Business
Stock Yards Bancorp Reports Second Quarter Earnings of $27.6 Million or $0.94 Per Diluted Share
Results Highlighted by Record Loan Growth and Net Interest Margin Expansion LOUISVILLE, Ky., July 24, 2024 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc.
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"Results Highlighted by Record Loan Growth and Net Interest Margin Expansion\nLOUISVILLE, Ky., July 24, 2024 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $27.6 million, or $0.94 per diluted share, for the second quarter ended June 30, 2024. This compares to net income of $27.7 million, or $0.94 per diluted share, for the second quarter of 2023. Record loan growth, stable asset quality and net interest margin expansion contributed to second quarter operating results. (dollar amounts in thousands, except per share data)2Q24 1Q24 2Q23Net income$27,598 $25,887 $27,664 Net income per share, diluted 0.94 0.88 0.94 Net interest income$62,022 $60,070 $60,929 Provision for credit losses(1) 1,300 1,425 2,350 Non-interest income 23,655 23,271 22,860 Non-interest expenses 49,109 48,961 45,800 Net interest margin 3.26% 3.20% 3.42%Efficiency ratio(2) 57.26% 58.68% 54.57%Tangible common equity to tangible assets(3) 8.42% 8.36% 7.87%Annualized return on average assets(4) 1.35% 1.28% 1.46%Annualized return on average equity(4) 12.64% 12.09% 13.87% “Our second quarter results were solid, with record quarterly loan growth, stable credit quality metrics, solid contributions from our non-interest income revenue sources and net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Total loans increased $652 million, or 12%, over the last 12 months, $221 million of which was generated during the second quarter of this year. Just as important, second quarter loan growth, led by an increase in Commercial & Industrial (C&I) line of credit expansion, was experienced within all loan categories and spread across all markets. “Once again, strong non-interest income helped to fuel our operating results for the second quarter of 2024, with our Treasury Management and Wealth Management & Trust (WM&T) groups posting record quarterly revenue. While treasury management fees continued to benefit from customer growth and increased transaction volume, WM&T income was boosted by strong equity market performance, quarterly fees, and net new business expansion,” Hillebrand continued....