COMMUNITY TRUST BANCORP INC /KY/

Listed Company

CTBICIK 0000350852NasdaqLarge AcceleratedState Commercial BanksKentuckyFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$98.06M

Total Assets

$6.68B

Equity

$856.07M

Shares Out

18.15M

Op. Cash Flow

$104.99M

Business

COMMUNITY TRUST BANCORP INC /KY/ is a bank holding company that owns a commercial bank and a trust company and provides banking and fiduciary services to small and mid-sized communities. It offers commercial and consumer banking products including time and demand deposits, secured and unsecured loans, lines of credit, mortgage, construction and asset-based lending, cash management, letters of credit, funds transfer, safe deposit services, trust administration, wealth management, brokerage and insurance. Its primary operating entities are Community Trust Bank, Inc. (commercial banking) and Community Trust and Investment Company (trust and investment services). It conducts business through its bank and trust subsidiaries across eastern, northeastern, central and south central Kentucky, southern West Virginia, and northeastern Tennessee through branch delivery and subsidiary channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans, including loans held for sale	305	275	231	170	160
Taxable	24	25	27	22	14
Tax exempt	2	3	3	3	3
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock	749,000	783,000	759,000	603,000	486,000
Interest on Federal Reserve Bank deposits	14	10	7	2	372,000
Other, including interest on federal funds sold	392,000	434,000	275,000	122,000	34,000
Total interest income	346	313	269	198	178
Interest on deposits	113	113	81	24	13
Interest on repurchase agreements and federal funds purchased	10	10	9	3	1
Interest on advances from Federal Home Loan Bank	12,000	16,000	1	20,000	0
Interest on long-term debt	4	5	4	2	1
Total interest expense	127	127	96	29	—
Net interest income	219	186	173	169	163
Provision for credit losses	12	11	7	5	−6
Net interest income after provision for credit losses	207	175	166	164	169
Deposit related fees	30	30	30	29	27
Gains on sales of loans, net	320,000	294,000	395,000	2	7
Trust and wealth management income	17	15	13	12	13
Loan related fees	4	5	4	6	6
Bank owned life insurance revenue	4	5	4	3	3
Brokerage revenue	2	2	1	2	2
Securities gains	375,000	631,000	996,000	−168,000	−158,000
Other noninterest income	6	4	5	4	4
Total noninterest income	64	63	58	58	60
Officer salaries and employee benefits	20	16	15	16	20
Other salaries and employee benefits	66	63	59	57	54
Occupancy, net	10	9	9	8	8
Equipment	3	3	3	3	3
Data processing	13	11	10	9	8
Taxes other than property and payroll	2	2	2	—	—
Legal fees	2	1	1	1	1
Professional fees	3	3	2	2	2
Advertising and marketing	3	3	3	3	3
FDIC insurance	3	3	2	1	1
Other real estate owned provision and expense	313,000	152,000	350,000	456,000	1
Repossession expense	1	1	531,000	546,000	344,000
Other noninterest expense	18	16	18	18	12
Total noninterest expense	143	131	125	121	119
Income before income taxes	127	107	99	101	111
Income taxes	29	24	21	19	23
Net income	98	83	78	82	88
Unrealized holding gains arising during the period	45	7	37	−168	−25
Less: Reclassification adjustments for realized gains included in net income	2,000	8,000	4,000	−81,000	60,000
Tax expense	11	2	11	—	—
Other comprehensive income, net of tax	34	5	26	−124	−18
Comprehensive income	132	88	104	−42	70
Basic earnings per share (in dollars per share)	5.44	4.61	4.36	4.59	4.94
Diluted earnings per share (in dollars per share)	5.43	4.61	4.36	4.58	4.94
Weighted average shares outstanding-basic (in shares)	18	18	18	18	18
Weighted average shares outstanding-diluted (in shares)	18	18	18	18	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	63	73	59	51	47
Interest bearing deposits	301	296	213	77	265
Cash and cash equivalents	364	370	271	129	312
Certificates of deposit in other banks	245,000	245,000	245,000	245,000	245,000
Debt securities available-for-sale at fair value (amortized cost of $1,206,938 and $1,186,649, respectively)	1,121	1,056	1,164	1,256	1,455
Equity securities at fair value	4	4	3	—	—
Loans held for sale	200,000	200,000	200,000	100,000	3
Loans	4,895	4,487	4,051	3,709	3,409
Allowance for credit losses	−60	−55	−50	−46	−42
Net loans	4,835	4,432	4,001	3,663	3,367
Premises and equipment, net	53	50	45	43	40
Operating right-of-use assets	12	11	13	14	11
Finance right-of-use assets	4	3	3	3	1
Federal Home Loan Bank stock	5	5	5	7	8
Federal Reserve Bank stock	5	5	5	5	5
Goodwill	66	65	65	65	65
Bank owned life insurance	123	102	101	93	91
Mortgage servicing rights	7	7	8	9	7
Other real estate owned	3	4	2	4	3
Deferred tax asset	21	29	28	40	0
Accrued interest receivable	26	25	24	20	15
Other assets	37	26	31	28	31
Total assets	6,684	6,193	5,770	5,380	5,418
Noninterest bearing	1,263	1,243	1,261	1,395	1,331
Interest bearing	4,126	3,828	3,464	3,031	3,013
Total deposits	5,389	5,070	4,725	4,426	4,344
Repurchase agreements	309	240	225	215	271
Federal funds purchased	500,000	500,000	500,000	500,000	500,000
Advances from Federal Home Loan Bank	300,000	314,000	334,000	355,000	400,000
Long-term debt	64	64	64	58	58
Operating lease liabilities	12	12	13	14	12
Finance lease liabilities	4	3	3	3	1
Accrued interest payable	9	8	7	2	1
Other liabilities	41	37	29	32	31
Total liabilities	5,828	5,436	5,067	4,752	4,720
Commitments and contingencies (notes 14 and 20)	—	—	—	—	—
Preferred stock, 300,000 shares authorized and unissued	0	0	0	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	91	90	90	90	89
Capital surplus	236	234	231	229	227
Retained earnings	594	532	484	439	387
Accumulated other comprehensive loss, net of tax	−65	−98	−103	−129	−5
Total shareholders' equity	856	758	702	628	698
Total liabilities and shareholders' equity	6,684	6,193	5,770	5,380	5,418

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	4	4	5	5
Amortization of operating lease right-of-use assets	2	1	2	—	—
Deferred tax expense (benefit)	−3	−2	709,000	3	2
Stock-based compensation	2	1	2	1	850,000
Write-downs of other real estate owned and other repossessed assets	96,000	105,000	211,000	285,000	864,000
Securities gains	−2,000	−8,000	−4,000	81,000	−60,000
Fair value adjustments in equity securities	−373,000	−623,000	−992,000	87,000	218,000
Gains on sale of assets, net	−665,000	−102,000	−408,000	−354,000	−165,000
Proceeds from sale of mortgage loans held for sale	12	11	15	66	308
Funding of mortgage loans held for sale	−12	−11	−15	−62	−280
Amortization of securities premiums and discounts, net	3	3	3	5	8
Change in cash surrender value of bank owned life insurance	−3	−4	−2	−2	−2
Payment of operating lease liabilities	−2	−1	−2	−2	−2
Interest expense on finance lease liabilities	187,000	158,000	118,000	—	—
Fair value adjustments in mortgage servicing rights	734,000	431,000	965,000	−1	−428,000
Accrued interest receivable	−1	−1	−4	−4	403,000
Other assets	−10	2	−3	3	5
Accrued interest payable	157,000	989,000	5	1	−227,000
Other liabilities	4	8	−4	608,000	−2
Net cash provided by operating activities	105	105	86	100	116
Purchase of certificates of deposit	0	0	−245,000	0	0
Maturity of certificates of deposit	0	0	245,000	0	0
Purchase of AFS securities	−232	−55	−19	−180	−797
Proceeds from sales of AFS securities	0	14	22	11	1
Proceeds from prepayments, calls, and maturities of AFS securities	210	153	125	194	305
Change in loans, net	−418	−444	−344	−302	146
Purchase of premises and equipment	−8	−8	−6	−6	−2
Proceeds from sale and retirement of premises and equipment	1	70,000	375,000	620,000	830,000
Purchase of Federal Home Loan Bank stock	−5	−5	−3	0	—
Redemption of Federal Home Loan Bank stock	5	4	5	—	—
Proceeds from sale of other real estate owned and repossessed assets	3	774,000	1	988,000	3
Additional investment in other real estate owned and repossessed assets	0	−13,000	−47,000	−73,000	0
Additional investment in bank owned life insurance	−19	0	−7	0	−17
Redemption of bank owned life insurance	438,000	2	336,000	0	—
Proceeds from settlement of bank owned life insurance	0	2	241,000	1,000	330,000
Net cash used in investing activities	−463	−336	−227	−280	−359
Change in deposits, net	319	346	298	82	328
Change in repurchase agreements and federal funds purchased, net	69	15	10	−56	−85
Proceeds from Federal Home Loan Bank advances	100	100	225	45	0
Payments on advances from Federal Home Loan Bank	−100	−100	−225	−45	−20,000
Payment of finance lease liabilities	−183,000	−154,000	−151,000	−24,000	−19,000
Proceeds from long-term debt/other borrowings	0	0	7	0	0
Repayment of long-term debt/other borrowings	−232,000	−225,000	−163,000	0	0
Issuance of common stock	1	2	1	1	965,000
Dividends paid	−36	−33	−32	−30	−28
Net cash provided by financing activities	352	328	283	−3	216
Net increase (decrease) in cash and cash equivalents	−6	98	143	−183	−26
Income taxes paid	29	21	21	16	19
Interest paid	127	126	90	27	15
Loans to facilitate the sale of other real estate owned and repossessed assets	3	356,000	1	1	2
Common stock dividends accrued, paid in subsequent quarter	324,000	276,000	291,000	278,000	248,000
Real estate acquired in settlement of loans	5	3	658,000	2	1
Right-of-use assets obtained in exchange for new operating lease liabilities	2	0	358,000	—	—
Right-of-use assets obtained in exchange for new finance lease liabilities	1	0	0	—	—

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