Stock Yards Bancorp ( NASDAQ: SYBT ) stock slipped as much as 1.3% in Monday morning trading even after the regional lender turned in its "best third quarter in our history," highlighted by strong growth in loans, net interest income and non-interest income in the wake of rising interest rates, said Chairman and CEO James A. Hillebrand.
As such, Q3 EPS of $0.97 topped the average analyst estimate of $0.92 and increased from $0.87 at Sep. 30, 2021.
Net interest income, SYBT's largest source of revenue, climbed to $62.4M from $45.5M in Q3 2021. In turn, net interest margin was 3.46% vs. 3.14% in Q3 of last year.
Non-interest income of $24.9M gained from $17.6M in the year-ago quarter. Non-interest expenses totaled $44.9M compared with $34.6M in Q3 2021.
But with recessions risks growing louder, the bank's provision for credit losses rose to $4.8M from a benefit of $1.5M a year earlier.
Tangible book value of $16.98 a share at Sep. 30 vs. $19.63 at Sep. 30, 2021.
Loans gained 21% Y/Y to $5.07B and deposits grew 22% to $1.16B.
Earlier, Stock Yards Bancorp GAAP EPS of $0.97 beats by $0.05, revenue of $87.24M beats by $5.04M .
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Stock Yards Bancorp Q3 earnings top consensus, helped by growth in loans, NII