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
record earnings for the first quarter ended March 31, 2021. Net
income for the first quarter increased 72% to $22.7 million, or
$0.99 per diluted share, compared with net income of $13.2 million,
or $0.58 per diluted share, for the first quarter of 2020. Strong
core deposit growth, as well as significant fee and interest income
from the Small Business Administration's (“SBA”) Paycheck
Protection Program (“PPP”), contributed to record profitability for
the quarter.
|
|
|
|
(dollar amounts in thousands, except per share data) |
1Q21 |
4Q20 |
1Q20 |
Net interest income |
$ |
37,825 |
|
$ |
36,252 |
|
$ |
32,446 |
|
Provision for credit loss expense(6) |
|
(1,475 |
) |
|
500 |
|
|
5,925 |
|
Non-interest income |
|
13,844 |
|
|
13,698 |
|
|
12,536 |
|
Non-interest expenses |
|
24,973 |
|
|
29,029 |
|
|
23,575 |
|
Income before income tax expense |
|
28,171 |
|
|
20,421 |
|
|
15,482 |
|
Income tax expense |
|
5,461 |
|
|
2,685 |
|
|
2,250 |
|
Net income |
$ |
22,710 |
|
$ |
17,736 |
|
$ |
13,232 |
|
Net income per share, diluted |
$ |
0.99 |
|
$ |
0.78 |
|
$ |
0.58 |
|
Net interest margin |
|
3.39 |
% |
|
3.35 |
% |
|
3.71 |
% |
Efficiency ratio(4) |
|
48.29 |
% |
|
58.06 |
% |
|
52.35 |
% |
Tangible common equity to tangible assets(1) |
|
8.97 |
% |
|
9.28 |
% |
|
10.48 |
% |
Annualized return on average equity |
|
20.71 |
% |
|
16.27 |
% |
|
13.18 |
% |
Annualized return on average assets |
|
1.96 |
% |
|
1.56 |
% |
|
1.43 |
% |
|
|
|
|
“Stock Yards again delivered record earnings for
the quarter, supported by strong revenue generation, substantial
deposit growth, a release of credit loss reserves and controlled
operating expenses,” said James A. (Ja) Hillebrand, Chairman and
Chief Executive Officer. “In addition to our financial performance,
a highlight of the quarter was the signing of a definitive
agreement to acquire Kentucky Bancshares, Inc. This transaction
expands our presence into the attractive Central Kentucky market
and represents a complementary fit with our organization. The
combination of our two companies provides the opportunity to create
efficiencies and enhance the value of the combined entity while
offering Kentucky Bank customers broader product offerings,
increased lending capabilities and an expanded branch delivery
system that stretches throughout the Louisville, Indianapolis and
Northern Kentucky/Cincinnati metropolitan markets. We remain on
track to welcome Kentucky Bank to the Stock Yards family with an
anticipated closing date during the second quarter.”
Kentucky Bancshares, headquartered in Paris,
Kentucky, is the holding company for Kentucky Bank, which operates
19 branches in 11 communities throughout Central Kentucky serving
the Lexington, Kentucky metropolitan statistical area and each of
its contiguous counties. As of March 31, 2021, Kentucky Bancshares
reported approximately $1.3 billion in assets, $766 million in
loans, $1.0 billion in deposits and $113 million in tangible common
equity.
Another key activity for the first quarter
related to the additional COVID-19 stimulus relief, which was
signed into law in late 2020, allowing for a second round of PPP
funding through May 31, 2021. The program offers new PPP loans for
companies that did not receive PPP funds in 2020 in addition to
“second draw” loans targeted at hard-hit businesses that exhausted
their initial PPP proceeds. Consistent with the first round, the
Company was very active in this program in the first quarter of
2021, closing over 1,600 loans with total originations in excess of
$241 million with fee income of nearly $9 million received that
will be recognized over the earlier of five years or loan
forgiveness. The Company is estimating that approximately 40% of
these loans will be forgiven in 2021. As these borrowers are not
required to make payments for 10 months, it is probable that a
significant portion of the borrowing base will defer forgiveness
until early 2022.
“Due to an improvement in forecasted economic
indicators utilized during the current quarter, we recorded a net
benefit of $1.2 million to provision for credit losses for loans
during the first quarter. This compares to a $5.6 million provision
expense for loans in the first quarter a year ago. We feel that we
are well positioned as we navigate through the pandemic, having
built up significant loan loss reserves, excluding PPP loans, of
1.68%(2) at March 31, 2021,” said Hillebrand.
Additional key factors impacting the first
quarter of 2021 results included:
- Record diluted quarterly EPS
exceeding the previous record set in the fourth quarter of
2020.
- COVID-19 related loan deferrals
declined significantly to 0.45% of total loans (excluding PPP) at
the end of the first quarter of 2021 from 1.24% of total loans
three months earlier.
- Average loan balance growth,
excluding PPP, totaled $95 million, or 3%, on a linked quarter
basis.
- Deposit balances remained at record
levels, with additional PPP and federal stimulus payments
contributing to strong quarterly deposit growth of $211 million. In
total, deposit balances have increased $1.0 billion over the last
twelve months.
- Net interest margin (NIM)
compressed 32 basis points to 3.39% compared to the first quarter a
year ago. NIM continued to be negatively impacted by loan yield
contraction accompanied with ongoing excess balance sheet liquidity
offset by the positive impact of PPP.
- Despite ongoing contraction in loan
yields, net interest income increased $5.4 million, or 17%, over
the first quarter of 2020, boosted by $7.0 million in PPP income
and a significant decline in cost of funds.
- Non-interest income increased 10%
over the first quarter of 2020, reflecting record debit/credit card
income and treasury management fees and continued strong mortgage
banking income. While slowly rebounding, deposit service charges
continue to be impacted by pandemic related stimulus and general
changes in customer behavior/spending.
- Non-interest expenses reflected
moderate increases in compensation, technology and communication
and FDIC insurance premiums. Legal and professional fees reflected
$400,000 in expense related to the pending Kentucky Bancshares
acquisition. Capital and deposit tax declined significantly, as the
Company transitioned to report Kentucky state income tax as a
component of tax expense in accordance with the State law change
taking effect this quarter.
Hillebrand added, “In March, we were one of 30
financial institutions recognized in the inaugural Hovde High
Performer List based on our prior year results. Criteria to be
admitted included market capitalization below $1 billion, above
median average pre-provision ROA, loan and deposit growth, and
tangible book value growth. In their screening methodology, Hovde
eliminated 261 financial institutions, or nearly 90% of the
potential class of banks and thrifts that trade on major exchanges.
This recognition is an honor and a testament to the dedication of
our employees, who continue to work diligently to support the
communities we serve.”
Results of Operations – First Quarter 2021 Compared with
First Quarter 2020
Net interest income – the Company’s largest
source of revenue – increased $5.4 million, or 17%, to $37.8
million, driven primarily by PPP loan fees and a significant
decline in cost of funds.
- Total interest income rose $2.6
million, or 7%, to $39.5 million, primarily due to a 10% increase
in interest income on loans resulting from strong PPP income partly
offset by continued yield contraction.
- With regard to the first round of
PPP lending, as of March 31, 2021, approximately 41% of total loan
originations (in terms of dollars) had been forgiven by the SBA and
another 21% have been submitted for forgiveness. With regard to fee
income, approximately 73% of the $19.5 million in fee income
received has been recognized life to date. Round one PPP borrowers
are required to begin making payments in July, which will likely
accelerate forgiveness submissions for this round of PPP.
- Interest expense declined $2.7
million, or 62%, to $1.7 million. Interest expense on deposits
decreased $2.5 million, or 62%, as the cost of interest bearing
deposits declined to 0.22% in the first quarter of 2021 from 0.69%
in the first quarter a year ago. While average interest bearing
deposit balances surged $499 million, or 22%, the Company
significantly benefited from the strategic lowering of stated
deposit rates in early 2020 in tandem with the Federal Reserve’s
short-term interest rate moves and the corresponding lowering of CD
offering rates.
- NIM decreased 32 basis points to
3.39% for the first quarter of 2021 from 3.71% in the first quarter
a year ago. NIM contraction was primarily driven by lower interest
rates, coupled with higher levels of excess balance sheet
liquidity. The Company has maintained significantly higher levels
of balance sheet liquidity driven in part by the funding of PPP
loans through deposit growth. During the quarter, the PPP loan
portfolio and the related fee income had a 21 basis point positive
impact to NIM, while excess liquidity had a 14 basis point negative
impact.
Due to continued improvement in the unemployment
forecast combined with minimal net charge-offs and solid
traditional credit metrics including and excluding PPP loans, the
Bank recorded a $1.2 million net benefit to provision for credit
losses for loans in the first quarter of 2021. In addition, a
$275,000 net benefit was recorded to provision for credit losses
for off balance sheet exposures consistent with improvement in
underlying CECL model factors.
Non-interest income increased $1.3 million, or
10%, to $13.8 million.
- Wealth management and trust income
totaled $6.2 million for the first quarter of 2021 and slightly
exceeded the first quarter a year ago. Despite a meaningful decline
in non-recurring estate fees, significant growth in assets under
management and record market performance served to elevate
asset-based fees.
- Retail deposit service charges
decreased $339,000, or 26%, primarily related to a decline in
non-sufficient funds fees collected. Stimulus checks, more
lucrative unemployment compensation, diminished pandemic spending
and PPP funding have all had a sustained impact upon our customers’
spending and savings behavior.
- Debit/credit card income increased
$293,000, or 15%. Growth trends in both portfolios remain positive
with debit card business benefitting from a significant increase in
signature, or in person, payment presentment.
- Treasury management fees increased
by $256,000, or 20%, driven by increased transaction volume, new
product sales and customer base expansion. In addition, calling
efforts to existing customers have led to significant increases in
online services, reporting, ACH origination, remote deposit and
fraud mitigation services.
- Mortgage banking revenue increased
$598,000, or 71%, to $1.4 million for the first quarter of 2021.
While rising mortgage rates, tight housing supply and diminishing
affordability driven by surging housing prices will likely weigh on
the enthusiasm of home buyers in the months ahead, the pipeline of
viable loans going into the second quarter of 2021 was strong, with
incoming applications remaining steady.
Non-interest expenses increased $1.4 million, or
6%, to $25.0 million.
- Compensation expense increased
$594,000, or 5%, primarily due to annual merit-based salary
increases, an increase in full time equivalent employees, and
increased incentive compensation, partially offset by an expense
reduction attributable to the origination of PPP loans.
- Employee benefits increased
$94,000, or 3%, primarily due to elevated 401(k) and payroll tax
expenses, which was partially offset by lower health insurance
expense.
- Technology and communication
expense for the first quarter of 2021 increased $283,000, or 14%,
consistent with expanded data storage and increased expenses
related to the hosted core system.
- Marketing and business development
expense, which includes all costs associated with promoting the
Bank, community investment, retaining customers and acquiring new
business, has remained significantly below historic levels
consistent with reduced travel and customer entertainment expense
related to the pandemic.
- Legal and professional fees
reflected approximately $400,000 in expense related to the pending
Kentucky Bancshares acquisition.
Financial Condition – March 31, 2021 Compared with March
31, 2020
Total loans increased $698 million, or 24%, to
$3.6 billion. Excluding the PPP loan portfolio, total loans
increased $85 million, or 3%, during the year, with $128 million of
growth in the commercial real estate portfolio and $45 million of
growth in residential real estate loans, partially offset by a $114
million decrease in the commercial and industrial portfolio tied to
line of credit usage. Similar to what was experienced in the second
quarter of 2020, a portion of the Company’s customer base that
received second round PPP funding have utilized their excess
liquidity to pay down operating lines.
In an effort to deploy excess balance sheet
liquidity, the Company continued its strategy of expanding the
investment portfolio, growing total investment securities by a net
$226 million, or 51%, over the past twelve months.
Asset quality, which has trended within a narrow
range over the past several years, has remained strong. During the
first quarter of 2021, the Company recorded net loan charge-offs of
$6,000, compared to net loan charge-offs of $54,000 in the first
quarter of 2020. Non-performing loans were $14.3 million, or
0.47%(2), of total loans (excluding PPP) outstanding compared to
$6.0 million, or 0.21%, of total loans outstanding at March 31,
2020. Approximately $10 million of the non-accrual loan balance at
March 31, 2021 and December 31, 2020 relates to one commercial real
estate relationship that was placed on non-accrual status during
the second quarter of 2020.
Total deposits increased $1.0 billion, or 31%,
from March 31, 2020 to March 31, 2021, with non-interest bearing
deposits representing $511 million of the increase. The mix of
deposits has also improved with higher-cost time deposits declining
$55 million over the past twelve months. Both period end and
average deposit balances ended at record levels at March 31, 2021.
Federal programs such as the PPP and stimulus checks have boosted
deposit balances.
At March 31, 2021, the Company remained “well
capitalized,” the highest regulatory capital rating for financial
institutions. Total equity to assets was 9.25% and the tangible
common equity ratio was 8.97%(1) at March 31, 2021, compared to
10.83% and 10.48%(1), respectively, at March 31, 2020, with the
decline attributable to the January 1, 2020 CECL adoption, loan
growth and a $12 million accumulated other comprehensive equity
decline associated with the late first quarter increase in bond
yields.
In March 2021, the Board of Directors continued
the dividend rate of $0.27 per common share initially set in
November 2019. The Company will continue to evaluate dividend rate
increases in relation to maintaining strong capital levels.
No shares were repurchased in the first quarter
of 2021 and approximately 741,000 shares remain eligible for
repurchase under the current buy-back plan which expires in May
2021.
Results of Operations – First Quarter 2021 Compared with
Fourth Quarter 2020
Net interest income increased $1.6 million, or
4%, over the prior quarter to $37.8 million, led by loan growth,
PPP fee recognition and the continued decline in cost of funds.
Due to continued improvement in the unemployment
forecast combined with minimal net charge-offs and solid
traditional credit metrics including and excluding PPP loans, the
Company recorded a $1.2 million benefit to provision for credit
losses for loans in the first quarter of 2021, compared to $1.4
million provision for credit loss expense for loans in the prior
quarter. In addition, consistent with improvement in underlying
CECL model factors, a net benefit was recorded to provision for
credit losses for off balance sheet exposures of $275,000 and
$900,000 in the first quarter of 2021 and fourth quarter of 2020,
respectively.
Non-interest income increased $146,000 to $13.8
million. Increases in wealth management and trust service fees,
debit/credit card income and higher treasury management fees more
than offset a modest first quarter reduction in mortgage banking
income.
Non-interest expenses decreased $4.1 million, or
14%, to $25.0 million.
- Compensation expense decreased $1.2
million, to $12.8 million compared with the fourth quarter of 2020
due to higher fourth quarter incentive compensation expense and
deferred expenses associated with the latest round of PPP loans
originated in the current quarter.
- Employee benefits increased $1.1
million primarily due to higher health insurance expense, 401(k)
expense and payroll tax expenses.
- The fourth quarter of 2020
reflected the completion of a large tax credit project and elevated
amortization of investment in tax credit partnership expense, with
a corresponding offset to tax expense spread proportionately over
the year.
- Capital and deposit tax expense
declined significantly, as the Company transitioned to report
Kentucky state income tax as a component of tax expense.
Financial Condition March 31, 2021, Compared with
December 31, 2020
Total assets increased $185 million on a linked
quarter basis to $4.8 billion, reflecting significant increases in
both loans and investment securities.
Total loans increased $104 million on a linked
quarter basis to $3.6 billion at quarter end and the deployment of
excess liquidity led to a $85 million increase in securities. Total
line of credit usage decreased to 37% as of March 31, 2021,
from 38% at December 31, 2020. Commercial and industrial line usage
decreased to 26% as of March 31, 2021, compared to 28% at December
31, 2020.
Total deposits increased $211 million, or 5%, on
a linked quarter basis due to higher deposit levels consistent with
growth in balances with both existing and new customers. Federal
programs such as the PPP, stimulus checks and increased
unemployment benefits have boosted deposit balances during the
quarter. Additionally, economic uncertainty surrounding the
pandemic has resulted in a portion of the customer base maintaining
generally higher deposit balances.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $4.8 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: the possibility that any of the anticipated benefits of
the proposed Kentucky Bancshares merger will not be realized or
will not be realized within the expected time period; the risk that
integration of Kentucky Bancshares’ operations with those of Stock
Yards will be materially delayed or will be more costly or
difficult than expected; diversion of management's attention from
ongoing business operations and opportunities due to the merger;
the challenges of integrating and retaining key employees; the
effect of the announcement of the merger on the combined company's
respective customer and employee relationships and operating
results; the possibility that the merger may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events; dilution caused by Stock Yards’ issuance of
additional shares of Stock Yards common stock in connection with
the merger; the magnitude and duration of the COVID-19 pandemic and
its impact on the global economy and financial market conditions
and the business, results of operations and financial condition of
the combined company; economic conditions both generally and more
specifically in the markets in which the Company and its subsidiary
operates; competition for the Company’s customers from other
providers of financial services; 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; the effects of government stimulus programs
such as the Consolidated Appropriations Act; the effects of the
FRB’s benchmark interest rate cuts on liquidity and margins; the
potential adverse effects of the coronavirus or any other pandemic
on the ability of borrowers to satisfy their obligations to the
Company, the level of the Company’s non-performing assets, the
demand for the Company’s loans or its other products and services,
other aspects of the Company’s business and operations, and
financial markets and economic growth, 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, 2020.
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
First Quarter 2021
Earnings Release |
|
|
|
|
|
|
|
(In thousands unless otherwise
noted) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
Income Statement Data |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax
equivalent (3) |
|
|
|
$ |
37,874 |
|
|
$ |
32,494 |
|
|
Interest income: |
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
37,000 |
|
|
$ |
33,749 |
|
|
Federal funds sold and
interest bearing due from banks |
|
|
|
|
66 |
|
|
|
531 |
|
|
Mortgage loans held for
sale |
|
|
|
|
64 |
|
|
|
61 |
|
|
Securities |
|
|
|
|
2,388 |
|
|
|
2,541 |
|
|
Total interest income |
|
|
|
|
39,518 |
|
|
|
36,882 |
|
|
Interest expense: |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
1,510 |
|
|
|
3,962 |
|
|
Securities sold under
agreements to repurchase and |
|
|
|
|
|
|
|
other short-term borrowings |
|
|
|
|
7 |
|
|
|
45 |
|
|
Federal Home Loan Bank (FHLB)
advances |
|
|
|
|
176 |
|
|
|
429 |
|
|
Total interest expense |
|
|
|
|
1,693 |
|
|
|
4,436 |
|
|
Net interest income |
|
|
|
|
37,825 |
|
|
|
32,446 |
|
|
Provision for credit losses
(6) |
|
|
|
|
(1,475 |
) |
|
|
5,925 |
|
|
Net interest income after
provision for credit losses |
|
|
|
|
39,300 |
|
|
|
26,521 |
|
|
Non-interest income: |
|
|
|
|
|
|
|
Wealth management and trust
services |
|
|
|
|
6,248 |
|
|
|
6,218 |
|
|
Deposit service charges |
|
|
|
|
944 |
|
|
|
1,283 |
|
|
Debit and credit card
income |
|
|
|
|
2,273 |
|
|
|
1,980 |
|
|
Treasury management fees |
|
|
|
|
1,540 |
|
|
|
1,284 |
|
|
Mortgage banking income |
|
|
|
|
1,444 |
|
|
|
846 |
|
|
Net investment product sales
commissions and fees |
|
|
|
|
464 |
|
|
|
466 |
|
|
Bank owned life insurance |
|
|
|
|
161 |
|
|
|
179 |
|
|
Other |
|
|
|
|
770 |
|
|
|
280 |
|
|
Total non-interest income |
|
|
|
|
13,844 |
|
|
|
12,536 |
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
Compensation |
|
|
|
|
12,827 |
|
|
|
12,233 |
|
|
Employee benefits |
|
|
|
|
3,261 |
|
|
|
3,167 |
|
|
Net occupancy and
equipment |
|
|
|
|
2,045 |
|
|
|
1,831 |
|
|
Technology and
communication |
|
|
|
|
2,346 |
|
|
|
2,063 |
|
|
Debit and credit card
processing |
|
|
|
|
705 |
|
|
|
656 |
|
|
Marketing and business
development |
|
|
|
|
524 |
|
|
|
560 |
|
|
Postage, printing and
supplies |
|
|
|
|
409 |
|
|
|
441 |
|
|
Legal and professional |
|
|
|
|
862 |
|
|
|
623 |
|
|
FDIC Insurance |
|
|
|
|
405 |
|
|
|
129 |
|
|
Amortization of investments in
tax credit partnerships |
|
|
|
|
31 |
|
|
|
36 |
|
|
Capital and deposit based
taxes |
|
|
|
|
458 |
|
|
|
1,030 |
|
|
Other |
|
|
|
|
1,100 |
|
|
|
806 |
|
|
Total non-interest
expenses |
|
|
|
|
24,973 |
|
|
|
23,575 |
|
|
Income before income tax
expense |
|
|
|
|
28,171 |
|
|
|
15,482 |
|
|
Income tax expense |
|
|
|
|
5,461 |
|
|
|
2,250 |
|
|
Net income |
|
|
|
$ |
22,710 |
|
|
$ |
13,232 |
|
|
|
|
|
|
|
|
|
|
Net income per share -
Basic |
|
|
|
$ |
1.00 |
|
|
$ |
0.59 |
|
|
Net income per share -
Diluted |
|
|
|
|
0.99 |
|
|
|
0.58 |
|
|
Cash dividend declared per
share |
|
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
Basic |
|
|
|
|
22,622 |
|
|
|
22,516 |
|
|
Weighted average shares -
Diluted |
|
|
|
|
22,865 |
|
|
|
22,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
Balance Sheet
Data |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
3,635,156 |
|
|
$ |
2,937,366 |
|
|
Allowance for credit losses on
loans |
|
|
|
|
50,714 |
|
|
|
42,143 |
|
|
Total assets |
|
|
|
|
4,794,075 |
|
|
|
3,784,586 |
|
|
Non-interest bearing
deposits |
|
|
|
|
1,370,183 |
|
|
|
858,883 |
|
|
Interest bearing deposits |
|
|
|
|
2,829,779 |
|
|
|
2,339,995 |
|
|
FHLB advances |
|
|
|
|
24,180 |
|
|
|
69,191 |
|
|
Stockholders' equity |
|
|
|
|
443,232 |
|
|
|
409,702 |
|
|
Total shares outstanding |
|
|
|
|
22,781 |
|
|
|
22,665 |
|
|
Book value per share (1) |
|
|
|
$ |
19.46 |
|
|
$ |
18.08 |
|
|
Tangible common equity per
share (1) |
|
|
|
|
18.82 |
|
|
|
17.43 |
|
|
Market value per share |
|
|
|
|
51.06 |
|
|
|
28.93 |
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
First Quarter 2021
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
Average Balance Sheet
Data |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest bearing due from banks |
|
|
|
$ |
235,370 |
|
|
$ |
168,563 |
|
|
Mortgage loans held for
sale |
|
|
|
|
14,618 |
|
|
|
4,953 |
|
|
Available for sale debt
securities |
|
|
|
|
661,175 |
|
|
|
449,610 |
|
|
FHLB stock |
|
|
|
|
10,640 |
|
|
|
11,284 |
|
|
Loans |
|
|
|
|
3,605,760 |
|
|
|
2,891,668 |
|
|
Total interest earning
assets |
|
|
|
|
4,527,563 |
|
|
|
3,526,078 |
|
|
Total assets |
|
|
|
|
4,710,836 |
|
|
|
3,710,119 |
|
|
Interest bearing deposits |
|
|
|
|
2,815,986 |
|
|
|
2,316,774 |
|
|
Total deposits |
|
|
|
|
4,094,179 |
|
|
|
3,120,242 |
|
|
Securities sold under
agreement to repurchase and other short term borrowings |
|
|
|
|
56,536 |
|
|
|
43,739 |
|
|
FHLB advances |
|
|
|
|
29,270 |
|
|
|
73,939 |
|
|
Total interest bearing
liabilities |
|
|
|
|
2,901,792 |
|
|
|
2,434,452 |
|
|
Total stockholders'
equity |
|
|
|
|
444,821 |
|
|
|
403,702 |
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
Annualized return on average
assets |
|
|
|
|
1.96 |
% |
|
|
1.43 |
% |
|
Annualized return on average
equity |
|
|
|
|
20.71 |
% |
|
|
13.18 |
% |
|
Net interest margin, fully tax
equivalent |
|
|
|
|
3.39 |
% |
|
|
3.71 |
% |
|
Non-interest income to total
revenue, fully tax equivalent |
|
|
|
|
26.77 |
% |
|
|
27.84 |
% |
|
Efficiency ratio, fully tax
equivalent (4) |
|
|
|
|
48.29 |
% |
|
|
52.35 |
% |
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
Total stockholders' equity to
total assets (1) |
|
|
|
|
9.25 |
% |
|
|
10.83 |
% |
|
Tangible common equity to
tangible assets (1) |
|
|
|
|
8.97 |
% |
|
|
10.48 |
% |
|
Average stockholders' equity
to average assets |
|
|
|
|
9.44 |
% |
|
|
10.88 |
% |
|
Total risk-based capital |
|
|
|
|
13.39 |
% |
|
|
12.75 |
% |
|
Common equity tier 1
risk-based capital |
|
|
|
|
12.32 |
% |
|
|
11.81 |
% |
|
Tier 1 risk-based capital |
|
|
|
|
12.32 |
% |
|
|
11.81 |
% |
|
Leverage |
|
|
|
|
9.46 |
% |
|
|
10.78 |
% |
|
|
|
|
|
|
|
|
|
Loan
Segmentation |
|
|
|
|
|
|
|
Commercial real estate -
non-owner occupied |
|
|
|
$ |
876,523 |
|
|
$ |
799,284 |
|
|
Commercial real estate - owner
occupied |
|
|
|
|
527,316 |
|
|
|
476,534 |
|
|
Commercial and industrial |
|
|
|
|
769,773 |
|
|
|
883,868 |
|
|
Commercial and industrial -
PPP |
|
|
|
|
612,885 |
|
|
|
- |
|
|
Residential real estate -
owner occupied |
|
|
|
|
262,516 |
|
|
|
219,221 |
|
|
Residential real estate -
non-owner occupied |
|
|
|
|
136,380 |
|
|
|
134,734 |
|
|
Construction and land
development |
|
|
|
|
281,815 |
|
|
|
246,040 |
|
|
Home equity lines of
credit |
|
|
|
|
91,233 |
|
|
|
107,121 |
|
|
Consumer |
|
|
|
|
51,058 |
|
|
|
44,939 |
|
|
Leases |
|
|
|
|
14,115 |
|
|
|
15,476 |
|
|
Credit cards - commercial |
|
|
|
|
11,542 |
|
|
|
10,149 |
|
|
Total loans and leases |
|
|
|
$ |
3,635,156 |
|
|
$ |
2,937,366 |
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data |
|
|
|
|
|
|
|
Non-accrual loans |
|
|
|
$ |
12,913 |
|
|
$ |
4,235 |
|
|
Troubled debt
restructurings |
|
|
|
|
15 |
|
|
|
52 |
|
|
Loans past due 90 days or more
and still accruing |
|
|
|
|
1,377 |
|
|
|
1,762 |
|
|
Total non-performing
loans |
|
|
|
|
14,305 |
|
|
|
6,049 |
|
|
Other real estate owned |
|
|
|
|
281 |
|
|
|
493 |
|
|
Total non-performing
assets |
|
|
|
$ |
14,586 |
|
|
$ |
6,542 |
|
|
Non-performing loans to total
loans (2) |
|
|
|
|
0.39 |
% |
|
|
0.21 |
% |
|
Non-performing assets to total
assets |
|
|
|
|
0.30 |
% |
|
|
0.17 |
% |
|
Allowance for credit losses on
loans to total loans (2) |
|
|
|
|
1.40 |
% |
|
|
1.43 |
% |
|
Allowance for credit losses on
loans to average loans |
|
|
|
|
1.41 |
% |
|
|
1.46 |
% |
|
Allowance for credit losses on
loans to non-performing loans |
|
|
|
|
355 |
% |
|
|
697 |
% |
|
Net (charge-offs)
recoveries |
|
|
|
$ |
(6 |
) |
|
$ |
(54 |
) |
|
Net (charge-offs) recoveries
to average loans (5) |
|
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
First Quarter 2021
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Income Statement
Data |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income, fully tax equivalent (3) |
|
$ |
37,874 |
|
|
$ |
36,301 |
|
|
$ |
33,768 |
|
|
$ |
33,573 |
|
|
$ |
32,494 |
|
Net interest income |
|
$ |
37,825 |
|
|
$ |
36,252 |
|
|
$ |
33,695 |
|
|
$ |
33,528 |
|
|
$ |
32,446 |
|
Provision for credit losses
(6) |
|
|
(1,475 |
) |
|
|
500 |
|
|
|
4,968 |
|
|
|
7,025 |
|
|
|
5,925 |
|
Net interest income after
provision for credit losses |
|
|
39,300 |
|
|
|
35,752 |
|
|
|
28,727 |
|
|
|
26,503 |
|
|
|
26,521 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
Wealth management and trust
services |
|
|
6,248 |
|
|
|
5,805 |
|
|
|
5,657 |
|
|
|
5,726 |
|
|
|
6,218 |
|
Deposit service charges |
|
|
944 |
|
|
|
1,080 |
|
|
|
998 |
|
|
|
800 |
|
|
|
1,283 |
|
Debit and credit card
income |
|
|
2,273 |
|
|
|
2,219 |
|
|
|
2,218 |
|
|
|
2,063 |
|
|
|
1,980 |
|
Treasury management fees |
|
|
1,540 |
|
|
|
1,506 |
|
|
|
1,368 |
|
|
|
1,249 |
|
|
|
1,284 |
|
Mortgage banking income |
|
|
1,444 |
|
|
|
1,708 |
|
|
|
1,979 |
|
|
|
1,622 |
|
|
|
846 |
|
Net investment product sales
commissions and fees |
|
|
464 |
|
|
|
487 |
|
|
|
431 |
|
|
|
391 |
|
|
|
466 |
|
Bank owned life insurance |
|
|
161 |
|
|
|
166 |
|
|
|
172 |
|
|
|
176 |
|
|
|
179 |
|
Other |
|
|
770 |
|
|
|
727 |
|
|
|
220 |
|
|
|
595 |
|
|
|
280 |
|
Total non-interest income |
|
|
13,844 |
|
|
|
13,698 |
|
|
|
13,043 |
|
|
|
12,622 |
|
|
|
12,536 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
12,827 |
|
|
|
14,072 |
|
|
|
13,300 |
|
|
|
11,763 |
|
|
|
12,233 |
|
Employee benefits |
|
|
3,261 |
|
|
|
2,173 |
|
|
|
2,853 |
|
|
|
2,871 |
|
|
|
3,167 |
|
Net occupancy and
equipment |
|
|
2,045 |
|
|
|
2,137 |
|
|
|
2,177 |
|
|
|
2,037 |
|
|
|
1,831 |
|
Technology and
communication |
|
|
2,346 |
|
|
|
2,347 |
|
|
|
2,323 |
|
|
|
1,999 |
|
|
|
2,063 |
|
Debit and credit card
processing |
|
|
705 |
|
|
|
698 |
|
|
|
649 |
|
|
|
603 |
|
|
|
656 |
|
Marketing and business
development |
|
|
524 |
|
|
|
835 |
|
|
|
523 |
|
|
|
465 |
|
|
|
560 |
|
Postage, printing and
supplies |
|
|
409 |
|
|
|
423 |
|
|
|
472 |
|
|
|
442 |
|
|
|
441 |
|
Legal and professional |
|
|
862 |
|
|
|
597 |
|
|
|
544 |
|
|
|
628 |
|
|
|
623 |
|
FDIC Insurance |
|
|
405 |
|
|
|
323 |
|
|
|
435 |
|
|
|
330 |
|
|
|
129 |
|
Amortization of investments in
tax credit partnerships |
|
|
31 |
|
|
|
2,955 |
|
|
|
52 |
|
|
|
53 |
|
|
|
36 |
|
Capital and deposit based
taxes |
|
|
458 |
|
|
|
1,055 |
|
|
|
1,076 |
|
|
|
1,225 |
|
|
|
1,030 |
|
Other |
|
|
1,100 |
|
|
|
1,414 |
|
|
|
1,242 |
|
|
|
993 |
|
|
|
806 |
|
Total non-interest
expenses |
|
|
24,973 |
|
|
|
29,029 |
|
|
|
25,646 |
|
|
|
23,409 |
|
|
|
23,575 |
|
Income before income tax
expense |
|
|
28,171 |
|
|
|
20,421 |
|
|
|
16,124 |
|
|
|
15,716 |
|
|
|
15,482 |
|
Income tax expense |
|
|
5,461 |
|
|
|
2,685 |
|
|
|
1,591 |
|
|
|
2,348 |
|
|
|
2,250 |
|
Net income |
|
$ |
22,710 |
|
|
$ |
17,736 |
|
|
$ |
14,533 |
|
|
$ |
13,368 |
|
|
$ |
13,232 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share -
Basic |
|
$ |
1.00 |
|
|
$ |
0.79 |
|
|
$ |
0.64 |
|
|
$ |
0.59 |
|
|
$ |
0.59 |
|
Net income per share -
Diluted |
|
|
0.99 |
|
|
|
0.78 |
|
|
|
0.64 |
|
|
|
0.59 |
|
|
|
0.58 |
|
Cash dividend declared per
share |
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
Basic |
|
|
22,622 |
|
|
|
22,593 |
|
|
|
22,582 |
|
|
|
22,560 |
|
|
|
22,516 |
|
Weighted average shares -
Diluted |
|
|
22,865 |
|
|
|
22,794 |
|
|
|
22,802 |
|
|
|
22,739 |
|
|
|
22,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Balance Sheet
Data |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
43,061 |
|
|
$ |
43,179 |
|
|
$ |
49,517 |
|
|
$ |
46,362 |
|
|
$ |
47,662 |
|
Federal funds sold and
interest bearing due from banks |
|
|
289,920 |
|
|
|
274,766 |
|
|
|
241,486 |
|
|
|
178,032 |
|
|
|
206,849 |
|
Mortgage loans held for
sale |
|
|
6,579 |
|
|
|
22,547 |
|
|
|
23,611 |
|
|
|
17,364 |
|
|
|
8,141 |
|
Available for sale debt
securities |
|
|
672,167 |
|
|
|
586,978 |
|
|
|
429,184 |
|
|
|
485,249 |
|
|
|
445,813 |
|
FHLB stock |
|
|
10,228 |
|
|
|
11,284 |
|
|
|
11,284 |
|
|
|
11,284 |
|
|
|
11,284 |
|
Loans |
|
|
3,635,156 |
|
|
|
3,531,596 |
|
|
|
3,472,481 |
|
|
|
3,464,077 |
|
|
|
2,937,366 |
|
Allowance for credit losses on
loans |
|
|
50,714 |
|
|
|
51,920 |
|
|
|
50,501 |
|
|
|
47,708 |
|
|
|
42,143 |
|
Total assets |
|
|
4,794,075 |
|
|
|
4,608,629 |
|
|
|
4,365,129 |
|
|
|
4,334,533 |
|
|
|
3,784,586 |
|
Non-interest bearing
deposits |
|
|
1,370,183 |
|
|
|
1,187,057 |
|
|
|
1,180,001 |
|
|
|
1,205,253 |
|
|
|
858,883 |
|
Interest bearing deposits |
|
|
2,829,779 |
|
|
|
2,801,577 |
|
|
|
2,574,517 |
|
|
|
2,521,903 |
|
|
|
2,339,995 |
|
Securities sold under
agreements to repurchase |
|
|
51,681 |
|
|
|
47,979 |
|
|
|
40,430 |
|
|
|
42,722 |
|
|
|
32,366 |
|
Federal funds purchased |
|
|
8,642 |
|
|
|
11,464 |
|
|
|
9,179 |
|
|
|
8,401 |
|
|
|
9,747 |
|
FHLB advances |
|
|
24,180 |
|
|
|
31,639 |
|
|
|
56,536 |
|
|
|
61,432 |
|
|
|
69,191 |
|
Stockholders' equity |
|
|
443,232 |
|
|
|
440,701 |
|
|
|
428,598 |
|
|
|
420,231 |
|
|
|
409,702 |
|
Total shares outstanding |
|
|
22,781 |
|
|
|
22,692 |
|
|
|
22,692 |
|
|
|
22,667 |
|
|
|
22,665 |
|
Book value per share (1) |
|
$ |
19.46 |
|
|
$ |
19.42 |
|
|
$ |
18.89 |
|
|
$ |
18.54 |
|
|
$ |
18.08 |
|
Tangible common equity per
share (1) |
|
|
18.82 |
|
|
|
18.78 |
|
|
|
18.25 |
|
|
|
17.89 |
|
|
|
17.43 |
|
Market value per share |
|
|
51.06 |
|
|
|
40.48 |
|
|
|
34.04 |
|
|
|
40.20 |
|
|
|
28.93 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets (1) |
|
|
9.25 |
% |
|
|
9.56 |
% |
|
|
9.82 |
% |
|
|
9.69 |
% |
|
|
10.83 |
% |
Tangible common equity to
tangible assets (1) |
|
|
8.97 |
% |
|
|
9.28 |
% |
|
|
9.52 |
% |
|
|
9.39 |
% |
|
|
10.48 |
% |
Average stockholders' equity
to average assets |
|
|
9.44 |
% |
|
|
9.61 |
% |
|
|
9.85 |
% |
|
|
9.66 |
% |
|
|
10.88 |
% |
Total risk-based capital |
|
|
13.39 |
% |
|
|
13.36 |
% |
|
|
13.79 |
% |
|
|
13.50 |
% |
|
|
12.75 |
% |
Common equity tier 1
risk-based capital |
|
|
12.32 |
% |
|
|
12.23 |
% |
|
|
12.61 |
% |
|
|
12.39 |
% |
|
|
11.81 |
% |
Tier 1 risk-based capital |
|
|
12.32 |
% |
|
|
12.23 |
% |
|
|
12.61 |
% |
|
|
12.39 |
% |
|
|
11.81 |
% |
Leverage |
|
|
9.46 |
% |
|
|
9.57 |
% |
|
|
9.70 |
% |
|
|
9.50 |
% |
|
|
10.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp,
Inc. Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
First Quarter 2021
Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Average Balance Sheet
Data |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest bearing due from banks |
|
$ |
235,370 |
|
|
$ |
271,277 |
|
|
$ |
194,100 |
|
|
$ |
285,617 |
|
|
$ |
168,563 |
|
Mortgage loans held for
sale |
|
|
14,618 |
|
|
|
28,951 |
|
|
|
28,520 |
|
|
|
18,010 |
|
|
|
4,953 |
|
Available for sale debt
securities |
|
|
661,175 |
|
|
|
510,677 |
|
|
|
442,089 |
|
|
|
412,368 |
|
|
|
449,610 |
|
Loans |
|
|
3,605,760 |
|
|
|
3,483,298 |
|
|
|
3,444,407 |
|
|
|
3,396,767 |
|
|
|
2,891,668 |
|
Total interest earning
assets |
|
|
4,527,563 |
|
|
|
4,305,487 |
|
|
|
4,120,400 |
|
|
|
4,124,046 |
|
|
|
3,526,078 |
|
Total assets |
|
|
4,710,836 |
|
|
|
4,512,874 |
|
|
|
4,325,500 |
|
|
|
4,317,430 |
|
|
|
3,710,119 |
|
Interest bearing deposits |
|
|
2,815,986 |
|
|
|
2,689,103 |
|
|
|
2,521,838 |
|
|
|
2,500,315 |
|
|
|
2,316,774 |
|
Total deposits |
|
|
4,094,179 |
|
|
|
3,888,247 |
|
|
|
3,707,845 |
|
|
|
3,713,451 |
|
|
|
3,120,242 |
|
Securities sold under
agreement to repurchase |
|
|
56,536 |
|
|
|
55,825 |
|
|
|
49,709 |
|
|
|
49,940 |
|
|
|
43,739 |
|
FHLB advances |
|
|
29,270 |
|
|
|
48,771 |
|
|
|
59,487 |
|
|
|
63,896 |
|
|
|
73,939 |
|
Total interest bearing
liabilities |
|
|
2,901,792 |
|
|
|
2,793,699 |
|
|
|
2,631,034 |
|
|
|
2,614,151 |
|
|
|
2,434,452 |
|
Total stockholders'
equity |
|
|
444,821 |
|
|
|
433,596 |
|
|
|
426,049 |
|
|
|
416,920 |
|
|
|
403,702 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets |
|
|
1.96 |
% |
|
|
1.56 |
% |
|
|
1.34 |
% |
|
|
1.25 |
% |
|
|
1.43 |
% |
Annualized return on average
equity |
|
|
20.71 |
% |
|
|
16.27 |
% |
|
|
13.57 |
% |
|
|
12.90 |
% |
|
|
13.18 |
% |
Net interest margin, fully tax
equivalent |
|
|
3.39 |
% |
|
|
3.35 |
% |
|
|
3.26 |
% |
|
|
3.27 |
% |
|
|
3.71 |
% |
Non-interest income to total
revenue, fully tax equivalent |
|
|
26.77 |
% |
|
|
27.40 |
% |
|
|
27.86 |
% |
|
|
27.32 |
% |
|
|
27.84 |
% |
Efficiency ratio, fully tax
equivalent (4) |
|
|
48.29 |
% |
|
|
58.06 |
% |
|
|
54.79 |
% |
|
|
50.67 |
% |
|
|
52.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
Loans
Segmentation |
|
|
|
|
|
|
|
|
|
|
Commercial real estate -
non-owner occupied |
|
$ |
876,523 |
|
|
$ |
833,470 |
|
|
$ |
828,328 |
|
|
$ |
815,464 |
|
|
$ |
799,284 |
|
Commercial real estate - owner
occupied |
|
|
527,316 |
|
|
|
508,672 |
|
|
|
492,825 |
|
|
|
472,457 |
|
|
|
476,534 |
|
Commercial and industrial |
|
|
769,773 |
|
|
|
802,422 |
|
|
|
731,850 |
|
|
|
764,480 |
|
|
|
883,868 |
|
Commercial and industrial -
PPP |
|
|
612,885 |
|
|
|
550,186 |
|
|
|
642,056 |
|
|
|
630,082 |
|
|
|
- |
|
Residential real estate -
owner occupied |
|
|
262,516 |
|
|
|
239,191 |
|
|
|
211,984 |
|
|
|
215,891 |
|
|
|
219,221 |
|
Residential real estate -
non-owner occupied |
|
|
136,380 |
|
|
|
140,930 |
|
|
|
143,149 |
|
|
|
139,121 |
|
|
|
134,734 |
|
Construction and land
development |
|
|
281,815 |
|
|
|
291,764 |
|
|
|
257,875 |
|
|
|
255,447 |
|
|
|
246,040 |
|
Home equity lines of
credit |
|
|
91,233 |
|
|
|
95,366 |
|
|
|
97,150 |
|
|
|
103,672 |
|
|
|
107,121 |
|
Consumer |
|
|
51,058 |
|
|
|
44,606 |
|
|
|
44,161 |
|
|
|
43,758 |
|
|
|
44,939 |
|
Leases |
|
|
14,115 |
|
|
|
14,786 |
|
|
|
13,981 |
|
|
|
14,843 |
|
|
|
15,476 |
|
Credit cards - commercial |
|
|
11,542 |
|
|
|
10,203 |
|
|
|
9,122 |
|
|
|
8,862 |
|
|
|
10,149 |
|
Total loans and leases |
|
$ |
3,635,156 |
|
|
$ |
3,531,596 |
|
|
$ |
3,472,481 |
|
|
$ |
3,464,077 |
|
|
$ |
2,937,366 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data |
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
12,913 |
|
|
$ |
12,514 |
|
|
$ |
12,358 |
|
|
$ |
14,262 |
|
|
$ |
4,235 |
|
Troubled debt
restructurings |
|
|
15 |
|
|
|
16 |
|
|
|
18 |
|
|
|
45 |
|
|
|
52 |
|
Loans past due 90 days or more
and still accruing |
|
|
1,377 |
|
|
|
649 |
|
|
|
1,152 |
|
|
|
48 |
|
|
|
1,762 |
|
Total non-performing
loans |
|
|
14,305 |
|
|
|
13,179 |
|
|
|
13,528 |
|
|
|
14,355 |
|
|
|
6,049 |
|
Other real estate owned |
|
|
281 |
|
|
|
281 |
|
|
|
612 |
|
|
|
493 |
|
|
|
493 |
|
Total non-performing
assets |
|
$ |
14,586 |
|
|
$ |
13,460 |
|
|
$ |
14,140 |
|
|
$ |
14,848 |
|
|
$ |
6,542 |
|
Non-performing loans to total
loans (2) |
|
|
0.39 |
% |
|
|
0.37 |
% |
|
|
0.39 |
% |
|
|
0.41 |
% |
|
|
0.21 |
% |
Non-performing assets to total
assets |
|
|
0.30 |
% |
|
|
0.29 |
% |
|
|
0.32 |
% |
|
|
0.34 |
% |
|
|
0.17 |
% |
Allowance for credit losses on
loans to total loans (2) |
|
|
1.40 |
% |
|
|
1.47 |
% |
|
|
1.45 |
% |
|
|
1.38 |
% |
|
|
1.43 |
% |
Allowance for credit losses on
loans to average loans |
|
|
1.41 |
% |
|
|
1.49 |
% |
|
|
1.47 |
% |
|
|
1.40 |
% |
|
|
1.46 |
% |
Allowance for credit losses on
loans to non-performing loans |
|
|
355 |
% |
|
|
394 |
% |
|
|
373 |
% |
|
|
332 |
% |
|
|
697 |
% |
Net (charge-offs)
recoveries |
|
$ |
(6 |
) |
|
$ |
19 |
|
|
$ |
(1,625 |
) |
|
$ |
15 |
|
|
$ |
(54 |
) |
Net (charge-offs) recoveries
to average loans (5) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
-0.05 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
Other
Information |
|
|
|
|
|
|
|
|
|
|
Total assets under management
(in millions) |
|
$ |
3,989 |
|
|
$ |
3,852 |
|
|
$ |
3,414 |
|
|
$ |
3,204 |
|
|
$ |
2,961 |
|
Full-time equivalent
employees |
|
|
638 |
|
|
|
641 |
|
|
|
626 |
|
|
|
620 |
|
|
|
618 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) - The following
table provides a reconciliation of total stockholders’ equity in
accordance with U.S. Generally Accepted Accounting Principles
(“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) |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity -
GAAP (a) |
|
$ |
443,232 |
|
|
$ |
440,701 |
|
|
$ |
428,598 |
|
|
$ |
420,231 |
|
|
$ |
409,702 |
|
Less: Goodwill |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
Less: Core deposit
intangible |
|
|
(1,885 |
) |
|
|
(1,962 |
) |
|
|
(2,042 |
) |
|
|
(2,122 |
) |
|
|
(2,203 |
) |
Tangible common equity -
Non-GAAP (c) |
|
$ |
428,834 |
|
|
$ |
426,226 |
|
|
$ |
414,043 |
|
|
$ |
405,596 |
|
|
$ |
394,986 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets - GAAP (b) |
|
$ |
4,794,075 |
|
|
$ |
4,608,629 |
|
|
$ |
4,365,129 |
|
|
$ |
4,334,533 |
|
|
$ |
3,784,586 |
|
Less: Goodwill |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
|
|
(12,513 |
) |
Less: Core deposit
intangible |
|
|
(1,885 |
) |
|
|
(1,962 |
) |
|
|
(2,042 |
) |
|
|
(2,122 |
) |
|
|
(2,203 |
) |
Tangible assets - Non-GAAP
(d) |
|
$ |
4,779,677 |
|
|
$ |
4,594,154 |
|
|
$ |
4,350,574 |
|
|
$ |
4,319,898 |
|
|
$ |
3,769,870 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets - GAAP (a/b) |
|
|
9.25 |
% |
|
|
9.56 |
% |
|
|
9.82 |
% |
|
|
9.69 |
% |
|
|
10.83 |
% |
Tangible common equity to
tangible assets - Non-GAAP (c/d) |
|
|
8.97 |
% |
|
|
9.28 |
% |
|
|
9.52 |
% |
|
|
9.39 |
% |
|
|
10.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total shares outstanding
(e) |
|
|
22,781 |
|
|
|
22,692 |
|
|
|
22,692 |
|
|
|
22,667 |
|
|
|
22,665 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share - GAAP
(a/e) |
|
$ |
19.46 |
|
|
$ |
19.42 |
|
|
$ |
18.89 |
|
|
$ |
18.54 |
|
|
$ |
18.08 |
|
Tangible common equity per
share - Non-GAAP (c/e) |
|
|
18.82 |
|
|
|
18.78 |
|
|
|
18.25 |
|
|
|
17.89 |
|
|
|
17.43 |
|
|
|
|
|
|
|
|
|
|
|
|
(2) - 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) |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Total Loans - GAAP (a) |
|
$ |
3,635,156 |
|
|
$ |
3,531,596 |
|
|
$ |
3,472,481 |
|
|
$ |
3,464,077 |
|
|
$ |
2,937,366 |
|
Less: PPP loans |
|
|
(612,885 |
) |
|
|
(550,186 |
) |
|
|
(642,056 |
) |
|
|
(630,082 |
) |
|
|
- |
|
Total non-PPP Loans - Non-GAAP
(b) |
|
|
3,022,271 |
|
|
|
2,981,410 |
|
|
|
2,830,425 |
|
|
|
2,833,995 |
|
|
|
2,937,366 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on
loans (c) |
|
$ |
50,714 |
|
|
$ |
51,920 |
|
|
$ |
50,501 |
|
|
$ |
47,708 |
|
|
$ |
42,143 |
|
Non-performing loans (d) |
|
|
14,305 |
|
|
|
13,179 |
|
|
|
13,528 |
|
|
|
14,355 |
|
|
|
6,049 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on
loans to total loans - GAAP (c/a) |
|
|
1.40 |
% |
|
|
1.47 |
% |
|
|
1.45 |
% |
|
|
1.38 |
% |
|
|
1.43 |
% |
Allowance for credit losses on
loans to total loans - Non-GAAP (c/b) |
|
|
1.68 |
% |
|
|
1.74 |
% |
|
|
1.78 |
% |
|
|
1.68 |
% |
|
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total
loans - GAAP (d/a) |
|
|
0.39 |
% |
|
|
0.37 |
% |
|
|
0.39 |
% |
|
|
0.41 |
% |
|
|
0.21 |
% |
Non-performing loans to total
loans - Non-GAAP (d/b) |
|
|
0.47 |
% |
|
|
0.44 |
% |
|
|
0.48 |
% |
|
|
0.51 |
% |
|
|
0.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
(3) - 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. |
|
|
|
|
|
|
|
|
|
|
|
(4) - 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. The ratio excludes net gains (losses) on sales, calls, and
impairment of investment securities, if applicable. In addition to
the efficiency ratio presented, Bancorp considers an adjusted
efficiency ratio to be important because it provides a comparable
ratio after eliminating the fluctuation in non-interest expenses
related to amortization of investments in tax credit partnerships.
The calculations below reflect the reclassification of credit loss
expense for off-balance sheet exposures from non-interest expense
to provision for credit losses, as described in footnote 6
below. |
|
|
|
Quarterly Comparison |
(Dollars in thousands) |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expenses -
GAAP (a) |
|
$ |
24,973 |
|
|
$ |
29,029 |
|
|
$ |
25,646 |
|
|
$ |
23,409 |
|
|
$ |
23,575 |
|
Less: Amortization of
investments in tax credit partnerships |
|
|
(31 |
) |
|
|
(2,955 |
) |
|
|
(52 |
) |
|
|
(53 |
) |
|
|
(36 |
) |
Total non-interest expenses -
Non-GAAP (c) |
|
$ |
24,942 |
|
|
$ |
26,074 |
|
|
$ |
25,594 |
|
|
$ |
23,356 |
|
|
$ |
23,539 |
|
|
|
|
|
|
|
|
|
|
|
|
Total net interest income,
fully tax equivalent |
|
$ |
37,874 |
|
|
$ |
36,301 |
|
|
$ |
33,768 |
|
|
$ |
33,573 |
|
|
$ |
32,494 |
|
Total non-interest income |
|
|
13,844 |
|
|
|
13,698 |
|
|
|
13,043 |
|
|
|
12,622 |
|
|
|
12,536 |
|
Less: Gain/loss on sale of
securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total revenue - GAAP (b) |
|
$ |
51,718 |
|
|
$ |
49,999 |
|
|
$ |
46,811 |
|
|
$ |
46,195 |
|
|
$ |
45,030 |
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio - GAAP
(a/b) |
|
|
48.29 |
% |
|
|
58.06 |
% |
|
|
54.79 |
% |
|
|
50.67 |
% |
|
|
52.35 |
% |
Efficiency ratio - Non-GAAP
(c/b) |
|
|
48.23 |
% |
|
|
52.15 |
% |
|
|
54.68 |
% |
|
|
50.56 |
% |
|
|
52.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
(5) - Quarterly net
(charge-offs) recoveries to average loans ratios are not
annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) - Effective for
the three month period ended March 31, 2020, the Company has
reclassified credit loss expense for off-balance sheet exposures
from non-interest expense to provision for credit losses and
combined this with the provision for losses on loans on the face of
the income statement. The efficiency ratios and adjusted efficiency
ratios calculated above in footnote 4 reflect this
reclassification. |
|
|
|
Quarterly Comparison |
(in thousands) |
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
3/31/20 |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses -
loans |
|
$ |
(1,200 |
) |
|
$ |
1,400 |
|
|
$ |
4,418 |
|
|
$ |
5,550 |
|
|
$ |
5,550 |
|
Provision for credit losses -
off balance sheet exposures |
|
|
(275 |
) |
|
|
(900 |
) |
|
|
550 |
|
|
|
1,475 |
|
|
|
375 |
|
Total provision for credit
losses |
|
|
(1,475 |
) |
|
|
500 |
|
|
|
4,968 |
|
|
|
7,025 |
|
|
|
5,925 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact: T. Clay StinnettExecutive Vice
President, Treasurer and Chief Financial Officer(502) 625-0890
Stock Yards Bancorp (NASDAQ:SYBT)
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