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, 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 July 17, 2024, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 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 July 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:
July 17, 2024
By:
     
   
/s/ Mark A. Gooch
   
Mark A. Gooch
   
Chairman, President, and Chief Executive Officer

Exhibit 99.1





FOR IMMEDIATE RELEASE
July 17, 2024

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

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS EARNINGS FOR THE 2ND QUARTER 2024

Earnings Summary

Earnings Summary
                              
(in thousands except per share data)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
YTD
2024
    
YTD
2023
  
Net income
  
$
19,499
    
$
18,679
    
$
19,404
    
$
38,178
    
$
38,717
  
Earnings per share
  
$
1.09
    
$
1.04
    
$
1.09
    
$
2.13
    
$
2.17
  
Earnings per share - diluted
  
$
1.09
    
$
1.04
    
$
1.08
    
$
2.13
    
$
2.16
  
                                         
Return on average assets
    
1.35
%
    
1.30
%
    
1.41
%
    
1.33
%
    
1.42
%
Return on average equity
    
11.03
%
    
10.61
%
    
11.72
%
    
10.82
%
    
11.87
%
Efficiency ratio
    
52.17
%
    
54.94
%
    
53.52
%
    
53.51
%
    
54.40
%
Tangible common equity
    
11.39
%
    
11.10
%
    
10.90
%
                
                                         
Dividends declared per share
  
$
0.46
    
$
0.46
    
$
0.44
    
$
0.92
    
$
0.88
  
Book value per share
  
$
39.91
    
$
39.28
    
$
36.71
                  
                                         
Weighted average shares
    
17,939
      
17,926
      
17,884
      
17,932
      
17,877
  
Weighted average shares - diluted
    
17,959
      
17,943
      
17,890
      
17,951
      
17,885
  

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the second quarter 2024 of $19.5 million, or $1.09 per basic share, compared to $18.7 million, or $1.04 per basic share, earned during the first quarter 2024 and $19.4 million, or $1.09 per basic share, earned during the second quarter 2023.  Total revenue for the quarter was $2.7 million above prior quarter and $3.6 million above prior year same quarter.  Net interest revenue for the quarter increased $2.1 million compared to prior quarter and $2.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $1.0 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter.  Noninterest expense increased $0.2 million compared to prior quarter and $1.4 million compared to prior year same quarter.  Net income for the six months ended June 30, 2024 was $38.2 million, or $2.13 per basic share, compared to $38.7 million, or $2.17 per basic share, for the six months ended June 30, 2023.

2nd Quarter 2024 Highlights

❖
Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter, as our net interest margin increased 15 basis points from prior quarter and 3 basis points from prior year same quarter.

❖
Provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter.

❖
Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter.

❖
Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.

❖
Our loan portfolio at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023.

❖
We had net loan charge-offs of $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023.

❖
Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023.  Nonperforming assets at $21.5 million increased $4.3 million from March 31, 2024 and $7.7 million from June 30, 2023.

❖
Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023.

❖
Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023.

Net Interest Income

                     
Percent Change
                  
                     
2Q 2024
Compared to:
                  
($ in thousands)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
1Q
2024
    
2Q
2023
    
YTD
2024
    
YTD
2023
    
Percent Change
  
Components of net interest income:
                                                
Income on earning assets
  
$
76,648
    
$
75,002
    
$
64,827
      
2.2
%
    
18.2
%
  
$
151,650
    
$
125,822
      
20.5
%
Expense on interest bearing liabilities
    
30,970
      
31,411
      
21,748
      
(1.4
%)
    
42.4
%
    
62,381
      
38,827
      
60.7
%
Net interest income
    
45,678
      
43,591
      
43,079
      
4.8
%
    
6.0
%
    
89,269
      
86,995
      
2.6
%
TEQ
    
292
      
294
      
298
      
(0.7
%)
    
(2.1
%)
    
586
      
596
      
(1.7
%)
Net interest income, tax equivalent
  
$
45,970
    
$
43,885
    
$
43,377
      
4.8
%
    
6.0
%
  
$
89,855
    
$
87,591
      
2.6
%
                                                                 
Average yield and rates paid:
                                                                
Earning assets yield
    
5.66
%
    
5.55
%
    
5.03
%
    
2.0
%
    
12.4
%
    
5.60
%
    
4.94
%
    
13.4
%
Rate paid on interest bearing liabilities
    
3.30
%
    
3.35
%
    
2.54
%
    
(1.5
%)
    
29.9
%
    
3.32
%
    
2.30
%
    
44.3
%
Gross interest margin
    
2.36
%
    
2.20
%
    
2.49
%
    
7.2
%
    
(5.4
%)
    
2.28
%
    
2.64
%
    
(13.5
%)
Net interest margin
    
3.38
%
    
3.23
%
    
3.35
%
    
4.5
%
    
0.9
%
    
3.31
%
    
3.42
%
    
(3.4
%)
                                                                 
Average balances:
                                                                
Investment securities
  
$
1,095,182
    
$
1,148,014
    
$
1,230,556
      
(4.6
%)
    
(11.0
%)
  
$
1,121,598
    
$
1,241,193
      
(9.6
%)
Loans
  
$
4,191,992
    
$
4,096,866
    
$
3,836,446
      
2.3
%
    
9.3
%
  
$
4,144,429
    
$
3,788,213
      
9.4
%
Earning assets
  
$
5,469,813
    
$
5,458,075
    
$
5,189,716
      
0.2
%
    
5.4
%
  
$
5,463,944
    
$
5,160,712
      
5.9
%
Interest-bearing liabilities
  
$
3,776,362
    
$
3,773,513
    
$
3,435,072
      
0.1
%
    
9.9
%
  
$
3,774,937
    
$
3,398,902
      
11.1
%

Net interest income for the quarter of $45.7 million was $2.1 million, or 4.8%, above prior quarter and $2.6 million, or 6.0%, above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.38% increased 15 basis points from prior quarter and 3 basis points from prior year same quarter.  Our quarterly average earning assets increased $11.7 million from prior quarter and $280.1 million from prior year same quarter.  Our yield on average earning assets increased 11 basis points from prior quarter and 63 basis points from prior year same quarter, and our cost of funds decreased 5 basis points from prior quarter but increased 76 basis points from prior year same quarter.  Net interest income for the six months ended June 30, 2024 was $89.3 million compared to $87.0 million for the six months ended June 30, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 84.5% for the quarter ended June 30, 2024 compared to 82.7% for the quarter ended March 31, 2024 and 81.2% for the quarter ended June 30, 2023.

Noninterest Income

                     
Percent Change
                  
                     
2Q 2024
Compared to:
                  
($ in thousands)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
1Q
2024
    
2Q
2023
    
YTD
2024
    
YTD
2023
    
Percent Change
  
Deposit related fees
  
$
7,308
    
$
7,011
    
$
7,513
      
4.2
%
    
(2.7
%)
  
$
14,319
    
$
14,800
      
(3.2
%)
Trust revenue
    
3,736
      
3,517
      
3,351
      
6.2
%
    
11.5
%
    
7,253
      
6,430
      
12.8
%
Gains on sales of loans
    
119
      
45
      
115
      
167.9
%
    
4.0
%
    
164
      
236
      
(30.5
%)
Loan related fees
    
1,320
      
1,352
      
1,197
      
(2.4
%)
    
10.3
%
    
2,672
      
2,042
      
30.8
%
Bank owned life insurance revenue
    
1,815
      
1,292
      
735
      
40.5
%
    
147.0
%
    
3,107
      
1,593
      
95.0
%
Brokerage revenue
    
683
      
490
      
388
      
39.5
%
    
76.2
%
    
1,173
      
736
      
59.5
%
Other
    
727
      
1,427
      
1,457
      
(49.1
%)
    
(50.1
%)
    
2,154
      
2,601
      
(17.2
%)
Total noninterest income
  
$
15,708
    
$
15,134
    
$
14,756
      
3.8
%
    
6.4
%
  
$
30,842
    
$
28,438
      
8.5
%

Noninterest income for the quarter ended June 30, 2024 of $15.7 million was $0.6 million, or 3.8%, above prior quarter and $1.0 million, or 6.5%, above prior year same quarter.  The quarter over quarter increase included a $0.5 million increase in bank owned life insurance revenue, a $0.3 million increase in deposit related fees, a $0.2 million increase in trust revenue, and a $0.2 million increase in brokerage revenue, partially offset by $0.8 million decrease in securities gains. The year over year increase included a $1.1 million increase in bank owned life insurance, a $0.4 million increase in trust revenue, a $0.3 million increase in brokerage revenue, partially offset by a $0.6 million decrease in securities gains and a $0.2 million decrease in deposit related fees.  Noninterest income for the six months ended June 30, 2024 was $30.8 million compared to $28.4 million for the six months ended June 30, 2023.

Noninterest Expense

                     
Percent Change
                  
                     
2Q 2024
Compared to:
                  
($ in thousands)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
1Q
2024
    
2Q
2023
    
YTD
2024
    
YTD
2023
    
Percent Change
  
Salaries
  
$
13,037
    
$
13,036
    
$
12,732
      
0.0
%
    
2.4
%
  
$
26,073
    
$
25,365
      
2.8
%
Employee benefits
    
6,554
      
7,086
      
5,573
      
(7.5
%)
    
17.6
%
    
13,640
      
11,848
      
15.1
%
Net occupancy and equipment
    
3,089
      
3,028
      
2,895
      
2.0
%
    
6.7
%
    
6,117
      
5,923
      
3.3
%
Data processing
    
2,669
      
2,518
      
2,383
      
6.0
%
    
12.0
%
    
5,187
      
4,686
      
10.7
%
Legal and professional fees
    
978
      
832
      
912
      
17.5
%
    
7.3
%
    
1,810
      
1,728
      
4.8
%
Advertising and marketing
    
856
      
577
      
704
      
48.2
%
    
21.6
%
    
1,433
      
1,524
      
(6.0
%)
Taxes other than property and payroll
    
438
      
442
      
433
      
(0.7
%)
    
1.2
%
    
880
      
865
      
1.7
%
Other
    
4,801
      
4,701
      
5,393
      
2.1
%
    
(11.0
%)
    
9,502
      
10,976
      
(13.4
%)
Total noninterest expense
  
$
32,422
    
$
32,220
    
$
31,025
      
0.6
%
    
4.5
%
  
$
64,642
    
$
62,915
      
2.7
%

Noninterest expense for the quarter ended June 30, 2024 of $32.4 million was $0.2 million, or 0.6%, above prior quarter and $1.4 million, or 4.5%, above prior year same quarter.  The increase year over year primarily resulted from a $1.3 million increase in personnel expense, which included a $0.3 million increase in salaries, a $0.9 million increase in bonuses and incentives, and a $0.5 million increase in the cost of group medical and life insurance benefits, partially offset by a $0.4 million decrease in payroll taxes.  Noninterest expense for the six months ended June 30, 2024 was $64.6 million compared to $62.9 million for the six months ended June 30, 2023.

Balance Sheet Review

Total Loans

                     
Percent Change
  
                     
2Q 2024 Compared to:
  
($ in thousands)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
1Q
2024
    
2Q
2023
  
Commercial nonresidential real estate
  
$
825,934
    
$
813,904
    
$
787,598
      
1.5
%
    
4.9
%
Commercial residential real estate
    
480,418
      
456,585
      
393,309
      
5.2
%
    
22.1
%
Hotel/motel
    
417,161
      
416,759
      
372,981
      
0.1
%
    
11.8
%
Other commercial
    
428,263
      
397,922
      
396,741
      
7.6
%
    
7.9
%
Total commercial
    
2,151,776
      
2,085,170
      
1,950,629
      
3.2
%
    
10.3
%
                                         
Residential mortgage
    
978,144
      
955,616
      
883,104
      
2.4
%
    
10.8
%
Home equity loans/lines
    
154,311
      
151,577
      
132,033
      
1.8
%
    
16.9
%
Total residential
    
1,132,455
      
1,107,193
      
1,015,137
      
2.3
%
    
11.6
%
                                         
Consumer indirect
    
819,689
      
813,005
      
806,081
      
0.8
%
    
1.7
%
Consumer direct
    
157,327
      
155,807
      
157,848
      
1.0
%
    
(0.3
%)
Total consumer
    
977,016
      
968,812
      
963,929
      
0.8
%
    
1.4
%
                                         
Total loans
  
$
4,261,247
    
$
4,161,175
    
$
3,929,695
      
2.4
%
    
8.4
%

Total Deposits and Repurchase Agreements

                     
Percent Change
  
                     
2Q 2024 Compared to:
  
($ in thousands)
  
2Q
2024
    
1Q
2024
    
2Q
2023
    
1Q
2024
    
2Q
2023
  
Noninterest bearing deposits
  
$
1,241,514
    
$
1,274,583
    
$
1,361,078
      
(2.6
%)
    
(8.8
%)
Interest bearing deposits
                                        
Interest checking
    
138,767
      
131,227
      
142,542
      
5.7
%
    
(2.6
%)
Money market savings
    
1,664,580
      
1,608,849
      
1,389,081
      
3.5
%
    
19.8
%
Savings accounts
    
527,251
      
543,338
      
611,772
      
(3.0
%)
    
(13.8
%)
Time deposits
    
1,161,686
      
1,226,273
      
1,012,187
      
(5.3
%)
    
14.8
%
Repurchase agreements
    
227,576
      
234,671
      
229,020
      
(3.0
%)
    
(0.6
%)
Total interest bearing deposits and repurchase agreements
    
3,719,860
      
3,744,358
      
3,384,602
      
(0.7
%)
    
9.9
%
Total deposits and repurchase agreements
  
$
4,961,374
    
$
5,018,941
    
$
4,745,680
      
(1.1
%)
    
4.5
%

CTBI’s total assets at $5.8 billion as of June 30, 2024 decreased $45.9 million, or 3.2% annualized, from March 31, 2024 but increased $283.5 million, or 5.1%, from June 30, 2023.  Loans outstanding at $4.3 billion increased $100.1 million, an annualized 9.7%, from March 31, 2024 and $331.6 million, or 8.4%, from June 30, 2023.  The increase in loans from prior quarter included a $66.6 million increase in the commercial loan portfolio, a $25.3 million increase in the residential loan portfolio, a $6.7 million increase in the indirect consumer loan portfolio, and a $1.5 million increase in the consumer direct loan portfolio.  CTBI’s investment portfolio decreased $21.7 million, or an annualized 7.8%, from March 31, 2024 and $110.4 million, or 9.2%, from June 30, 2023.  Deposits in other banks decreased $130.7 million from prior quarter but increased $49.1 million from June 30, 2023.  Deposits, including repurchase agreements, at $5.0 billion decreased $57.6 million, or an annualized 4.6%, from March 31, 2024 but increased $215.7 million, or 4.5%, from June 30, 2023.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of June 30, 2024, no one customer accounted for more than 2.25% of our $5.0 billion in deposits.  Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $719.3 million increased $11.6 million, or an annualized 6.6%, during the quarter and $59.2 million, or 9.0%, from June 30, 2023.  Net unrealized losses on securities, net of deferred taxes, were $107.1 million at June 30, 2024, compared to $106.9 million at March 31, 2024 and $121.3 million at June 30, 2023.  CTBI’s annualized dividend yield to shareholders as of June 30, 2024 was 4.21%.

Asset Quality

Our total nonperforming loans increased to $19.8 million at June 30, 2024 from $15.9 million at March 31, 2024 and $11.7 million at June 30, 2023.  Accruing loans 90+ days past due at $14.7 million increased $3.2 million from prior quarter and $8.3 million from June 30, 2023.  Nonaccrual loans at $5.1 million increased $0.8 million from prior quarter but decreased $0.2 million from June 30, 2023.  Accruing loans 30-89 days past due at $24.1 million increased $11.9 million from prior quarter and from June 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 $1.4 million, or an annualized 0.13% of average loans, for the second quarter 2024 compared to $1.6 million, or an annualized 0.16% of average loans, for the first quarter 2024 and $0.7 million, or an annualized 0.07% of average loans, for the second quarter 2023.  Of the net charge-offs for the quarter, $0.8 million were in indirect consumer loans, $0.5 million were in commercial loans, and $0.1 million were in direct consumer loans.  Year-to-date net loan charge-offs of an annualized 0.15% of average loans are in line with management’s expectations.

Allowance for Credit Losses

Our provision for credit losses at $3.0 million for the quarter increased $0.3 million from prior quarter and $1.0 million from prior year same quarter.  Of the provision for the quarter, $1.2 million was allotted to fund loan growth.  Year-to-date provision for credit losses increased $2.5 million from the six months ended June 30, 2023.  Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2024 was 263.0% compared to 319.0% at March 31, 2024 and 408.9% at June 30, 2023.  Our credit loss reserve as a percentage of total loans outstanding at June 30, 2024 remained at 1.22% from March 31, 2024 and June 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 $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 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, 2024
  
(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, 2024
    
March 31, 2024
    
June 30, 2023
    
June 30, 2024
    
June 30, 2023
  
Interest income
  
$
76,648
    
$
75,002
    
$
64,827
    
$
151,650
    
$
125,822
  
Interest expense
    
30,970
      
31,411
      
21,748
      
62,381
      
38,827
  
Net interest income
    
45,678
      
43,591
      
43,079
      
89,269
      
86,995
  
Loan loss provision
    
2,972
      
2,656
      
2,009
      
5,628
      
3,125
  
                                         
Gains on sales of loans
    
119
      
45
      
115
      
164
      
236
  
Deposit related fees
    
7,308
      
7,011
      
7,513
      
14,319
      
14,800
  
Trust revenue
    
3,736
      
3,517
      
3,351
      
7,253
      
6,430
  
Loan related fees
    
1,320
      
1,352
      
1,197
      
2,672
      
2,042
  
Securities gains (losses)
    
(474
)
    
371
      
165
      
(103
)
    
383
  
Other noninterest income
    
3,699
      
2,838
      
2,415
      
6,537
      
4,547
  
Total noninterest income
    
15,708
      
15,134
      
14,756
      
30,842
      
28,438
  
                                         
Personnel expense
    
19,591
      
20,122
      
18,305
      
39,713
      
37,213
  
Occupancy and equipment
    
3,089
      
3,028
      
2,895
      
6,117
      
5,923
  
Data processing expense
    
2,669
      
2,518
      
2,383
      
5,187
      
4,686
  
FDIC insurance premiums
    
645
      
642
      
610
      
1,287
      
1,216
  
Other noninterest expense
    
6,428
      
5,910
      
6,832
      
12,338
      
13,877
  
Total noninterest expense
    
32,422
      
32,220
      
31,025
      
64,642
      
62,915
  
                                         
Net income before taxes
    
25,992
      
23,849
      
24,801
      
49,841
      
49,393
  
Income taxes
    
6,493
      
5,170
      
5,397
      
11,663
      
10,676
  
Net income
  
$
19,499
    
$
18,679
    
$
19,404
    
$
38,178
    
$
38,717
  
                                         
Memo: TEQ interest income
  
$
76,940
    
$
75,296
    
$
65,125
    
$
152,236
    
$
126,418
  
                                         
Average shares outstanding
    
17,939
      
17,926
      
17,884
      
17,932
      
17,877
  
Diluted average shares outstanding
    
17,959
      
17,943
      
17,890
      
17,951
      
17,885
  
Basic earnings per share
  
$
1.09
    
$
1.04
    
$
1.09
    
$
2.13
    
$
2.17
  
Diluted earnings per share
  
$
1.09
    
$
1.04
    
$
1.08
    
$
2.13
    
$
2.16
  
Dividends per share
  
$
0.46
    
$
0.46
    
$
0.44
    
$
0.92
    
$
0.88
  
                                         
Average balances:
                                        
Loans
  
$
4,191,992
    
$
4,096,866
    
$
3,836,446
    
$
4,144,429
    
$
3,788,213
  
Earning assets
    
5,469,813
      
5,458,075
      
5,189,716
      
5,463,944
      
5,160,712
  
Total assets
    
5,795,937
      
5,786,515
      
5,509,776
      
5,791,226
      
5,484,065
  
Deposits, including repurchase agreements
    
4,959,382
      
4,956,820
      
4,727,386
      
4,958,101
      
4,707,853
  
Interest bearing liabilities
    
3,776,362
      
3,773,513
      
3,435,072
      
3,774,937
      
3,398,902
  
Shareholders' equity
    
711,331
      
708,341
      
663,896
      
709,836
      
657,488
  
                                         
Performance ratios:
                                        
Return on average assets
    
1.35
%
    
1.30
%
    
1.41
%
    
1.33
%
    
1.42
%
Return on average equity
    
11.03
%
    
10.61
%
    
11.72
%
    
10.82
%
    
11.87
%
Yield on average earning assets (tax equivalent)
    
5.66
%
    
5.55
%
    
5.03
%
    
5.60
%
    
4.94
%
Cost of interest bearing funds (tax equivalent)
    
3.30
%
    
3.35
%
    
2.54
%
    
3.32
%
    
2.30
%
Net interest margin (tax equivalent)
    
3.38
%
    
3.23
%
    
3.35
%
    
3.31
%
    
3.42
%
Efficiency ratio (tax equivalent)
    
52.17
%
    
54.94
%
    
53.52
%
    
53.51
%
    
54.40
%
                                         
Loan charge-offs
  
$
2,836
    
$
2,667
    
$
1,953
    
$
5,503
    
$
3,718
  
Recoveries
    
(1,441
)
    
(1,039
)
    
(1,279
)
    
(2,480
)
    
(2,630
)
Net charge-offs
  
$
1,395
    
$
1,628
    
$
674
    
$
3,023
    
$
1,088
  
                                         
Market Price:
                                        
High
  
$
44.32
    
$
44.38
    
$
40.30
    
$
44.38
    
$
47.35
  
Low
  
$
39.28
    
$
38.44
    
$
32.68
    
$
38.44
    
$
32.68
  
Close
  
$
43.66
    
$
42.65
    
$
35.57
    
$
43.66
    
$
35.57
  

Community Trust Bancorp, Inc.
  
Financial Summary (Unaudited)
  
June 30, 2024
  
(in thousands except per share data and # of employees)
  
   
   
As of
    
As of
    
As of
  
   
June 30, 2024
    
March 31, 2024
    
June 30, 2023
  
Assets:
                  
Loans
  
$
4,261,247
    
$
4,161,175
    
$
3,929,695
  
Loan loss reserve
    
(52,148
)
    
(50,571
)
    
(48,018
)
Net loans
    
4,209,099
      
4,110,604
      
3,881,677
  
Loans held for sale
    
350
      
57
      
238
  
Securities AFS
    
1,090,322
      
1,111,505
      
1,201,253
  
Equity securities at fair value
    
3,054
      
3,529
      
2,545
  
Other equity investments
    
14,022
      
9,327
      
11,432
  
Other earning assets
    
108,823
      
239,554
      
62,726
  
Cash and due from banks
    
54,935
      
55,841
      
48,915
  
Premises and equipment
    
47,178
      
46,595
      
42,911
  
Right of use asset
    
15,121
      
15,500
      
16,678
  
Goodwill and core deposit intangible
    
65,490
      
65,490
      
65,490
  
Other assets
    
195,945
      
192,253
      
186,933
  
Total Assets
  
$
5,804,339
    
$
5,850,255
    
$
5,520,798
  
                         
Liabilities and Equity:
                        
Interest bearing checking
  
$
138,767
    
$
131,227
    
$
142,542
  
Savings deposits
    
2,191,831
      
2,152,187
      
2,000,853
  
CD's >=$100,000
    
637,206
      
678,148
      
538,492
  
Other time deposits
    
524,480
      
548,125
      
473,695
  
Total interest bearing deposits
    
3,492,284
      
3,509,687
      
3,155,582
  
Noninterest bearing deposits
    
1,241,514
      
1,274,583
      
1,361,078
  
Total deposits
    
4,733,798
      
4,784,270
      
4,516,660
  
Repurchase agreements
    
227,576
      
234,671
      
229,020
  
Other interest bearing liabilities
    
64,954
      
65,014
      
65,195
  
Lease liability
    
15,880
      
16,208
      
17,317
  
Other noninterest bearing liabilities
    
42,808
      
42,368
      
32,481
  
Total liabilities
    
5,085,016
      
5,142,531
      
4,860,673
  
Shareholders' equity
    
719,323
      
707,724
      
660,125
  
Total Liabilities and Equity
  
$
5,804,339
    
$
5,850,255
    
$
5,520,798
  
                         
Ending shares outstanding
    
18,026
      
18,019
      
17,984
  
                         
30 - 89 days past due loans
  
$
24,099
    
$
12,234
    
$
12,158
  
90 days past due loans
    
14,703
      
11,550
      
6,399
  
Nonaccrual loans
    
5,127
      
4,302
      
5,345
  
Foreclosed properties
    
1,626
      
1,266
      
2,047
  
                         
Community bank leverage ratio
    
13.90
%
    
13.74
%
    
13.82
%
Tangible equity to tangible assets ratio
    
11.39
%
    
11.10
%
    
10.90
%
FTE employees
    
930
      
945
      
953
  
v3.24.2
Document and Entity Information
Jun. 30, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 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
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