Stock Yards Bancorp's Q2 net income rises 23% to $34 mln

Overview

• Stock Yards Q2 net income rises to $34 mln, driven by loan growth

• Net interest income up 18% yr/yr, reflecting expanded net interest margin

• Company announces share repurchase plan for up to 1 mln shares

Outlook

• Company expects net interest margin to remain steady despite deposit competition

• Stock Yards Bancorp optimistic about Wealth Management & Trust momentum

Result Drivers

• LOAN GROWTH - $779 mln increase in total loans, with broad-based growth across markets and categories

• NET INTEREST MARGIN - Expanded by 27 basis points year-over-year, driven by strong asset growth and yield expansion

• DEPOSIT EXPANSION - Deposits grew $938 mln over the past 12 months, supported by a successful time deposit campaign

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Stock Yards Bancorp Inc is $80.00, about 2.6% above its July 22 closing price of $77.94

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nGNX5VJyg3