S.Y. Bancorp reports Q3 EPS 76c, consensus 65c
Reports Q3 book value per share $17.53. Reports Q3 CET1 capital ratio 11.69%. "Stock Yards Bancorp closed out a great third quarter, setting records in net income, loan production and returns on average assets and equity," said CEO James Hillebrand. "Exceptional loan production and strong net loan growth drove a $3.5 million or 12% net interest income increase compared with the third quarter of 2018. Loan growth has continued to accelerate through 2019, as we have focused heavily on growing and expanding customer relationships in addition to integrating our new KSB customer base. Our loan portfolio increased $93 million this quarter due to the hard work of our entire lending team. Prudent deposit rate management also contributed to a steady net interest margin. Our credit quality metrics remain at sound levels and are some of the highest relative to our peers. Our core deposit growth is strong, further highlighting our optimism for the future. We ended the third quarter with a solid loan pipeline, positioning the company for continued strength in loan production heading into the final quarter of the year. Non-interest income increased 16% and continues to demonstrate stable and diversified revenue streams. The WM&T group, with assets under management rising to over $3 billion, continued to be a leading source of fee income, with revenues increasing 7% versus the year-earlier period and contributing 43% of total non-interest income in the third quarter of 2019. Debit/credit card income and treasury management fees combined grew 16% to account for 25% of third quarter 2019 total non-interest income. We are also pleased to note the on-going contribution of mortgage banking income, which grew a healthy 17%. These diverse revenue sources remain key to the long-term stability in our growth and demonstrate our sound business model. While the competitive landscape is intense, we remain optimistic based on our loan pipeline and core deposit base growth and we continue to deliver market share gains. We are excited about the opportunities in the markets we serve to continue the company's legacy of growth and performance. As evidenced by the second quarter authorization of a share repurchase plan, our board shares our enthusiasm about the company's future. I am pleased to announce that through the end of the third quarter, we have repurchased approximately 259 thousand shares of stock at a weighted average cost of $35.46 per share. Approximately 741 thousand shares remain available for repurchase under the current buy-back plan."