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Jun 30, 2022
Stock Yards Bancorp Q2 2022 Earnings Report
Reported earnings of $26.8 million, or $0.91 per diluted share, driven by organic loan growth and net interest income expansion.
Key Takeaways
Stock Yards Bancorp reported solid earnings for the second quarter of 2022, with net income of $26.8 million, or $0.91 per diluted share. The results were driven by organic loan growth, increased non-interest income, and the successful merger with Commonwealth Bancshares. The company's net interest margin also benefited from interest rate increases.
Net income for the second quarter of 2022 was $26.8 million, or $0.91 per diluted share.
Organic loan growth (excluding PPP loans) totaled $64 million and was well diversified across all markets.
Non-interest income increased to a record level for the second quarter of 2022, driven by card income, treasury management fees, and wealth management and trust income.
Net interest income increased 37% to $57.0 million, driven by higher interest income on non-PPP loans.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
The company is anticipating future rate increases in the months ahead.