Community Trust Bancorp, Inc. (CTBI) reported a net income of $21.97 million for the first quarter of 2025, translating to earnings of $1.22 per share, an increase from $18.68 million or $1.04 per share in the same period last year. The company's total revenue for the quarter reached $82.05 million, up from $75.00 million in the first quarter of 2024, driven primarily by a $7.68 million increase in net interest income, which totaled $51.27 million. This figure reflects a 17.6% year-over-year growth, attributed to a higher net interest margin, which improved by 34 basis points to 3.57%.
In comparison to the previous fiscal period, CTBI's provision for credit losses rose to $3.57 million, up from $2.66 million a year earlier, indicating a proactive approach to managing potential loan defaults. Noninterest income, however, saw a slight decline, totaling $14.90 million, down from $15.13 million in the prior year, primarily due to decreases in deposit-related fees and loan-related fees. Noninterest expenses increased to $34.21 million, reflecting a 6.2% rise from the previous year, driven by higher occupancy and equipment costs.
Operationally, CTBI's loan portfolio expanded to $4.64 billion, marking a 13.5% annualized increase from the end of 2024 and an 11.4% increase year-over-year. The bank's total deposits, including repurchase agreements, reached $5.36 billion, up 6.8% from the previous year. The company reported a decrease in nonperforming loans to $26.5 million, although this figure is higher than the $15.9 million reported a year ago, indicating ongoing challenges in asset quality.
Looking ahead, CTBI remains focused on maintaining its growth trajectory while managing credit risk effectively. The bank's capital position is strong, with total shareholders' equity increasing to $784.2 million, reflecting a 10.8% increase from the previous year. The company continues to emphasize its commitment to community banking services across its operational regions in Kentucky and surrounding areas, with plans to leverage its robust loan growth and deposit base to enhance profitability further.
About COMMUNITY TRUST BANCORP INC /KY/
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