Business
Stock Yards Bancorp Reports Strong Third Quarter Earnings of $23.2 Million or $0.86 Per Diluted Share
Third Quarter Highlighted by Solid Organic Loan Growth and Record Levels of Operating Income LOUISVILLE, Ky., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Stock Yards
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"Third Quarter Highlighted by Solid Organic Loan Growth and Record Levels of Operating Income\nLOUISVILLE, Ky., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, Central and Eastern Kentucky, as well as the Indianapolis and Cincinnati metropolitan markets, today reported earnings for the third quarter ended September 30, 2021. Net income for the third quarter was $23.2 million, or $0.86 per diluted share, compared with net income of $14.5 million, or $0.64 per diluted share, for the third quarter of 2020. Strong organic loan growth across all markets and record levels of operating (non-interest) income highlighted by wealth management and trust, card income and treasury management fees, contributed to strong profitability for the quarter. (dollar amounts in thousands, except per share data) 3Q21 2Q21 3Q20 Net interest income$45,483 $41,584 $33,695 Provision for credit loss expense(6) (1,525) 4,147 4,968 Non-interest income 17,614 15,788 13,043 Non-interest expenses 34,558 48,177 25,646 Income before income tax expense 30,064 5,048 16,124 Income tax expense 6,902 864 1,591 Net income$23,162 $4,184 $14,533 Net income per share, diluted$0.86 $0.17 $0.64 Net interest margin 3.14% 3.36% 3.26%Efficiency ratio(4) 54.63% 83.86% 54.79%Tangible common equity to tangible assets(1) 8.64% 8.57% 9.52%Annualized return on average equity(7) 13.92% 3.25% 13.57%Annualized return on average assets(7) 1.50% 0.32% 1.34% “We delivered strong earnings for the third quarter, highlighted by strong organic loan growth, record loan production, solid revenue growth from both organic and acquired assets and record operating income,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “In addition to solid organic growth, our successful merger with Kentucky Bancshares early in the second quarter of this year has contributed nicely to top line revenue growth. Further, we are confident that our recently announced merger of Commonwealth Bancshares, Inc. (Commonwealth) will provide tremendous opportunities to generate additional growth going forward. This combination brings together two Louisville based community banks who are like-minded with similar cultures. The transaction not only builds upon our already prominent market share in the Lou...