<SEC-DOCUMENT>0000350852-15-000065.txt : 20150728
<SEC-HEADER>0000350852-15-000065.hdr.sgml : 20150728
<ACCEPTANCE-DATETIME>20150619163700
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000350852-15-000065
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMMUNITY TRUST BANCORP INC /KY/
		CENTRAL INDEX KEY:			0000350852
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				610979818
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		346 NORTH MAYO TRAIL
		STREET 2:		P.O. BOX 2947
		CITY:			PIKEVILLE
		STATE:			KY
		ZIP:			41502-2947
		BUSINESS PHONE:		(606)433-4643

	MAIL ADDRESS:	
		STREET 1:		346 NORTH MAYO TRAIL
		STREET 2:		P.O. BOX 2947
		CITY:			PIKEVILLE
		STATE:			KY
		ZIP:			41502-2947

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY TRUST BANCORP INC/
		DATE OF NAME CHANGE:	19971124
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">June 19, 2015</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Era Anagnosti</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Legal Branch Chief</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Washington, D.C.&#160; 20549</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Re:&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Community Trust Bancorp, Inc.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Form 10-K</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Filed March 13, 2015</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Definitive Proxy Statement On Schedule 14A</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Filed March 20, 2015</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">File No. 001-31220</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Dear Ms. Anagnosti:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">We are in receipt of your letter dated June 9, 2015 with respect to the Annual Report on Form 10-K for the year ended December 31, 2014 filed by Community Trust Bancorp, Inc. ("CTBI") on March 13, 2015 and CTBI's Definitive Proxy Statement on Schedule 14A filed on March 20, 2015.&#160; We have reviewed your comments and have prepared the following responses, each of which is preceded by the comment received.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><u>Definitive Proxy Statement on Schedule 14A</u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><u>Election of Directors</u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">We note your disclosure in the fourth paragraph, describing the various qualities the director nominees collectively possess. In future filings, please revise your disclosure to provide for each director or director nominee why the person's <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">particular </font>and <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">specific </font>experience, qualifications, attributes or skills led the board to conclude that such person should serve as a director of the company, in light of the company's business and structure at the time that the filing is made. For guidance please refer to Question 116.05 of Regulation S-K disclosure Compliance and Interpretations.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RESPONSE:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">In future filings, CTBI will expand the disclosure in the Election of Directors section to individually discuss each director's particular and specific qualifications, attributes, and skills which led the Board to conclude that he/she should serve as director, in light of CTBI's business and structure, incorporating the experience discussed in the Information About Directors section of the Proxy Statement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><u>2014 Annual Incentive Plan</u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">You disclose that the two performance targets were above the minimum levels of performance required to earn cash bonuses, but you do not disclose what those minimum levels are. We also note that no threshold amount has been identified in the grants of plan based awards table. Please tell us what those minimum performance targets were and to the extent applicable, make the requisite disclosure in your future filings.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RESPONSE:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">The cash bonuses earned should have been classified as non-equity incentive plan compensation.&#160; The minimum levels of performance required to earn non-equity incentive plan compensation and equity awards for the year 2014 were a Return on Average Assets of 1.15% and Earnings Per Share of $2.43 per basic share, as disclosed in previous SEC filings.&#160; CTBI will ensure that it properly discloses the specific requirements met for payouts of non-equity incentive plan compensation and equity awards and the threshold amounts will be identified in the Grants of Plan Based Awards table in future filings of its Proxy Statement.</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">You disclose that the amounts of the 2014 cash incentives are included in the Bonus column. If the bonus was granted under a plan providing for compensation intended to serve as incentive for performance to occur over a specified period of time, then the bonus should be disclosed under the "Non-Equity Incentive Compensation Plan" column. Amounts earned under the plan as adjusted for the exercise of negative discretion would still be reportable in the Non-Equity Incentive Plan Compensation column. Please explain to us why the payments under the 2014 Annual Incentive Plan awards are being disclosed in the "Bonus" column, and to the extent necessary revise your future filing accordingly. For guidance, please refer to Question 119.02 of Regulation S-K Compliance and Disclosure Interpretations.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">CTBI will ensure that it properly discloses amounts earned as non-equity incentive plan compensation in the "Non-Equity Incentive Compensation Plan" column in future filings.&#160; These amounts were erroneously reported in the "Bonus" column due to a misinterpretation on our behalf.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><u>Summary Compensation Table</u></div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">In footnote (2), you disclose that the value disclosed is the amount recognized for financial statement reporting purposes with respect to fiscal years 2014, 2013 and 2012. However, based on your disclosure it appears that the only portion of equity compensation received for performance in 2014 were restricted stock awards equal to approximately 5% of salary for the named executive officers. Please explain to us the intended meaning of footnote (2) disclosure. Furthermore, please explain what equity awards are being disclosed in the "All Other Awards: Number of Securities Underlying Options Granted" in the Grants of Plan Based Awards table. To the extent necessary, please revise your future filings accordingly.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Due to a misinterpretation on our behalf, CTBI erroneously reported amounts actually expensed for equity awards in each year instead of the total fair value of stock issued on grant date in the "Equity Compensation" column of the Summary Compensation Table.&#160; Below is a revised Summary Compensation Table for the year ended December 31, 2014 with changes italicized.&#160; The amounts shown in the "All Other Awards: Number of Securities Underlying Options Granted" column in the Grants of Plan Based Awards table included the number of shares of restricted stock granted to each NEO during the reported period.&#160; The column heading should read "All Other Stock Awards: Number of Shares of Stock."&#160; CTBI will ensure that the appropriate disclosures for NEO compensation are made in future filings.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 13.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>SUMMARY COMPENSATION TABLE</u></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name and</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Position</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Salary</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Stock Awards</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1)</font> ($)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Equity Incentive Plan Compensation</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2)</font> ($)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All Other</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compensation</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(3) ($)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Compensation</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Jean R. Hale,</div>
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<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">523,462</div>
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<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,176</div>
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<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">333,250</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">49,803</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">921,691</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Chairman, President and</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2013</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">503,462</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">33,883</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">161,600</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">49,019</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">747,964</div>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Officer</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">483,846</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">339,500</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">47,399</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">870,745</div>
</td>
</tr>

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<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Kevin J. Stumbo,</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">219,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,731</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">88,050</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,408</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">339,420</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President,</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2013</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">206,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13,327</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">37,800</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">24,280</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">281,638</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Chief Financial Officer</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">190,385</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">66,850</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">20,239</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">277,474</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">and Treasurer</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Mark A. Gooch,</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">384,000</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,764</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">192,300</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,591</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">621,655</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2013</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">370,923</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">24,999</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">93,000</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,690</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">524,612</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President and Secretary</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">356,923</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">125,300</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,174</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">517,397</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Larry W. Jones,</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">239,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5,185</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">97,825</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,301</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">369,542</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2013</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">229,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,379</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">41,600</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,134</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">313,344</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">219,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">77,000</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">25,541</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">321,772</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">James B. Draughn,</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">231,154</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,996</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">94,290</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,927</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">358,367</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2013</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">220,231</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14,736</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">40,361</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,963</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">303,291</div>
</td>
</tr>

<tr>
<td style="WIDTH: 23.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">210,154</div>
</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">73,850</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">25,963</div>
</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">309,697</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="be1836d48b244545b12e2f2ade8b2830" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(1)</div>
</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">The amounts in this column reflect the grant date fair value of all restricted stock awards granted during the years ended December 31, 2014, 2013, and 2012, under CTBI's stock ownership plan and in accordance with ASC Topic 718.</div>
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<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Non-Equity Incentive Plan Compensation includes amounts paid under the Senior Management Incentive Compensation Plan ("Incentive Plan"), which is open to all executive officers, market presidents, and senior vice presidents of consolidated functions and the Executive Long-Term Incentive Plan which is open to all executive officers. Individuals below senior vice president level may be recommended and approved by the Compensation Committee for special awards of options for extraordinary performance under the Incentive Plan.&#160; Non-Equity Incentive Plan Compensation for executive officers is earned based on CTBI reaching certain earnings per share and return on assets goals after accruing for the cost of the incentive compensation.&#160; No discretionary cash incentive payments were paid to any of the Named Executive Officers in any of the years shown above.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">In responding to your comments, Community Trust Bancorp, Inc. acknowledges that:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">CTBI is responsible for the adequacy and accuracy of the disclosure in the filing;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">CTBI may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">If you have any questions or require additional information, please contact Kevin J. Stumbo, Chief Financial Officer, at (606) 433-4638 or <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">stumboke@ctbi.com</font>.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Sincerely,</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">/s/ Jean R. Hale</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Jean R. Hale</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Chairman, President and Chief Executive Officer</div>
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