Mission Statement, Vision, & Core Values (2024) of Community Trust Bancorp, Inc. (CTBI)

An Overview of Community Trust Bancorp, Inc. (CTBI)

General Summary of Community Trust Bancorp, Inc. (CTBI)

Community Trust Bancorp, Inc. (CTBI) is a bank holding company headquartered in Pikeville, Kentucky. Established in 1903, CTBI provides a wide array of financial services through its subsidiary, Community Trust Bank, Inc., and offers trust and investment services via Community Trust and Investment Company. As of September 30, 2024, CTBI operates 81 banking locations across eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee.

As of 2024, CTBI has total consolidated assets of $6.0 billion and total consolidated deposits, including repurchase agreements, amounting to $5.1 billion. The company's total shareholders’ equity as of the same date stands at $760.8 million. Trust assets total $4.0 billion, with assets under management reaching $3.7 billion.

CTBI’s primary products and services include:

• Commercial loans
• Residential mortgages
• Consumer loans
• Trust and wealth management services
• Investment services

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Community Trust Bancorp reported earnings of $22.1 million, or $1.23 per basic share, compared to $19.5 million or $1.09 per basic share in the second quarter of 2024. This represents a growth from $20.6 million or $1.15 per basic share in the third quarter of 2023.

Total revenue for the third quarter of 2024 was $47.2 million, reflecting an increase of $1.4 million from the previous quarter and $4.1 million from the same quarter last year. Net interest revenue for the quarter increased by $1.5 million compared to the prior quarter and $4.1 million compared to the same quarter last year.

The loan portfolio at September 30, 2024, reached $4.4 billion, marking an increase of $89.2 million or an annualized growth of 8.3% from June 30, 2024, and $299.6 million or an annualized growth of 9.9% from December 31, 2023.

Introduction to Company as a Leader in the Industry

Community Trust Bancorp, Inc. is recognized as a leading financial institution in its region, offering a diverse range of banking and financial services. With a strong focus on community banking, CTBI prioritizes customer relationships and local economic development. The bank's strategic growth and commitment to quality service have positioned it favorably in the competitive financial landscape.

CTBI has demonstrated resilience and adaptability in the face of economic challenges, maintaining a solid capital base and a strong liquidity position. The company’s capital leverage ratio was reported at 13.99% as of September 30, 2024, underscoring its financial strength and stability. Investors and stakeholders are encouraged to explore further details about CTBI’s successful operations and strategic initiatives that contribute to its leading status in the banking industry.

Mission Statement of Community Trust Bancorp, Inc. (CTBI)

Community Trust Bancorp, Inc. (CTBI) Mission Statement

The mission statement of Community Trust Bancorp, Inc. (CTBI) is a fundamental element that guides the company’s strategic direction and operational practices. It emphasizes the commitment to providing high-quality financial products and services to their customers while fostering a supportive environment for employees and contributing positively to the communities they serve. This mission is pivotal in shaping the company’s long-term goals and objectives, ensuring alignment with stakeholder interests.

Core Component 1: Customer Commitment

CTBI’s mission underscores a strong commitment to customers. The bank aims to deliver high-quality financial services that meet the diverse needs of its clientele. As of September 30, 2024, CTBI reported total consolidated assets of $6.0 billion and total consolidated deposits of $5.1 billion, reflecting a robust customer base and trust in their services.

This commitment is evident in the growth of the loan portfolio, which increased by $89.2 million in the third quarter of 2024, indicating a year-over-year annualized growth rate of 8.3%.

Core Component 2: Employee Engagement

Another critical aspect of CTBI’s mission is the emphasis on employee engagement and development. The company believes that a motivated workforce is essential for delivering superior customer service. In the third quarter of 2024, CTBI's noninterest expenses included $13.4 million for salaries, demonstrating investment in human capital.

This investment contributes to a positive workplace culture, which in turn enhances service delivery, ultimately benefiting customers and the community. The bank has seen a 3.5% increase in personnel expenses year-over-year, reflecting its ongoing commitment to employee welfare.

Core Component 3: Community Involvement

The mission statement also highlights CTBI’s commitment to community involvement. The bank actively participates in local initiatives and supports various community programs. As of September 30, 2024, CTBI manages trust assets totaling $4.0 billion, including assets under management of $3.7 billion. This reflects the bank's role in fostering community growth and economic development.

CTBI’s community focus is further demonstrated by its diverse banking locations, with eighty-one branches across Kentucky, West Virginia, and Tennessee, providing accessible financial services to a wide audience.

Overall, CTBI’s mission statement is a reflection of its core values and operational strategies, driving the bank’s commitment to customer satisfaction, employee engagement, and community development.

Vision Statement of Community Trust Bancorp, Inc. (CTBI)

Vision Statement Overview

The vision statement of Community Trust Bancorp, Inc. (CTBI) emphasizes its commitment to being a leading community-focused financial institution. It aims to enhance the quality of life for its customers and communities through innovative services and a strong emphasis on personal relationships.

Customer-Centric Approach

CTBI strives to provide exceptional service and support to its customers. As of September 30, 2024, the bank reported total deposits of $5.1 billion, reflecting an increase of $121.7 million or 2.5% from December 31, 2023.

Community Engagement

Community engagement is a core component of CTBI's vision. The bank operates eighty-one banking locations across eastern Kentucky, southern West Virginia, and northeastern Tennessee, focusing on fostering local relationships and supporting regional development.

Innovation in Financial Services

CTBI is committed to innovation in its financial services. The bank's net interest income for the third quarter of 2024 was $47.2 million, an increase of $1.5 million or 3.3% from the previous quarter. This growth reflects the bank’s focus on enhancing its product offerings and improving customer experiences.

Commitment to Sustainability

As part of its vision, CTBI emphasizes sustainability in its operations. The bank’s total consolidated assets reached $6.0 billion by September 30, 2024, marking an increase of $158.6 million or 10.9% from the previous quarter. This growth demonstrates CTBI’s dedication to responsible banking practices and long-term viability.

Financial Performance Overview

Conclusion of Vision Statement Components

CTBI's vision statement encapsulates its strategic goals and operational commitments. The bank's focus on customer service, community engagement, innovation, and sustainability positions it as a leader in the community banking sector.

Core Values of Community Trust Bancorp, Inc. (CTBI)

Integrity

Integrity is a fundamental value at Community Trust Bancorp, Inc. (CTBI). It emphasizes the importance of honesty and transparency in all business dealings.

CTBI demonstrates its commitment to integrity through various initiatives, including:

• Regular training for employees on ethical practices and compliance.
• Robust internal controls and auditing processes that ensure accountability.
• Open communication channels for reporting unethical behavior without fear of retaliation.

Customer Focus

Customer focus is central to CTBI's operations, highlighting the dedication to meeting customer needs and enhancing their banking experience.

Specific examples include:

• Implementation of a customer feedback system to gather insights and improve services.
• Launch of digital banking solutions that allow for more convenient access to banking services.
• Community engagement programs that foster relationships with local customers.

Teamwork

Teamwork fosters collaboration and camaraderie among employees, which is vital for CTBI's success.

CTBI promotes teamwork through:

• Cross-departmental projects that encourage collaboration.
• Team-building activities aimed at strengthening relationships among staff.
• Recognition programs that celebrate team achievements.

Excellence

Excellence reflects CTBI's commitment to high standards in services and operations.

Examples of this commitment include:

• Continuous professional development programs for employees to enhance skills.
• Investment in technology to improve operational efficiency and service delivery.
• Regular assessments of service quality to ensure customer satisfaction.

Community Involvement

Community involvement underscores CTBI's dedication to supporting local communities.

CTBI's initiatives in this area include:

• Financial literacy programs aimed at educating community members.
• Partnerships with local organizations to support economic development.
• Volunteer programs that encourage employees to participate in community service.

Commitment to Values

CTBI's core values shape its culture and guide its decision-making processes, ensuring the company remains a leader in the banking industry.

Updated on 16 Nov 2024

Resources:

1. Community Trust Bancorp, Inc. (CTBI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Community Trust Bancorp, Inc. (CTBI)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Community Trust Bancorp, Inc. (CTBI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.