Pikeville-based Community Trust Bancorp announced Wednesday that its earnings were up slightly year-over-year for the first quarter. The company earned $6.79 million, or 45 cents per share, up from $6.58 million, or 43 cents per share, in the same period in 2009.
In a statement, the bank said its earnings grew based off increased net interest income but that was partially offset by an increased provision for loan losses. The loan loss provision rose $3.7 million compared to the first quarter of 2009. Net loan charge-offs for the quarter were $3.5 million, or 0.58 percent, of average loans annualized, according to the statement. That's up from $2.2 million, or 0.38 percent, in the first quarter of 2009.
Community Trust Bancorp operates 70 banking locations across Kentucky, as well as six sites in West Virginia.