Community Trust Bancorp (NASDAQ:CTBI) reports steady gains in Q1 2024 earnings

Community Trust Bancorp (NASDAQ:CTBI) recently released its financial results for the first quarter of 2024, showcasing mixed financial performance across various metrics.

The bank reported a net income of $18.7 million, amounting to $1.04 per basic share.

This figure remains consistent with the previous quarter's results but reflects a slight decline from $19.3 million and $1.08 per basic share reported in the first quarter of 2023.

In terms of total revenue, Community Trust Bancorp achieved a modest increase, with earnings $2 million higher than the last quarter and $1.1 million more than the corresponding quarter a year ago.

The company's net interest revenue saw incremental growth, rising by $0.6 million compared to the fourth quarter of 2023.

However, it experienced a minor decrease of $0.3 million when compared to the same period last year.

The financial statements further noted changes in operational metrics, such as a rise in the provision for credit losses, which increased by $0.8 million quarter-over-quarter and $1.5 million compared to the first quarter of 2023.

Additionally, there was a slight increase in noninterest expenses, up by $0.6 million from the previous quarter and $0.3 million from the first quarter of the previous year.