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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 ✔

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

Yes ✔

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

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

Smaller Reporting Company ☐	Emerging Growth Company ☐

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

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

Yes ☐

No ✔

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

Common stock – 18,110,585 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.

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.

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.

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.

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.

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.

Community Trust Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 - Summary of Significant Accounting Policies

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

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

New Accounting Standards –

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

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

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

1. Regulatory changes and compliance obligations

•

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

•

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

•

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

2. Changes affecting financial products and services

•

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

•

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

3. Tax and investment incentives

•

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

•

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

•

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

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

Significant Accounting Policies –

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

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

We have identified the following significant accounting policies:

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

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

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

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

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

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

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

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

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

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

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

•

Changes in delinquency trends by loan segment

•

Changes in international, national, regional, and local conditions

•

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

•

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

•

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

•

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

•

Changes in the value of underlying collateral for collateral dependent loans

•

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note 2 – Stock-Based Compensation

Restricted stock expense for the three months ended 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.

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

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.

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

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

Available-for-Sale

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

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

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

U.S. Treasury and Government Agencies

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

State and Political Subdivisions

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

Agency Mortgage-backed Securities

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

Asset-Backed Securities

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

Equity Securities at Fair Value

Equity securities at fair value as of 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

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

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

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

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

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

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

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

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

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

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

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

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

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

Loans identified to be sold into the secondary market are classified as held for sale and are not included in the loans balance above. Loans held for sale are recorded at lower of cost or fair value and were $0.3 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

	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

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.

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

Credit Quality Indicators

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

➢

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

➢

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

➢

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

➢

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

➢

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

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

	Term Loans Amortized Cost Basis by Origination Year As of June 30, 2025
(in thousands)	2025	2024	2023	2022	2021	Prior	Revolving Loans	Total
Hotel/motel

COMMUNITY TRUST BANCORP INC /KY/ 10-Q