[X]
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
|
For the fiscal year ended December 31, 2022
|
|
Or
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
|
For the transition period from _____________ to _____________
|
|
A.
|
Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
Kentucky
|
61-0979818
|
(State or other jurisdiction of incorporation or organization)
|
IRS Employer Identification No.
|
346 North Mayo Trail
Pikeville, Kentucky
(address of principal executive offices)
|
41501
(Zip Code)
|
|
||
Financial Statements:
|
||
|
||
|
||
|
||
Supplemental Schedules:
|
||
|
||
Consent of Independent Registered Public Accounting Firm
|
2022
|
2021
|
|||||||
Assets
|
||||||||
Cash
|
$
|
1,932
|
$
|
2,643
|
||||
Investments at fair value:
|
||||||||
Community Trust Bancorp, Inc. common stock
|
16,023,094
|
19,430,959
|
||||||
Mutual funds
|
46,062,938
|
58,930,750
|
||||||
Money market funds
|
6,276,856
|
6,105,456
|
||||||
Total investments
|
68,362,888
|
84,467,165
|
||||||
Receivables:
|
||||||||
Contributions receivable
|
123,672
|
123,062
|
||||||
Accrued interest and dividends
|
153,438
|
178,101
|
||||||
Total receivables
|
277,110
|
301,163
|
||||||
Total assets
|
68,641,930
|
84,770,971
|
||||||
Liabilities
|
||||||||
Excess contributions payable
|
54,104
|
89,431
|
||||||
Net assets available for benefits
|
$
|
68,587,826
|
$
|
84,681,540
|
Additions:
|
2022
|
2021
|
||||||
Contributions:
|
||||||||
Participants
|
$
|
2,896,200
|
$
|
2,818,554
|
||||
Employer
|
1,209,727
|
1,232,520
|
||||||
Rollovers
|
29,835
|
4,281
|
||||||
Total contributions
|
4,135,762
|
4,055,355
|
||||||
Investment income:
|
||||||||
Net appreciation (depreciation) in fair value of investments
|
(10,184,301
|
)
|
10,729,129
|
|||||
Interest and dividends
|
2,089,576
|
3,001,858
|
||||||
Total investment income (loss)
|
(8,094,725
|
)
|
13,730,987
|
|||||
Deductions:
|
||||||||
Benefits paid to participants
|
(12,134,751
|
)
|
(7,955,862
|
)
|
||||
Increase (decrease) in net assets available for benefits
|
(16,093,714
|
)
|
9,830,480
|
|||||
Net assets available for benefits:
|
||||||||
Beginning of year
|
84,681,540
|
74,851,060
|
||||||
End of year
|
$
|
68,587,826
|
$
|
84,681,540
|
2022
|
2021
|
|||||||
CTBI common stock (in dollars)
|
$
|
16,023,094
|
$
|
19,430,959
|
||||
Shares outstanding
|
348,859
|
445,562
|
Fair Value Measurements as of December 31, 2022 Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
CTBI common stock
|
$
|
16,023,094
|
$
|
16,023,094
|
$
|
0
|
$
|
0
|
||||||||
Mutual funds
|
46,062,938
|
46,062,938
|
0
|
0
|
||||||||||||
Money market funds
|
6,276,856
|
6,276,856
|
0
|
0
|
||||||||||||
$
|
68,362,888
|
$
|
68,362,888
|
$
|
0
|
$
|
0
|
Fair Value Measurements as of December 31, 2021 Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
CTBI common stock
|
$
|
19,430,959
|
$
|
19,430,959
|
$
|
0
|
$
|
0
|
||||||||
Mutual funds
|
58,930,750
|
58,930,750
|
0
|
0
|
||||||||||||
Money market funds
|
6,105,456
|
6,105,456
|
0
|
0
|
||||||||||||
$
|
84,467,165
|
$
|
84,467,165
|
$
|
0
|
$
|
0
|
Identity of Issuer (a)(b)
|
Description of Investment (c)
|
Cost (d)
|
Current Value (e)
|
||||||
Mutual Funds
|
|||||||||
Dodge & Cox Stock
|
Equity Fund, 24,503 units
|
** |
|
5,285,648
|
|||||
Federated MDT Small Cap Core R6
|
Equity Fund, 68,910 units
|
** |
|
1,343,750
|
|||||
MFS Mid Cap Value R6
|
Equity Fund, 140,661 units
|
** |
|
3,955,385
|
|||||
TIAA-CREF International Eq Idx Instl
|
Equity Fund, 154,969 units
|
** |
|
2,959,904
|
|||||
Vanguard 500 Index Admiral
|
Equity Fund, 42,021 units
|
** |
|
14,879,943
|
|||||
Vanguard Growth Index Adm
|
Equity Fund, 25,006 units
|
** |
|
2,743,612
|
|||||
Vanguard Small Cap Growth Index Admiral
|
Equity Fund, 28,183 units
|
** |
|
1,987,155
|
|||||
Vanguard TG Retirement 2020 Inv
|
Equity Bond Fund 8,796 units
|
** |
|
223,072
|
|||||
Vanguard TG Retirement 2025 Inv
|
Equity Bond Fund 35,224 units
|
** |
|
587,530
|
|||||
Vanguard TG Retirement 2030 Inv
|
Equity Bond Fund 45,004 units
|
** |
|
1,411,785
|
|||||
Vanguard TG Retirement 2035 Inv
|
Equity Bond Fund 39,411 units
|
** |
|
762,607
|
|||||
Vanguard TG Retirement 2040 Inv
|
Equity Bond Fund 13,129 units
|
** |
|
446,382
|
|||||
Vanguard TG Retirement 2045 Inv
|
Equity Bond Fund 8,741 units
|
** |
|
199,473
|
|||||
Vanguard TG Retirement 2050 Inv
|
Equity Bond Fund 12,690 units
|
** |
|
479,692
|
|||||
Vanguard TG Retirement 2055 Inv
|
Equity Bond Fund 9,063 units
|
** |
|
382,203
|
|||||
Vanguard TG Retirement 2060 Inv
|
Equity Bond Fund 723 units
|
** |
|
28,092
|
|||||
Vanguard TG Retirement 2065 Inv
|
Equity Bond Fund 512 units
|
** |
|
13,018
|
|||||
William Blair Small-Mid Cap Gr
|
Equity Fund, 113,562 units
|
** |
|
2,942,402
|
|||||
Goldman Sachs Short Duration Instl I
|
Fixed Bond Fund, 152,105 units
|
** |
|
1,422,185
|
|||||
Vanguard Target Retirement Income Inv
|
Equity Bond Fund 15,881 units
|
** |
|
194,385
|
|||||
Metropolitan West Total Return Bond I
|
Fixed Bond Fund, 421,982 units
|
** |
|
3,814,715
|
|||||
46,062,938
|
|||||||||
Money Market Funds
|
|||||||||
Goldman Sachs FS Government FST
|
Money Market Fund, 6,276,856 shares
|
** |
|
6,276,856
|
|||||
Common Stock
|
|||||||||
Community Trust Bancorp, Inc. *
|
Common Stock, 348,859 shares
|
** |
|
16,023,094
|
|||||
Total Investments
|
$
|
68,362,888
|
|||||||
* Indicates a party-in-interest to the Plan.
|
|
||||||||
** Cost information is not required for participant-directed investments and, therefore, is not included.
|
|
COMMUNITY TRUST BANCORP, INC.
|
|
By:
|
|
Date: June 29, 2023
|
/s/ Mark A. Gooch
|
Mark A. Gooch
|
|
Vice Chairman, President, and Chief Executive Officer
|
|
/s/ Kevin J. Stumbo
|
|
Kevin J. Stumbo
|
|
Executive Vice President, Chief Financial Officer
|
|
and Treasurer
|
|
/s/ Joanna Boon
|
|
Joanna Boon
|
|
Senior Vice President/Director of Human Resources
|