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, 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 July 19, 2023, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 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 July 19, 2023

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 19, 2023	By:

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

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 19, 2023

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 2^ND QUARTER 2023

Earnings Summary
(in thousands except per share data)	2Q 2023			1Q 2023			2Q 2022			YTD 2023			YTD 2022
Net income	$	19,404		$	19,313		$	20,271		$	38,717		$	39,999
Earnings per share	$	1.09		$	1.08		$	1.14		$	2.17		$	2.24
Earnings per share - diluted	$	1.08		$	1.08		$	1.14		$	2.16		$	2.24

Return on average assets		1.41	%		1.44	%		1.49	%		1.42	%		1.48	%
Return on average equity		11.72	%		12.03	%		12.75	%		11.87	%		12.25	%
Efficiency ratio		53.52	%		55.29	%		53.77	%		54.40	%		53.51	%
Tangible common equity		10.90	%		10.82	%		10.53	%

Dividends declared per share	$	0.44		$	0.44		$	0.40		$	0.88		$	0.80
Book value per share	$	36.71		$	36.54		$	35.32

Weighted average shares		17,884			17,872			17,835			17,877			17,827
Weighted average shares - diluted		17,890			17,884			17,843			17,885			17,838

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2023 of $19.4 million, or $1.09 per basic share, compared to $19.3 million, or $1.08 per basic share, earned during the first quarter 2023 and $20.3 million, or $1.14 per basic share, earned during the second quarter 2022. Total revenue was $0.2 million above prior quarter and $2.5 million above prior year same quarter. Net interest revenue decreased $0.8 million compared to prior quarter but increased $2.3 million compared to prior year same quarter, and noninterest income increased $1.1 million compared to prior quarter and $0.3 million compared to prior year same quarter. Our provision for credit losses for the quarter increased $0.9 million for the quarter and was $1.9 million higher than second quarter 2022. Noninterest expense decreased $0.9 million compared to prior quarter but was $1.0 million higher than prior year same quarter. Earnings for the six months ended June 30, 2023 were $38.7 million, or $2.17 per basic share, compared to $40.0 million, or $2.24 per basic share for the six months ended June 30, 2022.

2^nd Quarter 2023 Highlights

❖	Net interest income for the quarter of $43.1 million was $0.8 million below prior quarter but $2.3 million above prior year same quarter, as our net interest margin decreased 14 basis points from prior quarter but increased 15 basis points from prior year same quarter.

❖	Provision for credit losses at $2.0 million for the quarter increased $0.9 million from prior quarter and $1.9 million from prior year same quarter.

❖	Our loan portfolio at $3.9 billion increased $152.3 million, an annualized 16.2%, from March 31, 2023 and $371.3 million, or 10.4%, from June 30, 2022.

❖	We had net loan charge-offs of $674 thousand, or 0.07% of average loans annualized for the second quarter 2023 compared to $414 thousand, or 0.04% of average loans annualized for the first quarter 2023 and $43 thousand, or 0.00% of average loans annualized, for the quarter ended June 30, 2022.

❖	Our total nonperforming loans decreased to $11.7 million at June 30, 2023 from $12.2 million at March 31, 2023 and $13.8 million at June 30, 2022. Nonperforming assets at $13.8 million decreased $1.2 million from March 31, 2023 and $2.0 million from June 30, 2022.

❖	Deposits, including repurchase agreements, at $4.7 billion decreased $6.5 million, or an annualized 0.6%, from March 31, 2023 but increased $34.0 million, or 0.7% from June 30, 2022.

❖	Shareholders’ equity at $660.1 million increased $3.3 million, or an annualized 2.0%, during the quarter and $28.1 million, or 4.4%, from June 30, 2022.

❖	Noninterest income for the quarter ended June 30, 2023 of $14.8 million was $1.1 million, or 7.9%, above prior quarter and $0.3 million, or 1.8%, above prior year same quarter.

❖	Noninterest expense for the quarter ended June 30, 2023 of $31.0 million was $0.9 million, or 2.7%, below prior quarter but $1.0 million, or 3.5%, above prior year same quarter.

Net Interest Income

										Percent Change
										2Q 2023 Compared to:
($ in thousands)	2Q 2023			1Q 2023			2Q 2022			1Q 2023			2Q 2022			YTD 2023			YTD 2022			Percent Change
Components of net interest income:
Income on earning assets	$	64,827		$	60,995		$	45,352			6.3	%		42.9	%	$	125,822		$	88,879			41.6	%
Expense on interest bearing liabilities		21,748			17,079			4,562			27.3	%		376.7	%		38,827			8,057			381.9	%
Net interest income		43,079			43,916			40,790			(1.9	%)		5.6	%		86,995			80,822			7.6	%
TEQ		298			298			232			0.1	%		28.6	%		596			467			27.6	%
Net interest income, tax equivalent	$	43,377		$	44,214		$	41,022			(1.9	%)		5.7	%	$	87,591		$	81,289			7.8	%

Average yield and rates paid:
Earning assets yield		5.03	%		4.84	%		3.56	%		3.9	%		41.5	%		4.94	%		3.51	%		40.9	%
Rate paid on interest bearing liabilities		2.54	%		2.06	%		0.54	%		23.3	%		368.2	%		2.30	%		0.48	%		376.7	%
Gross interest margin		2.49	%		2.78	%		3.02	%		(10.4	%)		(17.5	%)		2.64	%		3.03	%		(12.8	%)
Net interest margin		3.35	%		3.49	%		3.20	%		(4.1	%)		4.7	%		3.42	%		3.19	%		7.3	%

Average balances:
Investment securities	$	1,230,556		$	1,251,948		$	1,452,021			(1.7	%)		(15.3	%)	$	1,241,193		$	1,468,193			(15.5	%)
Loans	$	3,836,446		$	3,739,443		$	3,538,324			2.6	%		8.4	%	$	3,788,213		$	3,489,652			8.6	%
Earning assets	$	5,189,716		$	5,131,385		$	5,140,656			1.1	%		1.0	%	$	5,160,712		$	5,137,421			0.5	%
Interest-bearing liabilities	$	3,435,072		$	3,362,331		$	3,373,741			2.2	%		1.8	%	$	3,398,902		$	3,362,039			1.1	%

Net interest income for the quarter of $43.1 million was $0.8 million below prior quarter but $2.3 million above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.35% decreased 14 basis points from prior quarter but increased 15 basis points from prior year same quarter. Our average earning assets increased $58.3 million from prior quarter and $49.1 million from prior year same quarter. Our yield on average earning assets increased 19 basis points from prior quarter and 147 basis points from prior year same quarter, and our cost of funds increased 48 basis points from prior quarter and 200 basis points from prior year same quarter. Money market accounts, certificates of deposit, and other time deposits all experienced significant increases in rates during the quarter. Our net interest income for the six months ended June 30, 2023 was $87.0 million compared to $80.8 million for the six months ended June 30, 2022.

Our ratio of average loans to deposits, including repurchase agreements, was 81.2% for the quarter ended June 30, 2023 compared to 79.8% for the quarter ended March 31, 2023 and 75.2% for the quarter ended June 30, 2022.

Noninterest Income

							Percent Change
							2Q 2023 Compared to:
($ in thousands)	2Q 2023		1Q 2023		2Q 2022		1Q 2023			2Q 2022			YTD 2023		YTD 2022		Percent Change
Deposit related fees	$	7,513	$	7,287	$	7,263		3.1	%		3.4	%	$	14,800	$	14,009		5.6	%
Trust revenue		3,351		3,079		3,198		8.9	%		4.8	%		6,430		6,446		(0.2	%)
Gains on sales of loans		115		121		519		(5.3	%)		(77.9	%)		236		1,116		(78.9	%)
Loan related fees		1,197		845		1,415		41.7	%		(15.4	%)		2,042		3,477		(41.3	%)
Bank owned life insurance revenue		735		858		702		(14.4	%)		4.7	%		1,593		1,393		14.4	%
Brokerage revenue		388		348		459		11.5	%		(15.4	%)		736		1,049		(29.8	%)
Other		1,457		1,144		945		27.4	%		54.3	%		2,601		1,976		31.6	%
Total noninterest income	$	14,756	$	13,682	$	14,501		7.9	%		1.8	%	$	28,438	$	29,466		(3.5	%)

Noninterest income for the quarter ended June 30, 2023 of $14.8 million was $1.1 million, or 7.9%, above prior quarter and $0.3 million, or 1.8%, above prior year same quarter. The quarter over quarter increase included a $0.2 million increase in deposit related fees, a $0.3 million increase in trust revenue, and a $0.4 million increase in loan related fees due to the change in the fair market value of our mortgage servicing rights. The year over year increase included a $0.3 million increase in deposit related fees, a $0.2 million increase in trust revenue, and a $0.4 million increase in securities gains, partially offset by a $0.4 million decline in gains on sales of loans and a $0.2 million decline in loan related fees also resulting from the fluctuation in the fair market value of our mortgage servicing rights. Noninterest income for the first six months of 2023 was $28.4 million compared to $29.5 million for the six months ended June 30, 2022.

Noninterest Expense

							Percent Change
							2Q 2023 Compared to:
($ in thousands)	2Q 2023		1Q 2023		2Q 2022		1Q 2023			2Q 2022			YTD 2023		YTD 2022		Percent Change
Salaries	$	12,732	$	12,633	$	12,219		0.8	%		4.2	%	$	25,365	$	23,958		5.9	%
Employee benefits		5,573		6,275		6,315		(11.2	%)		(11.7	%)		11,848		12,114		(2.2	%)
Net occupancy and equipment		2,895		3,028		2,756		(4.4	%)		5.1	%		5,923		5,610		5.6	%
Data processing		2,383		2,303		2,095		3.5	%		13.8	%		4,686		4,296		9.1	%
Legal and professional fees		912		816		884		11.8	%		3.2	%		1,728		1,751		(1.3	%)
Advertising and marketing		704		820		659		(14.1	%)		6.9	%		1,524		1,411		8.0	%
Taxes other than property and payroll		433		432		425		0.1	%		1.7	%		865		851		1.6	%
Net other real estate owned expense		61		119		43		(48.4	%)		43.6	%		180		396		(54.6	%)
Other		5,332		5,464		4,582		(2.4	%)		16.4	%		10,796		8,950		20.6	%
Total noninterest expense	$	31,025	$	31,890	$	29,978		(2.7	%)		3.5	%	$	62,915	$	59,337		6.0	%

Noninterest expense for the quarter ended June 30, 2023 of $31.0 million was $0.9 million, or 2.7%, below prior quarter but $1.0 million, or 3.5%, above prior year same quarter. The decrease in noninterest expense quarter over quarter was primarily a result of a decrease in the accruals for incentive payments based on our current projected earnings for the year. The year over year increase included a $0.3 million increase in data processing expense, a $0.3 million increase in FDIC insurance premiums, and a $0.1 million increase in occupancy and equipment. A year over year decrease in personnel costs of $0.2 million was the result of reduction in the accruals for incentive payments of $1.3 million, partially offset by increases in salary expense ($0.5 million), group medical and life insurance expense ($0.5 million), and other employee benefits ($0.1 million). Noninterest expense for the first six months of 2023 was $62.9 million compared to $59.3 million for the six months ended June 30, 2022.

Balance Sheet Review

Total Loans
							Percent Change
							2Q 2023 Compared to:
($ in thousands)	2Q 2023		1Q 2023		2Q 2022		1Q 2023			2Q 2022
Commercial nonresidential real estate	$	787,598	$	750,498	$	758,227		4.9	%		3.9	%
Commercial residential real estate		393,309		385,328		354,668		2.1	%		10.9	%
Hotel/motel		372,981		348,876		280,956		6.9	%		32.8	%
Other commercial		396,741		392,398		403,664		1.1	%		(1.7	%)
Total commercial		1,950,629		1,877,100		1,797,515		3.9	%		8.5	%

Residential mortgage		883,104		846,435		793,249		4.3	%		11.3	%
Home equity loans/lines		132,033		124,096		110,828		6.4	%		19.1	%
Total residential		1,015,137		970,531		904,077		4.6	%		12.3	%

Consumer indirect		806,081		772,570		697,060		4.3	%		15.6	%
Consumer direct		157,848		157,158		159,791		0.4	%		(1.2	%)
Total consumer		963,929		929,728		856,851		3.7	%		12.5	%

Total loans	$	3,929,695	$	3,777,359	$	3,558,443		4.0	%		10.4	%

Total Deposits and Repurchase Agreements
							Percent Change
							2Q 2023 Compared to:
($ in thousands)	2Q 2023		1Q 2023		2Q 2022		1Q 2023			2Q 2022
Non-interest bearing deposits	$	1,361,078	$	1,409,839	$	1,408,148		(3.5	%)		(3.3	%)
Interest bearing deposits
Interest checking		142,542		120,678		99,055		18.1	%		43.9	%
Money market savings		1,389,081		1,408,314		1,243,817		(1.4	%)		11.7	%
Savings accounts		611,772		642,232		671,349		(4.7	%)		(8.9	%)
Time deposits		1,012,187		962,361		1,050,559		5.2	%		(3.7	%)
Repurchase agreements		229,020		208,777		238,733		9.7	%		(4.1	%)
Total interest bearing deposits and repurchase agreements		3,384,602		3,342,362		3,303,513		1.3	%		2.5	%
Total deposits and repurchase agreements	$	4,745,680	$	4,752,201	$	4,711,661		(0.1	%)		0.7	%

CTBI’s total assets at $5.5 billion as of June 30, 2023 decreased $8.5 million, or 0.6% annualized, from March 31 2023 but increased $73.4 million, or 1.3%, from June 30, 2022. Loans outstanding at June 30, 2023 were $3.9 billion, an increase of $152.3 million, an annualized 16.2%, from March 31, 2023 and $371.3 million, or 10.4%, from June 30, 2022. The increase in loans from prior quarter included a $73.5 million increase in the commercial loan portfolio, a $44.6 million increase in the residential loan portfolio, a $33.5 million increase in the indirect consumer loan portfolio, and a $0.7 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $39.7 million, or an annualized 12.8%, from March 31, 2023 and $200.5 million, or 14.3%, from June 30, 2022. Deposits in other banks decreased $117.5 million from prior quarter and $78.7 million from June 30, 2022. Deposits, including repurchase agreements, at $4.7 billion decreased $6.5 million, or an annualized 0.6%, from March 31, 2023 but increased $34.0 million, or 0.7%, from June 30, 2022.

Shareholders’ equity at $660.1 million increased $3.3 million, or an annualized 2.0%, during the quarter and $28.1 million, or 4.4%, from June 30, 2022, as unrealized losses on our securities portfolio continue to impact equity. Net unrealized losses on securities, net of deferred taxes, were $121.3 million at June 30, 2023, compared to $112.4 million at March 31, 2023 and $97.9 million at June 30, 2022. Management has evaluated the unrealized losses and determined that they were primarily driven by market rates. Management has the ability and intent to hold these securities to recovery or maturity. CTBI’s annualized dividend yield to shareholders as of June 30, 2023 was 4.95%.

Asset Quality

Our total nonperforming loans decreased to $11.7 million at June 30, 2023 from $12.2 million at March 31, 2023 and $13.8 million at June 30, 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 $6.4 million increased $0.2 million from prior quarter and $1.4 million from June 30, 2022. Nonaccrual loans at $5.3 million decreased $0.6 million from prior quarter and $3.5 million from June 30, 2022. Accruing loans 30-89 days past due at $12.2 million increased $0.4 million from prior quarter and $1.6 million from June 30, 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 $2.0 million at June 30, 2023 compared to $2.8 million at March 31, 2023 and $2.0 million at June 30, 2022. Sales of foreclosed properties for the quarter ended June 30, 2023 totaled $0.9 million while new foreclosed properties totaled $0.1 million. At June 30, 2023, the book value of properties under contracts to sell was $0.7 million; however, the closings had not occurred at quarter-end.

We had net loan charge-offs of $674 thousand, or 0.07% of average loans annualized for the second quarter 2023 compared to $414 thousand, or 0.04% of average loans annualized for the first quarter 2023 and $43 thousand, or 0.00% of average loans annualized, for the quarter ended June 30, 2022. Net charge-offs for the six months ended June 30, 2023 were $1.1 million, or 0.06% of average loans annualized compared to $0.4 million, or 0.02% of average loans annualized for the six months ended June 30, 2022.

Allowance for Credit Losses

Our provision for credit losses for the quarter increased $0.9 million from prior quarter and $1.9 million from prior year same quarter. Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2023 was 408.9% compared to 382.3% at March 31, 2023 and 305.9% at June 30, 2022. Our credit loss reserve as a percentage of total loans outstanding at June 30, 2023 was 1.22% compared to 1.24% at March 31, 2023 and 1.19% at June 30, 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 $5.5 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)
June 30, 2023
(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, 2023			March 31, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Interest income	$	64,827		$	60,995		$	45,352		$	125,822		$	88,879
Interest expense		21,748			17,079			4,562			38,827			8,057
Net interest income		43,079			43,916			40,790			86,995			80,822
Loan loss provision		2,009			1,116			77			3,125			952

Gains on sales of loans		115			121			519			236			1,116
Deposit related fees		7,513			7,287			7,263			14,800			14,009
Trust revenue		3,351			3,079			3,198			6,430			6,446
Loan related fees		1,197			845			1,415			2,042			3,477
Securities gains (losses)		165			218			(225	)		383			(126	)
Other noninterest income		2,415			2,132			2,331			4,547			4,544
Total noninterest income		14,756			13,682			14,501			28,438			29,466

Personnel expense		18,305			18,908			18,534			37,213			36,072
Occupancy and equipment		2,895			3,028			2,756			5,923			5,610
Data processing expense		2,383			2,303			2,095			4,686			4,296
FDIC insurance premiums		610			606			358			1,216			713
Other noninterest expense		6,832			7,045			6,235			13,877			12,646
Total noninterest expense		31,025			31,890			29,978			62,915			59,337

Net income before taxes		24,801			24,592			25,236			49,393			49,999
Income taxes		5,397			5,279			4,965			10,676			10,000
Net income	$	19,404		$	19,313		$	20,271		$	38,717		$	39,999

Memo: TEQ interest income	$	65,125		$	61,293		$	45,584		$	126,418		$	89,346

Average shares outstanding		17,884			17,872			17,835			17,877			17,827
Diluted average shares outstanding		17,890			17,884			17,843			17,885			17,838
Basic earnings per share	$	1.09		$	1.08		$	1.14		$	2.17		$	2.24
Diluted earnings per share	$	1.08		$	1.08		$	1.14		$	2.16		$	2.24
Dividends per share	$	0.44		$	0.44		$	0.40		$	0.88		$	0.800

Average balances:
Loans	$	3,836,446		$	3,739,443		$	3,538,324		$	3,788,213		$	3,489,652
Earning assets		5,189,716			5,131,385			5,140,656			5,160,712			5,137,421
Total assets		5,509,776			5,458,067			5,446,263			5,484,065			5,432,110
Deposits, including repurchase agreements		4,727,386			4,688,103			4,705,492			4,707,853			4,669,938
Interest bearing liabilities		3,435,072			3,362,331			3,373,741			3,398,902			3,362,039
Shareholders' equity		663,896			651,008			637,542			657,488			658,419

Performance ratios:
Return on average assets		1.41	%		1.44	%		1.49	%		1.42	%		1.48	%
Return on average equity		11.72	%		12.03	%		12.75	%		11.87	%		12.25	%
Yield on average earning assets (tax equivalent)		5.03	%		4.84	%		3.56	%		4.94	%		3.51	%
Cost of interest bearing funds (tax equivalent)		2.54	%		2.06	%		0.54	%		2.30	%		0.48	%
Net interest margin (tax equivalent)		3.35	%		3.49	%		3.20	%		3.42	%		3.19	%
Efficiency ratio (tax equivalent)		53.52	%		55.29	%		53.77	%		54.40	%		53.51	%

Loan charge-offs	$	1,953		$	1,765		$	828		$	3,718		$	2,148
Recoveries		(1,279	)		(1,351	)		(786	)		(2,630	)		(1,784	)
Net charge-offs	$	674		$	414		$	42		$	1,088		$	364

Market Price:
High	$	40.30		$	47.35		$	42.91		$	47.35		$	46.30
Low	$	32.68		$	37.31		$	39.10		$	32.68		$	39.10
Close	$	35.57		$	37.95		$	40.44		$	35.57		$	40.44

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

June 30, 2023

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

	As of			As of			As of
	June 30, 2023			March 31, 2023			June 30, 2022
Assets:
Loans	$	3,929,695		$	3,777,359		$	3,558,443
Loan loss reserve		(48,018	)		(46,683	)		(42,344	)
Net loans		3,881,677			3,730,676			3,516,099
Loans held for sale		238			182			936
Securities AFS		1,201,253			1,241,080			1,402,127
Equity securities at fair value		2,545			2,380			2,128
Other equity investments		11,432			9,713			13,026
Other earning assets		62,726			177,209			140,384
Cash and due from banks		48,915			60,762			75,373
Premises and equipment		42,911			42,636			40,704
Right of use asset		16,678			17,037			12,005
Goodwill and core deposit intangible		65,490			65,490			65,490
Other assets		186,933			182,155			179,078
Total Assets	$	5,520,798		$	5,529,320		$	5,447,350

Liabilities and Equity:
Interest bearing checking	$	142,542		$	120,678		$	99,055
Savings deposits		2,000,853			2,050,546			1,915,166
CD's >=$100,000		538,492			501,557			573,519
Other time deposits		473,695			460,804			477,040
Total interest bearing deposits		3,155,582			3,133,585			3,064,780
Noninterest bearing deposits		1,361,078			1,409,839			1,408,148
Total deposits		4,516,660			4,543,424			4,472,928
Repurchase agreements		229,020			208,777			238,733
Other interest bearing liabilities		65,195			65,254			58,706
Lease liability		17,317			17,619			12,479
Other noninterest bearing liabilities		32,481			37,425			32,454
Total liabilities		4,860,673			4,872,499			4,815,300
Shareholders' equity		660,125			656,821			632,050
Total Liabilities and Equity	$	5,520,798		$	5,529,320		$	5,447,350

Ending shares outstanding		17,984			17,976			17,895

30 - 89 days past due loans	$	12,158		$	11,728		$	10,595
90 days past due loans		6,399			6,218			5,018
Nonaccrual loans		5,345			5,993			8,824
Foreclosed properties		2,047			2,776			1,954

Community bank leverage ratio		13.82	%		13.71	%		13.14	%
Tangible equity to tangible assets ratio		10.90	%		10.82	%		10.53	%
FTE employees		975			945			958

Document and Entity Information	Jun. 30, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 30, 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