Stock Yards Bancorp Inc (SYBT) Reports Q3 Earnings of $27.1 Million
Stock Yards Bancorp Inc (NASDAQ:SYBT) reports Q3 earnings of $27.1 million, or $0.92 per diluted share.
Loan growth remains strong with an increase of $559 million, or 11%, over the last 12 months.
Net interest income for the quarter stands at $61.3 million.
The company maintains strong credit quality metrics amidst economic headwinds.
On October 25, 2023, Stock Yards Bancorp Inc (NASDAQ:SYBT) released its earnings report for the third quarter ended September 30, 2023. The company reported earnings of $27.1 million, or $0.92 per diluted share. This compares to net income of $28.5 million, or $0.92 per diluted share, for the third quarter of 2022. The results for the third quarter of 2023 were highlighted by near-record loan growth, linked quarter deposit growth, and strong levels of non-interest income.
Financial Performance
Stock Yards Bancorp Inc (NASDAQ:SYBT) reported net interest income of $61.3 million for the third quarter of 2023. The company's provision for credit losses stood at $2.8 million, while non-interest income was reported at $22.9 million. Non-interest expenses for the quarter were $46.7 million.
James A. Hillebrand, Chairman and Chief Executive Officer, commented on the company's performance,
The highlight of the quarter was continued strong broad-based loan demand from our customers throughout our markets. Total loans, excluding PPP loans, increased $559 million, or 11%, over the last 12 months, of which $201 million was achieved during the third quarter."
Loan and Deposit Growth
The company reported strong loan growth, with total loans, excluding PPP loans, increasing $559 million, or 11%, over the last 12 months. Deposit balances also posted strong growth during the third quarter, increasing $194 million, or 3% growth for the linked quarter.
Non-Interest Income and Expenses
Non-interest income for the quarter was $22.9 million, led by gains in several categories. Treasury management fees reached new highs at quarter-end, primarily driven by increased demand and customer expansion. Non-interest expenses for the quarter were $46.7 million, remaining well-controlled and consistent with management expectations.
Outlook
Despite economic headwinds and the possibility of an industry-wide negative credit cycle, Stock Yards Bancorp Inc (NASDAQ:SYBT) remains optimistic about the overall strength of its loan portfolio. The company continues to maintain strong credit fundamentals and its credit quality metrics continue to be solid.
This article first appeared on GuruFocus.
