[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Community Trust Bancorp, Inc. reported stable Q1 2024 net income of **$18.7 million**, driven by strong loan growth and noninterest income Key Financial Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Net Income ($ million) | $18.7 | $18.7 | $19.3 | | Earnings Per Share (Basic, $) | $1.04 | $1.04 | $1.08 | | Return on Average Assets (%) | 1.30 | 1.30 | 1.44 | | Return on Average Equity (%) | 10.61 | 10.98 | 12.03 | | Dividends Declared Per Share ($) | $0.46 | $0.46 | $0.44 | - Total revenue increased by **$2.0 million** compared to the prior quarter and **$1.1 million** compared to the same quarter last year[2](index=2&type=chunk) - The loan portfolio grew to **$4.2 billion**, an increase of **$110.3 million** (**10.9% annualized**) from Q4 2023 and **$383.8 million** (**10.2%**) from Q1 2023[4](index=4&type=chunk) - Deposits, including repurchase agreements, reached **$5.0 billion**, up **$69.1 million** (**5.6% annualized**) from the previous quarter[22](index=22&type=chunk) - An accounting change (ASU No. 2023-02) reclassified **$0.8 million** in tax credit amortization from noninterest expense to tax expense, impacting comparability[2](index=2&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) Q1 2024 performance showed mixed results: slight net interest income growth, significant noninterest income, and modest noninterest expense [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income slightly increased quarter-over-quarter due to margin expansion but decreased year-over-year from rising cost of funds Net Interest Income Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income ($ million) | $43.6 | $43.0 | $43.9 | | Net Interest Margin (TEY, %) | 3.23 | 3.19 | 3.49 | - The net interest margin increased by **4 basis points** from the prior quarter but decreased by **26 basis points** from the prior year's same quarter[23](index=23&type=chunk) - The year-over-year margin compression was driven by the cost of funds rising faster (up **129 bps**) than the yield on average earning assets (up **71 bps**)[23](index=23&type=chunk) [Noninterest Income](index=2&type=section&id=Noninterest%20Income) Noninterest income significantly increased quarterly and annually, driven by higher loan-related fees and bank-owned life insurance revenue Noninterest Income Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Total Noninterest Income ($ million) | $15.1 | $13.7 | $13.7 | | Change vs. 4Q 2023 (%) | +10.3 | - | - | | Change vs. 1Q 2023 (%) | +10.6 | - | - | - The quarterly increase was primarily driven by a **$0.9 million** rise in loan-related fees and a **$0.5 million** increase in bank-owned life insurance revenue[14](index=14&type=chunk) - The year-over-year increase was led by higher loan-related fees (+$0.5 million), bank-owned life insurance revenue (+$0.4 million), and trust revenue (+$0.4 million)[14](index=14&type=chunk) [Noninterest Expense](index=3&type=section&id=Noninterest%20Expense) Noninterest expense modestly increased quarter-over-quarter due to higher personnel costs, partially offset by a tax credit accounting change Noninterest Expense Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Total Noninterest Expense ($ million) | $32.2 | $31.6 | $31.9 | | Change vs. 4Q 2023 (%) | +1.9 | - | - | | Change vs. 1Q 2023 (%) | +1.0 | - | - | - The quarter-over-quarter increase was mainly due to a **$1.7 million** rise in personnel expense, partially offset by a **$0.7 million** decrease in other direct expenses resulting from the accounting change for tax credits[16](index=16&type=chunk) - Personnel expense increased year-over-year by **$1.2 million**, driven by higher salaries and group medical/life insurance costs[16](index=16&type=chunk) [Balance Sheet Review](index=3&type=section&id=Balance%20Sheet%20Review) Q1 2024 balance sheet expanded to **$5.9 billion** in total assets, driven by robust loan and deposit growth, and increased shareholders' equity [Loans](index=3&type=section&id=Loans) The loan portfolio grew significantly, increasing **10.9% annualized** QoQ and **10.2%** YoY, primarily in commercial and residential segments Loan Portfolio Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Total Loans ($ million) | $4,161.2 | $4,050.9 | $3,777.4 | | QoQ Growth (Annualized, %) | 10.9 | - | - | | YoY Growth (%) | 10.2 | - | - | - Loan growth from the prior quarter was led by a **$101.4 million** increase in the commercial portfolio and a **$22.6 million** increase in the residential portfolio[18](index=18&type=chunk) - The commercial loan portfolio grew **5.1%** QoQ and **11.1%** YoY, while the residential portfolio grew **2.1%** QoQ and **14.1%** YoY[17](index=17&type=chunk) [Deposits and Repurchase Agreements](index=4&type=section&id=Deposits%20and%20Repurchase%20Agreements) Total deposits and repurchase agreements grew **5.6% annualized** QoQ and **5.6%** YoY, with a shift towards interest-bearing deposits Deposits and Repurchase Agreements Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Total Deposits & Repos ($ million) | $5,018.9 | $4,949.9 | $4,752.2 | | QoQ Growth (Annualized, %) | 5.6 | - | - | | YoY Growth (%) | 5.6 | - | - | - Non-interest bearing deposits decreased **9.6%** year-over-year, while interest-bearing deposits grew, notably time deposits which increased **27.4%** YoY[18](index=18&type=chunk) - The company maintains a diversified deposit base, with no single customer accounting for more than **2.25%** of total deposits[18](index=18&type=chunk) [Shareholders' Equity](index=2&type=section&id=Shareholders%27%20Equity) Shareholders' equity increased to **$707.7 million**, reflecting growth despite the impact of unrealized losses on securities - Shareholders' equity increased to **$707.7 million**, up **$5.5 million** (**3.2% annualized**) from Q4 2023 and **$50.9 million** (**7.7%**) from Q1 2023[11](index=11&type=chunk)[27](index=27&type=chunk) - Net unrealized losses on securities, net of tax, were **$106.9 million** at March 31, 2024, compared to **$103.3 million** at December 31, 2023[27](index=27&type=chunk) - The annualized dividend yield to shareholders was **4.31%** as of March 31, 2024[27](index=27&type=chunk) [Asset Quality](index=2&type=section&id=Asset%20Quality) Asset quality deteriorated with increased nonperforming loans and net charge-offs, leading to higher credit loss provisions, though reserve coverage remains robust Asset Quality Metrics | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :--- | :--- | :--- | :--- | | Nonperforming Loans ($ million) | $15.9 | $14.0 | $12.2 | | Net Charge-offs ($ million) | $1.6 | $1.0 | $0.4 | | Net Charge-offs to Avg. Loans (%) | 0.16 | 0.10 | 0.05 | - The provision for credit losses was **$2.7 million**, an increase of **$0.8 million** from the prior quarter and **$1.5 million** from the prior year's same quarter[20](index=20&type=chunk)[28](index=28&type=chunk) - The allowance for credit losses as a percentage of total loans outstanding remained stable at **1.22%** from December 31, 2023[28](index=28&type=chunk) - Reserve coverage (allowance for credit losses to nonperforming loans) was **319.0%** at March 31, 2024, down from **354.7%** at December 31, 2023[28](index=28&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to material risks and uncertainties, including economic, credit, interest rate, and regulatory factors - The report includes forward-looking statements that are not historical facts and are subject to risks and uncertainties[29](index=29&type=chunk) - Identified risks include economic conditions, portfolio growth, credit performance, interest rate fluctuations, competition, and regulatory changes[29](index=29&type=chunk) [Financial Tables](index=6&type=section&id=Financial%20Tables) This section provides detailed, unaudited financial summaries, including income statements, balance sheets, performance ratios, and asset quality data - Provides a detailed, unaudited Financial Summary including Consolidated Statements of Income for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023[31](index=31&type=chunk)[36](index=36&type=chunk) - Includes a detailed, unaudited Consolidated Balance Sheet as of March 31, 2024, December 31, 2023, and March 31, 2023[32](index=32&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Contains key performance ratios, average balances, and asset quality data for the respective periods[31](index=31&type=chunk)[39](index=39&type=chunk)

Investors are always looking for stocks that are poised to beat at earnings season and Community Trust Bancorp, Inc. (CTBI) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Community Trust Bancorp is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information pos ...

The market expects Community Trust Bancorp (CTBI) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, ...

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 ...