Pikeville-based Community Trust Bancorp announced Wednesday its earnings rose more than 50 percent year-over-year for the third quarter. The company earned $8.5 million, or 55 cents a share, up from $5.6 million, or 37 cents a share, in the same period in 2009.
In a statement, the bank said its earnings grew based off increased net interest income year-over-year. The bank's loan loss provision declined $2.1 million year-over-year.
Net loan charge-offs for the quarter were $5.6 million, or 0.91 percent, of average loans annualized, according to the statement. That's up from $5.2 million in the third quarter of 2009.