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Sep 30, 2024
Stock Yards Bancorp Q3 2024 Earnings Report
Stock Yards Bancorp reported third quarter earnings driven by loan growth and net interest margin expansion.
Key Takeaways
Stock Yards Bancorp reported a record third quarter with earnings of $29.4 million, or $1.00 per diluted share. The results were fueled by strong loan growth and net interest margin expansion. Total loans increased by $207 million during the quarter, and deposit balances expanded by $157 million.
Net income reached $29.4 million, or $1.00 per diluted share.
Total loans increased by $661 million, or 12%, over the last 12 months.
Deposit balances expanded by $323 million, or 5%, over the past 12 months.
Net interest margin expanded seven basis points on the linked quarter.
Forward Guidance
The report does not contain specific forward guidance. However, the company highlights positive trends in loan growth, deposit expansion, and net interest margin.
Positive Outlook
- Strong loan demand and production
- Solid contributions from non-interest income revenue sources
- Linked quarter net interest margin expansion
- Growth within all loan categories and across all markets
- Strategic time deposit marketing efforts
Challenges Ahead
- Shift in deposit mix from non-interest bearing and low interest-bearing deposits into higher cost deposits
- Decline in non-interest-bearing demand accounts
- Deterioration in unemployment rate projections
- Slight increase in net charge-offs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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