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Mar 31, 2020
Stock Yards Bancorp Q1 2020 Earnings Report
Reported first quarter earnings, showing a decrease in net income but record loan production and deposit growth amidst a difficult operating environment.
Key Takeaways
Stock Yards Bancorp reported a net income of $13.2 million, or $0.59 per diluted share, for the first quarter of 2020. This compares to a net income of $15.6 million, or $0.68 per diluted share, for the first quarter of 2019. The results reflect a significant provision for credit losses due to loan growth and the potential economic effects of the COVID-19 pandemic.
Net income for the first quarter was $13.2 million, or $0.59 per diluted share.
A significant provision for credit losses was recorded due to loan growth and potential economic effects of the COVID-19 pandemic.
Record first quarter loan production and deposit growth were achieved.
The company actively participated in the federal PPP program, approving 2,190 loan requests for approximately $583 million.
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Revenue & Expenses
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