Stock Yards Bancorp Reports Q1 2022 Net Income of $7.9M; Completes Commonwealth Bancshares Acquisition

Stock Yards Bancorp, Inc.

2022-Q1 EPS reported $0.29

Net income $7.9M ($0.29/diluted share) includes $19.5M merger expenses and $4.4M credit loss expense on acquired loans.
Completed acquisition of Commonwealth Bancshares on March 7, adding $1.34B in assets, $632M loans, $1.12B deposits.
Organic loan growth (excluding PPP and acquired loans) totaled $118M, strongest first quarter in company history.
Record non-interest income: wealth management/trust $8.5M, card income $4.1M, treasury management $1.9M.
Tangible book value per share decreased to $17.92 from $20.09 due to acquisition and $50M decline in AOCI from rate increases.

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