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Community Trust Bancorp (CTBI) in Pikeville, Ky., posted lower profit in the fourth quarter as sanctions tied to a Federal Reserve Board investigation took a bite out of earnings.
January 16 -
Community Trust Bancorp (CTBI) in Pikeville, Ky., faces sanctions from the Federal Reserve Board over its assessment of overdraft fees.
November 15 -
Quarterly revenue rose at Community Trust Bancorp (CTBI) in Pikeville, Ky., as its loans and fee income grew.
October 16
Community Trust Bancorp (CTBI) in Pikeville, Ky., said Wednesday that its second-quarter earnings climbed 2% from the same period last year, to $12.2 million, due to improved loan quality and lower overhead.
Its earnings per share of 70 cents beat Bloomberg analyst estimates by six cents.
Earnings were aided by a 79% decline in chargeoffs, which allowed the company to reduce its provision for loan losses by 80%, to $735,000. Furthermore, lower deposit insurance premiums helped to reduce noninterest expenses by nearly 3%, to $25.2 million.
Those improvements helped to offset a sharp decline in fee income. The $3.7 billion-asset company said that noninterest income fell 17.3% year over year, to $11 million, due to lower gains on sales of residential loans.
Community Trust's shares rose 0.8% Wednesday to close at $34.04
