Community Trust Bancorp (NASDAQ:CTBI) today announced its financial results for the first quarter ending March 31, 2025.
The company reported net income of $22 million, translating to $1.22 per basic share.
While this represents a slight decrease from the $22.5 million, or $1.25 per basic share, earned in the fourth quarter of 2024, it marks a significant improvement over the first quarter of 2024, when earnings were $18.7 million, or $1.04 per basic share.
Total revenue for Q1 2025 showed positive momentum, increasing by $0.5 million compared to the previous quarter and by a substantial $7.4 million compared to the same quarter last year.
This revenue growth was largely fueled by net interest revenue, which rose $1.7 million sequentially and $7.7 million year-over-year.
Conversely, noninterest income saw a decline, decreasing $1.3 million from Q4 2024 and $0.2 million from Q1 2024.
On the expense side, the provision for credit losses increased by $1 million compared to the prior quarter and by $0.9 million compared to the first quarter of 2024.
Noninterest expenses also grew, rising $0.4 million sequentially and $2 million year-over-year.
Community Trust Bancorp also reported robust growth in its loan portfolio, which reached $4.6 billion at the end of the quarter.
This signifies an increase of $149.9 million (an annualized rate of 13.5%) since December 31, 2024, and a $475.4 million (11.4%) increase compared to March 31, 2024.
Deposits, including repurchase agreements, also expanded, totalling $5.4 billion.
This represents a $47.5 million increase (an annualized rate of 3.6%) from the end of 2024 and a $338.9 million (6.8%) increase from the end of Q1 2024.