celebrating 75 years of strengthening every …

Central Bank & Trust Co. • Central Insurance Services • Central Investment Center, Inc.

CELEBRATING 75 YEARS OF STRENGTHENING EVERY COMMUNITY WE SERVE.

2021 SECOND QUARTER REPORT

MISSION STATEMENTThe mission of Central Bancshares is to become

Kentucky’s leading, high-performing, community

banking company by empowering our staff to deliver

consistently superior service and value to our customers,

shareholders and communities. We will be successful because

Central Bankers are our greatest resource and our most

sustainable advantage.

For additional copies or information:MARKETINGCENTRAL BANK300 West Vine StreetLexington, KY 40507

FOCUSED ON COMMUNITY SINCE 1946.

CONTENTS Financial Highlights 1

Consolidated Balance Sheets 2

Consolidated Statements of Income 3

Boards of Directors 4

Officers 6

CONTENTS Financial Highlights 1

Consolidated Balance Sheets 2

Consolidated Statements of Income 3

Boards of Directors 4

Officers 6

FINANCIAL HIGHLIGHTS

(dollars in thousands, except share data) RESULTS OF OPERATIONS: Net income Net income per share Book value per share at quarter end

AT JUNE 30: Assets Earning assets Loans, net Deposits Shareholders’ equity

PERFORMANCE RATIOS: Return on average assets Return on average shareholders’ equity Average tangible equity to average tangible assets Net charge-offs to average loans Allowance for loan losses as a percentage of quarter end loans Net interest margin (tax equivalent)

2021

$ 16,7880.489.94

$ 3,467,7803,366,0592,362,4822,849,060

345,791

0.99%10.06%

9.50%0.03%

1.05%3.18%

2018

$ 13,6390.397.72

$ 2,510,9262,396,6392,018,0272,052,387

268,444

1.12%10.50%

10.12%0.02%

1.04%4.02%

2017

$ 9,1150.267.10

$ 2,315,6082,185,3811,851,9951,939,642

247,045

0.80%7.58%

10.02%0.04%

1.16%3.94%

2019

$ 16,5160.478.55

$ 2,675,4932,575,6992,112,7642,141,569

297,325

1.29%11.58%

10.66%0.05%

1.00%4.10%

2020

$ 10,1500.299.16

$ 3,147,4083,034,4332,359,5502,537,665

318,690

0.70%6.52%

10.31%0.05%

0.90%3.58%

2021 SECOND QUARTER REPORT 1

As of and for the six months ended June 30

$ 47,320 599,500 646,820 372,222

2,387,586 (25,104

2,362,482 26,470

6,751 14,313

38,722 $ 3,467,780

$ 1,167,523 1,681,537

2,849,060

209,764 500

25,301 15,000 22,364

3,121,989

3,479

- 6,890

336,891 -

(1,469 345,791

$ 3,467,780

2

CONSOLIDATED BALANCE SHEETS

ASSETS Cash and due from financial institutionsInterest bearing deposits with other financial institutions Total cash and cash equivalentsDebt securities Loans, net of unearned incomeAllowance for loan losses Loans, netPremises and equipment, netFederal Home Loan Bank stockIntangible assetsPrepaid expenses and other assets Total assets

LIABILITIES AND SHAREHOLDERS’ EQUITYDeposits: Non-interest bearing Interest bearing Total deposits Repurchase agreementsFederal funds purchasedFederal Home Loan Bank advancesSubordinated debenturesOther liabilities Total liabilities

SHAREHOLDERS’ EQUITYCommon stock (voting), $10 par value; 350,000 shares authorized; 347,922 shares issued and outstandingCommon stock (non-voting), no par value; 34,650,000 shares authorized; 34,444,278 shares issued and outstandingAdditional paid-in capitalRetained earningsUnearned Employee Stock Ownership SharesAccumulated other comprehensive loss Total shareholders’ equity Total liabilities and shareholders’ equity

June 302021

June 302020

$ 56,165 374,100

430,265 272,659

2,380,923 (21,373

2,359,550 26,867

6,751 14,313 37,003

$ 3,147,408

$ 1,007,768 1,529,887 2,537,655

183,949 500

55,317 15,000 36,297

2,828,718

3,479

-

6,890 316,829

(662 (7,846

318,690$ 3,147,408

) )

(in thousands, except share data)

)))


For the six months ended

CONSOLIDATED STATEMENTS OF INCOME

INTEREST AND DIVIDEND INCOME Loans, including fees Debt securities Deposits with other financial institutions

INTEREST EXPENSE Interest on deposits Interest on borrowed funds

Net interest incomeProvision for loan lossesNet interest income after provision for loan losses

NON-INTEREST INCOME Service charges on deposit accounts Service charges on loans Wealth management income Other income

NON-INTEREST EXPENSE Salaries Benefits Occupancy and equipment Other non-interest expenses

Income before income taxesIncome taxesNet income

Basic earnings per share

June 302021

June 302020

$ 52,192 1,399

319 53,910

1,618 507

2,125

51,785 727

51,058

2,705 6,778 9,001 4,249

22,733

22,316 4,827 9,642

17,067 53,852

19,939 3,151

$ 16,788

$ 0.48

$ 50,614 2,596 1,104

54,314

3,701 859

4,560

49,754 3,327

46,427

2,981 5,561 7,479 3,516

19,537

21,876 7,073

10,685 15,299 54,933

11,031 881

$ 10,150

$ 0.29

(in thousands, except share data)

BOARDS OF DIRECTORS

Central Bancshares, Inc. and Central Bank & Trust Co. Board of Directors

Luther Deaton, Jr. Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.

Joan D. Kincaid Vice Chairman of the Board, Central Bancshares, Inc. and Central Bank & Trust Co.

Ulysses Lee “Junior” BridgemanPresident & CEO, Bridgeman Foods Inc.

Michael D. Foley Retired PartnerRFH, PLLC Certified Public Accountants

Wayne M. MartinVice President of Development,Retail Division,Booth Energy

G. Michael RitchieOwner, MND Holdings, LLC

Paul E. Sullivan Partner, Frost Brown Todd, LLC

Advisory Boards of Directors

Central Bank, GeorgetownAdvisory Board of Directors

Dallas BlankenshipRetired Superintendent,Scott County Board of Education

Luther Deaton, Jr.Chairman, President & CEO, Central Bancshares, Inc. and Central Bank & Trust Co.

Mason “Butch” GlassCommunity Volunteer

William C. HaughCEO, Georgetown Community Hospital

George H. LusbyRetired Scott County Judge Executive

Kimberly E. MarshallMarket President

Randy MasonOwner-Operator, McDonald’s

W. Thomas PratherChairman, Central Bank Georgetown & Mayor of Georgetown

Central Bank, LexingtonAdvisory Board of Directors

Dennis AndersonPresident, Anderson Communities

John AtchisonCo-owner, Atchison Heller Construction

Rick AvareMAP Entities

Ray BallOwner, Ball Homes

William BrewerDink, Inc.

Jed BullardOwner, E.D. Bullard Company

Lucas CampbellGorman Company

Kevin DoyleCFO, Congleton Hacker Company

William Farish, Jr.President, Lane’s End Farm

Crinda FranckePresident, ExecuTrain of Kentucky

Don Howard, Jr.President, H&W Management

John Irvin, Jr.Attorney, Kinkead & Stilz, PLLC

Bill JusticePresident, Justice Real Estate

Louis MulloyLTM Associates, LLC

Deborah Spike-Pierce, DVMPresident & CEO, Rood & Riddle Equine Hospital

Bill QuenomoenCEO, Denham-Blythe Company

Nick RowePresident, Kentucky American Water Co.

Adolph Rupp IIIRupp & Associates, Inc.

Kenny SchompPresident & Owner, Lexington Truck Sales, Inc.

Nick StrongPresident, Old Colony Insurance

Bill Thomason Retired President, Keeneland Association

Dr. Lee ToddRetired President, University of Kentucky

Lawrence WeathersChief of Police, Lexington

Carol WorshamPresident, Winterwood, Inc.

Central Bank, LouisvilleAdvisory Board of Directors

Claire AlagiaGeneral Manager,Wakefield Reutlinger Realtors

Ronald L. CarmicleOwner, PLC Management

Marcia CassadyDirector, Capital Link Consultants


William “Billy” K. DoelkerOwner, Key Homes, LLC


William P. MaloneRetired, Deming, Malone, Livesay & Ostroff

William E. Summers IVRetired, Deputy Mayor, Louisville Metro Government

4

Chairman, President & CEO

Luther Deaton, Jr.

Jude ThompsonCEO, Delta Dental

Mark Wheeler Market President

Central Bank, Madison County Advisory Board of Directors

Dianna Ackerman Broker/Owner, ERA Professional Hometown Services

Robert R. BlytheMayor of RichmondPastor, First Baptist Church

James R. CarrBuilder and Developer

Shannon Combs Partner, Combs, Parsons and Collins Funeral Home


Jeff FultzMarket President

Greg GerardPresident, Baptist Health Richmond

James Ernest HillardOwner, Middletown Industrial

Mike Rice Owner, Cars of Kentucky, Inc.

Rita H. SmartOwner, The Bennett House

Central Bank, NicholasvilleAdvisory Board of Directors

Sandra J. AdamsOwner, Zaxby’s



Joan D. KincaidVice Chairman of the Board, Central Bancshares, Inc. and Central Bank & Trust Co.

Ben A. RainwaterTutt, Inc.

Paul E. Sullivan Partner, Frost Brown Todd, LLC

Benjamin G. TaylorTaylor Made Farm & Sales Agency, Inc.

Alan S. VanArsdallMarket President

Central Bank, Northern Kentucky Advisory Board of Directors Mark AyerManaging MemberReading Investments, LLC

Adam BortzCEO, Towne Properties

Tonya Burns-GerakosTonya Burns Law

Chris CarleSenior Vice President & COO, St. Elizabeth Healthcare, Florence

Wayne CarlislePresident & CEOCarlisle Enterprises


David HeidrichCEO, Zalla Companies

Thomas J. MunninghoffPresident, Munninghoff, Lange & Co.

Greg SchrandPresident, GSE, Inc.

Gregory ShumateMember, Frost Brown Todd, LLC

David M. SpauldingVice President & General Manager, Turner Construction Company

James UebelMarket President

Paul VerstPresident & CEO, Verst Group Logistics, Inc., and Zenith Logistics

John YeagerOwner, Ashley Development

Central Bank, WinchesterAdvisory Board of Directors



Gerald F. (Kelly) Healy IIIDirector of Operations McDonald’s

Glenn D. LeveridgeChairman, Central Bank Winchester

Rex McCrary, D.M.D.Dentist

Jeff MonohanPresident The Allen Company

Ralph J. PalmerPresident, Palmer Engineering Co.

Patricia M. SmithPresident, MD Consulting, Inc.

Robert Strode Retired

Mary Jane WarnerManager of Power Delivery, East Kentucky Power Cooperative, Inc.


BOARDS OF DIRECTORS

OFFICERS

Central Bancshares, Inc.

Luther Deaton, Jr. Chairman, President & CEO

Joan D. Kincaid Vice Chairman

Susan L. Simmons Vice President

Ranee LelandVice President &Corporate Secretary

Edward BarnesTreasurer

Central Bank, Lexington

ADMINISTRATION

Luther Deaton, Jr. Chairman, President & CEO

Ranee LelandVice President &Corporate Secretary

Auditing

Jennifer R. StiversExecutive Vice President

Lisa S. Grant, CRCMSenior Vice President & Compliance Officer

Donna J. Craven, CRCMVice President

Danny C. NolandVice President

COMMERCIAL BANKING

Paul R. Thornsberry Executive Vice President

Commercial Lending

David RossSenior Vice President

Shane AndersonVice President

Mark R. Fox Vice President

Stephen J. MalloryVice President

Jeff MurphyVice President

Commercial Real Estate Lending

Megan BarlowVice President

Susan A. DeanVice President

Paul B. DrakeVice President

Gary LoucksVice President

Jordan OwensVice President

Consumer Lending

D. Keith PrestonVice President

Ramon GreeneIndirect Lending Officer

Cameron SteinerConsumer MortgageUnderwriter Officer

Central Bank Mortgage

Catherine HimesSenior Vice President

Tom BreathittVice President

Brad FieldsVice President

Lorraine KinleyVice President

Brian W. West Vice President

Lisa Hart Assistant Vice President

Vina RisnerAssistant Vice President

Bradley SutherlandAssistant Vice President

Melissa McCaySecondary MortgageUnderwriter Officer

Chris McGaugheyCRA Community Development Officer

Corporate Services

Karen Rowland, CTPSenior Vice President

Joan Patterson, CTPVice President

Lisa K. Vickers Vice President

Chris CampbellAssistant Vice President

Allison CarterAssistant Vice President

Ashley N. RodgersAssistant Vice President

Credit Analysis

Benjamin WilbanksSenior Vice President

Steffen HanserAssistant Vice President

Michael DanhauerCredit Analyst Officer

Special Assets Steve HallVice President

Julie SzymanskiVice President

Becky MullinsAssistant Vice President

Mike McFarlandSpecial Assets Officer

Loan Processing

Donna M. TurnerVice President

Loan Review

LeeAnn LayneVice President

Leigh M. CarrAssistant Vice President

Small Business

Richard D. Hartley Vice President

Terri A. SteinVice President

HUMAN RESOURCES

Susan L. Simmons Executive Vice President

Amy ManningSenior Vice President

Shelia Plymale Senior Vice President

June CarpenterVice President

TECHNOLOGY SERVICES

Julie Bondra Executive Vice President

Anna ClaytonSenior Vice President

David HakeSenior Vice President

Kevin J. LippertSenior Vice President

E. Sean ProfittVice President

Adrian EmbreeTechnology Officer

Kyle HamiltonTechnology Officer

RETAIL & PRIVATE BANKING

Gregory M. Shewmaker Executive Vice President

Michael GartnerSenior Vice President

Matthew S. RatliffVice President

Banking Centers

Lana AlexanderAssistant Vice President

Gina EnsmingerAssistant Vice President

Angela M. FrieszAssistant Vice President

Barbara JohnsonAssistant Vice President

Karen Lackey Assistant Vice President

6

Philip RochesterAssistant Vice President

Alexandra T. WolfAssistant Vice President

Sharon BradleyRetail Banking Officer

Sheila CarmackRetail Banking Officer

Rachel JonesRetail Banking Officer

Laura M. OwensRetail Banking Officer

Client Services

Cathy K. Combs Senior Vice President

Diane Gentry Client Services Officer

Marketing

Lesley CatronSenior Vice President

Christine WhalenMarketing Officer

Correspondent Banking

Doug Flynn Correspondent Banking Officer

Private Banking

Mark RuddellSenior Vice President

Leslie FlynnVice President

Alicia JordanVice President

Christopher ThomasonVice President

Melissa ShimfesselPrivate Banking Officer

FINANCIAL PLANNING Edward BarnesExecutive Vice President & CFO

Mark. A. Hampton, CPASenior Vice President

Mark KendallAssistant Vice President

Lisa A. WilliamsonAssistant Vice President

ENTERPRISE RISKMANAGEMENT

C. Gregory StacyExecutive Vice President

Beth Lakes RobinsonVice President

Funds Management

James R. NallAssistant Vice Presiden

OPERATIONS AND SUPPORT

Operations

Laura Schweitzer Executive Vice President

Karen G. Crawley Senior Vice President

Robin Michul Senior Vice President

Harvey SwordSenior Vice President

Image Processing

Ryan Leigh ChapmanAssistant Vice President

Internet Banking

Brenda P. Oaks Assistant Vice President

Card Services

Beverly Smalley Assistant Vice President

Loan Services

Timothy R. AustinVice President

Shawn PresnellVice President

Deposit Services

Lisa DurhamVice President

Financial Intelligence & Security Unit

Shane EnsmingerVice President Angela D. CampbellAssistant Vice President

Alan StewartSecurity Officer

Betsy WilliamsSecurity Officer

WEALTH MANAGEMENT

Trust

Barry HickeyExecutive Vice President

Business Development

Charles N. Rush, Jr.Vice President

Employee Benefits Vicky L. Foster Vice President

Sheila C. Parks Vice President

Brett T. Trusty Vice President

Operations

Leigh Ann YoungAssistant Vice President

Carol RobinsonTrust Operations Supervisor

Personal Trust Kathryn Wilson GibsonSenior Vice President

Elizabeth JohnsVice President

Matthew Frank, CFP®

Assistant Vice President

Anna HovekampAssistant Vice President

Lauren LovelyAssistant Vice President

Ballard “Cash” CassadyPersonal Trust Officer

Investment Management

Timothy D. FyffeSenior Vice President

Chris Andress, CFA®

Vice President

Thomas CorrVice President

Chris TaylorTrust Officer

CENTRAL INSURANCESERVICES

Ross BarnettePresident

Tom FrancisVice President

Rob WesselVice President

Justin WhippleVice President

Steven P. WrightVice President

Don YadenVice President

Chris HarrisonAssistant Vice President

Andrew AlexanderCommercial Insurance Officer

Joanna Gwinn-EstillInsurance Officer

CENTRAL INVESTMENT CENTER, INC.

Jeff GinnanExecutive Vice President & Senior Financial Advisor

Jeff Fields, CRPS®

Vice President & Financial Advisor

Tony BrownFinancial Advisor

Deborah FisherFinancial Advisor

Thomas E. Roberts, CFP®

Financial Advisor


OFFICERS

John SaunierFinancial Advisor

Jennifer WilsonFinancial Advisor

CENTRAL BANK, GEORGETOWN

Kimberly E. MarshallMarket President

Andrea SmithVice President

Mortgage Lending Ashley WeirVice President

CENTRAL BANK, LOUISVILLE

Mark WheelerMarket President

James E. Evans IISenior Vice President & Senior Market Lender

James “Jim” R. SparksVice President

John Hubbuch, Jr.Vice President

Retail Banking

Edman CundiffVice President

Elaine FawbushVice President

Clayton RogersRetail Banking Officer

Private Banking

Robert SliderSenior Vice President

Mary LittrellVice President

Jim MorrisVice President

M. Trish OsbornVice President

Wealth Management

Bill KaiserVice President

CENTRAL BANK, MADISON COUNTY


Cameron AbneySenior Vice President &Senior Market Lender

Ken RileyVice President

Retail Banking

Shawn McWilliamsVice President

Kristy NapierRetail Banking Officer

Mortgage Lending Donna HaneyVice President

CENTRAL BANK, NICHOLASVILLE

Alan S. VanArsdallMarket President

Brandy OsborneAssistant Vice President

Jill SloneAssistant Vice President

Kathy MooreRetail Banking Officer

Adam RodgersCommercial Lending Officer

Mortgage Lending

Monna Treadway Vice President

CENTRAL BANK, NORTHERN KENTUCKY

James UebelMarket President

John FinleySenior Vice President

Karen HartigVice President

Karen J. HomanVice President

Amy RobertsVice President

JB SchmidtAssistant Vice President

Mortgage Lending

Dennis BarnesVice President

Dottie DawsonMortgage Lending Officer

Retail Banking

Steven GillespieVice President

Adam MetzgerVice President

Mark MintonVice President

Diana WebsterVice President

Private Banking

Matthew E. EilersSenior Vice President

Larry LuebbersVice President

Wealth Management

Jeff AugsbackTrust Officer

CENTRAL BANK, WINCHESTER


Tim M. DuncanSenior Vice President &Senior Market Lender

Lisa T. EarlywineVice President

Erica ParksAssistant Vice President

Retail Banking

Tammy M. CarrollVice President

Deborah R. BanksRetail Banking Officer

Crystal HuntRetail Banking Officer

Mortgage Lending

Paula BeebeVice President

Lee ColemanVice President

OFFICERS

8


NOTES

Central Bank & Trust Co. • Central Insurance Services • Central Investment Center, Inc.

Central Bank & Trust Co. is a wholly-owned subsidiary of Central Bancshares, Inc.

centralbank.com • (859) 253-6222 • (800) 637-6884

Member FDIC

celebrating 75 years of strengthening every …

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