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Mar 31, 2024
Stock Yards Bancorp Q1 2024 Earnings Report
Reported earnings of $25.9 million, driven by steady loan growth and solid asset quality.
Key Takeaways
Stock Yards Bancorp reported a net income of $25.9 million, or $0.88 per diluted share, for the first quarter ended March 31, 2024. The results were driven by steady loan growth, strong asset quality, and robust non-interest income generation. Total loans increased by $79 million during the quarter, and wealth management & trust posted a record quarter.
Net income for Q1 2024 was $25.9 million, or $0.88 per diluted share, compared to $29.0 million, or $0.99 per diluted share, for Q1 2023.
Total loans increased by $607 million, or 12%, over the last 12 months, with $79 million generated during Q1 2024.
Wealth Management & Trust (WM&T) had a record quarter with $7.50 billion in Assets Under Management (AUM) at quarter end.
Non-interest income increased by $1.2 million, or 6%, to $23.3 million.
Revenue by Segment
Forward Guidance
The company anticipates net interest margin compression will stabilize during the second quarter of 2024 and is projecting net interest margin expansion before the end of the year.
Positive Outlook
- Net interest margin compression will stabilize during the second quarter of 2024.
- Net interest margin expansion is projected before the end of the year.
- Continued benefit from a diversified geographic footprint.
- Significant growth opportunities in both the banking and WM&T arenas.
- Strong line production.
Challenges Ahead
- Economic conditions both generally and more specifically in the markets.
- Competition for the Company’s customers from other providers of financial services.
- Changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it.
- Government legislation and regulation, which change and over which the Company has no control.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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