Community Trust Bancorp slides after Q3 results

Community Trust Bancorp

Wed 18:25

** Shares of US lender Community Trust Bancorp CTBI.O fall 9.8% to $67.9
** Company posts Q3 net income of $25.9 million, or $1.43 per share, compared with $23.9 million, or $1.32 per share, a year earlier
** "The quarter was mixed despite 2% pre-provision net revenue upside, driven by stronger core fee income, well-managed operating expenses and impressive double-digit organic loan growth," Piper Sandler analyst Adam Kroll says
** "The upside was tempered by softer net interest income, greater-than-expected net interest margin pressure and a step-up in net charge-offs, primarily tied to one commercial relationship" - Kroll
** Provision for credit losses more than doubles year-over-year to $9.2 million, driven by higher net charge-offs and significant loan growth during the quarter
** Including session's move, shares up 20.7% YTD

 (Reporting by Pragyan Kalita in Bengaluru)
 ((Pragyan.Kalita@thomsonreuters.com;))