Stock Yards Bancorp, Inc. (SYBT) has reported a 9.72 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.79 million, or $0.47 a share in the quarter, compared with $9.84 million, or $0.44 a share for the same period last year.

Revenue during the quarter grew 6.14 percent to $35.08 million from $33.05 million in the previous year period. Net interest income for the quarter rose 7.31 percent over the prior year period to $25.18 million. Non-interest income for the quarter rose 7.09 percent over the last year period to $10.80 million.

Stock Yards Bancorp, Inc. has made provision of $0.90 million for loan losses during the quarter, up 80 percent from $0.50 million in the same period last year.

Net interest margin improved 7 basis points to 3.63 percent in the quarter from 3.56 percent in the last year period. Efficiency ratio for the quarter deteriorated to 58.45 percent from 57.86 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"The Company's first quarter results showed good momentum in our business, as we exceeded net income for the prior-year period, posted year-over-year expansion of our loan portfolio, and continued to record attractive growth in fee-based income," said David P. Heintzman, Chairman and Chief Executive Officer. "This progress, coming off record results last year, marks a solid start to 2017 and gives us confidence that the Company is poised to deliver another solid performance for the coming year."

Total assets stood at $3,033.34 million as on Mar. 31, 2017, up 7.41 percent compared with $2,824.11 million on Mar. 31, 2016. 

Net loans stood at $2,248.30 million as on Mar. 31, 2017, up 8.51 percent compared with $2,072.04 million on Mar. 31, 2016. Deposits stood at $2,544.26 million as on Mar. 31, 2017, up 7.53 percent compared with $2,366.10 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $686.54 million or 26.98 percent of total deposits on Mar. 31, 2017, compared with $606.38 million or 25.63 percent of total deposits on Mar. 31, 2016.

Shareholders equity stood at $319.69 million as on Mar. 31, 2017, up 7.88 percent or $23.36 million from year-ago.

Return on average assets moved up 6 basis points to 1.46 percent in the quarter from 1.40 percent in the last year period. At the same time, return on average equity increased 26 basis points to 13.78 percent in the quarter from 13.52 percent in the last year period.

Nonperforming assets moved down 27.86 percent or $3.89 million to $10.08 million on Mar. 31, 2017 from $13.97 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.33 percent in the quarter, down from 0.49 percent in the last year period.

Equity to assets ratio was 10.54 percent for the quarter, up from 10.49 percent for the previous year quarter. Average equity to average assets ratio was 10.59 percent for the quarter, up from 10.38 percent for the previous year quarter. Book value per share was $14.11 for the quarter, up 7.06 percent or $0.93 compared to $13.18 for the same period last year.