Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock
Yards Bank & Trust Company, with offices in Louisville,
central, eastern and northern Kentucky, as well as the
Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets,
today reported earnings of $23.9 million, or $0.82 per diluted
share, for the fourth quarter ended December 31, 2023. This
compares to net income of $29.8 million, or $1.01 per diluted
share, for the fourth quarter of 2022. For the year ended December
31, 2023, the Company produced record net income of $107.7 million,
and diluted earnings per share of $3.67. Strong loan growth across
all markets and deposit growth contributed to solid fourth quarter
and full year 2023 operating results.
|
|
|
|
(dollar amounts in thousands, except per share data) |
4Q23 |
3Q23 |
4Q22 |
Net income |
$ |
23,944 |
|
$ |
27,092 |
|
$ |
29,817 |
|
Net income per share, diluted |
|
0.82 |
|
|
0.92 |
|
|
1.01 |
|
|
|
|
|
Net interest income |
$ |
62,016 |
|
$ |
61,315 |
|
$ |
65,263 |
|
Provision for credit losses(1) |
|
6,046 |
|
|
2,775 |
|
|
3,375 |
|
Non-interest income |
|
24,417 |
|
|
22,896 |
|
|
23,142 |
|
Non-interest expenses |
|
50,013 |
|
|
46,702 |
|
|
45,946 |
|
|
|
|
|
Net interest margin |
|
3.25 |
% |
|
3.34 |
% |
|
3.64 |
% |
Efficiency ratio(2) |
|
57.80 |
% |
|
55.38 |
% |
|
51.85 |
% |
Tangible common equity to
tangible assets(3) |
|
8.09 |
% |
|
7.69 |
% |
|
7.44 |
% |
Annualized return on average assets(4) |
|
1.17 |
% |
|
1.38 |
% |
|
1.56 |
% |
Annualized return on average equity(4) |
|
11.62 |
% |
|
13.26 |
% |
|
15.99 |
% |
|
|
|
|
“I am pleased with our fourth quarter and record
full year 2023 results, highlighted by strong loan production and
fee income led by Wealth Management & Trust (WM&T). We
continue to see broad-based loan demand from our customers
throughout our markets. Total loans, excluding PPP loans, increased
$580 million, or 11%, over the last 12 months, of which $155
million was generated during the fourth quarter, setting a record
for the best fourth quarter of organic loan expansion in the
Company’s history. Thanks to the dedication and commitment of our
employees, our net income surpassed the $100 million mark for the
first time in 2023,” commented James A. (Ja) Hillebrand, Chairman
and Chief Executive Officer.
“Net interest income increased for the second
consecutive linked quarter, due to loan growth and continued yield
expansion from assets re-pricing. However, our net interest margin
contracted over the linked quarter, as the increase in cost of
funds continued to outpace the growth in yields on earning assets.
We anticipate net interest margin compression will most likely
persist into the first part of the year,” Hillebrand continued.
“Deposit balances expanded nicely during the fourth quarter,
increasing $268 million, or 4%, on the linked quarter and
increasing $279 million, or 4%, over the last 12 months. We
continue to focus on organic growth, while avoiding brokered
deposits, which provide more expensive funding than in-market
deposit relationships.”
“Non-interest income, led by fourth quarter
gains in several categories, once again fueled our operating
results. WM&T posted another record year, benefiting from
strong equity and fixed income market performance, coupled with net
new business growth. Robust card income, treasury management and
brokerage fees, driven by increased demand and customer expansion,
served to cap off a record fee income year for us. We look forward
to carrying this momentum into 2024 – our 120th year of operation –
with an unwavering focus on cultivating full customer
relationships,” said Hillebrand.
At December 31, 2023, the Company had $8.17
billion in assets, $5.77 billion in loans and $6.67 billion in
total deposits. The Company’s combined enterprise, which
encompasses 71 branch offices across three contiguous states, will
continue to benefit from a diversified geographic footprint that
provides significant growth opportunities in both the banking and
WM&T arenas.
Key factors contributing to the fourth quarter
of 2023 results included:
- Loan growth and loan production
represented the best fourth quarter in the Company’s history. Total
loans, excluding PPP loans, increased $155 million, or 3%, on the
linked quarter. The yield earned on loans expanded to 5.79% for the
fourth quarter of 2023, benefiting from average balance growth and
to a lesser extent, interest rate expansion.
- Deposit balances expanded $268
million, or 4%, on the linked quarter, as interest bearing deposits
grew $434 million and non-interest bearing deposits contracted by
$166 million.
- Interest bearing demand accounts
increased $197 million, or 9%, consistent with seasonal public
funds activity.
- Money market accounts expanded $134
million, or 12%, led by growth in WM&T money market funds held
at the Bank.
- Time deposits grew by $120 million,
or 14%, a tribute to successful marketing of promotional products,
primarily in the Central Kentucky market.
- Increasing costs of funds continued
to outpace earning asset yield growth during the fourth quarter of
2023. Net interest income declined $3.2 million, or 5%, for the
fourth quarter of 2023 compared to the fourth quarter a year ago,
with net interest margin compressing 39 bps to 3.25%. While net
interest margin also declined on the linked quarter, contracting 9
basis points from 3.34%, net interest income increased $701,000.
Given the current interest rate environment, the change in deposit
mix has and will continue to place pressure on funding costs.
- While credit quality remains strong
in comparison to traditional metrics, credit loss expense on loans
of $5.8 million was recorded for the fourth quarter of 2023. The
Bank recorded a $4.1 million charge-off related to a single
Commercial & Industrial (C&I) relationship in late
December. The Bank became aware of credit deterioration in the
third quarter of 2023 and the relationship was downgraded at that
time. The relationship was subsequently placed on non-accrual in
the fourth quarter. The Bank considers this to be a conservative
approach to an isolated situation with one customer and no
additional loss is anticipated. Despite the charge-off, management
remains confident in the current quality of the loan portfolio, as
demonstrated by the relatively low concentration of classified and
delinquent loans, and does not believe this instance is reflective
of broader portfolio concerns. With the allowance for credit losses
to total loans standing at 1.38%, the Bank is well-positioned based
on current credit metrics and forecasts in the allowance for credit
losses model.
- Non-interest income increased $1.3
million, or 6%, over the fourth quarter of 2022. WM&T income
expanded $878K, or 10%, to $10.1 million, benefitting from improved
market conditions and net new business expansion. Card income set
quarterly and year to date records, led by interchange income
expansion and increased debit card processor incentives and
treasury management fees once again demonstrated double digit
growth. Fee income expansion in the fourth quarter of 2023 is
especially notable given $1.3 million in non-recurring gains on
sale of premises and equipment recorded in the fourth quarter of
2022.
- Total non-interest expenses
increased $4.1 million, or 9%, during the fourth quarter of 2023
compared to the fourth quarter of 2022, primarily due to higher
compensation expense tied to employee growth and expense recorded
related to an executive retirement agreement. Further, additional
occupancy expense was incurred related to the relocation of all
WM&T employees to a consolidated central location.
- Tangible common equity per share(3)
was $21.95 at December 31, 2023, compared to $20.17 at September
30, 2023, and $18.50 at December 31, 2022. Over the past
several quarters, tangible common equity and tangible book value
have been impacted by the volatile interest rate market and
corresponding impact on accumulated other comprehensive
income/loss, primarily as a result of changes in unrealized losses
in the available for sale debt securities portfolio, which has a
current weighted average life of 5.5 years.
Highlights for the year ended December 31,
2023:
- Loans (excluding PPP) grew $580
million, or 11%, over the past 12 months, marking the third
consecutive year of double digit loan growth.
- Average loans increased $604
million, or 13%, for the year.
- Loan production set a new record
for 2023.
- Deposit balances grew by $279
million, or 4%, over the past 12 months. Interest bearing demand,
money market, and time deposit expansion combined to more than
offset declines in non-interest bearing demand accounts.
- Net interest income increased $13.9
million, or 6%, over 2022.
- Loan yield expansion led to net
interest margin expanding four basis points to 3.39% in 2023 over
2022.
- WM&T income reached and
surpassed record levels during the year, increasing $3.7 million,
or 10%, over the past 12 months, reflecting improved market
conditions and net new business growth. Assets Under Management
(AUM) surpassed the $7 billion mark at year-end.
- Customer expansion and increased
transaction volume led to record 2023 card, treasury management and
brokerage income.
Hillebrand concluded, “In January, Stock Yards
was named to Stephen’s 2024 Bank Industry & Top Picks List as
the top Small-Cap stock with upside price potential. We were also
named to Stephen’s 2024 Best Ideas List, as the top company within
the Midwest Bank category. In November, we were once again
nationally recognized by American Banker Magazine as one of the
Best Banks to Work for in 2023. The Best Banks to Work For program
identifies and honors U.S. banks for outstanding employee
satisfaction. In addition, in May, we were named a winner of the
2022 Raymond James Community Bankers Cup, which recognizes the top
10% of community banks with assets between $500 million and $10
billion based on various profitability, operational efficiency and
balance sheet metrics, marking our 8th time being named to the
Raymond James Community Bankers Cup. These recognitions are a
testament to the dedication of our employees, who continue to work
diligently to support our customers. We will not rest on our
laurels as we enter 2024 – our 120th year of service to the
communities we are honored to serve.”
Results of Operations – Fourth Quarter
2023 Compared with Fourth Quarter 2022
Net interest income, the Company’s largest
source of revenue, decreased by $3.2 million, or 5%, to $62.0
million. While strong organic loan growth boosted net interest
income over the past 12 months, the cost of interest bearing
liabilities more than offset the increase in total interest
income.
- Total interest income increased by
$20.1 million, or 27%, to $95.2 million.
- Interest income and fees on loans
increased $18.7 million, or 29%, over the prior year quarter.
Consistent with the $582 million, or 11%, increase in average loans
and interest rate expansion, the average quarterly yield earned on
loans increased 79 basis points, or 16%, over the past 12 months to
5.79%.
- Interest income on securities
decreased $413,000, or 5%, compared to the fourth quarter of 2022.
While average securities balances have declined $168 million, or
9%, over the past 12 months, the rate earned on securities has
increased 9 bps to 2.05%, as lower rate securities either matured
or paid down.
- Average overnight funds increased
$24 million quarter over prior year quarter, with interest income
increasing $1.4 million consistent with the increase in seasonal
public funds accounts. The Federal Reserve Bank has increased the
rate paid on reserve balances meaningfully during the past 12
months, which has significantly benefited related interest income
on excess cash held at the Bank.
- Total interest expense increased
$23.3 million to $33.2 million, as the cost of interest bearing
liabilities increased 158 basis points to 2.44%.
- Interest expense on deposits
increased $20.6 million over the past 12 months, as the overall
cost of interest bearing deposits increased from 0.81% for the
fourth quarter of 2022 to 2.34%. Deposit costs during the fourth
quarter of 2023 have been significantly impacted by changes in mix,
individual rate exceptions, successful new product promotions and
growth in the WM&T money market account. Average interest
bearing deposit balances increased $597 million, or 13%, from the
fourth quarter of 2022 to the fourth quarter of 2023, with time
deposits representing $458 million of the increase.
- Interest expense on Federal Home
Loan Bank (FHLB) advances totaled $2.1 million for the fourth
quarter of 2023. The Bank had $200 million in FHLB advances
outstanding at the end of the fourth quarter of 2023.
The Bank recorded $5.8 million in credit loss
expense for loans during the fourth quarter of 2023. In addition to
strong loan growth, a flat unemployment projection and other
factors within the CECL allowance model, the Bank recorded $4.7
million in charge-offs, with $4.1 million attributed to one C&I
relationship offset by $235,000 in total recoveries. The Bank also
recorded a $275,000 expense for off balance sheet exposures
associated with expansion of Construction & Land Development
(C&LD) and C&I lines of credit (increased availability and
utilization). For the fourth quarter of 2022, consistent with
strong loan growth and deterioration within the future unemployment
rate forecast, the Company recorded $3.6 million in provision for
credit losses on loans and a $225,000 benefit to credit loss
expense for off balance sheet exposures. In addition, the Bank
recorded a $1.6 million specific reserve for a Commercial Real
Estate loan during the fourth quarter of 2022.
Non-interest income increased $1.3 million, or
6%, to $24.4 million.
- WM&T income ended the fourth
quarter of 2023 at $10.1 million, increasing $878,000, or 10%, over
the fourth quarter of 2022. WM&T income benefited from strong
fourth quarter equity and fixed income market performance, coupled
with quarterly estate fees collected and net new business
growth.
- WM&T AUM expanded $575 million,
or 9%, over the past 12 months consistent with market performance
and net new business growth. With the especially strong market
performance experienced in November and December, AUM once again
surpassed the $7 billion mark.
- Treasury management fees increased
$253,000, or 11%, compared to the fourth quarter of 2022, driven by
strong transaction volume, organic growth, modified fee schedules,
strong foreign exchange income, new product sales and continued
product expansion to the customer base added through recent merger
activity.
- Card income increased $328,000, or
7%, over the fourth quarter of 2022, driven by increased
interchange income and credit card processor spend incentives.
While card volume has increased over 2022, interchange rate
compression has placed pressure on growth.
- The Company recognized $1.3 million
in non-recurring gains on sales of premises and equipment in the
fourth quarter of 2022 related to the disposition of acquired
locations.
- Other non-interest income, which
primarily includes swap fees, letter of credit fees and OREO
activity increased by $527,000, or 34%, over the fourth quarter of
2022. During the fourth quarter of 2023, the Company sold other
real estate owned and Visa Class B stock for $207,000 and $487,000
in non-recurring gains, respectively.
Non-interest expenses increased $4.1 million, or
9%, compared to the fourth quarter of 2022, to $50.0 million.
- Compensation and employee benefits
expense combined to increase $1.5 million, or 6%, compared to the
fourth quarter of 2022, consistent with a 4% increase in full time
equivalent employees and expense recorded related to an executive
retirement agreement.
- Net occupancy and equipment
expenses increased $1.3 million, or 34%, over the fourth quarter of
2022 primarily due to the relocation of all WM&T employees to a
consolidated central location.
- Technology and communication
expenses, which include computer software amortization, equipment
depreciation and expenditures related to investments in technology
needed to maintain and improve the quality of customer delivery
channels, information security and internal resources, increased
$865,000, or 23%, consistent with software upgrades, equipment
upgrades, customer expansion and increased transaction
activity.
- Legal and professional fees
increased $801,000 compared to the fourth quarter of 2022, led by
increased compliance-related consulting in preparation for expanded
regulatory oversight in conjunction with future growth in total
assets.
- During the fourth quarter of 2022,
the Company sold its partial interest in an investment adviser
subsidiary that was acquired from Commonwealth Bancshares,
realizing a non-recurring pre-tax loss of $870,000. Also,
intangible amortization expense decreased $443,000, or 28%, during
the fourth quarter of 2023, consistent with the sale of the
investment advisor and the prior year intangible asset
write-off.
Financial Condition – December 31, 2023
Compared with December 31, 2022
Total assets increased $674 million, or 9%, year
over year to $8.17 billion.
Total loans (excluding PPP) increased $580
million, or 11%, to $5.77 billion, with the largest sources of
growth stemming from the commercial real estate and residential
real estate portfolios. In addition to the strong growth, the
Company has benefitted from the higher rate environment in 2023
that has generally slowed loan payoff activity. Total line of
credit usage was 39.2% as of December 31, 2023, compared to
42.3% as of December 31, 2022, driven by strong production. C&I
line of credit usage was 28.6% as of December 31, 2023,
compared to 33.1% as of December 31, 2022.
Total investment securities, which spiked during
the second quarter of 2021 and the first quarter of 2022 in part
due to acquisitions, decreased $147 million, or 9%, year over year.
Maturities/pay-downs of lower yielding investments have boosted the
overall portfolio yield to 2.05% for the fourth quarter of 2023,
from 1.96% in the fourth quarter of 2022. In 2023, cash flows from
the investment portfolio have been utilized to fund loan growth and
provide liquidity in lieu of redeployment.
Total deposits increased $279 million, or 4%,
over the past 12 months, led by interest bearing demand and time
deposit expansion which was partially offset by a decline in
non-interest bearing demand deposits.
During the fourth quarter of 2023, the Company
recorded net loan charge-offs of $4.5 million, with $4.1 million
attributed to one C&I relationship. This compares to $152,000
in net charge offs during the fourth quarter of 2022.
Non-performing loans(5) totaled $19 million, or 0.33% of total
loans outstanding at December 31, 2023, compared to $15 million, or
0.29% of total loans outstanding at December 31, 2022. The ratio of
allowance for credit losses to loans (5) ended at 1.38% at December
31, 2023 compared to 1.41% at December 31, 2022.
At December 31, 2023, the Company continued to
be “well-capitalized,” the highest regulatory capital rating for
financial institutions, with all capital ratios remaining strong.
Total equity to assets(3) was 10.50% and the tangible common equity
ratio(3) was 8.09% at December 31, 2023, compared to 10.14% and
7.44% at December 31, 2022, respectively. Interest rate volatility
over the last 12 months has significantly impacted unrealized
losses within the available for sale debt securities portfolio.
In November 2023, the board of directors
declared a quarterly cash dividend of $0.30 per common share. The
dividend was paid December 29, 2023 to shareholders of record as of
December 18, 2023.
No shares have been purchased since 2020, and
approximately 741,000 shares remain eligible for repurchase under
the current buy-back plan, which expires in May 2025.
Results of Operations – Fourth Quarter
2023 Compared with Third Quarter 2023
Net interest margin declined 9 basis points on
the linked quarter to 3.25%, as cost of funds growth continued to
outpace earning asset yield growth.
Net interest income expanded $701,000, or 1%,
over the prior quarter to $62.1 million, as management is
optimistic that net interest margin contraction is starting to
slow.
- Total interest income increased
$6.3 million, or 7%, led predominantly by the increase in interest
income on loans.
- Interest income and fees on loans
increased $4.5 million, or 6%, over the linked quarter. Average
loans increased $190 million, or 4%, and the corresponding yield
earned increased 13 basis points over the linked quarter.
- Average overnight funds increased
$134 million over the linked quarter with interest income
increasing $1.9 million. The fourth quarter of each year reflects
elevated cash levels consistent with the seasonal increase in
public funds.
- Total interest expense increased
$5.6 million, or 20%, led by a $8.3 million, or 39%, increase in
the cost of total interest-bearing deposits, which was partially
offset by a $2.8 million decline in FHLB borrowings expense.
The Company recorded $6.0 million in provision
for credit losses(1) during the fourth quarter of 2023, which
included a $5.8 million provision for credit losses on loans and
$275,000 of credit loss expense for off-balance sheet exposures.
During the third quarter of 2023, the Company recorded $2.8 million
in provision for credit losses, which included a $2.3 million
provision for credit losses on loans and $475,000 of credit loss
expense for off-balance sheet exposures.
Non-interest income increased $1.5 million, or
7% on the linked quarter, led by record card income, strong swap
and letter of credit fees, OREO activity and the sale of Visa Class
B stock.
Non-interest expenses increased $3.3 million, or
7%, to $50.0 million, as increased compensation, net occupancy
expense, technology expense and consulting expenses more than
off-set a decline in employee benefits.
Financial Condition – December 31, 2023
Compared with September 30, 2023
Total assets increased $267 million, or 3%, on
the linked quarter to $8.17 billion.
Total loans expanded $154 million, or 3%, on the
linked quarter, led by increases in nearly every category, with the
C&I and C&LD loan portfolios leading the growth. Total line
of credit usage was 39.2% as of December 31, 2023, compared to
38.8% as of September 30, 2023, driven by strong production.
C&I line of credit usage was 28.6% as of December 31,
2023, compared to 26.8% as of September 30, 2023.
Total deposits increased $268 million, or 4%, on
the linked quarter. Total interest bearing deposits increased $434
million, on the linked quarter, as increases in interest bearing
demand, money market accounts and time deposits more than offset
the $166 million contraction in non-interest bearing demand.
Excluding public funds, total deposits increased $121 million on
the linked quarter.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $8.17 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 Stock Market under the symbol
“SYBT.”
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 banking
subsidiary operates; competition for the Company’s customers from
other providers of financial services; changes in, or forecasts of,
future political and economic conditions, inflation and efforts to
control it; government legislation and regulation, which change 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. Refer to Stock Yards’ Annual
Report on Form 10-K for the year ended December 31, 2022, as well
as its other filings with the SEC for a more detailed discussion of
risks, uncertainties and factors that could cause actual results to
differ from those discussed in the forward-looking statements.
Contact: T. Clay StinnettExecutive Vice
President, Treasurer and Chief Financial Officer(502) 625-0890
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
(In thousands unless otherwise
noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
Income Statement
Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax
equivalent (6) |
|
$ |
62,112 |
|
$ |
65,469 |
|
$ |
247,869 |
|
$ |
234,267 |
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
82,715 |
|
$ |
64,033 |
|
$ |
302,044 |
|
$ |
216,138 |
|
|
|
Federal funds sold and
interest bearing due from banks |
|
3,526 |
|
2,173 |
|
8,411 |
|
6,018 |
|
|
|
Mortgage loans held for
sale |
|
38 |
|
13 |
|
211 |
|
190 |
|
|
|
Investment securities and FHLB
stock |
|
8,962 |
|
8,931 |
|
36,030 |
|
29,306 |
|
|
|
Total interest income |
|
95,241 |
|
75,150 |
|
346,696 |
|
251,652 |
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
29,645 |
|
9,022 |
|
81,585 |
|
16,412 |
|
|
|
Securities sold under
agreements to repurchase and |
|
|
|
|
|
|
|
|
|
|
|
other short-term borrowings |
|
843 |
|
399 |
|
2,776 |
|
721 |
|
|
|
Federal Home Loan Bank
advances |
|
2,155 |
|
12 |
|
12,768 |
|
12 |
|
|
|
Subordinated debentures |
|
582 |
|
454 |
|
2,235 |
|
1,124 |
|
|
|
Total interest expense |
|
33,225 |
|
9,887 |
|
99,364 |
|
18,269 |
|
|
|
Net interest income |
|
62,016 |
|
65,263 |
|
247,332 |
|
233,383 |
|
|
|
Provision for credit losses
(1) |
|
6,046 |
|
3,375 |
|
13,796 |
|
10,257 |
|
|
|
Net interest income after
provision for credit losses |
|
55,970 |
|
61,888 |
|
233,536 |
|
223,126 |
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
Wealth management and trust
services |
|
10,099 |
|
9,221 |
|
39,802 |
|
36,111 |
|
|
|
Deposit service charges |
|
2,244 |
|
2,183 |
|
8,866 |
|
8,286 |
|
|
|
Debit and credit card
income |
|
5,374 |
|
5,046 |
|
19,438 |
|
18,623 |
|
|
|
Treasury management fees |
|
2,531 |
|
2,278 |
|
10,033 |
|
8,590 |
|
|
|
Mortgage banking income |
|
823 |
|
209 |
|
3,705 |
|
3,210 |
|
|
|
Loss on sale of
securities |
|
(44) |
|
- |
|
(44) |
|
- |
|
|
|
Net investment product sales
commissions and fees |
|
860 |
|
833 |
|
3,205 |
|
3,063 |
|
|
|
Bank owned life insurance |
|
576 |
|
545 |
|
2,253 |
|
1,597 |
|
|
|
Gain (Loss) on sale of
premises and equipment |
|
(105) |
|
1,295 |
|
(30) |
|
4,341 |
|
|
|
Other |
|
2,059 |
|
1,532 |
|
4,992 |
|
5,328 |
|
|
|
Total non-interest income |
|
24,417 |
|
23,142 |
|
92,220 |
|
89,149 |
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
24,494 |
|
23,398 |
|
91,876 |
|
86,640 |
|
|
|
Employee benefits |
|
3,829 |
|
3,421 |
|
18,451 |
|
16,568 |
|
|
|
Net occupancy and
equipment |
|
5,150 |
|
3,843 |
|
16,384 |
|
14,298 |
|
|
|
Technology and
communication |
|
4,612 |
|
3,747 |
|
17,318 |
|
14,897 |
|
|
|
Debit and credit card
processing |
|
1,719 |
|
1,470 |
|
6,481 |
|
5,909 |
|
|
|
Marketing and business
development |
|
1,754 |
|
1,544 |
|
5,990 |
|
5,005 |
|
|
|
Postage, printing and
supplies |
|
903 |
|
893 |
|
3,604 |
|
3,354 |
|
|
|
Legal and professional |
|
1,293 |
|
492 |
|
3,958 |
|
2,943 |
|
|
|
FDIC Insurance |
|
1,060 |
|
730 |
|
3,911 |
|
2,758 |
|
|
|
Amortization of investments in
tax credit partnerships |
|
324 |
|
88 |
|
1,294 |
|
353 |
|
|
|
Capital and deposit based
taxes |
|
601 |
|
799 |
|
2,476 |
|
2,621 |
|
|
|
Merger expenses |
|
- |
|
- |
|
- |
|
19,500 |
|
|
|
Intangible amortization |
|
1,167 |
|
1,610 |
|
4,686 |
|
5,544 |
|
|
|
Loss on disposition of
LFA |
|
- |
|
870 |
|
- |
|
870 |
|
|
|
Other |
|
3,107 |
|
3,041 |
|
11,400 |
|
10,531 |
|
|
|
Total non-interest
expenses |
|
50,013 |
|
45,946 |
|
187,829 |
|
191,791 |
|
|
|
Income before income tax
expense |
|
30,374 |
|
39,084 |
|
137,927 |
|
120,484 |
|
|
|
Income tax expense |
|
6,430 |
|
9,174 |
|
30,179 |
|
27,190 |
|
|
|
Net income |
|
23,944 |
|
29,910 |
|
107,748 |
|
93,294 |
|
|
|
Less: net income attributed to
non-controlling interest |
|
- |
|
93 |
|
- |
|
322 |
|
|
|
Net income available to
stockholders |
|
$ |
23,944 |
|
$ |
29,817 |
|
$ |
107,748 |
|
$ |
92,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share -
Basic |
|
$ |
0.82 |
|
$ |
1.02 |
|
$ |
3.69 |
|
$ |
3.24 |
|
|
|
Net income per share -
Diluted |
|
0.82 |
|
1.01 |
|
3.67 |
|
3.21 |
|
|
|
Cash dividend declared per
share |
|
0.30 |
|
0.29 |
|
1.18 |
|
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
Basic |
|
29,226 |
|
29,157 |
|
29,212 |
|
28,672 |
|
|
|
Weighted average shares -
Diluted |
|
29,331 |
|
29,428 |
|
23,343 |
|
28,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
Balance Sheet
Data |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
|
|
|
|
$ |
1,471,016 |
|
$ |
1,617,834 |
|
|
|
Loans |
|
|
|
|
|
5,771,038 |
|
5,205,918 |
|
|
|
Allowance for credit losses on
loans |
|
|
|
|
|
79,374 |
|
73,531 |
|
|
|
Total assets |
|
|
|
|
|
8,170,102 |
|
7,496,261 |
|
|
|
Non-interest bearing
deposits |
|
|
|
|
|
1,548,624 |
|
1,950,198 |
|
|
|
Interest bearing deposits |
|
|
|
|
|
5,122,124 |
|
4,441,054 |
|
|
|
Federal Home Loan Bank
advances |
|
|
|
|
|
200,000 |
|
50,000 |
|
|
|
Stockholders' equity |
|
|
|
|
|
858,103 |
|
760,432 |
|
|
|
Total shares outstanding |
|
|
|
|
|
29,329 |
|
29,259 |
|
|
|
Book value per share (3) |
|
|
|
|
|
$ |
29.26 |
|
$ |
25.99 |
|
|
|
Tangible common equity per
share (3) |
|
|
|
|
|
21.95 |
|
18.50 |
|
|
|
Market value per share |
|
|
|
|
|
51.49 |
|
64.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2023
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
Average Balance Sheet
Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest bearing due from banks |
|
$ |
258,950 |
|
$ |
235,448 |
|
$ |
164,314 |
|
$ |
477,341 |
|
|
|
Mortgage loans held for
sale |
|
5,305 |
|
6,735 |
|
6,822 |
|
8,835 |
|
|
|
Investment securities |
|
1,618,799 |
|
1,786,383 |
|
1,687,639 |
|
1,670,324 |
|
|
|
Federal Home Loan Bank
stock |
|
20,519 |
|
10,928 |
|
22,123 |
|
11,741 |
|
|
|
Loans |
|
5,676,193 |
|
5,094,356 |
|
5,422,865 |
|
4,819,124 |
|
|
|
Total interest earning
assets |
|
7,579,766 |
|
7,133,850 |
|
7,303,763 |
|
6,987,365 |
|
|
|
Total assets |
|
8,116,569 |
|
7,559,260 |
|
7,775,574 |
|
7,438,880 |
|
|
|
Non-interest bearing
deposits |
|
1,663,962 |
|
2,097,858 |
|
1,763,157 |
|
2,053,213 |
|
|
|
Interest bearing deposits |
|
5,025,240 |
|
4,428,582 |
|
4,608,575 |
|
4,385,393 |
|
|
|
Total deposits |
|
6,689,202 |
|
6,526,440 |
|
6,371,732 |
|
6,438,606 |
|
|
|
Securities sold under
agreement to repurchase |
|
130,148 |
|
117,138 |
|
123,111 |
|
122,154 |
|
|
|
Federal Home Loan Bank
advances |
|
205,435 |
|
1,087 |
|
280,068 |
|
274 |
|
|
|
Subordinated debentures |
|
26,706 |
|
26,309 |
|
26,558 |
|
21,733 |
|
|
|
Total interest bearing
liabilities |
|
5,401,135 |
|
4,582,005 |
|
5,052,106 |
|
4,538,911 |
|
|
|
Total stockholders'
equity |
|
817,682 |
|
740,007 |
|
801,593 |
|
738,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets (4) |
|
1.17% |
|
1.56% |
|
1.39% |
|
1.25% |
|
|
|
Annualized return on average
equity (4) |
|
11.62% |
|
15.99% |
|
13.44% |
|
12.58% |
|
|
|
Net interest margin, fully tax
equivalent |
|
3.25% |
|
3.64% |
|
3.39% |
|
3.35% |
|
|
|
Non-interest income to total
revenue, fully tax equivalent |
|
28.22% |
|
26.12% |
|
27.12% |
|
27.56% |
|
|
|
Efficiency ratio, fully tax
equivalent (2) |
|
57.80% |
|
51.85% |
|
55.23% |
|
59.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets (3) |
|
|
|
|
|
10.50% |
|
10.14% |
|
|
|
Tangible common equity to
tangible assets (3) |
|
|
|
|
|
8.09% |
|
7.44% |
|
|
|
Average stockholders' equity
to average assets |
|
|
|
|
|
10.31% |
|
9.93% |
|
|
|
Total risk-based capital |
|
|
|
|
|
12.43% |
|
12.54% |
|
|
|
Common equity tier 1
risk-based capital |
|
|
|
|
|
11.04% |
|
11.04% |
|
|
|
Tier 1 risk-based capital |
|
|
|
|
|
11.43% |
|
11.47% |
|
|
|
Leverage |
|
|
|
|
|
9.62% |
|
9.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
Segmentation |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate -
non-owner occupied |
|
|
|
|
|
$ |
1,561,689 |
|
$ |
1,443,813 |
|
|
|
Commercial real estate - owner
occupied |
|
|
|
|
|
907,424 |
|
788,936 |
|
|
|
Commercial and industrial |
|
|
|
|
|
1,302,809 |
|
1,230,976 |
|
|
|
Commercial and industrial -
PPP |
|
|
|
|
|
4,319 |
|
18,593 |
|
|
|
Residential real estate -
owner occupied |
|
|
|
|
|
708,893 |
|
591,515 |
|
|
|
Residential real estate -
non-owner occupied |
|
|
|
|
|
358,715 |
|
312,474 |
|
|
|
Construction and land
development |
|
|
|
|
|
531,324 |
|
445,690 |
|
|
|
Home equity lines of
credit |
|
|
|
|
|
211,390 |
|
200,725 |
|
|
|
Consumer |
|
|
|
|
|
145,340 |
|
139,461 |
|
|
|
Leases |
|
|
|
|
|
15,503 |
|
13,322 |
|
|
|
Credit cards |
|
|
|
|
|
23,632 |
|
20,413 |
|
|
|
Total loans and leases |
|
|
|
|
|
$ |
5,771,038 |
|
$ |
5,205,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
|
|
|
|
$ |
19,058 |
|
$ |
14,242 |
|
|
|
Troubled debt
restructurings |
|
|
|
|
|
- |
|
- |
|
|
|
Loans past due 90 days or more
and still accruing |
|
|
|
|
|
110 |
|
892 |
|
|
|
Total non-performing
loans |
|
|
|
|
|
19,168 |
|
15,134 |
|
|
|
Other real estate owned |
|
|
|
|
|
10 |
|
677 |
|
|
|
Total non-performing
assets |
|
|
|
|
|
$ |
19,178 |
|
$ |
15,811 |
|
|
|
Non-performing loans to total
loans (5) |
|
|
|
|
|
0.33% |
|
0.29% |
|
|
|
Non-performing assets to total
assets |
|
|
|
|
|
0.23% |
|
0.21% |
|
|
|
Allowance for credit losses on
loans to total loans (5) |
|
|
|
|
|
1.38% |
|
1.41% |
|
|
|
Allowance for credit
losses on loans to average loans |
|
|
|
|
|
1.46% |
|
1.53% |
|
|
|
Allowance for credit losses on
loans to non-performing loans |
|
|
|
|
|
414% |
|
486% |
|
|
|
Net (charge-offs)
recoveries |
|
$ |
(4,472) |
|
$ |
(152) |
|
$ |
(6,628) |
|
$ |
1 |
|
|
|
Net (charge-offs) recoveries
to average loans (7) |
|
-0.08% |
|
0.00% |
|
-0.12% |
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2023
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
Income Statement
Data |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax equivalent (6) |
|
$ |
62,112 |
|
$ |
61,437 |
|
$ |
61,074 |
|
$ |
63,245 |
|
$ |
65,469 |
|
Net interest income |
|
$ |
62,016 |
|
$ |
61,315 |
|
$ |
60,929 |
|
$ |
63,072 |
|
$ |
65,263 |
|
Provision for credit losses
(1) |
|
6,046 |
|
2,775 |
|
2,350 |
|
2,625 |
|
3,375 |
|
Net interest income after
provision for credit losses |
|
55,970 |
|
58,540 |
|
58,579 |
|
60,447 |
|
61,888 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
Wealth management and trust
services |
|
10,099 |
|
10,030 |
|
10,146 |
|
9,527 |
|
9,221 |
|
Deposit service charges |
|
2,244 |
|
2,272 |
|
2,201 |
|
2,149 |
|
2,183 |
|
Debit and credit card
income |
|
5,374 |
|
4,870 |
|
4,712 |
|
4,482 |
|
5,046 |
|
Treasury management fees |
|
2,531 |
|
2,635 |
|
2,549 |
|
2,318 |
|
2,278 |
|
Mortgage banking income |
|
823 |
|
814 |
|
1,030 |
|
1,038 |
|
209 |
|
Loss on sale of
securities |
|
(44) |
|
- |
|
- |
|
- |
|
- |
|
Net investment product sales
commissions and fees |
|
860 |
|
791 |
|
800 |
|
754 |
|
833 |
|
Bank owned life insurance |
|
576 |
|
569 |
|
559 |
|
549 |
|
545 |
|
Gain (Loss) on sale of
premises and equipment |
|
(105) |
|
302 |
|
(225) |
|
(2) |
|
1,295 |
|
Other |
|
2,059 |
|
613 |
|
1,088 |
|
1,232 |
|
1,532 |
|
Total non-interest income |
|
24,417 |
|
22,896 |
|
22,860 |
|
22,047 |
|
23,142 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
24,494 |
|
23,379 |
|
22,107 |
|
21,896 |
|
23,398 |
|
Employee benefits |
|
3,829 |
|
4,508 |
|
5,061 |
|
5,053 |
|
3,421 |
|
Net occupancy and
equipment |
|
5,150 |
|
3,821 |
|
3,514 |
|
3,899 |
|
3,843 |
|
Technology and
communication |
|
4,612 |
|
4,236 |
|
4,219 |
|
4,251 |
|
3,747 |
|
Debit and credit card
processing |
|
1,719 |
|
1,637 |
|
1,706 |
|
1,419 |
|
1,470 |
|
Marketing and business
development |
|
1,754 |
|
1,357 |
|
1,784 |
|
1,095 |
|
1,544 |
|
Postage, printing and
supplies |
|
903 |
|
938 |
|
889 |
|
874 |
|
893 |
|
Legal and professional |
|
1,293 |
|
1,049 |
|
819 |
|
797 |
|
492 |
|
FDIC Insurance |
|
1,060 |
|
937 |
|
779 |
|
1,135 |
|
730 |
|
Amortization of investments in
tax credit partnerships |
|
324 |
|
323 |
|
324 |
|
323 |
|
88 |
|
Capital and deposit based
taxes |
|
601 |
|
629 |
|
607 |
|
639 |
|
799 |
|
Merger expenses |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Intangible amortization |
|
1,167 |
|
1,167 |
|
1,172 |
|
1,180 |
|
1,610 |
|
Loss on disposition of
LFA |
|
- |
|
- |
|
- |
|
- |
|
870 |
|
Other |
|
3,107 |
|
2,721 |
|
2,819 |
|
2,753 |
|
3,041 |
|
Total non-interest
expenses |
|
50,013 |
|
46,702 |
|
45,800 |
|
45,314 |
|
45,946 |
|
Income before income tax
expense |
|
30,374 |
|
34,734 |
|
35,639 |
|
37,180 |
|
39,084 |
|
Income tax expense |
|
6,430 |
|
7,642 |
|
7,975 |
|
8,132 |
|
9,174 |
|
Net income |
|
23,944 |
|
27,092 |
|
27,664 |
|
29,048 |
|
29,910 |
|
Less: net income attributed to
non-controlling interest |
|
- |
|
- |
|
- |
|
- |
|
93 |
|
Net income available to
stockholders |
|
$ |
23,944 |
|
$ |
27,092 |
|
$ |
27,664 |
|
$ |
29,048 |
|
$ |
29,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share -
Basic |
|
$ |
0.82 |
|
$ |
0.93 |
|
$ |
0.95 |
|
$ |
1.00 |
|
$ |
1.02 |
|
Net income per share -
Diluted |
|
0.82 |
|
0.92 |
|
0.94 |
|
0.99 |
|
1.01 |
|
Cash dividend declared per
share |
|
0.30 |
|
0.30 |
|
0.29 |
|
0.29 |
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
Basic |
|
29,226 |
|
29,223 |
|
29,223 |
|
29,178 |
|
29,157 |
|
Weighted average shares -
Diluted |
|
29,331 |
|
29,336 |
|
29,340 |
|
29,365 |
|
29,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
Balance Sheet
Data |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
94,466 |
|
$ |
79,538 |
|
$ |
111,126 |
|
$ |
87,922 |
|
$ |
82,515 |
|
Federal funds sold and
interest bearing due from banks |
|
171,493 |
|
113,499 |
|
103,204 |
|
229,076 |
|
84,852 |
|
Mortgage loans held for
sale |
|
6,056 |
|
6,535 |
|
7,069 |
|
6,397 |
|
2,606 |
|
Investment securities |
|
1,471,016 |
|
1,465,453 |
|
1,542,753 |
|
1,600,603 |
|
1,617,834 |
|
Federal Home Loan Bank
stock |
|
16,236 |
|
26,241 |
|
27,366 |
|
23,226 |
|
10,928 |
|
Loans |
|
5,771,038 |
|
5,617,084 |
|
5,418,609 |
|
5,243,104 |
|
5,205,918 |
|
Allowance for credit losses on
loans |
|
79,374 |
|
78,075 |
|
77,710 |
|
75,673 |
|
73,531 |
|
Goodwill |
|
194,074 |
|
194,074 |
|
194,074 |
|
194,074 |
|
194,074 |
|
Total assets |
|
8,170,102 |
|
7,903,430 |
|
7,732,552 |
|
7,667,648 |
|
7,496,261 |
|
Non-interest bearing
deposits |
|
1,548,624 |
|
1,714,918 |
|
1,766,132 |
|
1,845,302 |
|
1,950,198 |
|
Interest bearing deposits |
|
5,122,124 |
|
4,687,889 |
|
4,442,248 |
|
4,511,893 |
|
4,441,054 |
|
Securities sold under
agreements to repurchase |
|
152,991 |
|
113,894 |
|
138,347 |
|
104,578 |
|
133,342 |
|
Federal funds purchased |
|
12,852 |
|
11,518 |
|
11,646 |
|
14,745 |
|
8,789 |
|
Federal Home Loan Bank
advances |
|
200,000 |
|
350,000 |
|
400,000 |
|
275,000 |
|
50,000 |
|
Subordinated debentures |
|
26,740 |
|
26,641 |
|
26,541 |
|
26,442 |
|
26,343 |
|
Stockholders' equity |
|
858,103 |
|
806,918 |
|
808,082 |
|
794,368 |
|
760,432 |
|
Total shares outstanding |
|
29,329 |
|
29,323 |
|
29,323 |
|
29,324 |
|
29,259 |
|
Book value per share (3) |
|
$ |
29.26 |
|
$ |
27.52 |
|
$ |
27.56 |
|
$ |
27.09 |
|
$ |
25.99 |
|
Tangible common equity per
share (3) |
|
21.95 |
|
20.17 |
|
20.17 |
|
19.66 |
|
18.50 |
|
Market value per share |
|
51.49 |
|
39.29 |
|
45.37 |
|
55.14 |
|
64.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets (3) |
|
10.50% |
|
10.21% |
|
10.45% |
|
10.36% |
|
10.14% |
|
Tangible common equity to
tangible assets (3) |
|
8.09% |
|
7.69% |
|
7.87% |
|
7.74% |
|
7.44% |
|
Average stockholders' equity
to average assets |
|
10.07% |
|
10.39% |
|
10.53% |
|
10.26% |
|
9.79% |
|
Total risk-based capital |
|
12.43% |
|
12.71% |
|
12.78% |
|
12.91% |
|
12.54% |
|
Common equity tier 1
risk-based capital |
|
11.04% |
|
11.17% |
|
11.20% |
|
11.30% |
|
11.04% |
|
Tier 1 risk-based capital |
|
11.43% |
|
11.57% |
|
11.61% |
|
11.73% |
|
11.47% |
|
Leverage |
|
9.62% |
|
9.80% |
|
9.83% |
|
9.56% |
|
9.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2023
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
Average Balance Sheet
Data |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest bearing due from banks |
|
$ |
258,950 |
|
$ |
124,653 |
|
$ |
131,958 |
|
$ |
140,831 |
|
$ |
235,448 |
|
Mortgage loans held for
sale |
|
5,305 |
|
7,112 |
|
8,420 |
|
6,460 |
|
6,735 |
|
Investment securities |
|
1,618,799 |
|
1,659,888 |
|
1,719,045 |
|
1,754,620 |
|
1,786,383 |
|
Federal Home Loan Bank
stock |
|
20,519 |
|
27,290 |
|
25,074 |
|
15,496 |
|
10,928 |
|
Loans |
|
5,676,193 |
|
5,486,262 |
|
5,286,597 |
|
5,236,879 |
|
5,094,356 |
|
Total interest earning
assets |
|
7,579,766 |
|
7,305,205 |
|
7,171,094 |
|
7,154,286 |
|
7,133,850 |
|
Total assets |
|
8,116,569 |
|
7,805,154 |
|
7,594,901 |
|
7,579,439 |
|
7,559,260 |
|
Non-interest bearing
deposits |
|
1,663,962 |
|
1,731,724 |
|
1,781,338 |
|
1,878,307 |
|
2,097,858 |
|
Interest bearing deposits |
|
5,025,240 |
|
4,509,411 |
|
4,414,599 |
|
4,480,151 |
|
4,428,582 |
|
Total deposits |
|
6,689,202 |
|
6,241,135 |
|
6,195,937 |
|
6,358,458 |
|
6,526,440 |
|
Securities sold under
agreement to repurchase |
|
130,148 |
|
127,063 |
|
113,051 |
|
122,049 |
|
117,138 |
|
Federal Home Loan Bank
advances |
|
205,435 |
|
401,630 |
|
348,352 |
|
163,056 |
|
1,087 |
|
Subordinated debentures |
|
26,706 |
|
26,606 |
|
26,508 |
|
26,408 |
|
26,309 |
|
Total interest bearing
liabilities |
|
5,401,135 |
|
5,076,486 |
|
4,916,112 |
|
4,807,907 |
|
4,582,005 |
|
Total stockholders'
equity |
|
817,682 |
|
810,710 |
|
799,886 |
|
777,555 |
|
740,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets (4) |
|
1.17% |
|
1.38% |
|
1.46% |
|
1.55% |
|
1.56% |
|
Annualized return on average
equity (4) |
|
11.62% |
|
13.26% |
|
13.87% |
|
15.15% |
|
15.99% |
|
Net interest margin, fully tax
equivalent |
|
3.25% |
|
3.34% |
|
3.42% |
|
3.59% |
|
3.64% |
|
Non-interest income to total
revenue, fully tax equivalent |
|
28.22% |
|
27.15% |
|
27.24% |
|
25.85% |
|
26.12% |
|
Efficiency ratio, fully tax
equivalent (2) |
|
57.80% |
|
55.38% |
|
54.57% |
|
53.13% |
|
51.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
Segmentation |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate -
non-owner occupied |
|
$ |
1,561,689 |
|
$ |
1,557,977 |
|
$ |
1,527,453 |
|
$ |
1,467,780 |
|
$ |
1,443,813 |
|
Commercial real estate - owner
occupied |
|
907,424 |
|
896,522 |
|
825,026 |
|
805,417 |
|
788,936 |
|
Commercial and industrial |
|
1,302,809 |
|
1,246,200 |
|
1,226,554 |
|
1,205,222 |
|
1,230,976 |
|
Commercial and industrial -
PPP |
|
4,319 |
|
4,827 |
|
7,088 |
|
9,557 |
|
18,593 |
|
Residential real estate -
owner occupied |
|
708,893 |
|
696,162 |
|
664,870 |
|
620,417 |
|
591,515 |
|
Residential real estate -
non-owner occupied |
|
358,715 |
|
349,624 |
|
337,961 |
|
322,748 |
|
312,474 |
|
Construction and land
development |
|
531,324 |
|
480,120 |
|
451,324 |
|
439,673 |
|
445,690 |
|
Home equity lines of
credit |
|
211,390 |
|
203,184 |
|
202,574 |
|
200,933 |
|
200,725 |
|
Consumer |
|
145,340 |
|
143,703 |
|
139,602 |
|
136,412 |
|
139,461 |
|
Leases |
|
15,503 |
|
14,710 |
|
13,967 |
|
13,207 |
|
13,322 |
|
Credit cards |
|
23,632 |
|
24,055 |
|
22,190 |
|
21,738 |
|
20,413 |
|
Total loans and leases |
|
$ |
5,771,038 |
|
$ |
5,617,084 |
|
$ |
5,418,609 |
|
$ |
5,243,104 |
|
$ |
5,205,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
19,058 |
|
$ |
17,227 |
|
$ |
17,364 |
|
$ |
17,389 |
|
$ |
14,242 |
|
Troubled debt
restructurings |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Loans past due 90 days or more
and still accruing |
|
110 |
|
1 |
|
437 |
|
894 |
|
892 |
|
Total non-performing
loans |
|
19,168 |
|
17,228 |
|
17,801 |
|
18,283 |
|
15,134 |
|
Other real estate owned |
|
10 |
|
427 |
|
677 |
|
677 |
|
677 |
|
Total non-performing
assets |
|
$ |
19,178 |
|
$ |
17,655 |
|
$ |
18,478 |
|
$ |
18,960 |
|
$ |
15,811 |
|
Non-performing loans to total
loans (5) |
|
0.33% |
|
0.31% |
|
0.33% |
|
0.35% |
|
0.29% |
|
Non-performing assets to total
assets |
|
0.23% |
|
0.22% |
|
0.24% |
|
0.25% |
|
0.21% |
|
Allowance for credit losses on
loans to total loans (5) |
|
1.38% |
|
1.39% |
|
1.43% |
|
1.44% |
|
1.41% |
|
Allowance for credit losses on
loans to average loans |
|
1.40% |
|
1.42% |
|
1.47% |
|
1.45% |
|
1.44% |
|
Allowance for credit losses on
loans to non-performing loans |
|
414% |
|
453% |
|
437% |
|
414% |
|
486% |
|
Net (charge-offs)
recoveries |
|
$ |
(4,472) |
|
$ |
(1,935) |
|
$ |
(113) |
|
$ |
(108) |
|
$ |
(152) |
|
Net (charge-offs) recoveries
to average loans (7) |
|
-0.08% |
|
-0.04% |
|
0.00% |
|
0.00% |
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information |
|
|
|
|
|
|
|
|
|
|
|
Total assets under management
(in millions) |
|
$ |
7,160 |
|
$ |
6,670 |
|
$ |
6,976 |
|
$ |
6,764 |
|
$ |
6,585 |
|
Full-time equivalent
employees |
|
1,075 |
|
1,056 |
|
1,056 |
|
1,028 |
|
1,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Detail of Provision for credit losses follows: |
|
|
|
Quarterly Comparison |
|
(in thousands) |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
Provision for credit losses -
loans |
|
$ |
5,771 |
|
$ |
2,300 |
|
$ |
2,150 |
|
$ |
2,250 |
|
$ |
3,600 |
|
Provision for credit losses -
off balance sheet exposures |
|
275 |
|
475 |
|
200 |
|
375 |
|
(225) |
|
Total provision for credit
losses |
|
$ |
6,046 |
|
$ |
2,775 |
|
$ |
2,350 |
|
$ |
2,625 |
|
$ |
3,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) - The efficiency ratio, a non-GAAP measure, equals total
non-interest expenses divided by the sum of net interest income
(FTE) and non-interest income. In addition to the efficiency ratio
presented, Bancorp considers an adjusted efficiency ratio to be
important because it provides a comparable ratio after eliminating
net gains (losses) on sales, calls, and impairment of investment
securities, as well as net gains (losses) on sales of premises and
equipment and disposition of any acquired assets, if applicable,
and the fluctuation in non-interest expenses related to
amortization of investments in tax credit partnerships and
merger-related expenses. |
|
|
|
Quarterly Comparison |
|
(Dollars in thousands) |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
Total non-interest expenses
(a) |
|
$ |
50,013 |
|
$ |
46,702 |
|
$ |
45,800 |
|
$ |
45,314 |
|
$ |
45,946 |
|
Less: Loss on disposition of
LFA |
|
- |
|
- |
|
- |
|
- |
|
(870) |
|
Less: Amortization of
investments in tax credit partnerships |
|
(324) |
|
(323) |
|
(324) |
|
(323) |
|
(88) |
|
Total non-interest expenses -
Non-GAAP (c) |
|
$ |
49,689 |
|
$ |
46,379 |
|
$ |
45,476 |
|
$ |
44,991 |
|
$ |
44,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net interest income,
fully tax equivalent |
|
$ |
62,112 |
|
$ |
61,437 |
|
$ |
61,074 |
|
$ |
63,245 |
|
$ |
65,469 |
|
Total non-interest income |
|
24,417 |
|
22,896 |
|
22,860 |
|
22,047 |
|
23,142 |
|
Total revenue - Non-GAAP
(b) |
|
86,529 |
|
84,333 |
|
83,934 |
|
85,292 |
|
88,611 |
|
Less: Gain/loss on sale of
premises and equipment |
|
105 |
|
(302) |
|
225 |
|
2 |
|
(1,295) |
|
Less: Loss on sale of
securities |
|
44 |
|
- |
|
- |
|
- |
|
- |
|
Total adjusted revenue -
Non-GAAP (d) |
|
$ |
86,678 |
|
$ |
84,031 |
|
$ |
84,159 |
|
$ |
85,294 |
|
$ |
87,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio - Non-GAAP
(a/b) |
|
57.80% |
|
55.38% |
|
54.57% |
|
53.13% |
|
51.85% |
|
Adjusted efficiency ratio -
Non-GAAP (c/d) |
|
57.33% |
|
55.19% |
|
54.04% |
|
52.75% |
|
51.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) - The following table provides a reconciliation of total
stockholders’ equity in accordance with GAAP to tangible
stockholders’ equity, a non-GAAP disclosure. Bancorp provides the
tangible book value per share, a non-GAAP measure, in addition to
those defined by banking regulators, because of its widespread use
by investors as a means to evaluate capital adequacy: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
(In thousands, except per
share data) |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
Total stockholders' equity -
GAAP (a) |
|
$ |
858,103 |
|
$ |
806,918 |
|
$ |
808,082 |
|
$ |
794,368 |
|
$ |
760,432 |
|
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
Less: Core deposit and other
intangibles |
|
(20,304) |
|
(21,471) |
|
(22,638) |
|
(23,810) |
|
(24,990) |
|
Tangible common equity -
Non-GAAP (c) |
|
$ |
643,725 |
|
$ |
591,373 |
|
$ |
591,370 |
|
$ |
576,484 |
|
$ |
541,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets - GAAP (b) |
|
$ |
8,170,102 |
|
$ |
7,903,430 |
|
$ |
7,732,552 |
|
$ |
7,667,648 |
|
$ |
7,496,261 |
|
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
Less: Core deposit and other
intangibles |
|
(20,304) |
|
(21,471) |
|
(22,638) |
|
(23,810) |
|
(24,990) |
|
Tangible assets - Non-GAAP
(d) |
|
$ |
7,955,724 |
|
$ |
7,687,885 |
|
$ |
7,515,840 |
|
$ |
7,449,764 |
|
$ |
7,277,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets - GAAP (a/b) |
|
10.50% |
|
10.21% |
|
10.45% |
|
10.36% |
|
10.14% |
|
Tangible common equity to
tangible assets - Non-GAAP (c/d) |
|
8.09% |
|
7.69% |
|
7.87% |
|
7.74% |
|
7.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares outstanding
(e) |
|
29,329 |
|
29,323 |
|
29,323 |
|
29,324 |
|
29,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share - GAAP
(a/e) |
|
$ |
29.26 |
|
$ |
27.52 |
|
$ |
27.56 |
|
$ |
27.09 |
|
$ |
25.99 |
|
Tangible common equity per
share - Non-GAAP (c/e) |
|
21.95 |
|
20.17 |
|
20.17 |
|
19.66 |
|
18.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) - Return on average assets equals net income divided by total
average assets, annualized to reflect a full year return on average
assets. Similarly, return on average equity equals net income
divided by total average equity, annualized to reflect a full year
return on average equity. Bancorp also considers adjusted return on
average assets and return on average equity ratios important, as
they reflect performance after removing net gains (losses) on
certain sales of premises and equipment. |
|
|
|
Quarterly Comparison |
|
(Dollars in thousands) |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
stockholders - GAAP (a) |
|
$ |
23,944 |
|
$ |
27,092 |
|
$ |
27,664 |
|
$ |
29,048 |
|
$ |
29,817 |
|
Add: Loss on disposition of
LFA |
|
- |
|
- |
|
- |
|
- |
|
870 |
|
Less: Gain/loss on sale of
premises and equipment |
|
105 |
|
(302) |
|
225 |
|
2 |
|
(1,295) |
|
Less: Tax effect of
adjustments to net income |
|
(23) |
|
66 |
|
(50) |
|
- |
|
100 |
|
Total net income - Non-GAAP
(b) |
|
$ |
24,026 |
|
$ |
26,856 |
|
$ |
27,664 |
|
$ |
29,050 |
|
$ |
29,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets (c) |
|
$ |
8,116,569 |
|
$ |
7,805,154 |
|
$ |
7,594,901 |
|
$ |
7,579,439 |
|
$ |
7,559,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholder
equity (d) |
|
817,682 |
|
810,710 |
|
799,886 |
|
777,555 |
|
740,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets -
GAAP (a/c) |
|
1.17% |
|
1.38% |
|
1.46% |
|
1.55% |
|
1.56% |
|
Return on average assets -
Non-GAAP (b/c) |
|
1.17% |
|
1.37% |
|
1.46% |
|
1.55% |
|
1.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity -
GAAP (a/d) |
|
11.62% |
|
13.26% |
|
13.87% |
|
15.15% |
|
15.99% |
|
Return on average equity -
Non-GAAP (b/d) |
|
11.66% |
|
13.14% |
|
13.87% |
|
15.15% |
|
15.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) - Allowance for credit losses on loans to total non-PPP loans
represents the allowance for credit losses on loans, divided by
total loans less PPP loans. Non-performing loans to total non-PPP
loans represents non-performing loans, divided by total loans less
PPP loans. Bancorp believes these non-GAAP disclosures are
important because they provide a comparable ratio after eliminating
the PPP loans, which are fully guaranteed by the U.S. SBA and have
not been allocated for within the allowance for credit losses on
loans and are not at risk of non-performance. |
|
|
|
Quarterly Comparison |
|
(Dollars in thousands) |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans - GAAP (a) |
|
$ |
5,771,038 |
|
$ |
5,617,084 |
|
$ |
5,418,609 |
|
$ |
5,243,104 |
|
$ |
5,205,918 |
|
Less: PPP loans |
|
(4,319) |
|
(4,827) |
|
(7,088) |
|
(9,557) |
|
(18,593) |
|
Total non-PPP Loans - Non-GAAP
(b) |
|
$ |
5,766,719 |
|
$ |
5,612,257 |
|
$ |
5,411,521 |
|
$ |
5,233,547 |
|
$ |
5,187,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on
loans (c) |
|
$ |
79,374 |
|
$ |
78,075 |
|
$ |
77,710 |
|
$ |
75,673 |
|
$ |
73,531 |
|
Total non-performing loans
(d) |
|
19,168 |
|
17,228 |
|
17,801 |
|
18,283 |
|
15,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on
loans to total loans - GAAP (c/a) |
|
1.38% |
|
1.39% |
|
1.43% |
|
1.44% |
|
1.41% |
|
Allowance for credit losses on
loans to total loans - Non-GAAP (c/b) |
|
1.38% |
|
1.39% |
|
1.44% |
|
1.45% |
|
1.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total
loans - GAAP (d/a) |
|
0.33% |
|
0.31% |
|
0.33% |
|
0.35% |
|
0.29% |
|
Non-performing loans to total
loans - Non-GAAP (d/b) |
|
0.33% |
|
0.31% |
|
0.33% |
|
0.35% |
|
0.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) - Interest income on a FTE 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) - Quarterly net (charge-offs) recoveries to average loans
ratios are not annualized. |
|
Grafico Azioni Stock Yards Bancorp (NASDAQ:SYBT)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Stock Yards Bancorp (NASDAQ:SYBT)
Storico
Da Giu 2023 a Giu 2024