Community Trust Bank(US:CTBI)2025-04-16 12:16Financial Performance - Community Trust Bancorp, Inc. reported net income of $21.972 million for Q1 2025, a decrease of 2.3% from $22.493 million in Q4 2024, but an increase of 17.3% from $18.679 million in Q1 2024[1] - Earnings per share for Q1 2025 were $1.22, down from $1.25 in Q4 2024 and up from $1.04 in Q1 2024[1] - Noninterest income decreased to $14.9 million, down $1.3 million, or 7.8%, from the prior quarter and $0.2 million, or 1.6%, from the same quarter last year[7] - The efficiency ratio for Q1 2025 was 51.86%, slightly up from 51.60% in Q4 2024 and down from 54.94% in Q1 2024[1] Income and Expenses - Net interest income for the quarter was $51.3 million, an increase of $1.7 million, or 3.5%, from the prior quarter and $7.7 million, or 17.6%, from the same quarter last year[2] - The provision for credit losses increased to $3.6 million, up $1.0 million from the prior quarter and $0.9 million from the same quarter last year[2] - Total noninterest expense for Q1 2025 was $34.2 million, an increase of $0.4 million, or 1.3%, from the prior quarter and $2.0 million, or 6.2%, from the same quarter last year[8] Loan and Deposit Growth - The loan portfolio increased to $4.6 billion, up $149.9 million, or an annualized 13.5%, from December 31, 2024, and $475.4 million, or 11.4%, from March 31, 2024[6] - Deposits, including repurchase agreements, reached $5.4 billion, an increase of $47.5 million, or an annualized 3.6%, from December 31, 2024, and $338.9 million, or 6.8%, from March 31, 2024[6] - Total loans increased to $4.6 billion, up $149.9 million or an annualized 13.5% from the prior quarter and $475.4 million or 11.4% year-over-year[10] - Total deposits and repurchase agreements reached $5.4 billion, an increase of $47.5 million or an annualized 3.6% from the prior quarter and $338.9 million or 6.8% year-over-year[11] Shareholders' Equity - Shareholders' equity increased to $784.2 million, up $26.6 million, or an annualized 14.2%, during the quarter and $76.4 million, or 10.8%, from March 31, 2024[6] - Shareholders' equity rose to $784.2 million, up $26.6 million or an annualized 14.2% during the quarter and $76.4 million or 10.8% year-over-year[12] Asset Management - Total assets increased to $6,276,518,000 as of March 31, 2025, up from $6,193,245,000 as of December 31, 2024, representing a growth of 1.34%[23] - Net loans reached $4,579,575,000, an increase from $4,431,669,000 as of December 31, 2024, reflecting a growth of 3.34%[23] - Total deposits rose to $5,111,305,000, compared to $5,070,189,000 as of December 31, 2024, indicating an increase of 0.81%[23] - The community bank leverage ratio improved to 13.81% as of March 31, 2025, compared to 13.76% as of December 31, 2024[23] Loan Quality - Nonperforming loans decreased to $26.5 million from $26.7 million in the prior quarter but increased from $15.9 million year-over-year[13] - Nonaccrual loans decreased to $15,692,000 from $16,369,000 as of December 31, 2024, showing a decline of 4.14%[23] - 30-89 days past due loans decreased to $14,537,000 from $16,833,000 as of December 31, 2024, indicating a decline of 13.61%[23] - The company reported no loans held for sale as of March 31, 2025, compared to $184,000 as of December 31, 2024[23] Investment Portfolio - The investment portfolio decreased by $46.7 million or an annualized 17.9% from the prior quarter, as management reinvested certain maturities into the loan portfolio[10] Dividend and Ratios - The annualized dividend yield to shareholders was 3.73% as of March 31, 2025[12] - The tangible equity to tangible assets ratio increased to 11.57% from 11.29% as of December 31, 2024[23] - The number of full-time equivalent employees (FTE) rose to 939, compared to 934 as of December 31, 2024[23] - The net interest margin (tax equivalent) improved to 3.57% from 3.43% in the previous quarter[20] - The efficiency ratio (tax equivalent) was 51.86%, slightly up from 51.60% in the prior quarter[20]