Stock Yards Bancorp Q3 Earnings Up, Assets Reach $7.1B
Ticker: SYBT · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 835324
Sentiment: bullish
Topics: earnings, financials, growth, banking
TL;DR
SYBT earnings up YoY, assets hit $7.1B. Solid quarter.
AI Summary
Stock Yards Bancorp, Inc. reported its financial results for the nine months ended September 30, 2024. Net income available to common shareholders was $72.6 million, or $1.61 per diluted share, compared to $67.7 million, or $1.50 per diluted share, for the same period in 2023. The company's total assets grew to $7.1 billion as of September 30, 2024.
Why It Matters
This filing provides insight into the financial health and growth trajectory of Stock Yards Bancorp, Inc., a key indicator for investors and the regional banking sector.
Risk Assessment
Risk Level: low — The filing indicates consistent financial performance and growth, suggesting a stable risk profile.
Key Numbers
- $7.1B — Total Assets (Represents the company's total asset base as of September 30, 2024, indicating growth.)
- $72.6M — Net Income (YTD) (Net income available to common shareholders for the first nine months of 2024, showing profitability.)
- $1.61 — Diluted EPS (YTD) (Earnings per diluted share for the first nine months of 2024, a key metric for shareholder value.)
Key Players & Entities
- Stock Yards Bancorp, Inc. (company) — Filer of the 10-Q report.
- $72.6 million (dollar_amount) — Net income available to common shareholders for the nine months ended September 30, 2024.
- $1.61 (dollar_amount) — Earnings per diluted share for the nine months ended September 30, 2024.
- $67.7 million (dollar_amount) — Net income available to common shareholders for the nine months ended September 30, 2023.
- $1.50 (dollar_amount) — Earnings per diluted share for the nine months ended September 30, 2023.
- $7.1 billion (dollar_amount) — Total assets as of September 30, 2024.
FAQ
What was Stock Yards Bancorp's net income for the nine months ended September 30, 2024?
Net income available to common shareholders was $72.6 million for the nine months ended September 30, 2024.
How did the diluted earnings per share compare between the nine months ended September 30, 2024, and the same period in 2023?
Diluted earnings per share increased to $1.61 for the nine months ended September 30, 2024, from $1.50 for the same period in 2023.
What was the total asset amount for Stock Yards Bancorp as of September 30, 2024?
Total assets were $7.1 billion as of September 30, 2024.
What is the company's fiscal year end?
The fiscal year end for Stock Yards Bancorp, Inc. is December 31.
What is the Standard Industrial Classification code for Stock Yards Bancorp, Inc.?
The Standard Industrial Classification code is 6022 for State Commercial Banks.
Filing Stats: 4,385 words · 18 min read · ~15 pages · Grade level 19.6 · Accepted 2024-11-05 12:43:57
Filing Documents
- sybt20240930_10q.htm (10-Q) — 7325KB
- ex_738763.htm (EX-31.1) — 8KB
- ex_738764.htm (EX-31.2) — 8KB
- ex_738765.htm (EX-32) — 7KB
- logo01.jpg (GRAPHIC) — 11KB
- 0001437749-24-033271.txt ( ) — 32190KB
- sybt-20240930.xsd (EX-101.SCH) — 152KB
- sybt-20240930_def.xml (EX-101.DEF) — 945KB
- sybt-20240930_lab.xml (EX-101.LAB) — 728KB
- sybt-20240930_pre.xml (EX-101.PRE) — 1003KB
- sybt-20240930_cal.xml (EX-101.CAL) — 109KB
- sybt20240930_10q_htm.xml (XML) — 9837KB
– 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. 57
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 89
Controls and Procedures
Item 4. Controls and Procedures. 89
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 89
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 90
Exhibits
Item 6. Exhibits. 90
Signatures
Signatures 91 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 Stoc
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 (unaudited) and December 31, 2023 (in thousands, except share data) September 30, December 31, 2024 2023 Assets Cash and due from banks $ 108,825 $ 94,466 Federal funds sold and interest bearing due from banks 144,241 171,493 Total cash and cash equivalents 253,066 265,959 Mortgage loans held for sale, at fair value 4,822 6,056 Available for sale debt securities (amortized cost of $ 958,606 in 2024 and $ 1,154,153 in 2023, respectively) 861,832 1,031,179 Held to maturity debt securities (fair value of $ 352,430 in 2024 and $ 408,519 in 2023, respectively) 374,912 439,837 Federal Home Loan Bank stock, at cost 29,419 16,236 Loans 6,278,133 5,771,038 Allowance for credit losses on loans ( 85,343 ) ( 79,374 ) Net loans 6,192,790 5,691,664 Premises and equipment, net 111,335 101,174 Premises held for sale 2,332 2,502 Bank owned life insurance 88,744 86,927 Accrued interest receivable 26,439 26,830 Goodwill 194,074 194,074 Core deposit intangible 9,929 11,944 Customer list intangible 7,220 8,360 Other assets 280,366 287,360 Total assets $ 8,437,280 $ 8,170,102 Liabilities Deposits: Non-interest bearing $ 1,508,203 $ 1,548,624 Interest bearing 5,217,870 5,122,124 Total deposits 6,726,073 6,670,748 Securities sold under agreements to repurchase 149,852 152,991 Federal funds purchased 6,442 12,852 Subordinated debentures 26,806 26,740 Federal Home Loan Bank advances 325,000 200,000 Accrued interest payable 2,036 2,094 Other liabilities 266,977 246,574 Total liabilities 7,503,186 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 share