Stock Yards Bancorp Reports Record Fourth Quarter Earnings of $31.7 Million or $1.07 Per Diluted Share and Record Earnings for the Year

Core Insights - Stock Yards Bancorp, Inc. reported record earnings of $31.7 million, or $1.07 per diluted share, for Q4 2024, compared to $23.9 million, or $0.82 per diluted share, in Q4 2023, with full-year net income reaching $114.5 million [1][29][30] - The company experienced significant loan growth, with total loans increasing by $749 million, or 13%, over the past 12 months, and $242 million, or 4%, in the linked quarter [1][6][15] - Net interest margin expanded to 3.44% in Q4 2024, up from 3.25% in Q4 2023, driven by strong loan growth and higher interest-earning asset yields [2][3][21] Financial Performance - Net interest income for Q4 2024 was $70.0 million, an increase of $8.0 million, or 13%, compared to Q4 2023 [2][8] - Non-interest income decreased by $910,000, or 4%, to $23.5 million in Q4 2024 compared to the same quarter in 2023 [10][24] - Total non-interest expenses increased by $1.6 million, or 3%, to $51.7 million in Q4 2024 compared to Q4 2023 [13][24] Asset and Loan Growth - As of December 31, 2024, total assets increased by $693 million, or 8%, year-over-year, reaching $8.86 billion [14][19] - The company’s loan portfolio reached $6.52 billion, with commercial real estate loans leading the growth with an increase of $203 million [15][30] - Total deposits grew by $496 million, or 7%, over the past 12 months, with a shift towards higher-cost deposits [17][33] Credit Quality and Provisions - The provision for credit losses was $2.7 million in Q4 2024, down from $6.0 million in Q4 2023, reflecting improved credit quality [9][23] - Non-performing loans totaled $22 million, or 0.34% of total loans, slightly up from $19 million, or 0.33%, a year earlier [18][33] Capital and Dividends - The company maintained a "well-capitalized" status with total equity to assets at 10.61% and a tangible common equity ratio of 8.44% as of December 31, 2024 [19][30] - A quarterly cash dividend of $0.31 per common share was declared in November 2024, marking a slight increase from the previous quarter [20][30]