Stock Yards Bancorp reports Q1 EPS 88c, consensus 81c

At March 31, 2024, the Company had $8.12 billion in assets, $5.85 billion in loans and $6.61 billion in total deposits. Tangible common equity per share was $22.50 at March 31, 2024, compared to $21.95 at December 31, 2023, and $19.66 at March 31, 2023. At March 31, 2024, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets was 10.77% and the tangible common equity ratio was 8.36% at March 31, 2024, compared to 10.36% and 7.74% at March 31, 2023, respectively. “It was a great start of the year for us, with steady loan growth, solid asset quality metrics, and diversified non-interest income streams contributing to first quarter 2024 results,” commented James Hillebrand, Chairman and CEO. “Total loans increased $607 million, or 12%, over the last 12 months, $79 million of which was generated during the first quarter of this year. We continue to see broad-based loan demand from our customers throughout our markets. “Strong non-interest income once again propelled our operating results for the first quarter of 2024. Wealth Management & Trust posted another record quarter, benefiting from strong equity market performance, coupled with net new business growth and a record $7.50 billion in Assets Under Management at quarter end. Strong card income, treasury management and record brokerage fees, driven by increased demand and customer expansion, served to cap off a strong first quarter,” Hillebrand continued. “While our net interest margin contracted 5 basis points over the linked quarter, as the increase in cost of funds continued to outpace the growth in yields on earning assets, the pace of net interest margin contraction has begun to moderate. We anticipate net interest margin compression will stabilize during the second quarter of 2024, and we are currently projecting net interest margin expansion before the end of the year.”