COMMUNITY TRUST BANCORP INC KY

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

CTBI$70.09-0.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Financial Statements and Supplementary Data

Item 8.	Financial Statements and Supplementary Data

(dollars in thousands) December 31	2023	2022
Assets:
Cash and due from banks	$58,833	$51,306
Interest bearing deposits	212,567	77,380
Cash and cash equivalents	271,400	128,686
Certificates of deposit in other banks	245	245
Debt securities available-for-sale at fair value (amortized cost of $1,301,244 and $1,430,605, respectively)	1,163,724	1,256,226
Equity securities at fair value	3,158	2,166
Loans held for sale	152	109
Loans	4,050,906	3,709,290
Allowance for credit losses	(49,543)	(45,981)
Net loans	4,001,363	3,663,309
Premises and equipment, net	45,311	42,633
Operating right-of-use assets	12,607	13,809
Finance right-of-use assets	3,096	3,262
Federal Home Loan Bank stock	4,712	6,676
Federal Reserve Bank stock	4,887	4,887
Goodwill	65,490	65,490
Bank owned life insurance	101,461	92,746
Mortgage servicing rights	7,665	8,468
Other real estate owned	1,616	3,671
Deferred tax asset	28,141	39,878
Accrued interest receivable	23,575	19,592
Other assets	31,093	28,463
Total assets	$5,769,696	$5,380,316
Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing	$1,260,690	$1,394,915
Interest bearing	3,463,932	3,031,228
Total deposits	4,724,622	4,426,143
Repurchase agreements	225,245	215,431
Federal funds purchased	500	500
Advances from Federal Home Loan Bank	334	355
Long-term debt	64,241	57,841
Operating lease liability	12,958	14,160
Finance lease liability	3,435	3,468
Accrued interest payable	7,389	2,237
Other liabilities	28,764	32,134
Total liabilities	5,067,488	4,752,269
Commitments and contingencies (notes 17 and 19)	-	-
Shareholders’ equity:
Preferred stock, 300,000 shares authorized and unissued	-	-
Common stock, $5.00 par value, shares authorized 25,000,000; shares outstanding 2023 – 17,999,840; 2022 – 17,918,280	89,999	89,591
Capital surplus	231,130	229,012
Retained earnings	484,400	438,596
Accumulated other comprehensive loss, net of tax	(103,321)	(129,152)
Total shareholders’ equity	702,208	628,047
Total liabilities and shareholders’ equity	$5,769,696	$5,380,316

Consolidated Statements of Income and Comprehensive Income (Loss)

(in thousands except per share data) Year Ended December 31	2023	2022	2021
Interest income:
Interest and fees on loans, including loans held for sale	$230,844	$169,885	$160,198
Interest and dividends on securities:
Taxable	27,263	21,695	13,981
Tax exempt	2,678	2,998	3,098
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock	759	603	486
Interest on Federal Reserve Bank deposits	6,831	2,439	372
Other, including interest on federal funds sold	275	122	34
Total interest income	268,650	197,742	178,169
Interest expense:
Interest on deposits	81,167	24,068	12,753
Interest on repurchase agreements and federal funds purchased	8,994	2,540	1,254
Interest on advances from Federal Home Loan Bank	1,004	20	0
Interest on long-term debt	4,375	2,012	1,083
Total interest expense	95,540	28,640	15,090
Net interest income	173,110	169,102	163,079
Provision for credit losses (recovery)	6,811	4,905	(6,386)
Net interest income after provision for credit losses (recovery)	166,299	164,197	169,465
Noninterest income:
Deposit related fees	29,935	29,049	26,529
Gains on sales of loans, net	395	1,525	6,820
Trust and wealth management income	13,025	12,394	12,644
Loan related fees	3,792	6,185	5,578
Bank owned life insurance	3,517	2,708	2,844
Brokerage revenue	1,473	1,846	1,962
Securities gains (losses)	996	(168)	(158)
Other noninterest income	4,526	4,377	4,244
Total noninterest income	57,659	57,916	60,463
Noninterest expense:
Officer salaries and employee benefits	15,206	15,922	19,713
Other salaries and employee benefits	58,505	56,568	54,401
Occupancy, net	8,900	8,380	8,306
Equipment	2,943	2,703	2,548
Data processing	9,726	8,910	8,039
Bank franchise tax	1,649	1,528	1,705
Legal fees	1,131	1,159	1,160
Professional fees	2,219	2,275	2,039
Advertising and marketing	3,214	3,005	2,928
FDIC insurance	2,483	1,447	1,381
Other real estate owned provision and expense	350	456	1,401
Repossession expense	531	546	344
Amortization of limited partnership investments	2,638	2,853	3,352
Other noninterest expense	15,895	15,319	11,968
Total noninterest expense	125,390	121,071	119,285
Income before income taxes	98,568	101,042	110,643
Income taxes	20,564	19,228	22,704
Net income	$78,004	$81,814	$87,939
Other comprehensive income (loss):
Unrealized holding gains (losses) on debt securities available-for-sale:
Unrealized holding gains (losses) arising during the period	36,863	(168,060)	(24,827)
Less: Reclassification adjustments for realized gains (losses) included in net income	4	(81)	60
Tax expense (benefit)	11,028	(43,675)	(6,471)
Other comprehensive income (loss), net of tax	25,831	(124,304)	(18,416)
Comprehensive income (loss)	$103,835	$(42,490)	$69,523
Basic earnings per share	$4.36	$4.59	$4.94
Diluted earnings per share	$4.36	$4.58	$4.94
Weighted average shares outstanding-basic	17,887	17,836	17,786
Weighted average shares outstanding-diluted	17,900	17,851	17,804

Consolidated Statements of Changes in Shareholders’ Equity

(in thousands except per share and share amounts)	Common Shares	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss), Net of Tax	Total
Balance, December 31, 2020	17,810,401	$89,052	$225,507	$326,738	$13,568	$654,865
Net income				87,939		87,939
Other comprehensive income (loss)					(18,416)	(18,416)
Cash dividends declared ($1.57 per share)				(27,927)		(27,927)
Issuance of common stock	41,168	205	760			965
Issuance of restricted stock	9,193	46	(46)			0
Vesting of restricted stock	(17,681)	(88)	88			0
Stock-based compensation			776			776
Balance, December 31, 2021	17,843,081	89,215	227,085	386,750	(4,848)	698,202
Net income				81,814		81,814
Other comprehensive income (loss)					(124,304)	(124,304)
Cash dividends declared ($1.68 per share)				(29,968)		(29,968)
Issuance of common stock	54,125	271	770			1,041
Issuance of restricted stock	50,438	252	(252)			0
Vesting of restricted stock	(29,364)	(147)	147			0
Stock-based compensation			1,262			1,262
Balance, December 31, 2022	17,918,280	89,591	229,012	438,596	(129,152)	628,047
Net income				78,004		78,004
Other comprehensive income (loss)					25,831	25,831
Cash dividends declared ($1.80 per share)				(32,200)		(32,200)
Issuance of common stock	52,857	265	864			1,129
Issuance of restricted stock	52,865	264	(264)			0
Vesting of restricted stock	(23,372)	(117)	117			0
Forfeiture of restricted stock	(790)	(4)	4
Stock-based compensation			1,397			1,397
Balance, December 31, 2023	17,999,840	$89,999	$231,130	$484,400	$(103,321)	$702,208

(in thousands) Year Ended December 31	2023	2022	2021
Cash flows from operating activities:
Net income	$78,004	$81,814	$87,939
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,351	5,219	5,033
Deferred taxes	709	3,250	2,330
Stock-based compensation	1,576	1,366	850
Provision for credit losses (recovery)	6,811	4,905	(6,386)
Write-downs of other real estate owned and other repossessed assets	211	285	864
Gains on sale of loans held for sale	(395)	(1,525)	(6,820)
Securities gains (losses)	(4)	81	(60)
Fair value adjustment in equity securities	(992)	87	218
Gains on sale of assets, net	(408)	(354)	(165)
Proceeds from sale of mortgage loans held for sale	15,203	65,974	307,843
Funding of mortgage loans held for sale	(14,851)	(61,926)	(280,396)
Amortization of securities premiums and discounts, net	2,658	5,466	8,010
Change in cash surrender value of bank owned life insurance	(2,361)	(1,650)	(1,873)
Payment of operating lease liabilities	(1,560)	(1,773)	(1,693)
Mortgage servicing rights:
Fair value adjustments	965	(1,069)	(428)
New servicing assets created	(162)	(625)	(2,278)
Changes in:
Accrued interest receivable	(3,983)	(4,177)	403
Other assets	(2,630)	2,507	4,918
Accrued interest payable	5,152	1,221	(227)
Other liabilities	(3,562)	608	(2,387)
Net cash provided by operating activities	85,732	99,684	115,695
Cash flows from investing activities:
Certificates of deposit in other banks:
Purchase of certificates of deposit	(245)	0	0
Maturity of certificates of deposit	245	0	0
Securities available-for-sale (AFS):
Purchase of AFS securities	(19,478)	(179,627)	(797,445)
Proceeds from sales of AFS securities	21,529	11,462	1,080
Proceeds from prepayments, calls, and maturities of AFS securities	124,656	193,843	305,361
Change in loans, net	(344,217)	(302,466)	146,050
Purchase of premises and equipment	(6,322)	(6,218)	(2,373)
Proceeds from sale and retirement of premises and equipment	375	620	830
Redemption of stock by Federal Home Loan Bank	1,964	1,463	1,909
Proceeds from sale of other real estate owned and repossessed assets	1,295	988	2,819
Additional investment in other real estate owned and repossessed assets	(47)	(73)	0
Additional investment in bank owned life insurance	(6,690)	0	(17,181)
Proceeds from settlement of bank owned life insurance	336	1	330
Net cash used in investing activities	(226,599)	(280,007)	(358,620)
Cash flows from financing activities:
Change in deposits, net	298,479	81,851	328,210
Change in repurchase agreements and federal funds purchased, net	9,814	(55,657)	(84,774)
Advances from Federal Home Loan Bank	225,000	45,000	0
Payments on advances from Federal Home Loan Bank	(225,021)	(45,020)	(20)
Payment of finance lease liabilities	(33)	(24)	(19)
Proceeds from long-term debt/other borrowings	6,563	0	0
Repayment of long-term debt/other borrowings	(163)	0	0
Issuance of common stock	1,129	1,041	965
Dividends paid	(32,187)	(29,938)	(27,916)
Net cash provided by (used in) financing activities	283,581	(2,747)	216,446
Net increase (decrease) in cash and cash equivalents	142,714	(183,070)	(26,479)
Cash and cash equivalents at beginning of year	128,686	311,756	338,235
Cash and cash equivalents at end of year	$271,400	$128,686	$311,756
Supplemental disclosures:
Income taxes paid	$20,728	$16,293	$19,485
Interest paid	90,388	27,419	15,316
Non-cash activities:
Loans to facilitate the sale of other real estate owned and repossessed assets	1,306	1,124	1,733
Common stock dividends accrued, paid in subsequent quarter	291	278	248
Real estate and assets acquired in settlement of loans	658	2,433	1,200
Right-of-use assets obtained in exchange for new operating/finance lease liabilities	358	5,539	0

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.