COMMUNITY TRUST BANCORP INC KY

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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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.

FY2024 · Filed Feb 28, 2025

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	2024	2023
Assets:
Cash and due from banks	$73,021	$58,833
Interest bearing deposits	296,484	212,567
Cash and cash equivalents	369,505	271,400
Certificates of deposit in other banks	245	245
Debt securities available-for-sale at fair value (amortized cost of $1,186,649 and $1,301,244, respectively)	1,055,728	1,163,724
Equity securities at fair value	3,781	3,158
Loans held for sale	184	152
Loans	4,486,637	4,050,906
Allowance for credit losses	(54,968)	(49,543)
Net loans	4,431,669	4,001,363
Premises and equipment, net	49,630	45,311
Operating right-of-use assets	11,414	12,607
Finance right-of-use assets	2,971	3,096
Federal Home Loan Bank stock	5,062	4,712
Federal Reserve Bank stock	4,887	4,887
Goodwill	65,490	65,490
Bank owned life insurance	101,509	101,461
Mortgage servicing rights	7,357	7,665
Other real estate owned	3,647	1,616
Deferred tax asset	29,065	28,141
Accrued interest receivable	24,758	23,575
Other assets	26,343	31,093
Total assets	$6,193,245	$5,769,696
Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing	$1,242,676	$1,260,690
Interest bearing	3,827,513	3,463,932
Total deposits	5,070,189	4,724,622
Repurchase agreements	240,166	225,245
Federal funds purchased	500	500
Advances from Federal Home Loan Bank	314	334
Long-term debt	64,016	64,241
Operating lease liability	11,751	12,958
Finance lease liability	3,439	3,435
Accrued interest payable	8,378	7,389
Other liabilities	36,908	28,764
Total liabilities	5,435,661	5,067,488
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 2024 – 18,057,923; 2023 – 17,999,840	90,290	89,999
Capital surplus	233,802	231,130
Retained earnings	531,861	484,400
Accumulated other comprehensive loss, net of tax	(98,369)	(103,321)
Total shareholders’ equity	757,584	702,208
Total liabilities and shareholders’ equity	$6,193,245	$5,769,696

Consolidated Statements of Income and Comprehensive Income (Loss)

(in thousands except per share data) Year Ended December 31	2024	2023	2022
Interest income:
Interest and fees on loans, including loans held for sale	$274,619	$230,844	$169,885
Interest and dividends on securities:
Taxable	24,953	27,263	21,695
Tax exempt	2,553	2,678	2,998
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock	783	759	603
Interest on Federal Reserve Bank deposits	10,101	6,831	2,439
Other, including interest on federal funds sold	434	275	122
Total interest income	313,443	268,650	197,742
Interest expense:
Interest on deposits	112,516	81,167	24,068
Interest on repurchase agreements and federal funds purchased	10,393	8,994	2,540
Interest on advances from Federal Home Loan Bank	16	1,004	20
Interest on long-term debt	4,523	4,375	2,012
Total interest expense	127,448	95,540	28,640
Net interest income	185,995	173,110	169,102
Provision for credit losses	10,951	6,811	4,905
Net interest income after provision for credit losses	175,044	166,299	164,197
Noninterest income:
Deposit related fees	29,824	29,935	29,049
Gains on sales of loans, net	294	395	1,525
Trust and wealth management income	14,921	13,025	12,394
Loan related fees	4,957	3,792	6,185
Bank owned life insurance	5,236	3,517	2,708
Brokerage revenue	2,272	1,473	1,846
Securities gains (losses)	631	996	(168)
Other noninterest income	4,430	4,526	4,377
Total noninterest income	62,565	57,659	57,916
Noninterest expense:
Officer salaries and employee benefits	16,316	15,206	15,922
Other salaries and employee benefits	63,111	58,505	56,568
Occupancy, net	9,442	8,900	8,380
Equipment	2,762	2,943	2,703
Data processing	11,172	9,726	8,910
Bank franchise tax	1,685	1,649	1,528
Legal fees	1,090	1,131	1,159
Professional fees	2,783	2,219	2,275
Advertising and marketing	3,130	3,214	3,005
FDIC insurance	2,586	2,483	1,447
Other real estate owned provision and expense	152	350	456
Repossession expense	1,089	531	546
Other noninterest expense	15,605	18,533	18,172
Total noninterest expense	130,923	125,390	121,071
Income before income taxes	106,686	98,568	101,042
Income taxes	23,873	20,564	19,228
Net income	$82,813	$78,004	$81,814
Other comprehensive income (loss):
Unrealized holding gains (losses) on debt securities available-for-sale:
Unrealized holding gains (losses) arising during the period	6,607	36,863	(168,060)
Less: Reclassification adjustments for realized gains (losses) included in net income	8	4	(81)
Tax expense (benefit)	1,647	11,028	(43,675)
Other comprehensive income (loss), net of tax	4,952	25,831	(124,304)
Comprehensive income (loss)	$87,765	$103,835	$(42,490)
Basic earnings per share	$4.61	$4.36	$4.59
Diluted earnings per share	$4.61	$4.36	$4.58
Weighted average shares outstanding-basic	17,950	17,887	17,836
Weighted average shares outstanding-diluted	17,977	17,900	17,851

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, 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			0
Stock-based compensation			1,397			1,397
Balance, December 31, 2023	17,999,840	89,999	231,130	484,400	(103,321)	702,208
Net income				82,813		82,813
Other comprehensive income (loss)					4,952	4,952
Cash dividends declared ($1.86 per share)				(33,391)		(33,391)
Issuance of common stock	68,351	342	1,428			1,770
Issuance of restricted stock	15,000	75	(75)			0
Vesting of restricted stock	(22,831)	(114)	114			0
Forfeiture of restricted stock	(2,437)	(12)	12			0
Stock-based compensation			1,193			1,193
Cumulative effect of FASB adjustment				(1,961)		(1,961)
Balance, December 31, 2024	18,057,923	$90,290	$233,802	$531,861	$(98,369)	$757,584

(in thousands) Year Ended December 31	2024	2023	2022
Cash flows from operating activities:
Net income	$82,813	$78,004	$81,814
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,003	5,351	5,219
Deferred tax expense (benefit)	(1,732)	709	3,250
Stock-based compensation	1,354	1,576	1,366
Provision for credit losses	10,951	6,811	4,905
Write-downs of other real estate owned and other repossessed assets	105	211	285
Gains on sale of loans held for sale	(294)	(395)	(1,525)
Securities gains (losses)	(8)	(4)	81
Fair value adjustment in equity securities	(623)	(992)	87
Gains on sale of assets, net	(102)	(408)	(354)
Proceeds from sale of mortgage loans held for sale	11,555	15,203	65,974
Funding of mortgage loans held for sale	(11,293)	(14,851)	(61,926)
Amortization of securities premiums and discounts, net	2,564	2,658	5,466
Change in cash surrender value of bank owned life insurance	(3,995)	(2,361)	(1,650)
Payment of operating lease liabilities	(1,190)	(1,560)	(1,773)
Mortgage servicing rights:
Fair value adjustments	431	965	(1,069)
New servicing assets created	(123)	(162)	(625)
Changes in:
Accrued interest receivable	(1,183)	(3,983)	(4,177)
Other assets	1,951	(2,630)	2,507
Accrued interest payable	989	5,152	1,221
Other liabilities	7,999	(3,562)	608
Net cash provided by operating activities	105,172	85,732	99,684
Cash flows from investing activities:
Certificates of deposit in other banks:
Purchase of certificates of deposit	0	(245)	0
Maturity of certificates of deposit	0	245	0
Securities available-for-sale (AFS):
Purchase of AFS securities	(55,365)	(19,478)	(179,627)
Proceeds from sales of AFS securities	14,232	21,529	11,462
Proceeds from prepayments, calls, and maturities of AFS securities	153,171	124,656	193,843
Change in loans, net	(444,061)	(344,217)	(302,466)
Purchase of premises and equipment	(8,078)	(6,322)	(6,218)
Proceeds from sale and retirement of premises and equipment	70	375	620
Purchase of Federal Home Loan Bank stock	(4,757)	(3,191)	0
Redemption of stock by Federal Home Loan Bank	4,407	5,155	1,463
Proceeds from sale of other real estate owned and repossessed assets	774	1,295	988
Additional investment in other real estate owned and repossessed assets	(13)	(47)	(73)
Additional investment in bank owned life insurance	0	(6,931)	0
Proceeds from settlement of bank owned life insurance	1,591	336	1
Redemption of bank owned life insurance	2,356	241	0
Net cash used in investing activities	(335,673)	(226,599)	(280,007)
Cash flows from financing activities:
Change in deposits, net	345,567	298,479	81,851
Change in repurchase agreements and federal funds purchased, net	14,921	9,814	(55,657)
Advances from Federal Home Loan Bank	100,000	225,000	45,000
Payments on advances from Federal Home Loan Bank	(100,020)	(225,021)	(45,020)
Payment of finance lease liabilities	0	(33)	(24)
Proceeds from long-term debt/other borrowings	0	6,563	0
Repayment of long-term debt/other borrowings	(225)	(163)	0
Issuance of common stock	1,770	1,129	1,041
Dividends paid	(33,407)	(32,187)	(29,938)
Net cash provided by (used in) financing activities	328,606	283,581	(2,747)
Net increase (decrease) in cash and cash equivalents	98,105	142,714	(183,070)
Cash and cash equivalents at beginning of year	271,400	128,686	311,756
Cash and cash equivalents at end of year	$369,505	$271,400	$128,686
Supplemental disclosures:
Income taxes paid	$20,611	$20,728	$16,293
Interest paid	126,459	90,388	27,419
Non-cash activities:
Loans to facilitate the sale of other real estate owned and repossessed assets	356	1,306	1,124
Common stock dividends accrued, paid in subsequent quarter	276	291	278
Real estate and assets acquired in settlement of loans	3,160	658	2,433
Right-of-use assets obtained in exchange for new operating/finance lease liabilities	0	358	5,539

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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.