Community Trust Bancorp, Inc. (CTBI) reported a solid performance for the third quarter of 2024, with net income reaching $22.1 million, or $1.23 per share, compared to $20.6 million, or $1.15 per share, in the same period of 2023. For the nine months ending September 30, 2024, net income totaled $60.3 million, slightly up from $59.3 million in 2023. The increase in earnings was supported by a rise in net interest income, which amounted to $47.2 million for Q3 2024, reflecting a 9.4% increase year-over-year.
Total revenue for Q3 2024 was $1.4 million higher than the previous quarter and $4.1 million above Q3 2023. The bank's net interest margin improved to 3.39%, up 12 basis points from the prior year, driven by a higher yield on average earning assets, which increased by 47 basis points year-over-year. Average earning assets also rose by $295.6 million compared to Q3 2023.
CTBI's loan portfolio expanded to $4.4 billion as of September 30, 2024, marking an increase of $299.6 million, or 9.9%, from December 31, 2023. This growth was primarily attributed to a $62.3 million increase in commercial loans and a $33.7 million rise in residential loans. However, nonperforming loans increased to $25.1 million, up from $14.0 million at the end of 2023, with accruing loans 90 days past due rising to $19.1 million.
Total deposits, including repurchase agreements, reached $5.1 billion, reflecting a $121.7 million increase from the end of 2023. Shareholders' equity also rose to $760.8 million, up $58.6 million from December 31, 2023, indicating a strong capital position.
CTBI's provision for credit losses for Q3 2024 was $2.7 million, a decrease from the previous quarter but an increase from the same quarter last year. The allowance for credit losses as a percentage of total loans stood at 1.23%, consistent with the previous year.
The bank's investment portfolio decreased by $65.6 million from the end of 2023, totaling $1.1 billion as of September 30, 2024. Unrealized losses on securities improved to $80.6 million, down from $103.3 million at the end of 2023.
CTBI continues to maintain a conservative credit risk management strategy, with a focus on rigorous underwriting standards and regular credit examinations. The bank's Community Bank Leverage Ratio was reported at 13.99%, well above the regulatory minimum, reflecting its strong capital position.
About COMMUNITY TRUST BANCORP INC /KY/
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