Community Trust Bancorp, Inc. reports recurring developments for a regional bank holding company serving small and mid-sized communities in Kentucky, southern West Virginia and northeastern Tennessee. News releases focus on community banking results, loan and deposit trends, net interest income, credit-loss provision activity and noninterest income categories such as deposit fees, trust and wealth management income, brokerage revenue and bank-owned life insurance revenue.
The company also announces quarterly cash dividends and governance updates involving its board, executive leadership and wholly owned bank subsidiary, Community Trust Bank, Inc. Its updates reflect a business centered on commercial and personal banking, secured and unsecured lending, cash management, funds transfer services and trust and wealth management operations.
Community Trust Bancorp (NASDAQ: CTBI) reported record earnings for 1Q 2021 with a net income of $23.6 million, up from $15.8 million in 4Q 2020 and $6.6 million in 1Q 2020. Earnings per share rose to $1.33 from $0.89 in the previous quarter. Net interest income increased by 4.2% sequentially to $40.2 million. Asset quality improved with nonperforming loans decreasing to $21 million, a drop of 14.3% year-over-year. Deposits surged by $216.1 million, or 20.0%, from the prior quarter. The bank also recognized a $2.5 million credit in provisions for credit losses, indicating better loan performance.
On January 26, 2021, Community Trust Bancorp (NASDAQ: CTBI) announced a cash dividend of $0.385 per share, scheduled for payment on April 1, 2021. This dividend will benefit shareholders who are on record by March 15, 2021. Community Trust Bancorp, with total assets of $5.1 billion, operates 70 banking locations in Kentucky, six in West Virginia, and three in Tennessee, demonstrating its strong regional presence.
Community Trust Bancorp, Inc. (CTBI) reported a 4Q 2020 net income of $15.8 million ($0.89 per share), a decline from $17.4 million ($0.98) in 3Q 2020 and $16.0 million ($0.90) in 4Q 2019. Full-year earnings fell to $59.5 million ($3.35 per share) from $64.5 million ($3.64) in 2019. Net interest income rose to $38.6 million, a 2.5% increase from the previous quarter. Deposits surged by 20.4% year-over-year to $4.4 billion. However, noninterest expense rose 14.1% quarter-over-quarter, impacting profitability.
Community Trust Bancorp (NASDAQ: CTBI) has been recognized as a Winning 'W' company by 2020 Women on Boards, achieving over 20% representation of women on its board of directors. The recognition highlights the commitment of Community Trust to gender diversity in corporate governance. Ms. Jean R. Hale, the company's Chairman, President, and CEO, expressed pride in this acknowledgment, reflecting the company's core values of fairness, respect, and integrity. Community Trust Bancorp, with $5.0 billion in assets, operates 70 banking locations across Kentucky, West Virginia, and Tennessee.
Community Trust Bancorp, Inc. (CTBI) reported third quarter 2020 net income of $17.4 million, or $0.98 per share, down from $19.7 million in Q2 2020 but up from $15.3 million in Q3 2019. Year-to-date net income for nine months is $43.7 million, compared to $48.5 million in 2019. Net interest income decreased 2.0% from the prior quarter but increased 3.2% year-over-year. Total assets grew 15.7% year-over-year to $5.0 billion. Nonperforming loans decreased 17.5% from the prior quarter. The bank approved 3,274 CARES Act loan deferrals totaling $716 million.