Community Trust Bancorp (CTBI) in Pikeville, Ky., reported flat earnings for the first quarter as higher costs offset an increase in fee income.
The $3.7 billion-asset company's earnings fell less than 1% compared to a year earlier, to $11.8 million, or 76 cents a share.
Net interest income rose less than 1% from a year earlier, to $33.2 million. Average earning assets rose by 2% from the first quarter of 2012. The net interest margin compressed by 3 basis points from a year earlier, to 4.02%.
Noninterest income rose 7% from a year earlier, to $11.9 million, because of higher trust revenue and gains from loan sales. Noninterest expenses rose by 3% from the first quarter of 2012, to $26.3 million, because of higher personnel and infrastructure costs.
Community Trust's loan-loss provision rose 34% from a year earlier, to $1.6 million. Net chargeoffs increased by 22% from the first quarter of 2012, to $1.4 million, while nonaccrual loans fell 16%, to $18.3 million.
