# COMMUNITY TRUST BANCORP INC /KY/ (CTBI)

Informational only - not investment advice.

CIK: 0000350852
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=350852
Filing source: https://www.sec.gov/Archives/edgar/data/350852/000114036126007058/ef20060685_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001140361-26-007058 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350852.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 345,719,000 USD | 2025 | verified |
| Net income | 98,058,000 USD | 2025 | verified |
| Assets | 6,684,138,000 USD | 2025 | verified |
| Free cash flow | 97,388,000 USD | 2025 | computed |
| Net margin | 28.36% | 2025 | computed |
| Revenue YoY | +10.30% | 2025 | computed |
| ROE | 11.45% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CTBI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 28.4% | 21.9% | 81 | 149 |
| Revenue growth | 10.3% | 6.0% | 71 | 148 |
| FCF margin | 28.2% | 23.8% | 68 | 133 |
| ROE | 11.5% | 9.6% | 68 | 149 |
| ROA | 1.5% | 1.1% | 83 | 149 |
| Liabilities / equity | 6.81 | 8.04 | 24 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 345719000 | USD | 2025 | 2026-02-27 |
| Net income | 98058000 | USD | 2025 | 2026-02-27 |
| Assets | 6684138000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350852.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 146,576,000 | 155,696,000 | 171,450,000 | 185,398,000 | 176,441,000 | 178,169,000 | 197,742,000 | 268,650,000 | 313,443,000 | 345,719,000 |
| Net income | 47,346,000 | 51,493,000 | 59,228,000 | 64,540,000 | 59,504,000 | 87,939,000 | 81,814,000 | 78,004,000 | 82,813,000 | 98,058,000 |
| Diluted EPS | 2.70 | 2.92 | 3.35 | 3.64 | 3.35 | 4.94 | 4.58 | 4.36 | 4.61 | 5.43 |
| Operating cash flow | 61,425,000 | 62,351,000 | 65,487,000 | 83,458,000 | 62,379,000 | 115,695,000 | 99,684,000 | 85,850,000 | 105,326,000 | 104,991,000 |
| Capital expenditures | 3,498,000 | 2,400,000 | 2,832,000 | 2,570,000 | 1,482,000 | 2,373,000 | 6,218,000 | 6,322,000 | 8,078,000 | 7,603,000 |
| Dividends paid | 22,190,000 | 22,981,000 | 24,395,000 | 26,235,000 | 27,142,000 | 27,916,000 | 29,938,000 | 32,187,000 | 33,407,000 | 35,982,000 |
| Assets | 3,932,169,000 | 4,136,231,000 | 4,201,616,000 | 4,366,003,000 | 5,139,141,000 | 5,418,257,000 | 5,380,316,000 | 5,769,696,000 | 6,193,245,000 | 6,684,138,000 |
| Liabilities | 3,431,554,000 | 3,605,532,000 | 3,637,466,000 | 3,751,117,000 | 4,484,276,000 | 4,720,055,000 | 4,752,269,000 | 5,067,488,000 | 5,435,661,000 | 5,828,066,000 |
| Stockholders' equity | 500,615,000 | 530,699,000 | 564,150,000 | 614,886,000 | 654,865,000 | 698,202,000 | 628,047,000 | 702,208,000 | 757,584,000 | 856,072,000 |
| Cash and cash equivalents | 144,716,000 | 175,274,000 | 141,450,000 | 264,683,000 | 338,235,000 | 311,756,000 | 128,686,000 | 271,400,000 | 369,505,000 | 363,684,000 |
| Free cash flow | 57,927,000 | 59,951,000 | 62,655,000 | 80,888,000 | 60,897,000 | 113,322,000 | 93,466,000 | 79,528,000 | 97,248,000 | 97,388,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 32.30% | 33.07% | 34.55% | 34.81% | 33.72% | 49.36% | 41.37% | 29.04% | 26.42% | 28.36% |
| Return on equity | 9.46% | 9.70% | 10.50% | 10.50% | 9.09% | 12.60% | 13.03% | 11.11% | 10.93% | 11.45% |
| Return on assets | 1.20% | 1.24% | 1.41% | 1.48% | 1.16% | 1.62% | 1.52% | 1.35% | 1.34% | 1.47% |
| Liabilities / equity | 6.85 | 6.79 | 6.45 | 6.10 | 6.85 | 6.76 | 7.57 | 7.22 | 7.17 | 6.81 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350852.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.08 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.08 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.08 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 69,499,000 | 20,628,000 | 1.15 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 73,329,000 | 18,659,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 75,002,000 | 18,679,000 | 1.04 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 76,648,000 | 19,499,000 | 1.09 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 79,814,000 | 22,142,000 | 1.23 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 81,979,000 | 22,493,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 82,054,000 | 21,972,000 | 1.22 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 85,571,000 | 24,899,000 | 1.38 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 88,562,000 | 23,911,000 | 1.32 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 89,532,000 | 27,276,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 87,755,000 | 27,192,000 | 1.50 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 91,238,000 | 29,623,000 | 1.64 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CTBI's latest 10-K: [/company/CTBI/business/](/company/CTBI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CTBI's latest 10-K: [/company/CTBI/risk-factors/](/company/CTBI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/350852/000114036126031763/ef20075174_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand Community Trust Bancorp, Inc.
(“CTBI”), our operations, and our present business environment.  The MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the accompanying notes thereto
contained in Part I, Item 1 of this quarterly report, as well as our consolidated financial statements, the accompanying notes thereto, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations
in our annual report on Form 10-K for the year ended December 31, 2025.

Our Business

Community Trust Bancorp, Inc. (“CTBI”) is a bank holding company headquartered in Pikeville, Kentucky.  Currently, we own one commercial bank, Community Trust Bank, Inc. (“CTB”) and one
trust company, Community Trust and Investment Company.  Through our subsidiaries, we have seventy-eight banking locations in eastern, northern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern
Tennessee, four trust offices across Kentucky, and one trust office in northeastern Tennessee.  At June 30, 2026, we had total consolidated assets of $7.0 billion and total consolidated deposits, including repurchase agreements, of $6.0
billion.  Total shareholders’ equity at June 30, 2026 was $891.8 million.  Trust assets under management at June 30, 2026 were $4.3 billion, including CTB’s investment portfolio totaling $1.1 billion.

Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits;
making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer
services.  The lending activities of CTB include making commercial, construction, mortgage, and personal loans.  Lines of credit, revolving lines of credit, term loans, and other specialized loans, including asset-based financing, are
also available.  Our corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees for employee benefit trusts, as paying agents for bond and stock issues, as investment agent, as depositories for
securities, and as providers of full-service brokerage and insurance services.  For further information, see Item 1 of our annual report on Form 10-K for the year ended December 31, 2025.

50

Results of Operations and Financial Condition

We reported 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.

Quarterly Highlights

[[GREPCENT_TABLE]]
[["\u2756","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."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","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."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","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."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","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."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Our loan portfolio at $5.1 billion increased $134.1 million, an annualized 10.8%, for the quarter and $230.0 million, or 4.7%, from December 31, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","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."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Our total nonperforming loans at $29.7 million at June 30, 2026 increased $9.0 million for the quarter and $10.6 million from December 31, 2025. Nonperforming assets at $33.3 million increased $9.2 million for the quarter and $11.0 million from December 31, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Deposits, including repurchase agreements, at $6.0 billion increased $221.9 million, an annualized 15.5%, for the quarter and $257.0 million, or 4.5%, from December 31, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Shareholders\u2019 equity at $891.8 million increased $20.6 million, an annualized 9.5%, for the quarter and $35.8 million, or 4.2%, from December 31, 2025."]]
[[/GREPCENT_TABLE]]

Income Statement Review

[[GREPCENT_TABLE]]
[["Six Months Ended June 30","","","","","","","","Change"],["($ in thousands)","","2026","","","2025","","","Amount","","","Percent"],["Net interest income","","$","119,671","","","$","105,307","","","$","14,364","","","","13.6","%"],["Provision for credit losses","","","5,082","","","","5,662","","","","(580",")","","","(10.2",")"],["Noninterest income","","","33,013","","","","31,068","","","","1,945","","","","6.3"],["Noninterest expense","","","73,907","","","","69,871","","","","4,036","","","","5.8"],["Income taxes","","","16,880","","","","13,971","","","","2,909","","","","20.8"],["Net income","","$","56,814","","","$","46,871","","","$","9,943","","","","21.2","%"]]
[[/GREPCENT_TABLE]]

51

Consolidated Average Balance Sheets and Taxable Equivalent Income/Expense and Yields/Rates

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","June 30, 2026","","","June 30, 2025"],["(in thousands)","","Average Balances","","","Interest","","","Average Rate","","","Average Balances","","","Interest","","","Average Rate"],["Earning assets:"],["Loans (1)(2)(3)","","$","5,051,165","","","$","80,441","","","","6.39","%","","$","4,668,001","","","$","75,902","","","","6.52","%"],["Loans held for sale","","","139","","","","4","","","","11.54","","","","127","","","","6","","","","18.95"],["Securities:"],["U.S. Treasury and agencies","","","802,783","","","","6,040","","","","3.02","","","","696,933","","","","4,016","","","","2.31"],["Tax exempt state and political subdivisions (3)","","","95,502","","","","750","","","","3.15","","","","97,055","","","","817","","","","3.38"],["Other securities","","","186,802","","","","1,213","","","","2.60","","","","212,686","","","","1,693","","","","3.19"],["Federal Reserve Bank and Federal Home Loan Bank stock","","","10,314","","","","169","","","","6.57","","","","10,312","","","","181","","","","7.04"],["Federal funds sold","","","198","","","","2","","","","4.05","","","","225","","","","2","","","","3.57"],["Interest bearing deposits","","","315,477","","","","2,895","","","","3.68","","","","295,653","","","","3,207","","","","4.35"],["Other investments","","","245","","","","1","","","","1.64","","","","245","","","","1","","","","1.64"],["Investment in unconsolidated subsidiaries","","","1,854","","","","27","","","","5.84","","","","1,856","","","","29","","","","6.27"],["Total earning assets","","$","6,464,479","","","$","91,542","","","","5.68","%","","$","5,983,093","","","$","85,854","","","","5.76","%"],["Allowance for credit losses","","","(61,864",")","","","","","","","","","","","(57,063",")"],["Total earnings assets, net of allowance for credit losses","","","6,402,615","","","","","","","","","","","","5,926,030"],["Nonearning assets:"],["Cash and due from banks","","","72,852","","","","","","","","","","","","56,683"],["Premises and equipment and right of use assets, net","","","68,335","","","","","","","","","","","","66,848"],["Other assets","","","273,605","","","","","","","","","","","","264,361"],["Total assets","","$","6,817,407","","","","","","","","","","","$","6,313,922"],["Interest bearing liabilities:"],["Deposits:"],["Savings and demand deposits","","$","2,623,888","","","$","12,778","","","","1.95","%","","$","2,492,624","","","$","14,729","","","","2.37","%"],["Time deposits","","","1,616,774","","","","14,061","","","","3.49","","","","1,420,192","","","","13,441","","","","3.80"],["Repurchase agreements and federal funds purchased","","","301,328","","","","2,592","","","","3.45","","","","233,982","","","","2,352","","","","4.03"],["Advances from Federal Home Loan Bank","","","285","","","","0","","","","0","","","","1,404","","","","13","","","","3.71"],["Long-term debt","","","63,695","","","","863","","","","5.43","","","","63,931","","","","956","","","","6.00"],["Finance lease liability","","","4,489","","","","55","","","","4.91","","","","3,440","","","","40","","","","4.66"],["Total interest bearing liabilities","","$","4,610,459","","","$","30,349","","","","2.64","%","","","4,215,573","","","$","31,531","","","","3.00","%"],["Noninterest bearing liabilities:"],["Demand deposits","","","1,252,277","","","","","","","","","","","","1,241,901"],["Other liabilities","","","67,757","","","","","","","","","","","","57,912"],["Total liabilities","","","5,930,493","","","","","","","","","","","","5,515,386"],["Shareholders\u2019 equity","","","886,914","","","","","","","","","","","","798,536"],["Total liabilities and shareholders\u2019 equity","","$","6,817,407","","","","","","","","","","","$","6,313,922"]]
[[/GREPCENT_TABLE]]

52

[[GREPCENT_TABLE]]
[["Net interest income, tax equivalent","","$","61,193","","","","","","$","54,323"],["Less tax equivalent interest income","","","304","","","","","","","283"],["Net interest income","","$","60,889","","","","","","$","54,040"],["Net interest spread","","","","","","","3.04","%","","","","","","","2.76","%"],["Benefit of interest free funding","","","","","","","0.76","","","","","","","","0.88"],["Net interest margin","","","","","","","3.80","%","","","","","","","3.64","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Interest includes fees on loans of $0.6 million and $0.5 million for the three months ended June 30, 2026 and June 30, 2025, respectively."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Loan balances include deferred loan origination costs and principal balances on nonaccrual loans."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(3)","Tax exempt income on securities and loans is reported on a fully taxable equivalent basis using a 24.95% rate."]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/350852/000114036126007058/ef20060685_10k.htm
Complete FY 2025 MD&A: /company/CTBI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand Community Trust Bancorp, Inc., our
operations, and our present business environment.  The MD&A is provided as a supplement to—and should be read in conjunction with—our consolidated financial statements and the accompanying notes thereto contained in Item 8 of this annual
report.

Our Business

Community Trust Bancorp, Inc. (“CTBI”) is a bank holding company headquartered in Pikeville, Kentucky.  Currently, we own one commercial bank, Community Trust Bank, Inc. (“CTB”) and one trust
company, Community Trust and Investment Company.  Through our subsidiaries, we have eighty-one banking locations in eastern, northern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee, four
trust offices across Kentucky, and one trust office in northeastern Tennessee.  At December 31, 2025, we had total consolidated assets of $6.7 billion and total consolidated deposits, including repurchase agreements, of $5.7 billion.  Total
shareholders’ equity at December 31, 2025 was $856.1 million.  Trust assets under management at December 31, 2025 were $4.1 billion, including CTB’s investment portfolio totaling $1.1 billion.

Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making
secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services.  The
lending activities of CTB include making commercial, construction, mortgage, and personal loans.  Lines of credit, revolving lines of credit, term loans, and other specialized loans, including asset-based financing, are also available.  Our
corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees for employee benefit trusts, as paying agents for bond and stock issues, as investment agent, as depositories for securities, and as providers of
full-service brokerage, and insurance services.  For further information, see Item 1 of this annual report.

22

Table of Contents

Financial Goals and Performance

The following table shows the primary measurements used by management to assess annual performance.  The goals in the table below should not be viewed as a forecast of our performance for 2026. 
Rather, the goals represent a range of target performance for 2026.  There is no assurance that any or all of these goals will be achieved.  See “Cautionary Statement Regarding Forward Looking Statements.”

[[GREPCENT_TABLE]]
[["","","2025 Goals","2025 Performance","2026 Goals"],["","Basic earnings per share","$4.86 - $5.06","$5.44","$5.78 - $6.02"],["","Net income","$88.0 - $91.6 million","$98.1 million","$105.1 - $109.3 million"],["","ROAA","1.41% - 1.46%","1.53%","1.53% - $1.59%"],["","ROAE","11.17% - 11.62%","12.07%","11.67% - 12.15%"],["","Revenues","$261.6 - $272.3 million","$282.6 million","$294.7 - $306.7 million"],["","Noninterest revenue as % of total revenue","23.50% - 25.50%","22.41%","22.0% - 24.5%"],["","Assets","$6.19 - $6.57 billion","$6.68 billion","$6.80 - $7.23 billion"],["","Loans","$4.53 - $4.71 billion","$4.89 billion","$5.02 - $5.22 billion"],["","Deposits, including repurchase agreements","$5.32 - $5.54 billion","$5.70 billion","$5.83 - $6.07 billion"],["","Shareholders\u2019 equity","$797.8 - $830.3 million","$856.1 million","$923.9 - $961.6 million"]]
[[/GREPCENT_TABLE]]

Results of Operations and Financial Condition

We reported record earnings of $98.1 million, or $5.44 per basic share, for the year ended December 31, 2025 compared to $82.8 million, or $4.61 per basic share, for the year ended December 31,
2024.  Total revenue for 2025 was $34.0 million above prior year, as net interest revenue increased $33.0 million and noninterest income increased $1.1 million compared to prior year.  Our provision for credit losses for 2025 increased $1.5
million over prior year, and our noninterest expense increased $12.1 million over prior year.

23

Table of Contents

2025 Highlights

[[GREPCENT_TABLE]]
[["\u2756","Net interest income for the year of $219.0 million was $33.0 million, or 17.7%, above prior year, as our net interest margin increased 26 basis points from prior year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Provision for credit losses at $12.4 million for the year increased $1.5 million from prior year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Noninterest income for the year of $63.6 million was $1.1 million, or 1.7%, above prior year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Noninterest expense for the year of $143.1 million was $12.1 million, or 9.3%, above prior year."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Our loan portfolio at $4.9 billion increased $408.3 million, or 9.1%, from prior year end."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","We had net loan charge-offs of $7.4 million, or 0.16% of average loans, for the year 2025 compared to $5.5 million, or 0.13% of average loans, for the year 2024."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Our total nonperforming loans at $19.2 million decreased $7.5 million, or 28.2%, from prior year end. Nonperforming assets at $22.2 million decreased $8.1 million from prior year end."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Deposits, including repurchase agreements, at $5.7 billion increased $387.5 million, or 7.3%, from prior year end."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["\u2756","Shareholders\u2019 equity at $856.1 million increased $98.5 million, or 13.0%, from prior year end."]]
[[/GREPCENT_TABLE]]

Income Statement Review

[[GREPCENT_TABLE]]
[["(dollars in thousands)","","","","","","","","Change 2025 vs. 2024"],["Year Ended December 31","","2025","","","2024","","","Amount","","","Percent"],["Net interest income","","$","218,978","","","$","185,995","","","$","32,983","","","","17.7","%"],["Provision for credit losses","","","12,436","","","","10,951","","","","1,485","","","","13.6"],["Noninterest income","","","63,617","","","","62,565","","","","1,052","","","","1.7"],["Noninterest expense","","","143,067","","","","130,923","","","","12,144","","","","9.3"],["Income taxes","","","29,034","","","","23,873","","","","5,161","","","","21.6"],["Net income","","$","98,058","","","$","82,813","","","$","15,245","","","","18.4","%"]]
[[/GREPCENT_TABLE]]

24

Table of Contents

Consolidated Average Balance Sheets and Taxable Equivalent Income/Expense and Yields/Rates

[[GREPCENT_TABLE]]
[["","","2025","","","2024"],["(in thousands)","","Average Balances","","","Interest","","Average Rate","","","Average Balances","","","Interest","","Average Rate"],["Earning assets:"],["Loans (1)(2)(3)","","$","4,690,521","","","$","304,894","","","6.50","%","","$","4,247,762","","","$","274,886","","","6.47","%"],["Loans held for sale","","","182","","","","25","","","13.74","","","","165","","","","24","","","14.55"],["Securities:"],["U.S. Treasury and agencies","","","730,797","","","","17,230","","","2.36","","","","775,788","","","","16,526","","","2.13"],["Tax exempt state and political subdivisions (3)","","","98,916","","","","3,265","","","3.30","","","","102,783","","","","3,401","","","3.31"],["Other securities","","","207,120","","","","6,436","","","3.11","","","","227,116","","","","8,427","","","3.71"],["Federal Reserve Bank and Federal Home Loan Bank stock","","","10,199","","","","749","","","7.34","","","","10,099","","","","783","","","7.75"],["Federal funds sold","","","185","","","","8","","","4.32","","","","19","","","","1","","","5.26"],["Interest bearing deposits","","","337,538","","","","14,172","","","4.20","","","","204,113","","","","10,396","","","5.09"],["Other investments","","","245","","","","6","","","2.45","","","","245","","","","6","","","2.45"],["Investment in unconsolidated subsidiaries","","","1,856","","","","114","","","6.14","","","","1,858","","","","132","","","7.10"],["Total earning assets","","$","6,077,559","","","$","346,899","","","5.71","%","","$","5,569,948","","","$","314,582","","","5.65","%"],["Allowance for credit losses","","","(57,468",")","","","","","","","","","","(51,749",")"],["","","","6,020,091","","","","","","","","","","","5,518,199"],["Nonearning assets:"],["Cash and due from banks","","","56,003","","","","","","","","","","","58,714"],["Premises and equipment and right of use assets, net","","","67,048","","","","","","","","","","","62,584"],["Other assets","","","267,324","","","","","","","","","","","254,498"],["Total assets","","$","6,410,466","","","","","","","","","","$","5,893,995"],["Interest bearing liabilities:"],["Deposits:"],["Savings and demand deposits","","$","2,497,537","","","$","56,626","","","2.27","%","","$","2,309,430","","","$","62,812","","","2.72","%"],["Time deposits","","","1,478,344","","","","56,121","","","3.80","","","","1,260,730","","","","49,704","","","3.94"],["Repurchase agreements and federal funds purchased","","","255,055","","","","10,012","","","3.93","","","","229,408","","","","10,393","","","4.53"],["Advances from Federal Home Loan Bank","","","577","","","","12","","","2.08","","","","597","","","","16","","","2.68"],["Long-term debt","","","63,901","","","","3,783","","","5.92","","","","64,130","","","","4,365","","","6.81"],["Finance lease liability","","","3,818","","","","187","","","4.90","","","","3,438","","","","158","","","4.60"],["Total interest bearing liabilities","","$","4,299,232","","","$","126,741","","","2.95","%","","$","3,867,733","","","$","127,448","","","3.30","%"],["Noninterest bearing liabilities:"],["Demand deposits","","","1,239,531","","","","","","","","","","","1,238,101"],["Other liabilities","","","59,541","","","","","","","","","","","56,042"],["Total liabilities","","","5,598,304","","","","","","","","","","","5,161,876"],["Shareholders\u2019 equity","","","812,162","","","","","","","","","","","732,119"],["Total liabilities and shareholders\u2019 equity","","$","6,410,466","","","","","","","","","","$","5,893,995"],["Net interest income, tax equivalent","","","","","","$","220,158","","","","","","","","","","$","187,134"],["Less tax equivalent interest income","","","","","","","1,180","","","","","","","","","","","1,139"],["Net interest income","","","","","","$","218,978","","","","","","","","","","$","185,995"],["Net interest spread","","","","","","","","","","2.76","%","","","","","","","","","","2.35","%"],["Benefit of interest free funding","","","","","","","","","","0.86","","","","","","","","","","","1.01"],["Net interest margin","","","","","","","","","","3.62","%","","","","","","","","","","3.36","%"]]
[[/GREPCENT_TABLE]]

(1) Interest includes fees on loans of $2,284 and $1,998 in 2025 and 2024, respectively.

(2) Loan balances include deferred loan origination costs and principal balances on nonaccrual loans.

(3) Tax exempt income on securities and loans is reported on a fully taxable equivalent basis using a 24.95% rate.

25

Table of Contents

Net Interest Differential

The following table illustrates the approximate effect of volume and rate changes on net interest differentials between 2025 and 2024.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CTBI/mda/fy2025/
All MD&A years: /company/CTBI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CTBI/mda/fy2024/): filed 2025-02-28; accession 0001140361-25-006428 (https://www.sec.gov/Archives/edgar/data/350852/000114036125006428/ef20038948_10k.htm)
- [FY 2023 MD&A](/company/CTBI/mda/fy2023/): filed 2024-02-28; accession 0001140361-24-009933 (https://www.sec.gov/Archives/edgar/data/350852/000114036124009933/ef20015332_10k.htm)
- [FY 2022 MD&A](/company/CTBI/mda/fy2022/): filed 2023-02-28; accession 0001140361-23-009057 (https://www.sec.gov/Archives/edgar/data/350852/000114036123009057/brhc10048754_10k.htm)
- [FY 2021 MD&A](/company/CTBI/mda/fy2021/): filed 2022-02-28; accession 0001140361-22-006937 (https://www.sec.gov/Archives/edgar/data/350852/000114036122006937/brhc10034382_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CTBI.md · JSON record: /company/CTBI.json · verified financials: /company/CTBI/financials.json / /company/CTBI/financials.csv · machine TOC for the whole site: /llms.txt