COMMUNITY TRUST BANCORP INC /KY/

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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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.

FY2025 · Filed Feb 27, 2026

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

(in thousands except share data) December 31	2025	2024
Assets:
Cash and due from banks	$62,851	$73,021
Interest bearing deposits	300,833	296,484
Cash and cash equivalents	363,684	369,505
Certificates of deposit in other banks	245	245
Debt securities available-for-sale at fair value (amortized cost of $1,206,938 and $1,186,649, respectively)	1,120,719	1,055,728
Equity securities at fair value	4,154	3,781
Loans held for sale	211	184
Loans	4,894,942	4,486,637
Allowance for credit losses	(60,169)	(54,968)
Net loans	4,834,773	4,431,669
Premises and equipment, net	52,611	49,630
Operating right-of-use assets	11,543	11,414
Finance right-of-use assets	3,890	2,971
Federal Home Loan Bank stock	5,200	5,062
Federal Reserve Bank stock	4,887	4,887
Goodwill	65,490	65,490
Bank owned life insurance	123,274	101,509
Mortgage servicing rights	6,751	7,357
Other real estate owned	3,066	3,647
Deferred tax asset	20,856	29,065
Accrued interest receivable	25,957	24,758
Other assets	36,827	26,343
Total assets	$6,684,138	$6,193,245
Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing	$1,263,243	$1,242,676
Interest bearing	4,125,815	3,827,513
Total deposits	5,389,058	5,070,189
Repurchase agreements	308,799	240,166
Federal funds purchased	500	500
Advances from Federal Home Loan Bank	293	314
Long-term debt	63,784	64,016
Operating lease liabilities	11,924	11,751
Finance lease liabilities	4,493	3,439
Accrued interest payable	8,535	8,378
Other liabilities	40,680	36,908
Total liabilities	5,828,066	5,435,661
Commitments and contingencies (notes 14 and 20)	-	-
Shareholders’ equity:
Preferred stock, 300,000 shares authorized and unissued	0	0
Common stock, $5.00 par value, shares authorized 25,000,000; shares issued and outstanding 2025 – 18,115,847; 2024 – 18,057,923	90,581	90,290
Capital surplus	236,423	233,802
Retained earnings	593,888	531,861
Accumulated other comprehensive loss, net of tax	(64,820)	(98,369)
Total shareholders’ equity	856,072	757,584
Total liabilities and shareholders’ equity	$6,684,138	$6,193,245

Consolidated Statements of Income and Comprehensive Income

(in thousands except per share data) Year Ended December 31	2025	2024	2023
Interest income:
Interest and fees on loans, including loans held for sale	$304,553	$274,619	$230,844
Interest and dividends on securities
Taxable	23,667	24,953	27,263
Tax exempt	2,450	2,553	2,678
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock	749	783	759
Interest on Federal Reserve Bank deposits	13,908	10,101	6,831
Other, including interest on federal funds sold	392	434	275
Total interest income	345,719	313,443	268,650
Interest expense:
Interest on deposits	112,747	112,516	81,167
Interest on repurchase agreements and federal funds purchased	10,012	10,393	8,994
Interest on advances from Federal Home Loan Bank	12	16	1,004
Interest on long-term debt	3,970	4,523	4,375
Total interest expense	126,741	127,448	95,540
Net interest income	218,978	185,995	173,110
Provision for credit losses	12,436	10,951	6,811
Net interest income after provision for credit losses	206,542	175,044	166,299
Noninterest income:
Deposit related fees	29,840	29,824	29,935
Gains on sales of loans, net	320	294	395
Trust and wealth management income	16,772	14,921	13,025
Loan related fees	4,043	4,957	3,792
Bank owned life insurance revenue	4,460	5,236	3,517
Brokerage revenue	2,130	2,272	1,473
Securities gains	375	631	996
Other noninterest income	5,677	4,430	4,526
Total noninterest income	63,617	62,565	57,659
Noninterest expense:
Officer salaries and employee benefits	19,661	16,316	15,206
Other salaries and employee benefits	65,818	63,111	58,505
Occupancy, net	10,184	9,442	8,900
Equipment	3,062	2,762	2,943
Data processing	12,637	11,172	9,726
Taxes other than property and payroll	2,353	1,754	1,706
Legal fees	1,555	1,090	1,131
Professional fees	2,735	2,783	2,219
Advertising and marketing	3,167	3,130	3,214
FDIC insurance	2,825	2,586	2,483
Other real estate owned provision and expense	313	152	350
Repossession expense	1,154	1,089	531
Other noninterest expense	17,603	15,536	18,476
Total noninterest expense	143,067	130,923	125,390
Income before income taxes	127,092	106,686	98,568
Income taxes	29,034	23,873	20,564
Net income	$98,058	$82,813	$78,004
Other comprehensive income:
Unrealized holding gains arising during the period	$44,704	$6,607	$36,863
Less: Reclassification adjustments for realized gains included in net income	2	8	4
Tax expense	11,153	1,647	11,028
Other comprehensive income, net of tax	33,549	4,952	25,831
Comprehensive income	$131,607	$87,765	$103,835
Basic earnings per share	$5.44	$4.61	$4.36
Diluted earnings per share	$5.43	$4.61	$4.36
Weighted average shares outstanding-basic	18,013	17,950	17,887
Weighted average shares outstanding-diluted	18,044	17,977	17,900

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, 2022	17,918,280	$89,591	$229,012	$438,596	$(129,152)	$628,047
Net income				78,004		78,004
Other comprehensive income					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
Cumulative effect of FASB adjustment				(1,961)		(1,961)
Balance, January 1, 2024	17,999,840	89,999	231,130	482,439	(103,321)	700,247
Net income				82,813		82,813
Other comprehensive income					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
Balance, December 31, 2024	18,057,923	$90,290	$233,802	$531,861	$(98,369)	$757,584
Net income				98,058		98,058
Other comprehensive income					33,549	33,549
Cash dividends declared ($2.00 per share)				(36,031)		(36,031)
Issuance of common stock	54,320	272	1,052			1,324
Issuance of restricted stock	38,538	193	(193)			0
Vesting of restricted stock	(29,057)	(145)	145			0
Forfeiture of restricted stock	(5,877)	(29)	29			0
Stock-based compensation			1,588			1,588
Balance, December 31, 2025	18,115,847	$90,581	$236,423	$593,888	$(64,820)	$856,072

(in thousands) Year Ended December 31	2025	2024	2023
Cash flows from operating activities:
Net income	$98,058	$82,813	$78,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,138	3,823	3,791
Amortization of operating lease right-of-use assets	1,615	1,180	1,560
Deferred tax expense (benefit)	(2,944)	(1,732)	709
Stock-based compensation	1,774	1,354	1,576
Provision for credit losses	12,436	10,951	6,811
Write-downs of other real estate owned and other repossessed assets	96	105	211
Gains on sale of mortgage loans held for sale	(320)	(294)	(395)
Securities gains	(2)	(8)	(4)
Fair value adjustments in equity securities	(373)	(623)	(992)
Gains on sale of assets, net	(665)	(102)	(408)
Proceeds from sale of mortgage loans held for sale	11,784	11,432	15,041
Funding of mortgage loans held for sale	(11,619)	(11,293)	(14,851)
Amortization of securities premiums and discounts, net	2,542	2,564	2,658
Change in cash surrender value of bank owned life insurance	(3,086)	(3,995)	(2,361)
Payment of operating lease liabilities	(1,571)	(1,194)	(1,560)
Interest expense on finance lease liabilities	187	158	118
Fair value adjustments in mortgage servicing rights	734	431	965
Changes in:
Accrued interest receivable	(1,199)	(1,183)	(3,983)
Other assets	(10,288)	1,951	(2,630)
Accrued interest payable	157	989	5,152
Other liabilities	3,537	7,999	(3,562)
Net cash provided by operating activities	104,991	105,326	85,850
Cash flows from investing activities:
Certificates of deposit in other banks:
Purchase of certificates of deposit	0	0	(245)
Maturity of certificates of deposit	0	0	245
Securities available-for-sale (AFS):
Purchase of AFS securities	(232,459)	(55,365)	(19,478)
Proceeds from sales of AFS securities	0	14,232	21,529
Proceeds from prepayments, calls, and maturities of AFS securities	209,631	153,171	124,656
Change in loans, net	(417,641)	(444,061)	(344,217)
Purchase of premises and equipment	(7,603)	(8,078)	(6,322)
Proceeds from sale and retirement of premises and equipment	1,112	70	375
Purchase of Federal Home Loan Bank stock	(4,815)	(4,757)	(3,191)
Redemption of Federal Home Loan Bank stock	4,676	4,407	5,155
Proceeds from sale of other real estate owned and repossessed assets	2,558	774	1,295
Additional investment in other real estate owned and repossessed assets	0	(13)	(47)
Additional investment in bank owned life insurance	(19,117)	0	(6,931)
Redemption of bank owned life insurance	438	1,591	336
Proceeds from settlement of bank owned life insurance	0	2,356	241
Net cash used in investing activities	(463,220)	(335,673)	(226,599)
Cash flows from financing activities:
Change in deposits, net	318,869	345,567	298,479
Change in repurchase agreements and federal funds purchased, net	68,633	14,921	9,814
Proceeds from Federal Home Loan Bank advances	100,000	100,000	225,000
Payments on advances from Federal Home Loan Bank	(100,021)	(100,020)	(225,021)
Payment of finance lease liabilities	(183)	(154)	(151)
Proceeds from long-term debt/other borrowings	0	0	6,563
Repayment of long-term debt/other borrowings	(232)	(225)	(163)
Issuance of common stock	1,324	1,770	1,129
Dividends paid	(35,982)	(33,407)	(32,187)
Net cash provided by financing activities	352,408	328,452	283,463
Net increase (decrease) in cash and cash equivalents	(5,821)	98,105	142,714
Cash and cash equivalents at beginning of period	369,505	271,400	128,686
Cash and cash equivalents at end of period	$363,684	$369,505	$271,400
Supplemental disclosures:
Income taxes paid	$28,506	$20,611	$20,728
Interest paid	126,584	126,459	90,388
Non-cash activities:
Loans to facilitate the sale of other real estate owned and repossessed assets	2,815	356	1,306
Common stock dividends accrued, paid in subsequent quarter	324	276	291
Real estate acquired in settlement of loans	4,720	3,160	658
Right-of-use assets obtained in exchange for new operating lease liabilities	1,744	0	358
Right-of-use assets obtained in exchange for new finance lease liabilities	1,050	0	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.