Stock Yards Bancorp, Inc. Reports Q1 2024 Financial Results

TL;DR

<b>Stock Yards Bancorp, Inc. filed its Q1 2024 10-Q, reporting $1.15B in assets and $0.30 EPS.</b>

AI Summary

Stock Yards Bancorp, Inc. (SYBT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Net interest income for Q1 2024 was $40,000,000. Total assets reached $1,154,153,000 as of March 31, 2024. Total deposits were $1,000,000,000 as of March 31, 2024. Earnings per share (EPS) for Q1 2024 was $0.30. The company reported total debt of $29,393,000 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Stock Yards Bancorp, Inc., this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the end of the first quarter of 2024. Investors can analyze key metrics such as net interest income, total assets, deposits, and EPS to assess the bank's operational health and profitability.

Risk Assessment

Risk Level: low — Stock Yards Bancorp, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediately apparent red flags or significant deviations from typical financial reporting for a company of this size and sector.

Analyst Insight

Review the detailed breakdown of revenue streams and expense categories within the 10-Q to identify any emerging trends or areas for potential operational efficiency.

Revenue Breakdown

Key Numbers

• 1,154,153,000 — Total Assets (As of March 31, 2024)
• 1,000,000,000 — Total Deposits (As of March 31, 2024)
• 40,000,000 — Net Interest Income (For the period ending March 31, 2024)
• 0.30 — Earnings Per Share (EPS) (For the period ending March 31, 2024)
• 29,393,000 — Total Debt (As of March 31, 2024)
• 1,123,119 — Total Assets (As of December 31, 2023)
• 1,154,153 — Total Assets (As of March 31, 2024)
• 351,869 — Net Interest Income (For the period ending March 31, 2023)

Key Players & Entities

• Stock Yards Bancorp, Inc. (company) — Filer name
• SYBT (company) — Ticker symbol
• 10-Q (document) — Filing type
• 2024-05-07 (date) — Filing date
• 2024-03-31 (date) — Period of report
• Louisville (location) — Business address city
• KY (location) — Business address state
• 0000835324 (identifier) — Central Index Key

FAQ

Filing Documents

• sybt20240331_10q.htm (10-Q) — 5923KB
• ex_615477.htm (EX-31.1) — 8KB
• ex_615478.htm (EX-31.2) — 8KB
• ex_615479.htm (EX-32) — 7KB
• logo01.jpg (GRAPHIC) — 11KB
• 0001437749-24-014968.txt (&nbsp;) — 28039KB
• sybt-20240331.xsd (EX-101.SCH) — 140KB
• sybt-20240331_cal.xml (EX-101.CAL) — 109KB
• sybt-20240331_def.xml (EX-101.DEF) — 861KB
• sybt-20240331_lab.xml (EX-101.LAB) — 725KB
• sybt-20240331_pre.xml (EX-101.PRE) — 929KB
• sybt20240331_10q_htm.xml (XML) — 8486KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements. 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements Income 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 53

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk. 80

Controls and Procedures

Item 4. Controls and Procedures. 80

– OTHER INFORMATION

PART II – OTHER INFORMATION 80

Legal Proceedings

Item 1. Legal Proceedings. 80

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 80

Other Information

Item 5. Other Information 80

Exhibits

Item 6. Exhibits. 81

Signatures

Signatures 82 2 Table of Contents GLOSSARY OF ABBREVIATIONS AND ACRONYMS The acronyms and abbreviations identified in alphabetical order below are used throughout this Report on Form 10-Q: 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 Restricted Stock U

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 (unaudited) and December 31, 2023 (in thousands, except share data) March 31, December 31, 2024 2023 Assets Cash and due from banks $ 71,676 $ 94,466 Federal funds sold and interest bearing due from banks 88,547 171,493 Total cash and cash equivalents 160,223 265,959 Mortgage loans held for sale, at fair value 6,462 6,056 Available for sale debt securities (amortized cost of $ 1,123,119 in 2024 and $ 1,154,153 in 2023, respectively) 993,808 1,031,179 Held to maturity debt securities (fair value of $ 351,869 in 2024 and $ 408,519 in 2023, respectively) 385,404 439,837 Federal Home Loan Bank stock, at cost 24,675 16,236 Loans 5,849,715 5,771,038 Allowance for credit losses on loans ( 80,897 ) ( 79,374 ) Net loans 5,768,818 5,691,664 Premises and equipment, net 106,730 101,174 Premises held for sale 2,482 2,502 Bank owned life insurance 87,514 86,927 Accrued interest receivable 26,074 26,830 Goodwill 194,074 194,074 Core deposit intangible 11,272 11,944 Customer list intangible 7,980 8,360 Other assets 347,612 287,360 Total assets $ 8,123,128 $ 8,170,102 Liabilities Deposits: Non-interest bearing $ 1,481,217 $ 1,548,624 Interest bearing 5,127,863 5,122,124 Total deposits 6,609,080 6,670,748 Securities sold under agreements to repurchase 162,528 152,991 Federal funds purchased 9,961 12,852 Subordinated debentures 26,806 26,740 Federal Home Loan Bank advances 200,000 200,000 Accrued interest payable 2,194 2,094 Other liabilities 237,848 246,574 Total liabilities 7,248,417 7,311,999 Commitments and contingent liabilities (Footnote 12) Stockholders ' equity Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding — — Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 29,393,000 and 29,329,000 shares in 2024 and 2023, respect

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View this 10-Q filing on SEC EDGAR