PIKEVILLE, Ky.--(BUSINESS WIRE)--On January 23, 2024, the Board of Directors of Community Trust Bancorp, Inc., (NASDAQ-CTBI) declared its cash dividend of $0.46 per share, which will be paid on April 1, 2024, to shareholders of record on March 15, 2024. 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 bankin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K 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.) 346 North Mayo Trail P.O. Box 2947 Pikeville, Kentucky 41502 (Address of principal executive of ices) (Zip code) (606) 432-1414 (Registrant's telephone number) Common Stock (Title of class) CTBI ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|----------------|------------------------|-------|-------|-------------------------|-------|--------------| | (in thousands) | | Amortized Cost | Gross Unrealized Gains | | | Gross Unrealized Losses | | Fair Value | | U.S. Treasury and government agencies | $ | 418,579 | $ | 212 | $ | (36,859) | $ | 381,932 | | State and political subdivisions | | 326,746 | | 32 | | (61,67 ...

When any secured commercial loan is considered uncollectable, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. For commercial loans greater than $1 million that are categorized as individually evaluated based on the criteria listed above, a specific reserve is established ...

* A loan is considered nonperforming if it is 90 days or more past due and/or on nonaccrual. March 31, 2022 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------|-------|-----------------------------|-------|----------------------| | (in thousands) \nHotel/motel | Number of Loans \n1 | $ | Recorded Investment \n8,348 | $ | Specific Reserve \n0 | | Commercial real estate residential | 4 | | 7,119 | | 0 | | Commercial real estate nonresidential | 11 | | 1 ...

Noninterest Expense - Noninterest expense for 2022 increased by $1.8 million (1.5%) compared to 2021, driven by a $1.4 million accrual for customer refunds and increases in data processing ($0.9 million), loan-related expenses ($0.6 million), and contributions ($0.4 million), partially offset by a $1.6 million decrease in personnel expense[101] - Personnel expense increased by $1.8 million in salaries but was offset by decreases of $1.5 million in bonuses and $1.9 million in post-retirement benefits[101] - Data processing expense increased by $0.9 million year over year in 2022[101] Shareholders' Equity and Securities - Shareholders' equity decreased by $70.2 million (10.0%) to $628.0 million at December 31, 2022, due to $129.2 million in unrealized losses on securities, compared to $4.8 million in 2021[102] - Net unrealized losses on securities were $129.2 million at December 31, 2022, compared to $4.8 million at December 31, 2021[102] - CTBI's total liabilities and shareholders' equity were $5,438,696 at December 31, 2022, compared to $5,387,241 in 2021[96] Loan Portfolio Composition - Approximately 65% of the loan portfolio is secured by real estate, with 40% consisting of commercial real estate loans as of December 31, 2022[59] - Commercial real estate residential loans comprised approximately 10% of the total loan portfolio as of December 31, 2022[57] Dividends and Shareholder Returns - CTBI's annualized dividend yield to shareholders was 3.83% as of December 31, 2022[102] - The ESOP owned 734,677 shares of CTBI's common stock at December 31, 2022, with contributions of $1.7 million for the year[196] Stock Ownership and Incentive Plans - CTBI has 550,000 shares authorized under the 2015 Stock Ownership Incentive Plan, with 400,221 shares available for future issuance as of December 31, 2022[198] - 20,000 stock options are outstanding with a weighted average exercise price of $32.27[198] - The maximum number of restricted stock shares that may be granted is 550,000, with a maximum of 75,000 shares per participant annually[198] - No performance units payable in stock were issued as of December 31, 2022, with a maximum payment of $1,000,000 per participant annually[198] - No Stock Appreciation Rights (SARs) have been issued, with a maximum of 100,000 shares per participant annually[198] Credit Losses and Allowances - CTBI maintains an Allowance for Credit Losses (ACL) to absorb expected credit losses over the remaining contractual terms of loans[202] - The ACL determination involves significant management judgment and includes collective and specific allowances for loans[203] Goodwill and Fair Value Measurements - CTBI evaluates qualitative factors to assess goodwill impairment, including economic conditions and financial performance[207] - Fair value measurements significantly impact the carrying value of certain financial assets and liabilities, with detailed information in note 16[208]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 001-31220 COMMUNITY TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Kentucky 61-0979 ...

Financial Performance - Community Trust Bancorp, Inc. reported earnings of $20.3 million, or $1.14 per basic share, for Q2 2022, an increase from $19.7 million in Q1 2022 but a decrease from $23.9 million in Q2 2021[238]. - Net interest income for Q2 2022 was $40.8 million, up $0.8 million from the prior quarter and the same quarter last year, while noninterest income decreased by $1.0 million year-over-year to $14.5 million[238][244]. - Noninterest income for Q2 2022 was $14.5 million, a decrease of $0.5 million (3.1%) from the prior quarter and $1.0 million (6.6%) from the same quarter last year[253]. - Noninterest expense for Q2 2022 was $30.0 million, an increase of $0.6 million (2.1%) from the prior quarter and $0.5 million (1.6%) from the same quarter last year[255]. - The provision for credit losses for Q2 2022 was $0.1 million, compared to $0.9 million in Q1 2022 and a recovery of $4.3 million in Q2 2021[239]. Assets and Liabilities - Total consolidated assets as of June 30, 2022, were $5.4 billion, with total consolidated deposits of $4.7 billion and shareholders' equity of $632.1 million[235]. - The loan portfolio increased by $42.9 million, an annualized growth rate of 4.9%, during the quarter, and $149.6 million, or 8.9%, from December 31, 2021[240]. - Total assets as of June 30, 2022, were $5.4 billion, an increase of $4.2 million (annualized 0.3%) from March 31, 2022[256]. - Loans outstanding at June 30, 2022, were $3.6 billion, an increase of $42.9 million (annualized 4.9%) from March 31, 2022[256]. - Shareholders' equity at June 30, 2022, was $632.0 million, a decrease of $21.3 million (annualized 13.1%) from March 31, 2022, due to unrealized losses on the securities portfolio[257]. Credit Quality - Nonperforming loans slightly increased to $13.8 million at June 30, 2022, from $13.7 million at March 31, 2022, but decreased from $16.6 million at December 31, 2021[242]. - The provision for credit losses for Q2 2022 was $0.1 million, compared to $0.9 million in Q1 2022, and a recovery of $4.3 million in Q2 2021, with a reserve coverage of 305.9%[252]. - Net loan charge-offs were $42 thousand for Q2 2022, less than 0.01% of average loans annualized, compared to $0.3 million (0.04%) in Q1 2022[267]. - Total nonperforming loans slightly increased to $13.8 million at June 30, 2022, compared to $13.7 million at March 31, 2022, but decreased from $16.6 million at December 31, 2021[262]. Deposits and Funding - Deposits, including repurchase agreements, rose by $28.7 million, an annualized increase of 2.5%, during the quarter, and $96.3 million, or 4.2%, from December 31, 2021[243]. - Total deposits and repurchase agreements increased to $4,711,661 thousand in Q2 2022, a 0.6% increase compared to Q1 2022 and a 2.1% increase compared to YE 2021[260]. - Non-interest bearing deposits rose to $1,408,148 thousand, reflecting a 0.7% increase from Q1 2022 and a 5.8% increase from YE 2021[260]. Capital and Dividends - Shareholders' equity declined by $21.3 million, an annualized decrease of 13.1%, during the quarter due to unrealized losses on the securities portfolio[243]. - The Board of Directors declared a quarterly cash dividend of $0.44 per share, representing a 10% increase from the previous dividend of $0.40 per share[268]. - The annualized dividend yield to shareholders as of June 30, 2022, was 3.96%[257]. Interest Rate and Economic Impact - The Federal Open Market Committee raised the target federal funds rate three times in 2022, positively impacting the company's net interest margin[248]. - The net interest margin for Q2 2022 was 3.20%, a slight increase from 3.19% in Q1 2022 and 3.11% in Q2 2021[248]. - CTBI's financial results are significantly impacted by its ability to react to changes in interest rates, maintaining a balanced position between interest-sensitive assets and liabilities[280]. - Inflation affects the growth of assets in the banking industry, necessitating an increase in equity capital to maintain an appropriate equity-to-assets ratio[279]. Risk Management and Valuation - CTBI's allowance for credit losses (ACL) is based on ongoing assessments of loan collectability, considering historical credit loss experience and current economic conditions[289]. - The reserve for unfunded commitments is maintained to absorb estimated expected credit losses related to unfunded credit facilities[298]. - CTBI's methodology for determining the ACL requires significant management judgment, particularly in evaluating expected credit losses based on various risk factors[291]. - Fair value measurements significantly impact the carrying value of financial assets and liabilities, with potential material changes in consolidated financial statements[304]. - CTBI's fair value determination involves subjective estimates related to cash flows and discount rates, impacting the overall valuation process[302]. COVID-19 Response - CTBI has instituted programs to support customers and employees during the COVID-19 pandemic, including loan modifications and fee waivers[281]. Capital Adequacy - As of June 30, 2022, CTBI's Community Bank Leverage Ratio (CBLR) was 13.14%, while CTB's CBLR was 12.55%, indicating both are well-capitalized under applicable guidelines[277]. - The CBLR requirement was temporarily reduced to 8% in 2020, increased to 8.5% in 2021, and returned to 9% in 2022[277]. - CTBI has repurchased a total of 2,465,294 shares through its stock repurchase program since its inception[283].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 001-31220 COMMUNITY TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Kentucky 61-0979818 ...

Financial Performance - Community Trust Bancorp, Inc. reported net income of $87.9 million, or $4.94 per basic share, for the year ended December 31, 2021, compared to $59.5 million, or $3.35 per basic share, for the year ended December 31, 2020, representing a 47.8% increase [159]. - Basic earnings per share for 2021 were $4.94, exceeding the goal range of $3.76 - $3.92 [158]. - The company aims for 2022 goals of net income between $74.1 million and $77.1 million, and basic earnings per share between $4.15 and $4.31 [158]. - Net income for the year ended December 31, 2021, was $87,939 thousand, representing an increase from the previous year's net income of $59,504 thousand [257]. - Basic earnings per share rose to $4.94, up from $3.35, reflecting an increase of approximately 47.4% [255]. Income and Expenses - Noninterest income for the year ended December 31, 2021, was $60.5 million, an increase of $5.9 million, or 10.8%, compared to the previous year [164]. - Total noninterest expense remained relatively flat at $119.3 million for the year ended December 31, 2021, with a slight increase in personnel expenses offset by decreases in taxes and legal fees [180]. - The company experienced a net recovery of loan losses of $0.1 million for the year ended December 31, 2021, compared to net charge-offs of $6.2 million for the previous year [162]. - The provision for credit losses for 2021 was a recovery of $6.4 million, compared to a provision of $16.0 million in 2020 [177]. Assets and Liabilities - Total consolidated assets at December 31, 2021, were $5.4 billion, with total consolidated deposits of $4.6 billion, reflecting a $243.4 million, or 5.6%, increase from December 31, 2020 [155][164]. - Total assets increased to $5,418,257, up from $5,139,141 in 2020, representing a growth of approximately 5.4% [252]. - Total liabilities increased to $4,720,055 from $4,484,276, representing a growth of about 5.3% [252]. - Shareholders' equity rose to $698.2 million, a 6.6% increase from $654.9 million at the end of 2020, with an annualized dividend yield of 3.67% [184]. Loans and Credit Quality - The loan portfolio decreased by $145.4 million, or 4.1%, from December 31, 2020, while loans excluding PPP loans increased by $59.9 million during the year [162]. - Nonperforming loans decreased by $10.0 million, or 37.4%, to $16.6 million at December 31, 2021 [163]. - The allowance for credit losses improved to $(41,756) from $(48,022), indicating a reduction in provisions by about 13.1% [252]. - Nonperforming assets to loans and foreclosed properties were 0.6% as of December 31, 2021, compared to 1.0% at the end of 2020, indicating an improvement in asset quality [193]. Investment and Securities - The investment portfolio increased by $457.9 million, or 45.8%, from December 31, 2020 [182]. - The total available-for-sale securities amounted to $1.461 billion, with a fair value of $1.455 billion as of December 31, 2021 [322]. - The percentage of total debt securities with unrealized losses rose significantly to 72.4% as of December 31, 2021, compared to 16.2% as of December 31, 2020 [329]. - The fair value adjustment in equity securities resulted in a gain of $218 million, contrasting with a loss of $(518) million in the previous year [258]. Capital Management - The company retained 68.2% of its earnings in 2021, up from 54.3% in 2020 [220]. - The stock repurchase program has repurchased a total of 2,465,294 shares, with 1,034,706 shares remaining under the current authorization [229]. - CTBI's community bank leverage ratio (CBLR) as of December 31, 2021 was 13.00%, indicating a strong capital position [222]. - The total capital surplus as of December 31, 2021, was $227,085 thousand, reflecting a slight increase from $225,507 thousand in 2020 [257]. Risk Management and Credit Losses - CTBI maintains an Allowance for Credit Losses (ACL) based on ongoing assessments, considering historical credit loss experience and current market conditions [236]. - The reserve for unfunded commitments is maintained to absorb estimated expected credit losses related to unfunded credit facilities [244]. - CTBI's expected credit loss models are based on historical credit loss experience and macroeconomic conditions, with forecasts considered reasonable for up to one year [241]. - The company utilizes an internal risk grading system for commercial credits, with loans of $1 million or greater subject to individual evaluation [282]. Tax and Regulatory Compliance - The effective income tax rate for 2021 was 21%, up from 15% in 2020, due to changes in Kentucky tax legislation [159]. - Income tax liabilities and assets are established based on current year taxes payable or refundable, involving estimates and assumptions [249]. - CTBI does not engage in material hedging or derivative activities, with interest rate sensitivity analyzed in the financial condition discussion [251].