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Higher expenses and an uptick in problem loans weighed down quarterly profits at Community Trust Bancorp (CTBI) in Pikeville, Ky.
July 17 -
Community Trust Bancorp in Pikeville, Ky., has a promoted a veteran banker to chief financial officer.
May 1 -
The Federal Reserve may be preparing to fine Community Trust Bancorp (CTBI) in Pikeville, Ky., for deceptive overdraft practices.
October 11
Quarterly revenue rose at Community Trust Bancorp (CTBI) in Pikeville, Ky., as its loans and fee income grew.
The $3.6 billion-asset company reported a profit of $12.7 million in the third quarter, up 25% from the same quarter in 2012. Earnings per share of 81 cents were 6 cents higher than the average analysts estimates from Bloomberg.
Net interest income increased 3.3% year over year, to $34.2 million, as loans outstanding grew by 2.5%, to $2.6 billion. Community Trusts net interest margin increased by 11 basis points to 4.07%.
Community Trust was also buoyed by a 12% increase in noninterest income to $12.1 million. Higher gains on loan sales, deposit service charges, trust revenue, loan-related fees, and bank-owned life insurance income helped offset a decrease in securities gains.
Noninterest expenses fell less than 1% to $25.6 million.
The companys loan-loss provision fell 28%, to $2.1 million. Net loan chargeoffs decreased 41%, to $1.7 million.
