Community Trust Bancorp Inc. in Pikeville, Ky., said Wednesday that second-quarter earnings rose 4.9% from a year earlier, to $9 million, on higher net interest and noninterest income.
The $3.49 billion-asset company, with branches in Kentucky, Tennessee and West Virginia, earned 58 cents a share, besting the average analysts' estimate by a penny, according to Thomson Reuters.
Net interest income rose 12.3% from a year earlier, to $32.8 million. The company said in a press release that the growth in net interest income was tied to management's decision to invest excess liquidity in its investment portfolio.
Noninterest income rose 11% from a year earlier, to $10.6 million, due to higher deposit service charges, trust revenue and "the variance in the fair value adjustments of our mortgage servicing rights," the release said. The loan-loss provision rose 6.9% from a year earlier, to $3.3 million.
