Community Trust Bancorp reported first-quarter net income of $27.2 million, essentially flat with $27.3 million in the fourth quarter of 2025, but up from $22.0 million a year earlier. Earnings per share held at $1.51, unchanged from the prior quarter and up from $1.22 in the first quarter of 2025.
Revenue moved slightly lower from the prior quarter but higher from a year ago. Net interest income rose to $58.8 million from $58.1 million in the fourth quarter and from $51.3 million in the first quarter of 2025. That improvement came as interest income on earning assets fell to $87.8 million from $89.5 million, while interest expense dropped more sharply to $29.0 million from $31.4 million. The net interest margin widened to 3.79% from 3.67% in the prior quarter and 3.57% a year earlier.
Noninterest income totaled $15.4 million, down from $16.6 million in the fourth quarter but above $14.9 million a year earlier. Deposit-related fees slipped to $7.2 million from $7.5 million, trust and wealth management income edged up to $4.5 million from $4.4 million, and bank owned life insurance revenue climbed to $1.7 million from $1.2 million.
Noninterest expense came in at $36.5 million, up slightly from $36.5 million in the fourth quarter and from $34.2 million a year earlier. Salaries fell to $13.6 million from $14.0 million, but employee benefits increased to $8.5 million from $8.0 million, and net occupancy and equipment expense rose to $3.7 million from $3.4 million.
The provision for credit losses declined to $2.3 million from $2.9 million in the fourth quarter and from $3.6 million in the first quarter of 2025.
Loans ended the quarter at $5.0 billion, up $95.9 million from the prior quarter and $354.3 million from a year earlier. Commercial loans increased $46.8 million quarter over quarter to $2.54 billion, residential loans rose $43.3 million to $1.44 billion, and consumer indirect loans grew $11.5 million to $874.0 million. Consumer direct loans fell $5.8 million to $139.8 million.
Deposits and repurchase agreements totaled $5.73 billion, up $35.1 million from the prior quarter and $375.1 million from a year earlier. Noninterest-bearing deposits were essentially unchanged at $1.26 billion. Money market savings rose to $1.92 billion from $1.88 billion, time deposits held at $1.55 billion, and repurchase agreements declined to $298.7 million from $308.8 million.
Asset quality showed mixed movement. Net charge-offs fell to $1.3 million from $1.8 million in the fourth quarter and from $1.6 million a year earlier. Nonperforming loans increased to $20.7 million from $19.1 million in the prior quarter, but were down from $26.5 million a year earlier. Nonperforming assets rose to $24.1 million from $22.2 million in the fourth quarter, while remaining below $31.3 million in the first quarter of 2025.
Shareholders’ equity climbed to $871.2 million from $856.0 million in the prior quarter and from $784.1 million a year earlier. Book value per share increased to $47.99 from $47.26 in the fourth quarter and from $43.32 a year earlier. Dividends declared per share held at $0.53, up from $0.47 in the first quarter of 2025. Today the company's shares have moved 0.81% to a price of $60.64. For more information, read the company's full 8-K submission here.
