8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

June 30, 2006

Community Trust Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Kentucky	61-0979818
(State or other jurisdiction of	(IRS Employer Identification Number)
Incorporation or organization)
346 North Mayo Trail
Pikeville, Kentucky	41501
(Address of principal executive offices)	(Zip code)

(606) 432-1414

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 425 under the Securities Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 - Results of Operations and Financial Condition

On July 18, 2006, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2006. A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 - Results of Operations and Financial Condition and Item 7.01 - Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1. The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 - Financial Statements and Exhibits

(d)Exhibits

The following exhibit is filed with this report:

99.1 Press release, dated July 18, 2006.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COMMUNITY TRUST BANCORP, INC.
		By:
Date:	July 18, 2006	/s/ Jean R. Hale
		Jean R. Hale
		Chairman, President and Chief Executive Officer

Exhibit Index

Exhibit No.	Description
99.1	Press release, dated July 18, 2006.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 18, 2006

CORRECTED RELEASE

Certain immaterial prior year reclassifications were inadvertently not reflected in the year-over-year comparisons included in the original release. The complete corrected text follows.

FOR ADDITIONAL INFORMATION PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS RECORD EARNINGS FOR THE SECOND QUARTER 2006.

Earnings Summary
(in thousands except per share data)		2Q 2006			1Q 2006			2Q 2005			6 Months 2006			6 Months 2005
Net income	$	9,892		$	9,768		$	8,478		$	19,660		$	16,439
Earnings per share		0.66			0.65			0.57			1.31			1.11
Earnings per share (diluted)		0.65			0.64			0.56			1.29			1.08
Return on average assets		1.33	%		1.36	%		1.21	%		1.35	%		1.20	%
Return on average equity		15.02	%		15.27	%		13.96	%		15.14	%		13.73	%
Efficiency ratio		55.73	%		58.21	%		57.86	%		56.95	%		58.48	%
Dividends declared per share	$	0.26		$	0.26		$	0.24		$	0.52		$	0.48
Book value per share		17.54			17.30			16.46			17.54			16.46
Weighted average shares		15,051			15,011			14,881			15,031			14,869
Weighted average shares (diluted)		15,274			15,252			15,167			15,246			15,153

Community Trust Bancorp, Inc. (NASDAQ-CTBI) is pleased to report earnings for the second quarter 2006 of $9.9 million or $0.66 per share compared to $8.5 million or $0.57 per share earned during the second quarter of 2005 and $9.8 million or $0.65 per share earned during the first quarter of 2006. Earnings for the six months ended June 30, 2006 were $19.7 million or $1.31 per share compared to $16.4 million or $1.11 per share earned during the six months ended June 30, 2005.

Second Quarter Highlights

v   The Company's basic earnings per share for the second quarter 2006 reflects an increase of 15.8% over the second quarter 2005 and 1.5% over the first quarter 2006. Year-to-date earnings per share increased 18.0% from prior year.

v   The Company's net interest margin at 4.02% for the second quarter 2006 increased 7 basis points from prior year second quarter and remained stable from the first quarter 2006. The year-to-date net interest margin increased 6 basis points from prior year.

v   Net interest revenue for the quarter increased 8.3% from the second quarter 2005 and 3.2% from the first quarter 2006. Net interest revenue for the six months ended June 30, 2006 was an 8.1% increase from the same period last year.

v   The Company’s average earning assets for the quarter ended June 30, 2006 increased 5.9% from the quarter ended June 30, 2005 and 2.2% from the quarter ended March 31, 2006. Average earning assets for the six months ended June 30, 2006 was a 6.0% increase over the six months ended June 30, 2005.

v   The Company's loan portfolio grew at a rate of 3.4% from June 30, 2005 and at an annualized rate of 7.2% from prior quarter.

v   Nonperforming loans as of percentage of total loans at June 30, 2006 were a 24 basis point decrease from June 30, 2005, but an increase of 3 basis points from prior quarter.

v   As a result of the improvement in credit quality trends, and a reduction in overall losses, provision for loan losses for the six months ended June 30, 2006 decreased to $1.4 million compared to $3.1 million for the same period last year.

v   Return on average assets was 1.33% for the quarter ended June 30, 2006 compared to 1.21% for the quarter ended June 30, 2005 and 1.36% for the quarter ended March 31, 2006. Return on average assets for the six months ended June 30, 2006 was 1.35%, a 12.5% increase from the 1.20% for the six months ended June 30, 2005.

v   Return on average shareholders' equity for the quarter ended June 30, 2006 was 15.02% compared to 13.96% for the quarter ended June 30, 2005 and 15.27% for the quarter ended March 31, 2006. Our return on average equity for the six months ended June 30, 2006 of 15.14% reflects a 141 basis point increase from the 13.73% for the six months ended June 30, 2005.

v   CTBI's efficiency ratio for the quarter ended June 30, 2006 was 55.73% compared to 57.86% for the quarter ended June 30, 2005 and 58.21% for the quarter ended March 31, 2006. Our efficiency ratio for the six months ended June 30, 2006 improved 153 basis points to 56.95% compared to 58.48% for the six months ended June 30, 2005.

Net Interest Income

Our net interest margin for the second quarter 2006 was 4.02% compared to 3.95% for the second quarter 2005 and 4.02% for the first quarter 2006. Net interest income for the quarter of $26.8 million was an increase of 8.3% from the $24.8 million for the second quarter 2005 and a 3.2% increase from the $25.1 million for the first quarter 2006. Year-to-date net interest income increased 8.1% or $3.9 million from the six months ended June 30, 2005. Average earnings assets increased to $2.7 billion for the quarter ended June 30, 2006, a 5.9% increase over the quarter ended June 30, 2005 and a 2.2% increase over prior quarter. Average earning assets for the six months ended June 30, 2006 increased 6.0% or $151.6 million over the six months ended June 30, 2005.

Noninterest Income

Noninterest income for the quarter ended June 30, 2006 decreased 4.7% from the quarter ended June 30, 2005 but increased 3.9% from the quarter ended March 31, 2006.  Year-to-date noninterest income decreased 1.8% to $16.6 million for the six months ended June 30, 2006 from the $16.9 million for the same period last year.

The following table displays the quarterly activity in the various significant noninterest income accounts.

Noninterest Income Summary
(in thousands)		2Q 2006		1Q 2006		2Q 2005		6 Months 2006		6 Months 2005
Deposit related fees		$	5,309	$	4,552	$	4,460	$	9,861	$	8,507
Loan related fees			488		624		1,198		1,112		2,642
Trust revenue			861		881		740		1,742		1,480
Gains on sales of loans			316		304		347		620		652
Other revenue			1,470		1,763		2,119		3,233		3,583
	Total noninterest income	$	8,444	$	8,124	$	8,864	$	16,568	$	16,864

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2006 of $19.9 million was a 0.9% increase from the $19.7 million for the second quarter 2005 but a 1.0% decrease from the $20.1 million for the first quarter 2006.

Balance Sheet Review

The Company’s total assets at June 30, 2006 were $3.0 billion compared to $2.8 billion at June 30, 2005 and $3.0 billion at March 31, 2006. Loans outstanding grew $69.7 million year over year representing an increase of 3.4% from June 30, 2005 to June 30, 2006. Loan growth for the quarter was $37.6 million, an annualized growth rate of 7.2%. The investment portfolio decreased 2.3% or $12.3 million year over year and an annualized 10.4% or $13.8 million during the quarter. Deposits including repurchase agreements of $2.5 billion at June 30, 2006 increased 5.8% from June 30, 2005 and an annualized 1.2% from March 31, 2006. Total deposit growth, including repurchase agreements, was $136.8 million year over year and $7.4 million for the quarter.

Shareholders’ equity of $264.6 million on June 30, 2006 was an 8.0% increase from the $245.0 million on June 30, 2005 and an increase of 1.8% from the $259.8 million on March 31, 2006. The Company's annualized dividend yield to shareholders as of June 30, 2006 was 2.98%.

Asset Quality

Nonperforming loans at June 30, 2006 were $17.0 million compared to $21.4 million at June 30, 2005 and $16.0 million at March 31, 2006. Nonperforming loans as of percentage of total loans at June 30, 2006 were a 24 basis point decrease from June 30, 2005, but an increase of 3 basis points from prior quarter.

Foreclosed properties at June 30, 2006 were $5.0 million compared to $5.9 million on June 30, 2005 and $5.0 million on March 31, 2006.

Net loan charge-offs for the quarter ended June 30, 2006 were $1.7 million, or 0.3% of average loans annualized, compared to $1.8 million, or 0.4% of average loans annualized, for the quarter ended June 30, 2005 and $1.4 million, or 0.3% of average loans annualized, for the quarter ended March 31, 2006. Our reserve for losses on loans as a percentage of total loans outstanding at June 30, 2006 decreased to 1.30% from the 1.41% at June 30, 2005 and the 1.34% at March 31, 2006.

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. The Company’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, the performance of coal and coal related industries, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; results of various investment activities; the effects of competitors’ pricing policies, of changes in laws and regulations on competition and of 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 adoption by the Company of an FFIEC policy that provides guidance on the reporting of delinquent consumer loans and the timing of associated credit charge-offs for financial institution subsidiaries; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and state regulators, whose policies and regulations could affect the Company’s results. These statements are representative only on the date hereof, and the Company undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $3.0 billion, is headquartered in Pikeville, Kentucky and has 74 banking locations across eastern, northern, central, and south central Kentucky, five banking locations in southern West Virginia, two loan production offices in Kentucky, and five trust offices across Kentucky.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2006
(in thousands except per share data)
	Three			Three			Three			Six			Six
	Months			Months			Months			Months			Months
	Ended			Ended			Ended			Ended			Ended
	6/30/2006			3/31/2006			6/30/2005			6/30/2006			6/30/2005
Interest income	$	46,759		$	43,967		$	38,272		$	90,726		$	74,475
Interest expense		19,943			17,991			13,509			37,934			25,628
Net interest income		26,816			25,976			24,763			52,792			48,847
Loan loss provision		1,350			-			1,700			1,350			3,067
Securities gains		-			-			3			-			3
Gains on sales of loans		316			304			347			620			652
Deposit service charges		5,309			4,552			4,460			9,861			8,507
Trust revenue		861			881			740			1,742			1,480
Insurance commissions		153			129			120			282			217
Other noninterest income		1,805			2,258			3,194			4,063			6,005
Total noninterest income		8,444			8,124			8,864			16,568			16,864
Personnel expense		10,823			10,965			10,613			21,788			20,874
Occupancy and equipment		2,967			2,986			2,690			5,953			5,229
Amortization of core deposit intangible		158			159			145			317			290
Other noninterest expense		5,919			5,967			6,236			11,886			12,498
Total noninterest expense		19,867			20,077			19,684			39,944			38,891
Net income before taxes		14,043			14,023			12,243			28,066			23,753
Income taxes		4,151			4,255			3,765			8,406			7,314
Net income	$	9,892		$	9,768		$	8,478		$	19,660		$	16,439
Memo: TEQ interest income	$	47,150		$	44,357		$	38,665		$	91,507		$	75,265
Average shares outstanding		15,051			15,011			14,881			15,031			14,869
Basic earnings per share	$	0.66		$	0.65		$	0.57		$	1.31		$	1.11
Diluted earnings per share	$	0.65		$	0.64		$	0.56		$	1.29		$	1.08
Dividends per share	$	0.26		$	0.26		$	0.24		$	0.52		$	0.48
Average balances:
Loans, net of unearned income	$	2,124,485		$	2,096,842		$	1,982,353		$	2,110,740		$	1,951,768
Earning assets		2,717,205			2,659,430			2,565,040			2,688,477			2,536,912
Total assets		2,972,975			2,910,414			2,801,410			2,941,866			2,770,607
Deposits		2,291,822			2,274,582			2,196,635			2,283,250			2,177,823
Interest bearing liabilities		2,242,699			2,184,278			2,122,698			2,213,650			2,101,172
Shareholders' equity		264,181			259,398			243,569			261,802			241,358
Performance ratios:
Return on average assets		1.33	%		1.36	%		1.21	%		1.35	%		1.20	%
Return on average equity		15.02	%		15.27	%		13.96	%		15.14	%		13.73	%
Yield on average earning assets (tax equivalent)		6.96	%		6.76	%		6.04	%		6.86	%		5.60	%
Cost of interest bearing funds (tax equivalent)		3.57	%		3.34	%		2.55	%		3.46	%		1.84	%
Net interest margin (tax equivalent)		4.02	%		4.02	%		3.95	%		4.02	%		4.09	%
Efficiency ratio		55.73	%		58.21	%		57.86	%		56.95	%		58.45	%
Loan charge-offs	$	(2,555	)	$	(2,361	)	$	(2,607	)	$	(4,916	)	$	(4,558	)
Recoveries		895			979			801			1,874			1,878
Net charge-offs	$	(1,660	)	$	(1,382	)	$	(1,806	)	$	(3,042	)	$	(2,680	)
Market Price:
High	$	35.50		$	35.90		$	33.78		$	35.90		$	33.78
Low		31.50			30.60			27.94			30.60			27.94
Close		34.93			33.90			32.72			34.93			32.72
								As of			As of			As of
								6/30/2006			3/31/2006			6/30/2005
Assets:
Loans, net of unearned							$	2,138,817		$	2,101,236		$	2,069,167
Loan loss reserve								(27,814	)		(28,124	)		(29,163	)
Net loans								2,111,003			2,073,112			2,040,004
Loans held for sale								2,140			1,367			110
Securities AFS								472,678			484,323			447,623
Securities HTM								44,550			46,690			55,829
Other earning assets								49,385			76,466			20,076
Cash and due from banks								81,185			83,804			82,979
Premises and equipment								57,230			57,695			57,400
Goodwill and core deposit intangible								66,391			66,550			66,976
Other assets								80,649			77,786			72,851
Total Assets							$	2,965,211		$	2,967,793		$	2,843,848
Liabilities and Equity:
NOW accounts							$	25,296		$	19,762		$	15,472
Savings deposits								629,022			634,302			594,819
CD's >=$100,000								412,700			417,464			414,651
Other time deposits								774,606			775,094			781,993
Total interest bearing deposits								1,841,624			1,846,622			1,806,935
Noninterest bearing deposits								448,842			463,169			420,387
Total deposits								2,290,466			2,309,791			2,227,322
Repurchase agreements								188,224			161,538			114,576
Other interest bearing liabilities								197,320			214,210			236,008
Noninterest bearing liabilities								24,641			22,422			20,896
Total liabilities								2,700,651			2,707,961			2,598,802
Shareholders' equity								264,560			259,832			245,046
Total Liabilities and Equity							$	2,965,211		$	2,967,793		$	2,843,848
Ending shares outstanding								15,083			15,015			14,889
Memo: Market value of HTM Securities							$	42,002		$	44,531		$	54,703
90 days past due loans							$	5,644		$	4,148		$	4,237
Nonaccrual loans								10,697			11,072			16,312
Restructured loans								693			733			876
Foreclosed properties								5,000			4,962			5,945
Tier 1 leverage ratio								9.06	%		9.01	%		8.68	%
Tier 1 risk based ratio								11.51	%		11.28	%		11.13	%
Total risk based ratio								12.72	%		12.52	%		12.38	%
FTE employees								1,019			1,007			986
Community Trust Bancorp, Inc. reported earnings for the three and six months ending June 30, 2006 and 2005 as follows:
				Three Months Ended						Six Months Ended
				June 30						June 30
					2006			2005			2006			2005
(in thousands except per share information)
Net income				$	9,892		$	8,478		$	19,660		$	16,439
Basic earnings per share				$	0.66		$	0.57		$	1.31		$	1.11
Diluted earnings per share				$	0.65		$	0.56		$	1.29		$	1.08
Average shares outstanding					15,051			14,881			15,031			14,869
Total assets (end of period)				$	2,965,211		$	2,843,848
Return on average equity					15.02	%		13.96	%		15.14	%		13.73	%
Return on average assets					1.33	%		1.21	%		1.35	%		1.20	%
Provision for loan losses				$	1,350		$	1,700		$	1,350		$	3,067
Gains on sales of loans				$	316		$	347		$	620		$	652