Stock Yards Bancorp Reports Second Quarter Earnings of $26.8 Million or $0.91 Per Diluted Share

About this update from Stock Yards Bancorp, Inc.

[{"type":"text","content":"Second Quarter Results Highlighted by Organic Loan Growth and Net Interest Income Expansion\nLOUISVILLE, Ky., July 27, 2022 (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 for the second quarter ended June 30, 2022, of $26.8 million, or $0.91 per diluted share. This compares to net income of $4.2 million, or $0.17 per diluted share, for the second quarter of 2021, which reflected $18.1 million in merger expenses and $7.4 million in merger related credit loss expense tied to the prior year Kentucky Bancshares acquisition. Solid organic loan growth across all markets and increased levels of non-interest income contributed to the second quarter 2022 results. (dollar amounts in thousands, except per share data)2Q22 1Q22 2Q21 Net income$26,794 $7,906 $4,184 Net income per share, diluted 0.91 0.29 0.17 Net interest income$56,984 $48,760 $41,584 Provision for credit loss expense(6) (200) 2,279 4,147 Non-interest income 21,940 19,203 15,788 Non-interest expenses 44,675 56,297 48,177 Net interest margin 3.20% 3.11% 3.36% Efficiency ratio(4) 56.42% 82.61% 83.86% Tangible common equity to tangible assets(1) 7.00% 6.94% 8.57% Annualized return on average equity(7) 14.34% 4.55% 3.25% Annualized return on average assets(7) 1.40% 0.47% 0.32% “We delivered solid earnings for the second quarter highlighted by the second highest quarterly loan production in our history and significant non-interest income generation,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “On the heels of a record first quarter of legacy loan growth, second quarter loan growth (excluding PPP loans) totaled $64 million and was well diversified across all of our markets. While we anticipated rising interest rates to negatively impact our loan pipelines, this has not been the case as our pipelines to date have remained healthy.” “Similar to the last several quarters, we again reported record non-interest income for the second quarter of 2022, a compliment to our diversified income revenue streams,” said Hillebrand. “Card income and treasury management fees climbed to new levels at quarter-end, primarily due to increases...

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