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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 3rd 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
 
3rd Quarter 2026 Highlights
 
 
 
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 

 

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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 
 
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