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Jun 30, 2021
Stock Yards Bancorp Q2 2021 Earnings Report
Stock Yards Bancorp's second quarter was highlighted by the acquisition of Kentucky Bancshares, solid organic loan growth, and record levels of non-interest income.
Key Takeaways
Stock Yards Bancorp reported net income of $4.2 million, or $0.17 per diluted share, for the second quarter ended June 30, 2021. The results reflect $18.1 million in merger expenses and $7.4 million in merger related credit loss expense. The quarter also saw strong organic loan growth and record levels of non-interest income.
Completed the acquisition of Kentucky Bancshares, adding $1.3 billion in assets, $742 million in loans, and $1.0 billion in total deposits.
Experienced strong organic loan growth and record levels of non-interest income, driven by wealth management, trust services, card income, and treasury management fees.
Recorded a net benefit of $2.7 million to provision for credit losses for the legacy Stock Yards loan portfolio, excluding loans acquired from Kentucky Bancshares.
Total loans increased $742 million year over year, or 21%, to $4.2 billion.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
Stock Yards Bancorp expects that the acquisition of Kentucky Bancshares will result in significant benefits to its expanding group of clients, communities, employees and shareholders.