CTBI

CTBI just posted its best year on record: net income of $98.1M (+18.4%) and diluted EPS of $5.43 (+17.8%), snapping a three-year stall (FY22 $81.8M → FY23 $78.0M → FY24 $82.8M). The engine is net interest income, which jumped from $186.0M to $219.0M (+17.7%) as interest income outran deposit costs — total interest expense actually held roughly flat ($127.4M → $126.7M) while interest and fees on loans rose to $304.6M. Loans grew ~9% to $4.89B and deposits to $5.39B, so this is genuine balance-sheet growth, not just a rate windfall. The franchise is exactly what you'd want in a community bank: 82 locations concentrated in eastern/central Kentucky, West Virginia and Tennessee, granular core deposits ($1.26B noninterest-bearing), and a credit-conservative posture with a $60.2M allowance (~1.23% of loans) built via a rising $12.4M provision.

The balance sheet is sound. Equity grew 13% to $856M, retained earnings compounded to $593.9M, and the 6.81x liabilities/equity ratio is unremarkable for a bank. A real positive hiding in the filing: the AFS securities mark improved sharply — accumulated other comprehensive loss narrowed from $(98.4)M to $(64.8)M as $33.5M of OCI flowed back, though amortized cost of $1,206.9M still sits above $1,120.7M fair value (~$86M unrealized loss embedded). ROE is a respectable-but-not-elite 11.5%, and the ~37% dividend payout (dividends paid $36.0M, +7.7%) leaves ample room to keep raising it.