Community Trust Bancorp, Inc. has reported its earnings for the fourth quarter and year 2024. The net income for the fourth quarter of 2024 was $22.5 million, compared to $22.1 million in the third quarter of 2024 and $18.7 million in the fourth quarter of 2023. For the year 2024, the net income was $82.8 million, compared to $78.0 million in the year 2023.
The earnings per share for the fourth quarter of 2024 were $1.25, compared to $1.23 in the third quarter of 2024 and $1.04 in the fourth quarter of 2023. For the full year 2024, the earnings per share were $4.61, compared to $4.36 in the year 2023.
The return on average assets for the fourth quarter of 2024 was 1.47%, compared to 1.50% in the third quarter of 2024 and 1.30% in the fourth quarter of 2023. The return on average equity for the same periods was 11.77%, 11.77%, and 10.98% respectively.
Total revenue for the fourth quarter was $2.9 million above the prior quarter and $9.0 million above the prior year same quarter. Net interest revenue for the quarter increased by $2.3 million compared to the prior quarter and $6.6 million compared to the prior year same quarter. Noninterest income increased by $0.6 million compared to the prior quarter and $2.4 million compared to the prior year same quarter.
The provision for credit losses for the fourth quarter decreased by $0.1 million from the prior quarter but increased by $0.8 million from the prior year same quarter. Noninterest expense increased by $1.3 million compared to the prior quarter and $2.1 million compared to the prior year same quarter.
The loan portfolio at $4.5 billion increased by $136.2 million from the previous quarter and $435.7 million from the previous year. The company had net loan charge-offs of $1.0 million for the fourth quarter of 2024, compared to $1.5 million in the third quarter of 2024 and $1.0 million in the fourth quarter of 2023.
Deposits, including repurchase agreements, increased to $5.3 billion, up by $238.8 million from the previous quarter and $360.5 million from the previous year.
In terms of the balance sheet, total loans increased to $4.5 billion, up by 3.1% from the previous quarter and 10.8% from the previous year. Total deposits and repurchase agreements also increased to $5.3 billion, up by 3.4% from the previous quarter and 11.6% from the previous year. The market has reacted to these announcements by moving the company's shares 1.5% to a price of $53.57. Check out the company's full 8-K submission here.
