Community Trust Bancorp's Q2 profit rises on higher interest income
CTBI•Key details
| Metric | Actual |
|---|---|
| Q2 EPS | $1.64 |
| Q2 net income | $29.62 mln |
| Q2 net interest income | $60.89 mln |
| Q2 net interest margin | 3.80% |
Analyst coverage and valuation
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the banks peer group is "hold"
- Wall Street's median 12-month price target for Community Trust Bancorp Inc is $73.00, about 1% above its July 14 closing price of $72.25
- The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 10 three months ago
Drivers of the quarterly result
- Net interest income - Higher net interest income driven by increased average earning assets and a higher net interest margin
- Noninterest income - Growth in noninterest income, mainly from higher deposit-related fees, trust and wealth management income, and securities gains
- Loan and deposit growth - Robust loan and deposit growth supported balance sheet expansion
