[X]
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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For the fiscal year ended December 31, 2023
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Or
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
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For the transition period from _____________ to _____________
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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Kentucky
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61-0979818
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(State or other jurisdiction of incorporation or organization)
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IRS Employer Identification No.
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346 North Mayo Trail
Pikeville, Kentucky
(address of principal executive offices)
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41501
(Zip Code)
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Financial Statements:
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||
Supplemental Schedules:
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Consent of Independent Registered Public Accounting Firm
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2023
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2022
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|||||||
Assets
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||||||||
Cash
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$
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68
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$
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1,932
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||||
Investments at fair value:
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||||||||
Community Trust Bancorp, Inc. common stock
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16,101,269
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16,023,094
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||||||
Mutual funds
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54,753,188
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46,062,938
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||||||
Money market funds
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6,425,451
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6,276,856
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||||||
Total investments
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77,279,908
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68,362,888
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||||||
Receivables:
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||||||||
Contributions receivable
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144,550
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123,672
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||||||
Accrued interest and dividends
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169,824
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153,438
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||||||
Total receivables
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314,374
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277,110
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||||||
Total assets
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77,594,350
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68,641,930
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||||||
Liabilities
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||||||||
Excess contributions payable
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81,008
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54,104
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||||||
Net assets available for benefits
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$
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77,513,342
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$
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68,587,826
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Additions:
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2023
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2022
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||||||
Contributions:
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||||||||
Participants
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$
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3,105,314
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$
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2,896,200
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||||
Employer
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1,292,848
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1,209,727
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||||||
Rollovers
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174,083
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29,835
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||||||
Total contributions
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4,572,245
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4,135,762
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||||||
Investment income:
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||||||||
Net appreciation (depreciation) in fair value of investments
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7,303,539
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(10,184,301
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)
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|||||
Interest and dividends
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2,319,437
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2,089,576
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||||||
Total investment income (loss)
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9,622,976
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(8,094,725
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)
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|||||
Deductions:
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||||||||
Benefits paid to participants
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(5,269,705
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)
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(12,134,751
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)
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||||
Increase (decrease) in net assets available for benefits
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8,925,516
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(16,093,714
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)
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|||||
Net assets available for benefits:
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||||||||
Beginning of year
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68,587,826
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84,681,540
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||||||
End of year
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$
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77,513,342
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$
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68,587,826
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2023
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2022
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|||||||
CTBI common stock (in dollars)
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$
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16,101,269
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$
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16,023,094
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||||
Shares outstanding (in shares)
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367,106
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348,859
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Fair Value Measurements as of December 31, 2023 Using
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||||||||||||||||
Fair Value
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Quoted Prices in Active Markets for Identical Assets
(Level 1)
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Significant Other Observable Inputs
(Level 2)
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Significant Unobservable Inputs
(Level 3)
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|||||||||||||
CTBI common stock
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$
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16,101,269
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$
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16,101,269
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$
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0
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$
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0
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||||||||
Mutual funds
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54,753,188
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54,753,188
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0
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0
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||||||||||||
Money market funds
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6,425,451
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6,425,451
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0
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0
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||||||||||||
$
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77,279,908
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$
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77,279,908
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$
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0
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$
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0
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Fair Value Measurements as of December 31, 2022 Using
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||||||||||||||||
Fair Value
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Quoted Prices in Active Markets for Identical Assets
(Level 1)
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Significant Other Observable Inputs
(Level 2)
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Significant Unobservable Inputs
(Level 3)
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|||||||||||||
CTBI common stock
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$
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16,023,094
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$
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16,023,094
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$
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0
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$
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0
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||||||||
Mutual funds
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46,062,938
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46,062,938
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0
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0
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||||||||||||
Money market funds
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6,276,856
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6,276,856
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0
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0
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||||||||||||
$
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68,362,888
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$
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68,362,888
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$
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0
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$
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0
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Identity of Issuer (a)(b)
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Description of Investment (c)
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Cost (d) ($)
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Current Value (e) ($)
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||||||
Mutual Funds
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|||||||||
American Funds American Bal R6
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Equity Fund, 8,317 units
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**
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266,119
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||||||
American Funds New World R6
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Equity Fund, 493 units
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**
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36,883
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||||||
Dodge & Cox Stock
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Equity Fund, 24,615 units
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**
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5,994,779
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||||||
Federated MDT Small Cap Core R6
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Equity Fund, 74,595 units
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**
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1,748,504
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||||||
MFS Mid Cap Value R6
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Equity Fund, 140,013 units
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**
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4,310,994
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||||||
TIAA-CREF International Eq Idx Instl
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Equity Fund, 154,125 units
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**
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3,369,171
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||||||
Vanguard 500 Index Admiral
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Equity Fund, 40,377 units
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**
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17,765,369
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||||||
Vanguard Growth Index Adm
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Equity Fund, 27,017 units
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**
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4,322,781
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||||||
Vanguard Small Cap Growth Index Admiral
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Equity Fund, 27,686 units
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**
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2,352,752
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||||||
Vanguard TG Retirement 2020 Inv
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Equity Bond Fund 2,557 units
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**
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68,691
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||||||
Vanguard TG Retirement 2025 Inv
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Equity Bond Fund 39,299 units
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**
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722,308
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||||||
Vanguard TG Retirement 2030 Inv
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Equity Bond Fund 38,856 units
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**
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1,378,204
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||||||
Vanguard TG Retirement 2035 Inv
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Equity Bond Fund 35,293 units
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**
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780,675
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||||||
Vanguard TG Retirement 2040 Inv
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Equity Bond Fund 16,696 units
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**
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656,152
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||||||
Vanguard TG Retirement 2045 Inv
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Equity Bond Fund 11,199 units
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**
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298,554
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||||||
Vanguard TG Retirement 2050 Inv
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Equity Bond Fund 14,920 units
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**
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663,016
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||||||
Vanguard TG Retirement 2055 Inv
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Equity Bond Fund 9,062 units
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**
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449,362
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||||||
Vanguard TG Retirement 2060 Inv
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Equity Bond Fund 1,361 units
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**
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62,184
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||||||
Vanguard TG Retirement 2065 Inv
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Equity Bond Fund 1,456 units
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**
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43,604
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||||||
Vanguard TG Retirement 2070 Inv
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Equity Bond Fund 1,679 units
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**
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39,792
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||||||
William Blair Small-Mid Cap Gr
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Equity Fund, 112,628 units
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**
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3,186,226
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||||||
Goldman Sachs Short Duration Instl I
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Fixed Bond Fund, 166,682 units
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**
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1,601,809
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||||||
Vanguard Target Retirement Income Inv
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Equity Bond Fund 21,983 units
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**
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285,992
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||||||
WCM Focused International Growth Instl
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Equity Fund, 2,758 units
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**
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62,758
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||||||
Metropolitan West Total Return Bond I
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Fixed Bond Fund, 466,432 units
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**
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4,286,509
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||||||
54,753,188
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|||||||||
Money Market Funds
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|||||||||
Goldman Sachs FS Government FST
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Money Market Fund, 6,425,451 shares
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**
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6,425,451
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||||||
Common Stock
|
|||||||||
Community Trust Bancorp, Inc. *
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Common Stock, 367,106 shares
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**
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16,101,269
|
||||||
Total Investments
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77,279,908
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|||||||
* Indicates a party-in-interest to the Plan.
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||||||||
** Cost information is not required for participant-directed investments and, therefore, is not included.
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COMMUNITY TRUST BANCORP, INC. |
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SAVINGS PLAN |
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Date: June 27, 2024
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By:
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/s/ Mark A. Gooch |
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Mark A. Gooch |
|||
Chairman, President, and Chief Executive Officer |
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/s/ Kevin J. Stumbo |
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Kevin J. Stumbo |
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Executive Vice President, Chief Financial Officer and Treasurer |
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/s/ Joanna Boon |
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Joanna Boon |
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Senior Vice President/Director of Human Resources |
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