PIKEVILLE, Ky. - Pikeville National Corp. reported net income of $2.4 million in the first quarter, a 5.6% decline.

The $1.4 billion-asset company said the slide resulted from its back- office overhaul and other structural changes that will eventually produce savings. It expects a setback in second-quarter earnings as well.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.