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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, 2026
 
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.  ☐  
 
 
 
1
 
 
Item 2.02 – Results of Operations and Financial Condition
 
On July 15, 2026, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2026.  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 15, 2026
 
 
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 15, 2026
By:
 
 
 
 
 
/s/ Mark A. Gooch
 
 
Mark A. Gooch
 
 
Chairman, President, and Chief Executive Officer
 
0000350852 false 0000350852 2026-07-15 2026-07-15
EX-99.1 6 ctbi0626er8kex99-1.htm EX-99.1
Exhibit 99.1
 
 
 
FOR IMMEDIATE RELEASE
July 15, 2026
 
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 RECORD earnings for the 2nd quarter 2026
 
Earnings Summary
 
(in thousands except per share data)
2Q   
2026  
1Q   
2026  
2Q   
2025  
YTD  
2026  
YTD  
2025  
Net income
$29,623
$27,192
$24,899
$56,815
$46,871
Earnings per share
$1.64
$1.51
$1.38
$3.15
$2.60
Earnings per share - diluted
$1.64
$1.50
$1.38
$3.14
$2.60
 
 
 
 
 
 
Return on average assets
1.74%
1.65%
1.58%
1.70%
1.51%
Return on average equity
13.40%
12.62%
12.51%
13.01%
12.01%
Efficiency ratio
47.99%
48.72%
50.70%
48.35%
51.26%
Tangible common equity
11.93%
12.07%
11.72%
 
 
 
 
 
 
 
 
Dividends declared per share
$0.53
$0.53
$0.47
$1.06
$0.94
Book value per share
$49.10
$47.99
$44.57
 
 
 
 
 
 
 
 
Weighted average shares
18,064
18,049
18,012
18,056
18,004
Weighted average shares - diluted
18,099
18,080
18,036
18,090
18,029
 
Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved record earnings for the second quarter 2026 of $29.6 million, or $1.64 per basic earnings per share, compared to $27.2 million, or $1.51 per basic share, earned during the first quarter 2026 and $24.9 million, or $1.38 per basic share, earned during the second quarter 2025.  Total revenue for the quarter was $4.3 million above prior quarter and $8.3 million above prior year same quarter.  Net interest income for the quarter increased $2.1 million compared to prior quarter and $6.8 million compared to prior year same quarter, and noninterest income increased $2.2 million compared to prior quarter and $1.4 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $0.5 million from prior quarter and $0.7 million from prior year same quarter.  Noninterest expense increased $0.8 million compared to prior quarter and $1.7 million compared to prior year same quarter.  Earnings for the six months ended June 30, 2026 were $56.8 million, or $3.15 per basic share, compared to $46.9 million, or $2.60 per basic share, for the same period prior year.
 
1
 
2nd Quarter 2026 Highlights
 
  • Net interest income for the quarter of $60.9 million was $2.1 million, or 3.6%, above prior quarter and $6.8 million, or 12.7%, above prior year same quarter, as our net interest margin increased 1 basis point from prior quarter and 16 basis points from prior year same quarter.
    •  
  • Provision for credit losses at $2.8 million for the quarter increased $0.5 million from prior quarter and $0.7 million from prior year same quarter.
    •  
  • Noninterest income for the quarter of $17.6 million was $2.2 million, or 14.2%, above prior quarter and $1.4 million, or 8.8%, above prior year same quarter.
 
  • Noninterest expense for the quarter of $37.4 million was $0.8 million, or 2.3%, above prior quarter and $1.7 million, or 4.8%, above prior year same quarter.
    •  
  • Our loan portfolio at $5.1 billion increased $134.1 million, an annualized 10.8%, for the quarter and $423.1 million, or 9.0%, from June 30, 2025.
    •  
  • We had net loan charge-offs of $0.9 million, an annualized 0.07% of average loans, for the quarter compared to $1.3 million, an annualized 0.11% of average loans, for prior quarter and $1.4 million, an annualized 0.12% of average loans, for the second quarter 2025.
    •  
  • Our total nonperforming loans at $29.7 million at June 30, 2026 increased $9.0 million for the quarter and $5.4 million from June 30, 2025.  Nonperforming assets at $33.3 million increased $9.2 million for the quarter and $4.0 million from June 30, 2025.
    •  
  • Deposits, including repurchase agreements, at $6.0 billion increased $221.9 million, an annualized 15.5%, for the quarter and $496.8 million, or 9.1%, from June 30, 2025.
    •  
  • Shareholders’ equity at $891.8 million increased $20.6 million, an annualized 9.5%, for the quarter and $85.0 million, or 10.5%, from June 30, 2025.
 
2
 
Net Interest Income
 
                 
       
Percent Change
   
 
       
2Q 2026
Compared to:
     
($ in thousands)
2Q     
2026    
1Q     
2026    
2Q     
2025    
1Q  
2026 
2Q   
2025  
YTD   
2026   
YTD   
2025   
Percent
Change
Components of net interest income:
               
Income on earning assets
$91,238
$87,755
$85,571
4.0%
6.6%
$178,993
$167,625
6.8%
Expense on interest bearing liabilities
30,349
28,973
31,531
4.7%
(3.8)%
59,322
62,318
(4.8)%
Net interest income
60,889
58,782
54,040
3.6%
12.7%
119,671
105,307
13.6%
TEQ
304
317
283
(4.0)%
7.0%
621
556
11.7%
Net interest income, tax equivalent (non-GAAP)
$61,193
$59,099
$54,323
3.5%
12.6%
$120,292
$105,863
13.6%
 
 
 
 
 
 
 
 
 
Average yield and rates paid:
 
 
 
 
 
 
 
 
Earning assets yield
5.68%
5.65%
5.76%
0.5%
(1.3)%
5.66%
5.73%
(1.2)%
Rate paid on interest bearing liabilities
2.64%
2.61%
3.00%
1.0%
(11.9)%
2.63%
3.01%
(12.8)%
Gross interest margin
3.04%
3.04%
2.76%
(0.2)%
10.2%
3.03%
2.72%
11.0%
Net interest margin
3.80%
3.79%
3.64%
0.2%
4.3%
3.79%
3.61%
5.1%
 
 
 
 
 
 
 
 
 
Average balances:
 
 
 
 
 
 
 
 
Investment securities
$1,081,411
$1,113,988
$1,002,412
(2.9)%
7.9%
$1,097,610
$1,024,062
7.2%
Loans
$5,051,165
$4,934,257
$4,668,001
2.4%
8.2%
$4,993,034
$4,600,919
8.5%
Earning assets
$6,464,479
$6,327,329
$5,983,093
2.2%
8.0%
$6,396,283
$5,915,965
8.1%
Interest-bearing liabilities
$4,610,459
$4,494,829
$4,215,573
2.6%
9.4%
$4,552,963
$4,177,225
9.0%
 
Net interest income for the quarter of $60.9 million was $2.1 million, or 3.6%, above prior quarter and $6.8 million, or 12.7%, above prior year same quarter, as our net interest margin, on a fully tax equivalent basis, increased 1 basis point from prior quarter and 16 basis points from prior year same quarter.  Our quarterly average earning assets increased $137.2 million, an annualized 2.2%, from prior quarter and $481.4 million, or 8.0%, from prior year same quarter.  Our yield on average earning assets increased 3 basis points from prior quarter but decreased 8 basis points from prior year same quarter, while our cost of funds increased 3 basis points from prior quarter but decreased 36 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, for the quarter remained at 87.2% from prior quarter compared to 86.6% for same quarter prior year.  Net interest income for the six months ended June 30, 2026 at $119.7 million was $14.4 million, or 13.6%, above same period prior year.
 
3
 
Provision for Credit Losses
 
Our provision for credit losses at $2.8 million for the quarter increased $0.5 million from prior quarter and $0.7 million from prior year same quarter.  Of the provision for the quarter, $2.6 million was attributable to the allowance for credit losses, with an additional expense of $174 thousand recognized in the provision for unfunded commitments.  Provision for credit losses for the six months ended June 30, 2026 at $5.1 million was $0.6 million below same period prior year.
 
Noninterest Income
 
                 
       
Percent Change
   
 
       
2Q 2026
Compared to:
     
($ in thousands)
2Q  
2026 
1Q  
2026 
2Q  
2025 
1Q   
2026  
2Q   
2025  
YTD  
2026  
YTD  
2025  
Percent
Change
Deposit related fees
$7,657
$7,155
$7,350
7.0%
4.2%
$14,812
$14,172
4.5%
Trust and wealth management income
4,724
4,462
4,092
5.9%
15.4%
9,186
8,073
13.8%
Gains on sales of loans
61
51
77
18.7%
(21.0)%
112
124
(9.8)%
Loan related fees
1,146
1,039
1,249
10.2%
(8.3)%
2,185
2,214
(1.3)%
Bank owned life insurance revenue
1,188
1,714
1,102
(30.7)%
7.9%
2,902
2,137
35.8%
Brokerage revenue
528
520
526
1.5%
0.3%
1,048
1,020
2.8%
Other
2,295
473
1,775
385.6%
29.3%
2,768
3,328
(16.8)%
Total noninterest income
$17,599
$15,414
$16,171
14.2%
8.8%
$33,013
$31,068
6.3%
 
Noninterest income for the quarter of $17.6 million was $2.2 million, or 14.2%, above prior quarter and $1.4 million, or 8.8%, above prior year same quarter.  The variance quarter over quarter was primarily the result of increases in net securities gains ($1.4 million), deposit related fees ($0.5 million), and trust and wealth management income ($0.3 million).  Year over year increases for the quarter included net securities gains ($0.8 million), deposit related fees ($0.3 million), and trust and wealth management income ($0.6 million).  The variances in securities gains resulted primarily from changes in the valuation of our equity securities, as we converted a portion of Visa Class B stock to Class C.  Noninterest income for the six months ended June 30, 2026 of $33.0 million was $1.9 million, or 6.3%, above prior year same period.
 
4
 
Noninterest Expense
 
                 
       
Percent Change
   
 
       
2Q 2026
Compared to:
     
($ in thousands)
2Q   
2026  
1Q   
2026  
2Q   
2025  
1Q   
2026  
2Q   
2025  
YTD  
2026  
YTD  
2025  
Percent
Change
Salaries
$13,923
$13,629
$13,667
2.2%
1.9%
$27,552
$26,936
2.3%
Employee benefits
9,297
8,476
7,987
9.7%
16.4%
17,773
14,836
19.8%
Net occupancy and equipment
3,367
3,699
3,172
(9.0)%
6.1%
7,066
6,612
6.9%
Data processing
2,851
2,955
3,326
(3.5)%
(14.3)%
5,806
6,185
(6.1)%
Legal and professional fees
1,084
1,164
1,001
(6.9)%
8.3%
2,248
2,226
1.0%
Advertising and marketing
841
700
765
20.1%
9.9%
1,541
1,438
7.1%
Taxes other than property and payroll
619
617
573
0.3%
7.9%
1,236
1,102
12.2%
Other
5,388
5,297
5,172
1.7%
4.2%
10,685
10,536
1.4%
Total noninterest expense
$37,370
$36,537
$35,663
2.3%
4.8%
$73,907
$69,871
5.8%
 
Noninterest expense for the quarter of $37.4 million was $0.8 million, or 2.3%, above prior quarter and $1.7 million, or 4.8%, above prior year same quarter. The quarter over quarter increase primarily resulted from an increase in salaries ($0.3 million) and employee benefits ($0.8 million), partially offset by a decrease in net occupancy and equipment expense ($0.3 million).  The increase in employee benefits included increases in bonuses and incentives ($0.2 million) and the cost of group medical and life insurance expense ($0.8 million).  The year over year increase for the quarter primarily resulted from increases in salaries ($0.3 million) and employee benefits ($1.3 million), including an increase in the cost of group medical and life insurance expense ($2.0 million) partially offset by a decrease in bonuses and incentives ($0.5 million).  Noninterest expense for the six months ended June 30, 2026 of $73.9 million was $4.0 million, or 5.8%, above prior year same period.
5
 
Balance Sheet Review
 
Total Loans
 
           
       
Percent Change
       
2Q 2026 Compared to:
($ in thousands)
2Q      
2026     
1Q     
2026    
2Q     
2025    
1Q 
2026
2Q  
2025 
Commercial nonresidential real estate
$1,005,462
$994,914
$913,463
1.1%
10.1%
Commercial residential real estate
599,454
596,948
559,906
0.4%
7.1%
Hotel/motel
528,697
507,243
477,175
4.2%
10.8%
Other commercial
463,901
440,980
432,021
5.2%
7.4%
Total commercial
2,597,514
2,540,085
2,382,565
2.3%
9.0%
 
 
   
 
 
Residential mortgage
1,289,157
1,245,759
1,112,672
3.5%
15.9%
Home equity loans/lines
195,270
191,178
177,135
2.1%
10.2%
Total residential
1,484,427
1,436,937
1,289,807
3.3%
15.1%
 
 
   
 
 
Consumer indirect
903,125
873,980
878,506
3.3%
2.8%
Consumer direct
139,865
139,819
150,915
0.0%
(7.3)%
Total consumer
1,042,990
1,013,799
1,029,421
2.9%
1.3%
 
 
   
 
 
Total loans
$5,124,931
$4,990,821
$4,701,793
2.7%
9.0%
 
Total Deposits and Repurchase Agreements
 
                 
       
Percent Change
       
2Q 2026 Compared to:
($ in thousands)
2Q 
2026
1Q      
2026    
2Q      
2025     
1Q      
2026    
2Q    
2025   
Noninterest bearing deposits
$1,259,364
$1,262,835
$1,258,205
(0.3)%
0.1%
Interest bearing deposits
 
   
 
 
Interest checking
188,978
190,769
173,795
(0.9)%
8.7%
Money market savings
1,963,115
1,917,509
1,820,230
2.4%
7.8%
Savings accounts
497,390
508,553
508,467
(2.2)%
(2.2)%
Time deposits
1,748,916
1,554,554
1,472,311
12.5%
18.8%
Repurchase agreements
297,094
298,721
225,075
(0.5)%
32.0%
Total interest bearing deposits and repurchase agreements
4,695,493
4,470,106
4,199,878
5.0%
11.8%
Total deposits and repurchase agreements
$5,954,857
$5,732,941
$5,458,083
3.9%
9.1%
 
6
 
CTBI’s total assets at $7.0 billion increased $248.2 million, or 14.8% annualized, for the quarter and $598.4 million, or 9.4%, from June 30, 2025.  Loans outstanding at $5.1 billion increased $134.1 million, an annualized 10.8%, for the quarter and $423.1 million, or 9.0%, from June 30, 2025.  The increase in loans for the quarter included a $57.4 million increase in the commercial loan portfolio, a $47.5 million increase in the residential loan portfolio, a $29.1 million increase in the consumer indirect loan portfolio, and a $0.1 million increase in the consumer direct loan portfolio.  CTBI’s investment portfolio at $1.1 billion decreased $35.6 million, an annualized 13.1%, for the quarter as management allocated investment maturities into the loan portfolio but increased $56.9 million, or 5.7%, from June 30, 2025.  Deposits in other banks increased $183.4 million for the quarter and $131.8 million from June 30, 2025.
 
Deposits, including repurchase agreements, at $6.0 billion increased $221.9 million, an annualized 15.5%, for the quarter and $496.8 million, or 9.1%, from June 30, 2025.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of June 30, 2026, two customers accounted for over 3% each (3.5% and 3.1%) of our $5.7 billion in deposits.  Only these two customer relationships accounted for more than 1% each of our deposits.
 
Shareholders’ equity at $891.8 million increased $20.6 million, an annualized 9.5%, for the quarter and $85.0 million, or 10.5%, from June 30, 2025.  Net unrealized losses on securities, net of deferred taxes, were $68.4 million at June 30, 2026, compared to $68.0 million at March 31, 2026 and $80.6 million at June 30, 2025.  CTBI’s annualized dividend yield to shareholders as of June 30, 2026 was 2.93%.
 
Asset Quality
 
Our total nonperforming loans at $29.7 million at June 30, 2026 increased $9.0 million for the quarter and $5.4 million from June 30, 2025.  Nonaccrual loans at $10.8 million decreased $0.3 million from prior quarter and $5.1 million from June 30, 2025.  Accruing loans 90+ days past due at $19.0 million increased $9.4 million from prior quarter and $10.5 million from June 30, 2025, as a well secured $8.7 million commercial relationship in the process of collection moved from the 30-89 days past due category during the quarter.  Accruing loans 30-89 days past due at $20.3 million decreased $4.5 million from prior quarter but increased $0.2 million from June 30, 2025.  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 $0.9 million, an annualized 0.07% of average loans, for the quarter compared to $1.3 million, an annualized 0.11% of average loans, for prior quarter and $1.4 million, an annualized 0.12% of average loans, for the second quarter 2025.  Of the net charge-offs for the quarter, $0.2 million were in commercial loans, $0.5 million were in consumer indirect loans, and $0.2 million were in consumer direct loans.  Net loan charge-offs for the six months ended June 30, 2026 were $2.2 million, or an annualized 0.09% of average loans, compared to $2.9 million, or an annualized 0.13% of average loans, for the same period prior year.
 
Allowance for Credit Losses
 
Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2026 was 211.8% compared to 295.8% at March 31, 2026 and 237.1% at June 30, 2025.  Our allowance for credit losses as a percentage of total loans outstanding at June 30, 2026 remained at 1.23% from March 31, 2026 and June 30, 2026.  The table below shows the changes in components of the allowance for credit losses during the second quarter 2026:
 
Beginning balance
$61,321
New loan volume
5,097
Changes in existing loan balances
(546)
Loans exiting
(2,904)
Historical loss rate
245
Qualitative factors
(246)
Other changes
34
Ending balance
$63,001
 
7
 
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 $7.0 billion, is headquartered in Pikeville, Kentucky and has 69 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.
 
8
 
Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2026
(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, 2026       March 31, 2026       June 30, 2025       June 30, 2026       June 30, 2025  
Interest income $ 91,238   $ 87,755   $ 85,571   $ 178,993   $ 167,625  
Interest expense     30,349       28,973       31,531       59,322       62,318  
Net interest income     60,889       58,782       54,040       119,671       105,307  
Provision for credit losses     2,771       2,311       2,094       5,082       5,662  
                                           
Gains on sales of loans     61       51       77       112       124  
Deposit related fees     7,657       7,155       7,350       14,812       14,172  
Trust and wealth management income     4,724       4,462       4,092       9,186       8,073  
Loan related fees     1,146       1,039       1,249       2,185       2,214  
Securities gains (losses)     924       (488 )      150       436       630  
Other noninterest income     3,087       3,195       3,253       6,282       5,855  
Total noninterest income     17,599       15,414       16,171       33,013       31,068  
                                           
Personnel expense     23,220       22,105       21,654       45,325       41,772  
Occupancy and equipment     3,367       3,699       3,172       7,066       6,612  
Data processing expense     2,851       2,955       3,326       5,806       6,185  
FDIC insurance premiums     751       744       688       1,495       1,377  
Other noninterest expense     7,181       7,034       6,823       14,215       13,925  
Total noninterest expense     37,370       36,537       35,663       73,907       69,871  
                                           
Net income before taxes     38,347       35,348       32,454       73,695       60,842  
Income taxes     8,724       8,156       7,555       16,880       13,971  
Net income   $ 29,623     $ 27,192     $ 24,899     $ 56,815     $ 46,871  
                                           
Memo: TEQ interest income   $ 91,542     $ 88,072     $ 85,854     $ 179,614     $ 168,181  
                                           
Average shares outstanding     18,064       18,049       18,012       18,056       18,004  
Diluted average shares outstanding     18,099       18,080       18,036       18,090       18,029  
Basic earnings per share   $ 1.64     $ 1.51     $ 1.38     $ 3.15     $ 2.60  
Diluted earnings per share   $ 1.64     $ 1.50     $ 1.38     $ 3.14     $ 2.60  
Dividends per share   $ 0.53     $ 0.53     $ 0.47     $ 1.06     $ 0.94  
                                           
Average balances:                                        
Loans     $ 5,051,165     $ 4,934,257     $ 4,668,001     $ 4,993,034     $ 4,600,919  
Earning assets     6,464,479       6,327,329       5,983,093       6,396,283       5,915,965  
Total assets     6,817,407       6,669,401       6,313,922       6,743,813       6,245,536  
Deposits, including repurchase agreements     5,793,767       5,661,967       5,387,923       5,728,231       5,332,715  
Interest bearing liabilities     4,610,459       4,494,829       4,215,573       4,552,963       4,177,225  
Shareholders' equity     886,914       873,726       798,536       880,356       786,787  
                                           
Performance ratios:                                        
Return on average assets     1.74 %     1.65 %     1.58 %     1.70 %     1.51 %
Return on average equity     13.40 %     12.62 %     12.51 %     13.01 %     12.01 %
Yield on average earning assets (tax equivalent)     5.68 %     5.65 %     5.76 %     5.66 %     5.73 %
Cost of interest bearing funds (tax equivalent)     2.64 %     2.61 %     3.00 %     2.63 %     3.01 %
Net interest margin (tax equivalent)     3.80 %     3.79 %     3.64 %     3.79 %     3.61 %
Efficiency ratio (tax equivalent)     47.99 %     48.72 %     50.70 %     48.35 %     51.26 %
                                           
Loan charge-offs   $ 2,112     $ 2,686     $ 2,528     $ 4,798     $ 5,250  
Recoveries     (1,195 )      (1,368 )      (1,175 )      (2,563 )      (2,322 ) 
Net charge-offs   $ 917     $ 1,318     $ 1,353     $ 2,235     $ 2,928  
                                           
Market Price:                                        
High     $ 73.22     $ 65.79     $ 53.82     $ 73.22     $ 56.96  
Low     $ 60.40     $ 56.05     $ 44.60     $ 56.05     $ 44.60  
Close     $ 72.36     $ 60.72     $ 52.92     $ 72.36     $ 52.92  
                                           

 

9
 
Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2026
(in thousands except per share data and # of employees)
                                           
                        As of       As of       As of  
                        June 30, 2026       March 31, 2026       June 30, 2025  
Assets:                                          
Loans                     $ 5,124,931     $ 4,990,821     $ 4,701,793  
Allowance for credit losses                     (63,001 )      (61,321 )      (57,825 ) 
Net loans                       5,061,930       4,929,500       4,643,968  
Loans held for sale                     -       73       345  
Securities AFS                     1,051,681       1,088,205       994,990  
Equity securities at fair value                     4,578       3,666       4,410  
Other equity investments                     10,412       10,087       14,440  
Other earning assets                     452,627       269,178       320,830  
Cash and due from banks                     63,815       91,572       76,556  
Premises and equipment                     53,065       53,114       52,118  
Right of use asset                     14,957       14,999       15,210  
Goodwill and core deposit intangible                     65,490       65,490       65,490  
Other assets                     210,816       215,284       202,581  
Total Assets                   $ 6,989,371     $ 6,741,168     $ 6,390,938  
                                           
Liabilities and Equity:                                        
Interest bearing checking                   $ 188,978     $ 190,769     $ 173,795  
Savings deposits                     2,460,505       2,426,062       2,328,697  
CD's >=$100,000                     1,107,635       959,996       875,835  
Other time deposits                     641,281       594,558       596,476  
Total interest bearing deposits                     4,398,399       4,171,385       3,974,803  
Noninterest bearing deposits                     1,259,364       1,262,835       1,258,205  
Total deposits                     5,657,763       5,434,220       5,233,008  
Repurchase agreements                     297,094       298,721       225,075  
Other interest bearing liabilities                     64,448       64,512       64,705  
Lease liability                     16,000       15,995       16,087  
Other noninterest bearing liabilities                     62,239       56,475       45,194  
Total liabilities                     6,097,544       5,869,923       5,584,069  
Shareholders' equity                     891,827       871,245       806,869  
Total Liabilities and Equity                   $ 6,989,371     $ 6,741,168     $ 6,390,938  
                                           
Ending shares outstanding                     18,164       18,156       18,105  
                                           
30 - 89 days past due loans                   $ 20,301     $ 24,800     $ 20,055  
90 days past due loans                     18,951       9,599       8,449  
Nonaccrual loans                     10,794       11,132       15,937  
Foreclosed properties                     3,517       3,348       4,857  
                                           
Community bank leverage ratio                     13.89 %     13.91 %     13.80 %
Tangible equity to tangible assets ratio                     11.93 %     12.07 %     11.72 %
FTE employees                     970       974       937  
 
10