Stock Yards Bancorp Reports Solid Second Quarter Earnings of $27.7 Million or $0.94 per Diluted Share

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[{"type":"text","content":"Results Highlighted by Strong Loan Growth and Excellent Credit Quality\nLOUISVILLE, Ky., July 26, 2023 (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, 2023, of $27.7 million, or $0.94 per diluted share. This compares to net income of $26.8 million, or $0.91 per diluted share, for the second quarter of 2022. The results for the second quarter of 2023 included strong loan growth and record levels of non-interest income, highlighted by treasury management fees and wealth management and trust income. (dollar amounts in thousands, except per share data)2Q231Q232Q22Net income$27,664 $29,048 $ 26,794 Net income per share, diluted 0.94 0.99 0.91 Net interest income$ 60,929 $ 63,072 $ 56,984 Provision for credit losses(1) 2,350 2,625 (200)Non-interest income 23,085 22,047 21,940 Non-interest expenses 46,025 45,314 44,675 Net interest margin 3.42% 3.59% 3.20%Efficiency ratio(2) 54.69% 53.13% 56.42%Tangible common equity to tangible assets(3) 7.87% 7.74% 7.00%Annualized return on average assets(4) 1.46% 1.55% 1.40%Annualized return on average equity(4) 13.87% 15.15% 14.34% “We are delighted by continued strong loan demand from the customers we serve. While the economic outlook remains difficult to forecast, the current brisk lending environment in our markets is encouraging,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “We remain positive about the opportunities in our markets, as loan pipelines and overall business activity remain solid. Total loans, excluding PPP loans, increased $571 million, or 12%, over the last 12 months, while growing $178 million during the second quarter. While our loan growth stands out given the current environment, I am most pleased to report that our credit quality metrics remain outstanding – with past dues and classified loans reaching three year lows. On the linked quarter, total deposits declined $149 million, as deposit pricing pressures persist. Although total interest bearing deposits have not fluctuated as widely as non-interest bearing deposits, we experienced anticipated public funds run off in addition t...

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