Exhibit 99.1

FOR IMMEDIATE RELEASE

July 21, 2021

FOR ADDITIONAL INFORMATION, PLEASE CONTACT JEAN R. HALE, CHAIRMAN, PRESIDENT, AND C.E.O., COMMUNITY TRUST BANCORP, INC. AT (606) 437-3294

Pikeville, Kentucky:

COMMUNITY TRUST BANCORP, INC. REPORTS RECORD EARNINGS FOR THE SECOND CONSECUTIVE QUARTER 2021

Community Trust Bancorp, Inc. (NASDAQ-CTBI) experienced record earnings for the second consecutive quarter as our loan portfolio quality and the industry outlook continue to see improvement, allowing a reduction in credit loss reserves.  Earnings for the second quarter 2021 were a record $23.9 million, or $1.35 per basic share, compared to $23.6 million, or $1.33 per basic share, earned during the first quarter 2021 and $19.7 million, or $1.11 per basic share, earned during the second quarter 2020.  Earnings for the six months ended June 30, 2021 were $47.5 million compared to $26.2 million for the six months ended June 30, 2020.  Deposit growth as a result of the government stimulus, along with lack of loan growth, continues to put pressure on our net interest margin.  Total revenue declined from prior quarter as a result of the continued pressure on our net interest margin, but noninterest income remained steady.

2^nd Quarter 2021 Highlights

❖	Net interest income for the quarter of $40.0 million was $0.2 million, or 0.6%, below prior quarter but $1.5 million, or 4.0%, above second quarter 2020.

❖

We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021.  The reduction to our allowance for credit losses was the result of continued positive credit metrics, the lack of pandemic related losses provided for in the first quarter 2020, and an improvement in the industry outlook for certain industries included in our concentrations of credit.  We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively.

❖	Our loan portfolio decreased $90.3 million, an annualized 10.2%, during the quarter and $90.3 million, or 2.6%, from June 30, 2020.

❖

CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020.

❖

Asset quality remains strong from prior quarter as our nonperforming loans, excluding troubled debt restructurings, remained relatively flat from $21.0 million at March 31, 2021 to $21.1 million at June 30, 2021, down $15.0 million from June 30, 2020.  Nonperforming assets at $27.0 million decreased $0.3 million from March 31, 2021 and $26.8 million from June 30, 2020.

❖	Deposits, including repurchase agreements, increased $106.3 million, an annualized 9.3%, during the quarter and $426.0 million, or 10.0%, from June 30, 2020.

❖	Noninterest income for the quarter ended June 30, 2021 of $15.5 million  decreased slightly from prior quarter by $0.1 million, or 0.4%, but increased $2.6 million, or 20.5%, from prior year same quarter.

❖	Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter.

COVID-19

We continue working with our customers through the COVID-19 pandemic.  At June 30, 2021, the number of customers with CARES Act deferrals reduced to 60 for a total outstanding amount of $28.6 million.  The majority of our CARES Act deferrals have been 90 day deferrals.  Total outstanding deferrals include 21 commercial loan deferrals with a total outstanding amount of $26.0 million, 29 residential loan deferrals with a total outstanding amount of $2.4 million, and 10 consumer loan deferrals with a total outstanding amount of $0.2 million.  These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act.  Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

Net Interest Income

Net interest income for the quarter of $40.0 million decreased $0.2 million, or 0.6%, from first quarter 2021 but increased $1.5 million, or 4.0%, from second quarter 2020.  Our net interest margin at 3.11% decreased 20 basis points from prior quarter and 30 basis points from prior year same quarter, as our average earning assets increased $227.3 million and $625.3 million, respectively, during those same periods.  Our yield on average earning assets decreased 22 basis points from prior quarter and 57 basis points from prior year same quarter, and our cost of funds decreased 3 basis points from prior quarter and 40 basis points from prior year same quarter.  Net interest income for the six months ended June 30, 2021 increased $5.5 million, or 7.4%, compared to the six months ended June 30, 2020.

The PPP loan portfolio had an annualized yield for the quarter of 6.04%, a one basis point increase from the 6.03% yield in the first quarter 2021.  Interest income on the portfolio was $0.6 million during the quarter, down $0.1 million from prior quarter, while the amortization of net loan origination fees from current outstanding loans and recognition of net fee income from paid and forgiven loans was $3.0 million, down $0.3 million from prior quarter.  These fees are amortized over the life of the loan with any unamortized balance fully recognized at the time of loan forgiveness.  The impact to the net interest margin of the $3.0 million in fee income recognized was 23 basis points for the second quarter 2021, a 4 basis point decline from the 27 basis points for the first quarter 2021.  While the PPP loan portfolio significantly impacted the net interest margin year over year, the decrease from prior quarter was primarily the result of a reduction in yield on our commercial real estate and indirect loan portfolios, along with an increase in our lower yielding financial assets due to the decrease in our loan portfolio and an increase in our investment portfolio.

Our ratio of average loans to deposits, including repurchase agreements, was 75.0% for the quarter ended June 30, 2021 compared to 79.9% for the quarter ended March 31, 2021 and 84.5% for the quarter ended June 30, 2020.

Noninterest Income

Noninterest income for the quarter ended June 30, 2021 of $15.5 million was a slight decrease of $0.1 million, or 0.4%, from prior quarter but a $2.6 million, or 20.5%, increase from prior year same quarter.  Increases from prior quarter in deposit service charges, trust revenue, and securities gains were offset by declines in gains on sales of loans and loan related fees.  The increase in noninterest income from prior year same quarter was primarily the result of increases in gains on sales of loans, deposit service charges, trust revenue, and loan related fees.  Noninterest income for the six months ended June 30, 2021 of $31.1 million was a $6.7 million, or 27.5% increase from the six months ended June 30, 2020.

Deposit service charges were impacted during the quarter and year over year by the continued increase in deposits due to the government stimulus, as gains on sales of loans have been impacted by the slowdown in the industry-wide refinancing boom.  Loan related fees were primarily impacted by the change in the fair market value of mortgage servicing rights.  As trust revenue is largely driven by the market value of the portfolios managed, it has benefited from an increase in equity market values, a larger volume of managed assets, and robust sales.  Brokerage revenue has benefited from a change in sales mix moving more to fee based revenue and from the low interest rates driving some investors into annuities and out of lower paying deposit products.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2021 of $29.5 million increased $1.2 million, or 4.2%, from prior quarter, and $1.6 million, or 5.7%, from prior year same quarter.  The increase in noninterest expense was the result of an increase in personnel expense.  The increase in personnel expense quarter over quarter included a $1.5 million increase in bonuses and incentives as we increased the accruals for incentive payments based on our current projected earnings for the year.  Noninterest expense for the six months ended June 30, 2021 increased $1.7 million, or 3.0%, compared to the six months ended June 30, 2020.

Balance Sheet Review

CTBI’s total assets at $5.5 billion increased $134.0 million, or 10.0% annualized, from March 31, 2021 and $471.3 million, or 9.4%, from June 30, 2020.  Loans outstanding at June 30, 2021 were $3.4 billion, a decrease of $90.3 million, an annualized 10.2%, from March 31, 2021 and $90.3 million, or 2.6%, from June 30, 2020.  Loans, excluding PPP loans, declined $11.6 million during the quarter, with a $7.3 million decrease in the indirect consumer loan portfolio and a $6.4 million decrease in the residential loan portfolio, offset partially by a $2.1 million increase in the direct consumer loan portfolio.  The commercial loan portfolio decreased as the result of a $78.8 million decline in PPP loans.  CTBI’s investment portfolio increased $202.7 million, or an annualized 70.2%, from March 31, 2021 and $617.5 million, or 83.2%, from June 30, 2020 as we continued to deploy our increased liquidity in investments due to continued soft loan demand.  Deposits in other banks increased $34.1 million from prior quarter but decreased $24.4 million from prior year same quarter.  Deposits, including repurchase agreements, at $4.7 billion increased $106.3 million, or an annualized 9.3%, from March 31, 2021 and $426.0 million, or 10.0%, from June 30, 2020, due to the ongoing government stimulus.

Shareholders’ equity at June 30, 2021 was $684.1 million, a $22.0 million increase from the $662.1 million at March 31, 2021 and a $52.2 million increase from the $631.8 million at June 30, 2020.  CTBI’s annualized dividend yield to shareholders as of June 30, 2021 was 3.81%.

Asset Quality

CTBI’s total nonperforming loans, not including performing troubled debt restructurings, were $21.1 million, or 0.61% of total loans, at June 30, 2021 compared to $21.0 million, or 0.59% of total loans, at March 31, 2021 and $36.2 million, or 1.02% of total loans, at June 30, 2020.  Accruing loans 90+ days past due decreased $0.5 million from prior quarter and $13.5 million from June 30, 2020.  Nonaccrual loans increased $0.6 million during the quarter but decreased $1.5 million from March 31, 2020.  Accruing loans 30-89 days past due at $10.8 million decreased $2.4 million from prior quarter and $2.8 million from June 30, 2020.  Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

Our level of foreclosed properties at $5.8 million at June 30, 2021 was a $0.4 million decrease from the $6.2 million at March 31, 2021 and an $11.8 million decrease from the $17.7 million at June 30, 2020.  Sales of foreclosed properties for the quarter ended June 30, 2021 totaled $0.4 million while new foreclosed properties totaled $0.4 million.  At June 30, 2021, the book value of properties under contracts to sell was $0.3 million; however, the closings had not occurred at quarter-end.

CTBI experienced continued improvement in loan losses, as we saw a net recovery of loan losses of $0.6 million for the quarter ended June 30, 2021, compared to net loan charge-offs of $0.2 million, or 0.02% of average loans annualized, for the quarter ended March 31, 2021 and $2.8 million, or 0.32% annualized, for the second quarter 2020.  For the six months ended June 30, 2021 we experienced a net recovery of loan losses of $0.4 million compared to net charge-offs of $4.2 million, or 0.25% of average loans annualized, for the six months ended June 30, 2020.

Allowance for Credit Losses

We recovered $4.3 million of our provision for credit losses during the quarter ended June 30, 2021.  The reduction was the result of continued positive credit metrics, the lack of pandemic related losses provided for in Q1 2020 as well as an improvement in the industry outlook for certain industries included in our concentrations of credit..  We also recognized a recapture of allowance for credit losses in the first quarter 2021 and the second quarter 2020 with credits to the provision for credit losses of $2.5 million and $49 thousand, respectively.  Our reserve coverage (allowance for credit losses to nonperforming loans) at June 30, 2021 was 197.2% compared to 215.5% at March 31, 2021 and 129.0% at June 30, 2020.  Our credit loss reserve as a percentage of total loans outstanding at June 30, 2021 was 1.21% (1.27% excluding PPP loans) compared to 1.28% at March 31, 2021 (1.38% excluding PPP loans) and 1.32% at June 30, 2020 (1.43% excluding PPP loans).

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Community Trust Bancorp, Inc.’s (“CTBI”) actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of the COVID-19 pandemic on our business operations and credit quality and on general economic and financial market conditions, as well as our ability to respond to the related challenges; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal  proceedings and related matters.  In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results.  These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $5.5 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
June 30, 2021
(in thousands except per share data and # of employees)
		Three				Three				Three				Six				Six
		Months				Months				Months				Months				Months
		Ended				Ended				Ended				Ended				Ended
		June 30, 2021				March 31, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Interest income		$	43,875			$	44,211			$	44,968			$	88,086			$	89,667
Interest expense			3,868				3,969				6,506				7,837				14,961
Net interest income			40,007				40,242				38,462				80,249				74,706
Loan loss provision			(4,257	)			(2,499	)			(49	)			(6,756	)			12,658
Gains on sales of loans			1,907				2,433				1,753				4,340				2,236
Deposit service charges			6,358				6,022				4,967				12,380				10,883
Trust revenue			3,349				2,951				2,569				6,300				5,453
Loan related fees			1,004				2,270				822				3,274				917
Securities gains (losses)			280				(168	)			937				112				1,186
Other noninterest income			2,623				2,069				1,831				4,692				3,725
Total noninterest income			15,521				15,577				12,879				31,098				24,400
Personnel expense			18,960				16,833				15,153				35,793				30,184
Occupancy and equipment			2,668				2,828				2,624				5,496				5,330
Data processing expense			1,870				2,159				1,875				4,029				3,853
FDIC insurance premiums			323				326				294				649				441
Other noninterest expense			5,677				6,164				7,963				11,841				16,322
Total noninterest expense			29,498				28,310				27,909				57,808				56,130
Net income before taxes			30,287				30,008				23,481				60,295				30,318
Income taxes			6,356				6,390				3,829				12,746				4,087
Net income		$	23,931			$	23,618			$	19,652			$	47,549			$	26,231
Memo: TEQ interest income		$	44,105			$	44,428			$	45,149			$	88,533			$	90,017
Average shares outstanding			17,784				17,774				17,739				17,779				17,746
Diluted average shares outstanding			17,800				17,787				17,742				17,794				17,753
Basic earnings per share		$	1.35			$	1.33			$	1.11			$	2.67			$	1.48
Diluted earnings per share		$	1.34			$	1.33			$	1.11			$	2.67			$	1.48
Dividends per share		$	0.385			$	0.385			$	0.38			$	0.770			$	0.76
Average balances:
Loans		$	3,495,655			$	3,548,358			$	3,461,505			$	3,521,861			$	3,362,217
Earning assets			5,184,923				4,957,636				4,559,670				5,071,907				4,326,752
Total assets			5,450,182				5,219,406				4,837,293				5,335,432				4,609,851
Deposits, including repurchase agreements			4,661,615				4,442,647				4,096,647				4,552,736				3,863,536
Interest bearing liabilities			3,424,218				3,335,206				3,094,931				3,379,958				2,971,064
Shareholders' equity			675,727				661,302				624,111				668,555				624,261
Performance ratios:
Return on average assets			1.76	%			1.84	%			1.63	%			1.80	%			1.14	%
Return on average equity			14.20	%			14.48	%			12.66	%			14.34	%			8.45	%
Yield on average earning assets (tax equivalent)			3.41	%			3.63	%			3.98	%			3.52	%			4.18	%
Cost of interest bearing funds (tax equivalent)			0.45	%			0.48	%			0.85	%			0.47	%			1.01	%
Net interest margin (tax equivalent)			3.11	%			3.31	%			3.41	%			3.21	%			3.49	%
Efficiency ratio (tax equivalent)			53.17	%			50.37	%			55.17	%			51.76	%			57.12	%
Loan charge-offs		$	948			$	1,470			$	3,809			$	2,418			$	6,224
Recoveries			(1,554	)			(1,293	)			(1,047	)			(2,847	)			(2,064	)
Net charge-offs		$	(606	)		$	177			$	2,762			$	(429	)		$	4,160
Market Price:
High		$	45.95			$	47.53			$	37.07			$	47.53			$	46.87
Low		$	39.76			$	36.02			$	26.45			$	36.02			$	26.45
Close		$	40.38			$	44.03			$	32.76			$	40.38			$	32.76

Community Trust Bancorp, Inc.

Financial Summary (Unaudited)

June 30, 2021

(in thousands except per share data and # of employees)

		As of				As of				As of
		June 30, 2021				March 31, 2021				June 30, 2020
Assets:
Loans		$	3,448,493			$	3,538,804			$	3,538,770
Loan loss reserve			(41,695	)			(45,346	)			(46,634	)
Net loans			3,406,798				3,493,458				3,492,136
Loans held for sale			4,912				17,748				28,987
Securities AFS			1,357,597				1,155,195				740,479
Equity securities at fair value			2,523				2,243				2,093
Other equity investments			13,915				14,858				15,295
Other earning assets			392,591				358,529				416,980
Cash and due from banks			63,917				66,664				63,194
Premises and equipment			40,391				40,997				42,810
Right of use asset			12,729				12,787				13,867
Goodwill and core deposit intangible			65,490				65,490				65,490
Other assets			133,300				132,150				141,510
Total Assets		$	5,494,163			$	5,360,119			$	5,022,841
Liabilities and Equity:
Interest bearing checking		$	99,226			$	91,803			$	77,518
Savings deposits			1,877,857				1,814,711				1,696,805
CD's >=$100,000			561,269				547,767				537,124
Other time deposits			498,361				496,182				550,989
Total interest bearing deposits			3,036,713				2,950,463				2,862,436
Noninterest bearing deposits			1,286,989				1,283,309				1,109,873
Total deposits			4,323,702				4,233,772				3,972,309
Repurchase agreements			370,568				354,235				296,007
Other interest bearing liabilities			58,726				58,731				59,246
Lease liability			13,529				13,549				14,550
Other noninterest bearing liabilities			43,555				37,763				48,882
Total liabilities			4,810,080				4,698,050				4,390,994
Shareholders' equity			684,083				662,069				631,847
Total Liabilities and Equity		$	5,494,163			$	5,360,119			$	5,022,841
Ending shares outstanding			17,831				17,826				17,795
30 - 89 days past due loans		$	10,847			$	13,204			$	13,666
90 days past due loans			8,283				8,816				21,799
Nonaccrual loans			12,863				12,223				14,358
Restructured loans (excluding 90 days past due and nonaccrual)			66,887				68,485				59,823
Foreclosed properties			5,848				6,224				17,675
Community bank leverage ratio			12.45	%			12.70	%			12.92	%
Tangible equity to tangible assets ratio			11.39	%			11.27	%			11.42	%
FTE employees			961				970				979