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Overview
Community Trust Bancorp Inc (CTBI) is a bank holding company that operates through its primary subsidiary, Community Trust Bank. The bank provides a broad range of commercial and personal banking services, including deposit accounts, multiple types of loans, and comprehensive trust and wealth management services. With operations focused on serving small and mid-sized communities, CTBI has established itself as a pivotal financial services provider in regions of Kentucky, West Virginia, and Tennessee. Key industry-specific services such as commercial banking, deposit management, and secured/unsecured lending are at the heart of its operations.
Commercial and Personal Banking Services
CTBI offers a rich variety of financial solutions designed to meet the diverse needs of both individual and corporate clients. The bank provides traditional banking products including time and demand deposit accounts, checking accounts, money market accounts, and certificates of deposit. These products are tailored to offer liquidity options and secure funds management for customers. In addition, the bank’s comprehensive suite of loan products—ranging from personal loans to mortgage, commercial, and construction loans—addresses the financing requirements of businesses and residents alike, underpinning its role in fostering local economic growth.
Trust and Wealth Management
In addition to core banking services, Community Trust Bancorp Inc distinguishes itself by offering specialized trust and wealth management services. The bank acts as a personal trust and fiduciary agent, providing guidance and administering wealth management products designed to secure long-term financial stability for its clients. This aspect of the business not only enhances client relationships by offering personalized financial planning but also integrates sophisticated estate planning and investment management solutions.
Regional Focus and Community Engagement
The company’s strategic emphasis on small and mid-sized communities in eastern, north-eastern, central, and southcentral Kentucky, southern West Virginia, and north-eastern Tennessee enables it to deliver banking solutions that are deeply embedded in local market needs. The bank customizes services such as commercial loans, asset-based financing, cash management services, and deposit solutions to fit the specific economic conditions of the regions it serves. By focusing on localized service and community-based banking, CTBI taps into a niche that values tailored financial support and personal customer service, distinguishing its competitive position from larger, more impersonal financial institutions.
Product Diversity and Service Excellence
CTBI’s product portfolio is comprehensive, covering a wide array of financial needs. From deposit accounts such as checking and savings to specialized loan products that include secured and unsecured credit facilities, the company ensures that clients have access to robust financing options. The inclusion of services like funds transfer, safe deposit boxes, and letters of credit further reinforces the bank’s role as a full-service financial institution. Each offering is developed with a clear understanding of both regulatory requirements and customer expectations, underscoring the bank’s commitment to service excellence and operational transparency.
Operational Strength and Market Presence
Community Trust Bancorp Inc leverages its strong regional presence to provide high-quality banking solutions that are both reliable and relevant. The decentralized operational model allows the bank to maintain close relationships with local businesses and individuals, ensuring that products and services are continuously tailored to meet emerging local finance needs. The company’s emphasis on technology and secure financial practices supports its ability to deliver effective cash management services and timely funds transfer systems. Through the integration of traditional banking methods with innovative financial solutions, CTBI effectively meets the challenges of a dynamic market while emphasizing stability and customer trust.
Expertise and Trust in Financial Services
Anchored in a history of financial prudence, the company exhibits deep expertise through its diversified product offerings and sound operational practices. Its focus on personal trust services, comprehensive cash management, and diversified lending strategies underlines an experienced approach to regional banking. Benefiting from a team knowledgeable about the nuances of local markets, CTBI has built a reputation for informed, precise, and client-focused financial services. This expertise allows the bank to navigate complex regulatory environments and deliver tailored financial solutions that strengthen the local economy.
Summary
In summary, Community Trust Bancorp Inc is a multifaceted financial institution that combines commercial and personal banking with trust and wealth management services. Its localized strategy serves key regions in Kentucky, West Virginia, and Tennessee by addressing the unique financial needs of small and mid-sized communities. The bank's diversified product range, commitment to service excellence, and operational stability make it a notable entity in its competitive landscape, offering a comprehensive suite of financial services designed for community growth and individual prosperity.
Community Trust Bancorp (NASDAQ: CTBI) has declared a quarterly cash dividend of $0.47 per share, as announced by its Board of Directors on January 28, 2025. The dividend will be paid on April 1, 2025, to shareholders of record as of March 15, 2025.
The company, headquartered in Pikeville, Kentucky, maintains assets of $6.2 billion and operates 72 banking locations across Kentucky, six in southern West Virginia, and three in northeastern Tennessee. Additionally, it manages four trust offices in Kentucky and one in Tennessee.
Community Trust Bancorp (NASDAQ:CTBI) reported Q4 2024 earnings of $22.5 million, or $1.25 per share, compared to $22.1 million ($1.23/share) in Q3 2024 and $18.7 million ($1.04/share) in Q4 2023. Total revenue increased by $2.9 million from the previous quarter and $9.0 million year-over-year.
For the full year 2024, net income reached $82.8 million ($4.61 per share), up from $78.0 million ($4.36 per share) in 2023. The loan portfolio grew to $4.5 billion, increasing by $435.7 million (10.8%) year-over-year, while deposits including repurchase agreements rose to $5.3 billion, up 7.3% from 2023.
Net interest income for Q4 2024 was $49.5 million, up 4.9% quarter-over-quarter and 15.2% year-over-year. The net interest margin improved to 3.43%, while nonperforming loans increased to $26.7 million from $14.0 million in Q4 2023.
Community Trust Bancorp (NASDAQ:CTBI) has declared a cash dividend of $0.47 per share, payable on January 2, 2025, to shareholders of record on December 15, 2024. The company, with $6 billion in assets, operates 72 banking locations across Kentucky, six in West Virginia, and three in Tennessee, along with five trust offices across Kentucky and Tennessee.
Community Trust Bancorp, Inc. (NASDAQ-CTBI) reported earnings of $22.1 million for the third quarter of 2024, or $1.23 per basic share, compared to $19.5 million ($1.09 per share) in Q2 2024 and $20.6 million ($1.15 per share) in Q3 2023. Key highlights include:
- Net interest income increased to $47.2 million, up 3.3% from Q2 and 9.4% year-over-year
- Loan portfolio grew to $4.4 billion, up 8.3% annualized from Q2 and 9.2% year-over-year
- Deposits, including repurchase agreements, increased to $5.1 billion, up 8.8% annualized from Q2 and 4.3% year-over-year
- Nonperforming loans increased to $25.1 million from $19.8 million in Q2 and $13.0 million in Q3 2023
- Net loan charge-offs were $1.5 million, or 0.14% of average loans annualized
- The allowance for credit losses to total loans ratio stood at 1.23%
Community Trust Bancorp (NASDAQ: CTBI) has announced a 2.2% increase in its quarterly cash dividend to $0.47 per share. This marks the 44th consecutive year of dividend increases for the company. The new dividend will be payable on October 1, 2024, to shareholders of record as of September 15, 2024.
Chairman, President, and CEO Mark A. Gooch expressed satisfaction with the company's ability to consistently increase shareholder returns. CTBI, headquartered in Pikeville, Kentucky, boasts assets of $5.8 billion and operates 72 banking locations across Kentucky, 6 in West Virginia, and 3 in Tennessee. The company also maintains 5 trust offices across Kentucky and Tennessee.
Community Trust Bancorp, Inc. (NASDAQ: CTBI) reported earnings for Q2 2024. The net income was $19.5 million, or $1.09 per basic share, similar to Q2 2023 but up from $18.7 million in Q1 2024. Total revenue rose by $2.7 million from Q1 2024 and $3.6 million from Q2 2023. Key metrics include a net interest income of $45.7 million, a 4.8% increase from Q1 2024, and a 6.0% increase from Q2 2023. The net interest margin improved to 3.38%, up by 15 basis points from Q1 2024.
The loan portfolio grew by $100.1 million from Q1 2024, reaching $4.3 billion. Deposits decreased by $57.6 million from Q1 2024 but increased by $215.7 million from Q2 2023. Shareholders' equity rose by $11.6 million during the quarter, totaling $719.3 million. Nonperforming loans increased to $19.8 million from $15.9 million in Q1 2024 and $11.7 million in Q2 2023.
Net loan charge-offs were $1.4 million, down from $1.6 million in Q1 2024. The provision for credit losses increased by $0.3 million from Q1 2024, totaling $3.0 million. The allowance for credit losses remains at 1.22% of total loans outstanding.
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