Community Trust Bancorp, Inc. Reports Earnings for the 4th Quarter and Year 2024

Rhea-AI Summary

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.

Positive

• Net income increased 20.5% YoY to $22.5 million in Q4 2024
• Full-year 2024 earnings grew 6.2% to $82.8 million
• Net interest income rose 15.2% YoY to $49.5 million in Q4
• Loan portfolio expanded 10.8% YoY to $4.5 billion
• Deposits increased 7.3% YoY to $5.3 billion
• Net interest margin improved to 3.43% from 3.19% YoY

Negative

• Nonperforming loans increased to $26.7 million from $14.0 million YoY
• Nonperforming assets rose by $14.7 million YoY
• Book value per share decreased to $41.95 from $42.14 QoQ
• Net charge-offs increased to 0.13% of average loans in 2024 from 0.08% in 2023

Insights

Financial Analyst

The Q4 2024 results demonstrate robust financial performance with several key positive indicators. Net income reached $22.5 million, showing a 20.5% increase from Q4 2023. The efficiency ratio improved to 51.60% from 55.74% year-over-year, indicating better operational efficiency.

Notable strengths include net interest income growth of 15.2% year-over-year and improved net interest margin at 3.43%. Loan portfolio expansion of 10.8% year-over-year shows strong business momentum, though the increase in nonperforming loans to $26.7 million warrants monitoring.

The deposit base growth of 7.3% year-over-year with minimal concentration risk (no single customer exceeding 4% of deposits) indicates healthy funding stability. Return on average equity at 11.77% shows strong profitability metrics.

Risk Management Analyst

Credit quality metrics show mixed signals. While net charge-offs remain manageable at 0.09% of average loans, the increase in nonperforming assets to $30.3 million from $15.6 million year-over-year requires attention. However, the 206% reserve coverage ratio, though decreased, remains adequate.

The loan portfolio diversification across commercial (50.7%), residential (27%) and consumer (22.3%) segments helps mitigate concentration risk. The $8.0 million nonaccrual loan with 80% USDA guarantee provides significant risk mitigation.

The stable allowance for credit losses at 1.23% of total loans appears appropriate given the current risk profile and economic conditions.

Market Research Analyst

CTBI's market positioning remains strong with balanced growth in both loans and deposits. The 3.55% dividend yield offers attractive shareholder returns. The increase in trust revenue (19.4% YoY) and brokerage revenue (88.2% YoY) indicates successful diversification of income streams.

Despite unrealized losses of $98.4 million in the securities portfolio due to interest rate impacts, the overall balance sheet structure remains sound. The loan-to-deposit ratio of 84.4% provides room for continued loan growth while maintaining adequate liquidity.

The strong core deposit base and improving operational efficiency position CTBI well for sustainable growth in its regional banking market.

PIKEVILLE, Ky.--(BUSINESS WIRE)-- Community Trust Bancorp, Inc. (NASDAQ-CTBI):

Earnings Summary

Earnings Summary
(in thousands except per share data)	4Q 2024		3Q 2024		4Q 2023		Year 2024		Year 2023
Net income	$22,493		$22,142		$18,659		$82,813		$78,004
Earnings per share	$1.25		$1.23		$1.04		$4.61		$4.36
Earnings per share - diluted	$1.25		$1.23		$1.04		$4.61		$4.36
Return on average assets	1.47%		1.50%		1.30%		1.41%		1.40%
Return on average equity	11.77%		11.77%		10.98%		11.31%		11.75%
Efficiency ratio	51.60%		51.75%		55.74%		52.57%		54.29%
Tangible common equity	11.30%		11.79%		11.16%
Dividends declared per share	$0.47		$0.47		$0.46		$1.86		$1.80
Book value per share	$41.95		$42.14		$39.01
Weighted average shares	17,971		17,962		17,901		17,950		17,887
Weighted average shares - diluted	18,009		17,991		17,926		17,977		17,900

Community Trust Bancorp, Inc. (NASDAQ-CTBI) achieved earnings for the fourth quarter 2024 of $22.5 million, or $1.25 per basic share, compared to $22.1 million, or $1.23 per basic share, earned during the third quarter 2024 and $18.7 million, or $1.04 per basic share, earned during the fourth quarter 2023. Total revenue for the quarter was $2.9 million above prior quarter and $9.0 million above prior year same quarter. Net interest revenue for the quarter increased $2.3 million compared to prior quarter and $6.6 million compared to prior year same quarter, and noninterest income increased $0.6 million compared to prior quarter and $2.4 million compared to prior year same quarter. Our provision for credit losses for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter. Noninterest expense increased $1.3 million compared to prior quarter and $2.1 million compared to prior year same quarter. Net income for the year ended December 31, 2024 was $82.8 million, or $4.61 per basic share, compared to $78.0 million, or $4.36 per basic share, for the year ended December 31, 2023.

4^th Quarter 2024 Highlights

• Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter, as our net interest margin increased 4 basis points from prior quarter and 24 basis points from prior year same quarter.

• Provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter.

• Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter.

• Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter.

• Our loan portfolio at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023.

• We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023.

• Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023. Nonperforming assets at $30.3 million increased $3.9 million from September 30, 2024 and $14.7 million from December 31, 2023.

• Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023.

• Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023. Shareholders’ equity was negatively impacted during the quarter by the increase in unrealized losses on securities driven by higher long-term interest rates.

Net Interest Income

							Percent Change
							4Q 2024 Compared to:
($ in thousands)	4Q 2024		3Q 2024		4Q 2023		3Q 2024		4Q 2023		Year 2024		Year 2023		Percent Change
Components of net interest income:
Income on earning assets	$81,979		$79,814		$73,329		2.7%		11.8%		313,443		$268,650		16.7%
Expense on interest bearing liabilities	32,452		32,615		30,354		(0.5%)		6.9%		127,448		95,540		33.4%
Net interest income	49,527		47,199		42,975		4.9%		15.2%		185,995		173,110		7.4%
TEQ	273		280		297		(2.6%)		(8.0%)		1,139		1,191		(4.3%)
Net interest income, tax equivalent	$49,800		$47,479		$43,272		4.9%		15.1%		187,134		$174,301		7.4%
Average yield and rates paid:
Earning assets yield	5.66%		5.72%		5.43%		(1.0%)		4.2%		5.65%		5.15%		9.8%
Rate paid on interest bearing liabilities	3.18%		3.36%		3.27%		(5.4%)		(2.6%)		3.30%		2.72%		21.2%
Gross interest margin	2.48%		2.36%		2.16%		5.2%		15.1%		2.35%		2.43%		(3.1%)
Net interest margin	3.43%		3.39%		3.19%		1.1%		7.5%		3.36%		3.32%		1.1%
Average balances:
Investment securities	$1,075,698		$1,091,258		$1,144,078		(1.4%)		(6.0%)		1,102,434		$1,200,965		(8.2%)
Loans	$4,399,291		$4,300,652		4,022,547		2.3%		9.4%		4,247,762		3,888,585		9.2%
Earning assets	$5,779,438		$5,570,160		5,377,827		3.8%		7.5%		5,569,948		5,244,128		6.2%
Interest-bearing liabilities	$4,059,061		$3,859,978		3,687,660		5.2%		10.1%		3,867,733		3,514,142		10.1%

Net interest income for the quarter of $49.5 million was $2.3 million, or 4.9%, above prior quarter and $6.6 million, or 15.2%, above prior year same quarter. Our net interest margin, on a fully tax equivalent basis, at 3.43% increased 4 basis points from prior quarter and 24 basis points from prior year same quarter. Our quarterly average earning assets increased $209.3 million from prior quarter and $401.6 million from prior year same quarter. Our yield on average earning assets decreased 6 basis points from prior quarter but increased 23 basis points from prior year same quarter, while our cost of funds decreased 18 basis points from prior quarter and 9 basis points from prior year same quarter. Net interest income for the year ended December 31, 2024 was $186.0 million compared to $173.1 million for the year ended December 31, 2023.

Our ratio of average loans to deposits, including repurchase agreements, was 84.4% for the quarter ended December 31, 2024 compared to 85.8% for the quarter ended September 30, 2024 and 81.8% for the quarter ended December 31, 2023.

Noninterest Income

							Percent Change
							4Q 2024 Compared to:
($ in thousands)	4Q 2024		3Q 2024		4Q 2023		3Q 2024		4Q 2023		Year 2024		Year 2023		Percent Change
Deposit related fees	$7,619		$7,886		$7,312		(3.4%)		4.2%		29,824		$29,935		(0.4%)
Trust revenue	3,961		3,707		3,318		6.9		19.4%		14,921		13,025		14.6%
Gains on sales of loans	50		80		54		(37.6)		(8.0%)		294		395		(25.6%)
Loan related fees	1,472		813		467		81.2%		215.5%		4,957		3,792		30.7%
Bank owned life insurance revenue	915		1,214		816		(24.6%)		12.1%		5,236		3,517		48.9%
Brokerage revenue	536		563		285		(4.8%)		88.2%		2,272		1,473		54.3%
Other	1,607		1,300		1,473		23.6%		9.1%		5,061		5,522		(8.3%)
Total noninterest income	$16,160		$15,563		$13,725		3.8%		17.7%		62,565		$57,659		8.5%

Noninterest income for the quarter ended December 31, 2024 of $16.2 million was $0.6 million, or 3.8%, above prior quarter and $2.4 million, or 17.7%, above prior year same quarter. Quarter over quarter increases in loan related fees ($0.7 million), trust revenue ($0.3 million), and securities gains ($0.3 million) were offset by decreases in deposit related fees ($0.3 million) and bank owned life insurance revenue ($0.3 million). Year over year increases included loan related fees ($1.0 million), trust fees ($0.6 million), deposit related fees ($0.3 million), securities gains ($0.3 million), and brokerage revenue ($0.2 million). The increase in loan related fees for the quarter resulted primarily from the fluctuation in the fair market value of our mortgage servicing rights. The increase in securities gains for the quarter was primarily the result of the valuation of our Visa Class B stock. Noninterest income for the year 2024 was $62.6 million compared to $57.7 million for the year 2023.

Noninterest Expense

							Percent Change
							4Q 2024 Compared to:
($ in thousands)	4Q 2024		3Q 2024		4Q 2023		3Q 2024		4Q 2023		Year 2024		Year 2023		Percent Change
Salaries	$13,310		$13,374		$13,163		(0.5%)		1.1%		$52,757		$51,283		2.9%
Employee benefits	6,883		6,147		5,282		12.0%		30.3%		26,670		22,428		18.9%
Net occupancy and equipment	3,015		3,072		3,045		(1.9%)		(1.0%)		12,204		11,843		3.1%
Data processing	3,181		2,804		2,630		13.4%		20.9%		11,172		9,726		14.9%
Legal and professional fees	1,039		1,024		900		1.4%		15.4%		3,873		3,350		15.6%
Advertising and marketing	821		876		923		(6.3%)		(11.0%)		3,130		3,214		(2.6%)
Taxes other than property and payroll	436		438		421		(0.5%)		3.5%		1,754		1,706		2.8%
Other	5,084		4,777		5,264		6.4%		(3.4%)		19,363		21,840		(11.3%)
Total noninterest expense	$33,769		$32,512		$31,628		3.9%		6.8%		$130,923		$125,390		4.4%

Noninterest expense for the quarter ended December 31, 2024 of $33.8 million was $1.3 million, or 3.9%, above prior quarter and $2.1 million, or 6.8%, above prior year same quarter. The quarter over quarter increase primarily resulted from increases in personnel expense ($0.7 million) and data processing expense ($0.4 million). The year over year increase was primarily due to increases in personnel expense ($1.7 million, which included a $1.1 million increase in bonuses and incentives and a $0.5 million increase in the cost of group medical and life insurance benefits) and data processing ($0.6 million). Other noninterest expense was positively impacted year over year by the accounting method change related to investments in tax credit structures (ASU No. 2023-02). Noninterest expense for the year 2024 was $130.9 million compared to $125.4 million for the year 2023.

Balance Sheet Review

Total Loans

							Percent Change
							4Q 2024 Compared to:
($ in thousands)	4Q 2024		3Q 2024		4Q 2023		3Q 2024		4Q 2023
Commercial nonresidential real estate	$865,031		$834,985		$778,637		3.6%		11.1%
Commercial residential real estate	508,310		485,004		417,943		4.8%		21.6%
Hotel/motel	458,832		453,465		395,765		1.2%		15.9%
Other commercial	440,506		440,636		391,390		(0.0%)		12.5%
Total commercial	2,272,679		2,214,090		1,983,735		2.6%		14.6%
Residential mortgage	1,043,401		1,003,123		937,524		4.0%		11.3%
Home equity loans/lines	167,425		163,013		147,036		2.7%		13.9%
Total residential	1,210,826		1,166,136		1,084,560		3.8%		11.6%
Consumer indirect	850,289		816,187		823,505		4.2%		3.3%
Consumer direct	152,843		154,061		159,106		(0.8%)		(3.9%)
Total consumer	1,003,132		970,248		982,611		3.4%		2.1%
Total loans	$4,486,637		$4,350,474		$4,050,906		3.1%		10.8%

Total Deposits and Repurchase Agreements

							Percent Change
							4Q 2024 Compared to:
($ in thousands)	4Q 2024		3Q 2024		4Q 2023		3Q 2024		4Q 2023
Noninterest bearing deposits	$1,242,676		$1,204,515		$1,260,690		3.2%		(1.4%)
Interest bearing deposits
Interest checking	167,736		156,249		123,927		7.4%		35.4%
Money market savings	1,781,415		1,658,758		1,525,537		7.4%		16.8%
Savings accounts	511,378		501,933		535,063		1.9%		(4.4%)
Time deposits	1,366,984		1,316,807		1,279,405		3.8%		6.8%
Repurchase agreements	240,166		233,324		225,245		2.9%		6.6%
Total interest bearing deposits and repurchase agreements	4,067,679		3,867,071		3,689,177		5.2%		10.3%
Total deposits and repurchase agreements	$5,310,355		$5,071,586		$4,949,867		4.7%		7.3%

CTBI’s total assets at $6.2 billion as of December 31, 2024 increased $230.3 million, or 15.4% annualized, from September 30, 2024 and $423.5 million, or 7.3%, from December 31, 2023. Loans outstanding at $4.5 billion increased $136.2 million, an annualized 12.5%, from September 30, 2024 and $435.7 million, or 10.8%, from December 31, 2023. The increase in loans from prior quarter included a $58.6 million increase in the commercial loan portfolio, a $44.7 million increase in the residential loan portfolio, and a $34.1 million increase in the indirect consumer loan portfolio, partially offset by a $1.2 million decrease in the consumer direct loan portfolio. CTBI’s investment portfolio decreased $41.8 million, or an annualized 15.1%, from September 30, 2024 and $107.4 million, or 9.2%, from December 31, 2023. The decrease in our investment portfolio quarter over quarter was primarily attributable to an increase in our unrealized losses in the amount of $23.7 million, while our unrealized losses decreased year over year by $6.6 million. Deposits in other banks increased $141.5 million from prior quarter and $83.9 million from December 31, 2023. Deposits, including repurchase agreements, at $5.3 billion increased $238.8 million, or an annualized 18.7%, from September 30, 2024 and $360.5 million, or 7.3%, from December 31, 2023. CTBI is not dependent on any one customer or group of customers for their source of deposits. As of December 31, 2024, no one customer accounted for more than 4% of our $5.1 billion in deposits. Only three customer relationships accounted for more than 1% each.

Shareholders’ equity at $757.6 million decreased $3.2 million, or an annualized 1.7%, during the quarter but increased $55.4 million, or 7.9%, from December 31, 2023. Net unrealized losses on securities, net of deferred taxes, were $98.4 million at December 31, 2024, compared to $80.6 million at September 30, 2024 and $103.3 million at December 31, 2023. CTBI’s annualized dividend yield to shareholders as of December 31, 2024 was 3.55%.

Asset Quality

Our total nonperforming loans increased to $26.7 million at December 31, 2024 from $25.1 million at September 30, 2024 and $14.0 million at December 31, 2023. Accruing loans 90+ days past due at $10.3 million decreased $8.8 million from prior quarter but increased $0.4 million from December 31, 2023. Nonaccrual loans at $16.4 million increased $10.4 million from prior quarter and $12.3 million from December 31, 2023. The increase in nonaccrual loans included an $8.0 million credit that is 80% USDA guaranteed. Accruing loans 30-89 days past due at $16.8 million decreased $3.7 million from prior quarter but increased $1.5 million from December 31, 2023. Our loan portfolio management processes focus on the immediate identification, management, and resolution of problem loans to maximize recovery and minimize loss.

We had net loan charge-offs of $1.0 million, or an annualized 0.09% of average loans, for the fourth quarter 2024 compared to $1.5 million, or an annualized 0.14% of average loans, for the third quarter 2024 and $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023. Of the net charge-offs for the quarter, $0.5 million were in indirect consumer loans, $0.2 million were in commercial loans, $0.2 million were in direct consumer loans, and $0.1 million were in residential loans. Net loan charge-offs for the year 2024 were in line with management’s expectations at $5.5 million, or 0.13% of average loans, compared to $3.2 million, or 0.08% of average loans for the year 2023.

Allowance for Credit Losses

Our provision for credit losses at $2.6 million for the quarter decreased $0.1 million from prior quarter but increased $0.8 million from prior year same quarter. Of the provision for the quarter, $1.6 million was allotted to fund loan growth. Provision for credit losses for the year 2024 increased $4.1 million from the year 2023. Our reserve coverage (allowance for credit losses to nonperforming loans) at December 31, 2024 was 206.0% compared to 212.7% at September 30, 2024 and 354.7% at December 31, 2023. Our credit loss reserve as a percentage of total loans outstanding at December 31, 2024 remained at 1.23% from September 30, 2024 compared to 1.22% at December 31, 2023.

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. CTBI’s actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” and “could.” These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, the credit performance of the portfolios, including bankruptcies, and seasonal factors; changes in general economic conditions including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; the effects of epidemics, pandemics, or other infectious disease outbreaks; results of various investment activities; the effects of competitors’ pricing policies, changes in laws and regulations, competition, and demographic changes on target market populations’ savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements or cost savings at levels or within the time frames originally anticipated or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary, operational, and fiscal policies and regulations, which include, but are not limited to, those determined by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state regulators, whose policies, regulations, and enforcement actions could affect CTBI’s results. These statements are representative only on the date hereof, and CTBI undertakes no obligation to update any forward-looking statements made.

Community Trust Bancorp, Inc., with assets of $6.2 billion, is headquartered in Pikeville, Kentucky and has 72 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in northeastern Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.

Additional information follows.

Community Trust Bancorp, Inc.
Financial Summary (Unaudited)
December 31, 2024
(in thousands except per share data and # of employees)
		Three				Three				Three				Twelve				Twelve
		Months				Months				Months				Months				Months
		Ended				Ended				Ended				Ended				Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Interest income		$	81,979			$	79,814			$	73,329			$	313,443			$	268,650
Interest expense			32,452				32,615				30,354				127,448				95,540
Net interest income			49,527				47,199				42,975				185,995				173,110
Loan loss provision			2,587				2,736				1,815				10,951				6,811
Gains on sales of loans			50				80				54				294				395
Deposit related fees			7,619				7,886				7,312				29,824				29,935
Trust revenue			3,961				3,707				3,318				14,921				13,025
Loan related fees			1,472				813				467				4,957				3,792
Securities gains (losses)			521				213				258				631				996
Other noninterest income			2,537				2,864				2,316				11,938				9,516
Total noninterest income			16,160				15,563				13,725				62,565				57,659
Personnel expense			20,193				19,521				18,445				79,427				73,711
Occupancy and equipment			3,015				3,072				3,045				12,204				11,843
Data processing expense			3,181				2,804				2,630				11,172				9,726
FDIC insurance premiums			670				629				655				2,586				2,483
Other noninterest expense			6,710				6,486				6,853				25,534				27,627
Total noninterest expense			33,769				32,512				31,628				130,923				125,390
Net income before taxes			29,331				27,514				23,257				106,686				98,568
Income taxes			6,838				5,372				4,598				23,873				20,564
Net income		$	22,493			$	22,142			$	18,659			$	82,813			$	78,004
Memo: TEQ interest income		$	82,252			$	80,094			$	73,626			$	314,582			$	269,841
Average shares outstanding			17,971				17,962				17,901				17,950				17,887
Diluted average shares outstanding			18,009				17,991				17,926				17,977				17,900
Basic earnings per share		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Diluted earnings per share		$	1.25			$	1.23			$	1.04			$	4.61			$	4.36
Dividends per share		$	0.47			$	0.47			$	0.46			$	1.86			$	1.80
Average balances:
Loans		$	4,399,291			$	4,300,652			$	4,022,547			$	4,247,762			$	3,888,585
Earning assets			5,779,438				5,570,160				5,377,827				5,569,948				5,244,128
Total assets			6,100,136				5,891,157				5,713,977				5,893,995				5,572,141
Deposits, including repurchase agreements			5,215,204				5,014,506				4,916,208				5,036,906				4,771,106
Interest bearing liabilities			4,059,061				3,859,978				3,687,660				3,867,733				3,514,142
Shareholders' equity			760,223				748,098				674,349				732,119				663,664
Performance ratios:
Return on average assets			1.47	%			1.50	%			1.30	%			1.41	%			1.40	%
Return on average equity			11.77	%			11.77	%			10.98	%			11.31	%			11.75	%
Yield on average earning assets (tax equivalent)			5.66	%			5.72	%			5.43	%			5.65	%			5.15	%
Cost of interest bearing funds (tax equivalent)			3.18	%			3.36	%			3.27	%			3.30	%			2.72	%
Net interest margin (tax equivalent)			3.43	%			3.39	%			3.19	%			3.36	%			3.32	%
Efficiency ratio (tax equivalent)			51.60	%			51.75	%			55.74	%			52.57	%			54.29	%
Loan charge-offs		$	2,264			$	2,736			$	2,529			$	10,503			$	8,259
Recoveries			(1,285	)			(1,212	)			(1,538	)			(4,977	)			(5,010	)
Net charge-offs		$	979			$	1,524			$	991			$	5,526			$	3,249
Market Price:
High		$	61.66			$	52.22			$	45.74			$	61.66			$	47.35
Low		$	46.55			$	41.50			$	33.91			$	38.44			$	32.68
Close		$	53.03			$	49.66			$	43.86			$	53.03			$	43.86
										As of				As of				As of
										December 31, 2024				September 30, 2024				December 31, 2023
Assets:
Loans										$	4,486,637			$	4,350,474			$	4,050,906
Loan loss reserve											(54,968	)			(53,360	)			(49,543	)
Net loans											4,431,669				4,297,114				4,001,363
Loans held for sale											184				115				152
Securities AFS											1,055,728				1,098,076				1,163,724
Equity securities at fair value											3,781				3,266				3,158
Other equity investments											9,949				10,060				9,599
Other earning assets											298,580				157,092				214,664
Cash and due from banks											73,021				85,944				58,833
Premises and equipment											49,630				47,519				45,311
Right of use asset											14,385				14,718				15,703
Goodwill and core deposit intangible											65,490				65,490				65,490
Other assets											190,828				183,574				191,699
Total Assets										$	6,193,245			$	5,962,968			$	5,769,696
Liabilities and Equity:
Interest bearing checking										$	167,736			$	156,249			$	123,927
Savings deposits											2,292,793				2,160,691				2,060,600
CD's >=$100,000											795,619				753,253				704,222
Other time deposits											571,365				563,554				575,183
Total interest bearing deposits											3,827,513				3,633,747				3,463,932
Noninterest bearing deposits											1,242,676				1,204,515				1,260,690
Total deposits											5,070,189				4,838,262				4,724,622
Repurchase agreements											240,166				233,324				225,245
Other interest bearing liabilities											64,830				64,893				65,075
Lease liability											15,190				15,530				16,393
Other noninterest bearing liabilities											45,286				50,197				36,153
Total liabilities											5,435,661				5,202,206				5,067,488
Shareholders' equity											757,584				760,762				702,208
Total Liabilities and Equity										$	6,193,245			$	5,962,968			$	5,769,696
Ending shares outstanding											18,058				18,052				18,000
30 - 89 days past due loans										$	16,833			$	20,578			$	15,343
90 days past due loans											10,317				19,111				9,920
Nonaccrual loans											16,369				5,980				4,048
Foreclosed properties											3,647				1,344				1,616
Community bank leverage ratio											13.76	%			13.99	%			13.69	%
Tangible equity to tangible assets ratio											11.30	%			11.79	%			11.16	%
FTE employees											934				943				967

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250115591129/en/

MARK A. GOOCH, CHAIRMAN, PRESIDENT, AND CEO, COMMUNITY TRUST BANCORP, INC. AT (606) 437-3229

Source: Community Trust Bancorp, Inc.

FAQ

What was CTBI's earnings per share for Q4 2024?

CTBI reported earnings of $1.25 per share for Q4 2024, compared to $1.23 in Q3 2024 and $1.04 in Q4 2023.

How much did CTBI's loan portfolio grow in 2024?

CTBI's loan portfolio grew by $435.7 million or 10.8% year-over-year, reaching $4.5 billion by the end of 2024.

What was CTBI's net interest margin in Q4 2024?

CTBI's net interest margin was 3.43% in Q4 2024, increasing 4 basis points from Q3 2024 and 24 basis points from Q4 2023.

How much did CTBI's deposits grow in 2024?

CTBI's deposits, including repurchase agreements, increased by $360.5 million or 7.3% year-over-year, reaching $5.3 billion.

What was CTBI's dividend yield as of December 31, 2024?

CTBI's annualized dividend yield to shareholders as of December 31, 2024 was 3.55%.