CONNECTING WITH OUR COMMUNITIES.

2020 SECOND QUARTER REPORT

Central Bank & Trust Co. Central Insurance Services Central Investment Center, Inc. HELPING TO KEEP OUR COMMUNITIES STRONG.

74 Y E ARS OF SERVING KENTUCKY

In the wake of a year consumed with crisis, Central Bankers have demonstrated incredible perseverance. Their work relative to securing Paycheck Protection Program loans for both customers and non-customers is an embodiment of our long-standing pledge to serve the people and businesses of Kentucky. This commitment is underscored by Central Bank’s PPP loan volume, which accounted for roughly 8% of Kentucky’s total for PPP loans.

MISSION STATEMENT CONTENTS The mission of Central Bancshares is to become Financial Highlights 1 Consolidated Balance Sheets 2 Kentucky’s leading, high-performing, community  Consolidated Statements of Income 3 banking company by empowering our staff to deliver Boards of Directors 4 consistently superior service and value to our customers, Officers 6 shareholders and communities. We will be successful because Central Bankers are our greatest resource and our most sustainable advantage.

For additional copies or information: MARKETING CENTRAL BANK 300 West Vine Street Lexington, KY 40507 FINANCIAL HIGHLIGHTS

For six months ended June 30 (dollars in thousands, except share data) 2020 2019 2018 2017 2016

RESULTS OF OPERATIONS: Net income $ 10,150 $ 16,516 $ 13,639 $ 9,115 $ 9,159 Net income per share 0.29 0.47 0.39 0.26 0.26 Cash dividends per share 0.00 0.00 0.00 0.00 0.00 Book value per share at quarter end 9.16 8.55 7.72 7.10 6.64

AT JUNE 30: Assets $ 3,147,408 $ 2,675,493 $ 2,510,926 $ 2,315,608 $ 2,254,474 Earning assets 3,034,433 2,575,699 2,396,639 2,185,381 2,119,266 Net loans 2,359,550 2,112,764 2,018,027 1,851,995 1,685,733 Deposits 2,537,665 2,141,569 2,052,387 1,939,642 1,880,799 Shareholders’ equity 318,690 297,325 268,444 247,045 230,888

PERFORMANCE RATIOS: CONTENTS Return on average assets 0.70% 1.29% 1.12% 0.80% 0.84% Financial Highlights 1 Return on average shareholders’ equity 6.52% 11.58% 10.50% 7.58% 8.13% Consolidated Balance Sheets 2 Average tangible equity Consolidated Statements of Income 3 to average tangible assets 9.48% 10.66% 10.12% 10.02% 9.71% Net charge-offs to average loans 0.05% 0.05% 0.02% 0.04% 0.05% Boards of Directors 4 Allowance for loan losses as a Officers 6 percentage of quarter end loans 0.90% 1.00% 1.04% 1.16% 1.26% Net interest margin (tax equivalent) 3.58% 4.10% 4.02% 3.94% 3.75%

2020 SECOND QUARTER REPORT 1 CONSOLIDATED BALANCE SHEETS June 30 June 30 (in thousands, except share data) 2020 2019 ASSETS Cash and due from financial institutions $ 56,165 $ 50,761 Interest bearing deposits with other financial institutions 374,100 175,400 Total cash and cash equivalents 430,265 226,161 Debt securities 272,659 259,537 Loans, net of unearned income 2,380,923 2,134,011 Allowance for loan losses (21,373) (21,247 ) Loans, net 2,359,550 2,112,764 Premises and equipment, net 26,867 29,639 Federal Home Loan Bank stock 6,751 6,751 Intangible assets 14,313 14,313 Prepaid expenses and other assets 37,003 26,328 Total assets $ 3,147,408 $ 2,675,493

LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Non-interest bearing $ 1,007,768 $ 699,752 Interest bearing 1,529,887 1,441,817 Total deposits 2,537,655 2,141,569

Repurchase agreements 183,949 145,144 Federal funds purchased 500 500 Federal Home Loan Bank advances 55,317 50,412 Subordinated debentures 15,000 15,000 Other liabilities 36,297 25,543 Total liabilities 2,828,718 2,378,168

SHAREHOLDERS’ EQUITY Common stock (voting), $10 par value; 350,000 shares authorized; 347,922 shares issued and outstanding 3,479 3,479 Common stock (non-voting), no par value; 34,650,000 shares authorized; 34,444,278 shares issued and outstanding - - Additional paid-in capital 6,890 6,890 Retained earnings 316,829 293,490 Unearned Employee Stock Ownership Plan shares (662) - Accumulated other comprehensive income (loss) (7,846) (6,534) Total shareholders’ equity 318,690 297,325 2 Total liabilities and shareholders’ equity $ 3,147,408 $ 2,675,493

For six months ended CONSOLIDATED STATEMENTS OF INCOME June 30 June 30 (in thousands, except share data) 2020 2019 INTEREST INCOME Interest and fees on loans $ 50,614 $ 53,216 Interest on debt securities 2,596 3,437 Interest on deposits with other financial institutions 1,104 1,683 54,314 58,336

INTEREST EXPENSE Interest on deposits 3,701 7,115 Interest on borrowed funds 859 1,134 4,560 8,249

Net interest income 49,754 50,087 Provision for loan losses 3,327 2,061 Net interest income after provision for loan losses 46,427 48,026

OTHER INCOME Service charges on deposit accounts 2 ,981 3,551 Service charges on loans 5,561 4,816 Wealth management income 7, 479 7,367 Other income 3,516 3,746 19,537 19,480

OTHER EXPENSES Salaries 21,876 20,404 Benefits 7, 073 5,515 Occupancy and equipment 10,685 9,785 Other non-interest expenses 15,299 14,279 54,933 49,983

Income before provision for income taxes 11,031 17, 523 Provision for income taxes 8 81 1,007 Net income $ 10,150 $ 16,516

Basic earnings per share $ 0.29 $ 0.47

2020 SECOND QUARTER REPORT 3 BOARDS OF DIRECTORS

Central Bancshares, Advisory Boards of Central Bank, Lexington John Irvin, Jr. Carol Worsham Inc. and Central Bank Directors Advisory Board of Attorney, Kinkead & Stilz, President, Winterwood, & Trust Co. Board of Directors PLLC Inc. Directors Central Bank, Georgetown Dennis Anderson Bill Justice Central Bank, Louisville Luther Deaton, Jr. Advisory Board of President, Anderson President, Justice Real Advisory Board of Chairman, President & Directors Communities Estate Directors CEO, Central Bancshares, Inc. and Central Bank & Dallas Blankenship John Atchison Louis Mulloy Claire Alagia Trust Co. Retired Superintendent, Co-owner, Atchison Heller LTM Associates, LLC General Manager, Scott County Board of Construction Wakefield Reutlinger Joan D. Kincaid Education Deborah Spike-Pierce, Realtors Vice Chairman of Rick Avare DVM the Board, Central Mason “Butch” Glass MAP Entities President & CEO, Rood & Ronald L. Carmicle Bancshares, Inc. and Community Volunteer Riddle Equine Hospital Owner, PLC Management Central Bank & Trust Co. Ray Ball William C. Haugh Owner, Ball Homes Bill Quenomoen Marcia Cassady Ulysses Lee “Junior” CEO, Georgetown CEO, Denham-Blythe Director, Capital Link Luther Deaton, Jr. Bridgeman Community Hospital William Brewer Company Consultants Chairman, President & CEO President & CEO, Dink, Inc. Bridgeman Foods Inc. George H. Lusby Nick Rowe William “Billy” K. Doelker Retired Scott County Jed Bullard President, Kentucky Owner, Key Homes, LLC Michael D. Foley Judge Executive Owner, E.D. Bullard American Water Co. Retired Partner Company Michael D. Foley RFH, PLLC Certified Public Kimberly E. Marshall Adolph Rupp III Retired Partner Accountants Market President Lucas Campbell Rupp & Associates, Inc. RFH, PLLC Certified Public Gorman Company Accountants Wayne M. Martin Randy Mason Kenny Schomp VP of Development, Owner-Operator, Kevin Doyle President & Owner, William P. Malone Retail Division, McDonald’s CFO, Congleton Hacker Lexington Truck Sales, Inc. Retired, Deming, Malone, Booth Energy Company Livesay & Ostroff W. Thomas Prather Nick Strong Nick Nicholson Chairman, Central Bank, William Farish, Jr. President, Old Colony William E. Summers IV Retired, Keeneland Georgetown & President, Lane’s End Farm Insurance Retired, Deputy Mayor, Association, Inc. Mayor of Georgetown Louisville Metro Crinda Francke Bill Thomason Government G. Michael Ritchie President, ExecuTrain of President, Keeneland Owner, MND Holdings, Kentucky Association Jude Thompson LLC CEO, Delta Dental Don Howard, Jr. Dr. Lee Todd Paul E. Sullivan President, H&W Retired President, Mark Wheeler Partner, Frost Brown Todd, Management University of Kentucky Market President LLC Lawrence Weathers Chief of Police, Lexington

4 BOARDS OF DIRECTORS

Central Bank, Madison County Michael D. Foley Thomas J. Munninghoff Patricia M. Smith Advisory Board of Directors Retired Partner President, Munninghoff, Lange President, MD Consulting, Inc. RFH, PLLC Certified Public & Co. Dianna Ackerman Accountants Robert Strode Broker/Owner, ERA Professional Greg Schrand Retired Hometown Services Ben A. Rainwater President, GSE, Inc. Tutt, Inc. Mary Jane Warner Robert R. Blythe Gregory Shumate Manager of Power Delivery, East Mayor of Richmond Paul E. Sullivan Member, Frost Brown Todd, LLC Kentucky Power Cooperative, Inc. Pastor, First Baptist Church Partner, Frost Brown Todd, LLC James Uebel James R. Carr Benjamin G. Taylor Market President Builder and Developer Taylor Made Farm & Sales Agency, Inc. Paul Verst Shannon Combs President & CEO, Verst Group Partner, Combs, Parsons and Alan S. VanArsdall Logistics, Inc., and Zenith Logistics Collins Funeral Home Market President John Yeager Jeff Fultz Central Bank, Northern Owner, Ashley Development Market President Kentucky Advisory Board of Directors Central Bank, Winchester Greg Gerard Advisory Board of Directors President, Baptist Health Mark Ayer Richmond Managing Member Jeff Fultz Reading Investments, LLC Market President James Ernest Hillard Owner, Middletown Industrial Adam Bortz Gerald F. (Kelly) Healy III CEO, Towne Properties Director of Operations Mike Rice McDonald’s Owner, Cars of Kentucky, Inc. Tonya Burns-Gerakos Tonya Burns Law Glenn D. Leveridge Rita H. Smart Chairman, Central Bank Owner, The Bennett House Chris Carle Winchester Senior Vice President & COO, St. Central Bank, Nicholasville Elizabeth Healthcare, Florence Rex McCrary, D.M.D. Advisory Board of Directors Dentist Wayne Carlisle Joan D. Kincaid President & CEO Jeff Monohan Vice Chairman of the Board, Carlisle Enterprises President Central Bancshares, Inc. and The Allen Company Central Bank & Trust Co. David Heidrich CEO, Zalla Companies Ralph J. Palmer Sandra J. Adams President, Palmer Owner, Zaxby’s Engineering Co.

2020 SECOND QUARTER REPORT 5 OFFICERS

Central Bancshares, Inc. John T. Miner, Jr. Consumer Lending Joan Patterson, CTP Leigh M. Carr Adrian Embree Auditing Officer Vice President Assistant Vice President Technology Officer Luther Deaton, Jr. D. Keith Preston Chairman, President & Vice President Lisa K. Vickers Small Business Kyle Hamilton CEO COMMERCIAL Vice President Technology Officer BANKING Central Bank Richard D. Hartley Joan D. Kincaid Mortgage Chris Campbell Vice President Vice Chairman Paul R. Thornsberry Assistant Vice President RETAIL & PRIVATE Executive Vice President Catherine Himes Terri A. Stein BANKING Susan L. Simmons Senior Vice President Allison Carter Vice President Vice President Commercial Lending Assistant Vice President Gregory M. Shewmaker Tom Breathitt Executive Vice President Ranee Leland David Ross Vice President Ashley N. Rodgers HUMAN Vice President & Senior Vice President Cash Management RESOURCES Michael Gartner Corporate Secretary Brad Fields Officer Senior Vice President Shane Anderson Vice President Susan Simmons Edward Barnes Vice President Credit Analysis Executive Vice President Matthew S. Ratliff Treasurer Rebecca Haddix Vice President Mark R. Fox Vice President Benjamin Wilbanks Amy Manning Central Bank, Lexington Vice President Vice President Senior Vice President Banking Centers Lorraine Kinley ADMINISTRATION Stephen J. Mallory Vice President Michael Danhauer Shelia Plymale Lana Alexander Vice President Credit Analyst Officer Senior Vice President Assistant Vice President Luther Deaton, Jr. Brian W. West Chairman, President & Jeff Murphy Vice President Special Assets June Carpenter Gina Ensminger CEO Vice President Assistant Vice President Assistant Vice President Vina Risner Ellen Sharp Ranee Leland Commercial Real Estate Assistant Vice President Senior Vice President Angela M. Friesz Vice President & Lending TECHNOLOGY Assistant Vice President Corporate Secretary Bradley Sutherland Steve Hall SERVICES Megan Barlow Assistant Vice President Vice President Barbara Johnson Auditing Vice President Julie Bondra Assistant Vice President Lisa Hart Julie Szymanski Executive Vice President Craig L. Daniels, CPA Susan A. Dean Secondary Mortgage Vice President Karen Lackey Executive Vice President Vice President Underwriter Officer Anna Clayton Assistant Vice President Becky Mullins Senior Vice President Lisa S. Grant, CRCM Paul B. Drake Chris McGaughey Special Assets Officer Philip Rochester Senior Vice President & Vice President CRA Community Kevin J. Lippert Assistant Vice President Compliance Officer Development Officer Loan Review Senior Vice President Gary Loucks Alexandra T. Wolf Donna J. Craven, CRCM Vice President Corporate Services Marie A. Young David Hake Assistant Vice President Vice President Vice President Vice President Jordan Owens Karen Rowland, CTP Sharon Bradley Danny C. Noland Vice President Senior Vice President LeeAnn Layne E. Sean Profitt Retail Banking Officer Vice President Vice President Vice President

6 OFFICERS

Sheila Carmack FINANCIAL PLANNING Harvey Sword WEALTH Lauren Lovely Andrew Alexander Retail Banking Officer Vice President MANAGEMENT Trust Officer Commercial Insurance Edward Barnes Officer Rachel Jones Executive Vice President Internet Banking Trust Investment Retail Banking Officer & CFO Management Joanna Gwinn-Estill Brenda P. Oaks Barry Hickey Insurance Officer Laura M. Owens Mark. A. Hampton, CPA Assistant Vice President Executive Vice President Timothy D. Fyffe Retail Banking Officer Senior Vice President Senior Vice President Card Services Business Development CENTRAL INVESTMENT Client Services Lisa A. Williamson Thomas Corr CENTER, INC. Assistant Vice President Beverly Smalley Charles N. Rush, Jr. Vice President Cathy K. Combs Assistant Vice President Vice President Jeff Ginnan Senior Vice President Mark Kendall R. Scott King Executive Vice President & Financial Planning Officer Loan Processing Employee Benefits Vice President Senior Financial Advisor Diane Gentry Client Services Officer Donna M. Turner Vicky L. Foster Chris Taylor Jeff Fields, CRPS® ENTERPRISE RISK Vice President Vice President Trust Officer Vice President & Marketing MANAGEMENT Financial Advisor Loan Services Sheila C. Parks Lesley Catron C. Gregory Stacy Vice President CENTRAL INSURANCE Tony Brown Senior Vice President Executive Vice President Timothy R. Austin SERVICES Financial Advisor Vice President Operations Correspondent Beth Lakes Robinson Ross Barnette Deborah Fisher Banking Vice President Shawn Presnell Leigh Ann Young President Financial Advisor Vice President Assistant Vice President Doug Flynn Funds Management Tom Francis Thomas E. Roberts, CFP® Correspondent Banking Deposit Services Carol Robinson Vice President Financial Advisor Officer James R. Nall Trust Operations Assistant Vice President Lisa Durham Supervisor Rob Wessel John Saunier Private Banking Vice President Vice President Financial Advisor Personal Trust Mark Ruddell OPERATIONS AND Financial Intelligence & Justin Whipple Jennifer Wilson Senior Vice President SUPPORT Security Unit Kathryn Wilson Gibson Vice President Financial Advisor Senior Vice President Leslie Flynn Operations Shane Ensminger Steven P. Wright Vice President Vice President & Director Elizabeth Johns Vice President CENTRAL BANK, Laura Schweitzer of Security Vice President GEORGETOWN Alicia Jordan Executive Vice President Don Yaden Vice President Angela D. Campbell Matthew Frank, CFP® Vice President Kimberly E. Marshall Karen G. Crawley Assistant Vice President Assistant Vice President Market President Christopher Thomason Senior Vice President Chris Harrison Vice President Alan Stewart Anna Hovekamp Assistant Vice President Jennifer J. Roberts Robin Michul Security Officer Assistant Vice President Vice President Melissa Shimfessel Senior Vice President Private Banking Officer

2020 SECOND QUARTER REPORT 7 OFFICERS

Andrea Smith Retail Banking Retail Banking Brett Blackwell Larry Luebbers Vice President Senior Vice President & Vice President Edman Cundiff Shawn McWilliams Senior Market Lender Patricia Voigt Vice President Vice President Wealth Management Vice President Matthew E. Eilers Elaine Fawbush Kristy Napier Vice President Jeff Augsback Jennifer Phillips Assistant Vice President Retail Banking Officer Trust Officer Assistant Vice President Karen J. Homan Private Banking Mortgage Lending Vice President Mortgage Lending CENTRAL BANK, Robert Slider Donna Haney Amy Roberts WINCHESTER Ashley Weir Senior Vice President Vice President Vice President Vice President Jeff Fultz Mary Littrell JB Schmidt Market President Vice President CENTRAL BANK, Assistant Vice President CENTRAL BANK, NICHOLASVILLE Tim M. Duncan LOUISVILLE Jim Morris Mortgage Lending Senior Vice President & Vice President Alan S. VanArsdall Senior Market Lender Mark Wheeler Market President Dennis Barnes Market President M. Trish Osborn Vice President Lisa T. Earlywine Vice President Jill Slone Vice President James E. Evans II Assistant Vice President Dottie Dawson Senior Vice President & Wealth Management Mortgage Lending Officer Erica Parks Senior Market Lender Kathy Moore Assistant Vice President Bill Kaiser Retail Banking Officer Retail Banking Amy Sullivan Vice President Retail Banking Senior Vice President & Brandy Osborne Steven Gillespie Senior Market Lender Ballard “Cash” Cassady Commercial Lending Officer Vice President Tammy M. Carroll Personal Trust Officer Vice President John Hubbuch, Jr. Adam Rodgers Adam Metzger Vice President Commercial Lending Officer Vice President Deborah R. Banks CENTRAL BANK, Retail Banking Officer Joan Strafer MADISON COUNTY Mortgage Lending Mark Minton Vice President Vice President Crystal Hunt Jeff Fultz Monna Treadway Retail Banking Officer Credit Analysis Market President Vice President Diana Webster Vice President Mortgage Lending Sandra Stanley Cameron Abney Assistant Vice President Senior Vice President & CENTRAL BANK, Private Banking Paula Beebe Senior Market Lender NORTHERN KENTUCKY Vice President Mortgage Lending John Finley Ken Riley James Uebel Senior Vice President Lee Coleman Bridgette Wingate Vice President Market President Vice President Mortgage Lending Officer Karen Hartig Vice President

8 NOTES

2020 SECOND QUARTER REPORT 9 centralbank.com (859) 253-6222 (800) 637-6884

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