BUZZ-Community Trust Bancorp shares fall after Q3 earnings release

October 21 - ** Shares of US lender Community Trust Bancorp CTBI.O fell 9.8% to $67.9

** The company reported third-quarter net profit of $25.9 million, or $1.43 per share, compared with $23.9 million, or $1.32 per share, a year earlier

** “While net income before provision increased 2%, thanks to stronger core fee income, good control of operating expenses, and impressive double-digit organic loan growth, this quarter’s performance was mixed,” said Piper Sandler analyst Adam Kroll

** “However, weaker net interest income, net interest margin pressure exceeding expectations, and an increase in net charge-offs—mainly related to a single commercial loan—have limited earnings momentum,” Kroll added

** Driven by a higher amount of net charge-offs during the quarter and significant loan portfolio growth, credit loss provisions more than doubled year-on-year to $9.2 million

** Including today’s move, the stock has gained 20.7% year to date

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