Community Trust Bancorp, Inc. (NASDAQ: CTBI) is a financial institution headquartered in Pikeville, Kentucky, with total assets of $6.2 billion as of December 31, 2024. The company reported solid performance in its fourth quarter and for the entirety of 2024, indicating a rise in business.

In the fourth quarter of 2024, Community Trust Bancorp achieved net income of $22.5 million, up from $22.1 million in the previous quarter and significantly higher than $18.7 million in the same quarter of 2023. This resulted in earnings per share of $1.25 for the fourth quarter, an increase from $1.23 in the prior quarter and $1.04 year-over-year.

For the entire year of 2024, the company reported net income of $82.8 million, a rise from $78.0 million in 2023, translating to annual earnings per share of $4.61 compared to $4.36 in 2023. Total revenue for the fourth quarter was $66.5 million, reflecting a gain of $2.9 million compared to the third quarter and an increase of $9.0 million from the same quarter a year earlier.

Net interest income for the fourth quarter reached $49.5 million, increasing by $2.3 million from the third quarter, which is a rise of 4.9%, and $6.6 million, or 15.2%, higher than the fourth quarter of 2023. The net interest margin rose to 3.43%, up 4 basis points from the prior quarter and 24 basis points from the same quarter a year earlier.

Noninterest income for the fourth quarter was $16.2 million, reflecting an increase of $0.6 million quarter-over-quarter and $2.4 million higher compared to the same quarter last year. Noninterest expense amounted to $33.8 million for the quarter, which represents an increase of $1.3 million from the third quarter and $2.1 million from the previous year.

The loan portfolio expanded to $4.5 billion, a sequential increase of $136.2 million, or an annualized growth rate of 12.5%, and an increase of $435.7 million, or 10.8%, from the previous year. Total deposits, including repurchase agreements, reached $5.3 billion, reflecting a sequential increase of $238.8 million, or an annualized 18.7%, and an increase of $360.5 million, or 7.3%, compared to December 31, 2023.

Shareholders’ equity stood at $757.6 million at the end of the fourth quarter, down slightly by $3.2 million from the prior quarter but up by $55.4 million from a year earlier. The efficiency ratio improved to 51.60%, down from 51.75% in the previous quarter and 55.74% in the fourth quarter of 2023.

The provision for credit losses was recorded at $2.6 million for the fourth quarter, which is a decrease from $2.7 million in the prior quarter, while it increased by $0.8 million compared to the previous year. The total nonperforming loans rose to $26.7 million, up from $25.1 million at the end of the prior quarter and $14.0 million year-over-year.