Community Trust Bancorp Inc - CTBI STOCK NEWS

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.

Community Trust Bancorp, Inc. declared a cash dividend of $0.46 per share, to be paid on July 1, 2024, to shareholders of record on June 15, 2024. The company, with assets of $5.9 billion, operates in Kentucky, West Virginia, and Tennessee.

Community Trust Bancorp, Inc. (NASDAQ: CTBI) reported earnings for the 1st Quarter of 2024, with net income at $18.7 million, or $1.04 per basic share, showing a slight decrease from the previous quarter and year. Total revenue increased, with net interest revenue up but noninterest income down. Provision for credit losses rose, impacting noninterest expenses. Loan portfolio and deposits grew, while asset quality metrics showed an increase in nonperforming loans. The company's financial health remains stable, with a focus on managing problem loans effectively.

Community Trust Bancorp, Inc. (NASDAQ: CTBI) declared a cash dividend of $0.46 per share, payable on April 1, 2024, to shareholders of record on March 15, 2024. The company, with assets of $5.8 billion, operates across Kentucky, West Virginia, and Tennessee.

Community Trust Bancorp, Inc. (CTBI) appoints Jeff Sandlin to its Board of Directors. Sandlin brings extensive business experience and knowledge, having worked in the mining industry and as the COO of Perry Distributors, Inc. The company has assets of $5.8 billion and operates 70 banking locations across Kentucky, West Virginia, and Tennessee.

Community Trust Bancorp, Inc. (NASDAQ: CTBI) reported a decrease in net income and earnings per share for the fourth quarter of 2023 compared to the same period in 2022 and the previous quarter. The company's net interest revenue and noninterest income also saw a decrease. However, the loan portfolio and deposits showed an increase. The company's asset quality and allowance for credit losses remained stable.

Community Trust Bancorp, Inc. (CTBI) announces the promotion of Nicholas Antimisiaris to Vice President, Corporate Information Security, Resilience and Data Officer of Community Trust Bank, Inc. Mr. Antimisiaris is responsible for establishing and maintaining an enterprise-wide security program to protect employees, data information assets, and facilities. With assets of $5.6 billion, Community Trust Bancorp, Inc. is headquartered in Pikeville, Kentucky, and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.