Community Trust Bancorp (CTBI) in Pikeville, Ky., posted higher quarterly profit after increased fee revenue offset shrinkage in its loan portfolio.
The $3.6 billion-asset company's fourth-quarter earnings rose 3% from the third quarter and 7% from a year earlier, to $10.6 million, or 68 cents a share.
Net interest income increased 2.2% from the third quarter and 2.6% from a year earlier, to $33.7 million. The loan portfolio shrank slightly compared to the third quarter and a year earlier, to $2.6 billion, but was offset by a net interest margin that expanded by 7 basis points from a quarter earlier, to 4.03%.
The company's noninterest income increased 10% from the third quarter and 3% from a year earlier, to $11.9 million. The fourth quarter of 2012 included about $300,000 in securities gains.
Asset quality improved, as nonperforming asset fell 7% from the third quarter and 12% from a year earlier, to $83 million. The loan-loss provision increased slightly from the third quarter but fell 25% from a year earlier, to $2.9 million. Net chargeoffs rose 1% from the third quarter but dropped 41% from a year earlier, to $2.9 million.
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