Stock Yards Bancorp, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable growth in total assets, loans, and stockholders' equity compared to the previous fiscal period. Total assets increased by $267 million, or 3%, to $8.44 billion, while total liabilities rose by $191 million, also a 3% increase, resulting in stockholders' equity climbing to $934 million, a 9% increase from $858 million at the end of 2023.
The company’s loan portfolio expanded significantly, with total loans increasing by $661 million, or 12%, year-over-year, driven by growth in construction and development loans (up 27%) and commercial and industrial lines of credit (up 17%). The allowance for credit losses (ACL) on loans rose to $85.3 million, reflecting a provision for credit losses of $4.3 million for the quarter, up from $2.3 million in the same period last year.
Net interest income for the third quarter was $65.1 million, a 6% increase from $61.4 million in Q3 2023, attributed to a 19% rise in interest income, which reached $106 million. However, interest expense surged by 48% to $40.7 million, driven by higher rates and increased interest-bearing liabilities. The net interest margin (NIM) slightly decreased to 3.33% from 3.34% in the prior year.
Non-interest income also saw an uptick, totaling $24.8 million for the quarter, an 8% increase from $22.9 million in Q3 2023. Key contributors included wealth management and trust services, which generated $10.9 million, up from $10 million, and treasury management fees, which rose to $2.9 million from $2.6 million.
Total non-interest expenses increased by 4% to $48.5 million, primarily due to higher compensation and technology expenses. The efficiency ratio improved to 53.92% from 54.57% year-over-year, indicating better cost management relative to revenue growth.
Bancorp's capital ratios remained strong, with total risk-based capital at $918.4 million, exceeding regulatory requirements. The company maintained a well-capitalized status, with a tangible common equity ratio of 8.79%, up from 8.09% at the end of 2023.
Overall, Stock Yards Bancorp's performance in Q3 2024 reflects solid growth in key financial metrics, driven by strategic loan growth and effective management of non-interest income and expenses.
About Stock Yards Bancorp, Inc.
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