[10-Q] Community Trust Bancorp Inc Quarterly Earnings Report

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Filing highlights 2025 adoption of ASU 2023-02; no earnings figures supplied, effect appears disclosure-only.

The XBRL element list for Community Trust Bancorp’s second-quarter Form 10-Q centers on implementation details for FASB Accounting Standards Update 2023-02 (creditor accounting for modifications to borrowers experiencing financial difficulty). Context tags show an effective date of 1 January 2025 with comparative periods back to 2024, suggesting the bank will apply the guidance prospectively with required transition disclosures.

Numerous tags reference borrower status ("BorrowerExperiencingFinancialDifficultyMember"), modification types (payment deferral, interest-rate reduction, extended maturity) and credit-quality classifications (Pass, Watch, Substandard, Doubtful). These granular tags indicate the filer is expanding CECL-related data sets to meet the new qualitative and quantitative requirements on loan restructurings, but no quantitative performance metrics, capital ratios, or income-statement figures accompany this excerpt.

Shareholder impact appears limited to reporting complexity and comparability: investors will receive more transparent detail on future troubled loan modifications, yet there is no evidence here of changes to earnings, capital, or asset quality. In the absence of financial results or management discussion, the current excerpt carries neutral economic significance.

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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 June 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  ✔ No

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  ✔ No

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 – 18,110,585 shares outstanding at July 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.

1

Community Trust Bancorp, Inc.

Condensed Consolidated Balance Sheets

(in thousands except share data)		(unaudited) June 30 2025				December 31 2024
Assets:
Cash and due from banks		$	76,556			$	73,021
Interest bearing deposits			318,734				296,484
Cash and cash equivalents			395,290				369,505
Certificates of deposit in other banks			245				245
Debt securities available-for-sale at fair value (amortized cost of $1,102,258 and $1,186,649, respectively)			994,990				1,055,728
Equity securities at fair value			4,410				3,781
Loans held for sale			345				184
Loans			4,701,793				4,486,637
Allowance for credit losses			(57,825	)			(54,968	)
Net loans			4,643,968				4,431,669
Premises and equipment, net			52,118				49,630
Operating right-of-use assets			12,298				11,414
Finance right-of-use assets			2,912				2,971
Federal Home Loan Bank stock			9,553				5,062
Federal Reserve Bank stock			4,887				4,887
Goodwill			65,490				65,490
Bank owned life insurance			116,073				101,509
Mortgage servicing rights			7,096				7,357
Other real estate owned			4,857				3,647
Deferred tax asset			23,918				29,065
Accrued interest receivable			24,455				24,758
Other assets			28,033				26,343
Total assets		$	6,390,938			$	6,193,245
Liabilities and shareholders’ equity:
Deposits:
Noninterest bearing		$	1,258,205			$	1,242,676
Interest bearing			3,974,803				3,827,513
Total deposits			5,233,008				5,070,189
Repurchase agreements			225,075				240,166
Federal funds purchased			500				500
Advances from Federal Home Loan Bank			304				314
Long-term debt			63,901				64,016
Operating lease liability			12,646				11,751
Finance lease liability			3,441				3,439
Accrued interest payable			15,131				8,378
Other liabilities			30,063				36,908
Total liabilities			5,584,069				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 – 18,105,371; 2024 – 18,057,923			90,527				90,290
Capital surplus			235,154				233,802
Retained earnings			561,805				531,861
Accumulated other comprehensive loss, net of tax			(80,617	)			(98,369	)
Total shareholders’ equity			806,869				757,584
Total liabilities and shareholders’ equity		$	6,390,938			$	6,193,245

See notes to condensed consolidated financial statements.

2

Community Trust Bancorp, Inc.

Condensed Consolidated Statements of Income and Comprehensive Income

(unaudited)

		Three Months Ended								Six Months Ended
		June 30								June 30
(in thousands except per share data)		2025				2024				2025				2024
Interest income:
Interest and fees on loans, including loans held for sale		$	75,828			$	67,264			$	148,564			$	131,980
Interest and dividends on securities
Taxable			5,709				6,332				11,484				13,062
Tax exempt			613				653				1,230				1,312
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			181				175				369				384
Interest on Federal Reserve Bank deposits			3,142				2,121				5,790				4,712
Other, including interest on federal funds sold			98				103				188				200
Total interest income			85,571				76,648				167,625				151,650
Interest expense:
Interest on deposits			28,170				27,144				55,628				54,820
Interest on repurchase agreements and federal funds purchased			2,352				2,641				4,670				5,216
Interest on advances from Federal Home Loan Bank			13				15				13				15
Interest on long-term debt			996				1,170				2,007				2,330
Total interest expense			31,531				30,970				62,318				62,381
Net interest income			54,040				45,678				105,307				89,269
Provision for credit losses			2,094				2,972				5,662				5,628
Net interest income after provision for credit losses			51,946				42,706				99,645				83,641
Noninterest income:
Deposit related fees			7,350				7,308				14,172				14,319
Gains on sales of loans, net			77				119				124				164
Trust and wealth management income			4,092				3,736				8,073				7,253
Loan related fees			1,249				1,320				2,214				2,672
Bank owned life insurance revenue			1,102				1,815				2,137				3,107
Brokerage revenue			526				683				1,020				1,173
Securities gains (losses)			150				(474	)			630				(103	)
Other noninterest income			1,625				1,201				2,698				2,257
Total noninterest income			16,171				15,708				31,068				30,842
Noninterest expense:
Officer salaries and employee benefits			5,610				4,132				10,007				8,373
Other salaries and employee benefits			16,044				15,459				31,765				31,340
Occupancy, net			2,389				2,375				5,140				4,753
Equipment			783				714				1,472				1,364
Data processing			3,326				2,669				6,185				5,187
Taxes other than property and payroll			573				438				1,102				880
Legal fees			319				297				879				515
Professional fees			682				681				1,347				1,295
Advertising and marketing			765				856				1,438				1,433
FDIC insurance			688				645				1,377				1,287
Other real estate owned provision and expense			64				19				125				59
Repossession expense			264				298				457				524
Other noninterest expense			4,156				3,839				8,577				7,632
Total noninterest expense			35,663				32,422				69,871				64,642
Income before income taxes			32,454				25,992				60,842				49,841
Income taxes			7,555				6,493				13,971				11,663
Net income			24,899				19,499				46,871				38,178
Other comprehensive gain (loss):
Unrealized holding gains (losses) arising during the period			7,258				(312	)			23,653				(5,037	)
Less: Reclassification adjustments for realized gains included in net income			1				1				1				1
Tax expense (benefit)			1,809				(79	)			5,900				(1,258	)
Other comprehensive gain (loss), net of tax			5,448				(234	)			17,752				(3,780	)
Comprehensive income		$	30,347			$	19,265			$	64,623			$	34,398
Basic earnings per share		$	1.38			$	1.09			$	2.60			$	2.13
Diluted earnings per share		$	1.38			$	1.09			$	2.60			$	2.13
Weighted average shares outstanding-basic			18,012				17,939				18,004				17,932
Weighted average shares outstanding-diluted			18,036				17,959				18,029				17,951

See notes to condensed consolidated financial statements.

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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, March 31, 2025			18,101,765			$	90,510			$	234,355			$	545,372			$	(86,065	)		$	784,172
Net income															24,899								24,899
Other comprehensive income (loss)																			5,448				5,448
Cash dividends declared ($0.47 per share)															(8,466	)							(8,466	)
Issuance of common stock			11,776				59				397												456
Vesting of restricted stock			(2,608	)			(14	)			14												0
Forfeiture of restricted stock			(5,562	)			(28	)			28												0
Stock-based compensation											360												360
Balance,  June 30, 2025			18,105,371			$	90,527			$	235,154			$	561,805			$	(80,617	)		$	806,869

(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, March 31, 2024			18,019,349			$	90,096			$	231,626			$	492,869			$	(106,867	)		$	707,724
Net income															19,499								19,499
Other comprehensive income (loss)																			(234	)			(234	)
Cash dividends declared $(0.46 per share)															(8,252	)							(8,252	)
Issuance of common stock			7,165				36				245												281
Vesting of restricted stock			(423	)			(2	)			2												0
Forfeiture of restricted stock			(328	)			(1	)			1												0
Stock-based compensation											305												305
Balance, June 30, 2024			18,025,763			$	90,129			$	232,179			$	504,116			$	(107,101	)		$	719,323

See notes to condensed consolidated financial statements.

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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															46,871								46,871
Other comprehensive income (loss)																			17,752				17,752
Cash dividends declared ($0.94 per share)															(16,927	)							(16,927	)
Issuance of common stock			42,578				213				519												732
Issuance of restricted stock			38,538				193				(193	)											0
Vesting of restricted stock			(28,106	)			(141	)			141												0
Forfeiture of restricted stock			(5,562	)			(28	)			28												0
Stock-based compensation											857												857
Balance, June 30, 2025			18,105,371			$	90,527			$	235,154			$	561,805			$	(80,617	)		$	806,869

(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															38,178								38,178
Other comprehensive income (loss)																			(3,780	)			(3,780	)
Cash dividends declared ($0.92 per share)															(16,501	)							(16,501	)
Issuance of common stock			36,191				181				391												572
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											607												607
Cumulative effect of FASB adjustment															(1,961	)							(1,961	)
Balance, June 30, 2024			18,025,763			$	90,129			$	232,179			$	504,116			$	(107,101	)		$	719,323

See notes to condensed consolidated financial statements.

5

Community Trust Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

		Six Months Ended
		June 30
(in thousands)		2025				2024
Cash flows from operating activities:
Net income		$	46,871			$	38,178
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			1,983				1,897
Amortization of operating lease right-of-use assets			835				523
Deferred tax expense (benefit)			(754	)			251
Stock-based compensation			947				687
Provision for credit losses			5,662				5,628
Write-downs of other real estate owned and other repossessed assets			36				49
Gains on sale of mortgage loans held for sale			(124	)			(164	)
Securities gains			(1	)			(1	)
Fair value adjustments in equity securities			(629	)			104
Gains on sale of assets, net			(111	)			(68	)
Proceeds from sale of mortgage loans held for sale			4,582				6,160
Funding of mortgage loans held for sale			(4,669	)			(6,260	)
Amortization of securities premiums and discounts, net			1,219				1,257
Change in cash surrender value of bank owned life insurance			(1,454	)			(2,492	)
Payment of operating lease liabilities			(824	)			(517	)
Interest expense on finance lease liabilities			81				81
Fair value adjustments in mortgage servicing rights			311				(18	)
Changes in:
Accrued interest receivable			303				(867	)
Other assets			(1,567	)			(4,862	)
Accrued interest payable			6,753				4,871
Other liabilities			(6,937	)			1,718
Net cash provided by operating activities			52,513				46,155
Cash flows from investing activities:
Securities available-for-sale (AFS):
Purchase of AFS securities			(52,375	)			(13,109	)
Proceeds from sales of AFS securities			0				1,084
Proceeds from prepayments, calls, and maturities of AFS securities			135,548				79,134
Change in loans, net			(219,569	)			(213,641	)
Purchase of premises and equipment			(4,437	)			(3,705	)
Purchase of Federal Home Loan Bank stock			(4,491	)			(4,423	)
Proceeds from sale of other real estate owned and repossessed assets			375				298
Additional investment in other real estate owned and repossessed assets			0				(12	)
Additional investment in bank owned life insurance			(13,548	)			0
Liquidation of cash surrender value of bank owned life insurance			438				1,806
Proceeds from settlement of bank owned life insurance			0				1,308
Net cash used in investing activities			(158,059	)			(151,260	)
Cash flows from financing activities:
Change in deposits, net			162,819				9,176
Change in repurchase agreements and federal funds purchased, net			(15,091	)			2,331
Proceeds from Federal Home Loan Bank advances			100,000				100,000
Payments on advances from Federal Home Loan Bank			(100,010	)			(100,010	)
Payment of finance lease liabilities			(79	)			(77	)
Repayment of long-term debt/other borrowings			(115	)			(111	)
Issuance of common stock			732				572
Dividends paid			(16,925	)			(16,515	)
Net cash provided by (used in) financing activities			131,331				(4,634	)
Net increase (decrease) in cash and cash equivalents			25,785				(109,739	)
Cash and cash equivalents at beginning of period			369,505				271,400
Cash and cash equivalents at end of period		$	395,290			$	161,661

Supplemental disclosures:
Income taxes paid		$	14,425			$	10,891
Interest paid			55,565				57,510
Non-cash activities:
Loans to facilitate the sale of other real estate owned and repossessed assets			2,248				197
Common stock dividends accrued, paid in subsequent quarter			278				277
Real estate acquired in settlement of loans			3,733				474
Right-of-use assets obtained in exchange for new operating lease liabilities			1,719				0

See notes to condensed consolidated financial statements.

6

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.”

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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.

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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.

9

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.

10

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.

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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.

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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 June 30, 2025 and 2024 was $403 thousand and $344 thousand, respectively, including $43 thousand and $40 thousand, respectively, in dividends paid for those periods. Restricted stock expense for the six months ended June 30, 2025 and 2024 was $947 thousand and $687 thousand, respectively, including $90 thousand and $80 thousand, respectively, in dividends paid for those periods.  As of June 30, 2025, there was a total of $3.2 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 2.9 years.

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

June 30		2025								2024
		Grants				Weighted Average Fair Value at Grant				Grants				Weighted Average Fair Value at Grant
Outstanding at beginning of year			99,612			$	47.27				87,323			$	43.45
Granted			0				-				0				-
Vested			(2,608	)			47.60				(423	)			43.32
Forfeited			(5,562	)			46.76				(328	)			43.32
Outstanding at end of period			91,442			$	47.29				86,572			$	43.45

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

June 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			(5,562	)			46.76				(2,437	)			42.87
Outstanding at end of period			91,442			$	47.29				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 quarters ended June 30, 2025 and 2024.  There was no compensation expense related to stock option grants for the three months ended June 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 June 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		$	259,632			$	77			$	(12,183	)		$	247,526
State and political subdivisions			303,197				65				(45,517	)			257,745
Agency mortgage-backed securities			490,995				856				(50,440	)			441,411
Asset-backed securities			48,434				33				(159	)			48,308
Total available-for-sale securities		$	1,102,258			$	1,031			$	(108,299	)		$	994,990

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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 $4.3 million and $4.6 million at June 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 June 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		$	101,844			$	99,554
Due after one through five years			202,131				189,904
Due after five through ten years			137,711				120,161
Due after ten years			121,143				95,652
Agency mortgage-backed securities			490,995				441,411
Asset-backed securities			48,434				48,308
Total debt securities		$	1,102,258			$	994,990

During the three months ended June 30, 2025, we had a net securities gain of $150 thousand, consisting of a pre-tax gain of $1 thousand on calls of AFS securities and an unrealized gain of $149 thousand from the fair value adjustment of equity securities. During the three months ended June 30, 2024, we had a net securities loss of $474 thousand, consisting of a pre-tax gain of $1 thousand on calls of AFS securities and an unrealized loss of $475 thousand from the fair value adjustment of equity securities. During the six months ended June 30, 2025, we had a net securities gain of $630 thousand, consisting of a pre-tax gain of $1 thousand realized on calls of AFS securities and an unrealized gain of $629 thousand from the fair value adjustments of equity securities. During the six months ended June 30, 2024, we had a net securities loss of $103 thousand, consisting of a pre-tax gain of $1 thousand realized on sales and calls of AFS securities and an unrealized loss of $104 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 $612.3 million at June 30, 2025 and $630.8 million at December 31, 2024.  The fair value of securities pledged was $556.5 million at June 30, 2025 and $563.2 million at December 31, 2024.

The amortized cost of securities sold under agreements to repurchase amounted to $336.0 million at June 30, 2025 and $330.0 million at December 31, 2024.  The fair value of securities pledged was $299.0 million at June 30, 2025 and $292.2 million at December 31, 2024.

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CTBI evaluates its investment portfolio on a quarterly basis for impairment.  The analysis performed as of June 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 June 30, 2025 was 90.2% 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 June 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		$	3,260			$	(3	)		$	3,257
State and political subdivisions			10,030				(374	)			9,656
Agency mortgage-backed securities			22,604				(418	)			22,186
Asset-backed securities			24,543				(15	)			24,528
Total <12 months AFS securities with unrealized losses			60,437				(810	)			59,627
12 Months or More
U.S. Treasury and government agencies			250,876				(12,180	)			238,696
State and political subdivisions			283,887				(45,143	)			238,744
Agency mortgage-backed securities			395,468				(50,022	)			345,446
Asset-backed securities			14,960				(144	)			14,816
Total ≥12 months AFS securities with unrealized losses			945,191				(107,489	)			837,702
Total
U.S. Treasury and government agencies			254,136				(12,183	)			241,953
State and political subdivisions			293,917				(45,517	)			248,400
Agency mortgage-backed securities			418,072				(50,440	)			367,632
Asset-backed securities			39,503				(159	)			39,344
Total AFS securities with unrealized losses		$	1,005,628			$	(108,299	)		$	897,329

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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.

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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 June 30, 2025 were $4.4 million, as a result of a $149 thousand increase in the fair value in the second quarter of 2025 and a $629 thousand increase for the six months ended June 30, 2025.  The fair value of equity securities decreased $475 thousand in the second quarter of 2024 and $104 thousand for the six months ended June 30, 2024.  No equity securities were sold during the three and six months ended June 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:

June 30, 2025 (in thousands)		Gross Loans				Unearned Fees/Costs				Unearned Premiums				Net Loans
Hotel/motel		$	477,175			$	0			$	0			$	477,175
Commercial real estate residential			559,906				0				0				559,906
Commercial real estate nonresidential			917,526				(4,063	)			0				913,463
Dealer floorplans			70,270				0				0				70,270
Commercial other			360,828				(10	)			933				361,751
Commercial loans			2,385,705				(4,073	)			933				2,382,565
Real estate mortgage			1,109,022				3,650				0				1,112,672
Home equity lines			177,135				0				0				177,135
Residential loans			1,286,157				3,650				0				1,289,807
Consumer direct			150,915				0				0				150,915
Consumer indirect			844,753				503				33,250				878,506
Consumer loans			995,668				503				33,250				1,029,421
Loans and lease financing		$	4,667,530			$	80			$	34,183			$	4,701,793

18

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.

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.  Additionally, any hotel/motel construction loans would be included in this segment as CTBI’s construction loans are primarily completed as one loan going from construction to permanent financing.  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 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.

19

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 $0.3 million at June 30, 2025 and $0.2 million at December 31, 2024.  Accrued interest receivable for loan balances was $18.6 million at June 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 six months ended June 30, 2025 and June 30, 2024.

		Three Months Ended June 30, 2025
(in thousands)		Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL
Hotel/motel		$	5,594			$	10			$	0			$	0			$	5,604
Commercial real estate residential			6,059				457				(41	)			5				6,480
Commercial real estate nonresidential			11,381				72				0				4				11,457
Dealer floorplans			551				(44	)			0				0				507
Commercial other			3,936				220				(551	)			106				3,711
Real estate mortgage			12,322				630				(2	)			3				12,953
Home equity			1,309				298				(7	)			4				1,604
Consumer direct			2,127				104				(199	)			99				2,131
Consumer indirect			13,682				470				(1,728	)			954				13,378
Total ACL		$	56,961			$	2,217			$	(2,528	)		$	1,175			$	57,825

20

		Six Months Ended June 30, 2025
(in thousands)		Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL
Hotel/motel		$	5,208			$	396			$	0			$	0			$	5,604
Commercial real estate residential			5,467				1,062				(59	)			10				6,480
Commercial real estate nonresidential			10,307				1,144				(2	)			8				11,457
Dealer floorplans			682				(175	)			0				0				507
Commercial other			3,832				648				(955	)			186				3,711
Real estate mortgage			12,504				514				(80	)			15				12,953
Home equity			1,499				99				(7	)			13				1,604
Consumer direct			2,221				197				(467	)			180				2,131
Consumer indirect			13,248				1,900				(3,680	)			1,910				13,378
Total ACL		$	54,968			$	5,785			$	(5,250	)		$	2,322			$	57,825

		Three Months Ended June 30, 2024
(in thousands)		Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL
Hotel/motel		$	4,940			$	(493	)		$	0			$	0			$	4,447
Commercial real estate residential			4,128				211				0				10				4,349
Commercial real estate nonresidential			8,178				478				0				50				8,706
Dealer floorplans			721				(160	)			0				0				561
Commercial other			3,799				149				(679	)			116				3,385
Real estate mortgage			10,325				1,535				(24	)			4				11,840
Home equity			1,304				8				0				6				1,318
Consumer direct			3,571				131				(189	)			91				3,604
Consumer indirect			13,605				1,113				(1,944	)			1,164				13,938
Total ACL		$	50,571			$	2,972			$	(2,836	)		$	1,441			$	52,148

		Six Months Ended June 30, 2024
(in thousands)		Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL
Hotel/motel		$	4,592			$	(145	)		$	0			$	0			$	4,447
Commercial real estate residential			4,285				50				0				14				4,349
Commercial real estate nonresidential			7,560				1,093				0				53				8,706
Dealer floorplans			659				(98	)			0				0				561
Commercial other			3,760				263				(846	)			208				3,385
Real estate mortgage			10,197				1,676				(51	)			18				11,840
Home equity			1,367				(57	)			0				8				1,318
Consumer direct			3,261				934				(722	)			131				3,604
Consumer indirect			13,862				1,912				(3,884	)			2,048				13,938
Total ACL		$	49,543			$	5,628			$	(5,503	)		$	2,480			$	52,148

21

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

		June 30, 2025
(in thousands)		Nonaccrual Loans with No ACL				Nonaccrual Loans with ACL				90+ and Still Accruing				Total Nonperforming Loans
Commercial real estate residential		$	18			$	1,158			$	2,124			$	3,300
Commercial real estate nonresidential			8,000				2,094				1,249				11,343
Commercial other			469				742				102				1,313
Total commercial loans			8,487				3,994				3,475				15,956
Real estate mortgage			0				3,080				3,760				6,840
Home equity lines			0				211				476				687
Total residential loans			0				3,291				4,236				7,527
Consumer direct			0				165				59				224
Consumer indirect			0				0				679				679
Total consumer loans			0				165				738				903
Loans and lease financing		$	8,487			$	7,450			$	8,449			$	24,386

		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 as of June 30, 2025 on nonaccrual loans totaled $9.6 thousand compared to $189.4 thousand at December 31, 2024.

22

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

		June 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		$	120			$	0			$	0			$	120			$	477,055			$	477,175
Commercial real estate residential			937				744				2,698				4,379				555,527				559,906
Commercial real estate nonresidential			1,822				161				11,094				13,077				900,386				913,463
Dealer floorplans			0				0				0				0				70,270				70,270
Commercial other			856				250				940				2,046				359,705				361,751
Total commercial loans			3,735				1,155				14,732				19,622				2,362,943				2,382,565
Real estate mortgage			2,554				4,202				5,549				12,305				1,100,367				1,112,672
Home equity lines			1,885				428				565				2,878				174,257				177,135
Total residential loans			4,439				4,630				6,114				15,183				1,274,624				1,289,807
Consumer direct			912				189				224				1,325				149,590				150,915
Consumer indirect			4,131				1,447				679				6,257				872,249				878,506
Total consumer loans			5,043				1,636				903				7,582				1,021,839				1,029,421
Loans and lease financing		$	13,217			$	7,421			$	21,749			$	42,387			$	4,659,406			$	4,701,793

		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

23

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.

24

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 June 30, 2025
(in thousands)		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
Hotel/motel
Risk rating:
Pass		$	35,083			$	58,948			$	91,700			$	132,866			$	26,690			$	89,087			$	6,075			$	440,449
Watch			0				0				2,036				12,070				6,515				11,297				0				31,918
OAEM			0				0				0				0				0				0				0				0
Substandard			0				873				0				3,935				0				0				0				4,808
Doubtful			0				0				0				0				0				0				0				0
Total hotel/motel			35,083				59,821				93,736				148,871				33,205				100,384				6,075				477,175
Hotel/motel year-to-date gross charge-offs			0				0				0				0				0				0				0				0
Commercial real estate residential
Risk rating:
Pass			108,964				124,073				88,090				74,705				54,926				52,972				23,505				527,235
Watch			8,966				855				3,065				1,396				3,629				5,571				277				23,759
OAEM			0				0				0				0				0				55				0				55
Substandard			1,433				513				555				504				2,075				3,703				74				8,857
Doubtful			0				0				0				0				0				0				0				0
Total commercial real estate residential			119,363				125,441				91,710				76,605				60,630				62,301				23,856				559,906
Commercial real estate residential year-to-date gross charge-offs			0				(18	)			(41	)			0				0				0				0				(59	)
Commercial real estate nonresidential
Risk rating:
Pass			102,941				170,309				111,959				113,444				105,953				192,738				39,381				836,725
Watch			1,203				5,061				2,094				8,044				17,093				11,253				826				45,574
OAEM			0				0				0				0				0				18				0				18
Substandard			2,931				2,555				1,870				2,071				2,397				19,321				0				31,145
Doubtful			0				0				0				0				0				1				0				1
Total commercial real estate nonresidential			107,075				177,925				115,923				123,559				125,443				223,331				40,207				913,463
Commercial real estate nonresidential year-to-date gross charge-offs			0				0				0				0				0				(2	)			0				(2	)
Dealer floorplans
Risk rating:
Pass			0				0				0				0				0				0				60,685				60,685
Watch			0				0				0				0				0				0				9,306				9,306
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				70,270				70,270
Dealer floorplans year-to-date gross charge-offs			0				0				0				0				0				0				0				0
Commercial other
Risk rating:
Pass			47,755				49,169				42,905				31,871				23,102				41,890				77,547				314,239
Watch			11,420				1,099				713				613				185				538				14,311				28,879
OAEM			30				0				0				0				8,183				0				215				8,428
Substandard			3,244				1,150				3,475				409				263				504				1,160				10,205
Doubtful			0				0				0				0				0				0				0				0
Total commercial other			62,449				51,418				47,093				32,893				31,733				42,932				93,233				361,751
Commercial other year-to-date gross charge-offs			(378	)			(105	)			(253	)			(6	)			(213	)			0				0				(955	)
Commercial loans
Risk rating:
Pass			294,743				402,499				334,654				352,886				210,671				376,687				207,193				2,179,333
Watch			21,589				7,015				7,908				22,123				27,422				28,659				15,414				130,130
OAEM			30				0				0				0				8,183				73				9,521				17,807
Substandard			7,608				5,091				5,900				6,919				4,735				23,528				1,513				55,294
Doubtful			0				0				0				0				0				1				0				1
Total commercial loans		$	323,970			$	414,605			$	348,462			$	381,928			$	251,011			$	428,948			$	233,641			$	2,382,565
Total commercial loans year-to-date gross charge-offs		$	(378	)		$	(123	)		$	(294	)		$	(6	)		$	(213	)		$	(2	)		$	0			$	(1,016	)

25

		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	)

26

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 June 30, 2025
(in thousands)		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
Home equity lines
Performing		$	0			$	0			$	0			$	0			$	0			$	6,228			$	170,220			$	176,448
Nonperforming			0				0				0				0				0				270				417				687
Total home equity lines			0				0				0				0				0				6,498				170,637				177,135
Home equity year-to-date gross charge-offs			0				0				0				0				0				(7	)			0				(7	)
Mortgage loans
Performing			122,864				202,898				181,018				136,679				140,507				321,866				0				1,105,832
Nonperforming			199				727				1,420				1,254				423				2,817				0				6,840
Total mortgage loans			123,063				203,625				182,438				137,933				140,930				324,683				0				1,112,672
Mortgage loans year-to-date gross charge-offs			0				0				0				(37	)			(16	)			(27	)			0				(80	)
Residential loans
Performing			122,864				202,898				181,018				136,679				140,507				328,094			$	170,220				1,282,280
Nonperforming			199				727				1,420				1,254				423				3,087				417				7,527
Total residential loans			123,063				203,625				182,438				137,933				140,930			$	331,181				170,637			$	1,289,807
Total residential loans year-to-date gross charge-offs		$	0			$	0			$	0			$	(37	)		$	(16	)		$	(34	)		$	0			$	(87	)
Consumer direct loans
Performing		$	32,177			$	39,212			$	27,705			$	16,946			$	14,409			$	20,242			$	0			$	150,691
Nonperforming			0				5				24				195				0				0				0				224
Total consumer direct loans			32,177				39,217				27,729				17,141				14,409				20,242				0				150,915
Consumer direct loans year-to-date gross charge-offs			0				(159	)			(138	)			(93	)			(47	)			(30	)			0				(467	)
Consumer indirect loans
Performing			216,751				271,086				194,511				123,412				45,890				26,177				0				877,827
Nonperforming			6				133				283				204				27				26				0				679
Total consumer indirect loans			216,757				271,219				194,794				123,616				45,917				26,203				0				878,506
Consumer indirect loans year-to-date gross charge-offs			(1	)			(629	)			(1,673	)			(903	)			(311	)			(163	)			0				(3,680	)
Consumer loans
Performing			248,928				310,298				222,216				140,358				60,299				46,419				0				1,028,518
Nonperforming			6				138				307				399				27				26				0				903
Total consumer loans		$	248,934			$	310,436			$	222,523			$	140,757			$	60,326			$	46,445			$	0			$	1,029,421
Total consumer loans year-to-date gross charge-offs		$	(1	)		$	(788	)		$	(1,811	)		$	(996	)		$	(358	)		$	(193	)		$	0			$	(4,147	)

27

		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 $3.0 million at June 30, 2025 and $4.0 million at December 31, 2024.

28

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:

		June 30, 2025
(in thousands)		Number of Loans				Recorded Investment				Specific Reserve
Hotel/motel			1			$	3,559			$	0
Commercial real estate residential			1				1,521				0
Commercial real estate nonresidential			8				27,327				325
Dealer floorplans			1				9,306				0
Commercial other			3				12,126				0
Total collateral dependent loans			14			$	53,839			$	325

		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 $325 thousand.  This expected loss is tied to two 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.  Two loans listed in the commercial other segment at June 30, 2025 are collateralized by inventory, equipment, and accounts receivable.  The dealer floorplan is collateralized with automobiles.

29

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 June 30, 2025:

		Amortized Cost at June 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				299				0.05
Commercial real estate nonresidential			7,254				0.79				0				0.00
Dealer floorplans			0				0.00				0				0.00
Commercial other			0				0.00				264				0.07
Commercial loans			7,254				0.30				563				0.02
Real estate mortgage			57				0.01				3,007				0.27
Home equity lines			0				0.00				107				0.06
Residential loans			57				0.00				3,114				0.24
Consumer direct			0				0.00				176				0.12
Consumer indirect			0				0.00				121				0.01
Consumer loans			0				0.00				297				0.03
Loans and lease financing		$	7,311				0.16	%		$	3,974				0.08	%

		Amortized Cost at June 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			498				0.09				0				0.00
Commercial real estate nonresidential			0				0.00				92				0.01
Dealer floorplans			0				0.00				0				0.00
Commercial other			203				0.06				29				0.01
Commercial loans			701				0.03				121				0.01
Real estate mortgage			560				0.05				35				0.00
Home equity lines			49				0.03				0				0.00
Residential loans			609				0.05				35				0.00
Consumer direct			0				0.00				0				0.00
Consumer indirect			0				0.00				51				0.01
Consumer loans			0				0.00				51				0.00
Loans and lease financing		$	1,310				0.03	%		$	207				0.00	%

30

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

Loan Type		Interest Rate Reduction Financial Impact		Term Extension Financial Impact
Commercial real estate residential				Added a weighted-average 1.0 years to life of the loans
Commercial real estate nonresidential		Reduced weighted-average contractual interest rate from 7.5% to 2.0%
Commercial other				Added a weighted-average 1.9 years to life of the loans
Real estate mortgage		Reduced weighted-average contractual interest rate from 8.2% to 3.8%		Added a weighted-average 0.3 years to life of the loans
Home equity lines				Added a weighted-average 4.7 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 0.8 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 9.5% to 8.8% and increased the weighted-average life by 20.0 years
Commercial real estate nonresidential				Provided payment changes that will be added to the end of the original loan term.
Commercial other		Reduced weighted-average contractual interest rate from 10.0% to 8.0% and increased the weighted-average life by 0.9 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 5.2% to 3.8% and increased the weighted-average life by 5.7 years		Provided payment changes that will be added to the end of the original loan term.
Home Equity Lines		Weighted-average contractual interest rate remained at 7.5% and increased the weighted-average life by 4.6 years
Consumer indirect				Provided payment changes that will be added to the end of the original loan term

31

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

		Amortized Cost at June 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				299				0.05
Commercial real estate nonresidential			7,382				0.81				2,466				0.27
Dealer floorplans			0				0.00				0				0.00
Commercial other			0				0.00				1,260				0.35
Commercial loans			7,382				0.31				4,025				0.17
Real estate mortgage			374				0.03				5,137				0.46
Home equity lines			0				0.00				321				0.18
Residential loans			374				0.03				5,458				0.42
Consumer direct			0				0.00				223				0.15
Consumer indirect			0				0.00				286				0.03
Consumer loans			0				0.00				509				0.05
Loans and lease financing		$	7,756				0.16	%		$	9,992				0.21	%

		Amortized Cost at June 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			975				0.17				0				0.00
Commercial real estate nonresidential			0				0.00				351				0.04
Dealer floorplans			0				0.00				0				0.00
Commercial other			562				0.16				539				0.15
Commercial loans			1,537				0.06				890				0.04
Real estate mortgage			613				0.06				35				0.00
Home equity lines			50				0.03				0				0.00
Residential loans			663				0.05				35				0.00
Consumer direct			0				0.00				0				0.00
Consumer indirect			0				0.00				155				0.02
Consumer loans			0				0.00				155				0.02
Loans and lease financing		$	2,200				0.05	%		$	1,080				0.02	%

32

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

Loan Type		Interest Rate Reduction Financial Impact		Term Extension Financial Impact
Commercial real estate residential				Added a weighted-average 1.0 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 0.5 years to life of the loans
Commercial other				Added a weighted-average 4.2 years to life of the loans
Real estate mortgage		Reduced weighted-average contractual interest rate from 7.8% to 4.4%		Added a weighted-average 0.4 years to life of the loans
Home equity lines				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 0.9 years to life of the loans

33

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 9.2% to 8.2% and increased the weighted-average life by 16.0 years
Commercial real estate nonresidential				Provided payment changes that will be added to the end of the original loan term.
Commercial other		Increased weighted-average contractual interest rate from 6.5% to 8.0% and increased the weighted-average life by 6.5 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 3.7% and increased the weighted-average life by 5.3 years		Provided payment changes that will be added to the end of the original loan term.
Home equity lines		Weighted-average contractual interest rate remained at 7.5% and increased the weighted-average life by 4.6 years
Consumer indirect				Provided payment changes that will be added to the end of the original loan term.

34

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

		Amortized Cost at June 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				14				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				705				0.20
Commercial loans			0				0.00				719				0.03
Real estate mortgage			548				0.06				3,451				0.35
Home equity lines			0				0.00				0				0.00
Residential loans			548				0.05				3,451				0.30
Consumer direct			0				0.00				0				0.00
Consumer indirect			0				0.00				55				0.01
Consumer loans			0				0.00				55				0.01
Loans and lease financing		$	548				0.01	%		$	4,225				0.10	%

35

		Amortized Cost at June 30, 2024
(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				206				0.04
Commercial real estate nonresidential			28				0.00				0				0.00
Dealer floorplans			0				0.00				0				0.00
Commercial other			0				0.00				0				0.00
Commercial loans			28				0.00				206				0.01
Real estate mortgage			58				0.01				0				0.00
Home equity lines			43				0.03				0				0.00
Residential loans			101				0.01				0				0.00
Consumer direct			0				0.00				0				0.00
Consumer indirect			0				0.00				12				0.00
Consumer loans			0				0.00				12				0.00
Loans and lease financing		$	129				0.00	%		$	218				0.01	%

36

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

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 other				Added a weighted-average 0.1 years to life of the loans
Real estate mortgage		Reduced weighted-average contractual interest rate from 7.5% to 5.0%		Added a weighted-average 0.4 years to life of the loans
Consumer indirect				Added a weighted-average 1.1 years to life of the loans

37

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		Increased weighted-average contractual interest rate from 6.0% to 8.5% and increased the weighted-average life by 10.3 years
Real estate mortgage		Reduced weighted-average contractual interest rate from 8.0% to 4.3% and increased the weighted-average life by 13.2 years
Home equity lines		Reduced weighted-average contractual interest rate from 9.3% to 8.7% and increased the weighted-average life by 3.3 years
Consumer indirect				Provided payment changes that will be added to the end of the original loan term.

38

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

		Amortized Cost at June 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				79				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				954				0.27
Commercial loans			0				0.00				1,033				0.05
Real estate mortgage			736				0.08				5,651				0.58
Home equity lines			0				0.00				32				0.02
Residential loans			736				0.06				5,683				0.50
Consumer direct			0				0.00				37				0.02
Consumer indirect			0				0.00				311				0.04
Consumer loans			0				0.00				348				0.04
Loans and lease financing		$	736				0.02	%		$	7,064				0.17	%

39

		Amortized Cost at June 30, 2024
(in thousands)		Combination – Term Extension and Interest Rate Reduction				% of total				Payment Change				% of total
Hotel/motel		$	0				0.00	%		$	1,954				0.47	%
Commercial real estate residential			14				0.00				207				0.04
Commercial real estate nonresidential			28				0.00				11				0.00
Dealer floorplans			0				0.00				0				0.00
Commercial other			11				0.00				775				0.22
Commercial loans			53				0.00				2,947				0.14
Real estate mortgage			336				0.03				0				0.00
Home equity lines			81				0.05				0				0.00
Residential loans			417				0.04				0				0.00
Consumer direct			0				0.00				0				0.00
Consumer indirect			0				0.00				37				0.00
Consumer loans			0				0.00				37				0.00
Loans and lease financing		$	470				0.01	%		$	2,984				0.07	%

40

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the six months ended June 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 8.1% to 5.0%		Added a weighted-average 0.4 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

41

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		Provided payment changes that will be added to the end of the original loan term
Dealer floorplans
Commercial other		Reduced weighted-average contractual interest rate from 9.5% to 8.5% and increased the weighted-average life by 2.4 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 5.7% to 5.1% and increased the weighted-average life by 6.4 years
Home equity lines		Reduced weighted-average contractual interest rate from 9.6% to 8.6% and increased the weighted-average life by 10.2 years
Consumer direct
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 June 30, 2025.

		Past Due Status (Amortized Cost Basis)
(in thousands)		Current					30-89 Days				90+ Days			Nonaccrual
Hotel/motel		$	873			$	0			$	0			$	0
Commercial real estate residential			1,531				119				0				620
Commercial real estate nonresidential			10,532				110				0				0
Dealer floorplans			279				0				0				0
Commercial other			3,013				418				85				268
Real estate mortgage			10,010				790				92				295
Home equity lines			357				32				0				86
Consumer direct			295				1				0				0
Consumer indirect			617				8				0				0
Loans to borrowers experiencing financial difficulty		$	27,507			$	1,478			$	177			$	1,269

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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 June 30, 2025, there were two 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 June 30, 2025
(in thousands)		Number of Loans				Recorded Balance
Commercial:
Commercial other			1			$	95
Residential:
Real estate mortgage			1				33
Loans to borrowers experiencing financial difficulty			2			$	128

		Six Months Ended June 30, 2025
(in thousands)		Number of Loans				Recorded Balance
Commercial:
Commercial other			2			$	338
Commercial real estate residential			1				18
Residential:
Real estate mortgage			2				82
Loans to borrowers experiencing financial difficulty			5			$	438

		Three Months Ended June 30, 2024
(in thousands)		Number of Loans				Recorded Balance
Commercial:
Commercial other			1			$	6
Residential:
Real estate mortgage			4				1,118
Loans to borrowers experiencing financial difficulty			5			$	1,124

		Six Months Ended June 30, 2024
(in thousands)		Number of Loans				Recorded Balance
Commercial:
Commercial other			5			$	428
Commercial real estate residential			2				412
Residential:
Real estate mortgage			7				1,315
Loans to borrowers experiencing financial difficulty			14			$	2,155

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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 June 30, 2025 and 2024 is presented below:

	Three Months Ended June 30, 2025
(in thousands)	Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL for unfunded commitments:
Commercial		$	1,071			$	(172	)		$	0			$	0			$	899
Real estate mortgage			372				48				0				0				420
Consumer			22				1				0				0				23
Total unfunded commitment off-balance sheet credit exposure		$	1,465			$	(123	)		$	0			$	0			$	1,342

	Six Months Ended June 30, 2025
(in thousands)	Beginning Balance				Provision Charged to Expense				Losses Charged Off				Recoveries				Ending Balance
ACL for unfunded commitments:
Commercial		$	1,071			$	(172	)		$	0			$	0			$	899
Real estate mortgage			372				48				0				0				420
Consumer			22				1				0				0				23
Total unfunded commitment off-balance sheet credit exposure		$	1,465			$	(123	)		$	0			$	0			$	1,342

	Three Months Ended June 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

	Six Months Ended June 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

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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 $299.0 million and $292.2 million at June 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 June 30, 2025 and December 31, 2024 is presented in the following tables:

		June 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		$	10,413			$	2,621			$	0			$	1,639			$	14,673
State and political subdivisions			106,749				2,331				786				11,869				121,735
Agency mortgage-backed securities			18,643				6,048				0				53,820				78,511
Asset-backed securities			3,176				0				0				6,980				10,156
Total repurchase agreements		$	138,981			$	11,000			$	786			$	74,308			$	225,075

		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

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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 June 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
June 30, 2025:
Repurchase agreements		$	225,075			$	0			$	225,075			$	(225,075	)		$	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.

46

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 June 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

						Fair Value Measurements at June 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		$	247,526			$	236,704			$	10,822			$	0
State and political subdivisions			257,745				0				257,745				0
Agency mortgage-backed securities			441,411				0				441,411				0
Asset-backed securities			48,308				0				48,308				0
Equity securities at fair value			4,410				0				0				4,410
Mortgage servicing rights			7,096				0				0				7,096

						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 June 30, 2025 and December 31, 2024. There have been no significant changes in the valuation techniques during the quarter ended June 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.

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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 June 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 1.5609 and the most recent dividend rate of 0.9209 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.

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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 June 30, 2025								Three Months Ended June 30, 2024
(in thousands)		Equity Securities at Fair Value				Mortgage Servicing Rights				Equity Securities at Fair Value				Mortgage Servicing Rights
Beginning balance		$	4,261			$	7,093			$	3,529			$	7,792
Total unrealized gains (losses)
Included in net income			149				157				(475	)			45
Issues			0				30				0				47
Settlements			0				(184	)			0				(135	)
Ending balance		$	4,410			$	7,096			$	3,054			$	7,749
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		$	149			$	157			$	(475	)		$	45

		Six Months Ended June 30, 2025								Six Months Ended June 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			629				44				(104	)			321
Issues			0				50				0				66
Settlements			0				(355	)			0				(303	)
Ending balance		$	4,410			$	7,096			$	3,054			$	7,749
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		$	629			$	44			$	(104	)		$	321

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								Six Months Ended
		June 30								June 30
(in thousands)		2025				2024				2025				2024
Total gains (losses)		$	123			$	(566	)		$	319			$	(86	)

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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 June 30, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques.

						Fair Value Measurements at June 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		$	0			$	0			$	0			$	0
Other real estate owned			230				0				0				230

						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 no fair value adjustments to collateral-dependent loans during the six months ended June 30, 2025 and 2024; however, fair value adjustments for the year ended December 31, 2024 were $0.1 million.

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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 six months ended June 30, 2025 and 2024 were $36 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 June 30, 2025 and December 31, 2024.

		Quantitative Information about Level 3 Fair Value Measurements
(in thousands)		Fair Value at June 30, 2025			Valuation Technique(s)	Unobservable Input		Range (Weighted Average)
Equity securities at fair value		$	4,410		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		$	7,096		Discount cash flows, computer pricing model	Constant prepayment rate		0.0% - 25.0% (6.6%)
						Cost to service		0 - $817 ($76)
						Probability of default		0.0% - 100.0% (1.4%)
						Discount rate		9.5% - 11.5% (9.7%)
Other real estate owned		$	230		Market comparable properties	Comparability adjustments		10.0%  - 25.78% (16.52%)

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		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%)

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Fair Value of Financial Instruments

The following table presents estimated fair value of CTBI’s financial instruments as of June 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 June 30, 2025 were measured using an exit price notion.

						Fair Value Measurements at June 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		$	395,290			$	395,290			$	0			$	0
Certificates of deposit in other banks			245				0				245				0
Debt securities available-for-sale			994,990				236,704				758,286				0
Equity securities at fair value			4,410				0				0				4,410
Loans held for sale			345				356				0				0
Loans, net			4,643,968				0				0				4,590,027
Federal Home Loan Bank stock			9,553				0				9,553				0
Federal Reserve Bank stock			4,887				0				4,887				0
Accrued interest receivable			24,455				0				24,455				0
Financial liabilities:
Deposits		$	5,233,008			$	1,258,205			$	3,785,850			$	0
Repurchase agreements			225,075				0				0				225,034
Federal funds purchased			500				0				500				0
Advances from Federal Home Loan Bank			304				0				315				0
Long-term debt			63,901				0				0				58,297
Accrued interest payable			15,131				0				15,131				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

53

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

54

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 six months ended June 30, 2025 and 2024, and measure of a segment’s assets as of June 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 June 30, 2025		Community Banking Services				Holding Company				Eliminations				Consolidated
Interest income:
Interest and fees on loans, including loans held for sale		$	75,828			$	0			$	0			$	75,828
Interest and dividends on securities:
Taxable			5,709				0				0				5,709
Tax exempt			613				0				0				613
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			181				0				0				181
Interest on Federal Reserve Bank deposits			3,142				0				0				3,142
Other, including interest on federal funds sold			69				29				0				98
Total interest income			85,542				29				0				85,571
Interest expense:
Interest on deposits			28,170				0				0				28,170
Interest on repurchase agreements and federal funds purchased			2,352				0				0				2,352
Interest on advances from Federal Home Loan Bank			13				0				0				13
Interest on long-term debt			89				961				(54	)			996
Total interest expense			30,624				961				(54	)			31,531
Net interest income			54,918				(932	)			54				54,040
Provision for credit losses			2,094				0				0				2,094
Net interest income after provision for credit losses			52,824				(932	)			54				51,946

Noninterest income:
Deposit related fees			7,350				0				0				7,350
Gains on sales of loans, net			77				0				0				77
Trust and wealth management income			4,226				0				(134	)			4,092
Loan related fees			1,249				0				0				1,249
Bank owned life insurance			1,102				0				0				1,102
Brokerage revenue			526				0				0				526
Securities gains (losses)			150				0				0				150
Dividend and undistributed income from subsidiaries			0				26,644				(26,644	)			0
Other noninterest income			1,919				313				(607	)			1,625
Total noninterest income			16,599				26,957				(27,385	)			16,171
Noninterest expense:
Officer salaries and employee benefits			4,924				908				(222	)			5,610
Other salaries and employee benefits			16,044				230				(230	)			16,044
Occupancy, net			2,389				0				0				2,389
Equipment			800				52				(69	)			783
Data processing			3,759				10				(443	)			3,326
Tax other than property and payroll			573				0				0				573
Legal fees			215				104				0				319
Professional fees			1,358				103				(779	)			682
Advertising and marketing			789				(24	)			0				765
FDIC insurance			688				0				0				688
Other real estate owned provision and expense			64				0				0				64
Repossession expense			264				0				0				264
Other noninterest expense			3,893				414				(151	)			4,156
Total noninterest expense			35,760				1,797				(1,894	)			35,663
Income before income taxes			33,663				24,228				(25,437	)			32,454
Income taxes			8,226				(671	)			0				7,555
Net income		$	25,437			$	24,899			$	(25,437	)		$	24,899

55

(in thousands) Three Months Ended June 30, 2024		Community Banking Services				Holding Company				Eliminations				Consolidated
Interest income:
Interest and fees on loans, including loans held for sale		$	67,264			$	0			$	0			$	67,264
Interest and dividends on securities:
Taxable			6,332				0				0				6,332
Tax exempt			653				0				0				653
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			175				0				0				175
Interest on Federal Reserve Bank deposits			2,121				0				0				2,121
Other, including interest on federal funds sold			68				35				0				103
Total interest income			76,613				35				0				76,648
Interest expense:
Interest on deposits			27,144				0				0				27,144
Interest on repurchase agreements and federal funds purchased			2,641				0				0				2,641
Interest on advances from Federal Home Loan Bank			15				0				0				15
Interest on long-term debt			91				1,144				(65	)			1,170
Total interest expense			29,891				1,144				(65	)			30,970
Net interest income			46,722				(1,109	)			65				45,678
Provision for credit losses			2,972				0				0				2,972
Net interest income after provision for credit losses			43,750				(1,109	)			65				42,706

Noninterest income:
Deposit related fees			7,308				0				0				7,308
Gains on sales of loans, net			119				0				0				119
Trust and wealth management income			4,099				0				(363	)			3,736
Loan related fees			1,320				0				0				1,320
Bank owned life insurance			1,815				0				0				1,815
Brokerage revenue			683				0				0				683
Securities gains (losses)			(474	)			0				0				(474	)
Dividend and undistributed income from subsidiaries			0				21,072				(21,072	)			0
Other noninterest income			1,788				295				(882	)			1,201
Total noninterest income			16,658				21,367				(22,317	)			15,708
Noninterest expense:
Officer salaries and employee benefits			3,747				592				(207	)			4,132
Other salaries and employee benefits			15,459				218				(218	)			15,459
Occupancy, net			2,375				0				0				2,375
Equipment			711				52				(49	)			714
Data processing			2,673				4				(8	)			2,669
Taxes other than property and payroll			438				0				0				438
Legal fees			262				35				0				297
Professional fees			610				151				(80	)			681
Advertising and marketing			825				31				0				856
FDIC insurance			645				0				0				645
Other real estate owned provision and expense			19				0				0				19
Repossession expense			298				0				0				298
Other noninterest expense			3,594				288				(43	)			3,839
Total noninterest expense			31,656				1,371				(605	)			32,422
Income before income taxes			28,752				18,887				(21,647	)			25,992
Income taxes			7,105				(612	)			0				6,493
Net income		$	21,647			$	19,499			$	(21,647	)		$	19,499

56

(in thousands) Six Months Ended June 30, 2025		Community Banking Services				Holding Company				Eliminations				Consolidated
Interest income:
Interest and fees on loans, including loans held for sale		$	148,564			$	0			$	0			$	148,564
Interest and dividends on securities:
Taxable			11,484				0				0				11,484
Tax exempt			1,230				0				0				1,230
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			369				0				0				369
Interest on Federal Reserve Bank deposits			5,790				0				0				5,790
Other, including interest on federal funds sold			130				58				0				188
Total interest income			167,567				58				0				167,625
Interest expense:
Interest on deposits			55,628				0				0				55,628
Interest on repurchase agreements and federal funds purchased			4,670				0				0				4,670
Interest on advances from Federal Home Loan Bank			13				0				0				13
Interest on long-term debt			181				1,936				(110	)			2,007
Total interest expense			60,492				1,936				(110	)			62,318
Net interest income			107,075				(1,878	)			110				105,307
Provision for credit losses			5,662				0				0				5,662
Net interest income after provision for credit losses			101,413				(1,878	)			110				99,645

Noninterest income:
Deposit related fees			14,172				0				0				14,172
Gains on sales of loans, net			124				0				0				124
Trust and wealth management income			8,345				0				(272	)			8,073
Loan related fees			2,214				0				0				2,214
Bank owned life insurance			2,137				0				0				2,137
Brokerage revenue			1,020				0				0				1,020
Securities gains (losses)			630				0				0				630
Dividend and undistributed income from subsidiaries			0				50,113				(50,113	)			0
Other noninterest income			3,289				622				(1,213	)			2,698
Total noninterest income			31,931				50,735				(51,598	)			31,068
Noninterest expense:
Officer salaries and employee benefits			8,729				1,721				(443	)			10,007
Other salaries and employee benefits			31,765				460				(460	)			31,765
Occupancy, net			5,140				0				0				5,140
Equipment			1,506				103				(137	)			1,472
Data processing			7,056				17				(888	)			6,185
Tax other than property and payroll			1,102				0				0				1,102
Legal fees			708				171				0				879
Professional fees			2,704				204				(1,561	)			1,347
Advertising and marketing			1,454				(16	)			0				1,438
FDIC insurance			1,377				0				0				1,377
Other real estate owned provision and expense			125				0				0				125
Repossession expense			457				0				0				457
Other noninterest expense			8,208				669				(300	)			8,577
Total noninterest expense			70,331				3,329				(3,789	)			69,871
Income before income taxes			63,013				45,528				(47,699	)			60,842
Income taxes			15,314				(1,343	)			0				13,971
Net income		$	47,699			$	46,871			$	(47,699	)		$	46,871

57

(in thousands) Six Months Ended June 30, 2024		Community Banking Services				Holding Company				Eliminations				Consolidated
Interest income:
Interest and fees on loans, including loans held for sale		$	131,980			$	0			$	0			$	131,980
Interest and dividends on securities:
Taxable			13,062				0				0				13,062
Tax exempt			1,312				0				0				1,312
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock			384				0				0				384
Interest on Federal Reserve Bank deposits			4,712				0				0				4,712
Other, including interest on federal funds sold			132				68				0				200
Total interest income			151,582				68				0				151,650
Interest expense:
Interest on deposits			54,820				0				0				54,820
Interest on repurchase agreements and federal funds purchased			5,216				0				0				5,216
Interest on advances from Federal Home Loan Bank			15				0				0				15
Interest on long-term debt			185				2,275				(130	)			2,330
Total interest expense			60,236				2,275				(130	)			62,381
Net interest income			91,346				(2,207	)			130				89,269
Provision for credit losses			5,628				0				0				5,628
Net interest income after provision for credit losses			85,718				(2,207	)			130				83,641

Noninterest income:
Deposit related fees			14,319				0				0				14,319
Gains on sales of loans, net			164				0				0				164
Trust and wealth management income			7,635				0				(382	)			7,253
Loan related fees			2,672				0				0				2,672
Bank owned life insurance			3,107				0				0				3,107
Brokerage revenue			1,173				0				0				1,173
Securities gains (losses)			(103	)			0				0				(103	)
Dividend and undistributed income from subsidiaries			0				41,268				(41,268	)			0
Other noninterest income			3,124				583				(1,450	)			2,257
Total noninterest income			32,091				41,851				(43,100	)			30,842
Noninterest expense:
Officer salaries and employee benefits			7,581				1,207				(415	)			8,373
Other salaries and employee benefits			31,340				436				(436	)			31,340
Occupancy, net			4,753				0				0				4,753
Equipment			1,372				99				(107	)			1,364
Data processing			5,569				8				(390	)			5,187
Taxes other than property and payroll			880				0				0				880
Legal fees			440				75				0				515
Professional fees			2,053				243				(1,001	)			1,295
Advertising and marketing			1,396				37				0				1,433
FDIC insurance			1,287				0				0				1,287
Other real estate owned provision and expense			59				0				0				59
Repossession expense			524				0				0				524
Other noninterest expense			7,263				556				(187	)			7,632
Total noninterest expense			64,517				2,661				(2,536	)			64,642
Income before income taxes			53,292				36,983				(40,434	)			49,841
Income taxes			12,858				(1,195	)			0				11,663
Net income		$	40,434			$	38,178			$	(40,434	)		$	38,178

58

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

(in thousands) Three Months Ended June 30, 2025		Community Banking Services				Holding Company				Eliminations				Consolidated
Depreciation and amortization		$	974			$	52			$	0			$	1,026
Amortization of operating lease right-of-use assets			396				0				0				396
Significant non-cash items:
Provision for credit losses			2,094				0				0				2,094
Change in cash surrender value of bank owned life insurance			753				0				0				753
Expenditures for long-lived assets			2,360				0				0				2,360

(in thousands) Three Months Ended June 30, 2024		Community Banking Services				Holding Company				Eliminations				Consolidated
Depreciation and amortization		$	919			$	52			$	0			$	971
Amortization of operating lease right-of-use assets			349				0				0				349
Significant non-cash items:
Provision for credit losses			2,972				0				0				2,972
Change in cash surrender value of bank owned life insurance			1,509				0				0				1,509
Expenditures for long-lived assets			1,524				0				0				1,524

(in thousands) Six Months Ended June 30, 2025		Community Banking Services				Holding Company				Eliminations				Consolidated
Depreciation and amortization		$	1,880			$	103			$	0			$	1,983
Amortization of operating lease right-of-use assets			835				0				0				835
Significant non-cash items:
Provision for credit losses			5,662				0				0				5,662
Change in cash surrender value of bank owned life insurance			1,454				0				0				1,454
Expenditures for long-lived assets			4,371				66				0				4,437

(in thousands) Six Months Ended June 30, 2024		Community Banking Services				Holding Company				Eliminations				Consolidated
Depreciation and amortization		$	1,798			$	99			$	0			$	1,897
Amortization of operating lease right-of-use assets			523				0				0				523
Significant non-cash items:
Provision for credit losses			5,628				0				0				5,628
Change in cash surrender value of bank owned life insurance			2,492				0				0				2,492
Expenditures for long-lived assets			3,475				230				0				3,705

59

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

(in thousands)		June 30 2025				December 31 2024
Assets
Community banking services assets		$	6,384,442			$	6,186,518
Holding company assets			871,431				822,851
Elimination of subsidiary and parent cash and intercompany receivables			(3,803	)			(3,779	)
Elimination of investment in subsidiaries			(861,132	)			(812,345	)
Consolidated total assets		$	6,390,938			$	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.

60

Note 9 – Earnings Per Share

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

		Three Months Ended								Six Months Ended
		June 30								June 30
(in thousands except per share data)		2025				2024				2025				2024
Numerator:
Net income		$	24,899			$	19,499			$	46,871			$	38,178
Denominator:
Basic earnings per share:
Weighted average shares			18,012				17,939				18,004				17,932
Diluted earnings per share:
Dilutive effect of equity grants			24				20				25				19
Adjusted weighted average shares			18,036				17,959				18,029				17,951
Earnings per share:
Basic earnings per share		$	1.38			$	1.09			$	2.60			$	2.13
Diluted earnings per share			1.38				1.09				2.60				2.13

There were no options to purchase common shares that were excluded from the diluted calculations above for the three and six months ended June 30, 2025 and 2024.  In addition to in-the-money stock options, unvested restricted stock grants were also 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 six months ended June 30, 2025 and 2024 and amounts reclassified to earnings during these periods.

		Three Months Ended June 30								Six Months Ended June 30
(in thousands)		2025				2024				2025				2024
Beginning balance		$	(86,065	)		$	(106,867	)		$	(98,369	)		$	(103,321	)
Unrealized holding gains (losses) on debt securities AFS			7,258				(312	)			23,653				(5,037	)
Tax expense (benefit)			1,809				(79	)			5,900				(1,258	)
Unrealized holding gains (losses) on debt securities AFS, net of tax			5,449				(233	)			17,753				(3,779	)
Reclassification adjustments for realized gains (losses) included in securities			1				1				1				1
Tax expense (benefit)			0				0				0				0
Reclassification adjustments for realized gains (losses) included in securities, net of tax			1				1				1				1
Other comprehensive income (loss)			5,448				(234	)			17,752				(3,780	)
Ending balance		$	(80,617	)		$	(107,101	)		$	(80,617	)		$	(107,101	)

61

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 June 30, 2025, we had total consolidated assets of $6.4 billion and total consolidated deposits, including repurchase agreements, of $5.5 billion.  Total shareholders’ equity at June 30, 2025 was $806.9 million.  Trust assets under management at June 30, 2025 were $3.8 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 record earnings for the quarter of $24.9 million, or $1.38 per basic share, compared to $22.0 million, or $1.22 per basic share, earned for the prior quarter and $19.5 million, or $1.09 per basic share, earned for the same period prior year.  Total revenue for the quarter was $4.0 million above prior quarter and $8.8 million above prior year same quarter.  Net interest revenue for the quarter increased $2.8 million compared to prior quarter and $8.4 million compared to prior year same quarter, and noninterest income increased $1.3 million compared to prior quarter and $0.5 million compared to prior year same quarter.  Our provision for credit losses for the quarter decreased $1.5 million from prior quarter and $0.9 million from prior year same quarter.  Noninterest expense increased $1.5 million compared to prior quarter and $3.2 million compared to prior year same quarter.  Year-to-date earnings of $46.9 million, or $2.60 per basic share, were $8.7 million, or $0.47 per basic share, above prior year.

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Quarterly Highlights

❖ Net interest income for the quarter of $54.0 million was $2.8 million, or 5.4%, above prior quarter and $8.4 million, or 18.3%, above same quarter prior year, as our net interest margin increased 7 basis points from prior quarter and 26 basis points from same quarter prior year.

❖ Provision for credit losses at $2.1 million for the quarter decreased $1.5 million from prior quarter and $0.9 million from same quarter prior year.

❖ Noninterest income for the quarter of $16.2 million was $1.3 million, or 8.6%, above prior quarter and $0.5 million, or 2.9%, above same quarter prior year.

❖ Noninterest expense for the quarter of $35.7 million was $1.5 million, or 4.3%, above prior quarter and $3.2 million, or 10.0%, above same quarter prior year.

❖ Our loan portfolio at $4.7 billion increased $65.3 million, an annualized 5.6%, during the quarter and $215.2 million, or 4.8%, from prior year end.

❖ We had net loan charge-offs of $1.4 million, or an annualized 0.12% of average loans, for the quarter compared to $1.6 million, or an annualized 0.14% of average loans, for the prior quarter and $1.4 million, or 0.13% of average loans annualized, for the same quarter prior year.

❖ Our total nonperforming loans at $24.4 million decreased $2.1 million during the quarter and $2.3 million from prior year end.  Nonperforming assets at $29.2 million decreased $2.1 million during the quarter and $30.3 million from prior year end.

❖ Deposits, including repurchase agreements, at $5.5 billion increased $100.2 million, or an annualized 7.5%, during the quarter and $147.7 million, or 2.8%, from prior year end.

❖ Shareholders’ equity at $806.9 million increased $22.7 million, an annualized 11.6%, during the quarter and $49.3 million, or 6.5%, from prior year end.

Income Statement Review

Six Months Ended June 30										Change
(dollars in thousands)		2025				2024				Amount				Percent (%)
Net interest income		$	105,307			$	89,269			$	16,038				18.0
Provision for credit losses			5,662				5,628				34				0.6
Noninterest income			31,068				30,842				226				0.7
Noninterest expense			69,871				64,642				5,229				8.1
Income taxes			13,971				11,663				2,308				19.8
Net income		$	46,871			$	38,178			$	8,693				22.8
Average earning assets		$	5,915,965			$	5,463,944			$	452,021				8.3
Yield on average earnings assets, tax equivalent*			5.73	%			5.60	%			0.13	%			2.3
Cost of interest bearing funds			3.01	%			3.32	%			(0.31	)%			(9.5	)
Net interest margin, tax equivalent*			3.61	%			3.31	%			0.30	%			9.1

*Yield on average earning assets and net interest margin are computed on a taxable equivalent basis using a 24.95% tax rate.

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

		Three Months Ended
		June 30, 2025												June 30, 2024
(in thousands)		Average Balances				Interest				Average Rate				Average Balances				Interest				Average Rate
Earning assets:
Loans (1)(2)(3)		$	4,668,001			$	75,902				6.52	%		$	4,191,992			$	67,330				6.46	%
Loans held for sale			127				6				18.95				235				10				17.11
Securities:
U.S. Treasury and agencies			696,933				4,016				2.31				768,445				4,116				2.15
Tax exempt state and political subdivisions (3)			97,055				817				3.38				102,836				870				3.40
Other securities			212,686				1,693				3.19				227,415				2,216				3.92
Federal Reserve Bank and Federal Home Loan Bank stock			10,312				181				7.04				9,720				175				7.24
Federal funds sold			225				2				3.57				16				0				0.00
Interest bearing deposits			295,653				3,207				4.35				167,049				2,188				5.27
Other investments			245				1				1.64				245				1				1.64
Investment in unconsolidated subsidiaries			1,856				29				6.27				1,860				34				7.35
Total earning assets		$	5,983,093			$	85,854				5.76	%		$	5,469,813			$	76,940				5.66	%
Allowance for credit losses			(57,063	)											(50,769	)
Total earnings assets, net of allowance for credit losses			5,926,030												5,419,044
Nonearning assets:
Cash and due from banks			56,683												56,675
Premises and equipment and right of use assets, net			66,848												62,453
Other assets			264,361												257,765
Total assets		$	6,313,922											$	5,795,937
Interest bearing liabilities:
Deposits:
Savings and demand deposits		$	2,492,624			$	14,729				2.37	%		$	2,298,266			$	16,018				2.80	%
Time deposits			1,420,192				13,441				3.80				1,181,826				11,125				3.79
Repurchase agreements and federal funds purchased			233,982				2,352				4.03				227,249				2,641				4.67
Advances from Federal Home Loan Bank			1,404				13				3.71				1,425				15				4.23
Long-term debt			63,931				956				6.00				64,158				1,131				7.09
Finance lease liability			3,440				40				4.66				3,438				40				4.68
Total interest bearing liabilities		$	4,215,573			$	31,531				3.00	%		$	3,776,362			$	30,970				3.30	%
Noninterest bearing liabilities:
Demand deposits			1,241,901												1,253,096
Other liabilities			57,912												55,148
Total liabilities			5,515,386												5,084,606
Shareholders’ equity			798,536												711,331
Total liabilities and shareholders’ equity		$	6,313,922											$	5,795,937
Net interest income, tax equivalent						$	54,323											$	45,970
Less tax equivalent interest income							283												292
Net interest income						$	54,040											$	45,678
Net interest spread											2.76	%											2.36	%
Benefit of interest free funding											0.88												1.02
Net interest margin											3.64	%											3.38	%

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

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		Six Months Ended
		June 30, 2025												June 30, 2024
(in thousands)		Average Balances				Interest				Average Rate				Average Balances				Interest				Average Rate
Earning assets:
Loans (1)(2)(3)		$	4,600,919			$	148,701				6.52	%		$	4,144,429			$	132,117				6.41	%
Loans held for sale			116				9				15.65				152				13				17.20
Securities:
U.S. Treasury and agencies			718,105				8,070				2.27				783,621				8,385				2.15
Tax exempt state and political subdivisions (3)			98,046				1,639				3.37				104,864				1,748				3.35
Other securities			211,936				3,415				3.25				236,455				4,677				3.98
Federal Reserve Bank and Federal Home Loan Bank stock			10,084				369				7.38				9,559				384				8.08
Federal funds sold			113				2				3.57				36				1				5.59
Interest bearing deposits			274,545				5,915				4.34				182,724				4,840				5.33
Other investments			245				3				2.47				245				3				2.46
Investment in unconsolidated subsidiaries			1,856				58				6.30				1,859				68				7.36
Total earning assets		$	5,915,965			$	168,181				5.73	%		$	5,463,944			$	152,236				5.60	%
Allowance for credit losses			(56,247	)											(50,456	)
Total earnings assets, net of allowance for credit losses			5,859,718												5,413,488
Nonearning assets:
Cash and due from banks			55,685												58,532
Premises and equipment and right of use assets, net			65,935												62,114
Other assets			264,198												257,092
Total assets		$	6,245,536											$	5,791,226
Interest bearing liabilities:
Deposits:
Savings and demand deposits		$	2,486,266			$	29,129				2.36	%		$	2,255,700			$	31,375				2.80	%
Time deposits			1,388,724				26,499				3.85				1,223,995				23,445				3.85
Repurchase agreements and federal funds purchased			233,975				4,670				4.02				226,741				5,216				4.63
Advances from Federal Home Loan Bank			861				13				3.04				878				15				3.44
Long-term debt			63,959				1,926				6.07				64,186				2,249				7.05
Finance lease liability			3,440				81				4.75				3,437				81				4.74
Total interest bearing liabilities		$	4,177,225			$	62,318				3.01	%		$	3,774,937			$	62,381				3.32	%
Noninterest bearing liabilities:
Demand deposits			1,224,388												1,252,442
Other liabilities			57,136												54,011
Total liabilities			5,458,749												5,081,390
Shareholders’ equity			786,787												709,836
Total liabilities and shareholders’ equity		$	6,245,536											$	5,791,226
Net interest income, tax equivalent						$	105,863											$	89,855
Less tax equivalent interest income							556												586
Net interest income						$	105,307											$	89,269
Net interest spread											2.72	%											2.28	%
Benefit of interest free funding											0.89												1.03
Net interest margin											3.61	%											3.31	%

(1) Interest includes fees on loans of $1.1 million and $1.0 million for the six months ended June 30, 2025 and June 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.

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Net Interest Differential

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

Three Months Ended June 30		Total Change				Change Due to
(in thousands)		2025/2024				Volume				Rate
Interest income:
Loans		$	8,572			$	7,734			$	838
Loans held for sale			(4	)			(4	)			0
U.S. Treasury and agencies			(100	)			(368	)			268
Tax exempt state and political subdivisions			(53	)			(49	)			(4	)
Other securities			(523	)			(151	)			(372	)
Federal Reserve Bank and Federal Home Loan Bank stock			6				10				(4	)
Federal funds sold			2				0				2
Interest bearing deposits			1,019				1,449				(430	)
Other investments			0				0				0
Investment in unconsolidated subsidiaries			(5	)			0				(5	)
Total interest income			8,914				8,621				293
Interest expense:
Savings and demand deposits			(1,289	)			1,284				(2,573	)
Time deposits			2,316				2,256				60
Repurchase agreements and federal funds purchased			(289	)			77				(366	)
Advances from Federal Home Loan Bank			(2	)			0				(2	)
Long-term debt			(175	)			(4	)			(171	)
Finance lease liability			0				0				0
Total interest expense			561				3,613				(3,052	)
Net interest income		$	8,353			$	5,008			$	3,345

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

Six Months Ended June 30		Total Change				Change Due to
(in thousands)		2025/2024				Volume				Rate
Interest income:
Loans		$	16,584			$	7,402			$	9,182
Loans held for sale			(4	)			(2	)			(2	)
U.S. Treasury and agencies			(315	)			(340	)			25
Tax exempt state and political subdivisions			(109	)			(57	)			(52	)
Other securities			(1,262	)			(259	)			(1,003	)
Federal Reserve Bank and Federal Home Loan Bank stock			(15	)			10				(25	)
Federal funds sold			1				1				0
Interest bearing deposits			1,075				1,055				20
Other investments			0				0				0
Investment in unconsolidated subsidiaries			(10	)			0				(10	)
Total interest income			15,945				7,810				8,135
Interest expense:
Savings and demand deposits			(2,246	)			1,509				(3,755	)
Time deposits			3,054				1,580				1,474
Repurchase agreements and federal funds purchased			(546	)			81				(627	)
Advances from Federal Home Loan Bank			(2	)			0				(2	)
Long-term debt			(323	)			(4	)			(319	)
Finance lease liability			0				0				0
Total interest expense			(63	)			3,166				(3,229	)
Net interest income		$	16,008			$	4,644			$	11,364

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 $54.0 million was $2.8 million, or 5.4%, above prior quarter and $8.4 million, or 18.3%, above prior year same quarter.  Our net interest margin, on a fully tax equivalent basis, at 3.64% increased 7 basis points from prior quarter and 26 basis points from prior year same quarter.  Our quarterly average earning assets increased $135.0 million, an annualized 9.3%, from prior quarter and $513.3 million, or 9.4%, from prior year same quarter.  Our yield on average earning assets increased 5 basis points from prior quarter and 10 basis points from prior year same quarter, while our cost of funds decreased 2 basis points from prior quarter and 30 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, was 86.6% for the quarter compared to 85.9% for prior quarter and 84.5% for prior year same quarter.

Provision for Credit Losses

Our provision for credit losses at $2.1 million for the quarter decreased $1.5 million from prior quarter and $0.9 million from prior year same quarter.  Of the provision for the quarter, $1.4 million was allocated to fund net charge-offs, $0.6 million was allotted to fund changes in loan volume and composition, and $123 thousand was credited against the provision for unfunded commitments.  Year-to-date provision for credit losses remained relatively stable compared to prior year.    Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2025 was 237.1% compared to 214.7% at March 31, 2025 and 263.0% at June 30, 2024.  Our loan loss reserve as a percentage of total loans outstanding at June 30, 2025 remained at 1.23% from March 31, 2025 compared to 1.22% at June 30, 2024.

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Noninterest Income

														Percent Change (%)
														2Q 2025 Compared to:
$(in thousands)		2Q 2025				1Q 2025				2Q 2024				1Q 2025				2Q 2024				YTD 2025				YTD 2024				Percent Change (%)
Deposit related fees		$	7,350			$	6,822			$	7,308				7.7				0.6			$	14,172			$	14,319				(1.0	)
Trust and wealth management income			4,092				3,981				3,736				2.8				9.6				8,073				7,253				11.3
Gains on sales of loans			77				47				119				64.0				(35.3	)			124				164				(24.4	)
Loan related fees			1,249				965				1,320				29.4				(5.4	)			2,214				2,672				(17.1	)
Bank owned life insurance revenue			1,102				1,035				1,815				6.5				(39.3	)			2,137				3,107				(31.2	)
Brokerage revenue			526				494				683				6.5				(23.0	)			1,020				1,173				(13.0	)
Other			1,775				1,553				727				14.3				144.2				3,328				2,154				54.5
Total noninterest income		$	16,171			$	14,897			$	15,708				8.6				2.9			$	31,068			$	30,842				0.7

Noninterest income for the quarter was $1.3 million above prior quarter and $0.5 million above prior year same quarter.  The variance quarter over quarter was primarily the result of increases in deposit related fees ($0.5 million) and loan related fees ($0.3 million).  Year over year increases in trust and wealth management income ($0.4 million) and securities gains ($0.6 million) were partially offset by a decrease in bank owned life insurance revenue ($0.7 million).  Year-to-date noninterest income increased $0.02 million from prior year.

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Noninterest Expense

														Percent Change (%)
														2Q 2025 Compared to:
$(in thousands)		2Q 2025				1Q 2025				2Q 2024				1Q 2025				2Q 2024				YTD 2025				YTD 2024				Percent Change (%)
Salaries		$	13,667			$	13,269			$	13,037				3.0				4.8			$	26,936			$	26,073				3.3
Employee benefits			7,987				6,849				6,554				16.6				21.9				14,836				13,640				8.8
Net occupancy and equipment			3,172				3,440				3,089				(7.8	)			2.7				6,612				6,117				8.1
Data processing			3,326				2,859				2,669				16.3				24.6				6,185				5,187				19.2
Legal and professional fees			1,001				1,225				978				(18.3	)			2.4				2,226				1,810				23.0
Advertising and marketing			765				673				856				13.7				(10.6	)			1,438				1,433				0.3
Taxes other than property and payroll			573				529				438				8.3				30.8				1,102				880				25.2
Other			5,172				5,364				4,801				(3.6	)			7.7				10,536				9,502				10.9
Total noninterest expense		$	35,663			$	34,208			$	32,422				4.3				10.0			$	69,871			$	64,642				8.1

Noninterest expense for the quarter was $1.5 million above prior quarter and $3.2 million above prior year same quarter.  The quarter over quarter increase primarily resulted from an increase in the accrual for the annual incentive payment to employees, based on projected net income for the year.  An increase in data processing expense ($0.5 million) was offset by decreases in net occupancy and equipment expense ($0.3 million) and legal and professional fees ($0.2 million).  The year over year increase was primarily due to increases in personnel expense ($2.1 million) and data processing expense ($0.7 million).  Year-to-date noninterest expense increased $5.2 million from prior year.

Balance Sheet Review

CTBI’s total assets at $6.4 billion increased $114.4 million, 7.3% annualized, during the quarter and $197.7 million, 38.8% annualized, from prior year end.  Loans outstanding at $4.7 billion increased $65.3 million, 5.6% annualized, during the quarter and $215.2 million, 58.3% annualized, from prior year end.  The increase in loans from prior quarter included a $24.9 million increase in the commercial loan portfolio, a $50.2 million increase in the residential loan portfolio, and a $0.3 million increase in the consumer direct loan portfolio, partially offset by a $10.1 million decrease in the indirect consumer loan portfolio.  CTBI’s investment portfolio decreased $13.4 million, 5.3% annualized, during the quarter and $60.7 million, 70.0% annualized, from prior year end.  Deposits in other banks increased $46.6 million from prior quarter and $22.3 million from prior year end.

Deposits, including repurchase agreements, at $5.5 billion increased $100.2 million, 7.5% annualized, during the quarter and $147.7 million, 33.8% annualized, from prior year end.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of June 30, 2025, no one customer accounted for more than 3% of our $5.2 billion in deposits.  Only two customer relationships accounted for more than 1% each.

Shareholders’ equity at $806.9 million increased $22.7 million, 11.6% annualized, during the quarter and $49.3 million, 79.2% annualized, from prior year end.  Net unrealized losses on securities, net of deferred taxes, were $80.6 million at June 30, 2025, compared to $86.1 million at March 31, 2025 and $98.4 million at December 31, 2024.  CTBI’s annualized dividend yield to shareholders as of June 30, 2025 was 3.55%.

69

Loans

(dollars in thousands)		June 30, 2025
Loan Category		Balance				Variance from Prior Year (%)				Net (Charge-Offs)/ Recoveries				Nonperforming				ACL
Commercial:
Hotel/motel		$	477,175				4.0			$	0			$	0			$	5,604
Commercial real estate residential			559,906				10.2				(49	)			3,300				6,480
Commercial real estate nonresidential			913,463				5.6				6				11,343				11,457
Dealer floorplans			70,270				(17.3	)			0				0				507
Commercial other			361,751				1.7				(769	)			1,313				3,711
Total commercial			2,382,565				4.8				(812	)			15,956				27,759
Residential:
Real estate mortgage			1,112,672				6.6				(65	)			6,840				12,953
Home equity			177,135				5.8				6				687				1,604
Total residential			1,289,807				6.5				(59	)			7,527				14,557
Consumer:
Consumer direct			150,915				(1.3	)			(287	)			224				2,131
Consumer indirect			878,506				3.3				(1,770	)			679				13,378
Total consumer			1,029,241				2.6				(2,057	)			903				15,509
Total loans		$	4,701,793				4.8			$	(2,928	)		$	24,386			$	57,825

Total Deposits and Repurchase Agreements

														Percent Change (%)
														2Q 2025 Compared to:
(dollars in thousands)		2Q 2025				1Q 2025				YE 2024				1Q 2025				YE 2024
Noninterest bearing deposits		$	1,258,205			$	1,235,544			$	1,242,676				1.8				1.2
Interest bearing deposits
Interest checking			173,795				158,968				167,736				9.3				3.6
Money market savings			1,820,230				1,828,051				1,781,415				(0.4	)			2.2
Savings accounts			508,467				516,379				511,378				(1.5	)			(0.6	)
Time deposits			1,472,311				1,372,363				1,366,984				7.3				(0.6	)
Repurchase agreements			225,075				246,556				240,166				(8.7	)			(6.3	)
Total interest bearing deposits and repurchase agreements			4,199,878				4,122,317				4,067,679				1.9				3.2
Total deposits and repurchase agreements		$	5,458,083			$	5,357,861			$	5,310,355				1.9				2.8

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Deposit Maturities

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

		Maturities by Period at June 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		$	411,915			$	393,919			$	5,346			$	9,192			$	2,950			$	508			$	0

As of June 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
June 30, 2025		$	225,075			$	233,206			$	230,898
December 31, 2024			240,166				233,183				240,166
June 30, 2024			227,576				226,194				228,071

Asset Quality

Our total nonperforming loans at $24.4 million decreased $2.1 million from prior quarter and $2.3 million from prior year end.  Accruing loans 90+ days past due at $8.4 million decreased $2.4 million from prior quarter and $1.9 million from prior year end.  Nonaccrual loans at $15.9 million increased $0.2 million from prior quarter but decreased $0.4 million from prior year end.  Accruing loans 30-89 days past due at $20.1 million increased $5.5 million from prior quarter and $3.2 million from prior year end.  Nonaccrual loans to totals loans for the quarters ended June 30, 2025 and 2024 were 0.3% and 0.1%, respectively.  The allowance for credit losses to nonaccrual loans for the quarters ended June 30, 2025 and 2024 was 362.8% and 1,017.1%, respectively.  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 81% 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.

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We had net loan charge-offs of $1.4 million, an annualized 0.12% of average loans, compared to $1.6 million, an annualized 0.14% of average loans, for the prior quarter and $1.4 million, an annualized 0.13% of average loans, for the prior year same period.  Of the net charge-offs for the quarter, $0.5 million were in commercial loans, $0.8 million were in indirect consumer loans, and $0.1 million were in direct consumer loans.  Year-to-date net charge-offs were $2.9 million, an annualized 0.13% of average loans, compared to $3.0 million, an annualized 0.15% 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
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
April 1, 2024	March 15, 2024	$0.46

On July 22, 2025, the Board of Directors of CTBI declared a quarterly cash dividend of $0.53 per share to be paid on October 1, 2025 to shareholders of record on September 15, 2025.  This represents an increase of 12.8% in the quarterly cash dividend.

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 June 30, 2025, we had approximately $395.3 million in cash and cash equivalents and approximately $109.4 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 June 30, 2025 and December 31, 2024.  As of June 30, 2025, we had a $527.0 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 June 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 June 30, 2025 were deposits with the Federal Reserve of $314.0 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.

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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 June 30, 2025, available-for-sale (“AFS”) securities comprised 99.6% of the total investment portfolio, and the AFS portfolio was 123.3% of equity capital.  Ninety-one 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 3.55%.  Our primary source of capital growth is the retention of earnings.  Year-to-date cash dividends were $0.94 per share.  We retained 63.8% of our earnings for the period compared to 56.8% 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 June 30, 2025 was 13.80%.  CTB’s CBLR ratio as of June 30, 2025 was 13.33%.

As of June 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.

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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 June 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.

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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.

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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.

Goodwill – Business combinations entered into by CTBI typically include the recognition of goodwill.  GAAP requires goodwill to be tested for impairment on an annual basis, which for CTBI is October 1, and more frequently if events or circumstances indicate that there may be impairment.

Impairment exists when a reporting unit’s carrying amount of goodwill exceeds its implied fair value.  In testing goodwill for impairment, GAAP permits companies to first assess qualitative factors to determine whether it is more likely than not that its fair value is less than its carrying amount.  In this qualitative assessment, CTBI evaluates events and circumstances which may include, but are not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of CTBI, and the performance of CTBI’s common stock, to determine if it is not more likely than not that the fair value is less than its carrying amount.  If the quantitative impairment test is required or the decision to bypass the qualitative assessment is elected, CTBI performs the goodwill impairment test by comparing its fair value with its carrying amount, including goodwill.  If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill recorded.  A recognized impairment loss cannot be reversed in future periods even if the fair value of the reporting unit subsequently recovers.

The fair value of CTBI is the price that would be received to sell the company as a whole in an orderly transaction between market participants at the measurement date.  The determination of the fair value is a subjective process that involves the use of estimates and judgments, particularly related to cash flows, the appropriate discount rates and an applicable control premium.  CTBI employs an income-based approach, utilizing forecasted cash flows and the estimated cost of equity as the discount rate.  Significant management judgment is necessary in the preparation of the forecasted cash flows surrounding expectations for earnings projections, growth and credit loss expectations, and actual results may differ from forecasted results.

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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 1.41% over one year and 3.76% over two years.  A 200 basis point decrease in the yield curve would decrease net interest income by an estimated 2.12% over one year and 5.09% 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 June 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 June 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 June 30, 2025 that have materially affected, or are reasonably likely to materially affect, CTBI’s internal control over financial reporting.

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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 (b)       Changes to director nomination procedures (c)        Insider trading arrangements During the three months ended June 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.	None None
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

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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:  August 8, 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

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