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Community Trust Bancorp (NASDAQ: CTBI) has declared a quarterly cash dividend of $0.47 per share, as announced by its Board of Directors on January 28, 2025. The dividend will be paid on April 1, 2025, to shareholders of record as of March 15, 2025.
The company, headquartered in Pikeville, Kentucky, maintains assets of $6.2 billion and operates 72 banking locations across Kentucky, six in southern West Virginia, and three in northeastern Tennessee. Additionally, it manages four trust offices in Kentucky and one in Tennessee.
Community Trust Bancorp (NASDAQ:CTBI) reported Q4 2024 earnings of $22.5 million, or $1.25 per share, compared to $22.1 million ($1.23/share) in Q3 2024 and $18.7 million ($1.04/share) in Q4 2023. Total revenue increased by $2.9 million from the previous quarter and $9.0 million year-over-year.
For the full year 2024, net income reached $82.8 million ($4.61 per share), up from $78.0 million ($4.36 per share) in 2023. The loan portfolio grew to $4.5 billion, increasing by $435.7 million (10.8%) year-over-year, while deposits including repurchase agreements rose to $5.3 billion, up 7.3% from 2023.
Net interest income for Q4 2024 was $49.5 million, up 4.9% quarter-over-quarter and 15.2% year-over-year. The net interest margin improved to 3.43%, while nonperforming loans increased to $26.7 million from $14.0 million in Q4 2023.
Community Trust Bancorp (NASDAQ:CTBI) has declared a cash dividend of $0.47 per share, payable on January 2, 2025, to shareholders of record on December 15, 2024. The company, with $6 billion in assets, operates 72 banking locations across Kentucky, six in West Virginia, and three in Tennessee, along with five trust offices across Kentucky and Tennessee.
Community Trust Bancorp, Inc. (NASDAQ-CTBI) reported earnings of $22.1 million for the third quarter of 2024, or $1.23 per basic share, compared to $19.5 million ($1.09 per share) in Q2 2024 and $20.6 million ($1.15 per share) in Q3 2023. Key highlights include:
- Net interest income increased to $47.2 million, up 3.3% from Q2 and 9.4% year-over-year
- Loan portfolio grew to $4.4 billion, up 8.3% annualized from Q2 and 9.2% year-over-year
- Deposits, including repurchase agreements, increased to $5.1 billion, up 8.8% annualized from Q2 and 4.3% year-over-year
- Nonperforming loans increased to $25.1 million from $19.8 million in Q2 and $13.0 million in Q3 2023
- Net loan charge-offs were $1.5 million, or 0.14% of average loans annualized
- The allowance for credit losses to total loans ratio stood at 1.23%
Community Trust Bancorp (NASDAQ: CTBI) has announced a 2.2% increase in its quarterly cash dividend to $0.47 per share. This marks the 44th consecutive year of dividend increases for the company. The new dividend will be payable on October 1, 2024, to shareholders of record as of September 15, 2024.
Chairman, President, and CEO Mark A. Gooch expressed satisfaction with the company's ability to consistently increase shareholder returns. CTBI, headquartered in Pikeville, Kentucky, boasts assets of $5.8 billion and operates 72 banking locations across Kentucky, 6 in West Virginia, and 3 in Tennessee. The company also maintains 5 trust offices across Kentucky and Tennessee.
Community Trust Bancorp, Inc. (NASDAQ: CTBI) reported earnings for Q2 2024. The net income was $19.5 million, or $1.09 per basic share, similar to Q2 2023 but up from $18.7 million in Q1 2024. Total revenue rose by $2.7 million from Q1 2024 and $3.6 million from Q2 2023. Key metrics include a net interest income of $45.7 million, a 4.8% increase from Q1 2024, and a 6.0% increase from Q2 2023. The net interest margin improved to 3.38%, up by 15 basis points from Q1 2024.
The loan portfolio grew by $100.1 million from Q1 2024, reaching $4.3 billion. Deposits decreased by $57.6 million from Q1 2024 but increased by $215.7 million from Q2 2023. Shareholders' equity rose by $11.6 million during the quarter, totaling $719.3 million. Nonperforming loans increased to $19.8 million from $15.9 million in Q1 2024 and $11.7 million in Q2 2023.
Net loan charge-offs were $1.4 million, down from $1.6 million in Q1 2024. The provision for credit losses increased by $0.3 million from Q1 2024, totaling $3.0 million. The allowance for credit losses remains at 1.22% of total loans outstanding.
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