In This Story
Community Trust Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net interest income to $47.2 million from $43.1 million in the same quarter the previous year. The increase is attributed to a rise in the net interest margin and higher average earning assets.
Provision for credit losses was $2.7 million for the quarter, up from $1.8 million in the same quarter of the previous year, reflecting increased loan growth.
The company reported net income of $22.1 million for the quarter, compared to $20.6 million in the previous year, with the increase driven by higher net interest income.
Noninterest income for the quarter was $15.6 million, slightly up from $15.5 million in the previous year, with increases in trust revenue offset by decreases in loan-related fees.
Noninterest expense increased to $32.5 million from $30.8 million, primarily due to higher personnel expenses.
Total assets at the end of the quarter were $6.0 billion, up from $5.8 billion at the end of the previous year, with loan growth contributing to the increase.
Deposits, including repurchase agreements, totaled $5.1 billion, reflecting an increase from $4.9 billion at the end of the previous year.
Community Trust Bancorp's allowance for credit losses was 1.23% of total loans, consistent with the previous year.
The filing also details the company's liquidity position, including $240.9 million in cash and cash equivalents and $186.0 million in unpledged securities available to meet liquidity needs.
Community Trust Bancorp does not anticipate significant changes in its capital resources, and it continues to maintain a strong capital position with a community bank leverage ratio of 13.99%.
The company continues to monitor interest rate risk and maintains a balanced position between interest rate-sensitive assets and liabilities to protect against fluctuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Community Trust Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.