KBW Maintains Market Perform on S.Y. Bancorp

KBW is out with its report today on S.Y. Bancorp

, maintaining Market Perform. In a note to clients, KBW writes, "SYBT reported a solid, in-line 2Q. PTPP ROA grew 9 bps to 2.37%. More impressively, the company grew C&I loans 6%, unannualized, with only 2 bps of NIM compression. NPAs were fairly flat at 1.60%, although there was movement between categories. We are lowering our 2011 estimate, but are leaving 2012 and 2013 alone. We continue to be impressed with SYBT's results but remain MP on valuation." KBW maintains a $25 PT on SYBT. Shares of KBW closed Wednesday at $23.55, down 1.75% from Tuesday's close.