Stock Yards Bancorp, Inc. ( (SYBT) ) has released its Q4 earnings. Here is a breakdown of the information Stock Yards Bancorp, Inc. presented to its investors.
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Stock Yards Bancorp, Inc., headquartered in Louisville, Kentucky, is a financial holding company that operates in the banking and financial services sector with a strong presence in Kentucky, Indiana, and Ohio. It is a parent company to Stock Yards Bank & Trust Company, established in 1904, and recognized for its commitment to community development and customer relationships.
Stock Yards Bancorp reported record earnings of $31.7 million for the fourth quarter of 2024, an increase from $23.9 million in the same period the previous year. The company also achieved record net income of $114.5 million for the full year of 2024, underscoring substantial loan growth and expansion of net interest margins.
Key highlights of the financial performance include a 13% increase in net interest income for the fourth quarter compared to the previous year, driven by strong loan growth and increased interest income. The company reported a net interest margin expansion to 3.44%, reflecting improved asset yields. Additionally, total loans grew by $749 million over the past year, with significant increases in commercial real estate and industrial loans. Deposit balances rose by $496 million, indicating a strategic shift towards higher-cost deposits.
Stock Yards Bancorp’s efficiency ratio improved to 55.21%, and the company maintained strong capital ratios, including a tangible common equity to tangible assets ratio of 8.44%. The company anticipates moderating loan growth in 2025 but expects continued expansion in net interest margins supported by asset yield growth.
Looking ahead, Stock Yards Bancorp plans to focus on organic growth, maintaining strong community support, and enhancing its funding position. The management remains optimistic about navigating future market conditions, aiming to meet evolving customer needs while supporting its employees and shareholders.
