Pikeville-based Community Trust Bancorp announced Wednesday that its earnings rose more than 40 percent year-over-year for the second quarter. The company earned $8.55 million, or 56 cents a share, up from $5.94 million, or 39 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, but that was partially offset by the bank's provision for loan losses. For the first six months of 2010, the bank's loan loss provision has increased $2.3 million compared to the prior year.
Net loan charge-offs for the quarter were $1.8 million, or 0.3 percent, of average loans annualized, according to the statement. That's down from $3.7 million in the second quarter of 2009.