Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards
Bank & Trust Company, with offices in the Louisville, Indianapolis and
Cincinnati metropolitan markets, today reported results for the second
quarter and six months ended June 30, 2014, highlighted by a 25%
increase in net income versus the same quarter last year along with a
22% increase in diluted earnings per share. The Company's performance
continued to reflect several key drivers, including:
-
Strong momentum in loan growth, with portfolio loans up nearly 5% –
all organic – for the first half of the year, or 9% on an annualized
basis;
-
Ongoing growth in income from investment management and trust
services, which generates a level of non-interest income for Stock
Yards Bancorp that is significantly above peer banks and which
augments the positive impact of an expanding loan portfolio;
-
Stable net interest margin as the Company continues to deploy its
strong capital base to grow its balance sheet;
-
Further improvements in overall credit quality, with steadily
declining credit costs; and
-
Strong returns on average equity and assets.
|
The following is a summary of the Company's reported results:
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
Net income
|
|
|
$
|
8,034,000
|
|
|
|
$
|
6,407,000
|
|
|
|
25
|
%
|
Net income per share, diluted
|
|
|
$
|
0.55
|
|
|
|
$
|
0.45
|
|
|
|
22
|
%
|
Return on average equity
|
|
|
|
13.35
|
%
|
|
|
|
11.69
|
%
|
|
|
|
Return on average assets
|
|
|
|
1.37
|
%
|
|
|
|
1.16
|
%
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
Net income
|
|
|
$
|
16,211,000
|
|
|
|
$
|
13,175,000
|
|
|
|
23
|
%
|
Net income per share, diluted
|
|
|
$
|
1.10
|
|
|
|
$
|
0.94
|
|
|
|
17
|
%
|
Return on average equity
|
|
|
|
13.74
|
%
|
|
|
|
12.41
|
%
|
|
|
|
Return on average assets
|
|
|
|
1.39
|
%
|
|
|
|
1.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"We are pleased to report a solid performance for Stock Yards in the
second quarter of 2014, reflecting great execution on our plans for the
year and our success in capitalizing on opportunities in our markets,"
said David P. Heintzman, Chairman and Chief Executive Officer. "We are
excited to note that key among these opportunities was our excellent
loan growth during the second quarter, after solid loan production for
first quarter was offset by an increased level of early loan repayments.
With annualized loan growth for the first half of 9%, all of which was
organic, we anticipate our increased volume will continue to have a
stabilizing effect on net interest income and drive higher earnings for
all of 2014."
Heintzman also noted that the Company's investment management and trust
department, which highly differentiates Stock Yards from most other
community banks, continues to contribute significantly to earnings
growth. "With almost $2.4 billion of assets under management, our
investment management and trust department has experienced fee income
growth of 16% through the first half of 2014," Heintzman added, "which
strongly complements our loan growth. By way of illustration, last year
this department generated a $2 million increase in revenue compared with
2012, and that increase would have been equivalent to income from an
additional $54 million or 3.5% of loan growth on top of the 6% core loan
growth we achieved year over year."
Heintzman pointed out that the Company's investment management and trust
department provides an enviable level of non-interest income and is a
significant element of overall fee income. With it, the Company's
non-interest income has historically exceeded 30% of the Company's total
revenue and was 33% for the second quarter of 2014. In contrast, many
peer banks have witnessed increasing pressure on fee income with
declining service charges, mortgage banking revenue and interchange
income. Median fee income at banks with $2-$5 billion in assets declined
to 19% of total revenue for the first quarter of 2014 from 25% for the
first quarter of 2013.
The Company's credit quality metrics continued to improve in the second
quarter. Over the past year, non-performing loans (NPLs) have declined
38%, while non-performing assets (NPAs) have declined 43%. On a
linked-quarter basis, NPLs declined a further 5% since March 31, 2014,
while NPAs declined 4%.
Concluding, Heintzman said, "We are pleased with the Company's
performance through the first six months of 2014 and consider it to be a
firm foundation for us as we move into the back half of the year. In our
view, Stock Yards Bancorp remains well situated to participate in the
continued economic improvement in our home market and new opportunities
in our expansion markets. Additionally, we are excited about the
opportunities we have to generate similarly attractive and complementary
growth through our investment management and trust department. We
believe this growth profile and other important investor considerations,
such as our strong capital position and our record of uninterrupted and
increasing dividend payments, not only demonstrate the success of our
bank, but also present a solid investment rationale for our
stockholders."
Total assets increased $153 million or 7% at June 30, 2014, reaching
$2.41 billion compared with $2.26 billion at June 30, 2013. The
Company's loan portfolio increased $133 million or 8% to $1.80 billion
at June 30, 2014, compared with $1.67 billion at June 30, 2013. Total
deposits increased $123 million or 7% to $1.99 billion at June 30, 2014,
from $1.86 billion at June 30, 2013.
The Company's capital levels remained strong during the second quarter
of 2014 and exceeded the required minimums necessary to be deemed a
"well-capitalized" institution – the highest capital rating for
financial institutions. By maintaining a strong capital position, Stock
Yards Bancorp has continued to enhance stockholder value through
steadily increased cash dividends, raising the dividend rate five times
over the past four years, and maintain its flexibility to pursue
expansion and other opportunities that may arise.
Net interest income – the Company's largest source of revenue –
increased $1.7 million or 9% to $20.7 million in the second quarter of
2014 from $19.0 million in the prior-year quarter. In the second quarter
of 2014, net interest margin was 3.77% versus 3.76% in the first quarter
of 2014 and 3.72% in the second quarter of 2013.
NPLs totaled $19.5 million or 1.08% of total loans outstanding at June
30, 2014, down from $20.5 million or 1.18% of total loans outstanding at
March 31, 2014, and $31.5 million or 1.89% of total loans at June 30,
2013. NPAs, which include NPLs and repossessed assets, were $22.4
million or 0.93% of total assets at June 30, 2014, down from $23.4
million or 0.99% of total assets at March 31, 2014, and $39.1 million or
1.73% of total assets at June 30, 2013.
Net charge-offs in the second quarter of 2014 totaled $180 thousand or
0.01% of average loans, down from $281 thousand or 0.02% of average
loans in the first quarter of 2014 and $1.4 million or 0.08% of average
loans in the year-earlier period.
The Company's loan loss provision for the second quarter of 2014 was
$1.4 million, up from $350 thousand in the first quarter of 2014 and
from $1.3 million in the prior-year quarter. The allowance for loan
losses remained at 1.65% of total loans at June 30, 2014, compared with
March 31, 2014, and decreased from 1.92% of total loans at June 30,
2013. While overall credit metrics have continued to improve, the
downgrade of a commercial and industrial lending relationship during the
second quarter caused management to pause what has been a steady
reduction of the allowance coverage over the past year. Management
believes that by year end there will be greater clarity regarding the
ultimate risk presented by this loan.
Total non-interest income decreased $254 thousand or 3% to $10.1 million
in the second quarter of 2014 from $10.3 million for the prior-year
quarter, with the decline primarily reflecting higher mortgage banking
revenue in the year-earlier quarter along with a non-recurring gain on
acquisition in the second quarter 2013. These were largely offset by
continued growth in investment management and trust services income.
Total non-interest expense decreased $1.1 million or 6% to $17.7 million
in the second quarter of 2014 from $18.8 million in the same period last
year. The change primarily reflected the non-recurring acquisition costs
reported in the year-earlier quarter.
In May 2014, Stock Yards Bancorp's Board of Directors raised its
quarterly cash dividend 5% to $0.22 per common share. The latest
dividend was distributed on July 1, 2014, to stockholders of record as
of June 9, 2014.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.41 billion
in assets, was incorporated in 1988 as a bank holding company. It is the
parent company of Stock Yards Bank & Trust Company, which was
established in 1904. The Company's common shares trade on the NASDAQ
Global Select Market under the symbol SYBT.
The following table provides a reconciliation of total stockholders'
equity, in accordance with US GAAP, to tangible common equity. The
Company provides the tangible common equity ratio, in addition to those
defined by banking regulators, because of its widespread use by
investors as a means to evaluate capital adequacy.
|
Tangible Common Equity Ratio
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014
|
|
|
March 31, 2014
|
|
|
June 30, 2013
|
Total stockholders' equity (a)
|
|
|
$
|
243,614
|
|
|
|
$
|
236,976
|
|
|
|
$
|
220,352
|
|
Less goodwill
|
|
|
|
(682
|
)
|
|
|
|
(682
|
)
|
|
|
|
(682
|
)
|
Less core deposit intangible
|
|
|
|
(1,937
|
)
|
|
|
|
(2,004
|
)
|
|
|
|
(2,445
|
)
|
Tangible common equity (c)
|
|
|
$
|
240,995
|
|
|
|
$
|
234,290
|
|
|
|
$
|
217,225
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (b)
|
|
|
$
|
2,411,375
|
|
|
|
$
|
2,354,238
|
|
|
|
$
|
2,258,600
|
|
Less goodwill
|
|
|
|
(682
|
)
|
|
|
|
(682
|
)
|
|
|
|
(682
|
)
|
Less core deposit intangible
|
|
|
|
(1,937
|
)
|
|
|
|
(2,004
|
)
|
|
|
|
(2,445
|
)
|
Tangible assets (d)
|
|
|
$
|
2,408,756
|
|
|
|
$
|
2,351,552
|
|
|
|
$
|
2,255,473
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets (a/b)
|
|
|
|
10.10
|
%
|
|
|
|
10.07
|
%
|
|
|
|
9.76
|
%
|
Tangible common equity ratio (c/d)
|
|
|
|
10.00
|
%
|
|
|
|
9.96
|
%
|
|
|
|
9.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This report contains forward-looking statements under the Private
Securities Litigation Reform Act that involve risks and uncertainties.
Although the Company's management believes the assumptions underlying
the forward-looking statements contained herein are reasonable, any of
these assumptions could be inaccurate. Therefore, there can be no
assurance the forward-looking statements included herein will prove to
be accurate. Factors that could cause actual results to differ from
those discussed in forward-looking statements include, but are not
limited to: economic conditions both generally and more specifically in
the markets in which the Company and its subsidiaries operate;
competition for the Company's customers from other providers of
financial services; government legislation and regulation, which change
from time to time and over which the Company has no control; changes in
interest rates; material unforeseen changes in liquidity, results of
operations, or financial condition of the Company's customers; and other
risks detailed in the Company's filings with the Securities and Exchange
Commission, all of which are difficult to predict and many of which are
beyond the control of the Company. See Risk Factors outlined in the
Company's Form 10-K for the year ended December 31, 2013.
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information (unaudited)
|
Second Quarter 2014 Earnings Release
|
(In thousands unless otherwise noted)
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax equivalent (1)
|
|
|
$
|
20,900
|
|
|
|
$
|
19,229
|
|
|
|
$
|
41,377
|
|
|
|
$
|
37,940
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
19,787
|
|
|
|
$
|
19,480
|
|
|
|
$
|
39,146
|
|
|
|
$
|
38,529
|
|
Federal funds sold
|
|
|
|
63
|
|
|
|
|
72
|
|
|
|
|
142
|
|
|
|
|
152
|
|
Mortgage loans held for sale
|
|
|
|
43
|
|
|
|
|
56
|
|
|
|
|
74
|
|
|
|
|
120
|
|
Securities
|
|
|
|
2,120
|
|
|
|
|
1,685
|
|
|
|
|
4,255
|
|
|
|
|
3,327
|
|
Total interest income
|
|
|
|
22,013
|
|
|
|
|
21,293
|
|
|
|
|
43,617
|
|
|
|
|
42,128
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
1,114
|
|
|
|
|
1,285
|
|
|
|
|
2,254
|
|
|
|
|
2,624
|
|
Federal funds purchased
|
|
|
|
9
|
|
|
|
|
9
|
|
|
|
|
15
|
|
|
|
|
17
|
|
Securities sold under agreements to repurchase
|
|
|
|
29
|
|
|
|
|
33
|
|
|
|
|
63
|
|
|
|
|
68
|
|
Federal Home Loan Bank (FHLB) advances
|
|
|
|
206
|
|
|
|
|
219
|
|
|
|
|
402
|
|
|
|
|
436
|
|
Subordinated debentures
|
|
|
|
-
|
|
|
|
|
772
|
|
|
|
|
-
|
|
|
|
|
1,545
|
|
Total interest expense
|
|
|
|
1,358
|
|
|
|
|
2,318
|
|
|
|
|
2,734
|
|
|
|
|
4,690
|
|
Net interest income
|
|
|
|
20,655
|
|
|
|
|
18,975
|
|
|
|
|
40,883
|
|
|
|
|
37,438
|
|
Provision for loan losses
|
|
|
|
1,350
|
|
|
|
|
1,325
|
|
|
|
|
1,700
|
|
|
|
|
3,650
|
|
Net interest income after provision for loan losses
|
|
|
|
19,305
|
|
|
|
|
17,650
|
|
|
|
|
39,183
|
|
|
|
|
33,788
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management and trust income
|
|
|
|
4,755
|
|
|
|
|
4,129
|
|
|
|
|
9,323
|
|
|
|
|
8,015
|
|
Service charges on deposit accounts
|
|
|
|
2,223
|
|
|
|
|
2,244
|
|
|
|
|
4,326
|
|
|
|
|
4,244
|
|
Bankcard transaction revenue
|
|
|
|
1,209
|
|
|
|
|
1,020
|
|
|
|
|
2,284
|
|
|
|
|
1,981
|
|
Mortgage banking revenue
|
|
|
|
722
|
|
|
|
|
1,195
|
|
|
|
|
1,310
|
|
|
|
|
2,375
|
|
Loss on the sale of securities
|
|
|
|
(9
|
)
|
|
|
|
(5
|
)
|
|
|
|
(9
|
)
|
|
|
|
(5
|
)
|
Brokerage commissions and fees
|
|
|
|
462
|
|
|
|
|
622
|
|
|
|
|
967
|
|
|
|
|
1,237
|
|
Bank owned life insurance
|
|
|
|
234
|
|
|
|
|
259
|
|
|
|
|
470
|
|
|
|
|
511
|
|
Gain on acquisition
|
|
|
|
-
|
|
|
|
|
449
|
|
|
|
|
-
|
|
|
|
|
449
|
|
Other non-interest income
|
|
|
|
461
|
|
|
|
|
398
|
|
|
|
|
861
|
|
|
|
|
732
|
|
Total non-interest income
|
|
|
|
10,057
|
|
|
|
|
10,311
|
|
|
|
|
19,532
|
|
|
|
|
19,539
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits expense
|
|
|
|
10,724
|
|
|
|
|
10,021
|
|
|
|
|
21,842
|
|
|
|
|
19,678
|
|
Net occupancy expense
|
|
|
|
1,453
|
|
|
|
|
1,435
|
|
|
|
|
3,009
|
|
|
|
|
2,666
|
|
Data processing expense
|
|
|
|
1,718
|
|
|
|
|
1,819
|
|
|
|
|
3,278
|
|
|
|
|
3,175
|
|
Furniture and equipment expense
|
|
|
|
259
|
|
|
|
|
286
|
|
|
|
|
527
|
|
|
|
|
577
|
|
FDIC insurance expense
|
|
|
|
350
|
|
|
|
|
357
|
|
|
|
|
692
|
|
|
|
|
707
|
|
Gain on other real estate owned
|
|
|
|
(6
|
)
|
|
|
|
(74
|
)
|
|
|
|
(349
|
)
|
|
|
|
(109
|
)
|
Acquisition costs
|
|
|
|
-
|
|
|
|
|
1,548
|
|
|
|
|
-
|
|
|
|
|
1,548
|
|
Other non-interest expenses
|
|
|
|
3,203
|
|
|
|
|
3,430
|
|
|
|
|
6,246
|
|
|
|
|
6,159
|
|
Total non-interest expense
|
|
|
|
17,701
|
|
|
|
|
18,822
|
|
|
|
|
35,245
|
|
|
|
|
34,401
|
|
Net income before income tax expense
|
|
|
|
11,661
|
|
|
|
|
9,139
|
|
|
|
|
23,470
|
|
|
|
|
18,926
|
|
Income tax expense
|
|
|
|
3,627
|
|
|
|
|
2,732
|
|
|
|
|
7,259
|
|
|
|
|
5,751
|
|
Net income
|
|
|
$
|
8,034
|
|
|
|
$
|
6,407
|
|
|
|
$
|
16,211
|
|
|
|
$
|
13,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic
|
|
|
|
14,545
|
|
|
|
|
14,203
|
|
|
|
|
14,526
|
|
|
|
|
14,010
|
|
Weighted average shares - diluted
|
|
|
|
14,704
|
|
|
|
|
14,243
|
|
|
|
|
14,714
|
|
|
|
|
14,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share, basic
|
|
|
$
|
0.55
|
|
|
|
$
|
0.45
|
|
|
|
$
|
1.12
|
|
|
|
$
|
0.94
|
|
Net income per share, diluted
|
|
|
|
0.55
|
|
|
|
|
0.45
|
|
|
|
|
1.10
|
|
|
|
|
0.94
|
|
Cash dividend declared per share
|
|
|
|
0.22
|
|
|
|
|
0.20
|
|
|
|
|
0.43
|
|
|
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
|
|
|
|
|
|
$
|
1,799,791
|
|
|
|
$
|
1,666,991
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
29,761
|
|
|
|
|
31,980
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
2,411,375
|
|
|
|
|
2,258,600
|
|
Non-interest bearing deposits
|
|
|
|
|
|
|
|
|
|
462,379
|
|
|
|
|
412,584
|
|
Interest bearing deposits
|
|
|
|
|
|
|
|
|
|
1,525,016
|
|
|
|
|
1,452,260
|
|
Federal Home Loan Bank advances
|
|
|
|
|
|
|
|
|
|
36,067
|
|
|
|
|
31,859
|
|
Subordinated debentures
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
30,900
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
243,614
|
|
|
|
|
220,352
|
|
Total shares outstanding
|
|
|
|
|
|
|
|
|
|
14,665
|
|
|
|
|
14,509
|
|
Book value per share
|
|
|
|
|
|
|
|
|
|
16.61
|
|
|
|
|
15.19
|
|
Market value per share
|
|
|
|
|
|
|
|
|
|
29.90
|
|
|
|
|
24.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information (unaudited)
|
Second Quarter 2014 Earnings Release
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Average Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Average federal funds sold
|
|
|
$
|
77,386
|
|
|
|
$
|
95,029
|
|
|
|
$
|
87,024
|
|
|
|
$
|
102,707
|
|
Average mortgage loans held for sale
|
|
|
|
4,438
|
|
|
|
|
6,471
|
|
|
|
|
3,615
|
|
|
|
|
7,157
|
|
Average securities available for sale
|
|
|
|
382,176
|
|
|
|
|
331,248
|
|
|
|
|
382,652
|
|
|
|
|
304,389
|
|
Average FHLB stock and other securities
|
|
|
|
6,995
|
|
|
|
|
6,772
|
|
|
|
|
7,170
|
|
|
|
|
6,478
|
|
Average loans
|
|
|
|
1,759,695
|
|
|
|
|
1,644,886
|
|
|
|
|
1,743,244
|
|
|
|
|
1,615,280
|
|
Average earning assets
|
|
|
|
2,221,482
|
|
|
|
|
2,073,415
|
|
|
|
|
2,214,385
|
|
|
|
|
2,026,542
|
|
Average assets
|
|
|
|
2,357,697
|
|
|
|
|
2,206,477
|
|
|
|
|
2,352,037
|
|
|
|
|
2,156,514
|
|
Average interest bearing deposits
|
|
|
|
1,550,363
|
|
|
|
|
1,427,469
|
|
|
|
|
1,551,330
|
|
|
|
|
1,394,591
|
|
Average total deposits
|
|
|
|
1,982,180
|
|
|
|
|
1,821,671
|
|
|
|
|
1,978,025
|
|
|
|
|
1,777,554
|
|
Average securities sold under agreement to repurchase
|
|
|
|
52,396
|
|
|
|
|
54,576
|
|
|
|
|
56,622
|
|
|
|
|
55,948
|
|
Average federal funds purchased and other short term borrowings
|
|
|
|
22,109
|
|
|
|
|
21,839
|
|
|
|
|
19,397
|
|
|
|
|
20,747
|
|
Average Federal Home Loan Bank advances
|
|
|
|
34,886
|
|
|
|
|
31,864
|
|
|
|
|
34,596
|
|
|
|
|
31,870
|
|
Average subordinated debentures
|
|
|
|
-
|
|
|
|
|
30,900
|
|
|
|
|
-
|
|
|
|
|
30,900
|
|
Average interest bearing liabilities
|
|
|
|
1,659,754
|
|
|
|
|
1,566,648
|
|
|
|
|
1,661,945
|
|
|
|
|
1,534,056
|
|
Average stockholders' equity
|
|
|
|
241,376
|
|
|
|
|
219,871
|
|
|
|
|
238,000
|
|
|
|
|
214,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets
|
|
|
|
1.37
|
%
|
|
|
|
1.16
|
%
|
|
|
|
1.39
|
%
|
|
|
|
1.23
|
%
|
Annualized return on average equity
|
|
|
|
13.35
|
%
|
|
|
|
11.69
|
%
|
|
|
|
13.74
|
%
|
|
|
|
12.41
|
%
|
Net interest margin, fully tax equivalent
|
|
|
|
3.77
|
%
|
|
|
|
3.72
|
%
|
|
|
|
3.77
|
%
|
|
|
|
3.78
|
%
|
Non-interest income to total revenue, fully tax equivalent
|
|
|
|
32.49
|
%
|
|
|
|
34.91
|
%
|
|
|
|
32.07
|
%
|
|
|
|
33.99
|
%
|
Efficiency ratio
|
|
|
|
57.18
|
%
|
|
|
|
63.72
|
%
|
|
|
|
57.87
|
%
|
|
|
|
59.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity to average assets
|
|
|
|
10.24
|
%
|
|
|
|
9.96
|
%
|
|
|
|
10.12
|
%
|
|
|
|
9.93
|
%
|
Tier 1 risk-based capital
|
|
|
|
|
|
|
|
|
|
12.28
|
%
|
|
|
|
13.75
|
%
|
Total risk-based capital
|
|
|
|
|
|
|
|
|
|
13.53
|
%
|
|
|
|
15.00
|
%
|
Leverage
|
|
|
|
|
|
|
|
|
|
10.19
|
%
|
|
|
|
11.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Type
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
$
|
558,720
|
|
|
|
$
|
474,255
|
|
Construction and development
|
|
|
|
|
|
|
|
|
|
124,390
|
|
|
|
|
133,464
|
|
Real estate mortgage - commercial investment
|
|
|
|
|
|
|
|
|
|
458,101
|
|
|
|
|
419,035
|
|
Real estate mortgage - owner occupied commercial
|
|
|
|
|
|
|
|
|
|
334,016
|
|
|
|
|
321,518
|
|
Real estate mortgage - 1-4 family residential
|
|
|
|
|
|
|
|
|
|
189,192
|
|
|
|
|
180,700
|
|
Home equity - first lien
|
|
|
|
|
|
|
|
|
|
39,050
|
|
|
|
|
38,598
|
|
Home equity - junior lien
|
|
|
|
|
|
|
|
|
|
64,162
|
|
|
|
|
65,486
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
32,160
|
|
|
|
|
33,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans
|
|
|
|
|
|
|
|
|
|
1.65
|
%
|
|
|
|
1.92
|
%
|
Allowance for loan losses to average loans
|
|
|
|
1.69
|
%
|
|
|
|
1.94
|
%
|
|
|
|
1.71
|
%
|
|
|
|
1.98
|
%
|
Allowance for loan losses to non-performing loans
|
|
|
|
|
|
|
|
|
|
153.00
|
%
|
|
|
|
101.63
|
%
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
$
|
11,985
|
|
|
|
$
|
20,886
|
|
Troubled debt restructuring
|
|
|
|
|
|
|
|
|
|
7,118
|
|
|
|
|
8,565
|
|
Loans - 90 days past due & still accruing
|
|
|
|
|
|
|
|
|
|
348
|
|
|
|
|
2,017
|
|
Total non-performing loans
|
|
|
|
|
|
|
|
|
|
19,451
|
|
|
|
|
31,468
|
|
OREO and repossessed assets
|
|
|
|
|
|
|
|
|
|
2,968
|
|
|
|
|
7,619
|
|
Total non-performing assets
|
|
|
|
|
|
|
|
|
|
22,419
|
|
|
|
|
39,087
|
|
Non-performing loans to total loans
|
|
|
|
|
|
|
|
|
|
1.08
|
%
|
|
|
|
1.89
|
%
|
Non-performing assets to total assets
|
|
|
|
|
|
|
|
|
|
0.93
|
%
|
|
|
|
1.73
|
%
|
Net charge-offs to average loans (2)
|
|
|
|
0.01
|
%
|
|
|
|
0.08
|
%
|
|
|
|
0.03
|
%
|
|
|
|
0.22
|
%
|
Net charge-offs
|
|
|
$
|
180
|
|
|
|
$
|
1,367
|
|
|
|
|
461
|
|
|
|
$
|
3,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information (unaudited)
|
Second Quarter 2014 Earnings Release
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter Comparison
|
|
|
|
6/30/14
|
|
|
3/31/14
|
|
|
12/31/13
|
|
|
9/30/13
|
|
|
6/30/13
|
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax equivalent (1)
|
|
|
$
|
20,900
|
|
|
|
$
|
20,477
|
|
|
|
$
|
20,096
|
|
|
|
$
|
20,270
|
|
|
|
$
|
19,229
|
|
Net interest income
|
|
|
$
|
20,655
|
|
|
|
$
|
20,228
|
|
|
|
$
|
19,843
|
|
|
|
$
|
20,017
|
|
|
|
$
|
18,975
|
|
Provision for loan losses
|
|
|
|
1,350
|
|
|
|
|
350
|
|
|
|
|
1,575
|
|
|
|
|
1,325
|
|
|
|
|
1,325
|
|
Net interest income after provision for loan losses
|
|
|
|
19,305
|
|
|
|
|
19,878
|
|
|
|
|
18,268
|
|
|
|
|
18,692
|
|
|
|
|
17,650
|
|
Investment management and trust income
|
|
|
|
4,755
|
|
|
|
|
4,568
|
|
|
|
|
4,255
|
|
|
|
|
4,017
|
|
|
|
|
4,129
|
|
Service charges on deposit accounts
|
|
|
|
2,223
|
|
|
|
|
2,103
|
|
|
|
|
2,394
|
|
|
|
|
2,348
|
|
|
|
|
2,244
|
|
Bankcard transaction revenue
|
|
|
|
1,209
|
|
|
|
|
1,075
|
|
|
|
|
1,310
|
|
|
|
|
1,087
|
|
|
|
|
1,020
|
|
Mortgage banking revenue
|
|
|
|
722
|
|
|
|
|
588
|
|
|
|
|
608
|
|
|
|
|
995
|
|
|
|
|
1,195
|
|
Loss on the sale of securities
|
|
|
|
(9
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
Brokerage commissions and fees
|
|
|
|
462
|
|
|
|
|
505
|
|
|
|
|
466
|
|
|
|
|
456
|
|
|
|
|
622
|
|
Bank owned life insurance
|
|
|
|
234
|
|
|
|
|
236
|
|
|
|
|
260
|
|
|
|
|
260
|
|
|
|
|
259
|
|
Gain on acquisition
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
449
|
|
Other non-interest income
|
|
|
|
461
|
|
|
|
|
400
|
|
|
|
|
518
|
|
|
|
|
489
|
|
|
|
|
398
|
|
Total non-interest income
|
|
|
|
10,057
|
|
|
|
|
9,475
|
|
|
|
|
9,811
|
|
|
|
|
9,652
|
|
|
|
|
10,311
|
|
Salaries and employee benefits expense
|
|
|
|
10,724
|
|
|
|
|
11,118
|
|
|
|
|
10,959
|
|
|
|
|
10,508
|
|
|
|
|
10,021
|
|
Net occupancy expense
|
|
|
|
1,453
|
|
|
|
|
1,556
|
|
|
|
|
1,427
|
|
|
|
|
1,522
|
|
|
|
|
1,435
|
|
Data processing expense
|
|
|
|
1,718
|
|
|
|
|
1,560
|
|
|
|
|
1,624
|
|
|
|
|
1,520
|
|
|
|
|
1,819
|
|
Furniture and equipment expense
|
|
|
|
259
|
|
|
|
|
268
|
|
|
|
|
280
|
|
|
|
|
269
|
|
|
|
|
286
|
|
FDIC Insurance expense
|
|
|
|
350
|
|
|
|
|
342
|
|
|
|
|
376
|
|
|
|
|
348
|
|
|
|
|
357
|
|
Loss (gain) on other real estate owned
|
|
|
|
(6
|
)
|
|
|
|
(343
|
)
|
|
|
|
287
|
|
|
|
|
475
|
|
|
|
|
(74
|
)
|
Acquisition costs
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,548
|
|
Other non-interest expenses
|
|
|
|
3,203
|
|
|
|
|
3,043
|
|
|
|
|
4,427
|
|
|
|
|
2,929
|
|
|
|
|
3,430
|
|
Total non-interest expense
|
|
|
|
17,701
|
|
|
|
|
17,544
|
|
|
|
|
19,380
|
|
|
|
|
17,571
|
|
|
|
|
18,822
|
|
Net income before income tax expense
|
|
|
|
11,661
|
|
|
|
|
11,809
|
|
|
|
|
8,699
|
|
|
|
|
10,773
|
|
|
|
|
9,139
|
|
Income tax expense
|
|
|
|
3,627
|
|
|
|
|
3,632
|
|
|
|
|
2,386
|
|
|
|
|
3,091
|
|
|
|
|
2,732
|
|
Net income
|
|
|
$
|
8,034
|
|
|
|
$
|
8,177
|
|
|
|
$
|
6,313
|
|
|
|
$
|
7,682
|
|
|
|
$
|
6,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic
|
|
|
|
14,545
|
|
|
|
|
14,506
|
|
|
|
|
14,455
|
|
|
|
|
14,408
|
|
|
|
|
14,203
|
|
Weighted average shares - diluted
|
|
|
|
14,704
|
|
|
|
|
14,701
|
|
|
|
|
14,677
|
|
|
|
|
14,556
|
|
|
|
|
14,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share, basic
|
|
|
$
|
0.55
|
|
|
|
$
|
0.56
|
|
|
|
$
|
0.44
|
|
|
|
$
|
0.53
|
|
|
|
$
|
0.45
|
|
Net income per share, diluted
|
|
|
|
0.55
|
|
|
|
|
0.56
|
|
|
|
|
0.43
|
|
|
|
|
0.53
|
|
|
|
|
0.45
|
|
Cash dividend declared per share
|
|
|
|
0.22
|
|
|
|
|
0.21
|
|
|
|
|
0.21
|
|
|
|
|
0.20
|
|
|
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
$
|
57,365
|
|
|
|
$
|
42,685
|
|
|
|
$
|
34,519
|
|
|
|
$
|
47,048
|
|
|
|
$
|
41,480
|
|
Federal funds sold
|
|
|
|
37,896
|
|
|
|
|
40,269
|
|
|
|
|
36,251
|
|
|
|
|
23,472
|
|
|
|
|
36,177
|
|
Mortgage loans held for sale
|
|
|
|
4,162
|
|
|
|
|
3,473
|
|
|
|
|
1,757
|
|
|
|
|
3,829
|
|
|
|
|
7,080
|
|
Securities available for sale
|
|
|
|
414,490
|
|
|
|
|
440,184
|
|
|
|
|
490,031
|
|
|
|
|
401,063
|
|
|
|
|
402,807
|
|
FHLB stock and other securities
|
|
|
|
6,347
|
|
|
|
|
7,347
|
|
|
|
|
7,347
|
|
|
|
|
7,347
|
|
|
|
|
7,347
|
|
Total loans
|
|
|
|
1,799,791
|
|
|
|
|
1,728,619
|
|
|
|
|
1,721,350
|
|
|
|
|
1,709,258
|
|
|
|
|
1,666,991
|
|
Allowance for loan losses
|
|
|
|
29,761
|
|
|
|
|
28,591
|
|
|
|
|
28,522
|
|
|
|
|
28,990
|
|
|
|
|
31,980
|
|
Total assets
|
|
|
|
2,411,375
|
|
|
|
|
2,354,238
|
|
|
|
|
2,389,262
|
|
|
|
|
2,289,755
|
|
|
|
|
2,258,600
|
|
Non-interest bearing deposits
|
|
|
|
462,379
|
|
|
|
|
436,843
|
|
|
|
|
423,350
|
|
|
|
|
429,297
|
|
|
|
|
412,584
|
|
Interest bearing deposits
|
|
|
|
1,525,016
|
|
|
|
|
1,550,544
|
|
|
|
|
1,557,587
|
|
|
|
|
1,453,154
|
|
|
|
|
1,452,260
|
|
Securities sold under agreements to repurchase
|
|
|
|
56,475
|
|
|
|
|
52,453
|
|
|
|
|
62,615
|
|
|
|
|
56,225
|
|
|
|
|
56,554
|
|
Federal funds purchased
|
|
|
|
59,014
|
|
|
|
|
18,731
|
|
|
|
|
55,295
|
|
|
|
|
31,861
|
|
|
|
|
28,782
|
|
Federal Home Loan Bank advances
|
|
|
|
36,067
|
|
|
|
|
34,288
|
|
|
|
|
34,329
|
|
|
|
|
32,422
|
|
|
|
|
31,859
|
|
Subordinated debentures
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
30,900
|
|
|
|
|
30,900
|
|
Stockholders' equity
|
|
|
|
243,614
|
|
|
|
|
236,976
|
|
|
|
|
229,444
|
|
|
|
|
226,535
|
|
|
|
|
220,352
|
|
Total shares outstanding
|
|
|
|
14,665
|
|
|
|
|
14,659
|
|
|
|
|
14,609
|
|
|
|
|
14,554
|
|
|
|
|
14,509
|
|
Book value per share
|
|
|
|
16.61
|
|
|
|
|
16.17
|
|
|
|
|
15.71
|
|
|
|
|
15.57
|
|
|
|
|
15.19
|
|
Market value per share
|
|
|
|
29.90
|
|
|
|
|
31.64
|
|
|
|
|
31.92
|
|
|
|
|
28.33
|
|
|
|
|
24.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity to average assets
|
|
|
|
10.24
|
%
|
|
|
|
10.00
|
%
|
|
|
|
9.77
|
%
|
|
|
|
9.82
|
%
|
|
|
|
9.96
|
%
|
Tier 1 risk-based capital
|
|
|
|
12.28
|
%
|
|
|
|
12.47
|
%
|
|
|
|
12.29
|
%
|
|
|
|
13.66
|
%
|
|
|
|
13.75
|
%
|
Total risk-based capital
|
|
|
|
13.53
|
%
|
|
|
|
13.72
|
%
|
|
|
|
13.54
|
%
|
|
|
|
14.91
|
%
|
|
|
|
15.00
|
%
|
Leverage
|
|
|
|
10.19
|
%
|
|
|
|
10.00
|
%
|
|
|
|
9.75
|
%
|
|
|
|
11.21
|
%
|
|
|
|
11.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information (unaudited)
|
Second Quarter 2014 Earnings Release
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter Comparison
|
|
|
|
6/30/14
|
|
|
3/31/14
|
|
|
12/31/13
|
|
|
9/30/13
|
|
|
6/30/13
|
Average Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average federal funds sold
|
|
|
$
|
77,386
|
|
|
|
$
|
96,770
|
|
|
|
$
|
116,348
|
|
|
|
$
|
75,705
|
|
|
|
$
|
95,029
|
|
Average mortgage loans held for sale
|
|
|
|
4,438
|
|
|
|
|
2,783
|
|
|
|
|
3,582
|
|
|
|
|
5,685
|
|
|
|
|
6,471
|
|
Average investment securities
|
|
|
|
382,176
|
|
|
|
|
390,481
|
|
|
|
|
385,922
|
|
|
|
|
367,402
|
|
|
|
|
338,020
|
|
Average loans
|
|
|
|
1,759,695
|
|
|
|
|
1,726,610
|
|
|
|
|
1,713,062
|
|
|
|
|
1,674,049
|
|
|
|
|
1,644,886
|
|
Average earning assets
|
|
|
|
2,221,482
|
|
|
|
|
2,207,209
|
|
|
|
|
2,208,575
|
|
|
|
|
2,122,841
|
|
|
|
|
2,073,415
|
|
Average assets
|
|
|
|
2,357,697
|
|
|
|
|
2,346,314
|
|
|
|
|
2,351,127
|
|
|
|
|
2,264,937
|
|
|
|
|
2,206,477
|
|
Average interest bearing deposits
|
|
|
|
1,550,363
|
|
|
|
|
1,552,310
|
|
|
|
|
1,513,067
|
|
|
|
|
1,453,534
|
|
|
|
|
1,427,469
|
|
Average total deposits
|
|
|
|
1,982,180
|
|
|
|
|
1,973,827
|
|
|
|
|
1,949,209
|
|
|
|
|
1,867,229
|
|
|
|
|
1,821,671
|
|
Average securities sold under agreement to repurchase
|
|
|
|
52,396
|
|
|
|
|
60,895
|
|
|
|
|
66,244
|
|
|
|
|
64,652
|
|
|
|
|
54,576
|
|
Average federal funds purchased and other short term borrowings
|
|
|
|
22,109
|
|
|
|
|
16,654
|
|
|
|
|
17,102
|
|
|
|
|
19,628
|
|
|
|
|
21,839
|
|
Average Federal Home Loan Bank advances
|
|
|
|
34,886
|
|
|
|
|
34,302
|
|
|
|
|
34,341
|
|
|
|
|
31,970
|
|
|
|
|
31,864
|
|
Average subordinated debentures
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,221
|
|
|
|
|
30,900
|
|
|
|
|
30,900
|
|
Average interest bearing liabilities
|
|
|
|
1,659,754
|
|
|
|
|
1,664,161
|
|
|
|
|
1,659,975
|
|
|
|
|
1,600,684
|
|
|
|
|
1,566,648
|
|
Average stockholders' equity
|
|
|
|
241,376
|
|
|
|
|
234,587
|
|
|
|
|
229,685
|
|
|
|
|
222,528
|
|
|
|
|
219,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets
|
|
|
|
1.37
|
%
|
|
|
|
1.41
|
%
|
|
|
|
1.07
|
%
|
|
|
|
1.35
|
%
|
|
|
|
1.16
|
%
|
Annualized return on average equity
|
|
|
|
13.35
|
%
|
|
|
|
14.14
|
%
|
|
|
|
10.90
|
%
|
|
|
|
13.70
|
%
|
|
|
|
11.69
|
%
|
Net interest margin, fully tax equivalent
|
|
|
|
3.77
|
%
|
|
|
|
3.76
|
%
|
|
|
|
3.61
|
%
|
|
|
|
3.79
|
%
|
|
|
|
3.72
|
%
|
Non-interest income to total revenue, fully tax equivalent
|
|
|
|
32.49
|
%
|
|
|
|
31.63
|
%
|
|
|
|
32.81
|
%
|
|
|
|
32.26
|
%
|
|
|
|
34.91
|
%
|
Efficiency ratio
|
|
|
|
57.18
|
%
|
|
|
|
58.57
|
%
|
|
|
|
64.80
|
%
|
|
|
|
58.72
|
%
|
|
|
|
63.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
$
|
558,720
|
|
|
|
$
|
511,247
|
|
|
|
$
|
510,739
|
|
|
|
$
|
500,478
|
|
|
|
$
|
474,255
|
|
Construction and development
|
|
|
|
124,390
|
|
|
|
|
117,317
|
|
|
|
|
129,590
|
|
|
|
|
135,786
|
|
|
|
|
133,464
|
|
Real estate mortgage - commercial investment
|
|
|
|
458,101
|
|
|
|
|
448,255
|
|
|
|
|
430,047
|
|
|
|
|
429,832
|
|
|
|
|
419,035
|
|
Real estate mortgage - owner occupied commercial
|
|
|
|
334,016
|
|
|
|
|
329,260
|
|
|
|
|
329,422
|
|
|
|
|
326,523
|
|
|
|
|
321,518
|
|
Real estate mortgage - 1-4 family residential
|
|
|
|
189,192
|
|
|
|
|
185,775
|
|
|
|
|
183,700
|
|
|
|
|
180,162
|
|
|
|
|
180,700
|
|
Home equity - 1st lien
|
|
|
|
39,050
|
|
|
|
|
40,700
|
|
|
|
|
40,251
|
|
|
|
|
38,364
|
|
|
|
|
38,598
|
|
Home equity - junior lien
|
|
|
|
64,162
|
|
|
|
|
62,605
|
|
|
|
|
63,403
|
|
|
|
|
63,983
|
|
|
|
|
65,486
|
|
Consumer
|
|
|
|
32,160
|
|
|
|
|
33,460
|
|
|
|
|
34,198
|
|
|
|
|
34,130
|
|
|
|
|
33,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans
|
|
|
|
1.65
|
%
|
|
|
|
1.65
|
%
|
|
|
|
1.66
|
%
|
|
|
|
1.70
|
%
|
|
|
|
1.92
|
%
|
Allowance for loan losses to average loans
|
|
|
|
1.69
|
%
|
|
|
|
1.66
|
%
|
|
|
|
1.66
|
%
|
|
|
|
1.73
|
%
|
|
|
|
1.94
|
%
|
Allowance for loan losses to non-performing loans
|
|
|
|
153.00
|
%
|
|
|
|
139.74
|
%
|
|
|
|
124.31
|
%
|
|
|
|
95.10
|
%
|
|
|
|
101.63
|
%
|
Nonaccrual loans
|
|
|
$
|
11,985
|
|
|
|
$
|
12,741
|
|
|
|
$
|
15,258
|
|
|
|
$
|
20,284
|
|
|
|
$
|
20,886
|
|
Troubled debt restructuring
|
|
|
|
7,118
|
|
|
|
|
7,280
|
|
|
|
|
7,249
|
|
|
|
|
8,585
|
|
|
|
|
8,565
|
|
Loans - 90 days past due & still accruing
|
|
|
|
348
|
|
|
|
|
439
|
|
|
|
|
437
|
|
|
|
|
1,615
|
|
|
|
|
2,017
|
|
Total non-performing loans
|
|
|
|
19,451
|
|
|
|
|
20,460
|
|
|
|
|
22,944
|
|
|
|
|
30,484
|
|
|
|
|
31,468
|
|
OREO and repossessed assets
|
|
|
|
2,968
|
|
|
|
|
2,935
|
|
|
|
|
5,592
|
|
|
|
|
6,565
|
|
|
|
|
7,619
|
|
Total non-performing assets
|
|
|
|
22,419
|
|
|
|
|
23,395
|
|
|
|
|
28,536
|
|
|
|
|
37,049
|
|
|
|
|
39,087
|
|
Non-performing loans to total loans
|
|
|
|
1.08
|
%
|
|
|
|
1.18
|
%
|
|
|
|
1.33
|
%
|
|
|
|
1.78
|
%
|
|
|
|
1.89
|
%
|
Non-performing assets to total assets
|
|
|
|
0.93
|
%
|
|
|
|
0.99
|
%
|
|
|
|
1.19
|
%
|
|
|
|
1.62
|
%
|
|
|
|
1.73
|
%
|
Net charge-offs to average loans (2)
|
|
|
|
0.01
|
%
|
|
|
|
0.02
|
%
|
|
|
|
0.12
|
%
|
|
|
|
0.26
|
%
|
|
|
|
0.08
|
%
|
Net charge-offs
|
|
|
$
|
180
|
|
|
|
$
|
281
|
|
|
|
$
|
2,043
|
|
|
|
$
|
4,315
|
|
|
|
$
|
1,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets under management (in millions)
|
|
|
$
|
2,360
|
|
|
|
$
|
2,279
|
|
|
|
$
|
2,229
|
|
|
|
$
|
2,140
|
|
|
|
$
|
2,047
|
|
Full-time equivalent employees
|
|
|
|
528
|
|
|
|
|
522
|
|
|
|
|
519
|
|
|
|
|
510
|
|
|
|
|
511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Interest income on a fully tax equivalent basis includes the
additional amount of interest income that would have been earned if
investments in certain tax-exempt interest earning assets had been
made in assets subject to federal, state and local taxes yielding
the same after-tax income.
|
|
(2) - Interim ratios not annualized
|
Copyright Business Wire 2014