コミュニティトラストバンコープの適時開示・決算・その他

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)

September 30, 2022

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 October 19, 2022, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 30, 2022. 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 October 19, 2022

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:	October 19, 2022	By:

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

EX-99.1 3 ctbi0922er8kex99.htm CTBI 3RD QUARTER 2022 EARNINGS RELEASE 8-K EXHIBIT 99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 19, 2022

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 3RD QUARTER 2022

Earnings Summary
(in thousands except per share data)	3Q 2022			2Q 2022			3Q 2021			YTD 2022			YTD 2021
Net income	$	19,372		$	20,271		$	21,142		$	59,371		$	68,691
Earnings per share	$	1.09		$	1.14		$	1.19		$	3.33		$	3.86
Earnings per share - diluted	$	1.08		$	1.14		$	1.19		$	3.33		$	3.86

Return on average assets		1.40	%		1.49	%		1.54	%		1.46	%		1.71	%
Return on average equity		12.08	%		12.75	%		12.06	%		12.20	%		13.55	%
Efficiency ratio		53.70	%		53.77	%		53.50	%		53.58	%		52.35	%
Tangible common equity		9.93	%		10.53	%		11.77	%

Dividends declared per share	$	0.44		$	0.40		$	0.40		$	1.24		$	1.17
Book value per share	$	33.66		$	35.32		$	38.78

Weighted average shares		17,841			17,835			17,790			17,832			17,783
Weighted average shares - diluted		17,857			17,843			17,808			17,844			17,798

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2022 of $19.4 million, or $1.09 per basic share, compared to $20.3 million, or $1.14 per basic share, earned during the second quarter 2022 and $21.1 million, or $1.19 per basic share, earned during the third quarter 2021. Total revenue was $2.9 million above prior quarter and $1.8 million above prior year same quarter. Net interest revenue increased $2.7 million compared to prior quarter and $1.5 million compared to prior year same quarter, and noninterest income increased $0.2 million compared to prior quarter and $0.3 million compared to prior year same quarter. Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021. Noninterest expense increased $1.5 million compared to prior quarter and $1.1 million compared to prior year same quarter. Net income for the nine months ended September 30, 2022 was below prior year by $9.3 million, primarily due to the $6.9 million recovery of provision for credit losses taken in 2021 and the $4.2 million decline in gains on sales of loans.

3rd Quarter 2022 Highlights

❖	Net interest income for the quarter of $43.5 million was $2.7 million above prior quarter and $1.5 million above prior year same quarter.

❖	Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021.

❖	Our loan portfolio increased $72.2 million, an annualized 8.0%, from June 30, 2022 and $232.4 million, or 6.8%, from September 30, 2021.

❖

Our nonperforming loans, excluding troubled debt restructurings, decreased slightly to $13.7 million at September 30, 2022 from $13.8 million at June 30, 2022 but were $5.0 million below the $18.7 million at September 30, 2021. Nonperforming assets at $15.6 million decreased $0.2 million from June 30, 2022 and $7.5 million from September 30, 2021.

❖	Deposits, including repurchase agreements, at $4.8 billion increased $53.5 million, or an annualized 4.5%, from June 30, 2022 and $176.9 million, or 3.9%, from September 30, 2021.

❖	Shareholders’ equity declined $29.5 million, or an annualized 18.5%, during the quarter and $89.1 million, or 12.9%, from September 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio.

❖	Noninterest income for the quarter ended September 30, 2022 of $14.7 million was $0.2 million, or 1.2%, above prior quarter and $0.3 million, or 2.0%, above prior year same quarter.

❖	Noninterest expense for the quarter ended September 30, 2022 of $31.5 million was $1.5 million, or 5.0%, higher than prior quarter and $1.1 million, or 3.8%, above prior year same quarter.

Net Interest Income

										Percent Change
										3Q 2022 Compared to:
($ in thousands)	3Q 2022			2Q 2022			3Q 2021			2Q 2022			3Q 2021			YTD 2022			YTD 2021			Percent Change
Components of net interest income:
Income on earning assets	$	51,405		$	45,352		$	45,726			13.3	%		12.4	%	$	140,284		$	133,812			4.8	%
Expense on interest bearing liabilities		7,869			4,562			3,712			72.5	%		112.0	%		15,926			11,549			37.9	%
Net interest income		43,536			40,790			42,014			6.7	%		3.6	%		124,358			122,263			1.7	%
TEQ		240			233			226			3.0	%		6.2	%		707			673			5.1	%
Net interest income, tax equivalent	$	43,776		$	41,023		$	42,240			6.7	%		3.6	%	$	125,065		$	122,936			1.7	%

Average yield and rates paid:
Earning assets yield		3.97	%		3.56	%		3.52	%		11.6	%		12.8	%		3.66	%		3.52	%		4.1	%
Rate paid on interest bearing liabilities		0.93	%		0.54	%		0.43	%		71.4	%		115.2	%		0.63	%		0.46	%		39.1	%
Gross interest margin		3.04	%		3.02	%		3.09	%		0.7	%		(1.6	%)		3.03	%		3.06	%		(1.0	%)
Net interest margin		3.36	%		3.20	%		3.23	%		5.1	%		4.1	%		3.25	%		3.22	%		1.0	%

Average balances:
Investment securities	$	1,380,881		$	1,452,021		$	1,511,178			(4.9	%)		(8.6	%)	$	1,438,769		$	1,266,850			13.6	%
Loans	$	3,568,174		$	3,538,324		$	3,400,194			0.8	%		4.9	%	$	3,516,114		$	3,480,860			1.0	%
Earning assets	$	5,163,624		$	5,140,656		$	5,184,749			0.4	%		(0.4	%)	$	5,146,251		$	5,109,934			0.7	%
Interest-bearing liabilities	$	3,359,242		$	3,373,741		$	3,410,286			(0.4	%)		(1.5	%)	$	3,361,097		$	3,390,178			(0.9	%)

Net interest income for the quarter of $43.5 million was $2.7 million above prior quarter and $1.5 million above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.36% increased 16 basis points from prior quarter and 13 basis points from prior year same quarter, as our average earning assets increased $23.0 million from prior quarter but decreased $21.1 million from prior year same quarter. Our yield on average earning assets increased 41 basis points from prior quarter and 45 basis points from prior year same quarter, and our cost of funds increased 39 basis points from prior quarter and 50 basis points from prior year same quarter. Noninterest bearing deposits increased $72.9 million over prior quarter and $162.9 million over prior year. Net interest income for the nine months ended September 30, 2022 increased $2.1 million or 1.7% from the nine months ended September 30, 2021.

Our ratio of average loans to deposits, including repurchase agreements, was 75.4% for the quarter ended September 30, 2022 compared to 75.2% for the quarter ended June 30, 2022 and 73.1% for the quarter ended September 30, 2021.

Noninterest Income

							Percent Change
							3Q 2022 Compared to:
($ in thousands)	3Q 2022		2Q 2022		3Q 2021		2Q 2022			3Q 2021			YTD 2022		YTD 2021		Percent Change
Deposit related fees	$	7,629	$	7,263	$	7,066		5.0	%		8.0	%	$	21,638	$	19,446		11.3	%
Trust revenue		2,989		3,198		3,039		(6.5	%)		(1.6	%)		9,435		9,339		1.0	%
Gains on sales of loans		235		519		1,239		(54.7	%)		(81.0	%)		1,351		5,579		(75.8	%)
Loan related fees		1,589		1,415		1,050		12.3	%		51.3	%		5,066		4,324		17.2	%
Bank owned life insurance revenue		743		702		654		5.8	%		13.6	%		2,136		1,808		18.1	%
Brokerage revenue		453		459		519		(1.3	%)		(12.8	%)		1,502		1,530		(1.8	%)
Other		1,041		945		821		10.3	%		26.9	%		3,017		3,460		(12.8	%)
Total noninterest income	$	14,679	$	14,501	$	14,388		1.2	%		2.0	%	$	44,145	$	45,486		(2.9	%)

Noninterest income for the quarter ended September 30, 2022 of $14.7 million was $0.2 million, or 1.2%, above prior quarter and $0.3 million, or 2.0%, above prior year same quarter. The quarter over quarter increase included a $0.4 million increase in deposit related fees and a $0.2 million increase in loan related fees, partially offset by a $0.3 million decrease in gains on sales of loans and a $0.2 million decrease in trust revenue. Year-to-date noninterest income decreased $1.3 million from the nine months ended September 30, 2021 due to a $4.2 million decline in gains on sales of loans, partially offset by a $2.2 million increase in deposit related fees and a $0.7 million increase in loan related fees. Gains on sales of loans continue to be impacted by the slowdown in the industry-wide mortgage refinancing boom. Deposit related fees were primarily impacted by debit card income and overdraft charges. Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights. The decrease in trust revenue quarter over quarter was due to the decline in the market value of managed assets.

Noninterest Expense

							Percent Change
							3Q 2022 Compared to:
($ in thousands)	3Q 2022		2Q 2022		3Q 2021		2Q 2022			3Q 2021			YTD 2022		YTD 2021		Percent Change
Salaries	$	12,537	$	12,219	$	11,962		2.6	%		4.8	%	$	36,495	$	35,080		4.0	%
Employee benefits		6,009		6,315		6,891		(4.8	%)		(12.8	%)		18,123		19,566		(7.4	%)
Net occupancy and equipment		2,897		2,756		2,733		5.1	%		6.0	%		8,507		8,229		3.4	%
Data processing		2,270		2,095		1,911		8.3	%		18.8	%		6,566		5,940		10.5	%
Legal and professional fees		752		884		685		(15.0	%)		9.7	%		2,503		2,331		7.4	%
Advertising and marketing		769		659		819		16.7	%		(6.1	%)		2,180		2,251		(3.2	%)
Taxes other than property and payroll		422		425		464		(0.8	%)		(9.1	%)		1,274		1,209		5.4	%
Net other real estate owned expense		41		43		296		(4.3	%)		(86.2	%)		438		1,102		(60.2	%)
Other		5,778		4,582		4,567		26.1	%		26.5	%		14,726		12,428		18.5	%
Total noninterest expense	$	31,475	$	29,978	$	30,328		5.0	%		3.8	%	$	90,812	$	88,136		3.0	%

Noninterest expense for the quarter ended September 30, 2022 of $31.5 million was $1.5 million, or 5.0%, higher than prior quarter and $1.1 million, or 3.8%, above prior year same quarter. The increase in noninterest expense quarter over quarter was primarily the result of a $1.4 million accrual for customer refunds of re-presented returned item fees. Noninterest expense for the nine months ended September 30, 2022 was $2.7 million higher than the nine months ended September 30, 2021.

Balance Sheet Review

Total Loans
							Percent Change
							3Q 2022 Compared to:
($ in thousands)	3Q 2022		2Q 2022		3Q 2021		2Q 2022			3Q 2021
Commercial nonresidential real estate	$	756,138	$	758,227	$	732,442		(0.3	%)		3.2	%
Commercial residential real estate		359,643		354,668		330,660		1.4	%		8.8	%
Hotel/motel		335,253		280,956		252,951		19.3	%		32.5	%
SBA guaranteed PPP loans		1,958		7,788		99,116		(74.9	%)		(98.0	%)
Other commercial		383,398		395,876		347,632		(3.2	%)		10.3	%
Total commercial		1,836,390		1,797,515		1,762,801		2.2	%		4.2	%

Residential mortgage		814,944		793,249		763,005		2.7	%		6.8	%
Home equity loans/lines		115,400		110,828		105,007		4.1	%		9.9	%
Total residential		930,344		904,077		868,012		2.9	%		7.2	%

Consumer indirect		703,016		697,060		612,394		0.9	%		14.8	%
Consumer direct		160,866		159,791		155,022		0.7	%		3.8	%
Total consumer		863,882		856,851		767,416		0.8	%		12.6	%

Total loans	$	3,630,616	$	3,558,443	$	3,398,229		2.0	%		6.8	%

Total Deposits and Repurchase Agreements
							Percent Change
							3Q 2022 Compared to:
($ in thousands)	3Q 2022		2Q 2022		3Q 2021		2Q 2022			3Q 2021
Non-interest bearing deposits	$	1,481,078	$	1,408,148	$	1,318,158		5.2	%		12.4	%
Interest bearing deposits
Interest checking		100,680		99,055		90,657		1.6	%		11.1	%
Money market savings		1,268,682		1,243,817		1,210,551		2.0	%		4.8	%
Savings accounts		683,697		671,349		616,561		1.8	%		10.9	%
Time deposits		1,000,931		1,050,559		1,060,309		(4.7	%)		(5.6	%)
Repurchase agreements		230,123		238,733		292,022		(3.6	%)		(21.2	%)
Total interest bearing deposits and repurchase agreements		3,284,113		3,303,513		3,270,100		(0.6	%)		0.4	%
Total deposits and repurchase agreements	$	4,765,191	$	4,711,661	$	4,588,258		1.1	%		3.9	%

CTBI’s total assets at $5.5 billion increased $27.0 million, or 2.0% annualized, from June 30, 2022 and $88.8 million, or 1.6%, from September 30, 2021. Loans outstanding at September 30, 2022 were $3.6 billion, an increase of $72.2 million, an annualized 8.0%, from June 30, 2022 and $232.4 million, or 6.8%, from September 30, 2021. The increase in loans included a $38.9 million increase in the commercial loan portfolio, a $26.3 million increase in the residential loan portfolio, a $5.9 million increase in the indirect consumer loan portfolio, and a $1.1 million increase in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $103.7 million, or an annualized 29.3%, from June 30, 2022 and $227.6 million, or 14.9%, from September 30, 2021. Deposits in other banks increased $62.8 million from prior quarter and $58.4 million from prior year same quarter. Deposits, including repurchase agreements, at $4.8 billion increased $53.5 million, or an annualized 4.5%, from June 30, 2022 and $176.9 million, or 3.9%, from September 30, 2021.

Shareholders’ equity declined $29.5 million, or an annualized 18.5%, during the quarter and $89.1 million, or 12.9%, from September 30, 2021, as a result of the continued increase in unrealized losses on our securities portfolio due to the current increasing interest rate environment. Management has the ability and intent to hold these securities to recovery or maturity. We experienced a $41.5 million increase in accumulated other comprehensive loss, net of tax, resulting from increases in unrealized losses on our securities portfolio during the quarter. CTBI’s annualized dividend yield to shareholders as of September 30, 2022 was 4.34%.

Asset Quality

Our total nonperforming loans, excluding troubled debt restructurings, decreased slightly to $13.7 million at September 30, 2022 from $13.8 million at June 30, 2022 but were $5.0 million below the $18.7 million at September 30, 2021. Accruing loans 90+ days past due at $5.6 million increased $0.5 million from prior quarter but decreased $1.1 million from September 30, 2021. Nonaccrual loans at $8.1 million decreased $0.7 million from prior quarter and $3.9 million from September 30, 2021. Accruing loans 30-89 days past due at $12.1 million increased $1.5 million from prior quarter and $3.2 million from September 30, 2021. 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 were $1.9 million at September 30, 2022 compared to $2.0 million at June 30, 2022 and $4.3 million at September 30, 2021. Sales of foreclosed properties for the quarter ended September 30, 2022 totaled $0.1 million while new foreclosed properties totaled $0.03 million. At September 30, 2022, the book value of properties under contracts to sell was $0.4 million; however, the closings had not occurred at quarter-end.

Net loan charge-offs were $0.3 million, or 0.04% of average loans annualized, for the quarter ended September 30, 2022 compared to $0.04 million, or less than 0.01% of average loans annualized, for the second quarter 2022 and $0.3 million, or 0.04% of average loans annualized for the quarter ended September 30, 2021. Year-to-date net loan charge-offs were $0.7 million, or 0.03% of average loans annualized, compared to a net recovery of loan charge-offs of $0.1 million for the first nine months of 2021.

Allowance for Credit Losses

Provision for credit losses for the quarter was $2.4 million, compared to provision of $0.1 million for the quarter ended June 30, 2022 and a recovery of provision of $0.2 million for the third quarter 2021. Year-to-date provision was $3.4 million compared to a recovery of $6.9 million during the first nine months of 2021. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2022 was 324.5% compared to 305.9% at June 30, 2022 and 220.0% at September 30, 2021. Our credit loss reserve as a percentage of total loans outstanding at September 30, 2022 was 1.22% compared to 1.19% at June 30, 2022 and 1.21% at September 30, 2021.

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 68 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)
September 30, 2022
(in thousands except per share data and # of employees)

	Three			Three			Three			Nine			Nine
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	September 30, 2022			June 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Interest income	$	51,405		$	45,352		$	45,726		$	140,284		$	133,812
Interest expense		7,869			4,562			3,712			15,926			11,549
Net interest income		43,536			40,790			42,014			124,358			122,263
Loan loss provision		2,414			77			(163	)		3,366			(6,919	)

Gains on sales of loans		235			519			1,239			1,351			5,579
Deposit related fees		7,629			7,263			7,066			21,638			19,446
Trust revenue		2,989			3,198			3,039			9,435			9,339
Loan related fees		1,589			1,415			1,050			5,066			4,324
Securities gains (losses)		(159	)		(225	)		(62	)		(285	)		50
Other noninterest income		2,396			2,331			2,056			6,940			6,748
Total noninterest income		14,679			14,501			14,388			44,145			45,486

Personnel expense		18,546			18,534			18,853			54,618			54,646
Occupancy and equipment		2,897			2,756			2,733			8,507			8,229
Data processing expense		2,270			2,095			1,911			6,566			5,940
FDIC insurance premiums		360			358			393			1,073			1,042
Other noninterest expense		7,402			6,235			6,438			20,048			18,279
Total noninterest expense		31,475			29,978			30,328			90,812			88,136

Net income before taxes		24,326			25,236			26,237			74,325			86,532
Income taxes		4,954			4,965			5,095			14,954			17,841
Net income	$	19,372		$	20,271		$	21,142		$	59,371		$	68,691

Memo: TEQ interest income	$	51,645		$	45,584		$	45,952		$	140,991		$	134,485

Average shares outstanding		17,841			17,835			17,790			17,832			17,783
Diluted average shares outstanding		17,857			17,843			17,808			17,844			17,798
Basic earnings per share	$	1.09		$	1.14		$	1.19		$	3.33		$	3.86
Diluted earnings per share	$	1.08		$	1.14		$	1.19		$	3.33		$	3.86
Dividends per share	$	0.440		$	0.400		$	0.400		$	1.240		$	1.170

Average balances:
Loans	$	3,568,174		$	3,538,324		$	3,400,194		$	3,516,114		$	3,480,860
Earning assets		5,163,624			5,140,656			5,184,749			5,146,251			5,109,934
Total assets		5,477,596			5,446,263			5,457,558			5,447,439			5,376,588
Deposits, including repurchase agreements		4,733,393			4,705,492			4,650,885			4,691,322			4,585,812
Interest bearing liabilities		3,359,242			3,373,741			3,410,286			3,361,097			3,390,178
Shareholders' equity		636,038			637,542			695,490			650,877			677,632

Performance ratios:
Return on average assets		1.40	%		1.49	%		1.54	%		1.46	%		1.71	%
Return on average equity		12.08	%		12.75	%		12.06	%		12.20	%		13.55	%
Yield on average earning assets (tax equivalent)		3.97	%		3.56	%		3.52	%		3.66	%		3.52	%
Cost of interest bearing funds (tax equivalent)		0.93	%		0.54	%		0.43	%		0.63	%		0.46	%
Net interest margin (tax equivalent)		3.36	%		3.20	%		3.23	%		3.25	%		3.22	%
Efficiency ratio (tax equivalent)		53.70	%		53.77	%		53.50	%		53.58	%		52.35	%

Loan charge-offs	$	1,203		$	828		$	1,042		$	3,351		$	3,460
Recoveries		(878	)		(786	)		(725	)		(2,662	)		(3,572	)
Net charge-offs	$	325		$	42		$	317		$	689		$	(112	)

Market Price:
High	$	45.37		$	42.91		$	42.95		$	46.30		$	47.53
Low	$	39.65		$	39.10		$	38.20		$	39.10		$	36.02
Close	$	40.55		$	40.44		$	42.10		$	40.55		$	42.10

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

September 30, 2022

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

	As of			As of			As of
	September 30, 2022			June 30, 2022			September 30, 2021
Assets:
Loans	$	3,630,616		$	3,558,443		$	3,398,229
Loan loss reserve		(44,433	)		(42,344	)		(41,215	)
Net loans		3,586,183			3,516,099			3,357,014
Loans held for sale		1,043			936			12,056
Securities AFS		1,298,592			1,402,127			1,525,738
Equity securities at fair value		1,969			2,128			2,461
Other equity investments		11,563			13,026			13,026
Other earning assets		201,196			140,384			143,789
Cash and due from banks		60,527			75,373			66,075
Premises and equipment		41,593			40,704			40,145
Right of use asset		12,131			12,005			12,399
Goodwill and core deposit intangible		65,490			65,490			65,490
Other assets		194,051			179,078			147,392
Total Assets	$	5,474,338		$	5,447,350		$	5,385,585

Liabilities and Equity:
Interest bearing checking	$	100,680		$	99,055		$	90,657
Savings deposits		1,952,379			1,915,166			1,827,112
CD's >=$100,000		537,233			573,519			565,869
Other time deposits		463,698			477,040			494,440
Total interest bearing deposits		3,053,990			3,064,780			2,978,078
Noninterest bearing deposits		1,481,078			1,408,148			1,318,158
Total deposits		4,535,068			4,472,928			4,296,236
Repurchase agreements		230,123			238,733			292,022
Other interest bearing liabilities		58,701			58,706			58,721
Lease liability		12,636			12,479			13,229
Other noninterest bearing liabilities		35,250			32,454			33,734
Total liabilities		4,871,778			4,815,300			4,693,942
Shareholders' equity		602,560			632,050			691,643
Total Liabilities and Equity	$	5,474,338		$	5,447,350		$	5,385,585

Ending shares outstanding		17,901			17,895			17,837

30 - 89 days past due loans	$	12,058		$	10,595		$	8,874
90 days past due loans		5,554			5,018			6,650
Nonaccrual loans		8,138			8,824			12,084
Restructured loans (excluding 90 days past due and nonaccrual)		79,092			75,264			70,932
Foreclosed properties		1,864			1,954			4,314

Community bank leverage ratio		13.24	%		13.14	%		12.71	%
Tangible equity to tangible assets ratio		9.93	%		10.53	%		11.77	%
FTE employees		964			958			960