Stock Yards Bancorp, Inc. ( (SYBT) ) has released its Q1 earnings. Here is a breakdown of the information Stock Yards Bancorp, Inc. presented to its investors.
Stock Yards Bancorp, Inc., headquartered in Louisville, Kentucky, operates as a bank holding company providing a range of financial services through its subsidiary, Stock Yards Bank & Trust Company, across Kentucky, Indiana, and Ohio. The company is known for its strong regional presence and comprehensive banking solutions.
In its latest earnings report, Stock Yards Bancorp announced record first-quarter earnings of $33.3 million, or $1.13 per diluted share, marking a significant increase from the previous year’s $25.9 million, or $0.88 per diluted share. This impressive performance was driven by robust loan growth and strategic financial management.
Key highlights from the report include a 14% increase in total loans over the past year, amounting to $797 million, with $126 million of growth occurring in the first quarter alone. The company’s net interest income rose by 17% year-over-year, reaching $70.6 million, supported by a 26 basis point expansion in net interest margin to 3.46%. Additionally, the company’s deposit base expanded by 10%, largely due to successful time deposit campaigns.
Despite a slight decline in non-interest income by 1% compared to the previous year, the company maintained strong credit quality metrics and improved its efficiency ratio to 54.50%. The tangible common equity to tangible assets ratio also saw an increase, reflecting a solid capital position.
Looking ahead, Stock Yards Bancorp remains optimistic about its growth prospects, although it anticipates a moderation in growth due to market uncertainties such as tariffs and global economic conditions. The company continues to focus on organic growth and enhancing its funding position, aiming to sustain its strong performance in the financial sector.