Stock Yards Bancorp, Inc. reported a strong financial performance for the first quarter of 2025, with net income reaching $33.3 million, a 29% increase from $25.9 million in the same period last year. This resulted in diluted earnings per share of $1.13, up from $0.88 in the prior year. The company's total assets grew to $9.00 billion, a 2% increase from $8.86 billion at the end of 2024, driven by a $126 million rise in total loans, which now stand at $6.65 billion, reflecting a 2% increase quarter-over-quarter.
The bank's net interest income increased by 17% to $70.6 million, primarily due to a $14.6 million rise in interest income from loans, attributed to higher rates and significant loan growth. The net interest margin improved to 3.46%, up 26 basis points from the previous year, while the cost of deposits increased slightly to 2.00%. The allowance for credit losses on loans rose to $88.8 million, reflecting a 10% increase year-over-year, as the bank adjusted for strong loan growth and slight economic deterioration.
In terms of operational developments, Stock Yards Bancorp has continued to expand its customer base, with total deposits increasing by $128 million, or 2%, largely due to successful promotional deposit offerings. The bank's efficiency ratio improved to 54.50%, down from 58.68% a year earlier, indicating better cost management relative to revenue growth. The bank's workforce also grew, with full-time equivalent employees increasing to 1,089 from 1,080 at the end of 2024.
Looking ahead, Bancorp remains optimistic about its growth trajectory, although it acknowledges potential challenges from rising competition for loans and deposits. The bank's management is focused on maintaining its well-capitalized status, with capital ratios exceeding regulatory requirements. As of March 31, 2025, the bank's Common Equity Tier 1 Risk-Based Capital ratio stood at 11.25%, well above the minimum requirement, positioning it favorably for future growth and stability in a fluctuating economic environment.
About Stock Yards Bancorp, Inc.
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