2020
ANNUAL
REPORT
Your Company
“We are committed to increasing shareholder value by
operating our community banking model with the core values of
fairness, respect, and integrity.”
-Mission Statement
Overcoming the Challenges of 2020
The operational environment for financial institutions was extremely challenging in 2020 due to the
COVID-19 global pandemic, a weakened economy, and the circumstances requiring assistance which
your Company provided to our customers and businesses facing financial difficulties. Our financial results
for 2020 were impacted by many factors, including a low interest rate environment, a 30-day waiver of overdraft
and return fees assessed to our customers, and high liquidity without good investment options. Our earnings
performance continues to be better than most of our peer financial institutions. We recognize significant
challenges will continue in the current economic climate. During our long history, we have successfully met
many such challenges and will do so again.
With our focus on community banking, we work to serve local consumers, businessmen, and businesswomen.
This was more important than ever before in facing the challenges of 2020. We embarked on unique programs to
help our customers, while also continuing to provide donations and volunteer time to our communities, working
to build more prosperous, healthy, and educated individuals and communities in the areas our offices are located.
We believe that our country is strong and resilient and is committed to improving economic conditions to support
a good quality of life for its residents and creating a business environment that will foster investments for job
creation.
We proudly serve each of our four constituents: Shareholders, Customers, Employees, and Communities. Our
work for any one of these constituents benefits all of them. Your Company continues to operate with a
conservative, efficient model of traditional community banking which has been the foundation of our customer
service for more than 117 years and has driven our strong history of earnings.
2020
2019
2018
2017
2016
Net Income
(in thousands)
$59,504
$64,540
$59,228
$51,493
$47,346
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
1
To Our Shareholders
Dear Shareholders
O
E
Operating in 2020 was different than your Company and other businesses
anticipated when we created our business plans for the year. We had not
anticipated the 2020 COVID-19 global pandemic and its impact on the United
States and the world. Your Company continued operating as an essential business for
the economy to keep moving as much as possible. During this time, we determined we
needed to implement and expand our existing Pandemic Plan. We are proud of the way our
employees met the challenges of operating during a pandemic and of the financial results we
were able to accomplish despite the new operating environment. We were flexible and creative in
maintaining an operating environment that would keep our employees and customers safe while
continuing to provide outstanding products and services. Your Company turned challenges into
Je a n R . H ale
h air m a n, P re sid e nt a n d C
C
opportunities!
For over 117 years, we have focused on all four of our constituents…our shareholders, our customers, our
employees and our communities. We are pleased to share in your 2020 Annual Report some of the things we do
to support our constituents in challenging times as well as good times.
Your Company earned $59.5 million during 2020 which was 7.8% less than the $64.5 million earned during
2019. Our earnings per share at $3.35 was 8.0% less than the $3.64 earned in 2019. These earnings represented
a return on average assets of 1.23% and return on average equity of 9.36%. Your Company did not meet our
performance expectations for 2020; however, we are pleased with our financial performance with the challenges
placed on operating during a pandemic and pleased with how we were able to help our customers and employees
during this critical time. The year 2020 was a period of continuing low interest rates causing pressure on our net
interest margin. Additionally, the net interest margin was impacted due to excess liquidity with limited
investment opportunities as loan demand remained weak, except for the government supported Paycheck
Protection Program (PPP). This loan program was designed to help businesses retain their employees and
survive during the closures and overall economic conditions resulting from the pandemic. Your Company was
pleased to assist these businesses by closing 2,962 PPP loans totaling $277 million through December 31, 2020.
In July 2020, the Board of Directors approved the 40th consecutive increase in cash dividends to shareholders,
increasing the quarterly cash dividend to $0.385 per share. At December 31, 2020, our annualized cash dividend
yield to shareholders was 4.16%, and our dividend payout ratio was 45.7%. The earnings of your Company not
paid to shareholders as cash dividends are reflected in the 6.5% increase in shareholders’ equity to $654.9
million from $614.9 million at December 31, 2019. Retained earnings are utilized for the continued growth of
your Company to increase its earnings capacity long term.
The strong performance of your Company was not recognized in the market price of CTBI stock. The price of
CTBI stock during 2020 was a reflection of the sentiment of investors regarding the economy during a time of
pandemic resulting in volatility. For example, the price of CTBI stock at the close of trading on the NASDAQ
stock market on January 2, 2020 was $46.59; the closing price on September 23, 2020 was $28.05; and the
closing price on December 31, 2020 was $37.05. The price of your stock continues to show recovery with a
closing price of $40.86 on February 26, 2021. We believe the recovery in CTBI’s market price will continue as
the U. S. economy continues to recover with the opening of businesses from pandemic closures and restrictions.
Economic Conditions
Economic conditions nationally and in the markets we serve in Kentucky, West Virginia, and Tennessee were all
negatively impacted by the pandemic. Throughout the second half of 2020, with controlled reopening, we have
seen improvements in economic conditions in all of the regions we serve, with the strongest improvement being
in our central region in Kentucky followed by our south central region in Kentucky and Tennessee. The
improvement in our eastern region of Kentucky and our northeastern region in Kentucky and West Virginia has
been weaker, as they continue to be impacted by the declines in the energy industry. Although the U. S.
2
economy has improved, the Federal Reserve believes we still have a long time needed for recovery and has
indicated they will continue to support economic recovery with low interest rates and bond purchases while the
U. S. Government continues to provide support for the economy, individuals, and businesses through various
federal stimulus programs.
Operational Highlights
During 2020, your management continued to focus on the organic growth of your Company. The total assets of
your Company surpassed $5.1 billion this year, increasing $773.1 million, or 17.7%, from 2019. Our loan
portfolio grew $305.5 million, a 9.4% increase from year-end 2019, while our deposits including repurchase
agreements, grew $739.5 million, or 20.4%, during the same time period. The growth in loans and deposits was
driven by the federal stimulus programs of the CARES Act which provided direct funds to support citizens and
loans through the PPP program focused on keeping individuals employed and supporting businesses while their
operations were curtailed by the pandemic. With this support, along with loan deferrals under the guidelines of
the CARES Act, both individuals and businesses curtailed spending and focused on saving. The current
environment remains competitive for quality loans as the demand remains constrained by COVID-19
restrictions. There is minimal competition for deposits as the industry continues to have a high level of liquidity.
As the Federal Reserve continued to hold rates low during 2020, we experienced a decline in our net interest
margin to 3.33% from the 3.60% of year-end 2019.
During 2020, your management team continued its focus on improving the asset quality of your Company’s loan
portfolio and reducing its level of foreclosed properties. Our credit matrices greatly improved by year-end 2020;
however, due to the number of loan deferrals granted under the guidance of the CARES Act, we remain cautious
and continue to closely monitor our loan portfolio. Our net charge-offs for 2020 of $6.2 million were slightly
above the $5.6 million of 2019. The level of our foreclosed properties saw a meaningful decline of $11.8 million
during 2020 to $7.7 million from the $19.5 million at year-end 2019.
Strong Financial Performance
We believe the consistently strong financial performance of your Company and our community banking
business model supporting our four constituents continue to demonstrate why an investment in CTBI stock is
considered a long-term core value investment. There has been and continues to be significant volatility within
the stock market. The five-year cumulative total return of CTBI stock has underperformed the NASDAQ Stock
Market and the NASDAQ Bank Stock Index. Stock price movements are generally reflective of investor views
of the current economy or their expectations for the economy and that was certainly the case during the year of
COVID-19 as the markets saw significant volatility.
Our strong history of financial performance can be attributed to many things. Significant among these are the
decision to manage your Company using a community banking business model, the strength and dedicated
service of our directors, a highly qualified management team and their commitment to the execution of our
strategic plan, and the hard work and dedication of our nearly 1,000 employees. We believe challenges provide
opportunities, and with our strong foundation and 117 years of experience, we have a long history of seizing
opportunities for financial success. We are focused on the success of your Company. I hope that you will enjoy
reading in this annual report about the tremendous support Your Company gave during 2020 to our constituents.
Our Board of Directors, management, and employees are honored to continue serving our constituents…Our
Shareholders, Our Customers, Our Employees, and Our Communities. Your loyalty and support are invaluable
to the success of your Company!
Jean R. Hale
Chairman, President and CEO
3
2019
Annual
Report
Financial Highlights
Net income
Basic earnings per share
Diluted earnings per share
Cash dividends per share
Average shares outstanding
(in thousands except ratios, per share amounts, and employees)
For the Year
2020
2019
Percentage Change
$
59,504
3.35
3.35
1.53
17,748
$
64,540
3.64
3.64
1.48
17,724
(
(
(
%
)
7.8
)
8.0
)
8.0
3.4
0.1
%
At Year End
2020
2019
Percentage Change
Total assets
Earning assets
Deposits, incl. repurchase agreements
Loans
Allowance for credit losses*
Shareholders’ equity
Book value per share
Market price per common share
Common shares outstanding
Full time equivalent employees
$5,139,141
4,878,211
4,371,944
3,554,211
48,022
654,865
36.77
37.05
17,810
998
$4,366,003
4,075,600
3,632,489
3,248,664
35,096
614,886
34.56
46.64
17,793
1,000
%
17.7
19.7
20.4
9.4
36.8
6.5
6.4
)
(
20.6
%
0.1
)
0.2
(
Significant Ratios
2020
2019
Percentage Change
For the year
Return on average assets
Return on average common equity
Net interest margin
Net charge-offs to average loans
Efficiency ratio
At year end
Capital ratios:
Equity to assets
CBLR**
Tier 1 leverage
Common equity Tier 1 capital
Tier 1 capital
Total capital
Allowance to net loans
Allowance to nonperforming loans
%
1.23
9.36
3.33
0.18
58.30
%
12.74
12.70
--
--
–
--
1.35
180.69
%
1.49
10.84
3.60
0.18
60.70
%
)
(
17.4
)
(
13.7
)
(
7.5
0.0
)
4.0
(
%
14.08
--
14.01
17.18
18.94
20.05
1.08
104.39
%
(
)
9.5
--
--
–
–
--
25.0
73.1
* Effective January 1, 2020, the allowance for loan and lease losses became the allowance for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.
4
** During 2020, CTBI elected to opt-in to the CBLR framework, which simplifies the regulatory capital requirements for eligible bank holding companies. See Note 20 in the Financial
Information section of this Annual Report for further information.
Earnings Per Share
2020
2019
2018
2017
2016
$3.35
$3.35
$3.64
$2.92
$2.70
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
Dividends Per Share
2020
2019
2018
2017
2016
$1.53
$1.48
$1.38
$1.30
$1.26
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
Noninterest Income (in thousands)
2020
2019
2018
2017
2016
2020
2019
2018
2017
2016
$54,560
$50,184
$51,952
$48,508
$48,441
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Efficiency Ratio
58.30%
60.70%
60.17%
58.66%
58.54%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
5
Financial Highlights
Consolidated Statements of Income
Year Ended December 31
(in thousands except per share data)
2020
2019
Percentage Change
Interest income
Interest expense
Net interest income
Provision for credit losses*
Noninterest income
Noninterest expense
Income before income taxes
Income tax expense
Net Income
Cash dividends per share
Book value per share
$
$
$
176,441
25,450
150,991
16,047
54,560
119,239
70,265
10,761
59,504
1.53
36.77
$
$
$
185,398
40,513
144,885
4,819
50,184
118,258
71,992
7,452
64,540
1.48
34.56
Average shares outstanding
17,748
17,724
%
)
(
4.8
)
(
37.2
4.2
233.0
8.7
0.8
)
(
2.4
44.4
)
(
7.8
%
3.4
6.4
0.1
%
(in thousands)
Assets
Consolidated Balance Sheets
At December 31
2020
2019
Percentage Change
Cash and deposits in other banks
Securities
Loans, net of allowance
Other assets
Total Assets
$
338,480
999,732
3,506,189
294,740
$
264,928
602,314
3,213,568
285,193
$5,139,141
$4,366,003
Liabilities and Shareholders’ Equity
Deposits
Repurchase agreements
Federal funds purchased
Advances from Federal Home Loan Bank
Long-term debt
Other liabilities
$
4,016,082
355,862
500
395
57,841
53,596
$
3,405,572
226,917
7,906
415
57,841
52,466
Total Liabilities
4,484,276
3,751,117
Shareholders’ Equity
654,865
614,886
Total Liabilities and Shareholders’ Equity
$5,139,141
$4,366,003
%
27.8
66.0
9.1
3.3
17.7
%
17.9
56.8
)
(
93.7
)
(
4.8
0.0
2.2
19.5
6.5
17.7
6
*Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.
Total Assets (in thousands)
$5,139,141
$4,366,003
$4,201,616
$4,136,231
$3,932,169
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
Shareholders’ Equity (in thousands)
$654,885
$614,886
$564,150
$530,699
$500,615
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Total Loans (in thousands)
$3,554,211
$3,248,664
$3,208,638
$3,122,940
$2,938,371
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
Nonperforming Assets to Loans and Foreclosed Properties
0.96%
1.62%
1.53%
1.92%
2.13%
2020
2019
2018
2017
2016
2020
2019
2018
2017
2016
2020
2019
2018
2017
2016
2020
2019
2018
2017
2016
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
7
Shareholders
Our history of sharing our success with our shareholders continued
during 2020, as we increased the cash dividend to our shareholders for
the 40th consecutive year. Our directors, officers, and staff focus on
providing a stable and competitive return for our investors year after year.
Our Company is focused on maintaining the highest level of operating
performance necessary to create shareholder value.
We continued to grow our shareholders' equity to $654.9 million at December 31, 2020, a
6.5% increase from the $614.9 million at December 31, 2019. In 2020, our stock experienced a
20.6% decrease in market price. Although showing signs of recovery in 2021, the market price was
negatively impacted by the sentiment of investors during the COVID-19 pandemic in 2020.
Our annualized dividend yield to shareholders as of December 31, 2020 was 4.16%, and the five-year compound
growth rate of cash dividends per share was 4.6%. The five-year compound growth rate of earnings per share
was 4.7% at December 31, 2020, as Community Trust achieved earnings of $59.5 million. In 2019, earnings
were a record $64.5 million. During 2020, we reached the milestone of having assets of $5.1 billion.
CTBI must maintain certain minimum capital ratios for capital adequacy purposes. During 2020, CTBI elected
to opt-in to the new community bank leverage ratio (CBLR) framework, which simplifies the regulatory capital
requirements for eligible bank holding companies. See Note 20 in the Financial Information section of this
Annual Report for further information. For 2020, CTBI was required to maintain a minimum CBLR ratio of
8.00%. At December 31, 2020, our CBLR ratio was 12.70%. Our tangible common equity/tangible assets ratio
on December 31, 2020 remained strong at 11.62%.
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, 2015 would have provided an annualized total return of 4.4% as of December 31, 2020.
Our employees are committed to the mission of your Company by also making it their company, as 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 7.1%, of Community Trust Bancorp, Inc. stock. This ownership, along with their
individually owned shares, makes our employees our largest shareholder.
2020
2019
2018
2017
2016
Book Value Per Share
$36.77
$34.56
$31.81
$30.00
$28.40
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
8
Customers
Community Trust cares deeply about the health and well-being of
our customers, our communities, and our employees and has taken all
necessary measures to protect them during the global pandemic.
In 2020, Community Trust served more than 290,000 customers. We renovated
our branches during the year with safety utmost in mind. Plexiglas barriers were
installed at the teller lines, signage assisted customers to maintain social distance, and
masks and hand sanitizers were provided for customers. All of our ATMs and night deposit
boxes remained available 24 hours a day.
We continue working with our loan and deposit customers through the COVID-19 pandemic. We met
the challenges of being essential workers and continued to serve our customers well. We helped support our
customers' businesses through the Small Business Administration Paycheck Protection Program (PPP) and the
highest level of residential loan production in your Company's history. As of December 31, 2020, we closed
2,962 PPP loans totaling $277.0 million, stemming from the CARES Act passed by Congress as a stimulus
response to the potential economic impacts of COVID-19. Consistent with the guidelines of the CARES Act, we
deferred payments on 3,844 commercial, residential, and consumer loans totaling $992 million as of December
31, 2020. Our customers continue to show improvement in their ability to resume payments with 3,071
(representing $540 million) having resumed payment status as of December 31, 2020.
Among community banks, Community Trust Bank is one of the top small business lenders in Kentucky and in
the counties that we serve. During the last 12 federal fiscal years, Community Trust has funded more than 3,900
SBA loans, providing access to over $487 million for small businesses in the region. Other loans that
Community Trust offers include USDA guaranteed loans and an entire suite of commercial loans and leases,
mortgage loans, and consumer loans.
Community Trust participates in several programs through the Federal Home Loan Bank of Cincinnati, Ohio to
fund affordable housing projects in partnerships with organizations like Habitat for Humanity and HOMES, Inc.
of Letcher County, Kentucky. We also make grant funds available directly to low and moderate income families
through their “Welcome Home” program.
Outstanding customer service is our goal. We are committed to bringing new and innovative technological
advances to our customers. In the past several years, we have expanded our menu of mobile and online banking
services to include Apple Pay, Google Pay, Samsung Pay, Consumer Mobile Banking for Tablets, Business
Mobile Banking for Smartphones and Tablets, and Consumer and Business Mobile Deposit Capture. Our
deposit related products and services include certificates of deposits, savings accounts, online banking and
online bill payment (at www.ctbi.com), mobile banking, business and consumer remote deposit capture, and
commercial cash management services. We offer our customers convenient access to their accounts through our
network of 85 ATMs. The total number of ATMs to which our customers have free access is more than 100.
Please visit our website at https://www.ctbi.com/ctbi/about-us/atm-location-listing for a complete listing of our
ATM locations.
Our trust and wealth management professionals are dedicated to helping individuals and businesses identify the
right products and services to meet their unique needs. We offer 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.
Since 1903, we have worked hard to meet the financial product and service needs of our customers – individuals,
businesses, and organizations – by helping them achieve their financial goals. We are pleased to serve our
customers both with our extensive, convenient electronic banking services, as well as through our 79 banking
offices and five trust offices in Kentucky, West Virginia, and Tennessee.
9
Employees
Management and the Board of Directors continue to believe that
our most valuable assets are our employees.
For health and safety, we implemented new business travel restrictions and
new approval requirements for business travel. We offered paid time off for
employees who were directly impacted by COVID-19. We facilitated the process for
hundreds of employees to work from home on computers we provided, meeting their
needs as well as the needs of your Company. We provided masks and sanitizers for our
employees, and our housekeeping staff went the extra mile to ensure that our offices were clean
and safe. We also continue to share health and wellness information with employees through our
internal Intranet.
In recognition of the extraordinary efforts as essential workers in meeting the challenges created by the COVID-
19 pandemic, in January 2021, the Board of Directors approved a payment of 2.00% of salary to qualifying full-
time employees who were not participants in other incentive plans.
The success of our employees means success for Community Trust. We recognize the long-term value of a
highly skilled, dedicated workforce, with an average tenure of 10 years, and are 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 sponsoring
memberships in local civic organizations. Our employees recognize the long-term benefit of working with our
organization as evidenced by the 20% of our employees who have 20 years or more of service.
Our employees participated in numerous coaching, training, and education programs throughout the year.
Additionally, Community Trust makes online training available to employees. As a result, over 1,000
employees completed 168 different compliance and technical skill training courses through our Regulatory
University system during 2020. Employees also had an opportunity during 2020 to utilize two new programs
that also provided skill development online. Even with the limitations on training during the pandemic, the
Training Department was able to convert all of the existing classroom courses into remote classes using e-
learning and webinar formats so that our employees would still be able to access skill training. These remote
training opportunities are allowing employees to be trained without having to travel, thus saving time and
money. Some employees worked on their skill development through post-secondary education courses, which
were funded through our Educational Assistance Program.
Community Trust offers its employees competitive compensation, as well as a highly competitive benefits
package of health, life, retirement benefits, education reimbursement programs, and incentive plans.
Community Trust is proud to have paid in excess of $17.7 million in support of these programs in 2020.
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. Many of our employees have experienced decreases in elevated medical risk factors, including alcohol
consumption, tobacco usage, physical inactivity, high stress, high cholesterol, and high blood pressure.
We recognize the hard work and dedication of our employees. Participants can earn cash bonuses and win
awards for top achievement. In February 2020, we announced the winners of our 21st annual “Pinnacle of
Success” awards and recognized 61 employees for their outstanding performance in business development 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.
10
Communities
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
2020, we donated nearly $1 million 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.
We have helped our friends and neighbors fulfill their financial dreams for more than 117 years.
In doing so, we have helped to build better communities. The progress and improvements upon
which we focus are in the areas of jobs and the economy, education and health care, and overall quality of
life.
Our employees contributed over 2,000 community service hours to these organizations during 2020, with over
1,000 of those having a community development purpose per Community Reinvestment Act (CRA) guidelines.
We also made over $390,000 in donations with a community development purpose per CRA guidelines to local
organizations, in addition to other investments totaling nearly $45 million that funded various community
development projects. We also funded nearly $75 million in loans for community development projects in our
CRA assessment area, as well as another $17 million to areas outside but near our assessment area.
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, American Red Cross, Habitat for Humanity, Kentucky Blood Center, Diabetes Coalition, Judi’s Place For
Kids, March of Dimes, little league sports programs, Boy and Girl Scouts of America, The Salvation Army,
volunteer fire departments, home realtor and builder organizations, elementary and high schools, and
independent and state supported colleges and universities. Our employees volunteer thousands of hours each
year to these and numerous other outstanding local community organizations.
Community Trust actively participates in a vast and wide variety of organizations, including providing
leadership by participating in their boards of directors and attending meetings, conferences, and workshops. In
2020, Community Trust continued to actively support SOAR (Shaping Our Appalachian Region). Community
Trust's support of SOAR included providing leadership by having a representative serve on its board of directors
and by donating office space to their organization. We have also supported One East Kentucky, Ashland
Alliance, and numerous local Chambers of Commerce to expand job opportunities; enhance the economy of the
region; encourage innovation, entrepreneurship, geographic cooperation, and a diversified workforce; improve
the quality of life of our citizens; and support all those working to achieve these goals.
Community Trust’s commitment to the communities in which we work and live is significant. We will continue
to work to improve the lives of our fellow citizens and quality of life in the cities, towns, and neighborhoods
which we share.
CTBI Community Financial Support
2020
2019
2018
2017
2016
$964,000
$1,068,000
$1,041,000
$1,150,000
$904,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
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
12
* Non-voting Member
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
*
***
NICK CARTER
Private Investor
Lexington, Kentucky
**
DAVID E. COLLINS
Managing Partner
Collins & Slone, LLP
Pikeville, Kentucky
*
FRANKLIN H. FARRIS, JR.
Owner
Farris Advisory Services, LLC
Louisville, Kentucky
***
E.B. LOWMAN II
Chairman and CEO
Cardinal Management Ltd.
Ashland, Kentucky
*
**
***
EUGENIA CRITTENDEN
“CRIT” LUALLEN
Former Lt. Governor
Commonwealth of Kentucky
Frankfort, Kentucky
**
MICHELLE MATTHEWS
President
Childers Oil/Double Kwik
Whitesburg, Kentucky
JAMES E. MCGHEE II
President
Three JC Investments, LLC
Pikeville, Kentucky
*
**
FRANKY MINNIFIELD
President
Minnifield Enterprize, Inc.
Lexington, Kentucky
M. LYNN PARRISH
President
Marwood Land Company, Inc.
Pikeville, Kentucky
*
ANTHONY W. ST. CHARLES
President and CEO
The St. Charles Group, LLC
Cincinnati, Ohio
CHAD C. STREET
DMD, MD
Owner and President
East Kentucky Oral &
Maxillofacial Surgery
Pikeville, Kentucky
Boards of Directors
Community Trust Bancorp, Inc.
Community Trust Bank, Inc.
Community Trust and Investment Company
13
Advisory Board Members
Eastern Region
Northeastern Region
South Central Region
Central Region
Larry W. Jones
Regional President
Richard Newsom
Regional President
Andrew Jones
Regional President
Lexington
Versailles
Pikeville*
Ashland
Billie Dollins
Market President
William Brett Keene
Market President
Andrew Jones
Regional President
Robert Cleveland
John Cook
Jack Givens
Phil Huddleston
Alice Kiviniemi
William Klier
Rodney Mitchell
Billy Van Pelt
Mark Wainwright, M.D.
Winchester
David Wills
Market President
Thomas R. Goebel
Carl E. Jennings
Robert M. Powe, Jr.
David W. Underhill
Gardner D. Wagers
Floyd/Knott/Johnson*
David Tackett
Market President
Hazard
Charlene Miller
Market President
William Bettinazzi
Frances Feltner
Meriwether W. Hall
Charles Housley
Syamala H. K. Reddy, M.D.
Jeff Sandlin
Tim Short
Alan Dale Williams
Tug Valley
Duanne Thompson
Market President
William F. Blackburn III
James H. Caines
Harold Davis
Timothy A. Hatfield
Philip Haywood
John Mark Hubbard
Paul E. Pinson
Whitesburg
Reed Caudill
Market President
L.M. Mike Caudill
Sandra Hogg
Sam W. Quillen, Jr., D.M.D.
Pauline C. Ritter-Combs
E. B. Lowman II
E. B. Lowman III
John McMeans
Ann Perkins
James C. Williams
Advantage Valley
Allen Burner
Market President
Carl Midkiff
Christopher J. Plybon
Julian Saad
Steve Smith
Flemingsburg
Emery O. Clark III
Market President
Michael A. Boyd, M.D.
Steve Humphries
Duane Lowe
T. Scott Perkins, D.M.D.
Regina Rose
Frank Vice, D.V.M.
Summersville
Jeff Lilly
Market President
Paul Buechler
Ellis S. Frame III
David Michael Hughes
Marshall Robinson
Larry W. Jones
Regional President
James C. Baughman, Jr.
Robert A. Branham
Anne Gay Combs
C. Glen Combs
Jenny Dulworth-Albert
James Keeton III
Robert Kelly
James H. Schrader
Daryl Smith
Danville/Harrodsburg
David Maynard
Market President
Bob Allen
Scott Burks
Bob Davis
Bruce Harper
James G. Ingram+
Alvis Johnson
Myrna Miller
Larry Scott, M.D.
Walter “Skip” Stocker
Mt. Sterling
Jody Oney
Market President
Byron Amburgey
Marcus Shane Back
Jeff Brother
Reid Evans
Brigitte Danielle King, M.D.
Angela Patrick
James R. Staton
Richmond
Tim Houck
Market President
Jeannette Crockett
Alison Emmons
David Fernandez
James H. Howard
Elizabeth McCarty
David McFaddin
Randall Stone
Ricky Sparkman
Regional President
Campbellsville
Ricky Sparkman
Regional President
Barry Bertram
Eddie Hazelwood
Jerry Russell
John Waldrop
LaFollette
Rhonda Longmire
Market President
Robert Ball
George Ellison
James C. Farris, M.D.
Marvin Minton
Peggy Payne
Tom Robards
Robert L. Woodson III
Middlesboro
Rhonda Longmire
Market President
Marcum Brogan
Meredith J. Evans, M.D.
Keith A. Nagle
Mt. Vernon
Betty Frederick
Market President
Martha Cox-Mink
Connie Hunt
Gary W. Mink
Tommy H. Mink
Williamsburg
Jamie Harrison
Market President
E. L. Ballou, D.M.D.
Ray F. Bryant
Joseph E. Early, Sr.
Paul Estes
Dallas B. Steely
Mark S. Stephens
Lonnie D. Walden
* These markets are served by the Community Trust Bank, Inc. Board of Directors.
+ Retired 9/30/2020
14
Shareholder Information
Corporate Address
Dividend Reinvestment
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 Shareholders will
be a live virtual meeting held via the
Internet at:
http://www.virtualshareholdermeeting.com/
CTBI2021 on Tuesday, April 27, 2021 at
10:00 a.m. EDT.
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
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
Current Analyst Coverage
Raymond James and Associates, Inc.
Sandler O’Neill & Partners, LP
15
Branch Locations
Central Region
Danville
Danville Main
Danville Manor
Harrodsburg
462 W. Main St.
1560 Hustonville Rd.
570 Chestnut St.
859-239-9200
859-239-9460
859-734-4354
Richmond
Eastern Bypass
Richmond Main
Berea North
860 Eastern Bypass
128 W. Main St.
525 Walnut Meadow Rd.
859-624-4622
859-623-2747
859-985-0561
*
Lexington
Vine Street
Beaumont
Hamburg
Leestown
Pasadena
Richmond Road
Mt. Sterling
Mt. Sterling Main
Mt. Sterling North
100 E. Vine St.
901 Beaumont Centre Pkwy.
2417 Sir Barton Way
109 Louie Place
185 Pasadena Dr.
3090 Richmond Rd.
859-389-5350
859-223-1111
859-264-1938
859-258-2659
859-313-5425
859-269-0164
110 N. Maysville St.
196 Evans Dr.
859-497-6900
859-497-6970
*
Versailles
Versailles Main
Woodford Plaza
Frankfort East
Frankfort West
Georgetown Walmart
101 N. Main St.
470 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
Winchester Main
Winchester Plaza
120 S. Main St.
125 Winchester Plaza
859-745-7200
859-745-7220
Floyd/Knott/Johnson
Allen
Floyd County
Paintsville Walmart
Knott County
6424 KY Rt. 1428
161 S. Lake Dr.
470 N. Mayo Trl.
107 W. Main St.
1665 Combs Rd.
100 Citizens Ln.
101 Village Ln.
Hazard
Airport Gardens
Black Gold
Hazard Village
Tug Valley
Williamson
Tug Valley
Eastern Region
606-874-0408
606-886-2382
606-788-9934
606-785-5095
606-487-2160
606-436-2157
606-487-2152
Pikeville
Elkhorn City
Marrowbone
Mouthcard
Phelps
Pikeville Main
Pikeville Main Street
Pikeville Walmart
Town Mountain
Virgie
Weddington Plaza
*
211 W. Russell St.
10579 Regina Belcher Hwy.
32 N. Levisa Rd.
38720 State Hwy. 194 E.
346 N. Mayo Trl.
137 Main St.
254 Cassidy Blvd.
105 Northgate Dr.
1056 KY Hwy. 610 W.
4205 N. Mayo Trl.
101 E. 2nd Ave.
28160 US Hwy. 119
304-235-5454
606-237-6051
Whitesburg
Whitesburg Main
West Whitesburg
Jenkins
Isom
Neon
155 Main St.
24 Pkwy. Plaza Loop
9505 Hwy. 805
56 Isom Plaza
1001 Hwy. 317
Northeastern Region
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
315 Midway Rd.
8049 Lynn Ave.
735 Court St.
952 3rd Ave.
304-756-3317
304-824-7223
304-648-7200
304-697-0272
Flemingsburg
Ewing
Flemingsburg Main
South Ridge
1527 Ewing Rd.
36 Brookhaven Dr.
108 Clark St.
606-267-2061
606-845-3551
606-849-2304
*
Ashland
Ashland Main
South Ashland
Summit
Westwood
Russell
Summersville
Summersville
1544 Winchester Ave.
2101 29th St.
7100 US Rt. 60
721 Wheatley Rd.
970 Diederich Blvd.
606-329-6000
606-329-6600
606-928-9555
606-329-6610
606-329-6680
507 Main St.
304-872-2711
South Central Region
Campbellsville
Campbellsville Main
Campbellsville Bypass
Columbia
Greensburg
Lebanon
Somerset North
Somerset South
Jamestown
Williamsburg
Williamsburg Main
Convenience Center
Corbin
London South
London North
1218 E. Broadway St.
402 Campbellsville Bypass
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. 3rd St.
895 S. Hwy. 25 W.
678 US Hwy. 25 W.
1706 Hwy. 192 W.
38 Shiloh Dr.
270-789-5900
270-469-1472
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
Middlesboro
Middlesboro Main
Middlesboro East
Pineville
Mt. Vernon
Mt. Vernon Main
Mt. Vernon Downtown
1918 Cumberland Ave.
1206 E. Cumberland Ave.
11792 US Hwy. 25 E.
606-248-9600
606-248-9642
606-337-6122
2134 Lake Cumberland Rd.
120 Main St.
606-256-5141
606-256-5142
*
LaFollette
LaFollette Main
Jacksboro
Clinton
106 S. Tennessee Ave.
2603 Jacksboro Pike
2106 Charles G. Seivers Blvd.
423-562-3364
423-566-7800
865-457-8684
16
*Community Trust and Investment Company has offices in these locations.
Individual Success
Jason Adams
David Akers
Andrew Jarvis
Brett Keene
Anthony D. Anderson
Candice Keene
Anthony Asher
Jessica Kendrick
Jason Ayers
Cody Belcher
Savi Kumar
Tommie Layne
Jennifer Belcher
Jeff Loader
Steve Belcher
Rhonda S. Longmire
Howard Blackburn
Thomas McCoy
Regina Blankenship
Shelia Meade
Cindy Blanton
Robert Burgess
Bobby Terrell Medley
Lois Miller
John R. Caldwell
Gaylon D. Neat
Reed Caudill
Luke Chill
Brian Clark
Gerrie Clark
Jody E. Oney
Joyce Pelly
Barry Pennington
Ty Reynolds
Teresa Coleman
Melissa Rhodes
Steven Conn
Chris Daniels
Sherry Dotson
Jim Draughn
Mark Salyer
Curtis Sizemore
Roger Smith
Jo Ann Speaks
Dorothy Franklin
Helena Syck
Kay Frasure
Judy Freeman
Aaron Goble
Mary Goodin
Todd Hargis
Shirie Hawkins
David Tackett
Jody Thompson
Jennifer Ward
Ashley White
Michael Willis
David Wills
Natalie M. Heighton
Trina Yack
Sean Hurley
Team Success
Ashland Main Office
Ashland Market
Ashland Summit Office
Central Region
Eastern Region
Pikeville Main Office
Pikeville Market
Richmond Market
Technology Department
Tug Valley Office
Versailles Market
Whitesburg Market
salutes our
2021
Pinnacle
Award
Winners
for their 2020 Sales & Service