Stock Yards Bancorp Q2 2024 10-Q Filed
Ticker: SYBT · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 835324
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report, banking
Related Tickers: SYBT
TL;DR
SYBT Q2 10-Q is in, check the numbers for bank performance.
AI Summary
Stock Yards Bancorp, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, detailing its assets, liabilities, and equity. Specific financial figures and operational details are provided within the filing, which is standard for quarterly reports.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Stock Yards Bancorp, Inc., crucial for evaluating the company's health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain any immediately apparent high-risk disclosures.
Key Numbers
- N/A — Total Assets (Specific asset figures for Q2 2024 are detailed within the full filing.)
- N/A — Total Liabilities (Specific liability figures for Q2 2024 are detailed within the full filing.)
- N/A — Total Equity (Specific equity figures for Q2 2024 are detailed within the full filing.)
Key Players & Entities
- Stock Yards Bancorp, Inc. (company) — Filer of the 10-Q
- 0001437749-24-024800 (filing_id) — Accession Number for the filing
- 20240630 (date) — Period of report
- Louisville, KY (location) — Company headquarters and mailing address
FAQ
What was Stock Yards Bancorp's net income for the quarter ended June 30, 2024?
The net income for the quarter ended June 30, 2024, is detailed within the Consolidated Statements of Income in the 10-Q filing.
How did the company's loan portfolio perform in Q2 2024?
Details on loan origination, portfolio composition, and any changes in non-performing loans are provided in the Management's Discussion and Analysis section.
What is the company's capital ratio as of June 30, 2024?
Capital ratios, including Common Equity Tier 1 (CET1), are typically presented in the Consolidated Balance Sheets or related notes.
Were there any significant changes in the company's interest income or expense during the second quarter of 2024?
The filing's Consolidated Statements of Income will show the breakdown of interest income and interest expense for the period.
What is the company's outlook for the remainder of 2024 based on this filing?
Forward-looking statements and management's commentary on future expectations are usually found in the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section.
Filing Stats: 4,377 words · 18 min read · ~15 pages · Grade level 19 · Accepted 2024-08-06 12:39:23
Filing Documents
- sybt20240630c_10q.htm (10-Q) — 7157KB
- ex_703315.htm (EX-31.1) — 8KB
- ex_703316.htm (EX-31.2) — 9KB
- ex_703317.htm (EX-32) — 7KB
- sybinc01.jpg (GRAPHIC) — 10KB
- 0001437749-24-024800.txt ( ) — 31598KB
- sybt-20240630.xsd (EX-101.SCH) — 150KB
- sybt-20240630_def.xml (EX-101.DEF) — 942KB
- sybt-20240630_lab.xml (EX-101.LAB) — 727KB
- sybt-20240630_pre.xml (EX-101.PRE) — 1001KB
- sybt-20240630_cal.xml (EX-101.CAL) — 108KB
- sybt20240630c_10q_htm.xml (XML) — 9651KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of 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 9 Notes to Condensed Consolidated Financial Statements 11
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. 56
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 88
Controls and Procedures
Item 4. Controls and Procedures. 88
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 88
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 89
Other Information
Item 5. Other Information 89
Exhibits
Item 6. Exhibits. 89
Signatures
Signatures 90 2 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 Unit CB Commonwealth B
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 (unaudited) and December 31, 2023 (in thousands, except share data) June 30, December 31, 2024 2023 Assets Cash and due from banks $ 85,441 $ 94,466 Federal funds sold and interest bearing due from banks 118,910 171,493 Total cash and cash equivalents 204,351 265,959 Mortgage loans held for sale, at fair value 6,438 6,056 Available for sale debt securities (amortized cost of $ 1,091,348 in 2024 and $ 1,154,153 in 2023, respectively) 961,628 1,031,179 Held to maturity debt securities (fair value of $ 347,886 in 2024 and $ 408,519 in 2023, respectively) 380,726 439,837 Federal Home Loan Bank stock, at cost 31,462 16,236 Loans 6,070,963 5,771,038 Allowance for credit losses on loans ( 82,155 ) ( 79,374 ) Net loans 5,988,808 5,691,664 Premises and equipment, net 111,112 101,174 Premises held for sale 2,349 2,502 Bank owned life insurance 88,109 86,927 Accrued interest receivable 28,539 26,830 Goodwill 194,074 194,074 Core deposit intangible 10,601 11,944 Customer list intangible 7,600 8,360 Other assets 299,528 287,360 Total assets $ 8,315,325 $ 8,170,102 Liabilities Deposits: Non-interest bearing $ 1,482,514 $ 1,548,624 Interest bearing 5,086,724 5,122,124 Total deposits 6,569,238 6,670,748 Securities sold under agreements to repurchase 152,948 152,991 Federal funds purchased 10,029 12,852 Subordinated debentures 26,806 26,740 Federal Home Loan Bank advances 400,000 200,000 Accrued interest payable 2,155 2,094 Other liabilities 259,614 246,574 Total liabilities 7,420,790 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 ou