[10-Q] COMMUNITY TRUST BANCORP INC /KY/ Quarterly Earnings Report

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

11/07/2025 - 09:02 AM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended September 30, 2025
	Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _____________ to _____________

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.)

346 North Mayo Trail P.O. Box 2947 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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ✔

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ✔

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ✔	Accelerated Filer ☐	Non-accelerated Filer ☐

Smaller Reporting Company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐

No ✔

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common stock – 18,115,847 shares outstanding at October 31, 2025

CAUTIONARY STATEMENT

REGARDING 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. Community Trust Bancorp, Inc.’s (“CTBI”) 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; and such other factors as discussed throughout this quarterly report on Form 10-Q, CTBI’s annual report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by CTBI with the Securities and Exchange Commission. 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.

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

The accompanying information has not been audited by our independent registered public accountants; however, in the opinion of management such information reflects all adjustments necessary for a fair presentation of the results for the interim period. All such adjustments are of a normal and recurring nature.

The accompanying condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Registrant’s annual report on Form 10-K. Accordingly, the reader of the Form 10-Q should refer to the Registrant’s Form 10-K for the year ended December 31, 2024 for further information in this regard.

Community Trust Bancorp, Inc.

Condensed Consolidated Balance Sheets

(in thousands except share data)	(unaudited) September 30 2025			December 31 2024
Assets:
Cash and due from banks	$	71,218		$	73,021
Interest bearing deposits		436,406			296,484
Cash and cash equivalents		507,624			369,505

Certificates of deposit in other banks		245			245
Debt securities available-for-sale at fair value (amortized cost of $1,132,569 and $1,186,649, respectively)		1,037,965			1,055,728
Equity securities at fair value		3,961			3,781
Loans held for sale		483			184

Loans		4,793,915			4,486,637
Allowance for credit losses		(59,135	)		(54,968	)
Net loans		4,734,780			4,431,669

Premises and equipment, net		52,245			49,630
Operating right-of-use assets		11,948			11,414
Finance right-of-use assets		4,026			2,971
Federal Home Loan Bank stock		5,061			5,062
Federal Reserve Bank stock		4,887			4,887
Goodwill		65,490			65,490
Bank owned life insurance		122,449			101,509
Mortgage servicing rights		6,874			7,357
Other real estate owned		4,856			3,647
Deferred tax asset		21,747			29,065
Accrued interest receivable		25,132			24,758
Other assets		28,356			26,343
Total assets	$	6,638,129		$	6,193,245

Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing	$	1,248,573		$	1,242,676
Interest bearing		4,136,888			3,827,513
Total deposits		5,385,461			5,070,189

Repurchase agreements		284,863			240,166
Federal funds purchased		500			500
Advances from Federal Home Loan Bank		298			314
Long-term debt		63,843			64,016
Operating lease liability		12,316			11,751
Finance lease liability		4,593			3,439
Accrued interest payable		19,190			8,378
Other liabilities		35,692			36,908
Total liabilities		5,806,756			5,435,661

Shareholders’ equity:
Preferred stock, 300,000 shares authorized and unissued		0			0
Common stock, $5.00 par value, shares authorized 25,000,000; shares issued and outstanding 2025 – 18,110,333; 2024 – 18,057,923		90,552			90,290
Capital surplus		235,769			233,802
Retained earnings		576,165			531,861
Accumulated other comprehensive loss, net of tax		(71,113	)		(98,369	)
Total shareholders’ equity		831,373			757,584

Total liabilities and shareholders’ equity	$	6,638,129		$	6,193,245

See notes to condensed consolidated financial statements.

Community Trust Bancorp, Inc.

Condensed Consolidated Statements of Income and Comprehensive Income

(unaudited)

	Three Months Ended					Nine Months Ended
	September 30					September 30
(in thousands except per share data)	2025			2024		2025		2024
Interest income:
Interest and fees on loans, including loans held for sale	$	77,707		$	70,805	$	226,271	$	202,785
Interest and dividends on securities
Taxable		5,762			6,025		17,246		19,087
Tax exempt		610			623		1,840		1,935
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock		190			180		559		564
Interest on Federal Reserve Bank deposits		4,194			2,044		9,984		6,756
Other, including interest on federal funds sold		99			137		287		337
Total interest income		88,562			79,814		256,187		231,464

Interest expense:
Interest on deposits		29,385			28,800		85,013		83,620
Interest on repurchase agreements and federal funds purchased		2,621			2,681		7,291		7,897
Interest on advances from Federal Home Loan Bank		0			0		13		15
Interest on long-term debt		1,002			1,134		3,009		3,464
Total interest expense		33,008			32,615		95,326		94,996

Net interest income		55,554			47,199		160,861		136,468
Provision for credit losses		3,866			2,736		9,528		8,364
Net interest income after provision for credit losses		51,688			44,463		151,333		128,104

Noninterest income:
Deposit related fees		8,131			7,886		22,303		22,205
Gains on sales of loans, net		89			80		213		244
Trust and wealth management income		4,277			3,707		12,350		10,960
Loan related fees		897			813		3,111		3,485
Bank owned life insurance revenue		1,144			1,214		3,281		4,321
Brokerage revenue		588			563		1,608		1,736
Securities gains (losses)		(449	)		213		181		110
Other noninterest income		1,269			1,087		3,967		3,344
Total noninterest income		15,946			15,563		47,014		46,405

Noninterest expense:
Officer salaries and employee benefits		4,337			3,715		14,344		12,088
Other salaries and employee benefits		17,437			15,806		49,202		47,146
Occupancy, net		2,468			2,374		7,608		7,127
Equipment		793			698		2,265		2,062
Data processing		3,575			2,804		9,760		7,991
Taxes other than property and payroll		564			438		1,666		1,318
Legal fees		378			304		1,257		819
Professional fees		667			720		2,014		2,015
Advertising and marketing		953			876		2,391		2,309
FDIC insurance		703			629		2,080		1,916
Other real estate owned provision and expense		99			13		224		73
Repossession expense		691			256		1,148		778
Other noninterest expense		4,079			3,879		12,656		11,512
Total noninterest expense		36,744			32,512		106,615		97,154

Income before income taxes		30,890			27,514		91,732		77,355
Income taxes		6,979			5,372		20,950		17,035
Net income		23,911			22,142		70,782		60,320

Other comprehensive gain:
Unrealized holding gains arising during the period		12,665			35,346		36,318		30,309
Less: Reclassification adjustments for realized gains included in net income		0			1		1		2
Tax expense		3,161			8,820		9,061		7,562
Other comprehensive gain, net of tax		9,504			26,525		27,256		22,745
Comprehensive income	$	33,415		$	48,667	$	98,038	$	83,065

Basic earnings per share	$	1.33		$	1.23	$	3.93	$	3.36
Diluted earnings per share	$	1.32		$	1.23	$	3.92	$	3.36

Weighted average shares outstanding-basic		18,019			17,962		18,009		17,942
Weighted average shares outstanding-diluted		18,053			17,991		18,037		17,965

See notes to condensed consolidated financial statements.

Consolidated Statements of Changes in Shareholders’ Equity

Quarterly

(unaudited)

(in thousands except per share and share amounts)	Common Shares			Common Stock			Capital Surplus		Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Total
Balance, June 30, 2025		18,105,371		$	90,527		$	235,154	$	561,805		$	(80,617	)	$	806,869
Net income										23,911						23,911
Other comprehensive income (loss)													9,504			9,504
Cash dividends declared ($0.53 per share)										(9,551	)					(9,551	)
Issuance of common stock		5,277			26			263								289
Issuance of restricted stock		0			0			0								0
Vesting of restricted stock		0			0			0								0
Forfeiture of restricted stock		(315	)		(1	)		1								0
Stock-based compensation								351								351
Balance, September 30, 2025		18,110,333		$	90,552		$	235,769	$	576,165		$	(71,113	)	$	831,373

(in thousands except per share and share amounts)	Common Shares		Common Stock		Capital Surplus		Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Total
Balance, June 30, 2024		18,025,763	$	90,129	$	232,179	$	504,116		$	(107,101	)	$	719,323
Net income								22,142						22,142
Other comprehensive income (loss)											26,525			26,525
Cash dividends declared ($0.47 per share)								(8,444	)					(8,444	)
Issuance of common stock		26,384		132		791								923
Issuance of restricted stock		0		0		0								0
Vesting of restricted stock		0		0		0								0
Forfeiture of restricted stock		0		0		0								0
Stock-based compensation						293								293
Balance, September 30, 2024		18,052,147	$	90,261	$	233,263	$	517,814		$	(80,576	)	$	760,762

See notes to condensed consolidated financial statements.

Consolidated Statements of Changes in Shareholders’ Equity

Year-to-Date
(unaudited)

(in thousands except per share and share amounts)	Common Shares			Common Stock			Capital Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Total
Balance, December 31, 2024		18,057,923		$	90,290		$	233,802		$	531,861		$	(98,369	)	$	757,584
Net income											70,782						70,782
Other comprehensive income														27,256			27,256
Cash dividends declared ($1.47 per share)											(26,478	)					(26,478	)
Issuance of common stock		47,855			239			782									1,021
Issuance of restricted stock		38,538			193			(193	)								0
Vesting of restricted stock		(28,106	)		(141	)		141									0
Forfeiture of restricted stock		(5,877	)		(29	)		29									0
Stock-based compensation								1,208									1,208
Balance, September 30, 2025		18,110,333		$	90,552		$	235,769		$	576,165		$	(71,113	)	$	831,373

(in thousands except per share and share amounts)	Common Shares			Common Stock			Capital Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Total
Balance, December 31, 2023		17,999,840		$	89,999		$	231,130		$	484,400		$	(103,321	)	$	702,208
Net income											60,320						60,320
Other comprehensive income														22,745			22,745
Cash dividends declared ($1.39 per share)											(24,945	)					(24,945	)
Issuance of common stock		62,575			313			1,182									1,495
Issuance of restricted stock		15,000			75			(75	)								0
Vesting of restricted stock		(22,831	)		(114	)		114									0
Forfeiture of restricted stock		(2,437	)		(12	)		12									0
Stock-based compensation								900									900
Cumulative effect of FASB adjustment											(1,961	)					(1,961	)
Balance, September 30, 2024		18,052,147		$	90,261		$	233,263		$	517,814		$	(80,576	)	$	760,762

See notes to condensed consolidated financial statements.

Community Trust Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended
	September 30
(in thousands)	2025			2024
Cash flows from operating activities:
Net income	$	70,782		$	60,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,059			2,865
Amortization of operating lease right-of-use assets		1,185			895
Deferred tax expense (benefit)		(1,743	)		250
Stock-based compensation		1,346			1,021
Provision for credit losses		9,528			8,364
Write-downs of other real estate owned and other repossessed assets		76			49
Gains on sale of mortgage loans held for sale		(213	)		(244	)
Securities gains		(1	)		(2	)
Fair value adjustments in equity securities		(180	)		(108	)
Gains on sale of assets, net		(118	)		(100	)
Proceeds from sale of mortgage loans held for sale		7,868			9,344
Funding of mortgage loans held for sale		(8,039	)		(9,063	)
Amortization of securities premiums and discounts, net		1,860			1,968
Change in cash surrender value of bank owned life insurance		(2,262	)		(3,401	)
Payment of operating lease liabilities		(1,154	)		(870	)
Interest expense on finance lease liabilities		132			122
Fair value adjustments in mortgage servicing rights		568			574
Changes in:
Accrued interest receivable		(374	)		(195	)
Other assets		(1,698	)		(2,844	)
Accrued interest payable		10,812			8,915
Other liabilities		(1,383	)		5,023
Net cash provided by operating activities		90,051			82,883

Cash flows from investing activities:
Securities available-for-sale (AFS):
Purchase of AFS securities		(132,444	)		(51,192	)
Proceeds from sales of AFS securities		0			13,712
Proceeds from prepayments, calls, and maturities of AFS securities		184,665			131,469
Change in loans, net		(314,656	)		(304,365	)
Purchase of premises and equipment		(5,625	)		(5,044	)
Proceeds from sale and retirement of premises and equipment		21			70
Purchase of Federal Home Loan Bank stock		(4,675	)		(461	)
Redemption of Federal Home Loan Bank stock		4,676			0
Proceeds from sale of other real estate owned and repossessed assets		560			577
Additional investment in other real estate owned and repossessed assets		0			(13	)
Additional investment in bank owned life insurance		(19,116	)		0
Liquidation of cash surrender value of bank owned life insurance		438			2,356
Proceeds from settlement of bank owned life insurance		0			1,591
Net cash used in investing activities		(286,156	)		(211,300	)

Cash flows from financing activities:
Change in deposits, net		315,272			113,640
Change in repurchase agreements and federal funds purchased, net		44,697			8,079
Proceeds from Federal Home Loan Bank advances		100,000			100,000
Payments on advances from Federal Home Loan Bank		(100,016	)		(100,015	)
Payment of finance lease liabilities		(128	)		(115	)
Repayment of long-term debt/other borrowings		(173	)		(167	)
Issuance of common stock		1,021			1,495
Dividends paid		(26,449	)		(24,960	)
Net cash provided by financing activities		334,224			97,957
Net increase (decrease) in cash and cash equivalents		138,119			(30,460	)
Cash and cash equivalents at beginning of period		369,505			271,400
Cash and cash equivalents at end of period	$	507,624		$	240,940

Supplemental disclosures:
Income taxes paid	$	22,651	$	17,206
Interest paid		84,514		86,081
Non-cash activities:
Loans to facilitate the sale of other real estate owned and repossessed assets		2,472		238
Common stock dividends accrued, paid in subsequent quarter		304		276
Real estate acquired in settlement of loans		4,174		488
Right-of-use assets obtained in exchange for new operating lease liabilities		1,719		0
Right-of-use assets obtained in exchange for new finance lease liabilities		1,150		0

See notes to condensed consolidated financial statements.

Community Trust Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 - Summary of Significant Accounting Policies

In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (which consist of normal recurring adjustments) necessary, to present a fair statement of the results for the interim periods presented. In accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, these statements do not include certain information and footnote disclosures required by GAAP for complete annual financial statements. The results of operations, other comprehensive income (loss), the changes in shareholders’ equity, and the cash flows for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements of CTBI for that period. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2024, included in our annual report on Form 10-K.

Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of CTBI and its separate and distinct, wholly owned subsidiaries Community Trust Bank, Inc. (“CTB”) and Community Trust and Investment Company. All significant intercompany transactions have been eliminated in consolidation.

New Accounting Standards –

➢ FASB Issues Standard that Enhances Income Tax Disclosures – In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, greater disaggregation of information in the income tax rate reconciliation and for paid income taxes to be disaggregated by jurisdiction. This ASU became effective on January 1, 2025. This ASU affects annual financial statement disclosure only (which is not required until year end 2025) and, as a result, does not affect our results of operations or financial condition.

➢ FASB Issues Improvement to Income Statement Expense Disclosures – In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve the disclosures about a public business entity’s expenses and address investor requests for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update, or retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is not expected to have a material impact on CTBI’s financial statements.

➢ The One Big Beautiful Bill Act (“OBBBA”) – The OBBBA, signed into law on July 4, 2025, introduces a series of legislative changes with notable impacts on financial institutions. Here’s an overview of some key impacts:

1. Regulatory changes and compliance obligations

•

CFPB funding cut: The OBBBA significantly reduces the funding for the Consumer Financial Protection Bureau (CFPB).

•

Foreign Remittance Excise Tax: A 1% excise tax is introduced on cash-based foreign remittance transfers, effective after December 31, 2025, with certain exemptions.

•

Enhanced Due Diligence for Green Energy and Manufacturing Incentives: Financial institutions involved in financing or investing in green energy and manufacturing projects must conduct stricter due diligence due to new restrictions on tax credit eligibility for entities associated with “foreign entities of concern.”

2. Changes affecting financial products and services

•

Trump Accounts: A new tax-advantaged savings account for eligible minors is established.

•

Agricultural Finance and Insurance Expansion: The OBBBA enhances agricultural finance and insurance through increased support for farmers.

3. Tax and investment incentives

•

Bonus Depreciation: The 100% bonus depreciation is made permanent for most qualified business assets placed in service after January 19, 2025.

•

Expensing of Domestic R&E Expenditures: The ability to immediately deduct domestic research and development expenditures is reinstated starting January 1, 2025.

•

Qualified Opportunity Zones (“QOZ”s): The QOZ program is made permanent with certain changes.

CTBI is still assessing the OBBBA’s provisions and their potential implications for our operations, clients, and risk management strategies.

Significant Accounting Policies –

The preparation of consolidated financial statements in conformity with GAAP requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to our consolidated financial statements.

We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates.

We have identified the following significant accounting policies:

Investments – Management determines the classification of securities at purchase. We classify debt securities into held-to-maturity (“HTM”) or available-for-sale (“AFS”) categories. HTM securities are those which we have the positive intent and ability to hold to maturity and are reported at amortized cost. We do not currently have any securities that are classified as HTM.

AFS securities are reported at fair value, with unrealized gains and losses reported in shareholders’ equity as a separate component of accumulated other comprehensive income, net of tax. Gains or losses on disposition of debt securities are computed by specific identification for those securities, and is recognized in income as of the trade date. Interest and dividend income, adjusted by amortization of purchase premium or discount, is included in earnings. Callable debt securities held at a premium are amortized to the earliest call date, shortening the amortization period. Debt securities held at a discount continue to be amortized to maturity. The premiums and discounts for securities use the effective interest method. Accrued interest on investment securities is based on stated rates and is presented as a component of accrued interest receivable in the consolidated balance sheets.

For AFS debt securities in an unrealized loss position, we evaluate the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not credit-related is recognized in accumulated other comprehensive income, net of tax. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) for AFS debt securities on the consolidated balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Both the ACL for AFS debt securities and the adjustment to net income may be reversed if conditions change. However, if we intend to sell an impaired AFS debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL for AFS debt securities in this situation.

In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, we consider the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no credit related factors underlying unrealized losses on AFS debt securities; therefore, no ACL for AFS securities has been recorded.

Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Equity securities with a readily determinable fair value are measured at fair value, with changes in fair value recognized in net income. Equity securities without a readily determinable fair value are carried at cost, less any impairment, if any, plus or minus changes resulting from observable price changes for identical or similar investments. CTBI has made an irrevocable election to subsequently measure an equity security without a readily determinable fair value, and all identical or similar investments of the same issuer, including future purchases of identical or similar investments of the same issuer, at fair value. CTBI has made this election for our Visa Class B equity securities. The fair value of these securities was determined using Level 3 inputs as defined in Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, and changes in fair value are recognized in income.

Loans – Loans with the ability and the intent to be held until maturity or for the foreseeable future are reported at the carrying value of unpaid principal reduced by unearned interest, an ACL, and unamortized deferred fees or costs and premiums. Income is recorded on the level yield basis. Interest accrual is discontinued when a loan is greater than 90 days past due or when management believes, after considering economic and business conditions, collateral value, and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. Any loan greater than 90 days past due must be well secured and in the process of collection to continue accruing interest. Cash payments received on nonaccrual loans generally are applied against principal, and interest income is only recorded once principal recovery is reasonably assured. Loans are not reclassified as accruing until principal and interest payments remain current for a period of time, generally six months, and future payments appear reasonably certain. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized over the estimated life of the related loans or commitments to interest income using the effective interest method.

Allowance for Credit Losses – CTBI measures expected credit losses of financial assets on a collective (pool) basis using the discounted cash flow method when the financial assets share similar risk characteristics. Loans that do not share risk characteristics are evaluated on an individual basis. Regardless of an initial measurement method, once it is determined that foreclosure is probable, the ACL is measured based on the fair value of the collateral as of the measurement date. As a practical expedient, the fair value of the collateral may be used for a loan when determining the ACL for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. The fair value shall be adjusted for selling costs when foreclosure is probable. For collateral-dependent financial assets, the credit loss expected may be zero if the fair value less costs to sell exceed the amortized cost of the loan. Loans shall not be included in both collective assessments and individual assessments.

Using the ACL software, forecasts include gross domestic product, light weight vehicle sales index, and housing price index considerations. CTBI leverages economic projections from the Federal Open Market Committee to obtain various forecasts for unemployment rate, gross domestic product, light weight vehicle sales index, and the PNC forecast for the Case-Shiller National Home Price Index. CTBI has elected to forecast the first four quarters of the credit loss estimate and revert to a long-run average of each considered economic factor, as permitted in ASC 326-20-30-9, over four quarters.

All periods during the reasonable and supportable forecast period are utilizing a forecasted probability of default. Loss driver analysis was performed during which regression models were built relating default rates of the various segments to the economic factors noted above. Historical loss data for both CTBI and segment-specific selected peers was incorporated from Federal Financial Institutions Examination Council call report data. For loss given default, the Frye-Jacobs LGD estimation technique was utilized in the ACL software providing a risk curve that most approximates the asset class under consideration. Management elected to evaluate internal prepayment experience over a trailing timeframe to determine the appropriate prepayment and curtailment rates to be used in the credit loss estimate.

CTBI uses management judgement for qualitative loss factors such as delinquency trends, supervision and administration, quality control exceptions, collateral values, and industry concentrations. The ACL software allows management to approve a “worst case” scenario or a maximum loss rate for each segment. Qualitative dollars available for allocation then become the difference between the worst case and the ACL quantitative reserve estimate. Each factor is then given a risk weighting that is applied to determine a basis point allocation. The qualitative loss factors are as follows:

•

Changes in delinquency trends by loan segment

•

Changes in international, national, regional, and local conditions

•

The effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses

•

The existence and effect of any concentrations of credit and changes in the levels of such concentrations

•

A supervision and administration allocation based on CTBI’s loan review process

•

Exceptions in lending policies and procedures as measured by quarterly loan portfolio exceptions reports

•

Changes in the value of underlying collateral for collateral dependent loans

•

Changes in the nature and volume of the portfolio and terms of loans

While we recognize that import tariffs have created increased volatility and uncertainty in the financial markets, there has been no direct impact on our loan portfolio to date and no bank customers have requested financial relief directly because of import tariffs. We will continue to monitor our loan portfolio and work with any customers who become financially impacted by tariffs. We do not anticipate any immediate or significant negative impact to our asset quality in the near term.

We maintain an ACL at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. Credit losses, when deemed uncollectible, are charged to the ACL and any subsequent recoveries are credited to the ACL.

We utilize an internal risk grading system for commercial credits. Those credits that meet the following criteria are subject to individual evaluation: the loan has an outstanding bank share balance of $1 million or greater and meets one of the following criteria: (i) has a criticized risk rating, (ii) is in nonaccrual status, (iii) the borrower is experiencing financial difficulty with significant payment delay, or (iv) is 90 days or more past due. The borrower’s cash flow, adequacy of collateral coverage, and other options available to CTBI, including legal remedies, are evaluated. Historical loss rates are analyzed and applied to other commercial loan segments not subject to individual evaluation. As these loans are individually evaluated, analysis could result in a specific reserve allocation within the ACL.

Homogenous loans, such as consumer installment, residential mortgages, and home equity lines are not individually risk graded. The associated ACL for these loans is measured in pools with similar risk characteristics under ASC 326.

When a secured commercial loan is displaying signs of weakness or deficiency, whether past due or not, a current assessment of the value of the underlying collateral is made. If the balance of the loan exceeds the fair value of the collateral, the loan is placed on nonaccrual and the loan is charged down to the value of the collateral less estimated cost to sell. When the foreclosed collateral has been legally assigned to CTBI, the estimated fair value of the collateral less costs to sell is then transferred to other real estate owned or other repossessed assets, and a charge-off is taken for any remaining balance. When any unsecured commercial loan is considered uncollectible the loan is charged off no later than at 90 days past due.

All closed-end consumer loans (excluding conventional 1-4 family residential loans and installment and revolving loans secured by real estate) are charged off no later than 120 days (five monthly payments) delinquent. If a loan is considered uncollectible, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolving loans secured by real estate, once the loan is 90 days past due, the loan is placed on nonaccrual if payment in full of principal or interest is not expected. Foreclosure proceedings are normally initiated after 120 days. When the foreclosed property has been legally assigned to CTBI, the fair value less estimated costs to sell is transferred to other real estate owned and the remaining balance is taken as a charge-off.

The risk characteristics of CTBI’s material portfolio segments are as follows:

Hotel/motel loans are a significant concentration for CTBI, representing approximately 10.1% of total loans. This industry has unique risk characteristics as it is highly susceptible to changes in the domestic and global economic environments, which can cause the industry to experience substantial volatility. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Hotel/motel lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial construction loans generally are made to customers for the purpose of building income-producing properties, and any hotel/motel construction loan would be included in this segment. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested.

Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose 1-4 family/multi-family properties. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial residential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested.

Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally one loan for construction to permanent financing. All commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates all commercial real estate loans based on collateral and risk grade criteria. Commercial nonresidential construction loans generally are made to customers for the purpose of building income-producing properties. Personal guarantees of the principals are generally required. Such loans are made on a projected cash flow basis and are secured by the project being constructed. Construction loan draw procedures are included in each specific loan agreement, including required documentation items and inspection requirements. Construction loans may convert to term loans at the end of the construction period, or may be repaid by the take-out commitment from another financing source. If the loan is to convert to a term loan, the repayment ability is based on the borrower’s projected cash flow. Risk is mitigated during the construction phase by requiring proper documentation and inspections whenever a draw is requested.

Dealer floorplans are segmented separately as they are a unique product with unique risk factors. CTBI maintains strict processing procedures over our floorplan product with any exceptions requested by a loan officer approved by the appropriate loan committee and the floorplan manager.

Commercial other loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from our customers. As we underwrite our equipment lease financing in a manner similar to our commercial loan portfolio described below, the risk characteristics for this portfolio mirror that of the commercial loan portfolio.

With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, CTBI generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences. Residential construction loans are handled through the home mortgage area of the bank. The repayment ability of the borrower and the maximum loan-to-value ratio are calculated using the normal mortgage lending criteria. Draws are processed based on percentage of completion stages including normal inspection procedures. Such loans generally convert to term loans after the completion of construction.

Consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Our determination of a borrower’s ability to repay these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The indirect lending area of the bank is generally responsible for purchasing/funding consumer contracts with new and used automobile dealers. Dealer loan applications are forwarded to the indirect loan processing area for approval or denial. Loan approvals or denials are based on the creditworthiness and repayment ability of the borrowers, and on the collateral value. Upon a dealer being funded on an approved loan application and assignment of the retail installment contract to CTB, CTB will have limited recourse with the dealer, as set forth in the CTB dealer agreement. On occasion, the dealer will execute a separate, full recourse agreement with CTB to obtain customer financing.

CTBI utilizes discounted cash flow loss rate methodologies for all loan segments. Within the discount cash flow calculation, an effective yield of the instrument is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows. The expected cash flows were modeled considering probability of default and segment-specific loss given default (“LGD”) risk factors, utilizing the software’s proprietary database of financial institutions’ filings, evaluated first by geography and asset size and then with the utilization of standard deviations, to assure relevance to CTBI’s loan segments along with CTBI’s own loss history. Cash flows are then discounted at that effective yield to produce an instrument-level net present value (“NPV”) of expected cash flows. An ACL is established for the difference between the instrument’s NPV and amortized cost basis. Any changes in NPV between periods is recorded as provision for credit losses. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data and adjusted, if necessary, based on the reasonable and supportable forecast of economic conditions. Management incorporates qualitative factors to loss estimates used to derive CTBI’s total ACL including delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, underwriting exceptions, and industry concentrations. Forecast factors include gross domestic product, light weight vehicle sales, and S&P/Case-Shiller US National Home Price Index. Management continually reevaluates the other subjective factors included in our ACL analysis.

Goodwill – We evaluate total goodwill for impairment using fair value techniques including multiples of price/equity. Goodwill is evaluated for impairment on an annual basis or as other events may warrant. The balance of goodwill, at $65.5 million, has not changed since January 1, 2015.

Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes based on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates. Any interest and penalties incurred in connection with income taxes are recorded as a component of income tax expense in our consolidated financial statements. During the interim periods presented, CTBI has not recognized a significant amount of interest expense or penalties in connection with income taxes.

Estimated Credit Losses on Off-Balance Sheet Credit Exposures Recognized as Other Liabilities – CTBI estimates expected credit losses over the contractual period in which it has exposure to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by CTBI. The ACL on off-balance sheet credit exposures recognized in other liabilities is adjusted as an expense in provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives. Estimating credit losses on unfunded commitments requires CTBI to consider the following categories of off-balance sheet credit exposure: unfunded commitments to extend credit, unfunded lines of credit, and standby letters of credit. Each of these unfunded commitments is then analyzed for a probability of funding to calculate a probable funding amount. The life of loan loss factor by related portfolio segment from the loan ACL calculation is then applied to the probable funding amount to calculate the estimated credit losses on off-balance sheet credit exposures recognized as other liabilities.

Note 2 – Stock-Based Compensation

Restricted stock expense for the three months ended September 30, 2025 and 2024 was $399 thousand and $293 thousand, respectively, including $48 thousand and $41 thousand, respectively, in dividends paid for those periods. Restricted stock expense for the nine months ended September 30, 2025 and 2024 was $1.3 million and $1.0 million, respectively, including $138 thousand and $121 thousand, respectively, in dividends paid for those periods. As of September 30, 2025, there was a total of $2.9 million of unrecognized compensation expense related to restricted stock grants that will be recognized as expense as the awards vest over a weighted average period of 2.8 years.

The following table shows restricted stock activity for the three months ended September 30, 2025 and 2024:

September 30	2025					2024
	Grants			Weighted Average Fair Value at Grant		Grants		Weighted Average Fair Value at Grant
Outstanding at beginning of period		91,442		$	47.29		86,572	$	43.45
Granted		0			-		0		-
Vested		0			-		0		-
Forfeited		(315	)		51.29		0		-
Outstanding at end of period		91,127		$	47.28		86,572	$	43.45

The following table shows restricted stock activity for the nine months ended September 30, 2025 and 2024:

September 30	2025					2024
	Grants			Weighted Average Fair Value at Grant		Grants			Weighted Average Fair Value at Grant
Outstanding at beginning of year		86,572		$	43.45		96,840		$	43.75
Granted		38,538			53.53		15,000			41.29
Vested		(28,106	)		44.11		(22,831	)		43.37
Forfeited		(5,877	)		47.00		(2,437	)		42.87
Outstanding at end of period		91,127		$	47.28		86,572		$	43.45

The restricted stock was issued pursuant to the terms of CTBI’s 2015 Stock Ownership Incentive Plan. The restrictions on these shares of restricted stock will lapse ratably over four years, subject to such employee’s continued employment, except for 5,000 shares granted in January 2025 pursuant to a management retention restricted stock award which will cliff vest at the end of five years. However, in the event of certain participant employee termination events occurring within 24 months of a change in control of CTBI or the death of the participant, the restrictions will lapse, and in the event of the participant’s disability, the restrictions will lapse on a pro rata basis. The Compensation Committee will have discretion to review and revise restrictions applicable to a participant’s restricted stock in the event of the participant’s retirement. CTBI recognizes forfeitures when they occur.

There was no stock option activity for the three and nine months ended September 30, 2025. The remaining 20,000 stock options outstanding as of the beginning of 2024 were exercised during the three months ended September 30, 2024. There was no compensation expense related to stock option grants for the three and nine months ended September 30, 2025 and 2024 and no unrecognized compensation expense related to unvested stock option awards, as all stock option awards have fully vested.

Note 3 – Securities

The amortized cost and fair value of debt securities at September 30, 2025 are summarized as follows:

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	244,685	$	62	$	(10,134	)	$	234,613
State and political subdivisions		302,981		110		(39,362	)		263,729
Agency mortgage-backed securities		554,330		900		(46,131	)		509,099
Asset-backed securities		30,573		49		(98	)		30,524
Total available-for-sale securities	$	1,132,569	$	1,121	$	(95,725	)	$	1,037,965

The amortized cost and fair value of debt securities at December 31, 2024 are summarized as follows:

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government agencies	$	360,027	$	84	$	(18,616	)	$	341,495
State and political subdivisions		304,588		12		(51,043	)		253,557
Agency mortgage-backed securities		471,000		131		(61,422	)		409,709
Asset-backed securities		51,034		10		(77	)		50,967
Total available-for-sale securities	$	1,186,649	$	237	$	(131,158	)	$	1,055,728

The amounts reported in the preceding tables exclude accrued interest on securities of $4.0 million and $4.6 million at September 30, 2025 and December 31, 2024, respectively, which is presented as a component of accrued interest receivable in the consolidated balance sheets.

The amortized cost and fair value of debt securities at September 30, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-Sale
(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	88,818	$	87,421
Due after one through five years		215,974		203,827
Due after five through ten years		131,800		116,328
Due after ten years		111,074		90,766
Agency mortgage-backed securities		554,330		509,099
Asset-backed securities		30,573		30,524
Total debt securities	$	1,132,569	$	1,037,965

During the three months ended September 30, 2025, we had a net securities loss of $449 thousand from the fair value adjustment of equity securities. During the three months ended September 30, 2024, we had a net securities gain of $213 thousand, consisting of a pre-tax gain of $1 thousand on sales and calls of AFS securities and an unrealized gain of $212 thousand from the fair value adjustment of equity securities. During the nine months ended September 30, 2025, we had a net securities gain of $181 thousand, consisting of a pre-tax gain of $1 thousand realized on calls of AFS securities and an unrealized gain of $180 thousand from the fair value adjustments of equity securities. During the nine months ended September 30, 2024, we had a net securities gain of $110 thousand, consisting of a pre-tax gain of $2 thousand realized on sales and calls of AFS securities and an unrealized gain of $108 thousand from the fair value adjustment of equity securities.

The amortized cost of securities pledged as collateral, to secure public deposits and for other purposes, was $606.4 million at September 30, 2025 and $630.8 million at December 31, 2024. The fair value of securities pledged was $556.3 million at September 30, 2025 and $563.2 million at December 31, 2024.

The amortized cost of securities sold under agreements to repurchase amounted to $390.0 million at September 30, 2025 and $330.0 million at December 31, 2024. The fair value of securities pledged was $356.9 million at September 30, 2025 and $292.2 million at December 31, 2024.

CTBI evaluates its investment portfolio on a quarterly basis for impairment. The analysis performed as of September 30, 2025 indicates that all impairment is market and interest rate driven and not credit-related. The percentage of total debt securities with unrealized losses as of September 30, 2025 was 88.8% compared to 95.5% as of December 31, 2024. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2025 that are not deemed to have credit losses.

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value
Less Than 12 Months
U.S. Treasury and government agencies	$	1,951	$	(6	)	$	1,945
State and political subdivisions		4,527		(223	)		4,304
Agency mortgage-backed securities		65,090		(425	)		64,665
Asset-backed securities		0		0			0
Total <12 months AFS securities with unrealized losses		71,568		(654	)		70,914

12 Months or More
U.S. Treasury and government agencies		238,299		(10,128	)		228,171
State and political subdivisions		285,485		(39,139	)		246,346
Agency mortgage-backed securities		401,088		(45,706	)		355,382
Asset-backed securities		21,209		(98	)		21,111
Total ≥12 months AFS securities with unrealized losses		946,081		(95,071	)		851,010

Total
U.S. Treasury and government agencies		240,250		(10,134	)		230,116
State and political subdivisions		290,012		(39,362	)		250,650
Agency mortgage-backed securities		466,178		(46,131	)		420,047
Asset-backed securities		21,209		(98	)		21,111
Total AFS securities with unrealized losses	$	1,017,649	$	(95,725	)	$	921,924

The analysis performed as of December 31, 2024 indicated that all impairment was market and interest rate driven and not credit-related. The following table provides the amortized cost, gross unrealized losses, and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2024 that are not deemed to have credit losses.

Available-for-Sale

(in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value
Less Than 12 Months
U.S. Treasury and government agencies	$	1,396	$	(2	)	$	1,394
State and political subdivisions		14,262		(192	)		14,070
Agency mortgage-backed securities		28,028		(994	)		27,034
Asset-backed securities		24,545		(14	)		24,531
Total <12 months AFS securities with unrealized losses		68,231		(1,202	)		67,029

12 Months or More
U.S. Treasury and government agencies		351,315		(18,614	)		332,701
State and political subdivisions		288,445		(50,851	)		237,594
Agency mortgage-backed securities		416,270		(60,428	)		355,842
Asset-backed securities		15,579		(63	)		15,516
Total ≥12 months AFS securities with unrealized losses		1,071,609		(129,956	)		941,653

Total
U.S. Treasury and government agencies		352,711		(18,616	)		334,095
State and political subdivisions		302,707		(51,043	)		251,664
Agency mortgage-backed securities		444,298		(61,422	)		382,876
Asset-backed securities		40,124		(77	)		40,047
Total AFS securities with unrealized losses	$	1,139,840	$	(131,158	)	$	1,008,682

U.S. Treasury and Government Agencies

The unrealized losses in U.S. Treasury and government agencies were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. These securities are guaranteed by the U.S. government and are generally considered to be risk-free, which is why CTBI does not record an allowance for credit loss on these investments. Furthermore, CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost.

State and Political Subdivisions

The unrealized losses in securities of state and political subdivisions were caused by interest rate changes. These securities benefit from stable dedicated tax revenues, a legal framework that prioritizes bondholder payments, and third-party bond insurance, which significantly mitigate credit risk. Due to these robust credit protection measures, CTBI does not record an allowance for credit loss on its state and political subdivisions securities. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. Furthermore, CTBI does not intend to sell the investments before recovery of their amortized cost and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost.

Agency Mortgage-backed Securities

The unrealized losses in agency mortgage-backed securities were caused by interest rate changes. CTBI expects to recover the amortized cost basis over the term of the securities. These securities are either guaranteed by the U.S. government or by the government sponsored enterprise and are generally considered to be risk-free, which is why CTBI does not record an allowance for credit loss on these investments. Furthermore, CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost.

Asset-Backed Securities

The unrealized losses in asset-backed securities were caused by interest rate changes. These securities benefit from structural credit enhancements, which significantly mitigate credit risk. Due to these robust credit protection measures, CTBI does not record an allowance for credit loss on its asset-backed securities. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par which will equal amortized cost at maturity. CTBI does not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost.

Equity Securities at Fair Value

Equity securities at fair value as of September 30, 2025 were $4.0 million, as a result of a $449 thousand decrease in the fair value in the third quarter of 2025 and a $180 thousand increase for the nine months ended September 30, 2025. The fair value of equity securities increased $212 thousand in the third quarter of 2024 and $108 thousand for the nine months ended September 30, 2024. No equity securities were sold during the three and nine months ended September 30, 2025 or 2024.

Note 4 – Loans

Major classifications of loans, net of unearned income, deferred loan origination costs and fees, and net premiums on acquired loans, are summarized as follows:

September 30, 2025 (in thousands)	Gross Loans		Unearned Fees/Costs			Unearned Premiums		Net Loans
Hotel/motel	$	483,833	$	0		$	0	$	483,833
Commercial real estate residential		573,270		0			0		573,270
Commercial real estate nonresidential		925,672		(3,990	)		0		921,682
Dealer floorplans		73,842		0			0		73,842
Commercial other		370,877		(7	)		1,413		372,283
Commercial loans		2,427,494		(3,997	)		1,413		2,424,910

Real estate mortgage		1,152,875		4,665			0		1,157,540
Home equity lines		184,189		2			0		184,191
Residential loans		1,337,064		4,667			0		1,341,731

Consumer direct		149,719		0			0		149,719
Consumer indirect		843,950		537			33,068		877,555
Consumer loans		993,669		537			33,068		1,027,274

Loans and lease financing	$	4,758,227	$	1,207		$	34,481	$	4,793,915

December 31, 2024 (in thousands)	Gross Loans		Unearned Fees/Costs			Unearned Premiums		Net Loans
Hotel/motel	$	458,832	$	0		$	0	$	458,832
Commercial real estate residential		508,310		0			0		508,310
Commercial real estate nonresidential		868,993		(3,962	)		0		865,031
Dealer floorplans		84,956		0			0		84,956
Commercial other		355,568		(18	)		0		355,550
Commercial loans		2,276,659		(3,980	)		0		2,272,679

Real estate mortgage		1,039,777		3,624			0		1,043,401
Home equity lines		167,425		0			0		167,425
Residential loans		1,207,202		3,624			0		1,210,826

Consumer direct		152,843		0			0		152,843
Consumer indirect		817,893		357			32,039		850,289
Consumer loans		970,736		357			32,039		1,003,132

Loans and lease financing	$	4,454,597	$	1		$	32,039	$	4,486,637

CTBI has segregated and evaluates our loan portfolio through nine portfolio segments with similar risk characteristics. CTBI serves customers in small and mid-sized communities in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. Therefore, CTBI’s exposure to credit risk is significantly affected by changes in these communities.

Commercial real estate residential loans are commercial purpose construction and permanent financed loans for commercial purpose 1-4 family/multi-family properties. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral.

Commercial real estate nonresidential loans are secured by nonfarm, nonresidential properties, farmland, and other commercial real estate. These loans are originated based on the borrower’s ability to service the debt and secondarily based on the fair value of the underlying collateral. Construction for commercial real estate nonresidential loans are also included in this segment as these loans are generally one loan for construction to permanent financing.

Dealer floorplans consist of loans to dealerships to finance inventory and are collateralized under a blanket security agreement whereby all vehicle inventory is collateral against the outstanding loan without specific liens on individual units. Advances are made for the dealer cost of individual vehicles in inventory, and the loan is repaid from the proceeds from the sale of the financed vehicle. This risk is mitigated by the use of monthly inventory audits and follow-up is required on any out of compliance items identified. These audits are subject to increasing frequency when fact patterns suggest more scrutiny is required. Additional collateral or other credit enhancements (for example, personal guarantees from dealership owners) are typically obtained to further mitigate credit risk.

Commercial other loans consist of agricultural loans, receivable financing, loans to financial institutions, loans for purchasing or carrying securities, and other commercial purpose loans. Commercial loans are underwritten based on the borrower’s ability to service debt from the business’s underlying cash flows. As a general practice, we obtain collateral such as equipment, or other assets, although such loans may be uncollateralized but guaranteed.

Residential real estate loans are a mixture of fixed rate and adjustable rate first and second lien residential mortgage loans and also include real estate construction loans which are typically for owner-occupied properties. The terms of the real estate construction loans are generally short-term with permanent financing upon completion. As a policy, CTBI holds adjustable rate loans and sells the majority of our fixed rate first lien mortgage loans into the secondary market with those loans classified as held for sale and not included in loan balances. Changes in interest rates or market conditions may impact a borrower’s ability to meet contractual principal and interest payments. Residential real estate loans are secured by real property.

Home equity lines are primarily revolving adjustable rate credit lines secured by real property.

Consumer direct loans are a mixture of fixed rate and adjustable rate products comprised of unsecured loans, consumer revolving credit lines, deposit secured loans, and all other consumer purpose loans.

Indirect loans are primarily fixed rate consumer loans secured by automobiles, trucks, vans, and recreational vehicles originated at the selling dealership underwritten and purchased by CTBI’s indirect lending department. Both new and used products are financed. Only dealers who have executed dealer agreements with CTBI participate in the indirect lending program.

Loans identified to be sold into the secondary market are classified as held for sale and are not included in the loans balance above. Loans held for sale are recorded at lower of cost or fair value and were $0.5 million at September 30, 2025 and $0.2 million at December 31, 2024. Accrued interest receivable for loan balances was $20.5 million at September 30, 2025 and $18.7 million at December 31, 2024.

Allowance for Credit Losses

The following tables present the balance in the ACL for loans for the three and nine months ended September 30, 2025 and September 30, 2024.

	Three Months Ended September 30, 2025
(in thousands)	Beginning Balance		Provision Charged to Expense			Losses Charged Off			Recoveries		Ending Balance
ACL
Hotel/motel	$	5,604	$	20		$	0		$	0	$	5,624
Commercial real estate residential		6,480		60			(65	)		5		6,480
Commercial real estate nonresidential		11,457		1,905			(1,000	)		3		12,365
Dealer floorplans		507		107			0			0		614
Commercial other		3,711		(98	)		(191	)		79		3,501
Real estate mortgage		12,953		726			(162	)		8		13,525
Home equity		1,604		17			0			2		1,623
Consumer direct		2,131		115			(313	)		119		2,052
Consumer indirect		13,378		1,206			(2,293	)		1,060		13,351
Total ACL	$	57,825	$	4,058		$	(4,024	)	$	1,276	$	59,135

	Nine Months Ended September 30, 2025
(in thousands)	Beginning Balance		Provision Charged to Expense			Losses Charged Off			Recoveries		Ending Balance
ACL
Hotel/motel	$	5,208	$	416		$	0		$	0	$	5,624
Commercial real estate residential		5,467		1,122			(124	)		15		6,480
Commercial real estate nonresidential		10,307		3,049			(1,002	)		11		12,365
Dealer floorplans		682		(68	)		0			0		614
Commercial other		3,832		550			(1,146	)		265		3,501
Real estate mortgage		12,504		1,240			(242	)		23		13,525
Home equity		1,499		116			(7	)		15		1,623
Consumer direct		2,221		312			(780	)		299		2,052
Consumer indirect		13,248		3,106			(5,973	)		2,970		13,351
Total ACL	$	54,968	$	9,843		$	(9,274	)	$	3,598	$	59,135

	Three Months Ended September 30, 2024
(in thousands)	Beginning Balance		Provision Charged to Expense		Losses Charged Off			Recoveries		Ending Balance
ACL
Hotel/motel	$	4,447	$	581	$	0		$	0	$	5,028
Commercial real estate residential		4,349		139		0			5		4,493
Commercial real estate nonresidential		8,706		388		0			6		9,100
Dealer floorplans		561		78		0			0		639
Commercial other		3,385		53		(278	)		228		3,388
Real estate mortgage		11,840		651		(37	)		6		12,460
Home equity		1,318		63		(40	)		5		1,346
Consumer direct		3,604		65		(249	)		43		3,463
Consumer indirect		13,938		718		(2,132	)		919		13,443
Total ACL	$	52,148	$	2,736	$	(2,736	)	$	1,212	$	53,360

	Nine Months Ended September 30, 2024
(in thousands)	Beginning Balance		Provision Charged to Expense			Losses Charged Off			Recoveries		Ending Balance
ACL
Hotel/motel	$	4,592	$	436		$	0		$	0	$	5,028
Commercial real estate residential		4,285		189			0			19		4,493
Commercial real estate nonresidential		7,560		1,481			0			59		9,100
Dealer floorplans		659		(20	)		0			0		639
Commercial other		3,760		316			(1,124	)		436		3,388
Real estate mortgage		10,197		2,327			(88	)		24		12,460
Home equity		1,367		6			(40	)		13		1,346
Consumer direct		3,261		999			(971	)		174		3,463
Consumer indirect		13,862		2,630			(6,016	)		2,967		13,443
Total ACL	$	49,543	$	8,364		$	(8,239	)	$	3,692	$	53,360

Nonaccrual loans and loans 90 days past due and still accruing, segregated by loan segment, as of September 30, 2025 and December 31, 2024 were as follows:

	September 30, 2025
(in thousands)	Nonaccrual Loans with No ACL		Nonaccrual Loans with ACL		90+ and Still Accruing		Total Nonperforming Loans

Commercial real estate residential	$	0	$	1,026	$	2,276	$	3,302
Commercial real estate nonresidential		0		10,593		739		11,332
Commercial other		37		714		508		1,259
Total commercial loans		37		12,333		3,523		15,893

Real estate mortgage		0		2,999		4,416		7,415
Home equity lines		0		278		451		729
Total residential loans		0		3,277		4,867		8,144

Consumer direct		0		0		35		35
Consumer indirect		0		0		615		615
Total consumer loans		0		0		650		650

Loans and lease financing	$	37	$	15,610	$	9,040	$	24,687

	December 31, 2024
(in thousands)	Nonaccrual Loans with No ACL		Nonaccrual Loans with ACL		90+ and Still Accruing		Total Nonperforming Loans

Commercial real estate residential	$	0	$	1,248	$	369	$	1,617
Commercial real estate nonresidential		8,000		1,641		3,513		13,154
Commercial other		246		1,106		64		1,416
Total commercial loans		8,246		3,995		3,946		16,187

Real estate mortgage		0		3,748		5,072		8,820
Home equity lines		0		204		444		648
Total residential loans		0		3,952		5,516		9,468

Consumer direct		0		176		93		269
Consumer indirect		0		0		762		762
Total consumer loans		0		176		855		1,031

Loans and lease financing	$	8,246	$	8,123	$	10,317	$	26,686

Interest income recognized for the nine months ended September 30, 2025 on nonaccrual loans totaled $26.6 thousand and $189.4 thousand for the year ended December 31, 2024.

The following tables present CTBI’s loan portfolio aging analysis, segregated by loan segment, as of September 30, 2025 and December 31, 2024 (includes loans 90 days past due and still accruing as well):

	September 30, 2025
(in thousands)	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total Past Due		Current		Total Loans
Hotel/motel	$	116	$	0	$	0	$	116	$	483,717	$	483,833
Commercial real estate residential		169		63		2,700		2,932		570,338		573,270
Commercial real estate nonresidential		2,563		85		11,085		13,733		907,949		921,682
Dealer floorplans		0		0		0		0		73,842		73,842
Commercial other		1,758		114		983		2,855		369,428		372,283
Total commercial loans		4,606		262		14,768		19,636		2,405,274		2,424,910

Real estate mortgage		1,092		4,773		6,404		12,269		1,145,271		1,157,540
Home equity lines		1,770		648		508		2,926		181,265		184,191
Total residential loans		2,862		5,421		6,912		15,195		1,326,536		1,341,731

Consumer direct		943		142		35		1,120		148,599		149,719
Consumer indirect		3,826		1,111		615		5,552		872,003		877,555
Total consumer loans		4,769		1,253		650		6,672		1,020,602		1,027,274

Loans and lease financing	$	12,237	$	6,936	$	22,330	$	41,503	$	4,752,412	$	4,793,915

	December 31, 2024
(in thousands)	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total Past Due		Current		Total Loans
Hotel/motel	$	0	$	0	$	0	$	0	$	458,832	$	458,832
Commercial real estate residential		575		444		828		1,847		506,463		508,310
Commercial real estate nonresidential		1,349		118		12,890		14,357		850,674		865,031
Dealer floorplans		0		0		0		0		84,956		84,956
Commercial other		1,033		595		1,018		2,646		352,904		355,550
Total commercial loans		2,957		1,157		14,736		18,850		2,253,829		2,272,679

Real estate mortgage		654		3,304		7,998		11,956		1,031,445		1,043,401
Home equity lines		1,919		348		613		2,880		164,545		167,425
Total residential loans		2,573		3,652		8,611		14,836		1,195,990		1,210,826

Consumer direct		876		107		268		1,251		151,592		152,843
Consumer indirect		4,872		1,096		762		6,730		843,559		850,289
Total consumer loans		5,748		1,203		1,030		7,981		995,151		1,003,132

Loans and lease financing	$	11,278	$	6,012	$	24,377	$	41,667	$	4,444,970	$	4,486,637

Credit Quality Indicators

CTBI categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. CTBI also considers the fair value of the underlying collateral and the strength and willingness of the guarantor(s). CTBI analyzes commercial loans individually by classifying the loans as to credit risk. Loans classified as loss, doubtful, substandard, or special mention are reviewed quarterly by CTBI for further deterioration or improvement to determine if appropriately classified and valued if deemed impaired. All other commercial loan reviews are completed every 12 to 18 months. In addition, during the renewal process of any loan, as well as if a loan becomes past due or if other information becomes available, CTBI will evaluate the loan grade. CTBI uses the following definitions for risk ratings:

➢

Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans. The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required debt repayments.

➢

Watch graded loans are loans that warrant extra management attention but are not currently criticized. Loans on the watch list may be potential troubled credits or may warrant “watch” status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be candidates for future classification or may temporarily warrant extra management monitoring.

➢

Other assets especially mentioned (OAEM) reflects loans that are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI’s credit position at some future date. The loans may be adversely affected by economic or market conditions.

➢

Substandard grading indicates that the loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss if the deficiencies are not corrected.

➢

Doubtful graded loans have the weaknesses inherent in the substandard grading with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to CTBI’s advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.

The following tables present the credit risk profile of CTBI’s commercial loan portfolio based on rating category and payment activity, segregated by loan segment and based on last credit decision or year of origination:

Term Loans Amortized Cost Basis by Origination Year As of September 30, 2025
(in thousands)	2025			2024			2023			2022			2021			Prior			Revolving Loans		Total
Hotel/motel
Risk rating:
Pass	$	47,354		$	59,134		$	87,543		$	133,316		$	26,458		$	88,057		$	5,619	$	447,481
Watch		0			0			2,023			12,000			6,441			11,164			0		31,628
OAEM		0			0			0			0			0			0			0		0
Substandard		0			834			0			3,890			0			0			0		4,724
Doubtful		0			0			0			0			0			0			0		0
Total hotel/motel		47,354			59,968			89,566			149,206			32,899			99,221			5,619		483,833

Hotel/motel year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Commercial real estate residential
Risk rating:
Pass		148,046			105,457			90,426			71,601			53,699			48,050			23,271		540,550
Watch		8,780			942			3,281			1,375			3,586			5,577			221		23,762
OAEM		0			0			193			0			0			53			0		246
Substandard		2,061			510			357			505			1,837			3,393			49		8,712
Doubtful		0			0			0			0			0			0			0		0
Total commercial real estate residential		158,887			106,909			94,257			73,481			59,122			57,073			23,541		573,270

Commercial real estate residential year-to-date gross charge-offs		0			(18	)		(106	)		0			0			0			0		(124	)

Commercial real estate nonresidential
Risk rating:
Pass		143,099			164,868			107,456			109,097			102,079			175,799			38,952		841,350
Watch		1,561			6,740			4,242			7,192			17,437			11,933			835		49,940
OAEM		0			100			0			0			0			17			0		117
Substandard		3,576			1,115			2,130			2,072			2,386			18,995			0		30,274
Doubtful		0			0			0			0			0			1			0		1
Total commercial real estate nonresidential		148,236			172,823			113,828			118,361			121,902			206,745			39,787		921,682

Commercial real estate nonresidential year-to-date gross charge-offs		0			(1,000	)		0			0			0			(2	)		0		(1,002	)

Dealer floorplans
Risk rating:
Pass		0			0			0			0			0			0			64,610		64,610
Watch		0			0			0			0			0			0			8,953		8,953
OAEM		0			0			0			0			0			0			0		0
Substandard		0			0			0			0			0			0			279		279
Doubtful		0			0			0			0			0			0			0		0
Total dealer floorplans		0			0			0			0			0			0			73,842		73,842

Dealer floorplans year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Commercial other
Risk rating:
Pass		76,310			42,772			35,248			30,517			22,604			40,506			71,733		319,690
Watch		1,087			1,067			797			818			164			489			20,078		24,500
OAEM		0			0			85			0			8,038			0			245		8,368
Substandard		13,517			1,189			3,270			357			169			426			797		19,725
Doubtful		0			0			0			0			0			0			0		0
Total commercial other		90,914			45,028			39,400			31,692			30,975			41,421			92,853		372,283

Commercial other year-to-date gross charge-offs		(559	)		(105	)		(260	)		(6	)		(213	)		(3	)		0		(1,146	)

Commercial loans
Risk rating:
Pass		414,809			372,231			320,673			344,531			204,840			352,412			204,185		2,213,681
Watch		11,428			8,749			10,343			21,385			27,628			29,163			30,087		138,783
OAEM		0			100			278			0			8,038			70			245		8,731
Substandard		19,154			3,648			5,757			6,824			4,392			22,814			1,125		63,714
Doubtful		0			0			0			0			0			1			0		1
Total commercial loans	$	445,391		$	384,728		$	337,051		$	372,740		$	244,898		$	404,460		$	235,642	$	2,424,910

Total commercial loans year-to-date gross charge-offs	$	(559	)	$	(1,123	)	$	(366	)	$	(6	)	$	(213	)	$	(5	)	$	0	$	(2,272	)

Term Loans Amortized Cost Basis by Origination Year As of December 31, 2024
(in thousands)	2024			2023			2022			2021			2020			Prior			Revolving Loans		Total
Hotel/motel
Risk rating:
Pass	$	72,924		$	88,016		$	134,663		$	27,145		$	21,609		$	70,311		$	5,419	$	420,087
Watch		0			2,062			10,822			6,570			0			13,358			0		32,812
OAEM		0			0			0			0			0			0			0		0
Substandard		1,954			0			3,979			0			0			0			0		5,933
Doubtful		0			0			0			0			0			0			0		0
Total hotel/motel		74,878			90,078			149,464			33,715			21,609			83,669			5,419		458,832

Hotel/motel year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Commercial real estate residential
Risk rating:
Pass		162,855			94,758			78,106			60,482			24,603			37,689			21,267		479,760
Watch		5,381			3,009			1,692			3,739			1,523			5,261			58		20,663
OAEM		31			0			0			0			0			58			0		89
Substandard		1,470			609			792			531			420			3,928			48		7,798
Doubtful		0			0			0			0			0			0			0		0
Total commercial real estate residential		169,737			98,376			80,590			64,752			26,546			46,936			21,373		508,310

Commercial real estate residential year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Commercial real estate nonresidential
Risk rating:
Pass		180,139			121,801			124,200			120,623			62,674			155,561			38,270		803,268
Watch		4,574			2,004			4,004			8,683			3,425			6,970			624		30,284
OAEM		0			7			12			0			0			45			0		64
Substandard		4,873			1,527			357			2,700			11,179			10,778			0		31,414
Doubtful		0			0			0			0			0			1			0		1
Total commercial real estate nonresidential		189,586			125,339			128,573			132,006			77,278			173,355			38,894		865,031

Commercial real estate nonresidential year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Dealer floorplans
Risk rating:
Pass		0			0			0			0			0			0			82,639		82,639
Watch		0			0			0			0			0			0			1,861		1,861
OAEM		0			0			0			0			0			0			0		0
Substandard		0			0			0			0			0			456			0		456
Doubtful		0			0			0			0			0			0			0		0
Total dealer floorplans		0			0			0			0			0			456			84,500		84,956

Dealer floorplans year-to-date gross charge-offs		0			0			0			0			0			0			0		0

Commercial other
Risk rating:
Pass		83,742			43,935			38,912			25,806			25,187			19,520			79,851		316,953
Watch		1,823			877			671			295			111			533			14,739		19,049
OAEM		27			0			0			8,469			0			0			30		8,526
Substandard		2,301			4,279			2,203			299			447			162			1,331		11,022
Doubtful		0			0			0			0			0			0			0		0
Total commercial other		87,893			49,091			41,786			34,869			25,745			20,215			95,951		355,550

Commercial other year-to-date gross charge-offs		(1,148	)		(134	)		(142	)		(45	)		(2	)		(5	)		0		(1,476	)

Commercial loans
Risk rating:
Pass		499,660			348,510			375,881			234,056			134,073			283,081			227,446		2,102,707
Watch		11,778			7,952			17,189			19,287			5,059			26,122			17,282		104,669
OAEM		58			7			12			8,469			0			103			30		8,679
Substandard		10,598			6,415			7,331			3,530			12,046			15,324			1,379		56,623
Doubtful		0			0			0			0			0			1			0		1
Total commercial loans	$	522,094		$	362,884		$	400,413		$	265,342		$	151,178		$	324,631		$	246,137	$	2,272,679

Total commercial loans year-to-date gross charge-offs	$	(1,148	)	$	(134	)	$	(142	)	$	(45	)	$	(2	)	$	(5	)	$	0	$	(1,476	)

The following tables present the credit risk profile of CTBI’s residential real estate and consumer loan portfolios based on performing or nonperforming status, segregated by loan segment:

Term Loans Amortized Cost Basis by Origination Year As of September 30, 2025
(in thousands)	2025			2024			2023			2022			2021			Prior			Revolving Loans		Total
Home equity lines
Performing	$	0		$	0		$	0		$	0		$	0		$	5,885		$	177,577	$	183,462
Nonperforming		0			0			0			0			0			207			522		729
Total home equity lines		0			0			0			0			0			6,092			178,099		184,191

Home equity year-to-date gross charge-offs		0			0			0			0			0			(7	)		0		(7	)

Mortgage loans
Performing		201,267			190,959			175,386			132,403			136,866			313,244			0		1,150,125
Nonperforming		536			1,036			827			1,319			550			3,147			0		7,415
Total mortgage loans		201,803			191,995			176,213			133,722			137,416			316,391			0		1,157,540

Mortgage loans year-to-date gross charge-offs		0			0			0			(37	)		(16	)		(189	)		0		(242	)

Residential loans
Performing		201,267			190,959			175,386			132,403			136,866			319,129		$	177,577		1,333,587
Nonperforming		536			1,036			827			1,319			550			3,354			522		8,144
Total residential loans		201,803			191,995			176,213			133,722			137,416		$	322,483			178,099	$	1,341,731

Total residential loans year-to-date gross charge-offs	$	0		$	0		$	0		$	(37	)	$	(16	)	$	(196	)	$	0	$	(249	)

Consumer direct loans
Performing	$	46,323		$	33,967		$	24,707		$	14,173		$	12,904		$	17,610		$	0	$	149,684
Nonperforming		19			0			16			0			0			0			0		35
Total consumer direct loans		46,342			33,967			24,723			14,173			12,904			17,610			0		149,719

Consumer direct loans year-to-date gross charge-offs		(14	)		(242	)		(220	)		(197	)		(50	)		(57	)		0		(780	)

Consumer indirect loans
Performing		297,413			244,788			171,566			105,750			38,026			19,397			0		876,940
Nonperforming		31			292			165			100			21			6			0		615
Total consumer indirect loans		297,444			245,080			171,731			105,850			38,047			19,403			0		877,555

Consumer indirect loans year-to-date gross charge-offs		(69	)		(975	)		(2,732	)		(1,538	)		(423	)		(236	)		0		(5,973	)

Consumer loans
Performing		343,736			278,755			196,273			119,923			50,930			37,007			0		1,026,624
Nonperforming		50			292			181			100			21			6			0		650
Total consumer loans	$	343,786		$	279,047		$	196,454		$	120,023		$	50,951		$	37,013		$	0	$	1,027,274

Total consumer loans year-to-date gross charge-offs	$	(83	)	$	(1,217	)	$	(2,952	)	$	(1,735	)	$	(473	)	$	(293	)	$	0	$	(6,753	)

Term Loans Amortized Cost Basis by Origination Year As of December 31, 2024
(in thousands)	2024			2023			2022			2021			2020			Prior			Revolving Loans		Total
Home equity lines
Performing	$	0		$	0		$	0		$	0		$	0		$	7,121		$	159,656	$	166,777
Nonperforming		0			0			0			0			0			362			286		648
Total home equity lines		0			0			0			0			0			7,483			159,942		167,425

Home equity lines year-to-date gross charge-offs		0			0			0			0			0			(80	)		0		(80	)

Mortgage loans
Performing		197,756			192,959			140,265			146,391			107,009			250,201			0		1,034,581
Nonperforming		0			1,074			1,424			250			279			5,793			0		8,820
Total mortgage loans		197,756			194,033			141,689			146,641			107,288			255,994			0		1,043,401

Mortgage loans year-to-date gross charge-offs		0			0			(28	)		0			0			(97	)		0		(125	)

Residential loans
Performing		197,756			192,959			140,265			146,391			107,009			257,322			159,656		1,201,358
Nonperforming		0			1,074			1,424			250			279			6,155			286		9,468
Total residential loans	$	197,756		$	194,033		$	141,689		$	146,641		$	107,288		$	263,477		$	159,942	$	1,210,826

Total residential loans year-to-date gross charge-offs	$	0		$	0		$	0		$	(28	)	$	0		$	(177	)	$	0	$	(205	)

Consumer direct loans
Performing	$	54,745		$	35,179		$	21,456		$	17,509		$	9,839		$	13,846		$	0	$	152,574
Nonperforming		7			72			190			0			0			0			0		269
Total consumer direct loans		54,752			35,251			21,646			17,509			9,839			13,846			0		152,843

Consumer direct loans year-to-date gross charge-offs		(41	)		(314	)		(690	)		(85	)		(29	)		(61	)		0		(1,220	)

Consumer indirect loans
Performing		333,945			243,247			162,051			65,032			34,870			10,382			0		849,527
Nonperforming		117			324			218			63			40			0			0		762
Total consumer indirect loans		334,062			243,571			162,269			65,095			34,910			10,382			0		850,289

Consumer indirect loans year-to-date gross charge-offs		(363	)		(2,760	)		(2,609	)		(1,385	)		(236	)		(249	)		0		(7,602	)

Consumer loans
Performing		388,690			278,426			183,507			82,541			44,709			24,228			0		1,002,101
Nonperforming		124			396			408			63			40			0			0		1,031
Total consumer loans	$	388,814		$	278,822		$	183,915		$	82,604		$	44,749		$	24,228		$	0	$	1,003,132

Total consumer loans year-to-date gross charge-offs	$	(404	)	$	(3,074	)	$	(3,299	)	$	(1,470	)	$	(265	)	$	(310	)	$	0	$	(8,822	)

The total of consumer mortgage loans secured by real estate properties for which formal foreclosure proceedings are in process was $1.7 million at September 30, 2025 and $4.0 million at December 31, 2024.

Individually Evaluated Loans

If a loan does not share risk characteristics with other pooled loans in determining the ACL, the loan is evaluated for expected credit losses on an individual basis. Of the loans that CTBI has individually evaluated, the loans listed below by segment are those that are collateral dependent:

	September 30, 2025
(in thousands)	Number of Loans		Recorded Investment		Specific Reserve
Hotel/motel		1	$	3,519	$	0
Commercial real estate residential		1		1,521		0
Commercial real estate nonresidential		8		26,286		1,075
Commercial other		4		20,462		0
Total collateral dependent loans		14	$	51,788	$	1,075

	December 31, 2024
(in thousands)	Number of Loans		Recorded Investment		Specific Reserve
Hotel/motel		2	$	5,555	$	0
Commercial real estate residential		0		0		0
Commercial real estate nonresidential		8		27,087		325
Commercial other		3		12,963		0
Total collateral dependent loans		13	$	45,605	$	325

Based on the quarterly evaluation of losses for these credits, the combined amount of expected loss is $1.1 million. This expected loss is tied to four unrelated loans that demonstrate a shortfall in collateral which is insufficient to repay the principal balance of the loans in the event of a liquidation of the collateral and after estimated selling costs. All other evaluated credits show sufficient collateral to repay the entire loan balances after estimated selling costs. The hotel/motel, commercial real estate residential, and commercial real estate nonresidential segments are all collateralized with real estate. Four loans listed in the commercial other segment at September 30, 2025 are collateralized by inventory, equipment, and accounts receivable. The dealer floorplan is collateralized with automobiles.

Loan Modifications

Certain loans have been modified where the customer is facing financial difficulty and economic concessions were granted to borrowers, consisting of reductions in the interest rates, payment extensions, forgiveness of principal, and forbearances. These loans, segregated by loan segment and concession granted, are presented below for the three months ended September 30, 2025:

	Amortized Cost at September 30, 2025
(in thousands)	Interest Rate Reduction		% of total			Term Extension		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		0		0.00			41		0.01
Commercial real estate nonresidential		7,254		0.79			124		0.01
Dealer floorplans		0		0.00			0		0.00
Commercial other		0		0.00			169		0.05
Commercial loans		7,254		0.30			334		0.01

Real estate mortgage		435		0.04			2,780		0.24
Home equity lines		47		0.03			0		0.00
Residential loans		482		0.04			2,780		0.21

Consumer direct		0		0.00			0		0.00
Consumer indirect		0		0.00			302		0.03
Consumer loans		0		0.00			302		0.03

Loans and lease financing	$	7,736		0.16	%	$	3,416		0.07	%

	Amortized Cost at September 30, 2025
(in thousands)	Combination – Term Extension and Interest Rate Reduction		% of total			Payment Change		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		0		0.00			121		0.02
Commercial real estate nonresidential		242		0.03			0		0.00
Dealer floorplans		0		0.00			0		0.00
Commercial other		0		0.00			65		0.02
Commercial loans		242		0.01			186		0.01

Real estate mortgage		108		0.01			0		0.00
Home equity lines		95		0.05			0		0.00
Residential loans		203		0.02			0		0.00

Consumer direct		0		0.00			0		0.00
Consumer indirect		0		0.00			0		0.00
Consumer loans		0		0.00			0		0.00

Loans and lease financing	$	445		0.01	%	$	186		0.00	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended September 30, 2025:

Loan Type	Interest Rate Reduction Financial Impact	Term Extension Financial Impact
Commercial real estate residential		Added a weighted-average 0.3 years to life of the loans

Commercial real estate nonresidential	Reduced weighted-average contractual interest rate from 7.5% to 2.0%	Added a weighted-average 20.2 years to life of the loans

Commercial other		Added a weighted-average 0.3 years to life of the loans

Real estate mortgage	Reduced weighted-average contractual interest rate from 7.2% to 3.7%	Added a weighted-average 0.4 years to life of the loans

Home equity lines	Reduced weighted-average contractual interest rate from 8.9% to 7.5%

Consumer direct

Consumer indirect		Added a weighted-average 1.1 years to life of the loans

Loan Type	Combination – Term Extension and Interest Rate Reduction Financial Impact	Payment Changes Financial Impact
Commercial real estate residential		Provided payment changes that will be added to the end of the original loan term

Commercial real estate nonresidential	Reduced weighted-average contractual interest rate from 6.5% to 4.5% and increased the weighted-average life by 0.5 years

Commercial other		Provided payment changes that will be added to the end of the original loan term

Real estate mortgage	Reduced weighted-average contractual interest rate from 5.4% to 3.0% and increased the weighted-average life by 6.5 years

Home Equity Lines	Reduced weighted-average contractual interest rate from 8.7% to 7.5% and increased the weighted-average life by 9.0 years

Consumer indirect

These loans, segregated by loan segment and concession granted, are presented below for the nine months ended September 30, 2025:

	Amortized Cost at September 30, 2025
(in thousands)	Interest Rate Reduction		% of total			Term Extension		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		0		0.00			340		0.06
Commercial real estate nonresidential		7,381		0.80			2,616		0.28
Dealer floorplans		0		0.00			0		0.00
Commercial other		0		0.00			1,362		0.37
Commercial loans		7,381		0.30			4,318		0.18

Real estate mortgage		807		0.07			7,717		0.67
Home equity lines		47		0.03			320		0.17
Residential loans		854		0.06			8,037		0.60

Consumer direct		0		0.00			216		0.14
Consumer indirect		0		0.00			575		0.07
Consumer loans		0		0.00			791		0.08

Loans and lease financing	$	8,235		0.17	%	$	13,146		0.27	%

	Amortized Cost at September 30, 2025
(in thousands)	Combination – Term Extension and Interest Rate Reduction		% of total			Payment Change		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		1,065		0.19			121		0.02
Commercial real estate nonresidential		242		0.03			348		0.04
Dealer floorplans		0		0.00			0		0.00
Commercial other		378		0.10			460		0.12
Commercial loans		1,685		0.07			929		0.04

Real estate mortgage		717		0.06			35		0.00
Home equity lines		142		0.08			0		0.00
Residential loans		859		0.06			35		0.00

Consumer direct		0		0.00			0		0.00
Consumer indirect		0		0.00			149		0.02
Consumer loans		0		0.00			149		0.01

Loans and lease financing	$	2,544		0.05	%	$	1,113		0.02	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the nine months ended September 30, 2025:

Loan Type	Interest Rate Reduction Financial Impact	Term Extension Financial Impact
Commercial real estate residential		Added a weighted-average 0.9 years to life of the loans

Commercial real estate nonresidential	Reduced weighted-average contractual interest rate from 7.5% to 2.1%	Added a weighted-average 1.4 years to life of the loans

Commercial other		Added a weighted-average 3.8 years to life of the loans

Real estate mortgage	Reduced weighted-average contractual interest rate from 7.5% to 4.0%	Added a weighted-average 0.4 years to life of the loans

Home equity lines	Reduced weighted-average contractual interest rate from 8.9% to 7.5%	Added a weighted-average 2.9 years to life of the loans

Consumer direct		Added a weighted-average 0.3 years to life of the loans

Consumer indirect		Added a weighted-average 1.0 years to life of the loans

Loan Type	Combination – Term Extension and Interest Rate Reduction Financial Impact	Payment Changes Financial Impact
Commercial real estate residential	Reduced weighted-average contractual interest rate from 9.3% to 8.1% and increased the weighted-average life by 15.9 years	Provided payment changes that will be added to the end of the original loan term

Commercial real estate nonresidential	Reduced weighted-average contractual interest rate from 6.5% to 4.5% and increased the weighted-average life by 0.5 years	Provided payment changes that will be added to the end of the original loan term

Commercial other	Increased weighted-average contractual interest rate from 7.0% to 8.0% and increased the weighted-average life by 5.6 years	Provided payment changes that will be added to the end of the original loan term

Real estate mortgage	Reduced weighted-average contractual interest rate from 5.3% to 3.6% and increased the weighted-average life by 5.5 years	Provided payment changes that will be added to the end of the original loan term

Home equity lines	Reduced weighted-average contractual interest rate from 8.3% to 7.5% and increased the weighted-average life by 7.5 years

Consumer indirect		Provided payment changes that will be added to the end of the original loan term

These loans, segregated by class of loans and concessions granted, are presented below for the three months ended September 30, 2024:

	Amortized Cost at September 30, 2024
(in thousands)	Interest Rate Reduction		% of total			Term Extension		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		0		0.00			0		0.00
Commercial real estate nonresidential		0		0.00			0		0.00
Dealer floorplans		0		0.00			0		0.00
Commercial other		0		0.00			345		0.10
Commercial loans		0		0.00			345		0.02

Real estate mortgage		183		0.02			2,030		0.20
Home equity lines		0		0.00			0		0.00
Residential loans		183		0.02			2,030		0.17

Consumer direct		0		0.00			71		0.05
Consumer indirect		0		0.00			0		0.00
Consumer loans		0		0.00			71		0.01

Loans and lease financing	$	183		0.00	%	$	2,446		0.06	%

	Amortized Cost at September 30, 2024
(in thousands)	Combination – Term Extension and Interest Rate Reduction		% of total			Payment Change		% of total
Hotel/motel	$	0		0.00	%	$	1,954		0.43	%
Commercial real estate residential		0		0.00			0		0.00
Commercial real estate nonresidential		0		0.00			0		0.00
Dealer floorplans		0		0.00			0		0.00
Commercial other		164		0.05			195		0.06
Commercial loans		164		0.01			2,149		0.10

Real estate mortgage		258		0.03			0		0.00
Home equity lines		32		0.02			0		0.00
Residential loans		290		0.02			0		0.00

Consumer direct		0		0.00			1		0.00
Consumer indirect		0		0.00			9		0.00
Consumer loans		0		0.00			10		0.00

Loans and lease financing	$	454		0.01	%	$	2,159		0.05	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended September 30, 2024:

Loan Type	Interest Rate Reduction Financial Impact	Term Extension Financial Impact
Hotel/motel

Commercial real estate residential

Commercial real estate nonresidential

Dealer floorplans

Commercial other		Added a weighted-average 0.3 years to life of the loans

Real estate mortgage	Reduced weighted-average contractual interest rate from 6.2% to 3.3%	Added a weighted-average 1.4 years to life of the loans

Home equity lines

Consumer direct		Added a weighted-average 0.2 years to life of the loans

Consumer indirect

Loan Type	Combination – Term Extension and Interest Rate Reduction Financial Impact	Payment Changes Financial Impact
Hotel/motel		Provided payment changes that will be added to the end of the original loan term

Commercial real estate residential

Commercial real estate nonresidential

Dealer floorplans

Commercial other	Increased weighted-average contractual interest rate from 4.0% to 8.5% and increased the weighted-average life by 15.0 years	Provided payment changes that will be added to the end of the original loan term

Real estate mortgage	Weighted-average contractual interest rate remained at 8.5% and increased the weighted-average life by 20.0 years

Home equity lines	Reduced weighted-average contractual interest rate from 5.4% to 3.0% and increased the weighted-average life by 1.4 years

Consumer direct		Provided payment changes that will be added to the end of the original loan term

Consumer indirect		Provided payment changes that will be added to the end of the original loan term

Those loans, segregated by class of loans and concession granted, are presented below for the nine months ended September 30, 2024:

	Amortized Cost at September 30, 2024
(in thousands)	Interest Rate Reduction		% of total			Term Extension		% of total
Hotel/motel	$	0		0.00	%	$	0		0.00	%
Commercial real estate residential		0		0.00			78		0.02
Commercial real estate nonresidential		0		0.00			0		0.00
Dealer floorplans		0		0.00			0		0.00
Commercial other		0		0.00			937		0.26
Commercial loans		0		0.00			1,015		0.05

Real estate mortgage		1,020		0.10			7,125		0.71
Home equity lines		0		0.00			31		0.02
Residential loans		1,020		0.09			7,156		0.61

Consumer direct		0		0.00			103		0.07
Consumer indirect		0		0.00			279		0.03
Consumer loans		0		0.00			382		0.04

Loans and lease financing	$	1,020		0.02	%	$	8,553		0.20	%

	Amortized Cost at September 30, 2024
(in thousands)	Combination – Term Extension and Interest Rate Reduction		% of total			Payment Change		% of total
Hotel/motel	$	0		0.00	%	$	1,954		0.43	%
Commercial real estate residential		13		0.00			206		0.04
Commercial real estate nonresidential		27		0.00			0		0.00
Dealer floorplans		0		0.00			0		0.00
Commercial other		174		0.05			934		0.26
Commercial loans		214		0.01			3,094		0.14

Real estate mortgage		590		0.06			0		0.00
Home equity lines		112		0.07			0		0.00
Residential loans		702		0.06			0		0.00

Consumer direct		0		0.00			1		0.00
Consumer indirect		0		0.00			64		0.01
Consumer loans		0		0.00			65		0.01

Loans and lease financing	$	916		0.02	%	$	3,159		0.07	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the nine months ended September 30, 2024:

Loan Type	Interest Rate Reduction Financial Impact	Term Extension Financial Impact
Hotel/motel

Commercial real estate residential		Added a weighted-average 0.3 years to life of the loans

Commercial real estate nonresidential

Dealer floorplans

Commercial other		Added a weighted-average 0.3 years to life of the loans

Real estate mortgage	Reduced weighted-average contractual interest rate from 7.8% to 4.7%	Added a weighted-average 0.8 years to life of the loans

Home equity lines		Added a weighted-average 0.5 years to life of the loans

Consumer direct		Added a weighted-average 0.1 years to life of the loans

Consumer indirect		Added a weighted-average 0.3 years to life of the loans

Loan Type	Combination – Term Extension and Interest Rate Reduction Financial Impact	Payment Changes Financial Impact
Hotel/motel		Provided payment changes that will be added to the end of the original loan term

Commercial real estate residential	Weighted-average contractual interest rate remained at 8.5% and increased the weighted-average life by 4.0 years	Provided payment changes that will be added to the end of the original loan term

Commercial real estate nonresidential	Increased weighted-average contractual interest rate from 6.0% to 8.5% and increased the weighted-average life by 10.3 years

Dealer floorplans

Commercial other	Increased weighted-average contractual interest rate from 4.3% to 8.5% and increased the weighted-average life by 14.3 years	Provided payment changes that will be added to the end of the original loan term

Real estate mortgage	Reduced weighted-average contractual interest rate from 5.6% to 4.2% and increased the weighted-average life by 4.3 years

Home equity lines	Reduced weighted-average contractual interest rate from 9.3% to 8.6% and increased the weighted-average life by 13.1 years

Consumer direct		Provided payment changes that will be added to the end of the original loan term

Consumer indirect		Provided payment changes that will be added to the end of the original loan term

Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual. Commercial and consumer loans modified due to a borrower’s financial difficulty are closely monitored for delinquency as an early indicator of possible future default. If a loan to a borrower experiencing financial difficulty subsequently defaults, CTBI evaluates the loan for possible further impairment. The table below represents the payment status of loans to borrowers experiencing financial difficulty for the past 12 months as of September 30, 2025.

	Past Due Status (Amortized Cost Basis)
(in thousands)	Current			30-89 Days		90+ Days	Nonaccrual
Hotel/motel	$	834	$	0	$	0	$	0
Commercial real estate residential		1,807		0		0		602
Commercial real estate nonresidential		10,874		109		0		0
Dealer floorplans		279		0		0		0
Commercial other		2,143		545		314		24
Real estate mortgage		10,168		1,062		728		216
Home equity lines		170		245		0		166
Consumer direct		231		0		0		0
Consumer indirect		873		28		0		0
Loans to borrowers experiencing financial difficulty	$	27,379	$	1,989	$	1,042	$	1,008

The allowance for credit losses may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. During the quarter ended September 30, 2025, there were eleven loans to borrowers experiencing financial difficulty that subsequently defaulted. CTBI considers a loan in default when it is 90 days or more past due or transferred to nonaccrual. Presented below, segregated by segment, are loans to borrowers experiencing financial difficulty for which there was a payment default during the periods indicated and such default was within 12 months of the loan modification.

	Three Months Ended September 30, 2025
(in thousands)	Number of Loans		Recorded Balance
Commercial:
Commercial other		2	$	219
Residential:
Real estate mortgage		8		845
Home equity lines		1		23
Loans to borrowers experiencing financial difficulty		11	$	1,087

	Nine Months Ended September 30, 2025
(in thousands)	Number of Loans		Recorded Balance
Commercial:
Commercial other		3	$	314
Residential:
Real estate mortgage		12		1,075
Home equity lines		1		23
Loans to borrowers experiencing financial difficulty		16	$	1,412

	Three Months Ended September 30, 2024
(in thousands)	Number of Loans		Recorded Balance
Real estate mortgage		5	$	467
Total loans experiencing financial difficulty		5	$	467

	Nine Months Ended September 30, 2024
(in thousands)	Number of Loans		Recorded Balance
Commercial real estate residential		1	$	237
Commercial other		4		316
Real estate mortgage		8		1,263
Total loans experiencing financial difficulty		13	$	1,816

Financial instrument credit losses apply to off-balance sheet credit exposures such as unfunded loan commitments and standby letters of credit. A liability for expected credit losses for off-balance sheet exposures is recognized if the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancellable by the entity. Changes in this allowance are reflected in provision expense. The total unfunded commitment off-balance sheet credit exposure at September 30, 2025 and 2024 is presented below:

	Three Months Ended September 30, 2025
(in thousands)	Beginning Balance			Provision Charged to Expense				Losses Charged Off			Recoveries			Ending Balance
ACL for unfunded commitments:
Commercial		$	899		$	(77	)		$	0		$	0		$	822
Real estate mortgage			420			(115	)			0			0			305
Consumer			23			0				0			0			23
Total unfunded commitment off-balance sheet credit exposure		$	1,342		$	(192	)		$	0		$	0		$	1,150

	Nine Months Ended September 30, 2025
(in thousands)	Beginning Balance			Provision Charged to Expense				Losses Charged Off			Recoveries			Ending Balance
ACL for unfunded commitments:
Commercial		$	1,071		$	(249	)		$	0		$	0		$	822
Real estate mortgage			372			(67	)			0			0			305
Consumer			22			1				0			0			23
Total unfunded commitment off-balance sheet credit exposure		$	1,465		$	(315	)		$	0		$	0		$	1,150

	Three Months Ended September 30, 2024
(in thousands)	Beginning Balance			Provision Charged to Expense			Losses Charged Off			Recoveries			Ending Balance
ACL for unfunded commitments:
Commercial		$	1,071		$	0		$	0		$	0		$	1,071
Real estate mortgage			372			0			0			0			372
Consumer			22			0			0			0			22
Total unfunded commitment off-balance sheet credit exposure		$	1,465		$	0		$	0		$	0		$	1,465

	Nine Months Ended September 30, 2024
(in thousands)	Beginning Balance			Provision Charged to Expense			Losses Charged Off			Recoveries			Ending Balance
ACL for unfunded commitments:
Commercial		$	1,071		$	0		$	0		$	0		$	1,071
Real estate mortgage			372			0			0			0			372
Consumer			22			0			0			0			22
Total unfunded commitment off-balance sheet credit exposure		$	1,465		$	0		$	0		$	0		$	1,465

Note 5 – Repurchase Agreements

We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and provide additional funding to our balance sheet. Repurchase agreements are transactions whereby we offer to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates CTBI to repurchase the security on an agreed upon date at an agreed upon repurchase price plus interest at an agreed upon rate. Securities sold under agreements to repurchase are recorded at the amount of cash received in connection with the transaction and are reflected in the accompanying consolidated balance sheets.

We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities. The primary risk with our repurchase agreements is market risk associated with the securities securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The carrying value of investment securities available-for-sale pledged as collateral under repurchase agreements totaled $356.9 million and $292.2 million at September 30, 2025 and December 31, 2024, respectively.

The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets as of September 30, 2025 and December 31, 2024 is presented in the following tables:

	September 30, 2025
	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions:
U.S. Treasury and government agencies	$	11,849	$	0	$	13	$	11,222	$	23,084
State and political subdivisions		108,047		0		2,038		16,098		126,183
Agency mortgage-backed securities		25,506		0		481		95,090		121,077
Asset-backed securities		3,304		0		0		11,215		14,519
Total repurchase agreements	$	148,706	$	0	$	2,532	$	133,625	$	284,863

	December 31, 2024
	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions:
U.S. Treasury and government agencies	$	23,240	$	11	$	7,657	$	25,482	$	56,390
State and political subdivisions		108,775		489		7,288		3,700		120,252
Agency mortgage-backed securities		17,756		0		34,355		7,091		59,202
Asset-backed securities		4,322		0		0		0		4,322
Total repurchase agreements	$	154,093	$	500	$	49,300	$	36,273	$	240,166

Repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. Repurchase agreements are reported to these arrangements on a gross basis. The following table presents information regarding repurchase agreements as if it was presented on a net basis as of September 30, 2025 and December 31, 2024:

							Gross Amount Not Offset in the Balance Sheet
(in thousands)	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Balance Sheet		Net Amount of Liabilities Presented in the Balance Sheet		Financial Instruments Posted as Collateral			Cash Posted as Collateral		Net Amount
September 30, 2025:
Repurchase agreements	$	284,863	$	0	$	284,863	$	(284,863	)	$	0	$	0

December 31, 2024:
Repurchase agreements	$	240,166	$	0	$	240,166	$	(240,166	)	$	0	$	0

Amounts disclosed for collateral received or posted include cash and securities up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral may exceed the amounts presented. Refer to Note 3 for the total fair value of financial instruments pledged as collateral for repurchase agreements.

Note 6 – Fair Value of Financial Assets and Liabilities

Fair Value Measurements

ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. In this standard, the FASB clarifies the principle that fair value should be based on the exit price when pricing the asset or liability. In support of this principle, ASC 820 establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows:

Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities.

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in determining an exit price for the assets or liabilities.

A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. CTBI’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and CTBI considers factors specific to the assets or liabilities. The following is a description of the valuation methodologies used for CTBI’s assets and liabilities measured at fair value on a recurring basis.

Recurring Measurements

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

			Fair Value Measurements at September 30, 2025 Using
(in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured – recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies	$	234,613	$	0	$	234,613	$	0
State and political subdivisions		263,729		0		263,729		0
Agency mortgage-backed securities		509,099		0		509,099		0
Asset-backed securities		30,524		0		30,524		0
Equity securities at fair value		3,961		0		0		3,961
Mortgage servicing rights		6,874		0		0		6,874

			Fair Value Measurements at December 31, 2024 Using
(in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured – recurring basis
Available-for-sale securities:
U.S. Treasury and government agencies	$	341,495	$	328,569	$	12,926	$	0
State and political subdivisions		253,557		0		253,557		0
Agency mortgage-backed securities		409,709		0		409,709		0
Asset-backed securities		50,967		0		50,967		0
Equity securities at fair value		3,781		0		0		3,781
Mortgage servicing rights		7,357		0		0		7,357

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. These valuation methodologies were applied to all of CTBI’s financial assets carried at fair value. CTBI had no liabilities measured and recorded at fair value as of September 30, 2025 and December 31, 2024. There have been no significant changes in the valuation techniques during the quarter ended September 30, 2025. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Uncertainty of Fair Value Measurements

The following is a discussion of the uncertainty of fair value measurements, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement, and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

•	Available-for-Sale Securities

Securities classified as AFS are reported at fair value on a recurring basis. U.S. Treasury and government agencies are classified as Level 1 of the valuation hierarchy where quoted market prices are available in the active market on which the individual securities are traded.

If quoted market prices are not available, CTBI obtains fair value measurements from an independent pricing service, such as Interactive Data, which utilizes pricing models to determine fair value measurement. CTBI reviews the pricing quarterly to verify the reasonableness of the pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other factors. U.S. Treasury and government agencies, state and political subdivisions, agency mortgage-backed securities, and asset-backed securities are classified as Level 2 inputs.

In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements are estimated on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States.

•	Equity Securities at Fair Value

As of September 30, 2025 and December 31, 2024, the only securities owned by CTBI that were valued using Level 3 criteria are Visa Class B Stock (included in equity securities at fair value). Fair value for Visa Class B Stock is determined by utilizing assumptions about factors such as quarterly common stock dividend payments, the conversion of the securities to the relevant Class A Stock shares subject to the prevailing conversion rate and conversion date. We have concluded the assumptions, processes, and conclusions to be reasonable and appropriate in determining the fair value of this asset. See the tables below for inputs and valuation techniques used for Level 3 equity securities.

Fair value for equity securities is derived based on unobservable inputs, such as the discount rate, quarterly dividends payable to the Visa Class B common stock, and the prevailing conversion rate at the conversion date. The most recent conversion rate of 1.5549 and the most recent dividend rate of 0.9174 were used to derive the fair value estimate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for discount rate is accompanied by a directionally opposite change in the fair value estimate. The weighted averages presented in the tables below are determined by taking the median of the estimates in conversion dates and discount rate.

•	Mortgage Servicing Rights

Mortgage servicing rights (“MSRs”) do not trade in an active, open market with readily observable prices. CTBI reports MSRs at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value.

In determining fair value, CTBI utilizes assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends, and industry demand. Due to the nature of the valuation inputs, MSRs are classified within Level 3 of the hierarchy. We have determined these assumptions, processes, and conclusions to be reasonable and appropriate in determining the fair value of this asset. See the table below for inputs and valuation techniques used for Level 3 MSRs.

Fair value for MSRs is derived based on unobservable inputs, such as prepayment speeds of the underlying loans generated using the Andrew Davidson Prepayment Model, FHLMC/FNMA guidelines, the weighted average life of the loan, the discount rate, the weighted average coupon, and the weighted average default rate. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for prepayment speeds is accompanied by a directionally opposite change in the assumption for interest rates.

Level 3 Reconciliation

Following is a reconciliation of the beginning and ending balances of recurring fair value measurements, for the periods indicated, using significant unobservable (Level 3) inputs:

	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(in thousands)	Equity Securities at Fair Value			Mortgage Servicing Rights			Equity Securities at Fair Value		Mortgage Servicing Rights
Beginning balance	$	4,410		$	7,096		$	3,054	$	7,749
Total unrealized gains (losses)
Included in net income		(449	)		(65	)		212		(494	)
Issues		0			36			0		34
Settlements		0			(193	)		0		(198	)
Ending balance	$	3,961		$	6,874		$	3,266	$	7,091

Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date	$	(449	)	$	(65	)	$	212	$	(494	)

	Nine Months Ended September 30, 2025					Nine Months Ended September 30, 2024
(in thousands)	Equity Securities at Fair Value		Mortgage Servicing Rights			Equity Securities at Fair Value		Mortgage Servicing Rights
Beginning balance	$	3,781	$	7,357		$	3,158	$	7,665
Total unrealized gains (losses)
Included in net income		180		(20	)		108		(173	)
Issues		0		85			0		100
Settlements		0		(548	)		0		(501	)
Ending balance	$	3,961	$	6,874		$	3,266	$	7,091

Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date	$	180	$	(20	)	$	108	$	(173	)

Realized and unrealized gains and losses for items reflected in the tables above are included in net income in the consolidated statements of income as follows:

Noninterest Income
	Three Months Ended								Nine Months Ended
	September 30								September 30
(in thousands)	2025				2024				2025				2024
Total gains (losses)		$	(707	)		$	(480	)		$	(388	)		$	(566	)

Nonrecurring Measurements

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a nonrecurring basis as of September 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

			Fair Value Measurements at September 30, 2025 Using
(in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured – nonrecurring basis
Collateral dependent loans	$	7,347	$	0	$	0	$	7,347
Other real estate owned		148		0		0		148

			Fair Value Measurements at December 31, 2024 Using
(in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets measured – nonrecurring basis
Collateral dependent loans	$	8,310	$	0	$	0	$	8,310
Other real estate owned		731		0		0		731

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Collateral Dependent Loans

The estimated fair value of collateral-dependent loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy.

CTBI considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Chief Credit Officer. Appraisals are reviewed for accuracy and consistency by the Chief Credit Officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Chief Credit Officer by comparison to historical results.

Loans considered collateral-dependent are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. There were two fair value adjustments to collateral-dependent loans during the nine months ended September 30, 2025 totaling $1.8 million, while there were no fair value adjustments to collateral-dependent loans during the nine months ended September 30, 2024. Fair value adjustments for the year ended December 31, 2024 were $0.1 million.

Other Real Estate Owned

Estimated fair value of other real estate owned (“OREO”) is based on appraisals or evaluations. OREO is classified within Level 3 of the fair value hierarchy. Long-lived assets are subject to nonrecurring fair value adjustments to reflect subsequent partial write-downs that are based on the observable market price or current appraised value of the collateral. Fair value adjustments to OREO disclosed above for the nine months ended September 30, 2025 and 2024 were $65 thousand and $6 thousand, respectfully, while fair value adjustments for the year ended December 31, 2024 were $63 thousand.

Our policy for determining the frequency of periodic reviews is based upon consideration of the specific properties and the known or perceived market fluctuations in a particular market and is typically between 12 and 18 months but generally not more than 24 months. Appraisers are selected from the list of approved appraisers maintained by management.

Unobservable (Level 3) Inputs

Unobservable inputs for mortgage servicing rights were weighted by loan amount. Unobservable inputs for equity securities were weighted by security value. Unobservable inputs for OREO were weighted by estimated cost to sell. The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at September 30, 2025 and December 31, 2024.

	Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value at September 30, 2025		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Equity securities at fair value	$	3,961	Discount cash flows, computer pricing model	Discount rate	8.0% - 12.0% (10.0%)
				Conversion date	Dec 2026 - Dec 2030 (Dec 2028)

Mortgage servicing rights	$	6,874	Discount cash flows, computer pricing model	Constant prepayment rate	0.0% - 22.3% (6.6%)
				Cost to service	$0 - $567 ($76)
				Probability of default	0.0% - 100.0% (1.2%)
				Discount rate	9.3% - 11.5% (9.7%)

Collateral-dependent loans	$	7,347	Market comparable properties	Marketability discount	18.8% - 23.0% (19.7%)

Other real estate owned	$	148	Market comparable properties	Comparability adjustments	0.0% - 10.0% (9.1%)

	Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value at December 31, 2024		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Equity securities at fair value	$	3,781	Discount cash flows, computer pricing model	Discount rate	8.0% - 12.0% (10.0%)
				Conversion date	Dec 2025 - Dec 2029 (Dec 2027)

Mortgage servicing rights	$	7,357	Discount cash flows, computer pricing model	Constant prepayment rate	0.0% - 21.2% (6.6%)
				Cost to service	$0 - $435 ($76)
				Probability of default	0.0% - 100.0% (1.7%)
				Discount rate	9.5% - 12.3% (10.1%)

Collateral-dependent loans	$	8,310	Market comparable properties	Marketability discount	11.5% - 18.9% (12.6%)

Other real estate owned	$	731	Market comparable properties	Comparability adjustments	10.0% - 58.53% (42.2%)

Fair Value of Financial Instruments

The following table presents estimated fair value of CTBI’s financial instruments as of September 30, 2025 and indicates the level within the fair value hierarchy of the valuation techniques. In accordance with the adoption of ASU 2016-01, the fair values as of September 30, 2025 were measured using an exit price notion.

			Fair Value Measurements at September 30, 2025 Using
(in thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	507,624	$	507,624	$	0	$	0
Certificates of deposit in other banks		245		0		245		0
Debt securities available-for-sale		1,037,965		0		1,037,965		0
Equity securities at fair value		3,961		0		0		3,961
Loans held for sale		483		492		0		0
Loans, net		4,734,780		0		0		4,733,747
Federal Home Loan Bank stock		5,061		0		5,061		0
Federal Reserve Bank stock		4,887		0		4,887		0
Accrued interest receivable		25,132		0		25,132		0

Financial liabilities:
Deposits	$	5,385,461	$	1,248,573	$	3,938,237	$	0
Repurchase agreements		284,863		0		0		284,826
Federal funds purchased		500		0		500		0
Advances from Federal Home Loan Bank		298		0		310		0
Long-term debt		63,843		0		0		54,687
Accrued interest payable		19,190		0		19,190		0

Unrecognized financial instruments:
Letters of credit	$	0	$	0	$	0	$	0
Commitments to extend credit		0		0		0		0
Forward sale commitments		0		0		0		0

The following table presents estimated fair value of CTBI’s financial instruments as of December 31, 2024 and indicates the level within the fair value hierarchy of the valuation techniques.

			Fair Value Measurements at December 31, 2024 Using
(in thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	369,505	$	369,505	$	0	$	0
Certificates of deposit in other banks		245		0		245		0
Debt securities available-for-sale		1,055,728		328,569		727,159		0
Equity securities at fair value		3,781		0		0		3,781
Loans held for sale		184		188		0		0
Loans, net		4,431,669		0		0		4,166,636
Federal Home Loan Bank stock		5,062		0		5,062		0
Federal Reserve Bank stock		4,887		0		4,887		0
Accrued interest receivable		24,758		0		24,758		0

Financial liabilities:
Deposits	$	5,070,189	$	1,242,676	$	3,598,253	$	0
Repurchase agreements		240,166		0		0		240,213
Federal funds purchased		500		0		500		0
Advances from Federal Home Loan Bank		314		0		322		0
Long-term debt		64,016		0		0		52,394
Accrued interest payable		8,378		0		8,378		0

Unrecognized financial instruments:
Letters of credit	$	0	$	0	$	0	$	0
Commitments to extend credit		0		0		0		0
Forward sale commitments		0		0		0		0

Note 7 – Segment Reporting

CTBI is a financial holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including CTB and Community Trust and Investment Company. As a community-oriented financial institution, the majority of CTBI’s operations consist of commercial and personal banking services. Management analyzes the operation of CTBI assuming one operating segment, community banking services. CTBI, through our operating subsidiaries, offers a wide range of consumer and commercial community banking services. Our chief operating decision maker is comprised of the executive officers of CTBI (the “Executive Committee”). The Executive Committee uses net income to allocate resources in the annual budget and forecasting process. The Executive Committee considers budget-to-actual variances on a monthly basis for profit measures when making decisions about allocating capital and personnel to the operating segment. The Executive Committee uses net interest income and noninterest income to allocate resources (including employees, financial, or capital resources) to that segment in the annual budget and forecasting process and uses that measure as a basis for evaluating product offerings and pricing. The following tables present information about reported segment revenue, measures of a segment’s profit or loss, and significant segment expenses for the quarters and nine months ended September 30, 2025 and 2024, and measure of a segment’s assets as of September 30, 2025 and December 31, 2024. CTBI does not allocate all holding company expenses, income taxes, or unusual items to the reportable segment. Accounting policies for the segment are the same as described in Note 1 above. All operations of CTBI are domestic. The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line item reconciliation to CTBI’s consolidated financial statement totals for the periods indicated.

(in thousands) Three Months Ended September 30, 2025	Community Banking Services		Holding Company			Eliminations			Consolidated
Interest income:
Interest and fees on loans, including loans held for sale	$	77,707	$	0		$	0		$	77,707
Interest and dividends on securities:
Taxable		5,762		0			0			5,762
Tax exempt		610		0			0			610
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock		190		0			0			190
Interest on Federal Reserve Bank deposits		4,194		0			0			4,194
Other, including interest on federal funds sold		70		29			0			99
Total interest income		88,533		29			0			88,562

Interest expense:
Interest on deposits		29,385		0			0			29,385
Interest on repurchase agreements and federal funds purchased		2,621		0			0			2,621
Interest on advances from Federal Home Loan Bank		0		0			0			0
Interest on long-term debt		102		954			(54	)		1,002
Total interest expense		32,108		954			(54	)		33,008

Net interest income		56,425		(925	)		54			55,554
Provision for credit losses		3,866		0			0			3,866
Net interest income after provision for credit losses		52,559		(925	)		54			51,688

Noninterest income:
Deposit related fees		8,131			0			0			8,131
Gains on sales of loans, net		89			0			0			89
Trust and wealth management income		4,419			0			(142	)		4,277
Loan related fees		897			0			0			897
Bank owned life insurance		1,144			0			0			1,144
Brokerage revenue		588			0			0			588
Securities gains (losses)		(449	)		0			0			(449	)
Dividend and undistributed income from subsidiaries		0			25,331			(25,331	)		0
Other noninterest income		1,565			310			(606	)		1,269
Total noninterest income		16,384			25,641			(26,079	)		15,946

Noninterest expense:
Officer salaries and employee benefits		3,908			650			(221	)		4,337
Other salaries and employee benefits		17,437			230			(230	)		17,437
Occupancy, net		2,468			0			0			2,468
Equipment		810			51			(68	)		793
Data processing		4,009			10			(444	)		3,575
Tax other than property and payroll		564			0			0			564
Legal fees		335			43			0			378
Professional fees		1,349			104			(786	)		667
Advertising and marketing		922			31			0			953
FDIC insurance		703			0			0			703
Other real estate owned provision and expense		99			0			0			99
Repossession expense		691			0			0			691
Other noninterest expense		3,984			245			(150	)		4,079
Total noninterest expense		37,279			1,364			(1,899	)		36,744

Income before income taxes		31,664			23,352			(24,126	)		30,890
Income taxes		7,538			(559	)		0			6,979
Net income	$	24,126		$	23,911		$	(24,126	)	$	23,911

(in thousands) Three Months Ended September 30, 2024	Community Banking Services		Holding Company			Eliminations			Consolidated
Interest income:
Interest and fees on loans, including loans held for sale	$	70,805	$	0		$	0		$	70,805
Interest and dividends on securities:
Taxable		6,025		0			0			6,025
Tax exempt		623		0			0			623
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock		180		0			0			180
Interest on Federal Reserve Bank deposits		2,044		0			0			2,044
Other, including interest on federal funds sold		104		33			0			137
Total interest income		79,781		33			0			79,814

Interest expense:
Interest on deposits		28,800		0			0			28,800
Interest on repurchase agreements and federal funds purchased		2,681		0			0			2,681
Interest on advances from Federal Home Loan Bank		0		0			0			0
Interest on long-term debt		94		1,103			(63	)		1,134
Total interest expense		31,575		1,103			(63	)		32,615

Net interest income		48,206		(1,070	)		63			47,199
Provision for credit losses		2,736		0			0			2,736
Net interest income after provision for credit losses		45,470		(1,070	)		63			44,463

Noninterest income:
Deposit related fees		7,886		0			0			7,886
Gains on sales of loans, net		80		0			0			80
Trust and wealth management income		3,707		0			0			3,707
Loan related fees		813		0			0			813
Bank owned life insurance		1,214		0			0			1,214
Brokerage revenue		563		0			0			563
Securities gains (losses)		213		0			0			213
Dividend and undistributed income from subsidiaries		0		23,258			(23,258	)		0
Other noninterest income		1,365		299			(577	)		1,087
Total noninterest income		15,841		23,557			(23,835	)		15,563

Noninterest expense:
Officer salaries and employee benefits		3,774		149			(208	)		3,715
Other salaries and employee benefits		15,806		218			(218	)		15,806
Occupancy, net		2,373		1			0			2,374
Equipment		697		53			(52	)		698
Data processing		3,197		4			(397	)		2,804
Taxes other than property and payroll		438		0			0			438
Legal fees		234		70			0			304
Professional fees		1,565		100			(945	)		720
Advertising and marketing		869		7			0			876
FDIC insurance		629		0			0			629
Other real estate owned provision and expense		13		0			0			13
Repossession expense		256		0			0			256
Other noninterest expense		3,759		268			(148	)		3,879
Total noninterest expense		33,610		870			(1,968	)		32,512

Income before income taxes		27,701		21,617			(21,804	)		27,514
Income taxes		5,897		(525	)		0			5,372
Net income	$	21,804	$	22,142		$	(21,804	)	$	22,142

(in thousands) Nine Months Ended September 30, 2025	Community Banking Services		Holding Company			Eliminations			Consolidated
Interest income:
Interest and fees on loans, including loans held for sale	$	226,271	$	0		$	0		$	226,271
Interest and dividends on securities:
Taxable		17,246		0			0			17,246
Tax exempt		1,840		0			0			1,840
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock		559		0			0			559
Interest on Federal Reserve Bank deposits		9,984		0			0			9,984
Other, including interest on federal funds sold		200		87			0			287
Total interest income		256,100		87			0			256,187

Interest expense:
Interest on deposits		85,013		0			0			85,013
Interest on repurchase agreements and federal funds purchased		7,291		0			0			7,291
Interest on advances from Federal Home Loan Bank		13		0			0			13
Interest on long-term debt		284		2,890			(165	)		3,009
Total interest expense		92,601		2,890			(165	)		95,326

Net interest income		163,499		(2,803	)		165			160,861
Provision for credit losses		9,528		0			0			9,528
Net interest income after provision for credit losses		153,971		(2,803	)		165			151,333

Noninterest income:
Deposit related fees		22,303		0			0			22,303
Gains on sales of loans, net		213		0			0			213
Trust and wealth management income		12,764		0			(414	)		12,350
Loan related fees		3,111		0			0			3,111
Bank owned life insurance		3,281		0			0			3,281
Brokerage revenue		1,608		0			0			1,608
Securities gains (losses)		181		0			0			181
Dividend and undistributed income from subsidiaries		0		75,445			(75,445	)		0
Other noninterest income		4,855		931			(1,819	)		3,967
Total noninterest income		48,316		76,376			(77,678	)		47,014

Noninterest expense:
Officer salaries and employee benefits		12,637		2,370			(663	)		14,344
Other salaries and employee benefits		49,202		690			(690	)		49,202
Occupancy, net		7,608		0			0			7,608
Equipment		2,317		154			(206	)		2,265
Data processing		11,065		27			(1,332	)		9,760
Tax other than property and payroll		1,666		0			0			1,666
Legal fees		1,043		214			0			1,257
Professional fees		4,052		309			(2,347	)		2,014
Advertising and marketing		2,376		15			0			2,391
FDIC insurance		2,080		0			0			2,080
Other real estate owned provision and expense		224		0			0			224
Repossession expense		1,148		0			0			1,148
Other noninterest expense		12,192		914			(450	)		12,656
Total noninterest expense		107,610		4,693			(5,688	)		106,615

Income before income taxes		94,677		68,880			(71,825	)		91,732
Income taxes		22,852		(1,902	)		0			20,950
Net income	$	71,825	$	70,782		$	(71,825	)	$	70,782

(in thousands) Nine Months Ended September 30, 2024	Community Banking Services		Holding Company			Eliminations			Consolidated
Interest income:
Interest and fees on loans, including loans held for sale	$	202,785	$	0		$	0		$	202,785
Interest and dividends on securities:
Taxable		19,087		0			0			19,087
Tax exempt		1,935		0			0			1,935
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock		564		0			0			564
Interest on Federal Reserve Bank deposits		6,756		0			0			6,756
Other, including interest on federal funds sold		236		101			0			337
Total interest income		231,363		101			0			231,464

Interest expense:
Interest on deposits		83,620		0			0			83,620
Interest on repurchase agreements and federal funds purchased		7,897		0			0			7,897
Interest on advances from Federal Home Loan Bank		15		0			0			15
Interest on long-term debt		278		3,379			(193	)		3,464
Total interest expense		91,810		3,379			(193	)		94,996

Net interest income		139,553		(3,278	)		193			136,468
Provision for credit losses		8,364		0			0			8,364
Net interest income after provision for credit losses		131,189		(3,278	)		193			128,104

Noninterest income:
Deposit related fees		22,205		0			0			22,205
Gains on sales of loans, net		244		0			0			244
Trust and wealth management income		10,960		0			0			10,960
Loan related fees		3,485		0			0			3,485
Bank owned life insurance		4,321		0			0			4,321
Brokerage revenue		1,736		0			0			1,736
Securities gains (losses)		110		0			0			110
Dividend and undistributed income from subsidiaries		0		64,526			(64,526	)		0
Other noninterest income		4,176		883			(1,715	)		3,344
Total noninterest income		47,237		65,409			(66,241	)		46,405

Noninterest expense:
Officer salaries and employee benefits		11,355		1,356			(623	)		12,088
Other salaries and employee benefits		47,146		654			(654	)		47,146
Occupancy, net		7,126		1			0			7,127
Equipment		2,086		152			(176	)		2,062
Data processing		9,157		12			(1,178	)		7,991
Taxes other than property and payroll		1,318		0			0			1,318
Legal fees		674		145			0			819
Professional fees		4,500		343			(2,828	)		2,015
Advertising and marketing		2,265		44			0			2,309
FDIC insurance		1,916		0			0			1,916
Other real estate owned provision and expense		73		0			0			73
Repossession expense		778		0			0			778
Other noninterest expense		11,131		824			(443	)		11,512
Total noninterest expense		99,525		3,531			(5,902	)		97,154

Income before income taxes		78,901		58,600			(60,146	)		77,355
Income taxes		18,755		(1,720	)		0			17,035
Net income	$	60,146	$	60,320		$	(60,146	)	$	60,320

The following tables present other segment disclosures for the periods indicated:

(in thousands) Three Months Ended September 30, 2025	Community Banking Services		Holding Company		Eliminations		Consolidated
Depreciation and amortization	$	1,025	$	51	$	0	$	1,076
Amortization of operating lease right-of-use assets		350		0		0		350
Significant non-cash items:
Provision for credit losses		3,866		0		0		3,866
Change in cash surrender value of bank owned life insurance		808		0		0		808
Expenditures for long-lived assets		1,153		35		0		1,188

(in thousands) Three Months Ended September 30, 2024	Community Banking Services		Holding Company		Eliminations		Consolidated
Depreciation and amortization	$	915	$	53	$	0	$	968
Amortization of operating lease right-of-use assets		372		0		0		372
Significant non-cash items:
Provision for credit losses		2,736		0		0		2,736
Change in cash surrender value of bank owned life insurance		909		0		0		909
Expenditures for long-lived assets		1,298		41		0		1,339

(in thousands) Nine Months Ended September 30, 2025	Community Banking Services		Holding Company		Eliminations		Consolidated
Depreciation and amortization	$	2,905	$	154	$	0	$	3,059
Amortization of operating lease right-of-use assets		1,185		0		0		1,185
Significant non-cash items:
Provision for credit losses		9,528		0		0		9,528
Change in cash surrender value of bank owned life insurance		2,262		0		0		2,262
Expenditures for long-lived assets		5,523		102		0		5,625

(in thousands) Nine Months Ended September 30, 2024	Community Banking Services		Holding Company		Eliminations		Consolidated
Depreciation and amortization	$	2,713	$	152	$	0	$	2,865
Amortization of operating lease right-of-use assets		895		0		0		895
Significant non-cash items:
Provision for credit losses		8,364		0		0		8,364
Change in cash surrender value of bank owned life insurance		3,401		0		0		3,401
Expenditures for long-lived assets		4,773		271		0		5,044

Below is a reconciliation of our reportable segment assets to CTBI’s consolidated total assets as of September 30, 2025 and December 31, 2024:

(in thousands)	September 30 2025			December 31 2024
Assets
Community banking services assets	$	6,631,839		$	6,186,518
Holding company assets		896,557			822,851
Elimination of subsidiary and parent cash and intercompany receivables		(4,082	)		(3,779	)
Elimination of investment in subsidiaries		(886,185	)		(812,345	)
Consolidated total assets	$	6,638,129		$	6,193,245

Note 8 – Revenue Recognition

CTBI’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid.

CTBI’s additional source of income, also referred to as noninterest income, includes service charges on deposit accounts, gains on sales of loans, trust and wealth management income, loan related fees, brokerage revenue, and other miscellaneous income and is largely based on contracts with customers. In these cases, CTBI recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. CTBI considers a customer to be any party to which we will provide goods or services that are an output of CTBI’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when CTBI’s financial statements are consolidated.

Generally, CTBI enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees, and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, CTBI does not have contract assets, contract liabilities, or related receivable accounts for contracts with customers. In cases where collectability is a concern, CTBI does not record revenue.

Generally, the pricing of transactions between CTBI and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts.

CTBI primarily operates in Kentucky and contiguous areas. Therefore, all significant operating decisions are based upon analysis of CTBI as one operating segment.

We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during CTBI’s ordinary activities primarily relates to MSRs, gains/losses on the sale of investment securities, gains/losses on the sale of OREO, gains/losses on the sale of property, plant and equipment, and income from bank owned life insurance.

Note 9 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands except per share data)	2025		2024		2025		2024
Numerator:
Net income	$	23,911	$	22,142	$	70,782	$	60,320

Denominator:
Basic earnings per share:
Weighted average shares		18,019		17,962		18,009		17,942
Diluted earnings per share:
Dilutive effect of equity grants		34		29		28		23
Adjusted weighted average shares		18,053		17,991		18,037		17,965

Earnings per share:
Basic earnings per share	$	1.33	$	1.23	$	3.93	$	3.36
Diluted earnings per share		1.32		1.23		3.92		3.36

There were no options to purchase common shares that were excluded from the diluted calculations above for the three and nine months ended September 30, 2025 and 2024. Unvested restricted stock grants were used in the calculation of diluted earnings per share based on the treasury method.

Note 10 – Accumulated Other Comprehensive Income (Loss)

The following table shows the reconciliation of accumulated other comprehensive income (loss) (“AOCI”) for the three and nine months ended September 30, 2025 and 2024 and amounts reclassified to earnings during these periods.

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2025			2024			2025			2024
Beginning balance	$	(80,617	)	$	(107,101	)	$	(98,369	)	$	(103,321	)

Unrealized holding gains on debt securities AFS		12,665			35,346			36,318			30,309
Tax expense		3,161			8,820			9,061			7,562
Unrealized holding gains on debt securities AFS, net of tax		9,504			26,526			27,257			22,747

Reclassification adjustments for realized gains included in securities		0			1			1			2
Tax expense		0			0			0			0
Reclassification adjustments for realized gains included in securities, net of tax		0			1			1			2

Other comprehensive income		9,504			26,525			27,256			22,745

Ending balance	$	(71,113	)	$	(80,576	)	$	(71,113	)	$	(80,576	)

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

Overview

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand Community Trust Bancorp, Inc. (“CTBI”), our operations, and our present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the accompanying notes thereto contained in Part I, Item 1 of this quarterly report, as well as our consolidated financial statements, the accompanying notes thereto, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December, 31, 2024.

Our Business

Community Trust Bancorp, Inc. (“CTBI”) is a bank holding company headquartered in Pikeville, Kentucky. Currently, we own one commercial bank, Community Trust Bank, Inc. (“CTB”) and one trust company, Community Trust and Investment Company. Through our subsidiaries, we have eighty-one banking locations in eastern, northern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee, four trust offices across Kentucky, and one trust office in northeastern Tennessee. At September 30, 2025, we had total consolidated assets of $6.6 billion and total consolidated deposits, including repurchase agreements, of $5.7 billion. Total shareholders’ equity at September 30, 2025 was $831.4 million. Trust assets under management at September 30, 2025 were $4.0 billion, including CTB’s investment portfolio totaling $1.0 billion.

Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of CTB include making commercial, construction, mortgage, and personal loans. Lines of credit, revolving lines of credit, term loans, and other specialized loans, including asset-based financing, are also available. Our corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees for employee benefit trusts, as paying agents for bond and stock issues, as investment agent, as depositories for securities, and as providers of full-service brokerage, and insurance services. For further information, see Item 1 of our annual report on Form 10-K for the year ended December 31, 2024.

Results of Operations and Financial Condition

We reported earnings for the third quarter 2025 of $23.9 million, or $1.33 per basic share, compared to $24.9 million, or $1.38 per basic share, earned during the second quarter 2025 and $22.1 million, or $1.23 per basic share, earned during the third quarter 2024. Total revenue for the quarter was $1.3 million above prior quarter and $8.7 million above prior year same quarter. Net interest revenue for the quarter increased $1.5 million compared to prior quarter and $8.4 million compared to prior year same quarter, and noninterest income decreased $0.2 million compared to prior quarter but increased $0.4 million compared to prior year same quarter. Our provision for credit losses for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter. Noninterest expense increased $1.1 million compared to prior quarter and $4.2 million compared to prior year same quarter. Earnings for the nine months ended September 30, 2025 were $10.5 million, or $0.57 per basic share, above prior year.

Quarterly Highlights

❖	Net interest income for the quarter of $55.6 million was $1.5 million, or 2.8%, above prior quarter and $8.4 million, or 17.7%, above prior year same quarter, as our net interest margin decreased 4 basis points from prior quarter but increased 21 basis points from prior year same quarter.

❖	Provision for credit losses at $3.9 million for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter.

❖	Noninterest income for the quarter ended September 30, 2025 of $15.9 million was $0.2 million, or 1.4%, below prior quarter but $0.4 million, or 2.5%, above prior year same quarter.

❖	Noninterest expense for the quarter ended September 30, 2025 of $36.7 million was $1.1 million, or 3.0%, above prior quarter and $4.2 million, or 13.0%, above prior year same quarter.

❖	Our loan portfolio at $4.8 billion increased $92.1 million, an annualized 7.8%, during the quarter and $307.3 million, or 6.8%, from prior year end.

❖	We had net loan charge-offs of $2.7 million, an annualized 0.23% of average loans, for the third quarter 2025 compared to $1.4 million, an annualized 0.12% of average loans, for the second quarter 2025 and $1.5 million, an annualized 0.14% of average loans, for the third quarter 2024.

❖	Our total nonperforming loans at $24.7 million increased $0.3 million during the quarter but decreased $2.0 million from prior year end. Nonperforming assets at $29.5 million increased $0.3 million during the quarter but decreased $0.8 million from prior year end.

❖	Deposits, including repurchase agreements, at $5.7 billion increased $212.2 million, an annualized 15.4%, during the quarter and $360.0 million, or 6.8%, from prior year end.

❖	Shareholders’ equity at $831.4 million increased $24.5 million, an annualized 12.0%, during the quarter and $73.8 million, or 9.7%, from prior year end.

Income Statement Review

Nine Months Ended September 30					Change
($ in thousands)	2025		2024		Amount		Percent (%)
Net interest income	$	160,861	$	136,468	$	24,393		17.9
Provision for credit losses		9,528		8,364		1,164		13.9
Noninterest income		47,014		46,405		609		1.3
Noninterest expense		106,615		97,154		9,461		9.7
Income taxes		20,950		17,035		3,915		23.0
Net income	$	70,782	$	60,320	$	10,462		17.3

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

	Three Months Ended
	September 30, 2025								September 30, 2024
($ in thousands)	Average Balances			Interest		Average Rate			Average Balances			Interest		Average Rate
Earning assets:

Loans (1)(2)(3)	$	4,736,104		$	77,799		6.52	%	$	4,300,652		$	70,872		6.56	%
Loans held for sale		194			7		14.32			183			6		13.04
Securities:
U.S. Treasury and agencies		707,479			4,156		2.33			769,283			4,055		2.10
Tax exempt state and political subdivisions (3)		97,935			813		3.29			100,943			830		3.27
Other securities		205,250			1,605		3.10			224,088			1,970		3.50
Federal Reserve Bank and Federal Home Loan Bank stock		10,581			190		7.16			11,294			180		6.34
Federal funds sold		261			3		4.56			0			0		0.00
Interest bearing deposits		391,229			4,260		4.32			161,613			2,146		5.28
Other investments		245			1		1.62			245			1		1.62
Investment in unconsolidated subsidiaries		1,856			29		6.20			1,859			34		7.28
Total earning assets	$	6,151,134		$	88,863		5.73	%	$	5,570,160		$	80,094		5.72	%
Allowance for credit losses		(58,150	)							(52,375	)
Total earnings assets, net of allowance for credit losses		6,092,984								5,517,785
Nonearning assets:
Cash and due from banks		56,847								58,206
Premises and equipment and right of use assets, net		67,848								62,607
Other assets		270,138								252,559
Total assets	$	6,487,817							$	5,891,157

Interest bearing liabilities:
Deposits:
Savings and demand deposits	$	2,483,470		$	14,478		2.31	%	$	2,328,697		$	16,462		2.81	%
Time deposits		1,542,244			14,907		3.83			1,233,011			12,338		3.98
Repurchase agreements and federal funds purchased		259,571			2,621		4.01			230,407			2,681		4.63
Advances from Federal Home Loan Bank		301			0		0.00			321			0		0.00
Long-term debt		63,872			950		5.90			64,102			1,092		6.78
Finance lease liability		3,855			52		5.35			3,440			42		4.86
Total interest bearing liabilities	$	4,353,313		$	33,008		3.01	%	$	3,859,978		$	32,615		3.36	%

Noninterest bearing liabilities:
Demand deposits		1,247,455								1,223,388
Other liabilities		64,033								59,693
Total liabilities		5,664,801								5,143,059

Shareholders’ equity		823,016								748,098
Total liabilities and shareholders’ equity	$	6,487,817							$	5,891,157

Net interest income, tax equivalent				$	55,855							$	47,479
Less tax equivalent interest income					301								280
Net interest income				$	55,554							$	47,199
Net interest spread							2.72	%							2.36	%
Benefit of interest free funding							0.88								1.03
Net interest margin							3.60	%							3.39	%

(1)	Interest includes fees on loans of $0.5 million for each of the three months ended September 30, 2025 and September 30, 2024.

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

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

	Nine Months Ended
	September 30, 2025								September 30, 2024
($ in thousands)	Average Balances			Interest		Average Rate			Average Balances			Interest		Average Rate
Earning assets:

Loans (1)(2)(3)	$	4,646,475		$	226,501		6.52	%	$	4,196,884		$	202,990		6.46	%
Loans held for sale		142			16		15.06			163			19		15.57
Securities:
U.S. Treasury and agencies		714,525			12,226		2.29			778,806			12,439		2.13
Tax exempt state and political subdivisions (3)		98,008			2,452		3.34			103,548			2,578		3.33
Other securities		209,683			5,020		3.20			232,303			6,647		3.82
Federal Reserve Bank and Federal Home Loan Bank stock		10,251			559		7.29			10,141			564		7.43
Federal funds sold		163			5		4.10			24			1		5.57
Interest bearing deposits		313,868			10,174		4.33			175,635			6,986		5.31
Other investments		245			4		2.18			245			4		2.18
Investment in unconsolidated subsidiaries		1,856			87		6.27			1,859			102		7.33
Total earning assets	$	5,995,216		$	257,044		5.73	%	$	5,499,608		$	232,330		5.64	%
Allowance for credit losses		(56,889	)							(51,101	)
Total earnings assets, net of allowance for credit losses		5,938,327								5,448,507
Nonearning assets:
Cash and due from banks		56,077								58,422
Premises and equipment and right of use assets, net		66,579								62,279
Other assets		266,201								255,572
Total assets	$	6,327,184							$	5,824,780

Interest bearing liabilities:
Deposits:
Savings and demand deposits	$	2,485,324		$	43,606		2.35	%	$	2,280,210		$	47,836		2.80	%
Time deposits		1,440,460			41,407		3.84			1,227,022			35,784		3.90
Repurchase agreements and federal funds purchased		242,601			7,291		4.02			227,972			7,897		4.63
Advances from Federal Home Loan Bank		672			13		2.59			691			15		2.90
Long-term debt		63,930			2,877		6.02			64,158			3,342		6.96
Finance lease liability		3,579			132		4.93			3,438			122		4.74
Total interest bearing liabilities	$	4,236,566		$	95,326		3.01	%	$	3,803,491		$	94,996		3.34	%

Noninterest bearing liabilities:
Demand deposits		1,232,161								1,242,687
Other liabilities		59,461								55,919
Total liabilities		5,528,188								5,102,097

Shareholders’ equity		798,996								722,683
Total liabilities and shareholders’ equity	$	6,327,184							$	5,824,780

Net interest income, tax equivalent				$	161,718							$	137,334
Less tax equivalent interest income					857								864
Net interest income				$	160,861							$	136,468
Net interest spread							2.72	%							2.30	%
Benefit of interest free funding							0.89								1.04
Net interest margin							3.61	%							3.34	%

(1)	Interest includes fees on loans of $1.7 million and $1.5 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

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

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

Net Interest Differential

The following table illustrates the approximate effect of volume and rate changes on net interest differentials between the three months ended September 30, 2025 and September 30, 2024.

Three Months Ended September 30	Total Change			Change Due to
(in thousands)		2025/2024		Volume			Rate
Interest income:
Loans	$	6,927		$	7,155		$	(228	)
Loans held for sale		1			0			1
U.S. Treasury and agencies		101			(311	)		412
Tax exempt state and political subdivisions		(17	)		(25	)		8
Other securities		(365	)		(174	)		(191	)
Federal Reserve Bank and Federal Home Loan Bank stock		10			(11	)		21
Federal funds sold		3			0			3
Interest bearing deposits		2,114			2,564			(450	)
Other investments		0			0			0
Investment in unconsolidated subsidiaries		(5	)		0			(5	)
Total interest income		8,769			9,198			(429	)

Interest expense:
Savings and demand deposits		(1,984	)		1,044			(3,028	)
Time deposits		2,569			3,004			(435	)
Repurchase agreements and federal funds purchased		(60	)		318			(378	)
Advances from Federal Home Loan Bank		0			0			0
Long-term debt		(142	)		(4	)		(138	)
Finance lease liability		10			5			5
Total interest expense		393			4,367			(3,974	)

Net interest income	$	8,376		$	4,831		$	3,545

The following table illustrates the approximate effect of volume and rate changes on net interest differentials between the nine months ended September 30, 2025 and September 30, 2024.

Nine Months Ended September 30	Total Change			Change Due to
(in thousands)		2025/2024		Volume			Rate
Interest income:
Loans	$	23,511		$	7,381		$	16,130
Loans held for sale		(3	)		(1	)		(2	)
U.S. Treasury and agencies		(213	)		(332	)		119
Tax exempt state and political subdivisions		(126	)		(46	)		(80	)
Other securities		(1,627	)		(231	)		(1,396	)
Federal Reserve Bank and Federal Home Loan Bank stock		(5	)		2			(7	)
Federal funds sold		4			1			3
Interest bearing deposits		3,188			1,575			1,613
Other investments		0			0			0
Investment in unconsolidated subsidiaries		(15	)		0			(15	)
Total interest income		24,714			8,349			16,365

Interest expense:
Savings and demand deposits		(4,230	)		1,365			(5,595	)
Time deposits		5,623			2,070			3,553
Repurchase agreements and federal funds purchased		(606	)		163			(769	)
Advances from Federal Home Loan Bank		(2	)		0			(2	)
Long-term debt		(465	)		(4	)		(461	)
Finance lease liability		10			2			8
Total interest expense		330			3,596			(3,266	)

Net interest income	$	24,384		$	4,753		$	19,631

For purposes of the above table, changes which are due to both rate and volume are allocated based on a percentage basis, using the absolute values of rate and volume variance as a basis for percentages. Income is stated at a fully taxable equivalent basis, using a 24.95% tax rate.

Net interest income for the quarter of $55.6 million was $1.5 million, or 2.8%, above prior quarter and $8.4 million, or 17.7%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.60% decreased 4 basis points from prior quarter but increased 21 basis points from prior year same quarter. Our quarterly average earning assets increased $168.0 million, an annualized 11.1%, from prior quarter and $581.0 million, or 10.4%, from prior year same quarter. Our yield on average earning assets decreased 3 basis points from prior quarter but increased 1 basis point from prior year same quarter, while our cost of funds increased 1 basis point from prior quarter but decreased 35 basis points from prior year same quarter. Net interest income for the nine months ended September 30, 2025 at $160.9 million was $24.4 million, or 17.9%, above prior year. Our ratio of average loans to deposits, including repurchase agreements, was 85.6% for the quarter ended September 30, 2025 compared to 86.6% for the quarter ended June 30, 2025 and 85.8% for the quarter ended September 30, 2024.

Provision for Credit Losses

Our provision for credit losses at $3.9 million for the quarter increased $1.8 million from prior quarter and $1.1 million from prior year same quarter. Of the provision for the quarter, $3.8 million was allotted to fund changes in loan volume and composition, $0.3 million was allotted based on quantitative and qualitative factors, and $0.2 million was credited against the provision for unfunded commitments. Provision for credit losses for the nine months ended September 30, 2025 of $9.5 million was a $1.2 million increase over the nine months ended September 30, 2024. Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2025 was 239.5% compared to 237.1% at June 30, 2025 and 212.7% at September 30, 2024. Our loan loss reserve as a percentage of total loans outstanding at September 30, 2025 remained at 1.23% from June 30, 2025 and September 30, 2024.

Noninterest Income

							Percent Change (%) 3Q 2025 Compared to:
($ in thousands)	3Q 2025		2Q 2025		3Q 2024		2Q 2025			3Q 2024			YTD 2025		YTD 2024		Percent Change (%)
Deposit related fees	$	8,131	$	7,350	$	7,886		10.6			3.1		$	22,303	$	22,205		0.4
Trust and wealth management income		4,277		4,092		3,707		4.5			15.4			12,350		10,960		12.7
Gains on sales of loans		89		77		80		15.6			11.3			213		244		(12.7	)
Loan related fees		897		1,249		813		(28.1	)		10.4			3,111		3,485		(10.7	)
Bank owned life insurance revenue		1,144		1,102		1,214		3.8			(5.8	)		3,281		4,321		(24.1	)
Brokerage revenue		588		526		563		11.8			4.5			1,608		1,736		(7.4	)
Other		820		1,775		1,300		(53.8	)		(36.9	)		4,148		3,454		20.1
Total noninterest income	$	15,946	$	16,171	$	15,563		(1.4	)		2.5		$	47,014	$	46,405		1.3

Noninterest income for the quarter ended September 30, 2025 of $15.9 million was $0.2 million, or 1.4%, below prior quarter but $0.4 million, or 2.5%, above prior year same quarter. The variance quarter over quarter was primarily the result of decreases in net securities gains ($0.6 million) and loan related fees ($0.4 million), partially offset by increased deposit related fees ($0.8 million). The decrease in securities gains was the result of a change in the valuation of our equity securities. The decrease in loan related fees was the result of the change in valuation of our mortgage servicing rights. Year over year increases in trust and wealth management income ($0.6 million) and deposit related fees ($0.2 million) were partially offset by a decrease in securities gains ($0.7 million). Noninterest income for the nine months ended September 30, 2025 of $47.0 million was a $0.6 million, or 1.3%, increase from prior year.

Noninterest Expense

							Percent Change (%) 3Q 2025 Compared to:
($ in thousands)	3Q 2025		2Q 2025		3Q 2024		2Q 2025			3Q 2024		YTD 2025		YTD 2024		Percent Change (%)
Salaries	$	13,913	$	13,667	$	13,374		1.8			4.0	$	40,849	$	39,447		3.6
Employee benefits		7,861		7,987		6,147		(1.6	)		27.9		22,697		19,787		14.7
Net occupancy and equipment		3,261		3,172		3,072		2.8			6.2		9,873		9,189		7.4
Data processing		3,575		3,326		2,804		7.5			27.5		9,760		7,991		22.1
Legal and professional fees		1,045		1,001		1,024		4.5			2.1		3,271		2,834		15.4
Advertising and marketing		953		765		876		24.5			8.7		2,391		2,309		3.5
Taxes other than property and payroll		564		573		438		(1.6	)		28.7		1,666		1,318		26.4
Other		5,572		5,172		4,777		7.7			16.6		16,108		14,279		12.8
Total noninterest expense	$	36,744	$	35,663	$	32,512		3.0			13.0	$	106,615	$	97,154		9.7

Noninterest expense for the quarter ended September 30, 2025 of $36.7 million was $1.1 million, or 3.0%, above prior quarter and $4.2 million, or 13.0%, above prior year same quarter. The quarter over quarter increase primarily resulted from increases in repossession expense ($0.4 million), data processing expense ($0.2 million), and marketing and promotional ($0.2 million). A $1.3 million increase in group medical and life insurance expense was partially offset by a $1.2 million decrease in the accrual for the annual incentive payment to employees, based on projected net income for the year. The year over year increase included increases in personnel expense ($2.3 million), data processing expense ($0.8 million), repossession expense ($0.4 million), and marketing and promotional ($0.2 million). The increase in personnel expense included a $1.2 million increase in group medical and life insurance expense, a $0.5 million increase in salaries, a $0.2 million increase in bonuses and incentives, and a $0.4 million increase in other employee benefits. Noninterest expense for the nine months ended September 30, 2025 of $106.6 million increased $9.5 million, or 9.7%, from prior year.

Balance Sheet Review

CTBI’s total assets at $6.6 billion increased $247.2 million, 15.3% annualized, during the quarter and $444.9 million, 9.6% annualized, from prior year end. Loans outstanding at $4.8 billion increased $92.1 million, 7.8% annualized, during the quarter and $307.3 million, 9.2% annualized, from prior year end. The increase in loans from prior quarter included a $42.3 million increase in the commercial loan portfolio and a $51.9 million increase in the residential loan portfolio, partially offset by a $0.9 million decrease in the consumer indirect loan portfolio and a $1.2 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio increased $42.5 million, 16.9% annualized, during the quarter but decreased $17.6 million, 2.2% annualized, from prior year end. Deposits in other banks increased $117.7 million from prior quarter and $139.9 million from prior year end.

Deposits, including repurchase agreements, at $5.7 billion increased $212.2 million, 15.4% annualized, during the quarter and $360.0 million, 9.1% annualized, from prior year end. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of September 30, 2025, two customers accounted for 3% each of our $5.4 billion in deposits. Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $831.4 million increased $24.5 million, 12.0% annualized, during the quarter and $73.8 million, 13.0% annualized, from prior year end. Net unrealized losses on securities, net of deferred taxes, were $71.1 million at September 30, 2025, compared to $80.6 million at June 30, 2025 and $98.4 million at December 31, 2024.

Loans

($ in thousands)	September 30, 2025
Loan Category	Balance		Variance from Prior Year (%)			Net (Charge Offs)/ Recoveries			Nonperforming		ACL
Commercial:
Hotel/motel	$	483,833		5.4		$	0		$	0	$	5,624
Commercial real estate residential		573,270		12.8			(109	)		3,302		6,480
Commercial real estate nonresidential		921,682		6.5			(991	)		11,332		12,365
Dealer floorplans		73,842		(13.1	)		0			0		614
Commercial other		372,283		4.7			(881	)		1,259		3,501
Total commercial		2,424,910		6.7			(1,981	)		15,893		28,584

Residential:
Real estate mortgage		1,157,540		10.9			(219	)		7,415		13,525
Home equity		184,191		10.0			8			729		1,623
Total residential		1,341,731		10.8			(211	)		8,144		15,148

Consumer:
Consumer direct		149,719		(2.0	)		(481	)		35		2,052
Consumer indirect		877,555		3.2			(3,003	)		615		13,351
Total consumer		1,027,274		2.4			(3,484	)		650		15,403

Total loans	$	4,793,915		6.8		$	(5,676	)	$	24,687	$	59,135

Total Deposits and Repurchase Agreements

							Percent Change (%) 3Q 2025 Compared to:
($ in thousands)	3Q 2025		2Q 2025		YE 2024		2Q 2025			YE 2024
Noninterest bearing deposits	$	1,248,573	$	1,258,205	$	1,242,676		(0.8	)		0.5
Interest bearing deposits
Interest checking		194,327		173,795		167,736		11.8			15.9
Money market savings		1,815,111		1,820,230		1,781,415		(0.3	)		1.9
Savings accounts		501,189		508,467		511,378		(1.4	)		(2.0	)
Time deposits		1,626,261		1,472,311		1,366,984		10.5			19.0
Repurchase agreements		284,863		225,075		240,166		26.6			18.6
Total interest bearing deposits and repurchase agreements		4,421,751		4,199,878		4,067,679		5.3			8.7
Total deposits and repurchase agreements	$	5,670,324	$	5,458,083	$	5,310,355		3.9			6.8

Deposit Maturities

Maturities of uninsured certificates of deposit and other time deposits are presented below:

	Maturities by Period at September 30, 2025
(in thousands)	Total		Within 1 Year		2 Years		3 Years		4 Years		5 Years		After 5 Years
Uninsured certificates of deposits and other time deposits greater than $250,000	$	474,891	$	459,507	$	2,760	$	9,036	$	2,670	$	918	$	0

As of September 30, 2025, we had approximately $1.5 million in uninsured deposits. CTBI has no brokered deposits.

Repurchase Agreements

Repurchase agreements are accounted for as secured borrowings. The following table presents information regarding the balances of our repurchase agreement borrowings as of and for the periods indicated:

	Repurchase Agreements
($ in thousands)	Balance Outstanding as of Quarter End		Average Balance Outstanding For the Quarter End		Maximum Balance Outstanding During the Quarter Ended
September 30, 2025	$	284,863	$	258,292	$	284,863
December 31, 2024		240,166		233,183		240,166
September 30, 2024		233,324		229,410		239,487

Asset Quality

Our total nonperforming loans at $24.7 million increased $0.3 million from prior quarter but decreased $2.0 million from prior year end. Accruing loans 90+ days past due at $9.0 million increased $0.6 million from prior quarter but decreased $1.3 million from prior year end. Nonaccrual loans at $15.6 million decreased $0.3 million from prior quarter and $0.7 million from prior year end. Accruing loans 30-89 days past due at $18.5 million decreased $1.6 million from prior quarter but increased $1.7 million from prior year end. Nonaccrual loans to totals loans were 0.3% at September 30, 2025 compared to 0.4% at December 31, 2024. The allowance for credit losses to nonaccrual loans for the quarter ended September 30, 2025 was 377.9% compared to 335.8% at December 31, 2024. Our loan portfolio risk management processes include weekly delinquent loan review meetings at the market levels and monthly delinquent loan review meetings involving senior corporate management to review all nonaccrual loans and loans 30 days or more past due. Any activity regarding a criticized/classified loan (i.e. problem loan) must be approved by CTB’s Watch List Asset Committee (i.e. Problem Loan Committee). CTB’s Watch List Asset Committee also meets on a quarterly basis and reviews every criticized/classified loan of $100,000 or greater. CTB’s Loan Portfolio Risk Management Committee also meets quarterly focusing on the overall asset quality and risk metrics of the loan portfolio. We also have a Loan Review Department that reviews every market within CTB annually and performs extensive testing of the loan portfolio to assure the accuracy of loan grades and classifications for delinquency, loan modifications for borrowers experiencing financial difficulty, nonaccrual status, and adequate loan loss reserves. The Loan Review Department has annually reviewed on average 97% of the outstanding commercial loan portfolio for the past three years. The average annual review percentage of the consumer and residential loan portfolio for the past three years was 82% based on the loan production during the number of months included in the review scope. The review scope is generally four to six months of production. CTBI generally does not offer high risk loans such as option ARM products, high loan to value ratio mortgages, interest-only loans, loans with initial teaser rates, or loans with negative amortizations, and therefore, CTBI would have no significant exposure to these products. For further information regarding nonperforming loans, see Note 4 to the condensed consolidated financial statements contained herein.

We had net loan charge-offs of $2.7 million, an annualized 0.23% of average loans, compared to $1.4 million, an annualized 0.12% of average loans, for the prior quarter and $1.5 million, an annualized 0.14% of average loans, for the prior year same period. Of the net charge-offs for the quarter, $1.2 million were in commercial loans, $0.1 million were in residential loans, $1.2 million were in consumer indirect loans, and $0.2 million were in consumer direct loans. The primary increase in net charge-offs consisted of a $1 million charge-off on one commercial credit totaling $8 million. Year-to-date net charge-offs were $5.7 million, an annualized 0.16% of average loans, compared to $4.5 million, an annualized 0.14% of average loans, for the same period prior year.

Dividends

The following schedule shows the quarterly cash dividends paid for the past six quarters:

Pay Date	Record Date	Amount Per Share
October 1, 2025	September 15, 2025	$0.53
July 1, 2025	June 15, 2025	$0.47
April 1, 2025	March 15, 2025	$0.47
January 1, 2025	December 15, 2024	$0.47
October 1, 2024	September 15, 2024	$0.47
July 1, 2024	June 15, 2024	$0.46

Liquidity and Market Risk

The objective of CTBI’s Asset/Liability management function is to maintain consistent growth in net interest income within our policy limits. This objective is accomplished through management of our consolidated balance sheet composition, liquidity, and interest rate risk exposures arising from changing economic conditions, interest rates, and customer preferences. The goal of liquidity management is to provide adequate funds to meet changes in loan and lease demand or deposit withdrawals. This is accomplished by maintaining liquid assets in the form of cash and cash equivalents and investment securities, sufficient unused borrowing capacity, and growth in core deposits. As of September 30, 2025, we had approximately $507.6 million in cash and cash equivalents and approximately $94.2 million in unpledged securities valued at estimated fair value designated as available-for-sale and available to meet liquidity needs on a continuing basis compared to $369.5 million and $170.6 million, respectively, at December 31, 2024. Additional asset-driven liquidity is provided by the remainder of the securities portfolio and the repayment of loans. In addition to core deposit funding, we also have a variety of other short-term and long-term funding sources available. We also rely on Federal Home Loan Bank advances for both liquidity and management of our asset/liability position. Federal Home Loan Bank advances were $0.3 million at September 30, 2025 and December 31, 2024. As of September 30, 2025, we had a $575.5 million available borrowing position with the Federal Home Loan Bank, compared to $485.0 million at December 31, 2024. We generally rely upon net inflows of cash from financing activities, supplemented by net inflows of cash from operating activities, to provide cash for our investing activities. As is typical of many financial institutions, significant financing activities include deposit gathering, use of short-term borrowing facilities such as repurchase agreements and federal funds purchased, and issuance of long-term debt. At September 30, 2025 and December 31, 2024, we had $50 million in lines of credit with various correspondent banks available to meet any future cash needs. Our primary investing activities include purchases of securities and loan originations. We do not rely on any one source of liquidity and manage availability in response to changing consolidated balance sheet needs. Included in our cash and cash equivalents at September 30, 2025 were deposits with the Federal Reserve of $424.8 million, compared to $289.4 million at December 31, 2024. Additionally, we project cash flows from our investment portfolio to generate additional liquidity over the next 90 days.

The investment portfolio consists of investment grade short-term issues suitable for bank investments. The majority of the investment portfolio is in U.S. government and government sponsored agency issuances. At September 30, 2025, available-for-sale (“AFS”) securities comprised 99.6% of the total investment portfolio, and the AFS portfolio was 124.8% of equity capital. Ninety-two percent of the pledge-eligible portfolio was pledged.

Interest Rate Risk

We consider interest rate risk one of our most significant market risks. Interest rate risk is the exposure to adverse changes in net interest income due to changes in interest rates. Consistency of our net interest revenue is largely dependent upon the effective management of interest rate risk. We employ a variety of measurement techniques to identify and manage our interest rate risk, including the use of an earnings simulation model to analyze net interest income sensitivity to changing interest rates. The model is based on actual cash flows and repricing characteristics for on and off-balance sheet instruments and incorporates market-based assumptions regarding the effect of changing interest rates on the prepayment rates of certain assets and liabilities. Assumptions based on the historical behavior of deposit rates and balances in relation to changes in interest rates are also incorporated into the model. These assumptions are inherently uncertain, and as a result, the model cannot precisely measure net interest income or precisely predict the impact of fluctuations in interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.

CTBI’s Asset/Liability Management Committee (ALCO), which includes executive and senior management representatives and reports to the Board of Directors, monitors and manages interest rate risk within Board-approved policy limits. Our current exposure to interest rate risks is determined by measuring the anticipated change in net interest income spread evenly over the twelve-month period.

Capital Resources

We continue to offer a dividend to our shareholders, providing an annualized dividend yield of 3.79%. Our primary source of capital growth is the retention of earnings. Year-to-date cash dividends were $1.47 per share. We retained 62.6% of our earnings for the period compared to 58.6% for prior year same period.

Insured depository institutions are required to meet certain capital level requirements. On October 29, 2019, federal banking regulators adopted a final rule to simplify the regulatory capital requirements for eligible community banks and holding companies that opt-in to the community bank leverage ratio framework (the “CBLR framework”), as required by Section 201 of the Economic Growth, Relief and Consumer Protection Act of 2018. Under the final rule, which became effective as of January 1, 2020, community banks and holding companies (which includes CTB and CTBI) that satisfy certain qualifying criteria, including having less than $10 billion in average total consolidated assets and a leverage ratio (referred to as the “community bank leverage ratio”) of greater than 9%, were eligible to opt-in to the CBLR framework. The community bank leverage ratio is the ratio of a banking organization’s Tier 1 capital to its average total consolidated assets, both as reported on the banking organization’s applicable regulatory filings. Accordingly, a qualifying community banking organization that has a community bank leverage ratio greater than 9% will be considered to have met: (i) the risk-based and leverage capital requirements of the generally applicable capital rules; (ii) the capital ratio requirements in order to be considered well-capitalized under the prompt corrective action framework; and (iii) any other applicable capital or leverage requirements. Management elected to use the CBLR framework for CTBI and CTB. CTBI’s CBLR ratio as of September 30, 2025 was 13.68%. CTB’s CBLR ratio as of September 30, 2025 was 13.21%.

As of September 30, 2025, we are not aware of any current recommendations by banking regulatory authorities which, if they were to be implemented, would have, or are reasonably likely to have, a material adverse impact on our liquidity, capital resources, or operations.

Impact of Inflation, Changing Prices, and Economic Conditions

The majority of our assets and liabilities are monetary in nature. Therefore, CTBI differs greatly from most commercial and industrial companies that have significant investment in nonmonetary assets, such as fixed assets and inventories. However, inflation does have an important impact on the growth of assets in the banking industry and on the resulting need to increase equity capital at higher than normal rates in order to maintain an appropriate equity to assets ratio. Inflation also affects other expenses, which tend to rise during periods of general inflation.

We believe one of the most significant impacts on financial and operating results is our ability to react to changes in interest rates. We seek to maintain an essentially balanced position between interest rate sensitive assets and liabilities in order to protect against the effects of wide interest rate fluctuations.

Stock Repurchase Program

CTBI’s stock repurchase program began in December 1998 with the authorization to acquire up to 500,000 shares and was increased by an additional 1,000,000 shares in each of July 2000, May 2003, and March 2020. As of September 30, 2025, a total of 2,465,294 shares have been repurchased through this program, leaving 1,034,706 shares remaining under our current repurchase authorization.

Critical Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements and related notes. Since future events and their impact cannot be determined with certainty, the actual results will inevitably differ from our estimates. Such differences could be material to the consolidated financial statements.

We believe the application of accounting policies and the estimates required therein are reasonable. These accounting policies and estimates are constantly reevaluated, and adjustments are made when facts and circumstances dictate a change. Historically, we have found our application of accounting estimates to be appropriate, and actual results have not differed materially from those determined using necessary estimates.

Our accounting policies are described in Note 1 to the condensed consolidated financial statements contained herein. We have identified the following critical accounting estimates:

Allowance for Credit Losses – We disaggregate our portfolio loans into portfolio segments for purposes of determining the ACL. Our loan portfolio segments include commercial, residential mortgage, and consumer. We further disaggregate our portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. For an analysis of CTBI’s ACL by portfolio segment and credit quality information by class, refer to Note 4 to the condensed consolidated financial statements contained herein.

The ACL is maintained at a level CTBI considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans, including historical credit loss experience, current and forecasted market and economic conditions, and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating expected credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ACL to CTBI’s current estimate of expected credit losses on portfolio loans. CTBI’s strategy for credit risk management includes a combination of conservative exposure limits significantly below legal lending limits and conservative underwriting, documentation, and collection standards. The strategy also emphasizes diversification on a geographic, industry, and customer level, regular credit examinations, and quarterly management reviews of large credit exposures and loans experiencing deterioration of credit quality.

CTBI’s methodology for determining the ACL requires significant management judgment and includes an estimate of expected credit losses on a collective basis for groups of loans with similar risk characteristics and specific allowances for loans which are individually evaluated.

Larger commercial loans with balances exceeding $1 million that exhibit probable or observed credit weaknesses and (i) have a criticized risk rating, (ii) are on nonaccrual status, (iii) have a borrower experiencing financial difficulty with significant payment delay, or (iv) are 90 days or more past due, are individually evaluated for an ACL. CTBI considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan structure and other factors when determining the amount of the ACL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower, and our evaluation of the borrower’s management. Significant management judgment is required when evaluating which of these factors are most relevant in individual circumstances, and when estimating the amount of expected credit losses based on those factors. When loans are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to CTBI. Allowances for individually evaluated loans that are collateral-dependent are typically measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. For collateral-dependent financial assets, the credit loss expected may be zero if the fair value less costs to sell exceeds the amortized cost of the loan. Loans shall not be included in both collective assessments and individual assessments. Individually evaluated loans that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate. Specific allowances on individually evaluated commercial loans, including loans to borrowers experiencing financial difficulty, are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience. Regardless of an initial measurement method, once it is determined that foreclosure is probable, the ACL is measured based on the fair value of the collateral as of the measurement date. As a practical expedient, the fair value of the collateral may be used for a loan when determining the ACL for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. The fair value shall be adjusted for selling costs when foreclosure is probable.

Expected credit losses are estimated on a collective basis for loans that are not individually evaluated. These include commercial loans that do not meet the criteria for individual evaluation as well as homogeneous loans in the residential mortgage and consumer portfolio segments. CTBI uses a discounted cash flow (“DCF”) model for all loan segments. The primary reasons that contributed to this decision were: DCF models allow for the effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner; the analysis aligns well with other calculations outside of the ACL estimation which will mitigate model risk in other areas; and peer data is available for certain inputs if first party data is not available or meaningful. Expected credit losses are estimated on a collective basis for loans that are not individually evaluated. These include commercial loans that do not meet the criteria for individual evaluation as well as homogeneous loans in the residential mortgage and consumer portfolio segments. See Note 4 to the condensed consolidated financial statements contained herein for information on CTBI’s risk rating system.

CTBI’s expected credit loss models consider historical credit loss experience, peer data, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, CTBI considers our forecasts to be reasonable and supportable for a period of up to one year from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information on an input basis. CTBI reverts to a long-run average of the modeled economic factors over four quarters to derive a long-run average probability of default/loss given default. CTBI evaluates the length of our reasonable and supportable forecast period, our reversion period, and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

Other qualitative factors are used by CTBI in determining the ACL. These considerations inherently require significant management judgment to determine the appropriate factors to be considered and the extent of their impact on the ACL estimate. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within CTBI’s expected credit loss models. These include adjustments for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel, and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such as geopolitical events, natural disasters and their effects on regional borrowers, and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within CTBI’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information, or changes to the reversion period or methodology. When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect that changing economic conditions may have on CTBI’s customers.

Overall, the collective evaluation process requires significant management judgment when determining the estimation methodology and inputs into the models, as well as in evaluating the reasonableness of the modeled results and the appropriateness of qualitative adjustments. CTBI’s forecasts of market and economic conditions and the internal risk grades assigned to loans in the commercial portfolio segment are examples of inputs to the expected credit loss models that require significant management judgment. These inputs have the potential to drive significant variability in the resulting ACL.

The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities and is included in other liabilities in the consolidated balance sheets. The determination of the adequacy of the reserve is based upon expected credit losses over the remaining contractual life of the commitments, taking into consideration the current funded balance and estimated exposure over the reasonable and supportable forecast period. This process takes into consideration the same risk elements that are analyzed in the determination of the adequacy of CTBI’s ACL, as previously discussed.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest rate risk management focuses on maintaining consistent growth in net interest income within Board-approved policy limits. CTBI uses an earnings simulation model to analyze net interest income sensitivity to movements in interest rates. Given a 200 basis point increase to the yield curve used in the simulation model, it is estimated net interest income for CTBI would increase by 2.39% over one year and 4.13% over two years. A 200 basis point decrease in the yield curve would decrease net interest income by an estimated 3.02% over one year and 4.94% over two years. For further discussion of CTBI’s market risk, see the Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Market Risk included in the annual report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

CTBI’s management is responsible for establishing and maintaining effective disclosure controls and procedures, as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934. As of September 30, 2025, an evaluation was carried out by CTBI’s management, with the participation of our Chief Executive Officer and our Chief Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, management concluded that disclosure controls and procedures as of September 30, 2025 were effective in ensuring material information required to be disclosed in this quarterly report on Form 10-Q was recorded, processed, summarized, and reported on a timely basis.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in CTBI’s internal control over financial reporting that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, CTBI’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	None

Item 1A.	Risk Factors	None

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	None

Item 3.	Defaults Upon Senior Securities	None

Item 4.	Mine Safety Disclosure	Not applicable

Item 5.	Other Information:
	(a) Information required to be disclosed in a report on Form 8-K	None

	(b) Changes to director nomination procedures	None

	(c) Insider trading arrangements

	During the three months ended September 30, 2025, no director or officer of CTBI adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6.	Exhibits:
	(1) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Exhibit 31.1 Exhibit 31.2
	(2) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Exhibit 32.1 Exhibit 32.2
	(3) XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL	Exhibit 101.INS
	(4) XBRL Taxonomy Extension Schema Document	Exhibit 101.SCH
	(5) XBRL Taxonomy Extension Calculation Linkbase	Exhibit 101.CAL
	(6) XBRL Taxonomy Extension Definition Linkbase	Exhibit 101.DEF
	(7) XBRL Taxonomy Extension Label Linkbase	Exhibit 101.LAB
	(8) XBRL Taxonomy Extension Presentation Linkbase	Exhibit 101.PRE
	(9) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)	Exhibit 104

SIGNATURES

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

	COMMUNITY TRUST BANCORP, INC.

Date: November 7, 2025	By:

	/s/ Mark A. Gooch
	Mark A. Gooch
	Chairman, President, and Chief Executive Officer

	/s/ Kevin J. Stumbo
	Kevin J. Stumbo
	Executive Vice President, Chief Financial Officer, and Treasurer

Source: View Original Filing on SEC EDGAR

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