2014 Annual Report
Your Company
Community Banking at its Best
“We are committed to increasing shareholder value by operating our community banking model with the
core values of fairness, respect, and integrity.”
- Mission Statement
Community Trust Bancorp, Inc. continues to practice the conservative, efficient model of traditional
community banking that has been the cornerstone of our customer service and driven our earnings for
more than 111 years.
In 2014, we were pleased to be recognized by Forbes magazine as one of “America's 50 Most
Trustworthy Financial Companies.” Community Trust was ranked first in the “Small Cap” category. We
are pleased the stewardship of our shareholders' assets, through strong corporate governance, has
been recognized. Our history of investment returns continues to demonstrate the viability of our stock as
a long-term core value investment. Having a firm foundation for our operations, a strong capital position,
a highly skilled and dedicated workforce, and a business model of community banking allows us to
operate successfully.
Economic conditions in most of the communities we serve in Kentucky, West Virginia, and Tennessee
are slowly improving. However, some business sectors in our Eastern Region, particularly the coal
industry, are being negatively impacted by oversupply, low prices, and regulatory burden. We anticipate
that most of our market areas will continue to experience improving economic conditions.
The directors and management of Community Trust Bancorp, Inc. are committed to meeting the
challenges that the economy presents while remaining focused on our core banking business and
increasing shareholder value.
Comparison of 5-Year Cumulative Total Return
$300
$200
$100
$0
2009
2010
2011
2012
2013
2014
Community Trust Bancorp, Inc.
NASDAQ Stock Market (U.S.)
NASDAQ Bank Stocks Index
An investment in CTBI stock on December 31, 2009 would have
outperformed the NASDAQ Bank Stocks Index but not the NASDAQ
Stock Market (U.S.) at December 31, 2014.
2014 Annual Report
1
To Our Shareholders
Dear Shareholders
Your Company continued, during 2014, to meet the challenges of
operating in a recovering economy with interest rates remaining at
historically low levels. While our earnings for 2014 of $43.3 million
were less than our record high $45.2 million earned in 2013, our
performance still allowed us to remain a high performing community
banking organization. We were pleased to continue our commitment
to sharing earnings with you, our shareholders, by increasing your
cash dividend for the 34 consecutive year and by paying a 10% stock
dividend.
th
Operating in Economically Diverse Markets
Jean R. Hale
Chairman, President and CEO
The economic recovery within the United States has varied
geographically, by business sector and by individual. We continue to
have some areas of our country yet to recover from the recent recession. Our Company positioned
itself over the years to be diversified with the varying economies in the markets we serve, our loan
portfolio mix, and our customer base. We believe this diversification contributed to our continued
strong profitability during the recession and extended economic recovery. We remain a margin driven
institution and will continue to have pressure on our net interest margin as long as rates remain low.
During 2014, we continued our focus on improving the financial performance of the Company by
improving the asset quality of our loan portfolio, reducing our other real estate owned, reducing loan
charge-offs, and controlling expenses, while at the same time growing our loan portfolio with quality
loans. We saw improvement in all of these areas during 2014. Our focus on the growth and
profitability of our subsidiary Community Trust and Investment Company resulted in a record
contribution to the Company's noninterest revenue. We believe with the pressure placed on traditional
noninterest revenue sources, our wealth management, trust, brokerage, and insurance operations will
provide a good opportunity for growth of noninterest revenue in the future.
Providing Solid Investor Returns
Your management believes an investment in Community Trust Bancorp, Inc. is a long-term core value
investment. We believe in returning to our shareholders in several ways, including cash dividends,
stock dividends, stock splits, and price appreciation. During 2014, we increased our cash dividends to
shareholders for the 34 consecutive year. As of December 31, 2014, the cash dividend yield was
3.28%. We also distributed a 10% stock dividend to our shareholders in June 2014. The price of your
stock was volatile during 2014, as were the prices of most bank stocks. The closing price of your stock
on December 31, 2014 was $36.61. The 5-year cumulative return to you, our shareholders,
outperformed the NASDAQ Bank Stocks Index as of December 31, 2014. Our 10-year annualized
return to investors was 6.08%.
th
We also invest in the future of your Company by retaining earnings at a level needed for the long-term
growth of your Company, through internal growth, acquisitions, and de novo branching. The
shareholders’ equity of your Company grew 8.6% in 2014 to $447.9 million.
2
2014 Annual Report
Success
We continue to meet the challenges of our current operating environment as our country's economy
improves and the regulatory environment changes for both banking and financial services industries,
as well as many other business sectors. We believe challenges provide opportunities and with our
strong foundation and long history of successfully meeting challenges for the past 111 years, we will
continue to rise and meet these opportunities! We are focused on the success of your Company. The
financial strength of your Company, enhanced by the execution of our strategic plan by a highly
qualified management team and over 1,000 dedicated employees, will allow your Company to continue
building on our history of success.
We appreciate the opportunity to serve our constituents….Our Shareholders, Our Customers, Our
Employees, and Our Communities, and your loyalty and support are invaluable to the success of your
Company!
Jean R. Hale
Chairman, President and CEO
(quarterly)
Sales Price
High
Low
Close
2014 Common Stock
Jun 30
$38.60
$32.33
$34.22
Mar 31
$41.13
$34.18
$37.71
Sep 30
$36.35
$33.47
$33.63
Dec 31
$37.54
$33.19
$36.61
2014 Annual Report
3
Financial Highlights
(in thousands except ratios, per share amounts, and employees)
Net income
Basic earnings per share
Diluted earnings per share
Cash dividends per share
Average shares outstanding
For the Year
2014
2013
Percentage Change
$
43,251
2.50
2.49
1.181
17,326
$
45,172
2.63
2.62
1.154
17,158
(
(
(
%
)
4.3
)
4.9
)
5.0
2.3
1.0
At Year End
2014
2013
Percentage Change
Assets
Earning assets
Deposits, incl. repurchase agreements
Loans
Allowance for loan and lease losses
Shareholders' equity
Book value per share
Market price per common share
Common shares outstanding
Full time equivalent employees
$
3,723,765
3,459,991
3,109,443
2,733,824
34,447
447,877
25.64
36.61
$
3,581,716
3,311,033
3,063,141
2,615,354
34,008
412,492
23.70
41.05
17,466
1,012
17,403
1,022
%
4.0
4.5
1.5
4.5
1.3
8.6
8.2
(
10.8
)
0.4
(
1.0
)
Significant Ratios
2014
2013
Percentage Change
For the year
Return on average assets
Return on average common equity
Net interest margin
Efficiency ratio
Net charge-offs to average loans
At year end
Capital ratios:
Equity to assets
Tier 1 leverage
Tier 1 risk based
Total risk based
Allowance to net loans
Allowance to nonperforming loans
4
2014 Annual Report
%
1.18
9.94
3.92
59.12
0.31
%
1.24
11.05
4.03
59.33
0.30
12.03
12.04
16.51
17.76
1.26
88.43
11.52
11.51
16.15
17.40
1.30
78.08
%
)
(
4.8
)
(
10.0
)
(
2.7
)
(
0.4
3.3
4.4
4.6
2.2
2.1
)
(
3.1
13.3
Net Income
(in thousands)
Earnings Per Share
$44,862
$45,172
$43,251
$38,827
$33,034
$2.64
$2.63
$2.50
$2.31
$1.97
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
Dividends Per Share
Shareholders’ Equity
(in thousands)
$1.118
$1.136
$1.154
$1.181
$1.100
$400,344
$412,492
$447,877
$338,638
$366,866
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
$50,000
$40,000
$30,000
$20,000
$10,000
$0
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
2014 Annual Report
5
Financial Highlights
(in thousands except per share data)
2014
2013
Percentage Change
Consolidated Statements of Income
Year ended December 31
Interest income
Interest expense
Net interest income
Provision for loan losses
Noninterest income
Noninterest expense
Income before income taxes
Income tax expense
Net Income
Cash dividends per share
Book value per share
$
$
$
$
143,867
11,797
132,070
8,755
45,081
105,999
62,397
19,146
43,251
1.181
25.64
$
$
$
$
148,127
13,440
134,687
8,568
49,304
110,251
65,172
20,000
45,172
1.154
23.70
Average shares outstanding
17,326
17,158
%
(
)
(
2.9
)
12.2
)
(
1.9
2.2
(
8.6
(
3.9
(
4.3
(
4.3
(
4.3
)
)
)
)
)
2.3
8.2
1.0
(in thousands)
Assets
Consolidated Balance Sheets
At December 31
2014
2013
Percentage Change
Cash and deposits in other banks
Federal funds sold
Securities
Loans, net of allowance
Other assets
Total Assets
$
108,781
4,933
641,848
2,699,377
268,826
$
107,596
8,613
611,067
2,581,346
273,094
$3,723,765
$3,581,716
Liabilities and Shareholders’ Equity
Deposits
Repurchase agreements
Federal funds purchased and other
short-term borrowings
Advances from Federal Home Loan Bank
Long-term debt
Other liabilities
$
2,874,257
235,186
$
2,855,074
208,067
11,041
61,170
61,341
32,893
12,465
1,286
61,341
30,991
Total Liabilities
3,275,888
3,169,224
Shareholders' Equity
447,877
412,492
Total Liabilities and Shareholders' Equity
$3,723,765
$3,581,716
%
(
1.1
)
42.7
5.0
4.6
)
1.6
(
4.0
0.7
13.0
(
)
11.4
4656.6
0.0
6.1
3.4
8.6
4.0
6
2014 Annual Report
Noninterest Income
(in thousands)
Efficiency Ratio
59.45%
60.23%
57.93%
59.33%
59.12%
$43,832
$45,957
$45,081
$49,304
$40,926
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
Nonperforming Assets to Loans
and Foreclosed Properties
5-Year Cumulative
Average Asset Growth
3.97%
3.59%
3.20%
3.12%
5.00%
4.00%
4.56%
4.09%
3.84%
3.56%
2.74%
3.00%
2.71%
2.00%
1.00%
0.00%
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
$55,000
$50,000
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
4.50%
3.75%
3.00%
2.25%
1.50%
0.75%
0.00%
2014 Annual Report
7
Shareholders
th
Our history of strong returns to investors continued during 2014, as we increased the cash dividend to
our shareholders for the 34 consecutive year and distributed a 10% stock dividend on June 2, 2014.
While increasing our cash dividend to our shareholders, we continued to grow our shareholders' equity
to $447.9 million at December 31, 2014, an 8.6% increase from December 31, 2013. At December 31,
2014, our cash dividend yield was 3.28%, and the five-year compound growth rate of cash dividends per
share was 1.6%. The five-year compound growth rate of earnings per share was 10.6% at December
31, 2014.
CTBI continues to maintain a significantly higher level of capital than required by regulators in order to be
designated as “well-capitalized.” To be “well-capitalized,” banks and bank holding companies must
maintain a Tier 1 leverage ratio of no less than 5.0%, a Tier 1 risk based ratio of no less than 6.0%, and a
total risk based ratio of no less than 10.0%. Our ratios as of December 31, 2014 were 12.04%, 16.51%,
and 17.76%, respectively, all exceeding the threshold for meeting the definition of “well-capitalized.” On
December 31, 2014, our tangible common equity/tangible assets ratio remained strong at 10.44%.
Our stock is traded on the prestigious NASDAQ Global Select Market (a founding stock selection) and is
also one of 50 founding stocks of the NASDAQ's Dividend Achievers Index. An investment in CTBI
stock on December 31, 2009 would have provided an annualized return of 14.9% as of December 31,
2014.
Our stock is included in the Russell 2000 Index of small cap companies, providing us with a good
benchmark for comparing our stock's performance. During the 10-year period ending December 31,
2014, CTBI produced an annualized return of 6.08%, while the Russell 2000 Index produced an
annualized return of 7.77%.
Book Value Per Share
$23.31
$23.70
$25.64
$21.61
$20.08
$28.00
$24.00
$20.00
$16.00
$12.00
$8.00
$4.00
$0.00
8
2014 Annual Report
2010
2011
2012
2013
2014
Customers
Our branch offices are located primarily in small communities where the “community banking”
operational philosophy enables us to develop a banking relationship with our customers and
understand their financial needs. We are proud to have served our customers for more than 111 years.
In 2014, Community Trust served more than 250,000 customers.
We are able to offer our customers a wide variety of banking products and services. We are committed
to serving our customers, both large and small, and offer products designed to fit each customer's
needs. In 2014, for the sixth consecutive year, we were recognized by the Small Business
Administration (SBA) as being the top community bank SBA lender in the Commonwealth of Kentucky
based on the total number of loans. We also offer USDA guaranteed loans and an entire suite of
commercial loans and leases, mortgages, and consumer loans.
Our deposit related products and services include certificates of deposits, savings accounts, online
banking and online bill payment (at www.ctbi.com), commercial account remote deposit capture, and
commercial cash management services. We offer our customers convenient access to their accounts
through our network of 86 ATMs. In 2014, we were happy to enter into an agreement with a third party to
provide ATM services to nine Food City stores, seven in Kentucky and two in Tennessee. This
agreement allows our customers access to their accounts at these stores, as well as other Food City and
Super Dollar stores in Kentucky, Tennessee, and Virginia, at no charge. This brings the total number of
ATMs to which our customers have free access to more than 160! Please visit our website at
www.ctbi.com/ctbi/about-us/atm-location-listing for a complete listing of our ATM locations.
We offer our customers a full line of wealth and trust management, estate planning, and retirement
planning services, in addition to full service brokerage and life insurance products.
In 2014, our banking franchise included 71 banking locations across eastern, northeastern, central, and
south central Kentucky, six banking locations in southern West Virginia, four banking locations in
northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee, all
focused on providing outstanding service to our customers.
2014 Annual Report
9
Employees
Our employees are Community Trust's heart and soul. Our operational philosophy supports this
tenet. Our more than 1,000 employee team works together to provide the very best service to each
of our valued customers. Our success, for over a century, would not be possible without the
dedication of our employees to meet the financial needs of our customers.
We remain committed to providing our employees with opportunities for personal and professional
growth, whether it is by providing reimbursement of educational expenses, encouraging attendance
at seminars and in-house training programs, or by sponsoring memberships in local civic
organizations. Our employees participated in numerous coaching, training, and education
programs throughout the year. During 2014, 502 classes were conducted during 217 days of
training. Additionally, Community Trust makes online training available to employees; as a result,
employees completed 136 different online courses through our Regulatory University system.
We actively support our employees with a wellness program. Since beginning the program in 2004,
participating employees have experienced improvements in preventing cardiovascular disease,
cancer, and diabetes and decreases in elevated medical risk factors, including alcohol
consumption, tobacco usage, physical inactivity, high stress, elevated cholesterol, and high blood
pressure. This ongoing positive impact to our medical plan is reflected in our employees not having
a premium increase since 2012.
Our incentive programs and internal sales campaigns also promote an environment focused on
sales and service. Participants can earn cash bonuses and win awards for top achievement. In
February 2015, we held our 16 annual “Pinnacle of Success” awards banquet and recognized 39
employees for their outstanding performance in sales and service during the prior year. We have
included the names of those employees, as well as the offices, markets, and regions recognized,
following the Branch Locations listing on page 16.
th
We know that the success of our employees means success for your Company. Our employees'
commitment to the mission of your Company and our constituents is evidenced by their ownership
of the Company's stock. Through their 401(k) and ESOP plans, our employees collectively own 1.3
million shares, or 7.2%, of Community Trust Bancorp, Inc. stock, making them our largest
shareholder. In 2014, Community Trust Bancorp, Inc. contributed $2.5 million to these plans.
10
2014 Annual Report
Communities
Our corporate motto is “building communities…built on trust .” We take this commitment seriously
every day as we work to help our friends and neighbors fulfill their financial dreams.
®
We are actively involved in every community we serve. We dedicate our resources, both human
and financial, to help make the places where we live and work better, not only for current
generations, but also for generations yet to come.
Our continuing support of our communities, both financially and through the volunteer service of
our employees, has helped build great places to live for both our customers and our fellow
employees. During 2014, we donated more than $800,000 to community organizations involved in
a wide variety of civic activities, including economic development, affordable housing, job creation,
education, cultural enrichment, medical research, and health care.
Community Trust employees provide leadership, monetary support, and countless volunteer hours
to many exceptional local community organizations in all of the communities we serve. Our
employees are active in a wide variety of community organizations, including United Way, YMCA,
American Cancer Society's Relay For Life, Habitat for Humanity, Kentucky Blood Center, Diabetes
Coalition, March of Dimes, little league sports programs, Boy and Girl Scouts of America, The
Salvation Army, volunteer fire departments, home realtor and builder organizations, and
independent and state supported colleges and universities. Our employees volunteer thousands
of hours each year to these and other excellent local community organizations. In 2014, SOAR
(Shaping Our Appalachian Region) was created to expand job creation; enhance regional
opportunity, innovation, and identity; improve the quality of life of our citizens; and support all those
working to achieve these goals. Community Trust has partnered with SOAR since its inception
with support, including service in leadership positions and providing office space for its Pikeville
headquarters.
Community Trust is dedicated to helping our communities grow and prosper now and in the future,
and we are proud to be a part of our hometowns across Kentucky, West Virginia, and Tennessee.
CTBI Cash Contributions
$811,000
$819,000
$753,000
$645,000
$621,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
2010
2011
2012
2013
2014
2014 Annual Report
11
Executive Committee
JEAN R. HALE
Chairman, President
and CEO
Community Trust Bancorp, Inc.
Chairman
Community Trust Bank, Inc. and
Community Trust and
Investment Company
MARK A. GOOCH
Executive Vice President and
Secretary
Community Trust Bancorp, Inc.
Director, President and CEO
Community Trust Bank, Inc.
Director and Vice President
Community Trust and
Investment Company
ANDY WATERS
Executive Vice President
Community Trust Bancorp, Inc.
Director, President and CEO
Community Trust and Investment
Company
JAMES B. DRAUGHN
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice
President/Operations
Community Trust Bank, Inc.
JAMES J. GARTNER
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/
Chief Credit Officer
Community Trust Bank, Inc.
C. WAYNE HANCOCK II
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/
Senior Staff Attorney
Community Trust Bank, Inc.
*
STEVEN E. JAMESON
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/Chief
Internal Audit & Risk Officer
Community Trust Bank, Inc.
ANDREW JONES
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/
Northeastern Region President
Community Trust Bank, Inc.
LARRY W. JONES
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/
Central Kentucky Region President
Community Trust Bank, Inc.
RICHARD W. NEWSOM
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/
Eastern Region President
Community Trust Bank, Inc.
RICKY D. SPARKMAN
Executive Vice President
Community Trust Bancorp, Inc.
Executive Vice President/South
Central Region President
Community Trust Bank, Inc.
KEVIN J. STUMBO
Executive Vice President, CFO and Treasurer
Community Trust Bancorp, Inc.
Executive Vice President/CFO
Community Trust Bank, Inc.
Vice President
Community Trust and
Investment Company
* Non-voting Member
12
2014 Annual Report
Boards of Directors
**
***
*
**
***
JEAN R. HALE
Chairman, President and CEO
Community Trust Bancorp, Inc.
Chairman
Community Trust Bank, Inc. and
Community Trust and Investment
Company
***
MARK A. GOOCH
Executive Vice President and
Secretary
Community Trust Bancorp, Inc.
Director, President and CEO
Community Trust Bank, Inc.
Director and Vice President
Community Trust and Investment
Company
ANDY WATERS
Executive Vice President
Community Trust Bancorp, Inc.
Director, President and CEO
Community Trust and Investment
Company
*
***
CHARLES J. BAIRD
President
Baird & Baird, P.S.C.
Pikeville, Kentucky
**
J. MARK CAMPBELL
President
Pevler Coal Sales Company, Inc.
Pikeville, Kentucky
*
NICK CARTER
Private Investor
**
DAVID E. COLLINS
Managing Partner
Collins & Love, CPA's
Pikeville, Kentucky
***
E.B. LOWMAN II
President
Cardinal Management Ltd.
Ashland, Kentucky
KRISHNA M. MALEMPATI
Vice President
OM Ventures Inc.
General Partner
Parkhills Shopping Center
Lexington, Kentucky
JAMES E. MCGHEE II
President
Three JC Investments
Pikeville, Kentucky
FRANKY MINNIFIELD
President
Minnifield Enterprize, Inc.
Lexington, Kentucky
M. LYNN PARRISH
President
Marwood Land Company, Inc.
Pikeville, Kentucky
*
DR. JAMES R. RAMSEY
President
University of Louisville
Louisville, Kentucky
*
ANTHONY W. ST. CHARLES
President and Chief Executive Officer
A. W. St. Charles & Associates, Inc.
Cincinnati, Ohio
In Appreciation
of 27 Years of Dedicated Service
In Appreciation
of Dedicated Service
Boards of Directors
Community Trust Bancorp, Inc.
Community Trust Bank, Inc.
Community Trust and Investment Company
Earl Gene Johnson
The Honorable Crit Luallen
Lieutenant Governor
Commonwealth of Kentucky
2014 Annual Report
13
Advisory Board Members
Central Region
Larry W. Jones
Regional President
Eastern Region
Northeastern Region
South Central Region
Richard Newsom
Regional President
Andrew Jones
Regional President
Lexington
Richmond
Pikeville*
Ashland
Larry W. Jones
Regional President
James C. Baughman, Jr.
Robert A. Branham
Linda A. Carroll
C. Glen Combs
Raymond Daniels
Jenny Dulworth-Albert
Edward J. Holmes
Robert Kelly
Tim Houck
Market President
Terrell Cobb
Jeannette Crockett
Alison Emmons
David Fernandez
James H. Howard
Elizabeth McCarty
David McFaddin
Randall Stone
Danville/Harrodsburg
Versailles
Rodney Mitchell
Market President
A. B. Chandler, Jr.
Robert Cleveland
Alice Kiviniemi
Charles Lathrem
Mark Wainwright, M.D.
Winchester
David Wills
Market President
Thomas R. Goebel
Carl E. Jennings
Robert M. Powe, Jr.
Gardner D. Wagers
David Maynard
Market President
Bob Allen
Scott Burks
James Walker Cox
Bob Davis
Bruce Harper
James G. Ingram
Alvis Johnson
Myrna Miller
Larry Scott, M.D.
Mt. Sterling
Bill McKenna
Market President
Byron Amburgey
Marcus Shane Back
Jeff Brother
John W. Clay
Reid Evans
O. Keith Gannon
Angela Patrick
E. Dale Sorrell
William Brett Keene
Market President
Andrew Jones
Regional President
Floyd/Knott/Johnson*
David Tackett
Market President
Hazard
Paul Daniels, Sr.
Kurt Jaenicke, M.D.
E. B. Lowman II
E. B. Lowman III
John McMeans
Ann Perkins
Janice Brafford-King
Market President
Advantage Valley
William Bettinazzi
Frances Feltner
Nan Hagan Gorman
Charles Housley
Barry Martin
Syamala H. K. Reddy, M.D.
Tim Short
Alan Dale Williams
Tug Valley
Duanne Thompson
Market President
William F. Blackburn III
James H. Caines
Timothy A. Hatfield
John Mark Hubbard
Louie Jiunta
Paul E. Pinson
Whitesburg
Reed Caudill
Market President
Herbert Caudill
Bill Joe Collier
Sam W. Quillen, Jr., D.M.D.
Pauline C. Ritter-Combs
Allen Burner
Market President
Randie G. Lawson
Christopher J. Plybon
Julian Saad
Steve Smith
William Jack Stevens
Flemingsburg
Emery O. Clark
Market President
Michael A. Boyd, M.D.
Robert W. Crain
Steven Humphries
T. Scott Perkins, D.M.D.
James Sauer
J.E. Smith, Jr.
Frank Vice, D.V.M.
Summersville
Clovis Lawless
Market President
Ellis Frame III
David Michael Hughes
Marshall Robinson
Yancy Short, M.D.
Ricky Sparkman
Regional President
Campbellsville
Ricky Sparkman
Regional President
Barry Bertram
Salem M. George, M.D.
Jerry Russell
James Whitlock
LaFollette
Marvin Minton
Market President
George Ellison
James C. Farris, M.D.
Peggy Payne
Tom Robards
Conrad Troutman
Robert L. Woodson III
Middlesboro
Tim Helton
Market President
Marcum Brogan
Meredith J. Evans, M.D.
S. A. Mars, Jr.
Keith A. Nagle
Richard H. Tamer
Mt. Vernon
Michael Blount
Market President
Martha Cox
Connie Hunt
Gary W. Mink
Tommy Mink
Williamsburg
Andrew Pyles
Market President
R. Don Adkins
E. L. Ballou, D.M.D.
Ray F. Bryant
Joseph E. Early, Sr.
Paul Estes
Vernon B. Faulkner
Holbert Hodges, Jr.
Dallas B. Steely
Mark S. Stephens
Lonnie D. Walden
14
2014 Annual Report
*These markets are served by the Community Trust Bank, Inc. Board of Directors.
Shareholders’ Information
Corporate Address
Community Trust Bancorp, Inc.
346 North Mayo Trail
P.O. Box 2947
Pikeville, KY 41502-2947
606.432.1414
www.ctbi.com
Notice of Annual Meeting
The annual meeting of the
shareholders will be held at
10:00 a.m. on April 28, 2015 at:
Community Trust Bancorp, Inc.
346 North Mayo Trail
Pikeville, Kentucky
Transfer Agent
Inquiries relating to shareholder records,
stock transfers, changes of ownership,
changes of address, and dividend payments
should be sent to the transfer agent at:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717-0718
866.232.3034
720.358.3637 (International)
shareholder@broadridge.com
Inquiries may also be directed to
Community Trust Bancorp, Inc.'s Stock
Transfer Administrator, Marilyn Justice, at:
Community Trust Bank, Inc.
P.O. Box 2947
Pikeville, KY 41502-2947
606.437.3279
800.422.1090, ext. 3279 (Toll Free)
justicma@ctbi.com
Dividend Reinvestment
Community Trust Bancorp, Inc. offers its
shareholders an automatic dividend
reinvestment program. The program enables
shareholders to reinvest their dividends in shares
at the prevailing market price. For more
information, contact us at:
Community Trust Bancorp, Inc.
c/o Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717-0718
866.232.3034
shareholder@broadridge.com
Form 10-K
CTBI's annual report on Form 10-K filed
with the Securities and Exchange Commission
is available without charge on our website at
www.ctbi.com or by writing:
Community Trust Bancorp, Inc.
Jean R. Hale
Chairman, President & CEO
P.O. Box 2947
Pikeville, KY 41502-2947
Registered Market Participants
Automated Trading Desk Financial Services,
LLC; Barclays Capital Inc./Le; BNY Mellon
Capital Markets, LLC; Cantor, Fitzgerald & Co.;
Citadel Securities LLC; Citigroup Global
Markets Inc.; Credit Suisse Securities USA;
Goldman, Sachs & Co.; Jefferies LLC; Knight
Capital Americas LLC; Latour Trading LLC;
Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Morgan Stanley & Co. LLC; Sandler O'Neill &
Partners; Susquehanna Capital Group;
Susquehanna Financial Group, LLP;
Susquehanna Securities; Timber Hill Inc.; Two
Sigma Securities, LLC; UBS Securities LLC;
Wells Fargo Securities, LLC.
2014 Annual Report
15
Branch Locations
Danville
Danville Main Street
Danville Manor
Harrodsburg
Lexington
*
Lexington Vine
Beaumont
Hamburg
Leestown
Pasadena
Richmond Road
Mt. Sterling
Central Region
Richmond
462 W. Main St.
1560 Hustonville Rd.
570 Chestnut St.
859-239-9200
859-239-9460
859-734-4354
Eastern By-Pass
Richmond Main
Berea North
860 Eastern By-Pass
128 W. Main St.
525 Walnut Meadow Rd.
859-624-4622
859-623-2747
859-985-0561
Versailles
100 E. Vine St.
901 Beaumont Centre Pkwy.
2417 Sir Barton Way
109 Louie Place
185 Pasadena Dr., Suite 100
3090 Richmond Rd.
859-389-5350
859-223-1111
859-264-1938
859-258-2659
859-313-5425
859-269-0164
*
Versailles Main
Woodford Plaza
Frankfort East
Frankfort West
Georgetown Wal-Mart
101 N. Main St.
480 Lexington Rd.
427 Versailles Rd.
1205 S. Hwy. 127
112 Osbourne Way
859-879-5400
859-879-5480
502-848-0913
502-696-0720
502-863-4693
Winchester
Mt. Sterling Main
Mt. Sterling North
110 N. Maysville St.
196 Evans Dr.
859-498-5332
859-497-6981
Winchester Main
Winchester Plaza
120 S. Main St.
125 Winchester Plaza
859-745-7200
859-745-7200
Floyd/Knott/Johnson
Allen
Floyd County
Paintsville Wal-Mart
Knott County
6424 Ky Rt. 1428
161 S. Lake Dr.
470 N. Mayo Trl.
107 W. Main St.
Hazard
Airport Gardens
Black Gold
Hazard Main Street
Hazard Village
1665 Combs Rd.
100 Citizens Ln.
655 Main St.
101 Village Ln.
Tug Valley
Williamson
Tug Valley
101 E. 2nd Ave.
28160 US Hwy. 119
304-235-5454
606-237-6051
Eastern Region
Pikeville
606-874-0408
606-886-2382
606-788-9934
606-785-5095
606-487-2160
606-436-2157
606-487-2162
606-487-2152
*
Elkhorn City
Marrowbone
Mouthcard
Phelps
Pikeville Main
Pikeville Main Street
Pikeville Wal-Mart
Town Mountain
Virgie
Weddington Plaza
211 Russell St.
10579 Regina Belcher Hwy.
32 N. Levisa Rd.
38720 State Hwy. 194 E.
346 N. Mayo Trl.
137 Main St. # 4
254 Cassidy Blvd.
105 Northgate Dr.
1056 KY Hwy. 610 W.
4205 North Mayo Trl.
Whitesburg
Whitesburg Main
West Whitesburg
Jenkins
Isom
Neon
155 Main St.
24 Pkwy. Plaza Loop
9505 Hwy. 805, Suite A
56 Isom Plaza
1001 Hwy. 317
606-754-5589
606-754-4462
606-835-4907
606-456-8701
606-432-1414
606-437-3326
606-437-0048
606-437-3323
606-639-4451
606-432-4529
606-633-0161
606-633-4532
606-832-2477
606-633-5995
606-855-4435
Advantage Valley
Alum Creek
Hamlin
Fort Gay
Pullman Square
Flemingsburg
315 Midway Rd.
8049 Lynn Ave.
3200 Court St.
952 3rd Ave.
Ewing
Flemingsburg Main
South Ridge
1527 Ewing Rd.
36 Brookhaven Dr.
108 Clark St.
Campbellsville
Campbellsville Main
First Street
Columbia
Greensburg
Lebanon
Somerset North
Somerset South
Jamestown
Williamsburg
Williamsburg Main
Convenience Center
Corbin
London Main
London North
1218 E. Broadway
315 E. 1st St.
1005 Jamestown St.
205 S. Main St.
521 W. Main St.
239 N. Hwy. 27
3809 S. Hwy. 27
752 N. Main St.
201 N. Third St.
895 S. Hwy. 25 W.
678 US Hwy. 25 W.
1706 Hwy. 192 W.
38 Shiloh Dr.
Northeastern Region
Ashland
*
Ashland Main
South Ashland
Summit
Westwood
Russell
Summersville
1544 Winchester Ave.
2101 29th St.
7100 US Route 60
721 Wheatley Rd.
970 Diederich Blvd.
606-329-6000
606-329-6600
606-928-9555
606-329-6610
606-329-6680
Summersville
507 Main St.
304-872-2711
304-756-3317
304-824-7223
304-648-7200
304-697-0272
606-267-2061
606-845-3551
606-849-2304
South Central Region
Middlesboro
Middlesboro Main
Middlesboro East
Pineville
Mt. Vernon
1918 Cumberland Ave.
1206 E. Cumberland Ave.
11792 US Hwy. 25 E.
606-248-9600
606-248-9642
606-337-6122
Mt. Vernon Main
Mt. Vernon Downtown
2134 Lake Cumberland Rd.
120 Main St.
606-256-5141
606-256-5142
LaFollette
*
LaFollette Main
LaFollette Mall
Jacksboro
Clinton
106 S. Tennessee Ave.
2205 Jacksboro Pike
2603 Jacksboro Pike
2106 Charles G. Seivers Blvd.
423-562-3364
423-562-9918
423-566-7800
865-457-8684
270-789-5900
270-789-5900
270-384-4771
270-932-7464
270-692-0064
606-679-8826
606-679-8446
270-343-2556
606-549-5000
606-539-2251
606-526-8777
606-877-2644
606-864-2439
16
2014 Annual Report
*Community Trust and Investment Company has offices in these locations.
For a complete listing of office hours by location, visit our website at www.ctbi.com.
Pinnacle
Award
Winners
Joan Abner
David Akers
Steve Belcher
Cindy Blanton
Allen Burner
Steve Bush
John R. Caldwell
Gerrie Clark
Mike Damron
Tina M. Davis
Larry Forester
Keith Haynes
Stephanie Hudson
Brett Keene
Robert Kelly
Savi Kumar
Greg Lee
Rhonda S. Longmire
Elizabeth Maynard-Johnson
Charlene Miller
Gaylon D. Neat
Michelle Newsome
Richard R. Newsome
Tracy Osborne
Barry Pennington
Ricky Peterson
Andrew Pyles
Tiffany Reeder
Ty Reynolds
Melissa Rhodes
Erin Serrate
Roger Smith
Terry Spears
Brenda Stockton
Willie Swatzell
Ann Tackett
Jody L. Thompson
David Wills
Trina Yack
Ashland Main Office
Ashland Market
Berea North Office
Campbellsville Market
Central Region
Lexington Market
Northeastern Region
Pikeville Main Office
Pikeville Market
Richmond Main Office
Richmond Market
South Ashland Office
www.ctbi.com