Community Trust Bank(US:CTBI)2025-01-15 13:28Financial Performance - Community Trust Bancorp, Inc. reported net income of $22.5 million for Q4 2024, an increase of 1.6% from Q3 2024 and 20.0% from Q4 2023[2] - Earnings per share for Q4 2024 was $1.25, up from $1.23 in Q3 2024 and $1.04 in Q4 2023[2] - Total revenue for Q4 2024 was $2.9 million above the prior quarter and $9.0 million above the same quarter last year[2] - Net income for the three months ended December 31, 2024, was $22,493,000, representing a 20.0% increase from $18,659,000 in the same period last year[22] - The company’s diluted earnings per share for the year ended December 31, 2024, was $4.61, an increase from $4.36 in 2023, reflecting a growth of 5.7%[22] Income and Revenue Sources - Net interest income for Q4 2024 was $49.5 million, representing a 4.9% increase from Q3 2024 and a 15.2% increase from Q4 2023[3] - Noninterest income for Q4 2024 was $16.2 million, which is 3.8% higher than Q3 2024 and 17.7% higher than Q4 2023[3] - Community Trust Bancorp, Inc. reported interest income of $81,979,000 for the three months ended December 31, 2024, an increase of 11.8% compared to $73,329,000 for the same period in 2023[22] - Total noninterest income for the twelve months ended December 31, 2024, was $62,565,000, up from $57,659,000 in 2023, indicating an increase of 8.3%[22] Asset and Loan Growth - The loan portfolio increased to $4.5 billion, up $136.2 million or an annualized 12.5% from Q3 2024 and $435.7 million or 10.8% from Q4 2023[8] - Total loans increased to $4.5 billion, reflecting a 3.1% increase from Q3 2024 and a 10.8% increase from Q4 2023[12] - The average loans outstanding increased to $4,399,291,000 for the three months ended December 31, 2024, up from $4,022,547,000 in the same period last year, marking a growth of 9.4%[22] Deposit Growth - Deposits, including repurchase agreements, rose to $5.3 billion, an increase of $238.8 million or an annualized 18.7% from Q3 2024 and $360.5 million or 7.3% from Q4 2023[8] - Total deposits and repurchase agreements reached $5.3 billion, up 4.7% from Q3 2024 and 7.3% from Q4 2023[12] - The company’s total deposits increased to $5,070,189,000 as of December 31, 2024, compared to $4,724,622,000 a year earlier, reflecting a growth of 7.3%[25] Credit Quality and Losses - The provision for credit losses for Q4 2024 was $2.6 million, a decrease of 3.7% from Q3 2024 but an increase of 44.4% from Q4 2023[3] - Total nonperforming loans increased to $26.7 million, up from $25.1 million in the prior quarter and $14.0 million year-over-year[14] - Net loan charge-offs for Q4 2024 were $1.0 million, or 0.09% of average loans, compared to $1.5 million in Q3 2024[15] - The reserve coverage ratio for allowance for credit losses to nonperforming loans was 206.0% as of December 31, 2024[16] Operational Efficiency - The efficiency ratio improved to 51.60% in Q4 2024 compared to 51.75% in Q3 2024 and 55.74% in Q4 2023[2] - The efficiency ratio (tax equivalent) improved to 51.60% for the three months ended December 31, 2024, compared to 55.74% for the same period in 2023, showing enhanced operational efficiency[22] Shareholders' Equity - Shareholders' equity decreased by $3.2 million or an annualized 1.7% during Q4 2024 but increased by $55.4 million or 7.9% from December 31, 2023[8] - Shareholders' equity stood at $757.6 million, decreasing by $3.2 million from the prior quarter but increasing by $55.4 million year-over-year[13] Investment Portfolio - The company’s investment portfolio decreased by $41.8 million from Q3 2024, primarily due to an increase in unrealized losses[12] Market Presence - Community Trust Bancorp, Inc. has 72 banking locations across Kentucky and additional locations in West Virginia and Tennessee, supporting its market expansion strategy[19]