Community Trust Bancorp reported earnings for the fourth quarter 2020 of $15.8 million, or $0.89 per basic share, compared to $17.4 million, or $0.98 per basic share, earned during the third quarter 2020 and $16.0 million, or $0.90 per basic share, earned during the fourth quarter 2019.
Earnings for the year ended December 31, 2020 were $59.5 million, or $3.35 per basic share, compared to $64.5 million, or $3.64 per basic share, for the year ended December 31, 2019.
4th quarter 2020 highlights
Net interest income for the quarter of $38.6 million was $0.9 million, or 2.5%, above prior quarter and $2.2 million, or 6.2%, above fourth quarter 2019.
Provision for credit losses for the quarter ended December 31, 2020 decreased $1.5 million from prior quarter and $0.9 million from prior year same quarter.
Our loan portfolio decreased $3.7 million, an annualized 0.4%, during the quarter but increased $305.5 million, or 9.4%, from December 31, 2019.
CTBI experienced improvement in loan losses, as our net loan charge-offs for the quarter ended December 31, 2020 decreased to $0.9 million, or 0.10% of average loans annualized, compared to $1.1 million, or 0.12% annualized, experienced for the third quarter 2020 and $1.5 million, or 0.19% annualized, for the fourth quarter 2019.
Asset quality improvement was experienced during the quarter and year 2020, as nonperforming loans at $26.6 million decreased $3.3 million from September 30, 2020 and $7.0 million from December 31, 2019.
Nonperforming assets at $34.3 million decreased $11.2 million from September 30, 2020 and $18.8 million from December 31, 2019.
CTBI experienced significant deposit growth for the quarter and year 2020, as deposits, including repurchase agreements, increased $110.0 million, an annualized 10.3%, during the quarter and $739.5 million, or 20.4%, from December 31, 2019.
Noninterest income for the quarter ended December 31, 2020 of $15.2 million was a $0.3 million, or 2.3%, increase from prior quarter and a $1.9 million, or 14.0%, increase from prior year same quarter.
Two specific transactions in personnel expense significantly impacted our fourth quarter noninterest expense, as noninterest expense for the quarter ended December 31, 2020 of $33.6 million increased $4.2 million, or 14.1%, from prior quarter, and $4.4 million, or 14.9%, from prior year same quarter. ■