Overview

* Stock Yards Bancorp ( SYBT ) Q3 net income rises to $36.2 mln, driven by loan and deposit growth

* Net interest income increased 19% yr/yr, supported by asset growth and yield expansion

* Company's deposits grew 14% over the past 12 months, shifting to higher-cost deposits

Outlook

* Company expects net interest margin to remain stable despite potential rate cuts

* Stock Yards Bancorp ( SYBT ) plans to open two new locations by year-end

* Company sees growth in Wealth Management & Trust segment driven by strategic hires

Result Drivers

* LOAN GROWTH - Strong loan production across all markets contributed to record earnings, despite elevated loan payoffs, per CEO James A. Hillebrand

* DEPOSIT EXPANSION - Deposit base grew by $918 mln, driven by time deposit initiative and increased non-interest bearing deposits

* NON-INTEREST INCOME - Growth in mortgage and brokerage businesses supported non-interest income, despite a decline in WM&T income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $1.23

Q3 Net $36.24

Income mln

Q3 Net $77.03

Interest mln

Income

Q3 $1.97

Credit mln

Loss

Provisio

n

Q3 $0.32

Dividend

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 ( SYBT ) is $82.00, about 18.1% above its October 28 closing price of $67.12

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)