Community Trust Bancorp Q3 earnings rise to $25.9M

Loan balances rose 10.6% year over year while the provision for credit losses reached $9.2 million.

Rhea-AI Filing Summary

Community Trust Bancorp, Inc. (CTBI) reported third-quarter 2026 net income of $25.9 million, or $1.43 per basic share, compared with $23.9 million and $1.33 per share a year earlier. Second-quarter net income was $29.6 million, or $1.64 per share. For the first nine months of 2026, net income was $82.7 million, compared with $70.8 million a year earlier. Third-quarter net interest income was $61.1 million, 9.9% above a year earlier, and noninterest income was $18.6 million, up 16.9%. Dividends declared per share were $0.71, compared with $0.53 a year earlier.

Credit-loss provision was $9.2 million, an increase of $5.3 million year over year; net loan charge-offs were $6.6 million versus $2.7 million. Loans outstanding were $5.3 billion, up 10.6% from September 30, 2025, and deposits including repurchase agreements were $6.0 billion, up 6.5%. Nonperforming loans were $22.5 million at September 30, 2026, down $2.2 million from a year earlier. Net interest margin was 3.63%, compared with 3.60% in the third quarter of 2025.

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Positive

• Moderate pointThird-quarter net income was $25.9 million, versus $23.9 million a year earlier.
• Moderate pointNet interest income increased 9.9% year over year to $61.1 million.
• Moderate pointDividends declared per share were $0.71, versus $0.53 a year earlier.

Negative

• Moderate pointThird-quarter net income was $25.9 million, versus $29.6 million in Q2 2026.
• Moderate pointCredit-loss provision increased $5.3 million year over year.

Filing Explained

In the third quarter, a $4.3 million charge-off was recorded after collateral for a commercial loan was auctioned for significantly less than management had expected. The loan had previously been reported as accruing and 90 or more days past due, and the charge-off was part of the quarter’s $6.6 million in net loan charge-offs.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $25.9 million Basic earnings per share: $1.43 Net interest income: $61.1 million +5 more

8 metrics

Net income $25.9 million Third quarter 2026; $23.9 million in third quarter 2025

Basic earnings per share $1.43 Third quarter 2026

Net interest income $61.1 million Third quarter 2026; 9.9% above third quarter 2025

Provision for credit losses $9.2 million Third quarter 2026; increased $5.3 million year over year

Noninterest income $18.6 million Third quarter 2026; 16.9% above third quarter 2025

Dividends declared per share $0.71 Third quarter 2026; $0.53 in third quarter 2025

Net loan charge-offs $6.6 million Third quarter 2026; 0.50% of average loans

Loans outstanding $5.3 billion At September 30, 2026; up 10.6% from September 30, 2025

Key Terms

net interest margin, Allowance for Credit Losses, reserve coverage, Nonaccrual loans

4 terms

net interest margin financial

"net interest margin decreased 17 basis points from prior quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Allowance for Credit Losses financial

"Allowance for Credit Losses"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

reserve coverage financial

"reserve coverage (allowance for credit losses to nonperforming loans)"

Nonaccrual loans financial

"Nonaccrual loans at $9.5 million decreased $1.3 million from prior quarter"

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

Earnings Snapshot

Net income: $25.9 million

Third quarter 2026

Net income $25.9 million Compared with $23.9 million in third quarter 2025 and $29.6 million in second quarter 2026.

Basic earnings per share $1.43 Compared with $1.33 in third quarter 2025 and $1.64 in second quarter 2026.

Net interest income $61.1 million $5.5 million, or 9.9%, above third quarter 2025.

Provision for credit losses $9.2 million Increased $5.3 million from third quarter 2025.

Noninterest income $18.6 million $2.7 million, or 16.9%, above third quarter 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CTBI's third-quarter 2026 earnings?

CTBI reported third-quarter 2026 net income of $25.9 million, or $1.43 per basic share. Net income was $23.9 million, or $1.33 per basic share, in third quarter 2025, and $29.6 million in second quarter 2026.

What drove CTBI's higher loan charge-offs in the third quarter of 2026?

The increase was primarily attributable to an $8.7 million commercial relationship previously reported as an accruing loan 90+ days past due and in the process of collection. In September, collateral was sold at auction and the company received a significantly lower amount at bid, resulting in a $4.3 million charge-off.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/21/2026 - 08:25 AM EDT Accepted by SEC EDGAR 10/21/2026 - 08:25 AM EDT Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

September 30, 2026

Commission file number 001-31220

COMMUNITY TRUST BANCORP, INC.

(Exact name of registrant as specified in its charter)

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

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

☐

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

☐

Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

☐

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

☐

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

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

Emerging growth company

☐

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

Item 2.02 – Results of Operations and Financial Condition

On October 21, 2026, Community Trust Bancorp, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 30, 2026.  A copy of this press release is being furnished to the Securities and Exchange Commission pursuant to Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure of Form 8-K and is attached hereto as Exhibit 99.1.  The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 – Financial Statements and Exhibits

(d)

Exhibits

The following exhibit is filed with this report:

99.1 Press Release dated October 21, 2026

Signatures

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

		COMMUNITY TRUST BANCORP, INC.
Date:	October 21, 2026	By:
		/s/ Mark A. Gooch
		Mark A. Gooch
		Chairman, President, and Chief Executive Officer

Page 1

0000350852 false 0000350852 2026-10-21 2026-10-21

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 21, 2026

FOR ADDITIONAL INFORMATION, PLEASE CONTACT MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

Pikeville, Kentucky:

Community Trust Bancorp, Inc. reports earnings for the 3^rd quarter 2026

Earnings Summary

(in thousands except per share data)	3Q          2026	2Q     2026	3Q     2025	YTD    2026	YTD    2025
Net income	$25,890	$29,623	$23,911	$82,705	$70,782
Earnings per share	$1.43	$1.64	$1.33	$4.58	$3.93
Earnings per share - diluted	$1.43	$1.64	$1.32	$4.57	$3.92
Return on average assets	1.46%	1.74%	1.46%	1.61%	1.50%
Return on average equity	11.49%	13.40%	11.53%	12.49%	11.84%
Efficiency ratio	45.90%	47.99%	50.86%	47.51%	51.12%
Tangible common equity	11.60%	11.93%	11.65%
Dividends declared per share	$0.71	$0.53	$0.53	$1.77	$1.47
Book value per share	$48.29	$49.10	$45.91
Weighted average shares	18,069	18,064	18,019	18,061	18,009
Weighted average shares - diluted	18,114	18,099	18,053	18,098	18,037

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the third quarter 2026 of $25.9 million, or $1.43 per basic earnings per share, compared to $29.6 million, or $1.64 per basic share, earned during the second quarter 2026 and $23.9 million, or $1.33 per basic share, earned during the third quarter 2025.  Total revenue for the quarter was $1.2 million above prior quarter and $8.2 million above prior year same quarter.  Net interest income for the quarter increased $0.2 million compared to prior quarter and $5.5 million compared to prior year same quarter, and noninterest income increased $1.0 million compared to prior quarter and $2.7 million compared to prior year same quarter.  Our provision for credit losses for the quarter increased $6.4 million from prior quarter and $5.3 million from prior year same quarter.  Noninterest expense decreased $0.9 million compared to prior quarter and $0.3 million compared to prior year same quarter.  Earnings for the nine months ended September 30, 2026 were $82.7 million, or $4.58 per basic share, compared to $70.8 million, or $3.93 per basic share, for the same period prior year.

1

3^rd Quarter 2026 Highlights

• Net interest income for the quarter of $61.1 million was $0.2 million, or 0.3%, above prior quarter and $5.5 million, or 9.9%, above prior year same quarter, as our net interest margin decreased 17 basis points from prior quarter but increased 3 basis points from prior year same quarter.
• Provision for credit losses at $9.2 million for the quarter increased $6.4 million from prior quarter and $5.3 million from prior year same quarter.
• Noninterest income for the quarter of $18.6 million was $1.0 million, or 6.0%, above prior quarter and $2.7 million, or 16.9%, above prior year same quarter.

• Noninterest expense for the quarter of $36.5 million was $0.9 million, or 2.4%, below prior quarter and $0.3 million, or 0.7%, below prior year same quarter.
• Our loan portfolio at $5.3 billion increased $177.9 million, an annualized 13.8%, for the quarter and $509.0 million, or 10.6%, from September 30, 2025.
• We had net loan charge-offs of $6.6 million, an annualized 0.50% of average loans, for the quarter compared to $0.9 million, an annualized 0.07% of average loans, for prior quarter and $2.7 million, an annualized 0.23% of average loans, for the third quarter 2025.
• Our total nonperforming loans at $22.5 million at September 30, 2026 decreased $7.3 million for the quarter and $2.2 million from September 30, 2025.  Nonperforming assets at $27.7 million decreased $5.6 million for the quarter and $1.8 million from September 30, 2025.
• Deposits, including repurchase agreements, at $6.0 billion increased $86.1 million, an annualized 5.7%, for the quarter and $370.7 million, or 6.5%, from September 30, 2025.
• Shareholders’ equity at $877.3 million decreased $14.5 million, an annualized 6.4%, for the quarter but increased $46.0 million, or 5.5%, from September 30, 2025.

2

Net Interest Income

				Percent Change
				3Q 2026 Compared to:
($ in thousands)	3Q     2026	2Q     2026	3Q    2025	2Q    2026	3Q    2025	YTD     2026	YTD     2025	Percent  Change
Components of net interest income:
Income on earning assets	$94,893	$91,238	$88,562	4.0%	7.1%	$273,886	$256,187	6.9%
Expense on interest bearing liabilities	33,837	30,349	33,008	11.5%	2.5%	93,159	95,326	(2.3)%
Net interest income	61,056	60,889	55,554	0.3%	9.9%	180,727	160,861	12.3%
TEQ	284	304	301	(6.6)%	(5.4)%	905	857	5.6%
Net interest income, tax equivalent (non-GAAP)	$61,340	$61,193	$55,855	0.2%	9.8%	$181,632	$161,718	12.3%
Average yield and rates paid:
Earning assets yield	5.63%	5.68%	5.73%	(0.9)%	(1.7)%	5.65%	5.73%	(1.4)%
Rate paid on interest bearing liabilities	2.78%	2.64%	3.01%	5.2%	(7.6)%	2.68%	3.01%	(11.0)%
Gross interest margin	2.85%	3.04%	2.72%	(6.3)%	4.7%	2.97%	2.72%	9.1%
Net interest margin	3.63%	3.80%	3.60%	(4.4)%	0.7%	3.74%	3.61%	3.6%
Average balances:
Investment securities	$1,126,360	$1,081,411	$1,006,259	4.2%	11.9%	$1,107,298	$1,018,062	8.8%
Loans	$5,175,712	$5,051,165	$4,736,104	2.5%	9.3%	$5,054,596	$4,646,475	8.8%
Earning assets	$6,704,985	$6,464,479	$6,151,134	3.7%	9.0%	$6,500,315	$5,995,216	8.4%
Interest-bearing liabilities	$4,832,747	$4,610,459	$4,353,313	4.8%	11.0%	$4,647,249	$4,236,566	9.7%

Net interest income for the quarter of $61.1 million was $0.2 million, or 0.3%, above prior quarter and $5.5 million, or 9.9%, above prior year same quarter, as our net interest margin, on a fully tax equivalent basis, decreased 17 basis points from prior quarter but increased 3 basis points from prior year same quarter.  Our quarterly average earning assets increased $240.5 million, an annualized 3.7%, from prior quarter and $553.9 million, or 9.0%, from prior year same quarter.  Our yield on average earning assets decreased 5 basis points from prior quarter and 10 basis points from prior year same quarter, while our cost of funds increased 14 basis points from prior quarter but decreased 23 basis points from prior year same quarter.  Our ratio of average loans to deposits, including repurchase agreements, for the quarter was 86.2% compared to 87.2% for prior quarter and 85.6% for same quarter prior year.  Net interest income for the nine months ended September 30, 2026 at $180.7 million was $19.9 million, or 12.3%, above same period prior year.

3

Provision for Credit Losses

Our provision for credit losses at $9.2 million for the quarter increased $6.4 million from prior quarter and $5.3 million from prior year same quarter.  Of the provision for the quarter, $5.8 million was attributable to the allowance for credit losses, with an additional expense of $0.6 million recognized in the provision for unfunded commitments.  The increase in the provision was the result of the increase in net charge-offs in addition to the significant loan growth we experienced during the quarter.  Provision for credit losses for the nine months ended September 30, 2026 at $14.3 million was $4.7 million above same period prior year.

Noninterest Income

				Percent Change
				3Q 2026 Compared to:
($ in thousands)	3Q   2026	2Q   2026	3Q   2025	2Q   2026	3Q   2025	YTD   2026	YTD   2025	Percent Change
Deposit related fees	$8,579	$7,657	$8,131	12.0%	5.5%	$23,391	$22,303	4.9%
Trust and wealth management income	4,885	4,724	4,277	3.4%	14.2%	14,071	12,350	13.9%
Gains on sales of loans	33	61	89	(46.2)%	(63.5)%	145	213	(31.8)%
Loan related fees	1,268	1,146	897	10.7%	41.3%	3,453	3,111	11.0%
Bank owned life insurance revenue	1,227	1,188	1,144	3.2%	7.3%	4,129	3,281	25.9%
Brokerage revenue	727	528	588	37.8%	23.6%	1,775	1,608	10.4%
Other	1,929	2,295	820	(16.0)%	135.2%	4,697	4,148	13.2%
Total noninterest income	$18,648	$17,599	$15,946	6.0%	16.9%	$51,661	$47,014	9.9%

Noninterest income for the quarter of $18.6 million was $1.0 million, or 6.0%, above prior quarter and $2.7 million, or 16.9%, above prior year same quarter.  The variance quarter over quarter was primarily the result of a $0.9 million increase in deposit related fees.  Increases in trust and wealth management income ($0.2 million) and brokerage revenue ($0.2 million) were offset by a $0.4 million decline in net securities gains, included in the “Other” row in the table above.  Year over year increases for the quarter included net securities gains ($1.0 million), trust and wealth management income ($0.6 million), deposit related fees ($0.4 million), and loan related fees ($0.4 million).  The variances in securities gains resulted primarily from changes in the valuation of our equity securities.  Noninterest income for the nine months ended September 30, 2026 of $51.7 million was $4.6 million, or 9.9%, above prior year same period.

4

Noninterest Expense

				Percent Change
				3Q 2026 Compared to:
($ in thousands)	3Q   2026	2Q    2026	3Q   2025	2Q    2026	3Q    2025	YTD   2026	YTD  2025	Percent Change
Salaries	$14,252	$13,923	$13,913	2.4%	2.4%	$41,804	$40,849	2.3%
Employee benefits	7,491	9,297	7,861	(19.4)%	(4.7)%	25,264	22,697	11.3%
Net occupancy and equipment	3,489	3,367	3,261	3.6%	7.0%	10,555	9,873	6.9%
Data processing	3,077	2,851	3,575	7.9%	(13.9)%	8,883	9,760	(9.0)%
Legal and professional fees	1,277	1,084	1,045	17.8%	22.1%	3,525	3,271	7.8%
Advertising and marketing	907	841	953	7.9%	(4.8)%	2,448	2,391	2.4%
Taxes other than property and payroll	667	619	564	7.9%	18.3%	1,903	1,666	14.2%
Other	5,320	5,388	5,572	(1.3)%	(4.5)%	16,005	16,108	(0.6)%
Total noninterest expense	$36,480	$37,370	$36,744	(2.4)%	(0.7)%	$110,387	$106,615	3.5%

Noninterest expense for the quarter of $36.5 million was $0.9 million, or 2.4%, below prior quarter and $0.3 million, or 0.7%, below prior year same quarter. The quarter over quarter decrease primarily resulted from a $1.7 million decrease in the cost of our group medical and life insurance, included in employee benefits, partially offset by increases in salaries ($0.3 million), data processing expense ($0.2 million), and legal and professional fees ($0.2 million).  The year over year decrease for the quarter primarily resulted from a $0.5 million decrease in data processing expense offset by a $0.2 million increase in legal fees.  The decrease in the cost of group medical and life insurance year over year was offset by increases in salaries and bonuses.  Noninterest expense for the nine months ended September 30, 2026 of $110.4 million was $3.8 million, or 3.5%, above prior year same period.

Balance Sheet Review

CTBI’s total assets at $7.1 billion increased $72.2 million, or 4.1% annualized, for the quarter and $423.4 million, or 6.4%, from September 30, 2025.  Loans outstanding at $5.3 billion increased $177.9 million, an annualized 13.8%, for the quarter and $509.0 million, or 10.6%, from September 30, 2025.  The increase in loans for the quarter included a $80.9 million increase in the commercial loan portfolio, a $53.0 million increase in the residential loan portfolio, and a $46.8 million increase in the consumer indirect loan portfolio, partially offset by a $2.8 million decrease in the consumer direct loan portfolio.  CTBI’s investment portfolio at $1.1 billion increased $60.1 million, an annualized 22.6%, for the quarter and $74.4 million, or 7.1%, from September 30, 2025.  Deposits in other banks decreased $178.1 million for the quarter and $164.0 million from September 30, 2025.

5

Total Loans

				Percent Change
				3Q 2026 Compared to:
($ in thousands)	3Q      2026	2Q      2026	3Q      2025	2Q    2026	3Q   2025
Commercial nonresidential real estate	$1,061,605	$1,005,462	$921,682	5.6%	15.2%
Commercial residential real estate	633,648	599,454	573,270	5.7%	10.5%
Hotel/motel	539,287	528,697	483,833	2.0%	11.5%
Other commercial	443,920	463,901	446,125	(4.3)%	(0.5)%
Total commercial	2,678,460	2,597,514	2,424,910	3.1%	10.5%
Residential mortgage	1,336,242	1,289,157	1,157,540	3.7%	15.4%
Home equity loans/lines	201,192	195,270	184,191	3.0%	9.2%
Total residential	1,537,434	1,484,427	1,341,731	3.6%	14.6%
Consumer indirect	949,929	903,125	877,555	5.2%	8.2%
Consumer direct	137,045	139,865	149,719	(2.0)%	(8.5)%
Total consumer	1,086,974	1,042,990	1,027,274	4.2%	5.8%
Total loans	$5,302,868	$5,124,931	$4,793,915	3.5%	10.6%

Total Deposits and Repurchase Agreements

						Percent Change
						3Q 2026 Compared to:
($ in thousands)	3Q  2026		2Q      2026		3Q      2025	2Q      2026		3Q      2025
Noninterest bearing deposits		$1,254,885		$1,259,364	$1,248,573	(0.4)%	0.5%
Interest bearing deposits
Interest checking		193,714		188,978	194,327	2.5%	(0.3)%
Money market savings		1,862,607		1,963,115	1,815,111	(5.1)%	2.6%
Savings accounts		488,796		497,390	501,189	(1.7)%	(2.5)%
Time deposits		1,889,887		1,748,916	1,626,261	8.1%	16.2%
Repurchase agreements		351,105		297,094	284,863	18.2%	23.3%
Total interest bearing deposits and repurchase agreements		4,786,109		4,695,493	4,421,751	1.9%	8.2%
Total deposits and repurchase agreements		$6,040,994		$5,954,857	$5,670,324	1.4%	6.5%

Deposits, including repurchase agreements, at $6.0 billion increased $86.1 million, an annualized 5.7%, for the quarter and $370.7 million, or 6.5%, from September 30, 2025.  CTBI is not dependent on any one customer or group of customers for their source of deposits.  As of September 30, 2026, two customers accounted for over 3% each (3.8% and 3.7%) of our $5.7 billion in deposits.  Only these two customer relationships accounted for more than 1% each of our deposits.

Shareholders’ equity at $877.3 million decreased $14.5 million, an annualized 6.4%, for the quarter but increased $46.0 million, or 5.5%, from September 30, 2025.  Net unrealized losses on securities, net of deferred taxes, were $96.7 million at September 30, 2026, compared to $68.4 million at June 30, 2026 and $71.1 million at September 30, 2025.  CTBI’s annualized dividend yield to shareholders as of September 30, 2026 was 3.83%.

6

Asset Quality

Our total nonperforming loans at $22.5 million at September 30, 2026 decreased $7.3 million for the quarter and $2.2 million from September 30, 2025.  Nonaccrual loans at $9.5 million decreased $1.3 million from prior quarter and $6.2 million from September 30, 2025.  Accruing loans 90+ days past due at $13.0 million decreased $5.9 million from prior quarter but increased $4.0 million from September 30, 2025.  Accruing loans 30-89 days past due at $23.1 million increased $2.8 million from prior quarter and $4.6 million from September 30, 2025.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

We had net loan charge-offs of $6.6 million, an annualized 0.50% of average loans, for the quarter compared to $0.9 million, an annualized 0.07% of average loans, for prior quarter and $2.7 million, an annualized 0.23% of average loans, for the third quarter 2025.  The increase in net loan charge-offs was primarily attributable to an $8.7 million commercial relationship previously reported as an accruing loan 90+ past due and in the process of collection.  At June 30, 2026, management's analysis suggested that this loan was well secured.  During September, the collateral was sold at auction, and we received a significantly lower amount at bid, resulting in a $4.3 million charge-off.  Of the net charge-offs for the quarter, $5.0 million were in commercial loans, $1.3 million were in consumer indirect loans, and $0.3 million were in consumer direct loans.  Net loan charge-offs for the nine months ended September 30, 2026 were $8.8 million, or an annualized 0.23% of average loans, compared to $5.7 million, or an annualized 0.16% of average loans, for the same period prior year.

Allowance for Credit Losses

Our reserve coverage (allowance for credit losses to nonperforming loans) at September 30, 2026 was 289.3% compared to 211.8% at June 30, 2026 and 239.5% at September 30, 2025.  Our allowance for credit losses as a percentage of total loans outstanding at September 30, 2026 remained at 1.23% from June 30, 2026 and September 30, 2025.  The table below shows the changes in components of the allowance for credit losses during the third quarter 2026:

Beginning balance	$63,001
New loan volume	6,146
Changes in existing loan balances	(882)
Loans exiting	(2,969)
Historical loss rate	(381)
Qualitative factors	240
Other changes	(96)
Ending balance	$65,059

7

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. CTBI’s actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.”  These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, 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.  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.

Community Trust Bancorp, Inc., with assets of $7.1 billion, is headquartered in Pikeville, Kentucky and has 69 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

8

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
September 30, 2026
(in thousands except per share data and # of employees)
				Three				Three				Three				Nine				Nine
				Months				Months				Months				Months				Months
				Ended				Ended				Ended				Ended				Ended
				September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Interest income			$	94,893			$	91,238			$	88,562			$	273,886			$	256,187
Interest expense				33,837				30,349				33,008				93,159				95,326
Net interest income				61,056				60,889				55,554				180,727				160,861
Provision for credit losses				9,171				2,771				3,866				14,253				9,528
Gains on sales of loans				33				61				89				145				213
Deposit related fees				8,579				7,657				8,131				23,391				22,303
Trust and wealth management income				4,885				4,724				4,277				14,071				12,350
Loan related fees				1,268				1,146				897				3,453				3,111
Securities gains (losses)				515				924				(449	)			951				181
Other noninterest income				3,368				3,087				3,001				9,650				8,856
Total noninterest income				18,648				17,599				15,946				51,661				47,014
Personnel expense				21,743				23,220				21,774				67,068				63,546
Occupancy and equipment				3,489				3,367				3,261				10,555				9,873
Data processing expense				3,077				2,851				3,575				8,883				9,760
FDIC insurance premiums				750				751				703				2,245				2,080
Other noninterest expense				7,421				7,181				7,431				21,636				21,356
Total noninterest expense				36,480				37,370				36,744				110,387				106,615
Net income before taxes				34,053				38,347				30,890				107,748				91,732
Income taxes				8,163				8,724				6,979				25,043				20,950
Net income			$	25,890			$	29,623			$	23,911			$	82,705			$	70,782
Memo: TEQ interest income			$	95,177			$	91,542			$	88,863			$	274,791			$	257,044
Average shares outstanding				18,069				18,064				18,019				18,061				18,009
Diluted average shares outstanding				18,114				18,099				18,053				18,098				18,037
Basic earnings per share			$	1.43			$	1.64			$	1.33			$	4.58			$	3.93
Diluted earnings per share			$	1.43			$	1.64			$	1.32			$	4.57			$	3.92
Dividends per share			$	0.71			$	0.53			$	0.53			$	1.77			$	1.47
Average balances:
Loans			$	5,175,712			$	5,051,165			$	4,736,104			$	5,054,596			$	4,646,475
Earning assets				6,704,985				6,464,479				6,151,134				6,500,315				5,995,216
Total assets				7,049,781				6,817,407				6,487,817				6,846,923				6,327,184
Deposits, including repurchase agreements				6,008,105				5,793,767				5,531,461				5,822,548				5,399,692
Interest bearing liabilities				4,832,747				4,610,459				4,353,313				4,647,249				4,236,566
Shareholders' equity				894,271				886,914				823,016				885,046				798,996
Performance ratios:
Return on average assets				1.46	%			1.74	%			1.46	%			1.61	%			1.50	%
Return on average equity				11.49	%			13.40	%			11.53	%			12.49	%			11.84	%
Yield on average earning assets (tax equivalent)				5.63	%			5.68	%			5.73	%			5.65	%			5.73	%
Cost of interest bearing funds (tax equivalent)				2.78	%			2.64	%			3.01	%			2.68	%			3.01	%
Net interest margin (tax equivalent)				3.63	%			3.80	%			3.60	%			3.74	%			3.61	%
Efficiency ratio (tax equivalent)				45.90	%			47.99	%			50.86	%			47.51	%			51.12	%
Loan charge-offs			$	7,724			$	2,112			$	4,024			$	12,522			$	9,274
Recoveries				(1,172	)			(1,195	)			(1,276	)			(3,735	)			(3,598	)
Net charge-offs			$	6,552			$	917			$	2,748			$	8,787			$	5,676
Market Price:
High			$	79.92			$	73.22			$	59.67			$	79.92			$	59.67
Low			$	70.60			$	60.40			$	52.60			$	56.05			$	44.60
Close			$	74.22			$	72.36			$	55.95			$	74.22			$	55.95

9

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
September 30, 2026
(in thousands except per share data and # of employees)
							As of				As of				As of
							September 30, 2026				June 30, 2026				September 30, 2025
Assets:
Loans						$	5,302,868			$	5,124,931			$	4,793,915
Allowance for credit losses							(65,059	)			(63,001	)			(59,135	)
Net loans							5,237,809				5,061,930				4,734,780
Loans held for sale							150				-				483
Securities AFS							1,111,268				1,051,681				1,037,965
Equity securities at fair value							5,093				4,578				3,961
Other equity investments							11,176				10,412				9,948
Other earning assets							274,493				452,627				438,501
Cash and due from banks							59,170				63,815				71,218
Premises and equipment							53,143				53,065				52,245
Right of use asset							14,531				14,957				15,974
Goodwill and core deposit intangible							65,490				65,490				65,490
Other assets							229,249				210,816				207,564
Total Assets						$	7,061,572			$	6,989,371			$	6,638,129
Liabilities and Equity:
Interest bearing checking						$	193,714			$	188,978			$	194,327
Savings deposits							2,351,403				2,460,505				2,316,300
CD's >=$100,000							1,208,796				1,107,635				992,728
Other time deposits							681,091				641,281				633,533
Total interest bearing deposits							4,435,004				4,398,399				4,136,888
Noninterest bearing deposits							1,254,885				1,259,364				1,248,573
Total deposits							5,689,889				5,657,763				5,385,461
Repurchase agreements							351,105				297,094				284,863
Other interest bearing liabilities							64,383				64,448				64,641
Lease liabilities							15,621				16,000				16,909
Other noninterest bearing liabilities							63,239				62,239				54,882
Total liabilities							6,184,237				6,097,544				5,806,756
Shareholders' equity							877,335				891,827				831,373
Total Liabilities and Equity						$	7,061,572			$	6,989,371			$	6,638,129
Ending shares outstanding							18,168				18,164				18,110
30 - 89 days past due loans						$	23,149			$	20,301			$	18,500
90 days past due loans							13,022				18,951				9,040
Nonaccrual loans							9,465				10,794				15,647
Foreclosed properties							5,212				3,517				4,856
Community bank leverage ratio							13.60	%			13.89	%			13.68	%
Tangible equity to tangible assets ratio							11.60	%			11.93	%			11.65	%
FTE employees							968				970				929

10

Filing Exhibits & Attachments

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• EX-99.1 EX-99.1 331.3 KB

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• EX-101 INLINE XBRL TAXONOMY EXTENSION - SCHEMA 3.0 KB
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