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Community Trust Bancorp in Pikeville, Ky., has a promoted a veteran banker to chief financial officer.
May 1 -
Community Trust Bancorp (CTBI) in Pikeville, Ky., reported flat earnings for the first quarter as higher costs offset an increase in fee income.
April 17 -
Community Trust Bancorp (CTBI) in Pikeville, Ky., posted higher quarterly profit after increased fee revenue offset shrinkage in its loan portfolio.
January 16
Higher expenses and an uptick in problem loans weighed down quarterly profits at Community Trust Bancorp (CTBI) in Pikeville, Ky.
The $3.6 billion-asset company reported second-quarter profit of $11.9 million on Wednesday, down 2% from the same period in 2012. Per-share earnings were 77 cents, 3 cents higher than the expectations of analysts polled by Bloomberg.
An 8% rise in noninterest expense, to $26 million, nearly wiped out gains in fee and lending revenue. The higher expenses included cost increases of $800,000 for personnel, $400,000 in real estate owned and $300,000 for repossession.
Worsening asset quality also cut into Community Trust's profits. Provision for loan losses rose 51%, to $3.7 million, and net chargeoffs increased by 40%, to $3.5 million. Nonperforming loans rose 18%, to $41.6 million.
Community Trust's net interest income rose 3%, to $33.3 million, and its net interest margin widened by 6 basis points, to 3.99%. Its loan portfolio expanded by 1%, to $2.6 billion.
Noninterest income rose 11%, to $13.3 million. Deposit fees ticked up 4%, to $6.2 million, and loan-related fees more than doubled, to $1.5 million.
