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Sep 30, 2020
Stock Yards Bancorp Q3 2020 Earnings Report
Reported stable results driven by improved net interest income, record mortgage banking income, and controlled non-interest expenses, with credit quality metrics remaining stable and loan deferrals improving dramatically.
Key Takeaways
Stock Yards Bancorp reported net income of $14.5 million, or $0.64 per diluted share, for the third quarter ended September 30, 2020. The results reflect a positive trend in loan deferrals and were driven by improved net interest income, record mortgage banking income, and controlled non-interest expenses.
Net income for the third quarter was $14.5 million, or $0.64 per diluted share.
Net interest income increased by $1.6 million, or 5%, to $33.7 million, driven primarily by PPP loans and related fees and a significant decline in cost of funds.
Total loans increased by $627 million, or 22%, to $3.5 billion.
Total deposits increased by $621 million, or 20%, from December 31, 2019, to September 30, 2020.