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Dec 31, 2022
Stock Yards Bancorp Q4 2022 Earnings Report
Reported record earnings and strong fourth quarter earnings, driven by organic loan growth and net interest margin expansion.
Key Takeaways
Stock Yards Bancorp reported record earnings for the fourth quarter ended December 31, 2022, with net income of $29.8 million, or $1.01 per diluted share, compared to $24.6 million, or $0.92 per diluted share, for the fourth quarter of 2021. The results were driven by organic loan growth and expanded net interest margin.
Net interest income increased 41% to $65.3 million due to average earning asset growth and rate increases.
Non-interest income increased 24% to $23.1 million, with recent acquisitions contributing significantly.
Total loans increased 25% year over year to $5.21 billion.
The company recorded a provision for credit losses of $3.4 million during the fourth quarter of 2022.