Stock Yards Bancorp's Second Quarter 2017 Net Income Increases 5% to $10.6 Million
Diluted Earnings Per Share Increases 2% to $0.46
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 ended June 30, 2017,
with net income increasing 5% to $10.6 million or $0.46 per diluted share from $10.1 million or $0.45 per diluted share for the
second quarter of 2016. Net income for the six months ended June 30, 2017, increased 7% to $21.4 million or $0.92 per diluted share
from $19.9 million or $0.88 per diluted share.
The Company's performance for the second quarter of 2017 reflected several positive factors, including:
- The continued positive effect of solid loan growth over the past 12 months, which has increased the
Company's loan portfolio more than 6% year over year;
- Credit quality that remains at historically strong levels;
- Significant growth in fee income, driven by the Wealth Management and Trust Group; and
- Solid returns on average assets and equity.
The following is a summary of the Company's reported results:
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
Change
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
Change
|
|
| Net income |
|
|
|
|
|
$ |
10,602,000 |
|
|
|
$ |
10,109,000 |
|
|
|
5 |
% |
|
|
$ |
21,393,000 |
|
|
|
$ |
19,944,000 |
|
|
|
7 |
% |
|
| Net income per share, diluted |
|
|
|
|
|
$ |
0.46 |
|
|
|
$ |
0.45 |
|
|
|
2 |
% |
|
|
$ |
0.92 |
|
|
|
$ |
0.88 |
|
|
|
5 |
% |
|
| Return on average equity |
|
|
|
|
|
|
13.12 |
% |
|
|
|
13.53 |
% |
|
|
|
|
|
|
13.45 |
% |
|
|
|
13.52 |
% |
|
|
|
|
| Return on average assets |
|
|
|
|
|
|
1.42 |
% |
|
|
|
1.42 |
% |
|
|
|
|
|
|
1.44 |
% |
|
|
|
1.41 |
% |
|
|
|
|
"We are pleased to report another solid performance by the Company for the second quarter, highlighted by growth in our loan
portfolio, the continuation of solid credit quality metrics, and ongoing market penetration by wealth management and trust," said
David P. Heintzman, Chairman and Chief Executive Officer. "While we are gratified to see a continued strengthening in our business
generally and a rebound in our loan portfolio compared with a first quarter decline, we had anticipated even greater loan growth in
the first half based on the strength of our loan pipeline and the high loan production levels we have sustained. Additionally, the
expected benefit of a March prime rate increase was countered by higher deposit rates on certain accounts and the effects of
liquidity and a flattening of the yield curve during the second quarter, which pressured net interest margin for the period. Still,
we remain confident in the long-term growth prospects ahead for the Company and continue to expect an improved performance in the
second half of the year."
The pace of loan production remained strong in the second quarter, tracking the Company's three-year average, Heintzman said.
Each market contributed to Stock Yards Bancorp's increasing pipeline, but particularly the Company's largest market – Louisville.
Loan production in the Company's core lines of business – notably commercial and industrial – continues to grow steadily and recent
prime rate increases have not affected loan demand. However, several factors have restrained the more robust loan growth the
Company expected for the second quarter, including significant loan principal repayments primarily related to commercial
construction projects, where maturing loans were not replaced with permanent financing, and from commercial real estate borrowers
who sold collateral or their business. These transitions did not result in a loss of customers, since they normally have other
significant relationships with the Bank, but these events nonetheless temporarily subdue net loan growth. Also, business owners
seem to be taking a more cautious stance given mounting uncertainty around important legislation and changes to the regulatory
environment now under consideration in Washington and how the resulting changes might affect the overall direction of the economy.
Despite these headwinds, and considering the strength of the Company's loan pipeline, management anticipates increasing momentum in
net loan growth during the second half of the year, resulting in an overall mid-single digit percentage increase in the loan
portfolio for the year.
Heintzman also noted that the Company's fee-based income continued to make a significant contribution to the Company's results
for the second quarter. For the quarter, fee-based income increased to 31.5% of total revenue from 29.8% in the first quarter of
2017 and 30.8% in the year-earlier quarter. Again, wealth management and trust, accounting for nearly half of the Company's
fee-based income, contributed most significantly to the increase in fee income for the quarter versus the year-earlier quarter.
With approximately $2.64 billion of assets under management, its growth reflected primarily the addition of new customer
relationships along with stock market gains during the quarter.
"Looking ahead to the second half of 2017, we are excited about the opportunities we see before us," Heintzman said in
concluding. "We remain confident in our ability to again deliver a solid performance for the year, chiefly due to the attractive
loan pipeline we have in place, our continued strength in key lending sectors that are vital to the Louisville economy, and the
city's growing prominence among national developers that increasingly consider our area for new projects. Anticipated and ongoing
growth of fee income also factors into our outlook, especially with respect to wealth management and trust, which diversifies our
sources of income and differentiates Stock Yards Bank and Trust from most other community banks. While net interest margin may
remain pressured going forward, we believe the Company's strategic positioning across its markets will allow Stock Yards Bank &
Trust to maintain its position as one of the nation's high-performing community banks."
Total assets increased $217 million or 7% at June 30, 2017, to $3.13 billion from $2.91 billion at June 30, 2016. Ongoing
growth in the Company's loan portfolio primarily accounted for this increase, as the portfolio rose $134 million or 6% to
$2.31 billion at June 30, 2017, from $2.18 billion at June 30, 2016. Increasing deposit balances continue to provide
substantial support for the Company's balance sheet growth; total deposits advanced $129 million or 5% to $2.48 billion at June 30,
2017, from $2.35 billion at June 30, 2016, reflecting growth from both existing and new customers and across most account
categories, including non-interest bearing accounts. Core deposits, which exclude brokered deposits and time deposits greater than
$250,000, held steady at 99% of total deposits as of June 30, 2017.
Stock Yards Bancorp remained "well capitalized" in the second quarter of 2017– the highest capital rating for financial
institutions. The Company's tangible common equity ratio as of June 30, 2017, was 10.38% (tangible common equity is a non-GAAP
financial measure; see reconciliation of total stockholders' equity to tangible common equity and total assets to tangible assets
later in this release).
With this capital strength, Stock Yards Bancorp continues to pursue strategies to enhance stockholder value, including a
substantial and sustained dividend payout ratio. In May 2017, Stock Yards Bancorp's Board of Directors reinforced the Company's
interest in growing stockholder value by increasing the quarterly cash dividend 5% to $0.20 per common share. Since the beginning
of 2012, the Company has raised its quarterly dividend rate a total of 10 times, including two increases in each of the past three
years, resulting in a cumulative increase of 58%. Meanwhile, the Company has maintained financial flexibility to pursue strategic
expansion and acquisition opportunities that may arise. Management believes Stock Yards Bancorp's stockholders appreciate this
capital strength for the stability and potential for expansion it provides and, at the same time, welcome the consistently strong
returns the Company produces.
Net interest income – the Company's largest source of revenue – increased approximately $1.3 million or 5% to $25.2 million in
the second quarter of 2017 from $24.0 million in the prior-year quarter. The increase reflected ongoing growth in the Company's
loan portfolio and higher interest rates on earning assets, net of the impact of a recent rise in funding costs, primarily in the
form of higher deposit rates. Net interest income increased $3.0 million or 6% to $50.4 million in the first half of 2017 from
$47.4 million in the prior-year period.
On a sequential-quarter basis, net interest income increased $73 thousand from the first quarter of 2017, while net interest
margin (on a fully tax-equivalent basis) was 3.60% compared with 3.63% in the first quarter of 2017 and 3.59% in the second quarter
of 2016. Despite the Federal Open Market Committee's action to raise the federal funds target rate in March, which increased the
prime lending rate to 4%, the Company acted proactively to pass on a significant portion of the resulting increase in interest
income to retail deposit customers in the form of higher savings and money market rates. These account holders have not seen an
increase in their rates in nearly 10 years. 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 interest margin later in this release) was 3.62% for
the second quarter of 2017, down two basis points from the first quarter of 2017 and up two basis points versus the second quarter
of 2016. The primary reasons for the pressure on net interest margin was an unexpected flattening of the yield curve over the past
several months and heightened competition on pricing. Excess liquidity also continues to affect net interest margin; however, those
deposit relationships remain profitable.
The 25 basis point rate hike approved on June 15 occurred too late to benefit second quarter net interest margin. Increasing the
prime rate to 4.25%, it did allow virtually all of the variable rate loans in the Company's portfolio to break through any
remaining rate floors. Accordingly, these loans will enhance net interest margin going forward, to the extent not offset generally
by the current flat yield curve. Approximately 61% of the Company's loans are priced at fixed rates, so recent and future rate
increases will not benefit the Company appreciably with respect to this part of the portfolio until existing fixed-rate loans renew
and new fixed-rate loans originate at higher rates. Future increases in interest rate levels also could put additional upward
pressure on deposit costs.
The Company's solid asset quality metrics, which have trended within a narrow range over the past several years, remained at
historically strong levels for the second quarter of 2017. Non-performing loans (NPLs) totaled $6.1 million or 0.26% of total loans
outstanding at June 30, 2017, versus $6.1 million or 0.27% of total loans outstanding at March 31, 2017, and $6.4 million or 0.29%
of total loans outstanding at June 30, 2016. Similarly, non-performing assets, which include NPLs along with other real estate
owned and repossessed assets (OREO), were $9.3 million or 0.30% of total assets at June 30, 2017, down from $10.1 million or 0.33%
of total assets at March 31, 2017, and $11.5 million or 0.40% of total assets at June 30, 2016. A net recovery of charge-offs
in the second quarter of 2017 totaled $34 thousand versus net charge-offs of $426 thousand in the first quarter of 2017 and $60
thousand in the second quarter of 2016. While the Company is very pleased with these strong asset quality metrics, management
recognizes the cyclic nature of banking and believes these metrics will normalize over the long term.
Reflecting a number of factors, including loan growth and qualitative considerations, the Company recorded a loan loss provision
of $600 thousand during the second quarter of 2017 compared with $900 thousand in the first quarter of 2017 and $750 thousand in
the second quarter of 2016. The provision for the second quarter of 2017 took into account both the generally favorable trend in
most asset quality statistics, offset somewhat by a slight increase in the level of classified loans and a potential exposure for
one group of classified loans noted during the Company's quarterly review. As a result, the Company's allowance for loan losses
remained adequate in management's view at 1.09% of total loans as of June 30, 2017, versus 1.08% at March 31, 2017, and 1.06% at
June 30, 2016.
Total non-interest income in the second quarter of 2017 increased $897 thousand or 8% to $11.7 million from $10.8 million in the
prior-year quarter. This increase reflected primarily higher income from various sources, including wealth management and trust,
bank-owned life insurance, which included a death benefit of $348 thousand, and increased service charges related to both deposit
accounts and treasury and cash management services. These increases were offset partially by a decline in gains on sales of
mortgage loans held for sale as the market for home refinancing continues to slow and the inventory of homes for sale tightens.
Total non-interest income for the six months ended June 30, 2017, increased $1.6 million or 8% to $22.5 million from $20.9 million
in the prior-year period, reflecting trends similar to those noted for the second quarter.
Total non-interest expense for the second quarter of 2017 increased approximately $1.2 million or 6% to $21.3 million from $20.2
million in the prior-year quarter. The increase primarily reflected the impact of personnel added to support growth and operations
and, to a lesser extent, health insurance costs under the Company's self-insured plan. Additionally, the amortization of
investments in tax-credit partnerships was lower compared with the year-earlier quarter; the timing of these investments can cause
the expense and corresponding tax benefits to vary widely. For the six months ended June 30, 2017, total non-interest expense
increased $2.8 million or 7% to $42.5 million from $39.7 million for the same period last year, largely reflecting the same trends
noted for the quarter.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.1 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)
|
|
|
|
|
|
June 30,
2017
|
March 31,
2017
|
June 30,
2016
|
| Total stockholders' equity (a) |
|
$ |
326,500 |
|
$ |
319,687 |
|
$ |
305,051 |
|
| Less goodwill |
|
|
(682 |
) |
|
(682 |
) |
|
(682 |
) |
| Less core deposit intangible |
|
|
(1,313 |
) |
|
(1,358 |
) |
|
(1,500 |
) |
| Tangible common equity (c) |
|
$ |
324,505 |
|
$ |
317,647 |
|
$ |
302,869 |
|
|
|
|
|
|
| Total assets (b) |
|
$ |
3,126,762 |
|
$ |
3,033,343 |
|
$ |
2,909,519 |
|
| Less goodwill |
|
|
(682 |
) |
|
(682 |
) |
|
(682 |
) |
| Less core deposit intangible |
|
|
(1,313 |
) |
|
(1,358 |
) |
|
(1,500 |
) |
| Tangible assets (d) |
|
$ |
3,124,767 |
|
$ |
3,031,303 |
|
$ |
2,907,337 |
|
|
|
|
|
|
| Total stockholders' equity to total assets (a/b) |
|
|
10.44 |
% |
|
10.54 |
% |
|
10.48 |
% |
| Tangible common equity ratio (c/d) |
|
|
10.38 |
% |
|
10.48 |
% |
|
10.42 |
% |
|
|
|
|
|
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. Core net interest margin excludes the effects of prepayment penalty income from borrowers
and excess liquidity, which the Company defines as the combined amount of federal funds sold and short-term securities available
for sale, typically maturing in one week or less, in excess of $60 million. The Company provides this information to illustrate
sequentially the trend in quarterly net interest margin to show the impact of those items on net interest margin.
| |
| Reconciliation of Net Interest Margin to Core Interest Margin |
| |
|
|
June 30,
2017
|
|
March 31,
2017
|
|
Dec. 31,
2016
|
|
Sept. 30,
2016
|
|
June 30,
2016
|
| Net interest margin |
|
3.60 |
% |
|
3.63 |
% |
|
3.56 |
% |
|
3.65 |
% |
|
3.59 |
% |
| Prepayment penalties / late charges |
|
(0.03 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.07 |
) |
|
(0.02 |
) |
| Excess liquidity |
|
0.05 |
|
|
0.03 |
|
|
0.06 |
|
|
0.01 |
|
|
0.03 |
|
| Core net interest margin |
|
3.62 |
% |
|
3.64 |
% |
|
3.60 |
% |
|
3.59 |
% |
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2016.
| |
| Stock Yards Bancorp, Inc. Financial Information (unaudited) |
| Second Quarter 2017 Earnings Release |
| (In thousands unless otherwise noted) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
| Income Statement Data |
|
|
|
|
|
|
|
|
|
| Net interest income, fully tax equivalent (1) |
|
|
$ |
25,434 |
|
$ |
24,165 |
|
$ |
50,816 |
|
$ |
47,853 |
| Interest income: |
|
|
|
|
|
|
|
|
|
| Loans |
|
|
$ |
24,351 |
|
$ |
22,563 |
|
$ |
48,411 |
|
$ |
44,556 |
| Federal funds sold |
|
|
|
276 |
|
|
111 |
|
|
410 |
|
|
300 |
| Mortgage loans held for sale |
|
|
|
53 |
|
|
59 |
|
|
97 |
|
|
119 |
| Securities |
|
|
|
2,333 |
|
|
2,429 |
|
|
4,728 |
|
|
4,887 |
| Total interest income |
|
|
|
27,013 |
|
|
25,162 |
|
|
53,646 |
|
|
49,862 |
| Interest expense: |
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
1,481 |
|
|
979 |
|
|
2,644 |
|
|
1,975 |
| Federal funds purchased and short-term borrowings |
|
|
|
29 |
|
|
23 |
|
|
48 |
|
|
38 |
| Securities sold under agreements to repurchase |
|
|
|
32 |
|
|
29 |
|
|
67 |
|
|
62 |
| Federal Home Loan Bank (FHLB) advances |
|
|
|
239 |
|
|
181 |
|
|
471 |
|
|
368 |
| Total interest expense |
|
|
|
1,781 |
|
|
1,212 |
|
|
3,230 |
|
|
2,443 |
| Net interest income |
|
|
|
25,232 |
|
|
23,950 |
|
|
50,416 |
|
|
47,419 |
| Provision for loan losses |
|
|
|
600 |
|
|
750 |
|
|
1,500 |
|
|
1,250 |
| Net interest income after provision for loan losses |
|
|
|
24,632 |
|
|
23,200 |
|
|
48,916 |
|
|
46,169 |
| Non-interest income: |
|
|
|
|
|
|
|
|
|
| Wealth management and trust services |
|
|
|
5,153 |
|
|
4,807 |
|
|
10,247 |
|
|
9,419 |
| Service charges on deposit accounts |
|
|
|
2,439 |
|
|
2,262 |
|
|
4,846 |
|
|
4,408 |
| Bankcard transaction |
|
|
|
1,514 |
|
|
1,433 |
|
|
2,920 |
|
|
2,743 |
| Mortgage banking |
|
|
|
897 |
|
|
1,030 |
|
|
1,599 |
|
|
1,824 |
| Securities brokerage |
|
|
|
494 |
|
|
538 |
|
|
1,033 |
|
|
981 |
| Bank owned life insurance |
|
|
|
556 |
|
|
220 |
|
|
760 |
|
|
441 |
| Other non-interest income |
|
|
|
622 |
|
|
488 |
|
|
1,067 |
|
|
1,044 |
| Total non-interest income |
|
|
|
11,675 |
|
|
10,778 |
|
|
22,472 |
|
|
20,860 |
| Non-interest expense: |
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
|
12,849 |
|
|
11,971 |
|
|
26,261 |
|
|
24,166 |
| Net occupancy |
|
|
|
1,514 |
|
|
1,546 |
|
|
3,144 |
|
|
3,070 |
| Data processing |
|
|
|
2,121 |
|
|
1,881 |
|
|
3,989 |
|
|
3,425 |
| Furniture and equipment |
|
|
|
268 |
|
|
291 |
|
|
545 |
|
|
576 |
| FDIC insurance |
|
|
|
244 |
|
|
351 |
|
|
474 |
|
|
679 |
| Amortization of investment in tax credit partnerships |
|
|
615 |
|
|
1,016 |
|
|
1,231 |
|
|
2,031 |
| Other non-interest expenses |
|
|
|
3,735 |
|
|
3,137 |
|
|
6,850 |
|
|
5,786 |
| Total non-interest expense |
|
|
|
21,346 |
|
|
20,193 |
|
|
42,494 |
|
|
39,733 |
| Net income before income tax expense |
|
|
|
14,961 |
|
|
13,785 |
|
|
28,894 |
|
|
27,296 |
| Income tax expense |
|
|
|
4,359 |
|
|
3,676 |
|
|
7,501 |
|
|
7,352 |
| Net income |
|
|
$ |
10,602 |
|
$ |
10,109 |
|
$ |
21,393 |
|
$ |
19,944 |
|
|
|
|
|
|
|
|
|
|
| Weighted average shares - basic |
|
|
|
22,783 |
|
|
22,336 |
|
|
22,788 |
|
|
22,295 |
| Weighted average shares - diluted |
|
|
|
23,241 |
|
|
22,704 |
|
|
23,271 |
|
|
22,658 |
|
|
|
|
|
|
|
|
|
|
| Net income per share, basic |
|
|
$ |
0.47 |
|
$ |
0.45 |
|
$ |
0.94 |
|
$ |
0.89 |
| Net income per share, diluted |
|
|
|
0.46 |
|
|
0.45 |
|
|
0.92 |
|
|
0.88 |
| Cash dividend declared per share |
|
|
|
0.20 |
|
|
0.18 |
|
|
0.39 |
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
| Balance Sheet Data (at period end) |
|
|
|
|
|
|
|
|
|
| Total loans |
|
|
|
|
|
|
$ |
2,309,668 |
|
$ |
2,175,551 |
| Allowance for loan losses |
|
|
|
|
|
|
|
25,115 |
|
|
23,141 |
| Total assets |
|
|
|
|
|
|
|
3,126,762 |
|
|
2,909,519 |
| Non-interest bearing deposits |
|
|
|
|
|
|
|
696,085 |
|
|
637,812 |
| Interest bearing deposits |
|
|
|
|
|
|
|
1,782,461 |
|
|
1,712,136 |
| Federal Home Loan Bank advances |
|
|
|
|
|
|
|
50,433 |
|
|
43,002 |
| Stockholders' equity |
|
|
|
|
|
|
|
326,500 |
|
|
305,051 |
| Total shares outstanding |
|
|
|
|
|
|
|
22,662 |
|
|
22,510 |
| Book value per share |
|
|
|
|
|
|
|
14.41 |
|
|
13.55 |
| Market value per share |
|
|
|
|
|
|
|
38.90 |
|
|
28.23 |
|
|
|
|
|
|
|
|
|
|
| |
| Stock Yards Bancorp, Inc. Financial Information (unaudited) |
| Second Quarter 2017 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
| Average Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
| Average federal funds sold |
|
|
|
$ |
105,786 |
|
|
$ |
85,914 |
|
|
$ |
85,657 |
|
|
$ |
114,797 |
|
| Average mortgage loans held for sale |
|
|
|
|
4,505 |
|
|
|
5,432 |
|
|
|
3,729 |
|
|
|
4,840 |
|
| Average securities available for sale |
|
|
|
|
454,834 |
|
|
|
475,275 |
|
|
|
470,435 |
|
|
|
479,203 |
|
| Average FHLB stock and other securities |
|
|
|
|
6,376 |
|
|
|
6,347 |
|
|
|
6,361 |
|
|
|
6,347 |
|
| Average loans |
|
|
|
|
2,280,122 |
|
|
|
2,142,530 |
|
|
|
2,286,795 |
|
|
|
2,092,990 |
|
| Average earning assets |
|
|
|
|
2,830,211 |
|
|
|
2,705,358 |
|
|
|
2,834,328 |
|
|
|
2,689,600 |
|
| Average assets |
|
|
|
|
2,994,209 |
|
|
|
2,858,624 |
|
|
|
2,996,567 |
|
|
|
2,838,345 |
|
| Average interest bearing deposits |
|
|
|
|
1,812,290 |
|
|
|
1,736,478 |
|
|
|
1,829,339 |
|
|
|
1,757,413 |
|
| Average total deposits |
|
|
|
|
2,496,256 |
|
|
|
2,400,547 |
|
|
|
2,501,538 |
|
|
|
2,385,682 |
|
| Average securities sold under agreement |
|
|
|
|
|
|
|
|
|
|
| to repurchase |
|
|
|
|
60,336 |
|
|
|
53,514 |
|
|
|
64,379 |
|
|
|
56,193 |
|
| Average federal funds purchased and |
|
|
|
|
|
|
|
|
|
|
| other short term borrowings |
|
|
|
|
18,451 |
|
|
|
28,152 |
|
|
|
17,046 |
|
|
|
25,804 |
|
| Average Federal Home Loan Bank advances |
|
|
|
|
50,543 |
|
|
|
43,081 |
|
|
|
50,704 |
|
|
|
43,198 |
|
| Average interest bearing liabilities |
|
|
|
|
1,941,620 |
|
|
|
1,861,225 |
|
|
|
1,961,468 |
|
|
|
1,882,608 |
|
| Average stockholders' equity |
|
|
|
|
324,014 |
|
|
|
300,553 |
|
|
|
320,866 |
|
|
|
296,547 |
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
| Annualized return on average assets |
|
|
|
|
1.42 |
% |
|
|
1.42 |
% |
|
|
1.44 |
% |
|
|
1.41 |
% |
| Annualized return on average equity |
|
|
|
|
13.12 |
% |
|
|
13.53 |
% |
|
|
13.45 |
% |
|
|
13.52 |
% |
| Net interest margin, fully tax equivalent |
|
|
|
|
3.60 |
% |
|
|
3.59 |
% |
|
|
3.62 |
% |
|
|
3.58 |
% |
|
Non-interest income to total revenue, fully tax equivalent
|
|
|
|
|
31.46 |
% |
|
|
30.84 |
% |
|
|
30.66 |
% |
|
|
30.36 |
% |
| Efficiency ratio (2) |
|
|
|
|
57.52 |
% |
|
|
57.79 |
% |
|
|
57.98 |
% |
|
|
57.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Capital Ratios |
|
|
|
|
|
|
|
|
|
|
| Average stockholders' equity to average assets |
|
|
|
|
10.82 |
% |
|
|
10.51 |
% |
|
|
10.71 |
% |
|
|
10.45 |
% |
| Common equity tier 1 capital |
|
|
|
|
|
|
|
|
12.51 |
% |
|
|
12.06 |
% |
| Tier 1 risk-based capital |
|
|
|
|
|
|
|
|
12.51 |
% |
|
|
12.06 |
% |
| Total risk-based capital |
|
|
|
|
|
|
|
|
13.49 |
% |
|
|
13.01 |
% |
| Leverage |
|
|
|
|
|
|
|
|
10.88 |
% |
|
|
10.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Loans by Type |
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
|
|
|
|
|
|
|
$ |
749,036 |
|
|
$ |
721,956 |
|
| Construction and development |
|
|
|
|
|
|
|
|
196,619 |
|
|
|
156,371 |
|
| Real estate mortgage - commercial investment |
|
|
|
|
|
|
|
|
547,196 |
|
|
|
488,187 |
|
| Real estate mortgage - owner occupied commercial |
|
|
|
|
|
|
|
|
408,558 |
|
|
|
418,113 |
|
| Real estate mortgage - 1-4 family residential |
|
|
|
|
|
|
|
|
255,939 |
|
|
|
240,770 |
|
| Home equity - first lien |
|
|
|
|
|
|
|
|
52,560 |
|
|
|
52,360 |
|
| Home equity - junior lien |
|
|
|
|
|
|
|
|
65,344 |
|
|
|
65,999 |
|
| Consumer |
|
|
|
|
|
|
|
|
34,416 |
|
|
|
31,795 |
|
| Total loans |
|
|
|
|
|
|
|
$ |
2,309,668 |
|
|
$ |
2,175,551 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses to total loans |
|
|
|
|
|
|
|
|
1.09 |
% |
|
|
1.06 |
% |
| Allowance for loan losses to average loans |
|
|
|
|
|
|
|
|
1.10 |
% |
|
|
1.11 |
% |
| Allowance for loan losses to non-performing loans |
|
|
|
|
|
|
|
|
411.25 |
% |
|
|
361.58 |
% |
| Nonaccrual loans |
|
|
|
|
|
|
|
$ |
4,913 |
|
|
$ |
4,970 |
|
| Troubled debt restructuring |
|
|
|
|
|
|
|
|
963 |
|
|
|
1,020 |
|
| Loans - 90 days past due & still accruing |
|
|
|
|
|
|
|
|
231 |
|
|
|
410 |
|
| Total non-performing loans |
|
|
|
|
|
|
|
|
6,107 |
|
|
|
6,400 |
|
| OREO and repossessed assets |
|
|
|
|
|
|
|
|
3,185 |
|
|
|
5,093 |
|
| Total non-performing assets |
|
|
|
|
|
|
|
$ |
9,292 |
|
|
$ |
11,493 |
|
| Non-performing loans to total loans |
|
|
|
|
|
|
|
|
0.26 |
% |
|
|
0.29 |
% |
| Non-performing assets to total assets |
|
|
|
|
|
|
|
|
0.30 |
% |
|
|
0.40 |
% |
| Net charge-offs to average loans (3) |
|
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
| Net charge-offs |
|
|
|
$ |
(34 |
) |
|
$ |
60 |
|
|
$ |
392 |
|
|
$ |
550 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Stock Yards Bancorp, Inc. Financial Information (unaudited) |
| Second Quarter 2017 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter Comparison |
|
|
|
|
6/30/17 |
|
|
|
|
3/31/17 |
|
|
|
|
12/31/16 |
|
|
|
|
9/30/16 |
|
|
|
|
6/30/16 |
|
| Income Statement Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income, fully tax equivalent (1) |
|
|
$ |
25,434 |
|
|
|
$ |
25,382 |
|
|
|
$ |
25,272 |
|
|
|
$ |
24,963 |
|
|
|
$ |
24,165 |
|
| Net interest income |
|
|
$ |
25,232 |
|
|
|
$ |
25,184 |
|
|
|
$ |
25,075 |
|
|
|
$ |
24,760 |
|
|
|
$ |
23,950 |
|
| Provision for loan losses |
|
|
|
600 |
|
|
|
|
900 |
|
|
|
|
500 |
|
|
|
|
1,250 |
|
|
|
|
750 |
|
| Net interest income after provision for loan losses |
|
|
|
24,632 |
|
|
|
|
24,284 |
|
|
|
|
24,575 |
|
|
|
|
23,510 |
|
|
|
|
23,200 |
|
| Wealth management and trust services |
|
|
|
5,153 |
|
|
|
|
5,094 |
|
|
|
|
4,936 |
|
|
|
|
4,800 |
|
|
|
|
4,807 |
|
| Service charges on deposit accounts |
|
|
|
2,439 |
|
|
|
|
2,407 |
|
|
|
|
2,519 |
|
|
|
|
2,544 |
|
|
|
|
2,262 |
|
| Bankcard transaction |
|
|
|
1,514 |
|
|
|
|
1,406 |
|
|
|
|
1,457 |
|
|
|
|
1,455 |
|
|
|
|
1,433 |
|
| Mortgage banking |
|
|
|
897 |
|
|
|
|
702 |
|
|
|
|
1,001 |
|
|
|
|
1,072 |
|
|
|
|
1,030 |
|
| Securities brokerage |
|
|
|
494 |
|
|
|
|
539 |
|
|
|
|
606 |
|
|
|
|
558 |
|
|
|
|
538 |
|
| Bank owned life insurance |
|
|
|
556 |
|
|
|
|
204 |
|
|
|
|
214 |
|
|
|
|
216 |
|
|
|
|
220 |
|
| Other non-interest income |
|
|
|
622 |
|
|
|
|
445 |
|
|
|
|
586 |
|
|
|
|
713 |
|
|
|
|
488 |
|
| Total non-interest income |
|
|
|
11,675 |
|
|
|
|
10,797 |
|
|
|
|
11,319 |
|
|
|
|
11,358 |
|
|
|
|
10,778 |
|
| Salaries and employee benefits |
|
|
|
12,849 |
|
|
|
|
13,412 |
|
|
|
|
12,971 |
|
|
|
|
12,048 |
|
|
|
|
11,971 |
|
| Net occupancy |
|
|
|
1,514 |
|
|
|
|
1,630 |
|
|
|
|
1,563 |
|
|
|
|
1,646 |
|
|
|
|
1,546 |
|
| Data processing |
|
|
|
2,121 |
|
|
|
|
1,868 |
|
|
|
|
1,901 |
|
|
|
|
1,747 |
|
|
|
|
1,881 |
|
| Furniture and equipment |
|
|
|
268 |
|
|
|
|
277 |
|
|
|
|
290 |
|
|
|
|
277 |
|
|
|
|
291 |
|
| FDIC Insurance |
|
|
|
244 |
|
|
|
|
230 |
|
|
|
|
146 |
|
|
|
|
356 |
|
|
|
|
351 |
|
| Amortization of investment in tax credit partnerships |
|
|
|
615 |
|
|
|
|
616 |
|
|
|
|
1,412 |
|
|
|
|
1,015 |
|
|
|
|
1,016 |
|
| Other non-interest expenses |
|
|
|
3,735 |
|
|
|
|
3,115 |
|
|
|
|
2,986 |
|
|
|
|
3,429 |
|
|
|
|
3,137 |
|
| Total non-interest expense |
|
|
|
21,346 |
|
|
|
|
21,148 |
|
|
|
|
21,269 |
|
|
|
|
20,518 |
|
|
|
|
20,193 |
|
| Net income before income tax expense |
|
|
|
14,961 |
|
|
|
|
13,933 |
|
|
|
|
14,625 |
|
|
|
|
14,350 |
|
|
|
|
13,785 |
|
| Income tax expense |
|
|
|
4,359 |
|
|
|
|
3,142 |
|
|
|
|
4,009 |
|
|
|
|
3,883 |
|
|
|
|
3,676 |
|
| Net income |
|
|
$ |
10,602 |
|
|
|
$ |
10,791 |
|
|
|
$ |
10,616 |
|
|
|
$ |
10,467 |
|
|
|
$ |
10,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares - basic |
|
|
|
22,783 |
|
|
|
|
22,492 |
|
|
|
|
22,448 |
|
|
|
|
22,385 |
|
|
|
|
22,336 |
|
| Weighted average shares - diluted |
|
|
|
23,241 |
|
|
|
|
23,002 |
|
|
|
|
22,952 |
|
|
|
|
22,803 |
|
|
|
|
22,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share, basic |
|
|
$ |
0.47 |
|
|
|
$ |
0.48 |
|
|
|
$ |
0.47 |
|
|
|
$ |
0.47 |
|
|
|
$ |
0.45 |
|
| Net income per share, diluted |
|
|
|
0.46 |
|
|
|
|
0.47 |
|
|
|
|
0.46 |
|
|
|
|
0.46 |
|
|
|
|
0.45 |
|
| Cash dividend declared per share |
|
|
|
0.20 |
|
|
|
|
0.19 |
|
|
|
|
0.19 |
|
|
|
|
0.18 |
|
|
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet Data (at period end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
|
$ |
44,902 |
|
|
|
$ |
43,583 |
|
|
|
$ |
39,709 |
|
|
|
$ |
41,533 |
|
|
|
$ |
40,618 |
|
| Federal funds sold |
|
|
|
80,223 |
|
|
|
|
45,898 |
|
|
|
|
8,264 |
|
|
|
|
16,360 |
|
|
|
|
9,616 |
|
| Mortgage loans held for sale |
|
|
|
3,055 |
|
|
|
|
3,884 |
|
|
|
|
3,213 |
|
|
|
|
5,959 |
|
|
|
|
6,405 |
|
| Securities available for sale |
|
|
|
576,291 |
|
|
|
|
556,144 |
|
|
|
|
570,074 |
|
|
|
|
541,681 |
|
|
|
|
567,307 |
|
| FHLB stock and other securities |
|
|
|
7,666 |
|
|
|
|
6,347 |
|
|
|
|
6,347 |
|
|
|
|
6,347 |
|
|
|
|
6,347 |
|
| Total loans |
|
|
|
2,309,668 |
|
|
|
|
2,272,778 |
|
|
|
|
2,305,375 |
|
|
|
|
2,222,706 |
|
|
|
|
2,175,551 |
|
| Allowance for loan losses |
|
|
|
25,115 |
|
|
|
|
24,481 |
|
|
|
|
24,007 |
|
|
|
|
24,369 |
|
|
|
|
23,141 |
|
| Total assets |
|
|
|
3,126,762 |
|
|
|
|
3,033,343 |
|
|
|
|
3,039,481 |
|
|
|
|
2,938,665 |
|
|
|
|
2,909,519 |
|
| Non-interest bearing deposits |
|
|
|
696,085 |
|
|
|
|
686,535 |
|
|
|
|
680,156 |
|
|
|
|
680,078 |
|
|
|
|
637,812 |
|
| Interest bearing deposits |
|
|
|
1,782,461 |
|
|
|
|
1,857,720 |
|
|
|
|
1,840,392 |
|
|
|
|
1,710,519 |
|
|
|
|
1,712,136 |
|
| Securities sold under agreements to repurchase |
|
|
|
65,024 |
|
|
|
|
65,701 |
|
|
|
|
67,595 |
|
|
|
|
67,315 |
|
|
|
|
57,437 |
|
| Federal funds purchased and other short-term borrowings |
|
|
|
161,463 |
|
|
|
|
10,975 |
|
|
|
|
47,374 |
|
|
|
|
76,387 |
|
|
|
|
114,154 |
|
| Federal Home Loan Bank advances |
|
|
|
50,433 |
|
|
|
|
50,755 |
|
|
|
|
51,075 |
|
|
|
|
51,366 |
|
|
|
|
43,002 |
|
| Stockholders' equity |
|
|
|
326,500 |
|
|
|
|
319,687 |
|
|
|
|
313,872 |
|
|
|
|
311,570 |
|
|
|
|
305,051 |
|
| Total shares outstanding |
|
|
|
22,662 |
|
|
|
|
22,661 |
|
|
|
|
22,617 |
|
|
|
|
22,563 |
|
|
|
|
22,510 |
|
| Book value per share |
|
|
|
14.41 |
|
|
|
|
14.11 |
|
|
|
|
13.88 |
|
|
|
|
13.81 |
|
|
|
|
13.55 |
|
| Market value per share |
|
|
|
38.90 |
|
|
|
|
40.65 |
|
|
|
|
46.95 |
|
|
|
|
32.96 |
|
|
|
|
28.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average stockholders' equity to average assets |
|
|
|
10.82 |
% |
|
|
|
10.59 |
% |
|
|
|
10.54 |
% |
|
|
|
10.72 |
% |
|
|
|
10.51 |
% |
| Common equity tier 1 capital |
|
|
|
12.51 |
% |
|
|
|
12.51 |
% |
|
|
|
12.10 |
% |
|
|
|
12.07 |
% |
|
|
|
12.06 |
% |
| Tier 1 risk-based capital |
|
|
|
12.51 |
% |
|
|
|
12.51 |
% |
|
|
|
12.10 |
% |
|
|
|
12.07 |
% |
|
|
|
12.06 |
% |
| Total risk-based capital |
|
|
|
13.49 |
% |
|
|
|
13.49 |
% |
|
|
|
13.04 |
% |
|
|
|
13.05 |
% |
|
|
|
13.01 |
% |
| Leverage |
|
|
|
10.88 |
% |
|
|
|
10.64 |
% |
|
|
|
10.54 |
% |
|
|
|
10.63 |
% |
|
|
|
10.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Stock Yards Bancorp, Inc. Financial Information (unaudited) |
| Second Quarter 2017 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter Comparison |
|
|
|
|
6/30/17 |
|
|
|
3/31/17 |
|
|
|
12/31/16 |
|
|
|
9/30/16 |
|
|
|
6/30/16 |
|
| Average Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
| Average federal funds sold |
|
|
$ |
105,786 |
|
|
$ |
65,304 |
|
|
$ |
70,186 |
|
|
$ |
72,673 |
|
|
$ |
85,914 |
|
| Average mortgage loans held for sale |
|
|
|
4,505 |
|
|
|
2,943 |
|
|
|
4,770 |
|
|
|
5,070 |
|
|
|
5,432 |
|
| Average investment securities |
|
|
|
454,834 |
|
|
|
486,209 |
|
|
|
494,868 |
|
|
|
466,462 |
|
|
|
475,275 |
|
| Average loans |
|
|
|
2,280,122 |
|
|
|
2,293,542 |
|
|
|
2,261,104 |
|
|
|
2,188,089 |
|
|
|
2,142,530 |
|
| Average earning assets |
|
|
|
2,830,211 |
|
|
|
2,838,491 |
|
|
|
2,821,373 |
|
|
|
2,722,324 |
|
|
|
2,705,358 |
|
| Average assets |
|
|
|
2,994,209 |
|
|
|
2,998,950 |
|
|
|
2,984,696 |
|
|
|
2,883,146 |
|
|
|
2,858,624 |
|
| Average interest bearing deposits |
|
|
|
1,812,290 |
|
|
|
1,846,579 |
|
|
|
1,802,150 |
|
|
|
1,738,315 |
|
|
|
1,736,478 |
|
| Average total deposits |
|
|
|
2,496,256 |
|
|
|
2,506,880 |
|
|
|
2,488,590 |
|
|
|
2,395,003 |
|
|
|
2,400,547 |
|
|
Average securities sold under agreement to repurchase
|
|
|
|
60,336 |
|
|
|
68,467 |
|
|
|
69,318 |
|
|
|
68,835 |
|
|
|
53,514 |
|
|
Average federal funds purchased and other short term borrowings
|
|
|
|
18,451 |
|
|
|
15,625 |
|
|
|
18,076 |
|
|
|
23,471 |
|
|
|
28,152 |
|
| Average Federal Home Loan Bank advances |
|
|
|
50,543 |
|
|
|
50,866 |
|
|
|
51,183 |
|
|
|
44,194 |
|
|
|
43,081 |
|
| Average interest bearing liabilities |
|
|
|
1,941,620 |
|
|
|
1,981,537 |
|
|
|
1,940,727 |
|
|
|
1,874,815 |
|
|
|
1,861,225 |
|
| Average stockholders' equity |
|
|
|
324,014 |
|
|
|
317,682 |
|
|
|
314,299 |
|
|
|
309,045 |
|
|
|
300,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
| Annualized return on average assets |
|
|
|
1.42 |
% |
|
|
1.46 |
% |
|
|
1.41 |
% |
|
|
1.44 |
% |
|
|
1.42 |
% |
| Annualized return on average equity |
|
|
|
13.12 |
% |
|
|
13.78 |
% |
|
|
13.44 |
% |
|
|
13.47 |
% |
|
|
13.53 |
% |
| Net interest margin, fully tax equivalent |
|
|
|
3.60 |
% |
|
|
3.63 |
% |
|
|
3.56 |
% |
|
|
3.65 |
% |
|
|
3.59 |
% |
|
Non-interest income to total revenue, fully tax equivalent
|
|
|
|
31.46 |
% |
|
|
29.84 |
% |
|
|
30.93 |
% |
|
|
31.27 |
% |
|
|
30.84 |
% |
| Efficiency ratio (2) |
|
|
|
57.52 |
% |
|
|
58.45 |
% |
|
|
58.13 |
% |
|
|
56.49 |
% |
|
|
57.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans by Type |
|
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
|
|
$ |
749,036 |
|
|
$ |
736,633 |
|
|
$ |
736,841 |
|
|
$ |
708,508 |
|
|
$ |
721,956 |
|
| Construction and development |
|
|
|
196,619 |
|
|
|
187,039 |
|
|
|
213,844 |
|
|
|
191,987 |
|
|
|
156,371 |
|
| Real estate mortgage - commercial investment |
|
|
|
547,196 |
|
|
|
546,957 |
|
|
|
538,886 |
|
|
|
510,128 |
|
|
|
488,187 |
|
| Real estate mortgage - owner occupied commercial |
|
|
|
408,558 |
|
|
|
406,209 |
|
|
|
408,292 |
|
|
|
412,733 |
|
|
|
418,113 |
|
| Real estate mortgage - 1-4 family residential |
|
|
|
255,939 |
|
|
|
244,349 |
|
|
|
249,498 |
|
|
|
245,229 |
|
|
|
240,770 |
|
| Home equity - 1st lien |
|
|
|
52,560 |
|
|
|
51,076 |
|
|
|
55,325 |
|
|
|
54,837 |
|
|
|
52,360 |
|
| Home equity - junior lien |
|
|
|
65,344 |
|
|
|
65,806 |
|
|
|
67,519 |
|
|
|
65,605 |
|
|
|
65,999 |
|
| Consumer |
|
|
|
34,416 |
|
|
|
34,709 |
|
|
|
35,170 |
|
|
|
33,679 |
|
|
|
31,795 |
|
| Total loans |
|
|
$ |
2,309,668 |
|
|
$ |
2,272,778 |
|
|
$ |
2,305,375 |
|
|
$ |
2,222,706 |
|
|
$ |
2,175,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses to total loans |
|
|
|
1.09 |
% |
|
|
1.08 |
% |
|
|
1.04 |
% |
|
|
1.10 |
% |
|
|
1.06 |
% |
| Allowance for loan losses to average loans |
|
|
|
1.10 |
% |
|
|
1.07 |
% |
|
|
1.06 |
% |
|
|
1.11 |
% |
|
|
1.08 |
% |
| Allowance for loan losses to non-performing loans |
|
|
|
411.25 |
% |
|
|
402.18 |
% |
|
|
357.94 |
% |
|
|
305.84 |
% |
|
|
361.58 |
% |
| Nonaccrual loans |
|
|
$ |
4,913 |
|
|
$ |
5,099 |
|
|
$ |
5,295 |
|
|
$ |
6,889 |
|
|
$ |
4,970 |
|
| Troubled debt restructuring |
|
|
|
963 |
|
|
|
988 |
|
|
|
974 |
|
|
|
999 |
|
|
|
1,020 |
|
| Loans - 90 days past due & still accruing |
|
|
|
231 |
|
|
|
- |
|
|
|
438 |
|
|
|
80 |
|
|
|
410 |
|
| Total non-performing loans |
|
|
|
6,107 |
|
|
|
6,087 |
|
|
|
6,707 |
|
|
|
7,968 |
|
|
|
6,400 |
|
| OREO and repossessed assets |
|
|
|
3,185 |
|
|
|
3,989 |
|
|
|
5,033 |
|
|
|
5,042 |
|
|
|
5,093 |
|
| Total non-performing assets |
|
|
$ |
9,292 |
|
|
$ |
10,076 |
|
|
$ |
11,740 |
|
|
$ |
13,010 |
|
|
$ |
11,493 |
|
| Non-performing loans to total loans |
|
|
|
0.26 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.36 |
% |
|
|
0.29 |
% |
| Non-performing assets to total assets |
|
|
|
0.30 |
% |
|
|
0.33 |
% |
|
|
0.39 |
% |
|
|
0.44 |
% |
|
|
0.40 |
% |
| Net charge-offs to average loans |
|
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Net charge-offs (recoveries) |
|
|
$ |
(34 |
) |
|
$ |
426 |
|
|
$ |
862 |
|
|
$ |
22 |
|
|
$ |
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Information |
|
|
|
|
|
|
|
|
|
|
|
| Total assets under management (in millions) |
|
|
$ |
2,643 |
|
|
$ |
2,615 |
|
|
$ |
2,523 |
|
|
$ |
2,413 |
|
|
$ |
2,342 |
|
| Full-time equivalent employees |
|
|
|
585 |
|
|
|
582 |
|
|
|
578 |
|
|
|
558 |
|
|
|
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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) - Efficiency ratio represents non-interest expense divided by the
sum of net interest income, fully tax equivalent, and non-interest income. |
| (3) - Interim ratios not annualized |
Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and
Chief Financial Officer
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726005418/en/