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2023 ReportPeers and competitors of Community Trust Bancorp Inc.:
Origin Bancorp2023: A Year of Stability and Growth For more than 120 years, your Company has continued to operate with a conservative, efficient model of traditional community banking which has always been the foundation of service to our customers. This model has driven our strong history of earnings. Our community banking business model, organizational structure, and conservative operating philosophy give us the tools to successfully navigate in a difficult economic environment. The economic conditions of 2023 became more favorable than in previous years, as economic growth accelerated and inflation cooled . However, rising interest rates in an environment of fierce competition for deposits has made for a challenging situation in the financial sector. In 2022, we opened a new consolidated branch office in Versailles, Kentucky and a new office in Georgetown, Kentucky. Our organic growth continues: in January 2024 we opened a new branch office in Florence, Kentucky one of our fastest growing regions, and we have another planned branch opening later this year in Elizabethtown, Kentucky. The directors and management of Community Trust Bancorp, Inc. remain committed to meeting the challenges that the economy presents, while remaining focused on our core community banking business model and increasing shareholder value which has driven our strong history of earnings. $78,004 J $81,814 I $87,939 I $59,504 I $64,540 We are committed to '' shareholder value by increasing operating our community banking model with the core values of fairness, respect, and integrity. ' ' -Mission Statement Net Income (in thousands) 2023 2022 2021 2020 2019 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 1 Dear Shareholders We are pleased to report solid earnings and overall strong performance for your Company during 2023. Our net income of $78.0 million represented $4.36 basic earnings per share, return on average assets of 1 .40%, and return on average equity of 11 . 75%. We continue to manage expenses in a strong manner, and our efficiency ratio of 54.29% at year-end continues to be better than our peers. We grew our loans $341 .6 million, or 9.2%, while maintaining strong asset quality with nonperforming assets of 0.27% and net losses of 0.08%. Deposits, including repurchase agreements, grew $308.3 million, or 6.6%, from December 31 , 2022. Our net interest margin at year-end 2023 was 3.32%, and our pricing remains extremely competitive for both loan and deposit customers. Dividends in the amount of $1 .80 per share were paid during 2023, representing a yield of 4.20% at year-end 2023. Our Board of Directors increased the dividend payout 4.5% in July 2023, our 43rd consecutive year of increases. Our Board of Directors, management team, and employees are very pleased that we are able to continue these increases in very uncertain and very competitive times in the financial services industry. Shareholders' equity of $702.2 million increased $74.2 million, or 11 .8%, since December 2022 and remains very strong. Our financial results were strong in spite of the turmoil that arose from large bank failures during the early part of 2023, which caused uncertainty throughout the banking industry. This uncertainty was mitigated by the strong leadership of our Board, management team , and employees across Kentucky, Tennessee, and West Virginia. Despite the challenges we faced , we continued to grow our bank profitably, funding our significant loan growth with deposits in the markets that we do business. A new full service branch was opened in Florence, Kentucky in January 2024, and we have a new office under construction in Elizabethtown, Kentucky which we plan to open later this year. We continue to look to grow our franchise organically, as well as through branching and acquisition opportunities that we consider strategic for our organization. We are very proud to continue operating your Company as a large community bank via Community Trust Bank, Inc. and a full service trust and wealth management entity via Community Trust and Investment Company, Inc., offering a full suite of financial services in a competitive and efficient manner across our footprint. Your confidence as shareholders is appreciated, and we encourage you to continue doing business with your Company. We also invite you to refer friends, neighbors, and business associates to our bank and trust entities. We believe we can provide you and your acquaintances all your financial needs in a very competitive manner. 2 MarkA. Gooch Chairman, President, and CEO Please join me in congratulating M. Lynn Parrish on his retirement as Chairman of our Board of Directors after more than 31 years of outstanding leadership and service to our organization, our community, and the Commonwealth of Kentucky! Lynn has been a strong supporter of our bank for many years. We wish him and his wife, Jessica , the very best and look forward to his continued guidance and counsel. We look forward to seeing you in person at our annual shareholders meeting at our Corporate Headquarters at 346 North Mayo Trail, Pikeville, Kentucky at 10:00 a.m. on April 23, 2024! 111.o-1..~ Mark A. Gooch Chairman, President, and CEO Corporate Address 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 CTBl'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. Mark A. Gooch Chairman, President, & CEO P.O. Box 2947 Pikeville, KY 41502-2947 Current Analyst Coverage Piper Sandler Companies Raymond James and Associates, Inc. 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 held at 10:00 a.m. EDT on Tuesday, April 23, 2024 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, lnc.'s Stock Transfer Agent at: Community Trust Bank, Inc. P.O. Box 2947 Pikeville, KY 41502-2947 606.437.3279 800.422.1090, ext. 3279 (Toll Free) investor.relations@ctbi.com 3 I For the Year (in thousands except per share amounts) 2023 2022 Percentage Change Net income Basic earnings per share Diluted earnings per share Cash dividends per share Average shares outstanding $ 78,004 4.36 4.36 1.80 17,887 $ 81 ,814 4.59 4.58 1.68 17,836 (4.7)% (5.0) (4.8) 7.1 0.3 % (in thousands except per share amounts and employees) 2023 2022 Percentage Change I At Year End Total assets Earning assets Deposits, incl. repurchase agreements Loans Allowance for credit losses Shareholders' equity Book value per share Market price per common share $5,769,696 5,442,203 4,949,867 4,050,906 49,543 702,208 39.01 43.86 $5,380,316 5,058,829 4,641,574 3,709,290 45,981 628,047 35.05 45.93 Common shares outstanding Full time equivalent employees 18,000 967 17,918 985 7.2 % 7.6 6.6 9.2 7.7 11.8 11.3 (4.5) 0.5 % (1.8) Significant Ratios 2023 2022 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 Allowance to net loans Allowance to nonperforming loans 1.40 % 11 .75 3.32 0.08 54.29 1.50 % 12.73 3.32 0.02 53.12 (6.7)% (7.7) 0.0 300.0 2.2 12.17 % 13.69 1.22 354.71 11.67 % 13.55 1.24 300.36 4 .3 % 1.0 (1.6) 18.1 4 Earnings Per Share 2023 2022 2021 2020 2019 $4.36 I $4.59 I $4.94 I $3.35 I $3.64 $0.00 $0.50 $1 .00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 Dividends Per Share I 2023 2022 2021 2020 2019 $1.80 I $1.68 I $1.57 l $1.53 I $1.48 $0.00 $0.20 $0.40 $0.60 $0.80 $1 .00 $1.20 $1.40 $1 .60 $1 .80 $2.00 Noninterest Income (in thousands) 2023 $57,659 2022 ,___ ____________ ___ _ _____ _1 $57,916 2021 - - - - - - - - - - - - - - - - - - - - - - - - -~ I $60,463 2020 _ _____ __ _____ _ __ _ __ _ _ _ _ _1$54,560 2019 - - - - - - - - - - - - - - - - - - - - - - · $50,184 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Efficiency Ratio I 2023 2022 2021 2020 2019 54.29% I 53.12% I 53.11% I 58.30% I 60.70% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 5 Consolidated Statements of Income ... •· ... (in thousands except per share data) 2023 2022 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 $ $ $ 268,650 95,540 173,110 6,811 57,659 125,390 98,568 20,564 78,004 1.80 39.01 $ $ $ 197,742 28,640 169,102 4,905 57,916 121,071 101,042 19,228 81,814 1.68 35.05 Average shares outstanding 17,887 17,836 35.9 % 233.6 2.4 38.9 (0.4) 3.6 (2.4) 6.9 (4.7) 7.1 % 11.3 0.3 % (in thousands} Assets Consolidated Balance Sheets At December 31 2023 2022 Percentage Change Cash and deposits in other banks Securities Loans, net of allowance Other assets $ 271,645 1,166,882 4,001,363 329,806 $ 128,931 1,258,392 3,663,309 329,684 Total Assets $5,769,696 $5,380,316 Liabilities and Shareholders' Equity Deposits Repurchase agreements Federal funds purchased Advances from Federal Home Loan Bank Long-term debt Other liabilities $4,724,622 225,245 500 334 64,241 52,546 $4,426,143 215,431 500 355 57,841 51,999 Total Liabilities 5,067,488 4,752,269 Shareholders' Equity 702,208 628,047 Total Liabilities and Shareholders' Equity $5,769,696 $5,380,316 110.7 % (7.3) 9.2 0.0 7.2 6.7 % 4.6 0.0 (5.9) 11.1 1.1 6.6 11.8 7.2 6 Total Assets (in thousands) I 2023 2022 2021 2020 2019 $5,769,696 I $5,380,316 I $5,418,257 I $5,139,141 l $4,366,003 $0 $1 ,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 Shareholders' Equity (in thousands) 2023 $702,208 2022 ,~-----------------------1 $628,047 2021 _ _______________ ____ __ _____1 $698,202 2020 _ _______________ _ ___ _ __ __1 $654,865 2019 _ ___ ___ _________ ___ __ ___ _! $614,886 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Total Loans (in thousands) 2023 $4,050,906 2022 1-- - - - - - - - - - - - - - - - - - -~ I $3,709,290 2021 _ _________ __ ____ __ _ __1 $3,408,813 2020 _ _______________ __ __ __1 $3,554,211 2019 _ __ __ ___ ________ __ __1 $3,248,664 $0 $1 ,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 Nonperforming Assets to Total Assets 0.27% I 0.35% I 0.37% 1 0.67% 11.22% 2023 2022 2021 2020 2019 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% Our Company is focused on maintaining the highest level of operating performance necessary to create shareholder value. As a performance-driven team, our directors, officers, and staff focus on providing a stable and competitive return for our investors. Our history of sharing our success with our shareholders continued during 2023, as we increased the cash dividend to our shareholders for the 43rd consecutive year. CTBI must maintain certain minimum capital ratios for capital adequacy purposes. In 2020, CTBI elected to opt-in to the community bank leverage ratio (CBLR) framework, which simplifies the regulatory capital requirements for eligible bank holding companies. For 2023, CTBI was required to maintain a minimum CBLR ratio of 9.00%. At December 31, 2023, our CBLR ratio was 13.69%. Our tangible common equity/tangible assets ratio on December 31 , 2023 remained strong at 11 .16%. Our annualized dividend yield to shareholders as of December 31 , 2023 was 4.20%, and the five-year compound growth rate of cash dividends per share was 5.5%. The five-year compound growth rate of earnings per share was 5.4% at December 31, 2023, as Community Trust achieved earnings of $78.0 million compared to 2022 earnings of$81 .8 million. Shareholders' equity at $702.2 million at December 31, 2023 increased $74.2 million, or 11 .8%, from December 31, 2022. Our stock experienced a 4.5% decrease in market price from December 31, 2022 to December 31 , 2023. 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, 2018 would have provided an annualized total return of 5.6% as of December 31, 2023. Our employees are committed to the mission of your Company by also making it their company, as evidenced by their ownership of the Company's stock. Through their 401 (k) and ESOP plans, our employees collectively own 1.1 million shares, or 6.3%, of Community Trust Bancorp, Inc. stock. This ownership, along with their individually owned shares, makes our employees our largest shareholder. ' ' Our Company is focused on maintaining the highest level of operating performance necessary to create shareholder value. ' ' Book Value Per Share I 2023 2022 2021 2020 2019 I $35.05 $39.01 I $39.13 I $36.77 I $34.56 $0.00 $7.00 $14.00 $21 .00 $28.00 $35.00 $42.00 $49.00 8 shopping rewards . The products are designed to give our customers more savings, convenience, and security in a checking account. Aside from our vast array of digital and electronic services, we continue to expand our footprint of brick and mortar branches. On January 29, 2024, we opened a new, full-service branch in Florence, Kentucky to better serve our customers in Boone County and Northern Kentucky. Our deposit related products and services include certificates of deposits, savings accounts, online banking and online bill payment, mobile banking, business and consumer mobile remote deposit capture, and commercial cash management services. In 2023, Community Trust offered customers certificate of deposit specials with competitive rates and 13-month and 17-month terms. We also continued to offer our HOOPS CD special, a consumer certificate of deposit with the rate tied to the success of the University of Kentucky men's basketball team. We offer our customers convenient access to their accounts through our network of 85ATMs. The total number ofATMs to which our customers have free access is more than 100. Please visit our website at https://www.ctbi.com 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 with our extensive, convenient electronic banking services, as well as through our 80 banking offices and five trust offices in Kentucky, West Virginia , and Tennessee. We are proud to have served our customers for more than 120 years, and we want to thank each and every one of them for allowing Community Trust Bancorp, Inc. to be their financial services provider! In 2023, Community Trust served more than 295,000 customers. During 2023, Community Trust Bank, Inc. was honored for the 15th consecutive year with the "Gold Lender Award" from the United States Small Business Administration (SBA) as Kentucky's Volume SBA 7a Community Bank Lender. Community Trust participates in several programs through the Federal Home Loan Bank (FHLB) of Cincinnati, Ohio to fund affordable housing projects in partnership 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 FHLB's "Welcome Home" program. Outstanding customer service is our goal. We are committed to bringing new and innovative technological advances to our customers . Our "Mortgage Center" offers our customers convenient mortgage tools to help guide them through the process of choosing and getting a loan using an online application. Applicants may apply for a loan using a checklist to find out what information they will need when applying. This online application also provides a "mortgage glossary" to lookup terms and a calculator to determine their estimated payments. The "Meridian Link Portal" on our website allows customers to apply for consumer and vehicle loans online as well. In 2023, we introduced Zelle® - a fast, safe, and easy way for our customers to send money to friends, family, and other people they trust, wherever they bank, through our Community Trust Bank mobile app. We also introduced Mobile Wallet during 2023, which contains our debit card alerts, card controls, and Apple Wallet. A mobile wallet is a type of payment service that allows users to send and receive money via mobile devices, a form of e-commerce that is secure, convenient, and easy to access and use. In addition, we introduced digital card issuance, which allows our customers to use their Community Trust Bank Visa Debit Card without waiting for the physical card to arrive in the mail. When a customer is approved for a checking account or reports a lost/stolen debit card , we will issue them a digital card to add to their digital wallet (Apple Pay). Our Advantage Checking and Advantage Checking Plus Interest deposit products, introduced in 2022, have features that include an identity theft monitoring and resolution service, $10,000 in accidental death and dismemberment insurance, cellular telephone insurance, roadside assistance, travel and leisure discounts, and 9 Our employees are Community Trust's most valuable asset. 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 over 10 years. We are committed to providing our employees with opportunities for personal and professional growth by providing reimbursement of educational expenses, encouraging attendance at seminars and in house training programs, and 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 more than 20 years of service. Our employees participate in numerous coaching, training , and education programs throughout the year. Additionally, Community Trust makes online training available to employees. As a result, over 1,130 employees completed 156 different compliance and technical skill training courses through our Regulatory University system during 2023. Some employees also 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 $20.8 million in support of these programs in 2023. We actively support our employees with a wellness program. Since beginning the program in 2004, participating employees have experienced improvements in the prevention of 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 March 2024, we held our 25th annual "Pinnacle of Success" awards dinner and recognized 56 employees and 12 teams 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 department, offices, markets, and regions recognized on page 16. 10 ' ' The success of our employees means success for Community Trust. ' ' 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 In 2023, Community Trust continued to actively workshops. support SOAR (Shaping Our Appalach ian Region), 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 continues to help our communities in hometowns across Kentucky, West Virginia, and Tennessee grow and prosper. We have helped our friends and neighbors fulfill their financial dreams for more than 120 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 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 2023, we donated more than $1 .2 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. Our employees contributed over 1,500 community service hours to organizations having a community development purpose per Community Reinvestment Act (CRA) guidelines. Community Trust Bank's community development lending totaled over $43 million for the year 2023. Also, during 2023, CTBI made contributions totaling over $807 thousand to aid low and moderate income families and communities and encourage economic development. 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 volunteering thousands of hours each year. CTBI Community Financial Support 2023 $1,224,000 2022 t-- - - - - - - - - - - - - - - - - - - - - - -___ J I $1,544,000 2021 1-- - - - - - - - - - - - - - - - - -J $1,150,000 2020 1-- - - - - - - - - - - - - - - - - - - l l $964,000 2019 1-- - - - - - - - - - - - - - - - . . .11 $1,068,000 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1 ,200,000 $1,400,000 $1,600,000 $1,800,000 11 MARK A. GOOCH Chainnan, President and CEO Community Trust Bancorp, Inc. Chainnan and CEO Community Trust Bank, Inc. Chairman Community Trust and Investment Company RICHARD W. NEWSOM Executive Vice President Community Trust Bancorp, Inc. Director and President Community Trust Bank, Inc. ANDY WATERS Executive Vice President Community Trust Bancorp, Inc. Director, President and CEO Community Trust and Investment Company BILLIE J. DOLLINS Executive Vice President Community Trust Bancorp, Inc. Executive Vice PresidenU Central Kentucky Region President Community Trust Bank, Inc. JAMES B. DRAUGHN Executive Vice President Community Trust Bancorp, Inc. Executive Vice President/Operations Community Trust Bank, Inc. C. WAYNE HANCOCK II Executive Vice President and Secretary Community Trust Bancorp, Inc. Executive Vice PresidenU Chief Legal Officer Community Trust Bank, Inc. * STEVEN E. JAMESON Executive Vice President Community Trust Bancorp, Inc. Executive Vice PresidenUChief Internal Audit & Risk Officer Community Trust Bank, Inc. ANDREW JONES Executive Vice President Community Trust Bancorp, Inc. Executive Vice PresidenU Northeastern Region President Community Trust Bank, Inc. MARK SMITH Executive Vice President Community Trust Bancorp, Inc. Executive Vice President/ Chief Credit Officer 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 DAVID I. TACKETT Executive Vice President Community Trust Bancorp, Inc. Executive Vice PresidenU Eastern Region President Community Trust Bank, Inc. 12 • Non-voting Member In Appreciation of Dedicated Service JAMES J. GARTNER Retired Chief Credit Officer ,!MARK A. GOOCH ... Chairman, President and CEO Community Trust Bancorp, Inc. Chairman and CEO Community Trust Bank, Inc. Chairman Community Trust and Investment Company "RICHARD W. NEWSOM Executive Vice President Community Trust Bancorp, Inc. Director and President Community Trust Bank, Inc. " ' 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 ,! FRANKLIN H. FARRIS, JR. ***Owner Farris Advisory Services, LLC Louisville, Kentucky " ' E.B. LOWMAN II ..: EUGENIA CRITTENDEN .: INA MICHELLE MATTHEWS Chairman and CEO Cardinal Management Ltd. Ashland, Kentucky "GRIT" LUALLEN Vice Chairman and Lead Independent Director Former Lt. Governor Commonwealth of Kentucky Frankfort, Kentucky 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 ' JEFFERSON F. SANDLIN • ANTHONY W. ST. CHARLES .: CHAD C. STREET General Manager and Chief Operating Officer Perry Distributo(s Inc. Hazard, Kentucky President and CEO The St. Charles Group, LLC Cincinnati, Ohio DMD.MD Owner and President East Kentucky Oral & Maxillofacial Surgery Pikeville, Kentucky ' LILLIAN (KAY) WEBB Director Center for Career, Vocation , and Leadership University of Pikeville Pikeville, Kentucky. Boards of Directors • Community Trust Bancorp, Inc . ...., Community Trust Bank, Inc . ... Community Trust and Investment Company In Appreciation of Dedicated Service M. LYNN PARRISH Retired Chairman of the Board 13 Eastern Region David I. Tackett Regional President Richmond Pikeville* Ashland Central Region Billie J. Dollins Regional President Lexington Billie J. Dollins Regional President James C. Baughman, Jr. Robert A. Branham Anne Gay Donworth C. Glen Combs Jenny Dulworth-Albert James E. Keeton Ill Robert D. Kelly James H. Schrader Daryl Smith Andrew Jarvis Danville/Harrodsburg Jesse Johnson Market President Bob Allen Scott Burks Bob Davis Bruce Harper Myrna Miller Larry Scott, M.D. Walter "Skip" Stocker David Maynard + Alvis Johnson Mt. Sterling Billie J. Dollins Regional President Byron Amburgey Marcus Shane Back Jefferson Brother Brigitte Danielle King, M.D. Angela Patrick Dale Sorrell James R. Staton Gail Wright ++ Reid Evans Tim Houck Market President William Brett Keene Market President Jeannette Crockett Alison Emmons David Fernandez James H. Howard Elizabeth McCarty Randall Stone Versailles Jeffrey Koonce Market President Robert Cleveland John Cook Jack Givens Phil Huddleston Alice Kiviniemi William Klier Rodney Mitchell Bob Watson Winchester David Wills Market President Thomas R. Goebel Carl E. Jennings Robert M. Powe, Jr. David W. Underhill Gardner D. Wagers Flo}'d/KnoWJohnson* John 'JR" Caldwell Market President Hazard Charlene Miller Market President William Bettinazzi Frances Feltner Meriwether W. Hall Charles Housley Tim Short Alan Dale Williams Tug Valle}' Duanne Thompson Market President Joshua Leonard, D.M.D. James E. Caines Harold Davis Timothy A. Hatfield Philip A. Haywood John Mark Hubbard Paul E. Pinson Whitesburg Daryl Slone Market President L.M. Mike Caudill Reed Caudill Gwendolyn Christon Sandra Hogg Sam W. Quillen, Jr., D.M.D. +++ Pauline C. Ritter-Combs Northeastern Region South Central Region Andrew Jones Regional President Andrew Jones Regional President E. B. Lowman II E. B. Lowman Ill John McMeans Ann Perkins James C. Williams Ricky Sparkman Regional President Cam1;1bellsville Ricky Sparkman Regional President Barry Bertram Eddie Hazelwood Barry Pennington Jerry Russell John Waldrop Advantage Valle}' Lafollette Allen Burner Market President Carl Midkiff Christopher J. Plybon Julian Saad Flemingsburg Emery O. Clark Ill 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 Ill David Michael Hughes Marshall Robinson Rhonda Longmire Market President James C. Farris, M.D. Marvin Minton Peggy Payne Thomas Robards Robert L. Woodson Ill Middlesboro Rebecca Hensley Market President Roger Ball Marcum Brogan Meredith J. Evans, M.D. Keith A. Nagle Mt. Vernon Betty Frederick Market President Martha Cox GaryW. Mink Tommy H. Mink Williamsburg Jamie Harrison Market President Ray F. Bryant Joseph E. Early, Sr. Karen Hyde Dallas B. Steely Mark S. Stephens ++++ E. L. Ballou, D.M.D. 14 • These markets are served by the Community Trust Bank, Inc. Board of Directors. + Deceased 7/15/2023 ++ Deceased 2/4/2024 +++ Deceased 11/11/2023 ++++ Deceased 7/7/2023 Central Region I Danville * Danville Main Danville Manor Harrodsburg Florence Florence Main Lexini:ton * Vine Street Beaumont Hamburg Leestown Pasadena Richmond Road 462 W. Main St. 1560 Hustonville Rd. 570 Chestnut St. 859-239-9200 859-239-9460 859-734-4354 8660 Haines Drive 859-384-0631 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 Mt. Sterling Mt. Sterling Main Mt. Sterling North 110 N. Maysville St. 196 Evans Dr. 859-497-6900 859-497-6970 Richmond Eastern Bypass Richmond Main Berea North Versailles Versailles Main Frankfort East Frankfort West Georgetown Main Georgetown Walmart Winchester Winchester Main Winchester Plaza 860 Eastern Bypass 128 W. Main St. 525 Walnut Meadow Rd. 859-624-4622 859-623-2747 859-985-0561 470 Lexington Rd. 427 Versailles Rd. 1205 S. Hwy. 127 315 Pleasant View Dr. 112 Osborne Way 859-879-5400 502-848-0913 502-696-0720 502-863-0433 502-863-4693 120 S. Main St. 125 Winchester Plaza 859-745-7200 859-745-7220 Eastern Region I Flo)'.d/Knott/Johnson Allen Floyd County Paintsville Walmart Knott County 6424 KY Rt. 1428 161 S. Lake Dr. 470 N. Mayo Tri. 107 W. Main St. 1665 Combs Rd. 100 Citizens Ln. 101 Village Ln. Hazard Airport Gardens Black Gold Hazard Village Tug Valle)'. Williamson Tug Valley 101 E. 2nd Ave. 28160 US Hwy. 119 304-235-5454 606-237-6051 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 Whitesburi: Whitesburg Main West Whitesburg Jenkins Isom Neon 211 W. Russell St. 10579 Regina Belcher Hwy. 32 N. Levisa Rd. 38720 State Hwy. 194 E. 346 N. Mayo Tri. 137 Main St. 254 Cassidy Blvd. 105 Northgate Dr. 1056KYHwy.610W. 4205 N. Mayo Tri. 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 155 Main St. 24 Pkwy. Plaza Loop 9505 Hwy. 805 56 Isom Plaza 1001 Hwy. 317 606-633-0161 606-633-4532 606-832-2477 606-633-5995 606-855-4435 Northeastern Region I Advantage Valle)'. 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 1218 E. Broadway St. Camnbellsville Campbellsville Main Campbellsville Bypass 402 Campbellsville Bypass Columbia Greensburg Lebanon Somerset North Somerset South Jamestown 1005 Jamestown St. 205 S. Main St. 521 W. Main St. 239 N. Hwy. 27 3809 S. Hwy. 27 752 N. Main St. Williamsburi: Williamsburg Main Convenience Center Corbin London South London North 201 N.3rd St. 895 S. Hwy. 25 W. 678 US Hwy. 25 W. 1706 Hwy. 192 W. 38 Shiloh Dr. South Central Region Middlesboro Middlesboro Main Middlesboro East Pineville Mt. Vernon Mt. Vernon Main Mt. Vernon Downtown LaFollette * LaFollette Main Jacksboro Clinton 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 106 S. Tennessee Ave. 2603 Jacksboro Pike 2106 Charles G. Seivers Blvd. 423-562-3364 423-566-7800 865-457-8684 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 *Community Trust and Investment Company has offices in these locations. 15 2024 Pinnacle Award Honorees for 2023 Results David Akers Anthony Anderson Steve Belcher Brian Bevins Zachary Cantrell Brittany Causey Brian Clark Gerrie Clark Billy Cowan Benji Dean Sherry Dotson Jonathan Drage Tracey Ferrell Dorothy Franklin Betty Frederick Todd Hargis Brent Harpster Jamie Harrison Timothy D. Houck Central Region Eastern Region Floyd County Office Floyd-Knott Market Individual Success Stephanie Hudson Sean Hurley Andrew Jarvis Chris Johnson Brett Keene Jeffrey Koonce Tommie Layne Sabrina Lequire Rhonda S. Longmire Rita Martin Elizabeth Maynard-Johnson Bobby Terrell Medley Gaylon D. Neat Jessica R. Osborne Joyce Pelly Barry Pennington Joel Prichard Melissa Rhodes Shirley Riley Team Success Georgetown Main Office Knott County Office Lexington Market Pikeville Main Office April D. Roberts Paola Roe Joshua R. Slone Roger Smith Don Spears Natalie Stewart Judy Stump Helena Syck Rusty Tackett Lisa Thacker Zachary Thacker Jody Thompson Joy Turnmire Nikki Warford Bob Watson Kristin Webb Michael Willis Brittany Winburn Pikeville Market Tug Valley Office Versailles Main Office Williamsburg Market 16 b u i l d i n g c o m l l I I U J i t i e s . . . b u i l t o n t r u s t ®
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