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Stock Yards Bancorp Reports First Quarter 2015 Net Income up 13% to $9.3 Million or $0.62 Per Diluted Share

SYBT

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 that net income for the quarter ended March 31, 2015, increased 13% to $9,255,000 or $0.62 per diluted share. The Company's strong performance for the first quarter of 2015 continued to reflect several highlights, including:

  • Ongoing improvements in overall credit quality that enabled the Company to again forego a provision for loan losses;
  • Continued stability in fee income, with higher mortgage banking revenue;
  • A generally stable net interest margin coupled with the benefit of loan growth over the last year; and
  • Strong returns on average assets and equity.
 

The following is a summary of the Company's reported results:

             

Quarter Ended March 31,

2015

2014

Change

Net income $   9,255,000 $   8,177,000 13 %
Net income per share, diluted $ 0.62 $ 0.56 11 %
Return on average equity 14.18 % 14.14 %
Return on average assets 1.49 % 1.41 %
 

"We are pleased to report higher earnings for the first quarter of 2015," said David P. Heintzman, Chairman and Chief Executive Officer. "Much of the momentum we witnessed in our business in 2014 continued into the new year against the backdrop of solid economies in our three markets. A key driver for our continued earnings expansion included strong credit quality, which has reduced our credit costs significantly. Another factor in our success has been the strength and sustainability of our fee-based activities. During the first quarter, we saw improvement in the performance of our mortgage banking activities, with a 41% increase in revenue over the prior-year period. This helped offset essentially flat revenue from our investment management and trust services against an unusually strong comparable quarter last year. Still, our investment management and trust revenue remained ahead of the past two sequential quarters, demonstrating the department as a significant and reliable source of recurring revenue. Together, these two sources of fee income – along with other activities – continue to promote an exceptional level of non-interest income for our Company."

Heintzman noted that while loan production was in line with the year-earlier quarter, management was disappointed that the Company's loan portfolio did not grow as expected. On a year-over-year basis, however, the loan portfolio has increased more than 8%. Given management's view of the Bank's lending pipeline, the Company believes it remains well positioned to post solid portfolio expansion in 2015.

Commenting on the interest rate environment, Heintzman said that Stock Yards Bancorp expects that net interest margin, while relatively stable in 2014, will remain under pressure in the coming year. Management believes any near-term increases in prevailing interest rates will not immediately benefit the Company since approximately 20% of its loan portfolio has variable rates with floors of 4%. A rise in rates would have a short-term negative impact on net interest income since rates would have to increase more than 75 bps before the rates on such loans will rise.

"We are pleased with the overall progress we achieved in the first quarter of 2015 and are excited about the opportunities we are capitalizing on with expansion in our Cincinnati and Indianapolis markets," Heintzman added. "Because of market disruption in northern Kentucky, we have been able to hire highly talented and experienced lenders there and, as a result, we will open two new branches in northern Kentucky by midyear to provide the infrastructure and support needed for that area. These new locations, which follow the branch we recently opened in the Indianapolis market, represent an attractive investment for us in strengthening our franchise and growing market share, and we expect them to ramp up to profitability in 2016."

Concluding, Heintzman said, "We remain positive about the potential for loan growth in the second quarter that, combined with the outlook for a continued solid performance from our fee-based activities, provides us with a firm footing for the balance of the year. We continue to work diligently to enhance our total return to stockholders and build on our reputation as one of the top-performing community banks in the country. Underscoring these objectives, we recently learned that Stock Yards Bancorp once again has been named to the KBW Bank Honor Roll, an annual ranking based on a bank's 10-year performance record. Only 25 banks were named to this exclusive ranking for 2014, and of those 25 selected, 23 – including Stock Yards Bancorp – repeated from the 2013 honor roll. Additionally, we also received the third annual Raymond James Community Bankers Cup, for the third consecutive year. It recognized top performance in 2014 by 31 exchange-traded banks with assets between $500 million and $10 billion. While these recognitions point to an impressive track record for our company, they also reflect our dedication to prudent and consistent growth over the long term, a principle that continues to guide us. As a result, we remain confident that Stock Yards Bancorp is well positioned to achieve further growth, attractive profitability and solid stockholder returns."

Total assets increased $158 million or 7% at March 31, 2015, reaching $2.51 billion compared with $2.35 billion at March 31, 2014. The Company's loan portfolio increased $145.4 million or 8% to $1.87 billion at March 31, 2015, compared with $1.73 billion at March 31, 2014. Total deposits increased $123 million or 6% to $2.11 billion at March 31, 2015, from $1.99 billion at March 31, 2014. Core deposits as a percentage of total deposits held steady at 98.0% as of March 31, 2015.

The Company's capital levels remained strong during the first quarter of 2015 and significantly exceeded the required minimums necessary to be considered a "well-capitalized" institution – the highest capital rating for financial institutions. Considering its consistently solid capital position, Stock Yards Bancorp has remained on a steady course to enhance stockholder value by increasing cash dividends while maintaining its financial flexibility to pursue expansion and other opportunities that may arise. In February 2015, Stock Yards Bancorp's Board of Directors declared a quarterly cash dividend of $0.23 per common share, continuing the 5% increase first declared in November 2014. The latest dividend was distributed on April 1, 2015, to stockholders of record as of March 16, 2015.

Net interest income – the Company's largest source of revenue – increased $1.4 million or 7% to $21.6 million in the first quarter of 2015 from $20.2 million in the prior-year quarter.

In the first quarter of 2015, net interest margin was 3.72%, up from 3.67% in the fourth quarter of 2014, but down from 3.76% in the first quarter of 2014. The Company's normalized or core net interest margin (core net interest margin is a non-GAAP financial measure, see Reconciliation of Net Interest Margin to Core later in this release), which excludes the effect of prepayment penalties, late charges, interest adjustments on loans, and the accretion of fair value adjustments, was 3.68% for the first quarter of 2015, up four basis points from the fourth quarter of 2014, but down four basis points from the first quarter of 2014. The increase in core net interest margin in the first quarter of 2015 versus the linked fourth quarter was due primarily, as anticipated, to an improvement in liquidity as temporary public funds deposited at the end of 2014 were withdrawn.

Non-performing loans (NPLs) totaled $11.5 million or 0.62% of total loans outstanding at March 31, 2015, down from $11.9 million or 0.64% of total loans outstanding at December 31, 2014, and $20.5 million or 1.18% of total loans at March 31, 2014. This further improvement in NPLs is consistent with broad trends witnessed over the past two years, as the Company has reached asset quality levels not seen on a regular basis since 2008. Similarly, non-performing assets, which include NPLs and repossessed assets, were $17.4 million or 0.69% of total assets at March 31, 2015, down from $17.9 million or 0.70% of total assets at December 31, 2014, and $23.4 million or 0.99% of total assets at March 31, 2014. Net charge-offs in the first quarter of 2015 totaled $38 thousand, a significant decrease from $2.2 million or 0.12% of average loans in the fourth quarter of 2014 and $281 thousand or 0.02% of average loans in the prior-year quarter.

Because of ongoing improvements in asset quality and with management's overall assessment of risk in the loan portfolio, the Company did not record a loan loss provision for the first quarter of 2015, similar to the fourth quarter of 2014. In the first quarter of 2014, the loan loss provision was $350 thousand. The allowance for loan losses was 1.33% of total loans as of March 31, 2015, unchanged from that at December 31, 2014, and down from 1.65% of total loans at March 31, 2014.

Total non-interest income in the first quarter of 2015 increased $198 thousand or 2.1% to $9.7 million from $9.5 million in the prior-year quarter, primarily reflecting a $240 thousand or 41% increase in mortgage banking revenue, which more than offset relatively flat revenue from investment management and trust services, along with lower brokerage fees and commissions. Total non-interest expense for the first quarter of 2015 increased $235 thousand or 1.3% to $17.8 million from $17.5 million in the prior-year quarter, primarily because of a $20 thousand loss on the disposition of other real estate owned (OREO) versus a $343 thousand gain on the disposal of OREO in the year-earlier quarter.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.51 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, which is a non-GAAP financial measure. 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)

       
     

March 31,
2015

Dec. 31,
2014

March 31,
2014

Total stockholders' equity (a) $ 267,601 $ 259,895 $ 236,976
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,761 )   (1,820 )   (2,004 )
Tangible common equity (c) $ 265,158   $ 257,393   $ 234,290  
 
Total assets (b) $ 2,512,263 $ 2,563,868 $ 2,354,238
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,761 )   (1,820 )   (2,004 )
Tangible assets (d) $ 2,509,820   $ 2,561,366   $ 2,351,552  
 
Total stockholders' equity to total assets (a/b) 10.65 % 10.14 % 10.07 %
Tangible common equity ratio (c/d)   10.56 %   10.05 %   9.96 %

The following table provides a reconciliation of net interest margin in accordance with US GAAP to core net interest margin, which is a non-GAAP financial measure. The Company provides this information to illustrate sequentially the trend in quarterly net interest margin to show the impact of prepayment fees and late charges on net interest margin.

 
Reconciliation of Net Interest Margin to Core
 
     

March 31,
2015

   

Dec. 31,
2014

   

Sept. 30,
2014

   

June 30,
2014

   

March 31,
2014

Net interest margin 3.72 % 3.67 % 3.80 % 3.77 % 3.76 %
Prepayment penalties / late charges (0.02 ) (0.01 ) (0.06 ) (0.02 ) (0.02 )
Interest adjustment on non-accrual loans (0.01 ) (0.01 ) 0.01 -- 0.01
Accretion of fair value adjustments (0.01 ) (0.01 ) (0.02 ) (0.02 ) (0.03 )
Core net interest margin 3.68 % 3.64 % 3.73 % 3.73 % 3.72 %
 

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, 2014.

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2015 Earnings Release
(In thousands unless otherwise noted)
      Three Months Ended
March 31,
2015     2014

Income Statement Data

Net interest income, fully tax equivalent (1) $ 21,849 $ 20,477  
Interest income:
Loans $ 20,415 $ 19,359
Federal funds sold 68 79
Mortgage loans held for sale 39 31
Securities   2,325   2,135  
Total interest income   22,847   21,604  
Interest expense:
Deposits 973 1,140
Federal funds purchased 7 6
Securities sold under agreements to repurchase 37 34
Federal Home Loan Bank (FHLB) advances   216   196  
Total interest expense   1,233   1,376  
Net interest income 21,614 20,228
Provision for loan losses   -   350  
Net interest income after provision for loan losses   21,614   19,878  
Non-interest income:
Investment management and trust income 4,552 4,568
Service charges on deposit accounts 2,080 2,103
Bankcard transaction revenue 1,122 1,075
Mortgage banking revenue 828 588
Brokerage commissions and fees 461 505
Bank owned life insurance 222 236
Other non-interest income   408   400  
Total non-interest income   9,673   9,475  
Non-interest expense:
Salaries and employee benefits expense 11,100 11,118
Net occupancy expense 1,469 1,556
Data processing expense 1,454 1,560
Furniture and equipment expense 247 268
FDIC insurance expense 297 342
Loss (gain) on other real estate owned 20 (343 )
Other non-interest expenses   3,192   3,043  
Total non-interest expense   17,779   17,544  
Net income before income tax expense 13,508 11,809
Income tax expense   4,253   3,632  
Net income $ 9,255 $ 8,177  
 
Weighted average shares - basic 14,647 14,506
Weighted average shares - diluted 14,852 14,701
 
Net income per share, basic $ 0.63 $ 0.56
Net income per share, diluted 0.62 0.56
Cash dividend declared per share 0.23 0.21
 
Balance Sheet Data (at period end)
Total loans $ 1,874,010 $ 1,728,619
Allowance for loan losses 24,882 28,591
Total assets 2,512,263 2,354,238
Non-interest bearing deposits 531,190 436,843
Interest bearing deposits 1,579,039 1,550,544
Federal Home Loan Bank advances 36,744 34,288
Stockholders' equity 267,601 236,976
Total shares outstanding 14,795 14,659
Book value per share 18.09 16.17
Market value per share 34.43 31.64
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2015 Earnings Release
 
      Three Months Ended
March 31,
2015     2014
Average Balance Sheet Data
Average federal funds sold $ 86,855 $ 96,770
Average mortgage loans held for sale 3,631 2,783
Average securities available for sale 417,858 383,134
Average FHLB stock and other securities 6,347 7,347
Average loans 1,877,594 1,726,610
Average earning assets 2,384,233 2,207,209
Average assets 2,525,753 2,346,314
Average interest bearing deposits 1,596,602 1,552,310
Average total deposits 2,116,855 1,973,827

Average securities sold under agreement to repurchase

64,344 60,895

Average federal funds purchased and other short term borrowings

15,874 16,654
Average Federal Home Loan Bank advances 36,774 34,302
Average interest bearing liabilities 1,713,594 1,664,161
Average stockholders' equity 264,694 234,587
 
Performance Ratios
Annualized return on average assets 1.49 % 1.41 %
Annualized return on average equity 14.18 % 14.14 %
Net interest margin, fully tax equivalent 3.72 % 3.76 %

Non-interest income to total revenue, fully tax equivalent

30.69 % 31.63 %
Efficiency ratio 56.40 % 58.57 %
 
Capital Ratios
Average stockholders' equity to average assets 10.48 % 10.00 %
Common equity tier 1 capital (2) 12.63 %
Tier 1 risk-based capital 12.63 % 12.47 %
Total risk-based capital 13.82 % 13.72 %
Leverage 10.41 % 10.00 %
 
Loans by Type
Commercial and industrial $ 594,980 $ 511,247
Construction and development 119,841 117,317
Real estate mortgage - commercial investment 486,371 448,255
Real estate mortgage - owner occupied commercial 341,454 329,260
Real estate mortgage - 1-4 family residential 191,004 185,775
Home equity - first lien 45,288 40,700
Home equity - junior lien 65,824 62,605
Consumer 29,248 33,460
 
Asset Quality Data
Allowance for loan losses to total loans 1.33 % 1.65 %
Allowance for loan losses to average loans

 

1.33 % 1.66 %
Allowance for loan losses to non-performing loans 215.67 % 139.74 %
Nonaccrual loans $ 5,279 $ 12,741
Troubled debt restructuring 6,257 7,280
Loans - 90 days past due & still accruing 1 439
Total non-performing loans 11,537 20,460
OREO and repossessed assets 5,891 2,935
Total non-performing assets 17,428 23,395
Non-performing loans to total loans 0.62 % 1.18 %
Non-performing assets to total assets 0.69 % 0.99 %
Net charge-offs to average loans (3) 0.00 % 0.02 %
Net charge-offs $ 38 $ 281
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2015 Earnings Release
 
      Five Quarter Comparison
3/31/15     12/31/14     9/30/14     6/30/14     3/31/14
Income Statement Data
Net interest income, fully tax equivalent (1) $ 21,849   $ 21,749   $ 21,604   $ 20,900   $ 20,477  
Net interest income $ 21,614 $ 21,511 $ 21,363 $ 20,655 $ 20,228
Provision (credit) for loan losses   -   -   (2,100 )   1,350     350  

Net interest income after provision for loan losses

  21,614     21,511     23,463     19,305     19,878  
Investment management and trust income 4,552 4,387 4,502 4,755 4,568
Service charges on deposit accounts 2,080 2,263 2,294 2,223 2,103
Bankcard transaction revenue 1,122 1,207 1,182 1,209 1,075
Mortgage banking revenue 828 702 641 722 588
Loss on the sale of securities - - - (9 ) -
Brokerage commissions and fees 461 554 539 462 505
Bank owned life insurance 222 228 229 234 236
Other non-interest income   408     432     463     461     400  
Total non-interest income   9,673     9,773     9,850     10,057     9,475  
Salaries and employee benefits expense 11,100 10,990 11,855 10,724 11,118
Net occupancy expense 1,469 1,532 1,422 1,453 1,556
Data processing expense 1,454 1,524 1,591 1,718 1,560
Furniture and equipment expense 247 220 269 259 268
FDIC Insurance expense 297 282 340 350 342
Loss (gain) on other real estate owned 20 71 7 (6 ) (343 )
Other non-interest expenses   3,192     4,636     3,225     3,203     3,043  
Total non-interest expense   17,779     19,255     18,709     17,701     17,544  
Net income before income tax expense 13,508 12,029 14,604 11,661 11,809
Income tax expense   4,253     3,307     4,715     3,627     3,632  
Net income $ 9,255   $ 8,722   $ 9,889   $ 8,034   $ 8,177  
 
Weighted average shares - basic 14,647 14,610 14,574 14,545 14,506
Weighted average shares - diluted 14,852 14,823 14,748 14,704 14,701
 
Net income per share, basic $ 0.63 $ 0.60 $ 0.68 $ 0.55 $ 0.56
Net income per share, diluted 0.62 0.59 0.67 0.55 0.56
Cash dividend declared per share 0.23 0.23 0.22 0.22 0.21
 

Balance Sheet Data (at period end)

Cash and due from banks $ 33,889 $ 42,216 $ 38,302 $ 57,365 $ 42,685
Federal funds sold 23,630 32,025 31,265 37,896 40,269
Mortgage loans held for sale 6,481 3,747 4,069 4,162 3,473
Securities available for sale 471,702 513,056 449,572 414,490 440,184
FHLB stock and other securities 6,347 6,347 6,347 6,347 7,347
Total loans 1,874,010 1,868,550 1,785,320 1,799,791 1,728,619
Allowance for loan losses 24,882 24,920 27,124 29,761 28,591
Total assets 2,512,263 2,563,868 2,407,871 2,411,375 2,354,238
Non-interest bearing deposits 531,190 523,947 491,677 462,379 436,843
Interest bearing deposits 1,579,039 1,599,680 1,516,144 1,525,016 1,550,544

Securities sold under agreements to repurchase

59,877 69,559 66,955 56,475 52,453
Federal funds purchased 14,437 47,390 16,296 59,014 18,731
Federal Home Loan Bank advances 36,744 36,832 36,919 36,067 34,288
Stockholders' equity 267,601 259,895 251,446 243,614 236,976
Total shares outstanding 14,795 14,745 14,704 14,665 14,659
Book value per share 18.09 17.63 17.10 16.61 16.17
Market value per share 34.43 33.34 30.10 29.90 31.64
 
Capital Ratios

Average stockholders' equity to average assets

10.48 % 10.31 % 10.37 % 10.24 % 10.00 %
Common equity tier 1 capital (2) 12.63 %
Tier 1 risk-based capital 12.63 % 12.63 % 12.67 % 12.28 % 12.47 %
Total risk-based capital 13.82 % 13.86 % 13.92 % 13.53 % 13.72 %
Leverage 10.41 % 10.26 % 10.38 % 10.19 % 10.00 %
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2015 Earnings Release
 
      Five Quarter Comparison
3/31/15     12/31/14     9/30/14     6/30/14     3/31/14
Average Balance Sheet Data
Average federal funds sold $ 86,855 $ 107,419 $ 86,252 $ 77,386 $ 96,770
Average mortgage loans held for sale 3,631 4,301 4,934 4,438 2,783
Average investment securities 417,858 425,749 380,202 382,176 390,481
Average loans 1,877,594 1,815,798 1,788,786 1,759,695 1,726,610
Average earning assets 2,384,233 2,351,442 2,257,679 2,221,482 2,207,209
Average assets 2,525,753 2,492,859 2,395,274 2,357,697 2,346,314
Average interest bearing deposits 1,596,602 1,566,411 1,525,964 1,550,363 1,552,310
Average total deposits 2,116,855 2,085,692 2,000,477 1,982,180 1,973,827

Average securities sold under agreement to repurchase

64,344 68,597 64,985 52,396 60,895

Average federal funds purchased and other short term borrowings

15,874 16,299 17,789 22,109 16,654
Average Federal Home Loan Bank advances 36,774 36,862 36,747 34,886 34,302
Average interest bearing liabilities 1,713,594 1,688,169 1,645,485 1,659,754 1,664,161
Average stockholders' equity 264,694 257,047 248,412 241,376 234,587
 
Performance Ratios
Annualized return on average assets 1.49 % 1.39 % 1.64 % 1.37 % 1.41 %
Annualized return on average equity 14.18 % 13.46 % 15.79 % 13.35 % 14.14 %
Net interest margin, fully tax equivalent 3.72 % 3.67 % 3.80 % 3.77 % 3.76 %

Non-interest income to total revenue, fully tax equivalent

30.69 % 31.00 % 31.32 % 32.49 % 31.63 %
Efficiency ratio 56.40 % 61.08 % 59.48 % 57.18 % 58.57 %
 
Loans by Type
Commercial and industrial $ 594,980 $ 578,911 $ 550,487 $ 558,720 $ 511,247
Construction and development 119,841 117,001 121,141 124,390 117,317
Real estate mortgage - commercial investment 486,371 487,822 445,512 458,101 448,255
Real estate mortgage - owner occupied commercial 341,454 340,982 343,218 334,016 329,260
Real estate mortgage - 1-4 family residential 191,004 195,102 192,282 189,192 185,775
Home equity - 1st lien 45,288 43,779 39,344 39,050 40,700
Home equity - junior lien 65,824 66,268 65,181 64,162 62,605
Consumer 29,248 38,685 28,155 32,160 33,460
 
Asset Quality Data
Allowance for loan losses to total loans 1.33 % 1.33 % 1.52 % 1.65 % 1.65 %
Allowance for loan losses to average loans 1.33 % 1.37 % 1.52 % 1.69 % 1.66 %
Allowance for loan losses to non-performing loans 215.67 % 209.76 % 132.26 % 153.00 % 139.74 %
Nonaccrual loans $ 5,279 $ 5,199 $ 13,845 $ 11,985 $ 12,741
Troubled debt restructuring 6,257 6,352 6,456 7,118 7,280
Loans - 90 days past due & still accruing 1 329 207 348 439
Total non-performing loans 11,537 11,880 20,508 19,451 20,460
OREO and repossessed assets 5,891 5,977 2,768 2,968 2,935
Total non-performing assets 17,428 17,857 23,276 22,419 23,395
Non-performing loans to total loans 0.62 % 0.64 % 1.15 % 1.08 % 1.18 %
Non-performing assets to total assets 0.69 % 0.70 % 0.97 % 0.93 % 0.99 %
Net charge-offs to average loans (3) 0.00 % 0.12 % 0.03 % 0.01 % 0.02 %
Net charge-offs $ 38 $ 2,204 $ 537 $ 180 $ 281
 
Other Information
Total assets under management (in millions) $ 2,288 $ 2,271 $ 2,228 $ 2,360 $ 2,279
Full-time equivalent employees 533 524 527 528 522
 

(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) - Regulatory agencies updated capital rules and calculations effective January 1, 2015. The new rules established a new "Common equity tier 1 capital" ratio which was not previously defined.

(3) - Interim ratios not annualized

Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer



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