Stock Yards Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Stock Yards Bancorp, Inc. reported increased net income and total assets for fiscal year 2023 in its 10-K filing.</b>

AI Summary

Stock Yards Bancorp, Inc. (SYBT) filed a Annual Report (10-K) with the SEC on February 27, 2024. Total assets grew to $1,297,977,000 in 2023 from $1,154,153,000 in 2022. Net income increased to $431,833,000 in 2023 from $408,519,000 in 2022. Earnings per share (EPS) were $1.14 in 2023, up from $1.10 in 2022. The company reported total debt of $29,329,000 as of December 31, 2023. Stock Yards Bancorp, Inc. operates under the SIC code 6022 for State Commercial Banks.

Why It Matters

For investors and stakeholders tracking Stock Yards Bancorp, Inc., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year ended December 31, 2023, which is crucial for investors to assess its stability and growth prospects. Key financial metrics such as asset growth, net income, and EPS are detailed, allowing stakeholders to track the company's progress and compare it against previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — Stock Yards Bancorp, Inc. shows low risk based on this filing. The company's financial performance shows consistent growth in key metrics like net income and total assets, indicating a stable and improving financial health.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's strategic direction and potential challenges.

Financial Highlights

revenue

1,297,977,000

total Assets

1,297,977,000

total Debt

29,329,000

net Income

431,833,000

eps

1.14

Key Numbers

• 1,297,977,000 — Total Assets (2023)
• 1,154,153,000 — Total Assets (2022)
• 431,833,000 — Net Income (2023)
• 408,519,000 — Net Income (2022)
• 1.14 — EPS (2023)
• 1.10 — EPS (2022)
• 29,329,000 — Total Debt (2023)
• 6022 — SIC Code (State Commercial Banks)

Key Players & Entities

• Stock Yards Bancorp, Inc. (company) — FILER
• SYBT (company) — tk
• 10-K (document) — ft
• 2024-02-27T00:00:00.000Z (date) — dt
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE
• 0000835324 (identifier) — CENTRAL INDEX KEY
• 6022 (identifier) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Key Financial Figures

• $870,000 — as sold, resulting in a pre-tax loss of $870,000 recorded in other non-interest expense
• $483,000 — oss on disposition noted above, totaled $483,000 for the year ended December 31, 2022.
• $250,000 — s of the Bank to the current maximum of $250,000 per depositor. The GLB Act allows for
• $10 billion — n overseeing banks with assets totaling $10 billion or greater while writing and maintainin

Filing Documents

• sybt20231231_10k.htm (10-K) — 8759KB
• ex_628719.htm (EX-4.1) — 14KB
• ex_630231.htm (EX-10.29) — 11KB
• ex_630232.htm (EX-10.30) — 12KB
• ex_628720.htm (EX-14) — 11KB
• ex_628721.htm (EX-21) — 7KB
• ex_628722.htm (EX-23.1) — 3KB
• ex_628723.htm (EX-31.1) — 8KB
• ex_628724.htm (EX-31.2) — 8KB
• ex_628725.htm (EX-32.1) — 4KB
• ex_628726.htm (EX-32.2) — 4KB
• ex_630233.htm (EX-97) — 40KB
• sybt20231231_10kimg001.jpg (GRAPHIC) — 6KB
• totalreturn5years.jpg (GRAPHIC) — 77KB
• totalreturn10years.jpg (GRAPHIC) — 91KB
• 0001437749-24-005669.txt (&nbsp;) — 37947KB
• sybt-20231231.xsd (EX-101.SCH) — 182KB
• sybt-20231231_cal.xml (EX-101.CAL) — 140KB
• sybt-20231231_def.xml (EX-101.DEF) — 1159KB
• sybt-20231231_lab.xml (EX-101.LAB) — 996KB
• sybt-20231231_pre.xml (EX-101.PRE) — 1242KB
• sybt20231231_10k_htm.xml (XML) — 10785KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 75 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 155 Item 9A.

Controls and Procedures

Controls and Procedures. 155 Item 9B. Other Information. 159 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 159 PART III: Item 10. Directors, Executive Officers and Corporate Governance. 159 Item 11.

Executive Compensation

Executive Compensation. 161 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 161 Item 13. Certain Relationships and Related Transactions, and Director Independence. 161 Item 14. Principal Accountant Fees and Services. 161 PART IV: Item 15. Exhibits and Financial Statement Schedules. 161 Item 16. Form 10-K Summary. 164

Signatures

Signatures 165 3 Table of Contents GLOSSARY OF ABBREVIATIONS AND ACRONYMS The acronyms and abbreviations identified in alphabetical order below are used throughout this Annual Report on Form 10-K: Acronym or Term Definition Acronym or Term Definition Acronym or Term Definition ACH Automatic Clearing House EVP Executive Vice President NPV Net Present Value AFS Available for Sale FASB Financial Accounting Standards Board Net Interest Spread Net Interest Spread (FTE) APIC Additional paid-in capital FDIC Federal Deposit Insurance Corporation NM Not Meaningful ACL Allowance for Credit Losses FFP Federal Funds Purchased OAEM Other Assets Especially Mentioned AOCI Accumulated Other Comprehensive Income FFS Federal Funds Sold OREO Other Real Estate Owned ASC Accounting Standards Codification FFTR Federal Funds Target Rate PPP SBA Paycheck Protection Program ASU Accounting Standards Update FHA Federal Housing Authority PV Present Value ATM Automated Teller Machine FHC Financial Holding Company PCD Purchased Credit Deteriorated AUM Assets Under Management FHLB Federal Home Loan Bank of Cincinnati PD Probability of Default Bancorp / the Company Stock Yards Bancorp, Inc. FHLMC Federal Home Loan Mortgage Corporation Prime The Wall Street Journal Prime Interest Rate Bank / SYB Stock Yards Bank & Trust Company FICA Federal Insurance Contributions Act Provision Provision for Credit Losses BOLI Bank Owned Life Insurance FNMA Federal National Mortgage Association PSU Performance Stock Unit BP Basis Point - 1/100th of one percent FRB Federal Reserve Bank ROA Return on Average Assets C&D Construction and Land Development FTE Fully Tax Equivalent ROE Return on Average Equity Captive SYB Insurance Company, Inc. GAAP United States Generally Accepted Accounting Principles RSA Restricted Stock Award C&I Commercial and Industrial GLB Gramm-Leach-Bliley Act RSU Restricte

Business

Item 1. Business. Stock Yards Bancorp, Inc. ("Bancorp" or "the Company"), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company ("SYB" or "the Bank"). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to "Bancorp" in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation. SYB, established in 1904, is a state-chartered non-member financial institution that provides services in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets through 71 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions. As a result of its acquisition of Kentucky Bancshares, Inc. on May 31, 2021, Bancorp became the 100% successor owner of a Nevada-based insurance captive taxed under Section 831(b) of the Internal Revenue Code. On April 10, 2023, the IRS issued a proposed regulation that would potentially classify section 831(b) captive activity as a, "listed transaction," and possibly disallow the related tax benefits, both prospectively and retroactively, for a period to be determined. While the regulation has not been finalized, it is expected to be finalized in 2024. Bancorp elected not to renew the Captive in August of 2023 and ultimately dissolved the Captive in December of 2023. The Captive's activity is

View Full Filing

View this 10-K filing on SEC EDGAR