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Sep 30, 2022
Stock Yards Bancorp Q3 2022 Earnings Report
Reported earnings of $28.5 million, or $0.97 per diluted share, driven by strong organic loan growth and net interest margin expansion.
Key Takeaways
Stock Yards Bancorp reported a record third quarter with net income of $28.5 million, or $0.97 per diluted share, compared to $23.2 million, or $0.87 per diluted share, for the third quarter of 2021. The results were driven by organic loan growth and expanded net interest margin. The company is progressing with the integration of Commonwealth Bancshares.
Net income for the third quarter of 2022 was $28.5 million, or $0.97 per diluted share.
Net interest income increased 37% to $62.4 million due to higher interest income on non-PPP loans.
Non-interest income increased 41% to $24.9 million, with recent acquisitions contributing significantly.
Total loans increased $884 million year over year, or 21%, to $5.07 billion.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties.