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.