Community Trust Bancorp, Inc. has reported its earnings for the third quarter of 2024, showcasing a net income of $22.1 million, which is an increase from $19.5 million in the second quarter of 2024 and $20.6 million in the third quarter of 2023. Earnings per share also saw an uptick, reaching $1.23 in the third quarter of 2024, compared to $1.09 in the second quarter of 2024 and $1.15 in the third quarter of 2023.
Return on average assets rose to 1.50%, up from 1.35% in the second quarter of 2024 and 1.46% in the third quarter of 2023. The return on average equity also showed an increase, reaching 11.77% in the third quarter of 2024, compared to 11.03% in the second quarter of 2024 and 12.30% in the third quarter of 2023.
The company's efficiency ratio improved to 51.75% in the third quarter of 2024, down from 52.17% in the second quarter of 2024 and 52.66% in the third quarter of 2023.
The loan portfolio grew to $4.4 billion, marking an increase of $89.2 million from the second quarter of 2024 and $365.5 million from the third quarter of 2023. However, the total nonperforming loans increased to $25.1 million at the end of the third quarter of 2024, compared to $19.8 million at the end of the second quarter of 2024 and $13.0 million at the end of the third quarter of 2023.
Net interest income for the quarter rose to $47.2 million, up $1.5 million from the prior quarter and $4.1 million from the prior year's same quarter. The net interest margin increased to 3.39%, up 1 basis point from the prior quarter and 12 basis points from the prior year's same quarter.
Noninterest income for the third quarter of 2024 was $15.6 million, slightly below the prior quarter but slightly above the prior year's same quarter. Noninterest expense for the quarter was $32.5 million, up $0.1 million from the prior quarter and $1.7 million from the prior year's same quarter.
In terms of the balance sheet, total loans reached $4.35 billion in the third quarter of 2024, a 2.1% increase from the prior quarter and a 9.2% increase from the prior year's same quarter. Total deposits, including repurchase agreements, grew to $5.1 billion, marking an increase of $110.2 million from the prior quarter and $211.1 million from the prior year's same quarter.
These figures reflect a positive trend in Community Trust Bancorp, Inc.'s financial performance, demonstrating growth and improved profitability compared to previous periods. As a result of these announcements, the company's shares have moved 3.1% on the market, and are now trading at a price of $52.35. For more information, read the company's full 8-K submission here.
