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Jun 30, 2023
Stock Yards Bancorp Q2 2023 Earnings Report
Reported solid second quarter earnings driven by strong loan growth and excellent credit quality.
Key Takeaways
Stock Yards Bancorp reported earnings for the second quarter ended June 30, 2023, of $27.7 million, or $0.94 per diluted share, compared to net income of $26.8 million, or $0.91 per diluted share, for the second quarter of 2022. The results for the second quarter of 2023 included strong loan growth and record levels of non-interest income.
Total loans, excluding PPP loans, increased $571 million, or 12%, over the last 12 months, while growing $178 million during the second quarter.
Credit quality metrics remain outstanding, with past dues and classified loans reaching three year lows.
Recurring non-interest income set a quarterly record, led by gains in several categories.
Treasury management fees climbed to record levels, primarily driven by increased demand and customer expansion.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
Stock Yards Bancorp remains cautious in its outlook for the remainder of the year, particularly with the challenging interest rate environment and continuing national recessionary fears.