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Sep 30, 2023
Stock Yards Bancorp Q3 2023 Earnings Report
Reported solid earnings driven by strong loan growth and deposit growth.
Key Takeaways
Stock Yards Bancorp reported earnings of $27.1 million, or $0.92 per diluted share, for the third quarter ended September 30, 2023. The results were highlighted by near-record loan growth, linked quarter deposit growth and strong levels of non-interest income.
Total loans, excluding PPP loans, increased $559 million, or 11%, over the last 12 months, with $201 million achieved during the third quarter.
Deposit balances posted strong growth during the third quarter, increasing $194 million, or 3% growth for the linked quarter.
Recurring non-interest income continues to fuel operating results, led by gains in treasury management fees and Wealth Management and Trust.
Asset quality has remained strong during 2023, with non-performing loans totaling $17 million, or 0.31% of total loans outstanding.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
The report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties.