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COMMUNITY TRUST BANCORP INC /KY/ [CTBI] reports annual net loss of $78.0 million
By USInMinutes - Feb 29, 2024, 05:46 AM ET
Last Updated - Feb 29, 2024, 05:46 AM EST
![COMMUNITY TRUST BANCORP INC /KY/ [CTBI] reports annual net loss of $78.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FCTBI.png&w=3840&q=75)
Company Reports Revenue of $230.8 million
COMMUNITY TRUST BANCORP INC /KY/ [CTBI] has reported a net loss of $78.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $230.8 million
Based in PIKEVILLE, Kentucky, COMMUNITY TRUST BANCORP INC /KY/ operates in the FINANCE sector.
In the Consolidated Statements of Income and Comprehensive Income (Loss) for the fiscal year ending December 31, 2023, the following financial data was reported:
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- Total interest income for the period was $268.65 million, an increase from $197.74 million in the same period last year.
- The interest expense incurred during the year amounted to $95.54 million, compared to $28.64 million in the previous year.
- The net interest income for the current period stood at $173.11 million, higher than the $169.10 million reported in the prior year.
- Provision for credit losses for the year was $6.81 million, up from $4.90 million in the previous year.
- Noninterest income was reported at $57.66 million for the current year, slightly lower than the $57.92 million recorded in the previous year.
- Total noninterest expense for the period was $125.39 million, an increase from $121.07 million in the same period last year.
- Income before income taxes amounted to $98.57 million for the current period, lower than the $101.04 million reported in the previous year.
- Net income for the year totaled $78.00 million, down from $81.81 million in the prior year.
- Basic earnings per share for the period were $4.36, a decrease from $4.59 reported in the previous year.
- Diluted earnings per share were also $4.36, slightly lower than the $4.58 recorded in the same period last year.
Overall, the company experienced fluctuations in its financial performance with a decrease in net income and earnings per share compared to the previous reporting period. It will be crucial for the company to analyze the factors contributing to these changes and implement strategies to improve its financial results in the upcoming periods.
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