Community Trust Bancorp's Q3 net interest income rises nearly 10%
CTBI•Community Trust Bancorp reported Q3 net interest income of $61.06 million, up 9.9% year over year, and net income of $25.89 million, or $1.43 per share. Its provision for credit losses rose sharply, driven by higher net charge-offs and loan growth.
1. Q3 results
Community Trust Bancorp reported Q3 net interest income of $61.06 million, up 9.9% year over year. Net income was $25.89 million and earnings per share were $1.43; net interest margin was 3.63%.
2. Credit and revenue drivers
The provision for credit losses rose sharply, driven by increased net charge-offs and significant loan growth. Noninterest income grew mainly on higher deposit-related fees, trust and wealth management income, and brokerage revenue. Lower group medical and life insurance costs reduced noninterest expense, partly offset by higher salaries and other expenses.
3. No specific outlook
The company did not provide specific guidance or an outlook for future quarters or the full year in its press release.
