8-K

UNITED STATES

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)

September 30, 2023

Commission file number 001-31220

Community Trust Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Kentucky	61-0979818
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
P.O. Box 2947 346 North Mayo Trail Pikeville, Kentucky	41502
(Address of principal executive offices)	(Zip code)
(606) 432-1414 (Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock (Title of class)
CTBI	The NASDAQ Global Select Market
(Trading symbol)	(Name of exchange on which registered)

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 14a-12 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01 – Regulation FD Disclosure

Community Trust Bancorp, Inc. (CTBI) is presenting to investors at the 2023 East Coast Financial Services Conference in Aventura, Florida on Thursday, November 16, 2023.  A presentation is being provided that is accompanied by a series of slides.  These slides include information relating to CTBI’s current and historical financial results, as well as future performance goals.  A copy of these slides is being furnished to the Securities and Exchange Commission pursuant to 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 November 2023 Investor Presentation

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:	November 15, 2023	/s/ Mark A. Gooch
		Mark A. Gooch
		Vice Chairman, President, and Chief Executive Officer

EX-99.1

Exhibit 99.1

 November 2023 

 Cautionary Statement  Information provided herein by CTBI contains “forward-looking” information. CTBI cautions that any forward-looking statements made are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Please refer to CTBI’s 2022 Annual Report on Form 10-K, Cautionary Statement Regarding Forward Looking Statements for additional information.  2 

 Key Metrics  Total Assets $5.6 billion  Market Capitalization $616.4 million  Cash Dividend Yield 5.37%  P/E Ratio 7.5x  Price to Book Value 0.9x  Price to Tangible Book Value 1.1x  Tangible Common Equity Ratio 10.55%  Competitive Position  3rd largest Kentucky domiciled bank holding company  2nd in Kentucky in deposit market share of all Kentucky domiciled FDIC insured institutions  7th largest bank in Kentucky in terms of deposit market share of all FDIC insured institutions  Financial data as of September 30, 2023  Deposit market share as of June 30, 2023  3 

 Corporate History  1903 Pikeville National bank formed  1987-2005 Acquired 14 banks and purchased 17 branch locations  1997 Changed name to Community Trust Bancorp, Inc.  2010 Acquired LaFollette First National Corporation  Presently Two operational subsidiaries~   Community Trust Bank, Inc. and   Community Trust and Investment Company  4 

 Our Banking Franchise  Serving customers in 79 locations in 35 counties throughout Kentucky, Tennessee, and West Virginia, including 5 trust offices in Kentucky and Tennessee 

 Our Banking Franchise  Central Region Eastern Region Northeastern Region  Loans - $907 million Loans - $950 million Loans - $445 million  Deposits - $1.2 billion Deposits - $1.9 billion Deposits - $644 million  • Danville • Floyd/Knott/Johnson • Advantage Valley  • Lexington • Hazard • Ashland  • Mt. Sterling • Pikeville • Flemingsburg  • Richmond • Tug Valley • Summersville  • Versailles • Whitesburg  • Winchester  South Central Region Indirect Lending  Loans - $862 million Loans - $812 million   Deposits - $1.1 billion  • Campbellsville CTIC  • LaFollette Assets Under Management - $3.2 billion (including $1.1 billion CTB)  • Middlesboro Revenues - $17.9 million annualized  • Mt. Vernon   • Williamsburg • Ashland   • LaFollette   • Lexington   • Pikeville   • Versailles     Financial data as of September 30, 2023  6 

 Trust Assets Under Management & Trust Revenue  Includes CTB portfolio  Assets in billions  Revenue in millions  7  Sept ‘23 Revenue annualized 

 Executive Management Team   Banking Yrs. w/  Name Position Experience CTBI  Mark A. Gooch Vice Chairman, President, and CEO 42 years 42  Richard W. Newsom CTB President 40 years 40  Andy Waters CTIC President and CEO 36 years 19  Kevin J. Stumbo EVP/Chief Financial Officer 36 years 28  D. Andrew Jones EVP/NE KY/WV President 36 years 36  David Tackett EVP/E KY President 35 years 31  James B. Draughn EVP/Operations 30 years 30  Ricky Sparkman EVP/SC KY/TN President 38 years 29  James J. Gartner EVP/Chief Credit Officer 55 years (17 at OCC) 21  Steven E. Jameson EVP/Risk Manager 38 years 19  C. Wayne Hancock EVP/Senior Staff Attorney 15 years 15   Billie Dollins EVP/C KY President 42 years 13  8 

 Operational Philosophy  Traditional community banking business model  Executive management and board of director commitment to strong corporate governance  Decentralized decision making and centralized operations and risk management  Strong loan portfolio risk management process  Specialized product offerings  Maintain a strong tangible equity position  Organic growth expectations combined with de novo branching and acquisition  Consistent long-term performance  9 

 Consistent Financial Performance   YTD 2023 2022 2021 2020 2019     EPS $3.32 $4.59 $4.94 $3.35 $3.64  ROAA 1.44% 1.50% 1.63% 1.23% 1.49%  ROAE 12.02% 12.74% 12.88% 9.36% 10.84%  Net Int. Margin 3.37% 3.32% 3.21% 3.33% 3.60%  Efficiency Ratio 53.82% 53.07% 53.11% 58.30% 60.70%  Nonperforming Loans 0.33% 0.41% 0.49% 0.75% 1.03%  Net Charge-offs 0.08% 0.02% 0.00% 0.18% 0.18%  % of Average Assets:  Noninterest Income 1.05% 1.07% 1.13% 1.09% 1.14%  Noninterest Expense 2.27% 2.23% 2.21% 2.46% 2.73%  10  All information is for the year ended December 31 except YTD 2023 which is for the nine months ended September 30. 

 Earnings Review 

 Earnings Per Share  EPS decreased 0.3% from September 2022 to September 2023  2023 EPS goal - $4.57 to $4.75 per share  12 

 Net Income  Net income was relatively flat from September 2022 to September 2023  2023 goal for net income - $82.0 to $85.4 million  (in millions)  13 

 Revenues  Revenues increased 3.3% from September 2022 to September 2023  2023 goal for revenues - $227.0 to $247.6 million  (in millions)  14  Sept ‘22 and Sept ‘23 annualized 

 Noninterest Incomeas a % of Total Revenue  Year-to-date noninterest income decreased 0.5% from September 2022 to September 2023  2023 goal for noninterest revenue – 24.0% to 26.0% of total revenue  (in millions)  15  Sept ’23 annualized 

 Net Interest Revenue  YTD net interest revenue increased by 4.6% year over year for the nine months ended September 30  Net interest margin increased 12 basis points  Average earning assets increased $52.8 million, or 1.0%  (in millions)  16  Sept ’23 annualized 

 Net Interest Margin  Pressure on the margin  1-year cumulative gap position at 9/30/23 – (21.22)%  Peer data obtained from the Federal Reserve Bank Holding Company Performance Report as of 6/30/2023 for bank holding companies with consolidated assets of $3 billion to $10 billion.  % of assets repricing  Within 30 days 19.35%  % of liabilities repricing   Within 30 days 49.21%  Within 90 days 54.15%  Within 180 days 56.41%  17 

 Net Noninterest Expenseas a % of Average Earning Assets  Peer data obtained from the Federal Reserve Bank Holding Company Performance Report as of 6/30/2023 for bank holding companies with consolidated assets of $3 billion to $10 billion.  (in millions)  18  Noninterest Expense & Efficiency Ratio  (in millions)  Sept ’23 annualized 

 Return on Average Assets  Peer data obtained from the Federal Reserve Bank Holding Company Performance Report as of 6/30/2023 for bank holding companies with consolidated assets of $3 billion to $10 billion.  19 

 Balance Sheet Review 

 Total Assets  Total assets at 9/30/23 increased $254.6 million, or an annualized 6.3%, from 12/31/22  Loans increased $275.7 million or an annualized 9.9%  Investment portfolio decreased $120.3 million or an annualized 12.8%  Deposits increased $218.9 million or an annualized 6.3%  2023 goal for total assets - $5.38 to $5.72 billion  (in billions)  21 

 Total Loans  Loans increased $275.7 million, or an annualized 9.9%, from 12/31/22  2023 goal for total loans - $3.77 to $3.92 billion  (in billions)  22  Loan Portfolio Mix  September 30, 2023  Loan Rate Mix 

 Concentrations of Creditas a % of Total Loans  June 30, 2023  23  There were no nonperforming loans in any of these loan categories as of September 30, 2023. 

 Indirect Lending  (in millions)  24  Sept ’23 annualized 

 Net Charge-offsas a % of Average Loans  Peer data obtained from the Federal Reserve Bank Holding Company Performance Report as of 6/30/2023 for bank holding companies with consolidated assets of $3 billion to $10 billion.  25  Nonperforming Loansas a % of Total Loans  Commercial loans were a net charge-off of $691 thousand  Consumer direct loans were a net charge-off of $150 thousand  Consumer indirect loans were a net charge-off of $1.3 million  Residential loans were a net charge-off of $85 thousand 

 Nonperforming Assetsas a % of Total Assets  $2.2 million in other real estate owned  26  Loan Loss Reserve  as a % of Net Loans  Peer data obtained from the Federal Reserve Bank Holding Company Performance Report as of 6/30/2023 for bank holding companies with consolidated assets of $3 billion to $10 billion. 

 Total Other Real Estate Owned  Sales of foreclosed properties for the nine months ended 9/30/23 totaled $1.8 million  New bookings in the first nine months of 2023 totaled $0.5 million  Properties under contract to sell at September 30, 2023 totaled $0.8 million  (in millions)  27 

 Total Depositsincluding Repurchase Agreements  2023 goal for total deposits including repurchase agreements - $4.64 to $4.83 billion  (in billions)  28  Total Depositsincluding Repurchase Agreements  September 30, 2023 

 Our Hoops CD product has been offered for over 26 years  100 basis point increase in rate in 1996, 1998, and 2012 with the University of Kentucky’s NCAA Basketball Championships  $162 million in Hoops CDs as of 9/30/23  12 Month Certificate of Deposit: April 10th through maturity, rate paid is adjusted by 1 basis point for each University of Kentucky win; bonus 100 basis points added to rate for National Championship win.  29 

 Shareholder Value 

 Dividends Per Share  Dividend payout ratio at September 30, 2023 was 40.4%  Desired level between 40% and 50%  September 30, 2023 cash dividend yield was 5.37%  Cash dividend increased to $0.46 per share effective October 1, 2023, an increase of 4.5%  31  *2023 is projected DPS 

 Shareholders’ Equity  Shareholders’ equity has increased 11.3% during the past five years  3.4% compound growth rate for the past five years  2023 goal for shareholders’ equity - $686.5 to $714.5 million  (in millions)  32  3.4% 

 Book Value Per Share  Tangible Common Equity/Assets  33 

 Total Market Capitalization  Peer data obtained from S&P Global; peer group consists of publicly traded regional bank holding companies with comparative assets, as defined in our Proxy Statement.  34  Price to Tangible Book Value   2018 2019 2020 2021 2022 9/30/23  CTBI 1.41x 1.51x 1.12x 1.23x 1.46x 1.05x  Peer 1.96x 1.85x 1.73x 1.81x 1.89x 1.38x   All data is as of year-end except 2023 which is as of September 30, 2023.  (in millions) 

 5 Year Cumulative Total ReturnComparison of CTBI, NASDAQ Stock Market (U.S.), and NASDAQ Bank Stocks  An investment in CTBI stock on December 31, 2017 would have outperformed the NASDAQ Bank Stocks Index but not the Stock Market (U.S.) at December 31, 2022.  35 

 Comparison to Russell 2000 Indexof Small Cap Companies  3-, 5-, and 10-year total returns annualized  Return to Investors  36  September 30, 2023 

 Core Value Long-Term Investment  12 stock splits and 10 stock dividends  43 years of consecutive increases in cash dividends  5-year compound growth rate of cash dividends 5.5%  Stock included in the NASDAQ Global Select Market, NASDAQ Dividend Achievers Index, and NASDAQ Bank Stock Index  CTBI shareholders include  202 institutional investors (including CTIC – 11.4%) hold 10.9 million shares (58.1%)  287 mutual funds hold 5.3 million shares (29.3%)  Data as of September 30, 2023  37 

 Key Strategic Initiatives 

 Operational Priorities  Build core earnings capacity  Quality loan growth  Low cost deposit growth  Branch expansion in growth markets  Maintain net interest margin   Operational efficiency  Expense control  Noninterest revenue growth  Compliance management  Increase noninterest income  Wealth management  Brokerage  Insurance  Continuing focus on improving asset quality   39 

 CTBI’s Franchise Value  History of solid investor returns  Historically strong capital position  Investor focused dividend policy  Dividend Achievers Index  Consistent financial performance  Community banking strategy  Economic diversity in the markets we serve  Strong experienced management team and nearly 1,000 dedicated employees  Our shareholders  40 

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XML

Document and Entity Information	Sep. 30, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-31220
Entity Registrant Name	Community Trust Bancorp, Inc.
Entity Central Index Key	0000350852
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0979818
Entity Address, Address Line One	P.O. Box 2947
Entity Address, Address Line Two	346 North Mayo Trail
Entity Address, City or Town	Pikeville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	41502
City Area Code	606
Local Phone Number	432-1414
Title of 12(b) Security	Common Stock
Trading Symbol	CTBI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false