2023 in the amount of $1.2 million. The Compensation Committee approved this gift/payment even though we did not achieve the desired financial results for our company and chose to do so because they recognize the significant efforts of all our employees during this very turbulent time in the banking industry.

Balance Sheet Review

Total Loans

							Percent Change
							4Q 2023 Compared to:
($ in thousands)	4Q 2023		3Q 2023		4Q 2022		3Q 2023			4Q 2022
Commercial nonresidential real estate	$	778,637	$	788,287	$	762,349		(1.2	%)		2.1	%
Commercial residential real estate		417,943		404,779		372,914		3.3	%		12.1	%
Hotel/motel		395,765		386,067		343,640		2.5	%		15.2	%
Other commercial		391,390		377,449		389,955		3.7	%		0.4	%
Total commercial		1,983,735		1,956,582		1,868,858		1.4	%		6.1	%

Residential mortgage		937,524		916,580		824,996		2.3	%		13.6	%
Home equity loans/lines		147,036		139,085		120,540		5.7	%		22.0	%
Total residential		1,084,560		1,055,665		945,536		2.7	%		14.7	%

Consumer indirect		823,505		812,060		737,392		1.4	%		11.7	%
Consumer direct		159,106		160,712		157,504		(1.0	%)		1.0	%
Total consumer		982,611		972,772		894,896		1.0	%		9.8	%

Total loans	$	4,050,906	$	3,985,019	$	3,709,290		1.7	%		9.2	%

Total Deposits and Repurchase Agreements

							Percent Change
							4Q 2023 Compared to:
($ in thousands)	4Q 2023		3Q 2023		4Q 2022		3Q 2023			4Q 2022
Non-interest bearing deposits	$	1,260,690	$	1,314,189	$	1,394,915		(4.1	%)		(9.6	%)
Interest bearing deposits
Interest checking		123,927		125,107		112,265		(0.9	%)		10.4	%
Money market savings		1,525,537		1,412,679		1,348,809		8.0	%		13.1	%
Savings accounts		535,063		556,820		654,380		(3.9	%)		(18.2	%)
Time deposits		1,279,405		1,219,097		915,774		4.9	%		39.7	%
Repurchase agreements		225,245		232,577		215,431		(3.2	%)		4.6	%
Total interest bearing deposits and repurchase agreements		3,689,177		3,546,280		3,246,659		4.0	%		13.6	%
Total deposits and repurchase agreements	$	4,949,867	$	4,860,469	$	4,641,574		1.8	%		6.6	%

CTBI’s total assets at $5.8 billion as of December 31, 2023 increased $134.8 million, or 9.5% annualized, from September 30, 2023 and $389.4 million, or 7.2%, from December 31, 2022. Loans outstanding at $4.1 billion increased $65.9 million, an annualized 6.6%, from September 30, 2023 and $341.6 million, or 9.2%, from December 31, 2022. The increase in loans from prior quarter included a $27.2 million increase in the commercial loan portfolio, a $28.9 million increase in the residential loan portfolio, a $11.4 million increase in the indirect consumer loan portfolio, and a $1.6 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio increased $28.1 million, or an annualized 9.8%, from September 30, 2023 but decreased $91.5 million, or 7.3%, from December 31, 2022. Deposits in other banks increased $62.6 million from prior quarter and $135.2 million from December 31, 2022. Deposits, including repurchase agreements, at $4.9 billion increased $89.4 million, or an annualized 7.3%, from September 30, 2023 and $308.3 million, or 6.6% from December 31, 2022. Due to the increasing and competitive interest rate environment, we have seen a change in our deposit mix year over year with a 9.6% decrease in noninterest bearing deposits and a 13.6% increase in interest bearing deposits and repurchase agreements.

Shareholders’ equity at $702.2 million increased $49.2 million, or an annualized 29.9%, during the quarter and $74.2 million, or 11.8%, from December 31, 2022. Net unrealized losses on securities, net of deferred taxes, decreased to $103.3 million at December 31, 2023, compared to $141.4 million at September 30, 2023 and $129.2 million at December 31, 2022. CTBI’s annualized dividend yield to shareholders as of December 31, 2023 was 4.20%.

Asset Quality

Our total nonperforming loans increased to $14.0 million at December 31, 2023 from $13.0 million at September 30, 2023 but decreased from $15.3 million at December 31, 2022. Prior year nonperforming loans, as previously reported, exclude troubled debt restructurings which have been eliminated in the current period due to implementation of Accounting Standard Update 2022-02. Accruing loans 90+ days past due at $9.9 million increased $1.9 million from prior quarter and $1.4 million from December 31, 2022. Nonaccrual loans at $4.0 million decreased $0.9 million from prior quarter and $2.8 million from December 31, 2022. Accruing loans 30-89 days past due at $15.3 million increased $3.2 million from prior quarter and were relatively flat to December 31, 2022. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties was $1.6 million at December 31, 2023 compared to $2.2 million at September 30, 2023 and $3.7 million at December 31, 2022. Sales of foreclosed properties for the quarter ended December 31, 2023 totaled $0.7 million while new foreclosed properties totaled $0.2 million.

We had net loan charge-offs of $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 compared to $1.2 million, or 0.12% of average loans annualized, for the third quarter 2023 and a net recovery of loan charge-offs of $9 thousand for the fourth quarter 2022. Net charge-offs for the year ended December 31, 2023 were $3.2 million, or 0.08% of average loans annualized compared to $0.7 million, or 0.02% of average loans annualized, for the year ended December 31, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.3 million from prior year same quarter. Provision for credit losses for the year ended December 31, 2023 increased $1.9 million from the year ended December 31, 2022. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2023 was 354.7% compared to 375.2% at September 30, 2023 and 300.4% at December 31, 2022. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2023 remained at 1.22% from September 30, 2023 down from the 1.24% at December 31, 2022.

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. Community Trust Bancorp, Inc.’s (“CTBI”) 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 the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; 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 70 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)
December 31, 2022
(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, 2022			September 30, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Interest income	$	57,458		$	51,405		$	44,357		$	197,742		$	178,169
Interest expense		12,714			7,869			3,541			28,640			15,090
Net interest income		44,744			43,536			40,816			169,102			163,079
Loan loss provision		1,539			2,414			533			4,905			(6,386	)

Gains on sales of loans		174			235			1,241			1,525			6,820
Deposit related fees		7,411			7,629			7,083			29,049			26,529
Trust revenue		2,959			2,989			3,305			12,394			12,644
Loan related fees		1,119			1,589			1,254			6,185			5,578
Securities gains (losses)		117			(159	)		(208	)		(168	)		(158	)
Other noninterest income		1,991			2,396			2,302			8,931			9,050
Total noninterest income		13,771			14,679			14,977			57,916			60,463

Personnel expense		17,872			18,546			19,468			72,490			74,114
Occupancy and equipment		2,576			2,897			2,625			11,083			10,854
Data processing expense		2,344			2,270			2,099			8,910			8,039
FDIC insurance premiums		374			360			339			1,447			1,381
Other noninterest expense		7,093			7,402			6,618			27,141			24,897
Total noninterest expense		30,259			31,475			31,149			121,071			119,285

Net income before taxes		26,717			24,326			24,111			101,042			110,643
Income taxes		4,274			4,954			4,863			19,228			22,704
Net income	$	22,443		$	19,372		$	19,248		$	81,814		$	87,939

Memo: TEQ interest income	$	57,707		$	51,645		$	44,581		$	198,698		$	179,066

Average shares outstanding		17,848			17,841			17,796			17,836			17,786
Diluted average shares outstanding		17,872			17,857			17,820			17,851			17,804
Basic earnings per share	$	1.26		$	1.09		$	1.08		$	4.59		$	4.94
Diluted earnings per share	$	1.26		$	1.08		$	1.08		$	4.58		$	4.94
Dividends per share	$	0.44		$	0.44		$	0.40		$	1.68		$	1.57

Average balances:
Loans	$	3,662,221		$	3,568,174		$	3,381,206		$	3,552,941		$	3,455,742
Earning assets		5,079,176			5,163,624			5,133,843			5,129,345			5,115,961
Total assets		5,412,752			5,477,596			5,418,854			5,438,696			5,387,241
Deposits, including repurchase agreements		4,682,014			4,733,393			4,612,010			4,688,976			4,592,415
Interest bearing liabilities		3,321,914			3,359,242			3,337,053			3,351,221			3,376,788
Shareholders' equity		617,338			636,038			697,727			642,423			682,697

Performance ratios:
Return on average assets		1.64	%		1.40	%		1.41	%		1.50	%		1.63	%
Return on average equity		14.42	%		12.08	%		10.94	%		12.73	%		12.88	%
Yield on average earning assets (tax equivalent)		4.51	%		3.97	%		3.45	%		3.87	%		3.50	%
Cost of interest bearing funds (tax equivalent)		1.52	%		0.93	%		0.42	%		0.85	%		0.45	%
Net interest margin (tax equivalent)		3.51	%		3.36	%		3.17	%		3.32	%		3.21	%
Efficiency ratio (tax equivalent)		51.81	%		53.70	%		55.40	%		53.12	%		53.11	%

Loan charge-offs	$	1,995		$	1,203		$	865		$	5,346		$	4,325
Recoveries		(2,004	)		(878	)		(873	)		(4,666	)		(4,445	)
Net charge-offs	$	(9	)	$	325		$	(8	)	$	680		$	(120	)

Market Price:
High	$	48.05		$	45.37		$	46.21		$	48.05		$	47.53
Low	$	40.81		$	39.65		$	41.05		$	39.10		$	36.02
Close	$	45.93		$	40.55		$	43.61		$	45.93		$	43.61

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

December 31, 2022

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

	As of			As of			As of
	December 31, 2022			September 30, 2022			December 31, 2021
Assets:
Loans	$	3,709,290		$	3,630,616		$	3,408,813
Loan loss reserve		(45,981	)		(44,433	)		(41,756	)
Net loans		3,663,309			3,586,183			3,367,057
Loans held for sale		109			1,043			2,632
Securities AFS		1,256,226			1,298,592			1,455,429
Equity securities at fair value		2,166			1,969			2,253
Other equity investments		11,563			11,563			13,026
Other earning assets		79,475			201,196			267,286
Cash and due from banks		51,306			60,527			46,558
Premises and equipment		42,633			41,593			40,479
Right of use asset		17,071			12,131			12,148
Goodwill and core deposit intangible		65,490			65,490			65,490
Other assets		190,968			194,051			145,899
Total Assets	$	5,380,316		$	5,474,338		$	5,418,257

Liabilities and Equity:
Interest bearing checking	$	112,265		$	100,680		$	97,064
Savings deposits		2,003,189			1,952,379			1,839,046
CD's >=$100,000		471,934			537,233			589,853
Other time deposits		443,840			463,698			487,226
Total interest bearing deposits		3,031,228			3,053,990			3,013,189
Noninterest bearing deposits		1,394,915			1,481,078			1,331,103
Total deposits		4,426,143			4,535,068			4,344,292
Repurchase agreements		215,431			230,123			271,088
Other interest bearing liabilities		58,696			58,701			58,716
Lease liability		17,628			12,636			13,005
Other noninterest bearing liabilities		34,371			35,250			32,954
Total liabilities		4,752,269			4,871,778			4,720,055
Shareholders' equity		628,047			602,560			698,202
Total Liabilities and Equity	$	5,380,316		$	5,474,338		$	5,418,257

Ending shares outstanding		17,918			17,901			17,843

30 - 89 days past due loans	$	15,303		$	12,058		$	10,874
90 days past due loans		8,496			5,554			5,954
Nonaccrual loans		6,813			8,138			10,671
Restructured loans (excluding 90 days past due and nonaccrual)		81,331			79,092			69,827
Foreclosed properties		3,671			1,864			3,486

Community bank leverage ratio		13.55	%		13.24	%		13.00	%
Tangible equity to tangible assets ratio		10.58	%		9.93	%		11.82	%
FTE employees		985			964			974

Document and Entity Information	Dec. 31, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
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