Business Context and Reporting Period
Company: Community Trust Bancorp, Inc. (CTBI)
Filing Type: Form 8-K (Current Report)
Date of Report: October 22, 2024
Reporting Period: The filing addresses a corporate governance event occurring on October 22, 2024, regarding the fiscal year ending December 31, 2025.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity metrics within this document.
Material Changes
The primary material change reported is the replacement of the Company's independent registered public accounting firm:
- Dismissal: Forvis Mazars, LLP was dismissed as the independent auditor effective immediately following the completion of the audit for the fiscal year ended December 31, 2024.
- Engagement: BDO, LLP was engaged as the new independent auditor for the fiscal year ending December 31, 2025, effective with the review of the quarter ending March 31, 2025.
Management Commentary, Risks, and Contingencies
Audit Disagreements and Reportable Events: Management confirmed that during the fiscal years ended December 31, 2023 and 2022, and the subsequent interim period, there were no disagreements with Forvis Mazars regarding accounting principles, financial statement disclosure, or auditing scope. Additionally, no "reportable events" occurred.
Audit Opinions: The audit reports issued by Forvis Mazars for the years ended December 31, 2023 and 2022, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles. The same applies to the reports on internal control over financial reporting.
Consultation with New Auditor: The Company confirmed no prior consultations with BDO, LLP regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the specific effective date of Forvis Mazars' dismissal once the 2024 fiscal year audit is completed and the 8-K amendment is filed.
- Review the letter from Forvis Mazars (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the lack of disagreements.
- Monitor the upcoming 10-Q filing for the quarter ending March 31, 2025, to confirm BDO's initial review and any potential transition impacts.
- Check for any subsequent filings that might detail the rationale for the auditor change beyond the standard procedural disclosure.