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Mar 31, 2022
Stock Yards Bancorp Q1 2022 Earnings Report
Stock Yards Bancorp's first quarter was highlighted by strong organic loan growth, record levels of non-interest income, and the completion of the Commonwealth Bancshares acquisition.
Key Takeaways
Stock Yards Bancorp reported a net income of $7.9 million, or $0.29 per diluted share, for the first quarter of 2022. The results reflected strong organic loan growth and record levels of non-interest income, but were impacted by merger expenses and merger-related credit loss expenses.
Net income for the first quarter of 2022 was $7.9 million, or $0.29 per diluted share, compared to $22.7 million, or $0.99 per diluted share, for the first quarter of 2021.
Net interest income increased 29% to $48.8 million, driven by higher interest income on non-PPP loans and a decline in cost of funds.
Non-interest income increased 39% to $19.2 million, with recent acquisitions contributing significantly.
The acquisition of Commonwealth Bancshares was completed on March 7th, adding $1.34 billion in assets, $632 million in loans, $1.12 billion in total deposits, and $2.93 billion in wealth management and trust assets under management.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
The company anticipates further improvement in net interest margin in future periods, especially with the probability of additional rate increases throughout the year.