October 15, 2025

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 3RD QUARTER 2025

Earnings Summary

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2025 of $23.9 million, or $1.33 per basic share, compared to $24.9 million, or $1.38 per basic share, earned during the second quarter 2025 and $22.1 million, or $1.23 per basic share, earned during the third quarter 2024.  Total revenue for the quarter was $1.3 million above prior quarter and $8.7 million above prior year same quarter.  Net interest revenue for the quarter increased $1.5 million compared to prior quarter and $8.4 million compared to prior year same quarter, and noninterest income decreased $0.2 million compared to prior quarter but increased $0.4 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter.  Noninterest expense increased $1.1 million compared to prior quarter and $4.2 million compared to prior year same quarter.  Earnings for the nine months ended September 30, 2025 were $10.5 million, or $0.57 per basic share, above prior year.

3rd Quarter 2025 Highlights

❖	Net interest income for the quarter of $55.6 million was $1.5 million, or 2.8%, above prior quarter and $8.4 million, or 17.7%, above prior year same quarter, as our net interest margin decreased 4 basis points from prior quarter but increased 21 basis points from prior year same quarter.

❖	Provision for credit losses at $3.9 million for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter.

❖	Noninterest income for the quarter ended September 30, 2025 of $15.9 million was $0.2 million, or 1.4%, below prior quarter but $0.4 million, or 2.5%, above prior year same quarter.

❖	Noninterest expense for the quarter ended September 30, 2025 of $36.7 million was $1.1 million, or 3.0%, above prior quarter and $4.2 million, or 13.0%, above prior year same quarter.

❖	Our loan portfolio at $4.8 billion increased $92.1 million, an annualized 7.8%, from June 30, 2025 and $443.4 million, or 10.2%, from September 30, 2024.

❖	We had net loan charge-offs of $2.7 million, an annualized 0.23% of average loans, for the third quarter 2025 compared to $1.4 million, an annualized 0.12% of average loans, for the second quarter 2025 and $1.5 million, an annualized 0.14% of average loans, for the third quarter 2024.

❖	Our total nonperforming loans at $24.7 million at September 30, 2025 increased $0.3 million from June 30, 2025 but decreased $0.4 million from September 30, 2024.  Nonperforming assets at $29.5 million increased $0.3 million from June 30, 2025 and $3.1 million from September 30, 2024.

❖	Deposits, including repurchase agreements, at $5.7 billion increased $212.2 million, an annualized 15.4%, from June 30, 2025 and $598.7 million, or 11.8%, from September 30, 2024.

❖	Shareholders’ equity at $831.4 million increased $24.5 million, an annualized 12.0%, during the quarter and $70.6 million, or 9.3%, from September 30, 2024.

Net Interest Income

 Net interest income for the quarter of $55.6 million was $1.5 million, or 2.8%, above prior quarter and $8.4 million, or 17.7%, above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.60% decreased 4 basis points from prior quarter but increased 21 basis points from prior year same quarter.  Our quarterly average earning assets increased $168.0 million, an annualized 11.1%, from prior quarter and $581.0 million, or 10.4%, from prior year same quarter.  Our yield on average earning assets decreased 3 basis points from prior quarter but increased 1 basis point from prior year same quarter, while our cost of funds increased 1 basis point from prior quarter but decreased 35 basis points from prior year same quarter.  Net interest income for the nine months ended September 30, 2025 at $160.9 million was $24.4 million or 17.9% above prior year.

Our ratio of average loans to deposits, including repurchase agreements, was 85.6% for the quarter ended September 30, 2025 compared to 86.6% for the quarter ended June 30, 2025 and 85.8% for the quarter ended September 30, 2024.

Noninterest Income

Noninterest Expense

Balance Sheet Review

Total Loans

Total Deposits and Repurchase Agreements

CTBI’s total assets at $6.6 billion as of September 30, 2025 increased $247.2 million, or 15.3% annualized, from June 30, 2025 and $675.2 million, or 11.3%, from September 30, 2024.  Loans outstanding at $4.8 billion increased $92.1 million, an annualized 7.8%, from June 30, 2025 and $443.4 million, or 10.2%, from September 30, 2024.  The increase in loans from prior quarter included a $42.3 million increase in the commercial loan portfolio, a $51.9 million increase in the residential loan portfolio, partially offset by a $0.9 million decrease in the consumer indirect loan portfolio and a $1.2 million decrease in the consumer direct loan portfolio.  CTBI’s investment portfolio increased $42.5 million, an annualized 16.9%, from June 30, 2025 but decreased $59.4 million, or 5.4%, from September 30, 2024.  Deposits in other banks increased $117.7 million from prior quarter and $281.4 million from September 30, 2024, as a result of deposit growth outpacing loan growth.  Deposits, including repurchase agreements, at $5.7 billion increased $212.2 million, an annualized 15.4%, from June 30, 2025 and $598.7 million, or 11.8%, from September 30, 2024.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of September 30, 2025, two customers accounted for 3% each of our $5.4 billion in deposits.  Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $831.4 million increased $24.5 million, an annualized 12.0%, during the quarter and $70.6 million, or 9.3%, from September 30, 2024.  Net unrealized losses on securities, net of deferred taxes, were $71.1 million at September 30, 2025, compared to $80.6 million at June 30, 2025 and September 30, 2024.  CTBI’s annualized dividend yield to shareholders as of September 30, 2025 was 3.79%.

Asset Quality

Our total nonperforming loans of $24.7 million at September 30, 2025 increased $0.3 million from June 30, 2025 but decreased $0.4 million from September 30, 2024.  Accruing loans 90+ days past due at $9.0 million increased $0.6 million from prior quarter but decreased $10.1 million from September 30, 2024.  Nonaccrual loans at $15.6 million decreased $0.3 million from prior quarter but increased $9.7 million from September 30, 2024.  Accruing loans 30-89 days past due at $18.5 million decreased $1.6 million from prior quarter and $2.1 million from September 30, 2024.  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 $2.7 million, an annualized 0.23% of average loans, for the third quarter 2025 compared to $1.4 million, an annualized 0.12% of average loans, for the second quarter 2025 and $1.5 million, an annualized 0.14% of average loans, for the third quarter 2024.  Of the net charge-offs for the quarter, $1.2 million were in commercial loans, $0.1 million were in residential loans, $1.2 million were in consumer indirect loans, and $0.2 million were in consumer direct loans.  The primary increase in net charge-offs consisted of a $1 million charge-off on one commercial credit totaling $8 million.  Net-charge offs for the nine months ended September 30, 2025 were $5.7 million, an annualized 0.16% of average loans, compared to $4.5 million, an annualized 0.14% of average loans, for the nine months ended September 30, 2024.

Allowance for Credit Losses

Our provision for credit losses at $3.9 million for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter.  Of the provision for the quarter, $3.8 million was allotted to fund changes in loan volume and composition, $0.3 million was allotted based on quantitative and qualitative factors, and $0.2 million was credited against the provision for unfunded commitments.  Provision for credit losses for the nine months ended September 30, 2025 of $9.5 million was a $1.2 million increase over the nine months ended September 30, 2024.  Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2025 was 239.5% compared to 237.1% at June 30, 2025 and 212.7% at September 30, 2024.  Our loan loss reserve as a percentage of total loans outstanding at September 30, 2025 remained at 1.23% from June 30, 2025 and September 30, 2024.

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; 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 $6.6 billion, is headquartered in Pikeville, Kentucky and has 72 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, 2025
(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, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Interest income		$	88,562			$	85,571			$	79,814			$	256,187			$	231,464
Interest expense			33,008				31,531				32,615				95,326				94,996
Net interest income			55,554				54,040				47,199				160,861				136,468
Provision for credit losses			3,866				2,094				2,736				9,528				8,364
Gains on sales of loans			89				77				80				213				244
Deposit related fees			8,131				7,350				7,886				22,303				22,205
Trust revenue			4,277				4,092				3,707				12,350				10,960
Loan related fees			897				1,249				813				3,111				3,485
Securities gains (losses)			(449	)			150				213				181				110
Other noninterest income			3,001				3,253				2,864				8,856				9,401
Total noninterest income			15,946				16,171				15,563				47,014				46,405
Personnel expense			21,774				21,654				19,521				63,546				59,234
Occupancy and equipment			3,261				3,172				3,072				9,873				9,189
Data processing expense			3,575				3,326				2,804				9,760				7,991
FDIC insurance premiums			703				688				629				2,080				1,916
Other noninterest expense			7,431				6,823				6,486				21,356				18,824
Total noninterest expense			36,744				35,663				32,512				106,615				97,154
Net income before taxes			30,890				32,454				27,514				91,732				77,355
Income taxes			6,979				7,555				5,372				20,950				17,035
Net income		$	23,911			$	24,899			$	22,142			$	70,782			$	60,320
Memo: TEQ interest income		$	88,863			$	85,854			$	80,094			$	257,044			$	232,330
Average shares outstanding			18,019				18,012				17,962				18,009				17,942
Diluted average shares outstanding			18,053				18,036				17,991				18,037				17,965
Basic earnings per share		$	1.33			$	1.38			$	1.23			$	3.93			$	3.36
Diluted earnings per share		$	1.32			$	1.38			$	1.23			$	3.92			$	3.36
Dividends per share		$	0.53			$	0.47			$	0.47			$	1.47			$	1.39
Average balances:
Loans		$	4,736,104			$	4,668,001			$	4,300,652			$	4,646,475			$	4,196,884
Earning assets			6,151,134				5,983,093				5,570,160				5,995,216				5,499,608
Total assets			6,487,817				6,313,922				5,891,157				6,327,184				5,824,780
Deposits, including repurchase agreements			5,531,461				5,387,923				5,014,506				5,399,692				4,977,040
Interest bearing liabilities			4,353,313				4,215,573				3,859,978				4,236,566				3,803,491
Shareholders' equity			823,016				798,536				748,098				798,996				722,683
Performance ratios:
Return on average assets			1.46	%			1.58	%			1.50	%			1.50	%			1.38	%
Return on average equity			11.53	%			12.51	%			11.77	%			11.84	%			11.15	%
Yield on average earning assets (tax equivalent)			5.73	%			5.76	%			5.72	%			5.73	%			5.64	%
Cost of interest bearing funds (tax equivalent)			3.01	%			3.00	%			3.36	%			3.01	%			3.34	%
Net interest margin (tax equivalent)			3.60	%			3.64	%			3.39	%			3.61	%			3.34	%
Efficiency ratio (tax equivalent)			50.86	%			50.70	%			51.75	%			51.12	%			52.91	%
Loan charge-offs		$	4,024			$	2,528			$	2,736			$	9,274			$	8,239
Recoveries			(1,276	)			(1,175	)			(1,212	)			(3,598	)			(3,692	)
Net charge-offs		$	2,748			$	1,353			$	1,524			$	5,676			$	4,547
Market Price:
High		$	59.67			$	53.82			$	52.22			$	59.67			$	52.22
Low		$	52.60			$	44.60			$	41.50			$	44.60			$	38.44
Close		$	55.95			$	52.92			$	49.66			$	55.95			$	49.66

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

September 30, 2025

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

		As of				As of				As of
		September 30, 2025				June 30, 2025				September 30, 2024
Assets:
Loans		$	4,793,915			$	4,701,793			$	4,350,474
Allowance for credit losses			(59,135	)			(57,825	)			(53,360	)
Net loans			4,734,780				4,643,968				4,297,114
Loans held for sale			483				345				115
Securities AFS			1,037,965				994,990				1,098,076
Equity securities at fair value			3,961				4,410				3,266
Other equity investments			9,948				14,440				10,060
Other earning assets			438,501				320,830				157,092
Cash and due from banks			71,218				76,556				85,944
Premises and equipment			52,245				52,118				47,519
Right of use asset			15,974				15,210				14,718
Goodwill and core deposit intangible			65,490				65,490				65,490
Other assets			207,564				202,581				183,574
Total Assets		$	6,638,129			$	6,390,938			$	5,962,968
Liabilities and Equity:
Interest bearing checking		$	194,327			$	173,795			$	156,249
Savings deposits			2,316,300				2,328,697				2,160,691
CD's >=$100,000			992,728				875,835				753,253
Other time deposits			633,533				596,476				563,554
Total interest bearing deposits			4,136,888				3,974,803				3,633,747
Noninterest bearing deposits			1,248,573				1,258,205				1,204,515
Total deposits			5,385,461				5,233,008				4,838,262
Repurchase agreements			284,863				225,075				233,324
Other interest bearing liabilities			64,641				64,705				64,893
Lease liability			16,909				16,087				15,530
Other noninterest bearing liabilities			54,882				45,194				50,197
Total liabilities			5,806,756				5,584,069				5,202,206
Shareholders' equity			831,373				806,869				760,762
Total Liabilities and Equity		$	6,638,129			$	6,390,938			$	5,962,968
Ending shares outstanding			18,110				18,105				18,052
30 - 89 days past due loans		$	18,500			$	20,055			$	20,578
90 days past due loans			9,040				8,449				19,111
Nonaccrual loans			15,647				15,937				5,980
Foreclosed properties			4,856				4,857				1,344
Community bank leverage ratio			13.68	%			13.80	%			13.99	%
Tangible equity to tangible assets ratio			11.65	%			11.72	%			11.79	%
FTE employees			929				937				943