Stock Yards Bancorp, Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, achieving a net income of $114.5 million, which translates to a diluted earnings per share (EPS) of $3.89. This marks an increase from the previous year's net income of $107.7 million and diluted EPS of $3.67. Total revenue for the year reached $352.6 million, surpassing the $340.1 million reported in 2023. The growth in revenue was primarily driven by a 13% increase in total loans, amounting to $6.52 billion, and a 4% rise in net interest income, which reached a record $257.4 million.
The company experienced notable changes in its financial metrics compared to the previous fiscal period. The net interest margin (NIM) decreased slightly to 3.31% from 3.39% in 2023, reflecting increased competition for deposits and rising funding costs. Despite this, net interest income benefited from higher interest rates and significant loan growth. The allowance for credit losses (ACL) on loans increased to $86.9 million, up from $79.4 million in 2023, with a provision for credit losses of $8.8 million recorded for the year.
Strategically, Stock Yards Bancorp has focused on expanding its footprint through acquisitions and organic growth. The company dissolved its captive insurance subsidiary in December 2023, which had previously contributed to its effective tax rate. Additionally, Bancorp's wealth management and trust (WM&T) services generated $42.8 million in revenue, driven by strong equity market performance and higher estate fee income, although it faced challenges with net new business growth due to employee attrition.
Operationally, the bank's workforce increased to 1,080 full-time equivalent employees, with a significant portion located in Louisville, Kentucky. The company continues to emphasize customer relationships and community engagement as part of its business strategy. As of December 31, 2024, Stock Yards Bancorp's total assets stood at $8.86 billion, reflecting a 9% increase from the previous year. The bank's capital ratios remain strong, exceeding regulatory requirements, with a total risk-based capital ratio of 12.73% as of the end of 2024.
Looking ahead, Bancorp anticipates challenges in 2025, including ongoing pricing pressure for loans and deposits, as well as potential impacts from changes in monetary policy by the Federal Reserve. The company aims to maintain its focus on organic growth while managing liquidity effectively to support its lending activities. The outlook remains cautiously optimistic, with expectations for continued loan growth and a commitment to enhancing its diversified revenue streams.
About Stock Yards Bancorp, Inc.
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