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Mar 31, 2023
Stock Yards Bancorp Q1 2023 Earnings Report
Stock Yards Bancorp reported earnings for Q1 2023 with steady organic loan growth and a strong capital position.
Key Takeaways
Stock Yards Bancorp reported net income of $29.0 million, or $0.99 per diluted share, for the first quarter ended March 31, 2023. The results reflect steady organic loan growth and strong capital levels. Total loans, excluding PPP loans, increased $46 million in the first quarter.
Net income for the first quarter of 2023 was $29.0 million, or $0.99 per diluted share.
Total loans, excluding PPP loans, increased by $46 million in the first quarter.
Non-interest income for the first quarter of 2023 aligned with the prior quarter and significantly exceeded the same period of the prior year.
The company's asset quality remained solid, with the ratio of allowance for credit losses to loans ending at 1.44% at March 31, 2023.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
The company remains cautious in its outlook for the rest of the year, given the high rate environment and uncertain economic outlook.
Positive Outlook
- Strong deposit franchise
- Sound capital levels
- Robust liquidity position
- Excellent credit quality
Challenges Ahead
- High rate environment
- Uncertain economic outlook