Community Trust Bancorp, Inc. has reported its earnings for the first quarter of 2024, with a net income of $18.7 million, or $1.04 per basic share. This performance is in line with the previous quarter's earnings of $18.7 million, or $1.04 per basic share, but shows a slight decrease from the first quarter of 2023, when the company earned $19.3 million, or $1.08 per basic share. The return on average assets for the first quarter of 2024 was 1.30%, slightly lower than the 1.44% reported in the first quarter of 2023.
The company's net interest income for the quarter was $43.6 million, which was $0.6 million higher than the previous quarter, but $0.3 million lower than the first quarter of 2023. The net interest margin increased by 4 basis points from the previous quarter but decreased by 26 basis points from the first quarter of 2023. Community Trust Bancorp, Inc.'s average yield on earning assets increased by 12 basis points from the previous quarter and 71 basis points from the first quarter of 2023.
In terms of noninterest income, the company reported $15.1 million for the first quarter of 2024, reflecting an increase of $1.4 million, or 10.3%, from the previous quarter and $1.5 million, or 10.6%, from the first quarter of 2023. This increase was driven by higher revenues from loan-related fees, bank-owned life insurance, trust revenue, and brokerage revenue.
Noninterest expense for the first quarter of 2024 was $32.2 million, marking a $0.6 million, or 1.9%, increase from the previous quarter and a $0.3 million, or 1.0%, increase from the first quarter of 2023. The rise in noninterest expense was primarily attributed to higher personnel expenses, bonuses, and incentives, as well as increased costs for group medical and life insurance benefits.
Looking at the balance sheet, Community Trust Bancorp, Inc.'s total assets stood at $5.9 billion as of March 31, 2024, reflecting an increase of $80.6 million, or 5.6% annualized, from December 31, 2023. The company's loans outstanding increased by $110.3 million, or 10.9% annualized, from the previous quarter, and deposits, including repurchase agreements, grew by $69.1 million, or 5.6% annualized, from December 31, 2023.
Today the company's shares have moved 0.8% to a price of $39.82. For the full picture, make sure to review Community Trust Bancorp's 8-K report.
