大眾信託合眾銀行第二季淨利潤創新高達2962萬美元 每股盈利1.64美元

EX-99.1
6
ctbi0626er8kex99-1.htm
EX-99.1

 
 
 
 
 
 Exhibit 99.1
 

  
 

  
 

 
 
 

  
 

 
 FOR IMMEDIATE RELEASE
 

 
 July 15, 2026
 

  
 

 
 FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229
 

  
 

 
 Pikeville, Kentucky:
 

  
 

 
 Community Trust Bancorp, Inc. reports RECORD earnings for the 2nd quarter 2026
 

  
 

 
 Earnings Summary
 

  
 

 
 
 
 
 (in thousands except per share data)
 

 
 
 
 2Q   

 
 2026  

 
 
 
 1Q   2026  

 
 
 
 2Q   

 
 2025  

 
 
 
 YTD  

 
 2026  

 
 
 
 YTD  

 
 2025  

 
 

 
 
 
 Net income
 

 
 
 
 $29,623
 

 
 
 
 $27,192
 

 
 
 
 $24,899
 

 
 
 
 $56,815
 

 
 
 
 $46,871
 

 
 

 
 
 
 Earnings per share
 

 
 
 
 $1.64
 

 
 
 
 $1.51
 

 
 
 
 $1.38
 

 
 
 
 $3.15
 

 
 
 
 $2.60
 

 
 

 
 
 
 Earnings per share - diluted
 

 
 
 
 $1.64
 

 
 
 
 $1.50
 

 
 
 
 $1.38
 

 
 
 
 $3.14
 

 
 
 
 $2.60
 

 
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Return on average assets
 

 
 
 
 1.74%
 

 
 
 
 1.65%
 

 
 
 
 1.58%
 

 
 
 
 1.70%
 

 
 
 
 1.51%
 

 
 

 
 
 
 Return on average equity
 

 
 
 
 13.40%
 

 
 
 
 12.62%
 

 
 
 
 12.51%
 

 
 
 
 13.01%
 

 
 
 
 12.01%
 

 
 

 
 
 
 Efficiency ratio
 

 
 
 
 47.99%
 

 
 
 
 48.72%
 

 
 
 
 50.70%
 

 
 
 
 48.35%
 

 
 
 
 51.26%
 

 
 

 
 
 
 Tangible common equity
 

 
 
 
 11.93%
 

 
 
 
 12.07%
 

 
 
 
 11.72%
 

 
 
  
 

 
 
  
 

 
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Dividends declared per share
 

 
 
 
 $0.53
 

 
 
 
 $0.53
 

 
 
 
 $0.47
 

 
 
 
 $1.06
 

 
 
 
 $0.94
 

 
 

 
 
 
 Book value per share
 

 
 
 
 $49.10
 

 
 
 
 $47.99
 

 
 
 
 $44.57
 

 
 
  
 

 
 
  
 

 
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Weighted average shares
 

 
 
 
 18,064
 

 
 
 
 18,049
 

 
 
 
 18,012
 

 
 
 
 18,056
 

 
 
 
 18,004
 

 
 

 
 
 
 Weighted average shares - diluted
 

 
 
 
 18,099
 

 
 
 
 18,080
 

 
 
 
 18,036
 

 
 
 
 18,090
 

 
 
 
 18,029
 

 
 

  
 

 
 Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved 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.
 

  
 

 
 1

 

 

 2nd Quarter 2026 Highlights
 

  
 

 
 
 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.
 

  
 

 
 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.
 

  
 

 
 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.
 

 
 
  
 

 
 
 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.
 

  
 

 
 Our loan portfolio at $5.1 billion increased $134.1 million, an annualized 10.8%, for the quarter and $423.1 million, or 9.0%, from June 30, 2025.
 

  
 

 
 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.
 

  
 

 
 Our total nonperforming loans at $29.7 million at June 30, 2026 increased $9.0 million for the quarter and $5.4 million from June 30, 2025.  Nonperforming assets at $33.3 million increased $9.2 million for the quarter and $4.0 million from June 30, 2025.
 

  
 

 
 Deposits, including repurchase agreements, at $6.0 billion increased $221.9 million, an annualized 15.5%, for the quarter and $496.8 million, or 9.1%, from June 30, 2025.
 

  
 

 
 Shareholders’ equity at $891.8 million increased $20.6 million, an annualized 9.5%, for the quarter and $85.0 million, or 10.5%, from June 30, 2025. 
 

 
  
 

 
 2

 

 

 Net Interest Income
 

  
 

 
 
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 
  
 
  
 
  
 
  
 
 
 
 Percent Change
 

 
  
 
  
 
 
  
 

 
 

 
  
 
  
 
  
 
  
 
 
 
 2Q 2026
 

 
 Compared to:
 

 
  
 
  
 
  
 
 

 
 
 
 ($ in thousands)
 

 
 
 
 2Q     

 
 2026    

 
 
 
 1Q     

 
 2026    

 
 
 
 2Q     

 
 2025    

 
 
 
 1Q  

 
 2026 

 
 
 
 2Q   

 
 2025  

 
 
 
 YTD   

 
 2026   

 
 
 
 YTD   

 
 2025   

 
 
 
 PercentChange
 

 
 

 
 
 
 Components of net interest income:
 

 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 

 
 
 
 Income on earning assets
 

 
 
 
 $91,238
 

 
 
 
 $87,755
 

 
 
 
 $85,571
 

 
 
 
 4.0%
 

 
 
 
 6.6%
 

 
 
 
 $178,993
 

 
 
 
 $167,625
 

 
 
 
 6.8%
 

 
 

 
 
 
 Expense on interest bearing liabilities
 

 
 
 
 30,349
 

 
 
 
 28,973
 

 
 
 
 31,531
 

 
 
 
 4.7%
 

 
 
 
 (3.8)%
 

 
 
 
 59,322
 

 
 
 
 62,318
 

 
 
 
 (4.8)%
 

 
 

 
 
 
 Net interest income
 

 
 
 
 60,889
 

 
 
 
 58,782
 

 
 
 
 54,040
 

 
 
 
 3.6%
 

 
 
 
 12.7%
 

 
 
 
 119,671
 

 
 
 
 105,307
 

 
 
 
 13.6%
 

 
 

 
 
 
 TEQ
 

 
 
 
 304
 

 
 
 
 317
 

 
 
 
 283
 

 
 
 
 (4.0)%
 

 
 
 
 7.0%
 

 
 
 
 621
 

 
 
 
 556
 

 
 
 
 11.7%
 

 
 

 
 
 
 Net interest income, tax equivalent (non-GAAP)
 

 
 
 
 $61,193
 

 
 
 
 $59,099
 

 
 
 
 $54,323
 

 
 
 
 3.5%
 

 
 
 
 12.6%
 

 
 
 
 $120,292
 

 
 
 
 $105,863
 

 
 
 
 13.6%
 

 
 

 
  
 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Average yield and rates paid:
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Earning assets yield
 

 
 
 
 5.68%
 

 
 
 
 5.65%
 

 
 
 
 5.76%
 

 
 
 
 0.5%
 

 
 
 
 (1.3)%
 

 
 
 
 5.66%
 

 
 
 
 5.73%
 

 
 
 
 (1.2)%
 

 
 

 
 
 
 Rate paid on interest bearing liabilities
 

 
 
 
 2.64%
 

 
 
 
 2.61%
 

 
 
 
 3.00%
 

 
 
 
 1.0%
 

 
 
 
 (11.9)%
 

 
 
 
 2.63%
 

 
 
 
 3.01%
 

 
 
 
 (12.8)%
 

 
 

 
 
 
 Gross interest margin
 

 
 
 
 3.04%
 

 
 
 
 3.04%
 

 
 
 
 2.76%
 

 
 
 
 (0.2)%
 

 
 
 
 10.2%
 

 
 
 
 3.03%
 

 
 
 
 2.72%
 

 
 
 
 11.0%
 

 
 

 
 
 
 Net interest margin
 

 
 
 
 3.80%
 

 
 
 
 3.79%
 

 
 
 
 3.64%
 

 
 
 
 0.2%
 

 
 
 
 4.3%
 

 
 
 
 3.79%
 

 
 
 
 3.61%
 

 
 
 
 5.1%
 

 
 

 
  
 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Average balances:
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 
  
 

 
 

 
 
 
 Investment securities
 

 
 
 
 $1,081,411
 

 
 
 
 $1,113,988
 

 
 
 
 $1,002,412
 

 
 
 
 (2.9)%
 

 
 
 
 7.9%
 

 
 
 
 $1,097,610
 

 
 
 
 $1,024,062
 

 
 
 
 7.2%
 

 
 

 
 
 
 Loans
 

 
 
 
 $5,051,165
 

 
 
 
 $4,934,257
 

 
 
 
 $4,668,001
 

 
 
 
 2.4%
 

 
 
 
 8.2%
 

 
 
 
 $4,993,034
 

 
 
 
 $4,600,919
 

 
 
 
 8.5%
 

 
 

 
 
 
 Earning assets
 

 
 
 
 $6,464,479
 

 
 
 
 $6,327,329
 

 
 
 
 $5,983,093
 

 
 
 
 2.2%
 

 
 
 
 8.0%
 

 
 
 
 $6,396,283
 

 
 
 
 $5,915,965
 

 
 
 
 8.1%
 

 
 

 
 
 
 Interest-bearing liabilities
 

 
 
 
 $4,610,459
 

 
 
 
 $4,494,829
 

 
 
 
 $4,215,573
 

 
 
 
 2.6%
 

 
 
 
 9.4%
 

 
 
 
 $4,552,963
 

 
 
 
 $4,177,225
 

 
 
 
 9.0%
 

 
 

  
 

 
 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, on a fully tax equivalent basis, increased 1 basis point from prior quarter and 16 basis points from prior year same quarter.  Our quarterly average earning assets increased $137.2 million, an annualized 2.2%, from prior quarter and $481.4 million, or 8.0%, from prior year same quarter.  Our yield on average earning assets increased 3 basis points from prior quarter but decreased 8 basis points from prior year same quarter, while our cost of funds increased 3 basis points from prior quarter but decreased 36 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, for the quarter remained at 87.2% from prior quarter compared to 86.6% for same quarter prior year.  Net interest income for the six months ended June 30, 2026 at $119.7 million was $14.4 million, or 13.6%, above same period prior year.
 

  
 

 
 3

 

 

 Provision for Credit Losses
 

  
 

 
 Our 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.  Of the provision for the quarter, $2.6 million was attributable to the allowance for credit losses, with an additional expense of $174 thousand recognized in the provision for unfunded commitments.  Provision for credit losses for the six months ended June 30, 2026 at $5.1 million was $0.6 million below same period prior year.
 

  
 

 
 Noninterest Income
 

  
 

 
 
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 
  
 
  
 
  
 
  
 
 
 
 Percent Change
 

 
  
 
  
 
 
  
 

 
 

 
  
 
  
 
  
 
  
 
 
 
 2Q 2026
 

 
 Compared to:
 

 
  
 
  
 
  
 
 

 
 
 
 ($ in thousands)
 

 
 
 
 2Q  

 
 2026 

 
 
 
 1Q  

 
 2026 

 
 
 
 2Q  

 
 2025 

 
 
 
 1Q   

 
 2026  

 
 
 
 2Q   

 
 2025  

 
 
 
 YTD  

 
 2026  

 
 
 
 YTD  

 
 2025  

 
 
 
 PercentChange
 

 
 

 
 
 
 Deposit related fees
 

 
 
 
 $7,657
 

 
 
 
 $7,155
 

 
 
 
 $7,350
 

 
 
 
 7.0%
 

 
 
 
 4.2%
 

 
 
 
 $14,812
 

 
 
 
 $14,172
 

 
 
 
 4.5%
 

 
 

 
 
 
 Trust and wealth management income
 

 
 
 
 4,724
 

 
 
 
 4,462
 

 
 
 
 4,092
 

 
 
 
 5.9%
 

 
 
 
 15.4%
 

 
 
 
 9,186
 

 
 
 
 8,073
 

 
 
 
 13.8%
 

 
 

 
 
 
 Gains on sales of loans
 

 
 
 
 61
 

 
 
 
 51
 

 
 
 
 77
 

 
 
 
 18.7%
 

 
 
 
 (21.0)%
 

 
 
 
 112
 

 
 
 
 124
 

 
 
 
 (9.8)%
 

 
 

 
 
 
 Loan related fees
 

 
 
 
 1,146
 

 
 
 
 1,039
 

 
 
 
 1,249
 

 
 
 
 10.2%
 

 
 
 
 (8.3)%
 

 
 
 
 2,185
 

 
 
 
 2,214
 

 
 
 
 (1.3)%
 

 
 

 
 
 
 Bank owned life insurance revenue
 

 
 
 
 1,188
 

 
 
 
 1,714
 

 
 
 
 1,102
 

 
 
 
 (30.7)%
 

 
 
 
 7.9%
 

 
 
 
 2,902
 

 
 
 
 2,137
 

 
 
 
 35.8%
 

 
 

 
 
 
 Brokerage revenue 
 

 
 
 
 528
 

 
 
 
 520
 

 
 
 
 526
 

 
 
 
 1.5%
 

 
 
 
 0.3%
 

 
 
 
 1,048
 

 
 
 
 1,020
 

 
 
 
 2.8%
 

 
 

 
 
 
 Other
 

 
 
 
 2,295
 

 
 
 
 473
 

 
 
 
 1,775
 

 
 
 
 385.6%
 

 
 
 
 29.3%
 

 
 
 
 2,768
 

 
 
 
 3,328
 

 
 
 
 (16.8)%
 

 
 

 
 
 
 Total noninterest income
 

 
 
 
 $17,599
 

 
 
 
 $15,414
 

 
 
 
 $16,171
 

 
 
 
 14.2%
 

 
 
 
 8.8%
 

 
 
 
 $33,013
 

 
 
 
 $31,068
 

 
 
 
 6.3%
 

 
 

  
 

 
 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.  The variance quarter over quarter was primarily the result of increases in net securities gains ($1.4 million), deposit related fees ($0.5 million), and trust and wealth management income ($0.3 million).  Year over year increases for the quarter included net securities gains ($0.8 million), deposit related fees ($0.3 million), and trust and wealth management income ($0.6 million).  The variances in securities gains resulted primarily from changes in the valuation of our equity securities, as we converted a portion of Visa Class B stock to Class C.  Noninterest income for the six months ended June 30, 2026 of $33.0 million was $1.9 million, or 6.3%, above prior year same period. 
 

  
 

 
 4

 

 

 Noninterest Expense
 

  
 

 
 
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 
  
 
  
 
  
 
  
 
 
 
 Percent Change
 

 
  
 
  
 
 
  
 

 
 

 
  
 
  
 
  
 
  
 
 
 
 2Q 2026
 

 
 Compared to:
 

 
  
 
  
 
  
 
 

 
 
 
 ($ in thousands)
 

 
 
 
 2Q   

 
 2026  

 
 
 
 1Q   

 
 2026  

 
 
 
 2Q   

 
 2025  

 
 
 
 1Q   

 
 2026  

 
 
 
 2Q   

 
 2025  

 
 
 
 YTD  

 
 2026  

 
 
 
 YTD  

 
 2025  

 
 
 
 PercentChange

 
 

 
 
 
 Salaries
 

 
 
 
 $13,923
 

 
 
 
 $13,629
 

 
 
 
 $13,667
 

 
 
 
 2.2%
 

 
 
 
 1.9%
 

 
 
 
 $27,552
 

 
 
 
 $26,936
 

 
 
 
 2.3%
 

 
 

 
 
 
 Employee benefits
 

 
 
 
 9,297
 

 
 
 
 8,476
 

 
 
 
 7,987
 

 
 
 
 9.7%
 

 
 
 
 16.4%
 

 
 
 
 17,773
 

 
 
 
 14,836
 

 
 
 
 19.8%
 

 
 

 
 
 
 Net occupancy and equipment
 

 
 
 
 3,367
 

 
 
 
 3,699
 

 
 
 
 3,172
 

 
 
 
 (9.0)%
 

 
 
 
 6.1%
 

 
 
 
 7,066
 

 
 
 
 6,612
 

 
 
 
 6.9%
 

 
 

 
 
 
 Data processing
 

 
 
 
 2,851
 

 
 
 
 2,955
 

 
 
 
 3,326
 

 
 
 
 (3.5)%
 

 
 
 
 (14.3)%
 

 
 
 
 5,806
 

 
 
 
 6,185
 

 
 
 
 (6.1)%
 

 
 

 
 
 
 Legal and professional fees
 

 
 
 
 1,084
 

 
 
 
 1,164
 

 
 
 
 1,001
 

 
 
 
 (6.9)%
 

 
 
 
 8.3%
 

 
 
 
 2,248
 

 
 
 
 2,226
 

 
 
 
 1.0%
 

 
 

 
 
 
 Advertising and marketing
 

 
 
 
 841
 

 
 
 
 700
 

 
 
 
 765
 

 
 
 
 20.1%
 

 
 
 
 9.9%
 

 
 
 
 1,541
 

 
 
 
 1,438
 

 
 
 
 7.1%
 

 
 

 
 
 
 Taxes other than property and payroll
 

 
 
 
 619
 

 
 
 
 617
 

 
 
 
 573
 

 
 
 
 0.3%
 

 
 
 
 7.9%
 

 
 
 
 1,236
 

 
 
 
 1,102
 

 
 
 
 12.2%
 

 
 

 
 
 
 Other
 

 
 
 
 5,388
 

 
 
 
 5,297
 

 
 
 
 5,172
 

 
 
 
 1.7%
 

 
 
 
 4.2%
 

 
 
 
 10,685
 

 
 
 
 10,536
 

 
 
 
 1.4%
 

 
 

 
 
 
 Total noninterest expense
 

 
 
 
 $37,370
 

 
 
 
 $36,537
 

 
 
 
 $35,663
 

 
 
 
 2.3%
 

 
 
 
 4.8%
 

 
 
 
 $73,907
 

 
 
 
 $69,871
 

 
 
 
 5.8%
 

 
 

  
 

 
 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. The quarter over quarter increase primarily resulted from an increase in salaries ($0.3 million) and employee benefits ($0.8 million), partially offset by a decrease in net occupancy and equipment expense ($0.3 million).  The increase in employee benefits included increases in bonuses and incentives ($0.2 million) and the cost of group medical and life insurance expense ($0.8 million).  The year over year increase for the quarter primarily resulted from increases in salaries ($0.3 million) and employee benefits ($1.3 million), including an increase in the cost of group medical and life insurance expense ($2.0 million) partially offset by a decrease in bonuses and incentives ($0.5 million).  Noninterest expense for the six months ended June 30, 2026 of $73.9 million was $4.0 million, or 5.8%, above prior year same period.
 

 
 5

 

 

 Balance Sheet Review
 

  
 

 
 Total Loans
 

  
 

 
 
 
  
 
  
 
  
 
  
 
  
 
  
 

 
  
 
  
 
  
 
  
 
 
 
 Percent Change
 

 
 

 
  
 
  
 
  
 
  
 
 
 
 2Q 2026 Compared to:
 

 
 

 
 
 
 ($ in thousands)
 

 
 
 
 2Q      

 
 2026     

 
 
 
 1Q     

 
 2026    

 
 
 
 2Q     

 
 2025    

 
 
 
 1Q 

 
 2026

 
 
 
 2Q  

 
 2025 

 
 

 
 
 
 Commercial nonresidential real estate
 

 
 
 
 $1,005,462
 

 
 
 
 $994,914
 

 
 
 
 $913,463
 

 
 
 
 1.1%
 

 
 
 
 10.1%
 

 
 

 
 
 
 Commercial residential real estate
 

 
 
 
 599,454
 

 
 
 
 596,948
 

 
 
 
 559,906
 

 
 
 
 0.4%
 

 
 
 
 7.1%
 

 
 

 
 
 
 Hotel/motel
 

 
 
 
 528,697
 

 
 
 
 507,243
 

 
 
 
 477,175
 

 
 
 
 4.2%
 

 
 
 
 10.8%
 

 
 

 
 
 
 Other commercial
 

 
 
 
 463,901
 

 
 
 
 440,980
 

 
 
 
 432,021
 

 
 
 
 5.2%
 

 
 
 
 7.4%
 

 
 

 
 
 
 Total commercial
 

 
 
 
 2,597,514
 

 
 
 
 2,540,085
 

 
 
 
 2,382,565
 

 
 
 
 2.3%
 

 
 
 
 9.0%
 

 
 

 
  
 
 
  
 

 
  
 
  
 
 
  
 

 
 
  
 

 
 

 
 
 
 Residential mortgage
 

 
 
 
 1,289,157
 

 
 
 
 1,245,759
 

 
 
 
 1,112,672
 

 
 
 
 3.5%
 

 
 
 
 15.9%
 

 
 

 
 
 
 Home equity loans/lines
 

 
 
 
 195,270
 

 
 
 
 191,178
 

 
 
 
 177,135
 

 
 
 
 2.1%
 

 
 
 
 10.2%
 

 
 

 
 
 
 Total residential
 

 
 
 
 1,484,427
 

 
 
 
 1,436,937
 

 
 
 
 1,289,807
 

 
 
 
 3.3%
 

 
 
 
 15.1%
 

 
 

 
  
 
 
  
 

 
  
 
  
 
 
  
 

 
 
  
 

 
 

 
 
 
 Consumer indirect
 

 
 
 
 903,125
 

 
 
 
 873,980
 

 
 
 
 878,506
 

 
 
 
 3.3%
 

 
 
 
 2.8%
 

 
 

 
 
 
 Consumer direct
 

 
 
 
 139,865
 

 
 
 
 139,819
 

 
 
 
 150,915
 

 
 
 
 0.0%
 

 
 
 
 (7.3)%
 

 
 

 
 
 
 Total consumer
 

 
 
 
 1,042,990
 

 
 
 
 1,013,799
 

 
 
 
 1,029,421
 

 
 
 
 2.9%
 

 
 
 
 1.3%
 

 
 

 
  
 
 
  
 

 
  
 
  
 
 
  
 

 
 
  
 

 
 

 
 
 
 Total loans
 

 
 
 
 $5,124,931
 

 
 
 
 $4,990,821
 

 
 
 
 $4,701,793
 

 
 
 
 2.7%
 

 
 
 
 9.0%
 

 
 

  
 

 
 Total Deposits and Repurchase Agreements
 

  
 

 
 
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 
  
 
  
 
  
 
  
 
 
 
 Percent Change
 

 
 

 
  
 
  
 
  
 
  
 
 
 
 2Q 2026 Compared to:
 

 
 

 
 
 
 ($ in thousands)
 

 
 
 
 2Q 

 
 2026
 

 
 
 
 1Q      

 
 2026    

 
 
 
 2Q      

 
 2025     

 
 
 
 1Q      

 
 2026    

 
 
 
 2Q    

 
 2025   

 
 

 
 
 
 Noninterest bearing deposits
 

 
 
 
 $1,259,364
 

 
 
 
 $1,262,835
 

 
 
 
 $1,258,205
 

 
 
 
 (0.3)%
 

 
 
 
 0.1%
 

 
 

 
 
 
 Interest bearing deposits
 

 
 
  
 

 
  
 
  
 
 
  
 

 
 
  
 

 
 

 
 
 
 Interest checking
 

 
 
 
 188,978
 

 
 
 
 190,769
 

 
 
 
 173,795
 

 
 
 
 (0.9)%
 

 
 
 
 8.7%
 

 
 

 
 
 
 Money market savings
 

 
 
 
 1,963,115
 

 
 
 
 1,917,509
 

 
 
 
 1,820,230
 

 
 
 
 2.4%
 

 
 
 
 7.8%
 

 
 

 
 
 
 Savings accounts
 

 
 
 
 497,390
 

 
 
 
 508,553
 

 
 
 
 508,467
 

 
 
 
 (2.2)%
 

 
 
 
 (2.2)%
 

 
 

 
 
 
 Time deposits
 

 
 
 
 1,748,916
 

 
 
 
 1,554,554
 

 
 
 
 1,472,311
 

 
 
 
 12.5%
 

 
 
 
 18.8%
 

 
 

 
 
 
 Repurchase agreements
 

 
 
 
 297,094
 

 
 
 
 298,721
 

 
 
 
 225,075
 

 
 
 
 (0.5)%
 

 
 
 
 32.0%
 

 
 

 
 
 
 Total interest bearing deposits and repurchase agreements
 

 
 
 
 4,695,493
 

 
 
 
 4,470,106
 

 
 
 
 4,199,878
 

 
 
 
 5.0%
 

 
 
 
 11.8%
 

 
 

 
 
 
 Total deposits and repurchase agreements
 

 
 
 
 $5,954,857
 

 
 
 
 $5,732,941
 

 
 
 
 $5,458,083
 

 
 
 
 3.9%
 

 
 
 
 9.1%
 

 
 

  
 

 
 6

 

 

 CTBI’s total assets at $7.0 billion increased $248.2 million, or 14.8% annualized, for the quarter and $598.4 million, or 9.4%, from June 30, 2025.  Loans outstanding at $5.1 billion increased $134.1 million, an annualized 10.8%, for the quarter and $423.1 million, or 9.0%, from June 30, 2025.  The increase in loans for the quarter included a $57.4 million increase in the commercial loan portfolio, a $47.5 million increase in the residential loan portfolio, a $29.1 million increase in the consumer indirect loan portfolio, and a $0.1 million increase in the consumer direct loan portfolio.  CTBI’s investment portfolio at $1.1 billion decreased $35.6 million, an annualized 13.1%, for the quarter as management allocated investment maturities into the loan portfolio but increased $56.9 million, or 5.7%, from June 30, 2025.  Deposits in other banks increased $183.4 million for the quarter and $131.8 million from June 30, 2025.
 

  
 

 
 Deposits, including repurchase agreements, at $6.0 billion increased $221.9 million, an annualized 15.5%, for the quarter and $496.8 million, or 9.1%, from June 30, 2025.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of June 30, 2026, two customers accounted for over 3% each (3.5% and 3.1%) of our $5.7 billion in deposits.  Only these two customer relationships accounted for more than 1% each of our deposits.
 

  
 

 
 Shareholders’ equity at $891.8 million increased $20.6 million, an annualized 9.5%, for the quarter and $85.0 million, or 10.5%, from June 30, 2025.  Net unrealized losses on securities, net of deferred taxes, were $68.4 million at June 30, 2026, compared to $68.0 million at March 31, 2026 and $80.6 million at June 30, 2025.  CTBI’s annualized dividend yield to shareholders as of June 30, 2026 was 2.93%.
 

  
 

 
 Asset Quality
 

  
 

 
 Our total nonperforming loans at $29.7 million at June 30, 2026 increased $9.0 million for the quarter and $5.4 million from June 30, 2025.  Nonaccrual loans at $10.8 million decreased $0.3 million from prior quarter and $5.1 million from June 30, 2025.  Accruing loans 90+ days past due at $19.0 million increased $9.4 million from prior quarter and $10.5 million from June 30, 2025, as a well secured $8.7 million commercial relationship in the process of collection moved from the 30-89 days past due category during the quarter.  Accruing loans 30-89 days past due at $20.3 million decreased $4.5 million from prior quarter but increased $0.2 million from June 30, 2025.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.
 

  
 

 
 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.  Of the net charge-offs for the quarter, $0.2 million were in commercial loans, $0.5 million were in consumer indirect loans, and $0.2 million were in consumer direct loans.  Net loan charge-offs for the six months ended June 30, 2026 were $2.2 million, or an annualized 0.09% of average loans, compared to $2.9 million, or an annualized 0.13% of average loans, for the same period prior year.
 

  
 

 
 Allowance for Credit Losses
 

  
 

 
 Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2026 was 211.8% compared to 295.8% at March 31, 2026 and 237.1% at June 30, 2025.  Our allowance for credit losses as a percentage of total loans outstanding at June 30, 2026 remained at 1.23% from March 31, 2026 and June 30, 2026.  The table below shows the changes in components of the allowance for credit losses during the second quarter 2026:
 

  
 

 
 
 
 
 Beginning balance 
 

 
 
 
 $61,321
 

 
 

 
 
 
 New loan volume
 

 
 
 
 5,097
 

 
 

 
 
 
 Changes in existing loan balances
 

 
 
 
 (546)
 

 
 

 
 
 
 Loans exiting
 

 
 
 
 (2,904)
 

 
 

 
 
 
 Historical loss rate
 

 
 
 
 245
 

 
 

 
 
 
 Qualitative factors
 

 
 
 
 (246)
 

 
 

 
 
 
 Other changes
 

 
 
 
 34
 

 
 

 
 
 
 Ending balance
 

 
 
 
 $63,001
 

 
 

  
 

 
 7

 

 

 Forward-Looking Statements
 

  
 

 
 Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. CTBI’s actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.”  These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of epidemics, pandemics, or other infectious disease outbreaks; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; the resolution of legal proceedings and related matters.  In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results.  These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.
 

  
 

 
 Community Trust Bancorp, Inc., with assets of $7.0 billion, is headquartered in Pikeville, Kentucky and has 69 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.
 

  
 

 
 Additional information follows.
 

  
 

 
 8

 

 

 
 Community
 Trust Bancorp, Inc.
 

 
 Financial Summary (Unaudited)
 

 
 June 30, 2026
 

 
 (in thousands except per share data and # of employees)
 

 
  
  

     

     

     

     

     
 

 
  
  

   Three 

   Three 

   Three 

   Six 

   Six 
 

 
  
  

   Months 

   Months 

   Months 

   Months 

   Months 
 

 
  
  

   Ended 

   Ended 

   Ended 

   Ended 

   Ended 
 

 
  
  

   June 30, 2026 

   March 31, 2026 

   June 30, 2025 

   June 30, 2026 

   June 30, 2025 
 

 
 Interest
 income

 $91,238 

 $87,755 

 $85,571 

 $178,993 

 $167,625 
 

 
 Interest
 expense

   30,349 

   28,973 

   31,531 

   59,322 

   62,318 
 

 
 Net
 interest income

   60,889 

   58,782 

   54,040 

   119,671 

   105,307 
 

 
 Provision
 for credit losses

   2,771 

   2,311 

   2,094 

   5,082 

   5,662 
 

 
  
  

     

     

     

     

     
 

 
 Gains
 on sales of loans

   61 

   51 

   77 

   112 

   124 
 

 
 Deposit
 related fees

   7,657 

   7,155 

   7,350 

   14,812 

   14,172 
 

 
 Trust
 and wealth management income
   4,724 

   4,462 

   4,092 

   9,186 

   8,073 
 

 
 Loan
 related fees

   1,146 

   1,039 

   1,249 

   2,185 

   2,214 
 

 
 Securities
 gains (losses)

   924 

   (488) 

   150 

   436 

   630 
 

 
 Other
 noninterest income

   3,087 

   3,195 

   3,253 

   6,282 

   5,855 
 

 
 Total
 noninterest income

   17,599 

   15,414 

   16,171 

   33,013 

   31,068 
 

 
  
  

     

     

     

     

     
 

 
 Personnel
 expense

   23,220 

   22,105 

   21,654 

   45,325 

   41,772 
 

 
 Occupancy
 and equipment

   3,367 

   3,699 

   3,172 

   7,066 

   6,612 
 

 
 Data
 processing expense

   2,851 

   2,955 

   3,326 

   5,806 

   6,185 
 

 
 FDIC
 insurance premiums

   751 

   744 

   688 

   1,495 

   1,377 
 

 
 Other
 noninterest expense

   7,181 

   7,034 

   6,823 

   14,215 

   13,925 
 

 
 Total
 noninterest expense

   37,370 

   36,537 

   35,663 

   73,907 

   69,871 
 

 
  
  

     

     

     

     

     
 

 
 Net
 income before taxes

   38,347 

   35,348 

   32,454 

   73,695 

   60,842 
 

 
 Income
 taxes

   8,724 

   8,156 

   7,555 

   16,880 

   13,971 
 

 
 Net
 income

  $29,623 

  $27,192 

  $24,899 

  $56,815 

  $46,871 
 

 
  
  

     

     

     

     

     
 

 
 Memo:
 TEQ interest income

  $91,542 

  $88,072 

  $85,854 

  $179,614 

  $168,181 
 

 
  
  

     

     

     

     

     
 

 
 Average
 shares outstanding

   18,064 

   18,049 

   18,012 

   18,056 

   18,004 
 

 
 Diluted
 average shares outstanding
   18,099 

   18,080 

   18,036 

   18,090 

   18,029 
 

 
 Basic
 earnings per share

  $1.64 

  $1.51 

  $1.38 

  $3.15 

  $2.60 
 

 
 Diluted
 earnings per share

  $1.64 

  $1.50 

  $1.38 

  $3.14 

  $2.60 
 

 
 Dividends
 per share

  $0.53 

  $0.53 

  $0.47 

  $1.06 

  $0.94 
 

 
  
  

     

     

     

     

     
 

 
 Average
 balances:

     

     

     

     

     
 

 
 Loans
  

  $5,051,165 

  $4,934,257 

  $4,668,001 

  $4,993,034 

  $4,600,919 
 

 
 Earning
 assets

   6,464,479 

   6,327,329 

   5,983,093 

   6,396,283 

   5,915,965 
 

 
 Total
 assets

   6,817,407 

   6,669,401 

   6,313,922 

   6,743,813 

   6,245,536 
 

 
 Deposits,
 including repurchase agreements
   5,793,767 

   5,661,967 

   5,387,923 

   5,728,231 

   5,332,715 
 

 
 Interest
 bearing liabilities

   4,610,459 

   4,494,829 

   4,215,573 

   4,552,963 

   4,177,225 
 

 
 Shareholders'
 equity

   886,914 

   873,726 

   798,536 

   880,356 

   786,787 
 

 
  
  

     

     

     

     

     
 

 
 Performance
 ratios:

     

     

     

     

     
 

 
 Return
 on average assets

   1.74%

   1.65%

   1.58%

   1.70%

   1.51%
 

 
 Return
 on average equity

   13.40%

   12.62%

   12.51%

   13.01%

   12.01%
 

 
 Yield
 on average earning assets (tax equivalent)
   5.68%

   5.65%

   5.76%

   5.66%

   5.73%
 

 
 Cost
 of interest bearing funds (tax equivalent)
   2.64%

   2.61%

   3.00%

   2.63%

   3.01%
 

 
 Net
 interest margin (tax equivalent)
   3.80%

   3.79%

   3.64%

   3.79%

   3.61%
 

 
 Efficiency
 ratio (tax equivalent)

   47.99%

   48.72%

   50.70%

   48.35%

   51.26%
 

 
  
  

     

     

     

     

     
 

 
 Loan
 charge-offs

  $2,112 

  $2,686 

  $2,528 

  $4,798 

  $5,250 
 

 
 Recoveries

   (1,195) 

   (1,368) 

   (1,175) 

   (2,563) 

   (2,322) 
 

 
 Net
 charge-offs

  $917 

  $1,318 

  $1,353 

  $2,235 

  $2,928 
 

 
  
  

     

     

     

     

     
 

 
 Market
 Price:

     

     

     

     

     
 

 
 High
  

  $73.22 

  $65.79 

  $53.82 

  $73.22 

  $56.96 
 

 
 Low
  

  $60.40 

  $56.05 

  $44.60 

  $56.05 

  $44.60 
 

 
 Close
  

  $72.36 

  $60.72 

  $52.92 

  $72.36 

  $52.92 
 

 
  
  

     

     

     

     

     
 

 

 9

 

 

 
 Community Trust Bancorp, Inc.
 

 
 Financial Summary (Unaudited)
 

 
 June 30, 2026
 

 
 (in thousands except per share data and # of employees)
 

 
  
  

     

     

     

     

     
 

 
  
  

     

     

   As of 

   As of 

   As of 
 

 
  
  

     

     

   June 30, 2026 

   March 31, 2026 

   June 30, 2025 
 

 
 Assets:
  

     

     

     

     

     
 

 
 Loans
  

     

     

  $5,124,931 

  $4,990,821 

  $4,701,793 
 

 
 Allowance
 for credit losses

     

     

   (63,001) 

   (61,321) 

   (57,825) 
 

 
 Net loans
  

     

     

   5,061,930 

   4,929,500 

   4,643,968 
 

 
 Loans
 held for sale

     

     

   -  

   73 

   345 
 

 
 Securities
 AFS

     

     

   1,051,681 

   1,088,205 

   994,990 
 

 
 Equity
 securities at fair value

     

     

   4,578 

   3,666 

   4,410 
 

 
 Other
 equity investments

     

     

   10,412 

   10,087 

   14,440 
 

 
 Other
 earning assets

     

     

   452,627 

   269,178 

   320,830 
 

 
 Cash
 and due from banks

     

     

   63,815 

   91,572 

   76,556 
 

 
 Premises
 and equipment

     

     

   53,065 

   53,114 

   52,118 
 

 
 Right
 of use asset

     

     

   14,957 

   14,999 

   15,210 
 

 
 Goodwill
 and core deposit intangible
     

     

   65,490 

   65,490 

   65,490 
 

 
 Other
 assets

     

     

   210,816 

   215,284 

   202,581 
 

 
 Total
 Assets

     

     

  $6,989,371 

  $6,741,168 

  $6,390,938 
 

 
  
  

     

     

     

     

     
 

 
 Liabilities
 and Equity:

     

     

     

     

     
 

 
 Interest
 bearing checking

     

     

  $188,978 

  $190,769 

  $173,795 
 

 
 Savings
 deposits

     

     

   2,460,505 

   2,426,062 

   2,328,697 
 

 
 CD's
 >=$100,000

     

     

   1,107,635 

   959,996 

   875,835 
 

 
 Other
 time deposits

     

     

   641,281 

   594,558 

   596,476 
 

 
 Total
 interest bearing deposits

     

     

   4,398,399 

   4,171,385 

   3,974,803 
 

 
 Noninterest
 bearing deposits

     

     

   1,259,364 

   1,262,835 

   1,258,205 
 

 
 Total
 deposits

     

     

   5,657,763 

   5,434,220 

   5,233,008 
 

 
 Repurchase
 agreements

     

     

   297,094 

   298,721 

   225,075 
 

 
 Other
 interest bearing liabilities

     

     

   64,448 

   64,512 

   64,705 
 

 
 Lease
 liability

     

     

   16,000 

   15,995 

   16,087 
 

 
 Other
 noninterest bearing liabilities
     

     

   62,239 

   56,475 

   45,194 
 

 
 Total
 liabilities

     

     

   6,097,544 

   5,869,923 

   5,584,069 
 

 
 Shareholders'
 equity

     

     

   891,827 

   871,245 

   806,869 
 

 
 Total
 Liabilities and Equity

     

     

  $6,989,371 

  $6,741,168 

  $6,390,938 
 

 
  
  

     

     

     

     

     
 

 
 Ending
 shares outstanding

     

     

   18,164 

   18,156 

   18,105 
 

 
  
  

     

     

     

     

     
 

 
 30
 - 89 days past due loans

     

     

  $20,301 

  $24,800 

  $20,055 
 

 
 90
 days past due loans

     

     

   18,951 

   9,599 

   8,449 
 

 
 Nonaccrual
 loans

     

     

   10,794 

   11,132 

   15,937 
 

 
 Foreclosed
 properties

     

     

   3,517 

   3,348 

   4,857 
 

 
  
  

     

     

     

     

     
 

 
 Community
 bank leverage ratio

     

     

   13.89%

   13.91%

   13.80%
 

 
 Tangible
 equity to tangible assets ratio
     

     

   11.93%

   12.07%

   11.72%
 

 
 FTE
 employees

     

     

   970 

   974 

   937 
 

 

 10