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Dec 31, 2023
Stock Yards Bancorp Q4 2023 Earnings Report
Stock Yards Bancorp reported Q4 2023 earnings with net income of $23.9 million and EPS of $0.82 per diluted share, and achieved record earnings for the year, driven by strong loan growth.
Key Takeaways
Stock Yards Bancorp reported Q4 2023 earnings of $23.9 million, or $0.82 per diluted share. The results were driven by strong loan growth across all markets and deposit growth, with net income surpassing $100 million for the first time in 2023.
Earnings for the fourth quarter ended December 31, 2023 were $23.9 million, or $0.82 per diluted share.
Total loans, excluding PPP loans, increased $580 million, or 11%, over the last 12 months, with $155 million generated during the fourth quarter.
Deposit balances expanded during the fourth quarter, increasing $268 million, or 4%.
Non-interest income increased due to gains in Wealth Management & Trust, card income, treasury management, and brokerage fees.
Stock Yards Bancorp
Stock Yards Bancorp
Forward Guidance
The company anticipates net interest margin compression will most likely persist into the first part of the year and looks forward to carrying momentum into 2024 with an unwavering focus on cultivating full customer relationships.
Challenges Ahead
- Net interest margin contraction is expected to persist into the first part of the year.