Stock Yards Bancorp, Inc. (SYBTP) has reported a 12.74 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $10.47 million, or $0.46 a share in the quarter, compared with $9.28 million, or $0.41 a share for the same period last year.      

Revenue during the quarter grew 8.74 percent to $34.87 million from $32.07 million in the previous year period. Net interest income for the quarter rose 12.13 percent over the prior year period to $24.76 million. Non-interest income for the quarter rose 13.75 percent over the last year period to $11.36 million.

Net interest margin contracted 1 basis points to 3.65 percent in the quarter from 3.66 percent in the last year period. Efficiency ratio for the quarter improved to 56.49 percent from 57.06 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"Stock Yards Bancorp turned in another exceptional performance for the third quarter of 2016, with record net income for the second consecutive quarter," said David P. Heintzman, chairman and chief executive officer. "Considering the low-rate environment in which we find ourselves, we believe a 13% increase in net income for the quarter ��" together with strong loan growth, higher fee income and a solid return on assets ��" continues to set the Company apart from many of its peers and demonstrates why Stock Yards Bancorp is considered one of the country's best-performing community banks.

Loans outpace deposit growth
Net loans stood at $2,198.34 million as on Sep. 30, 2016, up 13.74 percent compared with $1,932.81 million on Sep. 30, 2015. Deposits stood at $2,390.60 million as on Sep. 30, 2016, up 11.63 percent compared with $2,141.58 million on Sep. 30, 2015.

Noninterest-bearing deposit liabilities were $680.08 million or 28.45 percent of total deposits on Sep. 30, 2016, compared with $595.04 million or 27.79 percent of total deposits on Sep. 30, 2015.

Shareholders equity stood at $311.57 million as on Sep. 30, 2016, up 10.90 percent or $30.62 million from year-ago.

Return on average assets was stable at 1.44 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 15 basis points to 13.47 percent in the quarter from 13.32 percent in the last year period.

Nonperforming assets moved down 17.68 percent or $2.79 million to $13.01 million on Sep. 30, 2016 from $15.80 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.44 percent in the quarter, down from 0.60 percent in the last year period.

Equity to assets ratio was 10.60 percent for the quarter, down from 10.70 percent for the previous year quarter. Average equity to average assets ratio was 10.72 percent for the quarter, down from 10.80 percent for the previous year quarter. Book value per share was $13.81 for the quarter, up 9.60 percent or $1.21 compared to $12.60 for the same period last year.