UNITED STATES
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CURRENT REPORT
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On January 26, 2022, Stock Yards Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing earnings for the three months and year ended December 31, 2021.
The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
(D) Exhibits
| 99.1 | Press release dated January 26, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stock Yards Bancorp, Inc. | ||
| Date: January 26, 2022 | By: | /s/ T. Clay Stinnett |
| T. Clay Stinnett | ||
| Executive Vice President, Treasurer and Chief Financial Officer | ||
EXHIBIT 99.1
Stock Yards Bancorp Reports Record 2021 Earnings and Strong Fourth Quarter Earnings of $24.6 Million or $0.92 per Diluted Share
Highlighted by Solid Organic Balance Sheet Growth and Record Levels of Non-Interest Income
LOUISVILLE, Ky., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, Central and Eastern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings for the fourth quarter ended December 31, 2021. Net income for the fourth quarter was $24.6 million, or $0.92 per diluted share, compared with net income of $17.7 million, or $0.78 per diluted share, for the fourth quarter of 2020. Net income for the twelve months ended December 31, 2021 ended at a record $74.6 million, or $2.97 per diluted share, compared to $58.9 million, or $2.59 per diluted share, in 2020. Strong organic balance sheet growth across all markets, the successful entry into the Central/Eastern Kentucky market and record levels of non-interest income highlighted by card income, wealth management and trust and treasury management, contributed to a strong 2021.
| (dollar amounts in thousands, except per share data) | 4Q21 | 3Q21 | 4Q20 | ||||||
| Net interest income | $ | 46,182 | $ | 45,483 | $ | 36,252 | |||
| Provision for credit loss expense(6) | (1,900 | ) | (1,525 | ) | 500 | ||||
| Non-interest income | 18,604 | 17,614 | 13,698 | ||||||
| Non-interest expenses | 34,572 | 34,558 | 29,029 | ||||||
| Income before income tax expense | 32,114 | 30,064 | 20,421 | ||||||
| Income tax expense | 7,525 | 6,902 | 2,685 | ||||||
| Net income | $ | 24,589 | $ | 23,162 | $ | 17,736 | |||
| Net income per share, diluted | $ | 0.92 | $ | 0.87 | $ | 0.78 | |||
| Net interest margin | 3.07 | % | 3.14 | % | 3.35 | % | |||
| Efficiency ratio(4) | 53.24 | % | 54.63 | % | 58.06 | % | |||
| Tangible common equity to tangible assets(1) | 8.22 | % | 8.64 | % | 9.28 | % | |||
| Annualized return on average equity(7) | 14.60 | % | 13.92 | % | 16.27 | % | |||
| Annualized return on average assets(7) | 1.52 | % | 1.50 | % | 1.56 | % | |||
“We delivered excellent fourth quarter and full year 2021 results, highlighted by strong organic loan growth, record loan production and solid revenue growth, both organically and from acquired assets,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Additionally, we reported record non-interest income during the quarter, a complement to our diversified income revenue streams. Treasury management fees and card income reached record levels at year-end due to increases in new business, volume and usage, while wealth management and trust income also generated record results, driven by record net new business development and strong market appreciation. We achieved this growth while keeping operating expenses under control.
“In addition to growing the company organically, our successful entry into the Central/Eastern Kentucky market, through our merger with Kentucky Bancshares in the second quarter, contributed significantly to our 2021 operating results,” Hillebrand continued. “The merger has exceeded our expectations and was a meaningful driver of our record results for the year. Additionally, this new market provides tremendous opportunity for future growth by increasing our scale and reach. We are exceptionally pleased with the progress we have made through the dedicated efforts of our employees. We anticipate, similar to our prior successful mergers, the merger with Kentucky Bancshares will result in significant benefits in 2022 and beyond.”
At December 31, 2021, the Company had $6.65 billion in assets, $4.17 billion in loans and $5.79 billion in total deposits. The combined enterprise, with 63 branch offices, has and will continue to benefit from a diversified geographic footprint that provides significant growth opportunities in both the banking and wealth management arenas.
“Following the success of our prior mergers, we are confident that our announced merger with Commonwealth Bancshares, Inc. (Commonwealth) will provide exceptional opportunities to generate additional growth going forward. This combination brings together two Louisville based community banks who are like-minded with complementary cultures. The transaction not only builds upon our already prominent market share in the Louisville market, as Commonwealth is the largest privately-held bank headquartered in the Louisville MSA, but also expands our presence in the attractive Shelby County and Northern Kentucky markets. We have received regulatory approvals from the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation and are currently awaiting regulatory holding company approval from the Federal Reserve Board. At this juncture, we anticipate closing sometime during the first quarter of 2022,” concluded Hillebrand.
Commonwealth, headquartered in Louisville, Kentucky, operates 15 retail branches, including nine in Jefferson County, four in Shelby County and two in Northern Kentucky. As of December 31, 2021, Commonwealth reported approximately $1.31 billion in assets, $680 million in loans, $1.15 billion in deposits and $88 million in tangible common equity. Commonwealth also maintains a Wealth Management and Trust Department with total assets under management of $2.73 billion at December 31, 2021.
Additional key factors contributing to the fourth quarter of 2021 results included:
Highlights for the year ended December 31, 2021:
Hillebrand added, “In November, we were one of 25 banks with asset size between $3 billion to $10 billion that were nationally recognized by American Banker Magazine as one of the Best Banks to Work for in 2021. The Best Banks to Work For program identifies and honors U.S. banks for outstanding employee satisfaction. In addition, 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. These recognitions are an honor and a testament to the dedication of our employees, who continue to work diligently to support our communities.”
Results of Operations – Fourth Quarter 2021 Compared with Fourth Quarter 2020
Net interest income, the Company’s largest source of revenue, increased 27%, or $9.9 million, to $46.2 million, driven by higher interest income on non-PPP loans and the continued decline in cost of funds.
The Company recorded a net benefit of $1.9 million for credit losses during the fourth quarter of 2021, which included a $1.1 million benefit to provision for credit losses for loans and a $800,000 net benefit to provision for credit losses for off-balance sheet exposures consistent with the improvement in underlying CECL model factors along with increased line utilization in the Commercial & Industrial portfolio during the quarter.
Non-interest income increased $4.9 million, or 36%, to $18.6 million.
Non-interest expenses increased $5.5 million to $34.6 million.
Financial Condition – December 31, 2021 Compared with December 31, 2020
Total assets increased $2.04 billion year over year, or 44%, to $6.65 billion boosted by the merger and strong organic growth.
Total loans increased $638 million year over year, or 18%, to $4.17 billion. Excluding the PPP loan portfolio, total loans increased $1.05 billion, or 35%, over the past twelve months. Approximately $756 million of the year over year growth was associated with the Central/Eastern Kentucky market and $291 million, or 10%, related to legacy bank growth. Total line of credit usage increased to 41% as of December 31, 2021, from 38% at December 31, 2020, with commercial and industrial line usage increasing meaningfully, but remaining below pre-pandemic levels.
The Company acquired nearly $400 million in debt securities related to the current year merger and has deployed $192 million of excess cash into securities in 2021, contributing significantly to the $593 million of growth in the investment portfolio over the past twelve months.
Total deposits increased $1.80 billion, or 45%, from December 31, 2020 to December 31, 2021, with non-interest bearing deposits representing $569 million of the growth. Both period end and average deposit balances ended at record levels at December 31, 2021, as the Central/Eastern Kentucky market added approximately $1.08 billion to total deposits.
Asset quality, which has trended within a narrow range over the past several years, has remained solid. During the fourth quarter of 2021, the Company recorded net loan charge-offs of $1.5 million compared to net loan recoveries of $19,000 in the fourth quarter of 2020. Non-performing loans totaled $7 million, or 0.18%(2) of total loans outstanding (excluding PPP) compared to $13 million, or 0.44%(2) of total loans (excluding PPP) outstanding at December 31, 2020. These strong metrics along with an improving economic forecast, resulted in a ratio of allowance for credit losses to loans (excluding PPP) of 1.34%(2) at December 31, 2021.
At December 31, 2021, the Company remained “well-capitalized,” the highest regulatory capital rating for financial institutions. Total equity to assets was 10.17% and the tangible common equity ratio was 8.22%(1) at December 31, 2021, compared to 9.56%(1) and 9.28%(1), respectively, at December 31, 2020.
In November, 2021, the board of directors declared a cash dividend of $0.28 per common share. The dividend was paid on December 31, 2021, to stockholders of record as of December 20, 2021.
No shares were repurchased in the current year and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2023.
Results of Operations – Fourth Quarter 2021 Compared with Third Quarter 2021
Net interest income increased $699,000, or 2%, over the prior quarter to $46.2 million, consistent with the continued decline in cost of funds and organic loan growth. While overall NIM was challenged by increased levels of excess liquidity, loan yield contraction showed signs of stabilization in the fourth quarter of 2021.
Due to continued improvement in the unemployment forecast combined with solid traditional credit metrics, the Company recorded a $1.1 million benefit to provision for credit losses on loans in the fourth quarter of 2021. During the third quarter of 2021, the Company recorded a net benefit of $1.0 million to provision for credit losses on loans.
Non-interest income increased $990,000, or 6%, to $18.6 million. Higher card income, deposit service fees, wealth management and trust service fees, treasury management fees and mortgage banking income all contributed to the quarterly increase.
Non-interest expenses remained flat compared to the prior quarter at $34.6 million.
Financial Condition – December 31, 2021, Compared with September 30, 2021
Total assets increased $465 million on a linked quarter basis to $6.65 billion, reflecting organic increases in loans and investment securities.
Total loans (excluding PPP) increased $71 million, or 2%, on a linked quarter basis. Total line of credit usage was 41% as of December 31, 2021 and unchanged compared to September 30, 2021. While remaining well below pre-pandemic levels, commercial and industrial line usage increased to 32% at year-end compared to 29% at September 30, 2021.
Total deposits increased $445 million, or 8%, on a linked quarter basis, due to higher deposit levels consistent with the seasonal increase in public funds and growth in balances for both existing and new customers.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $6.65 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 Commonwealth Bancshares merger will not be realized or will not be realized within the expected time period; the risk that integration of Commonwealth 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; 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; 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. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.
| Contact: | T. Clay Stinnett |
| Executive Vice President, | |
| Treasurer and Chief Financial Officer | |
| (502) 625-0890 |
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Fourth Quarter 2021 Earnings Release | ||||||||||||||||||||
| (In thousands unless otherwise noted) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| Income Statement Data | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Net interest income, fully tax equivalent (3) | $ | 46,328 | $ | 36,301 | $ | 171,508 | $ | 136,133 | ||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 43,671 | $ | 36,007 | $ | 164,073 | $ | 137,699 | ||||||||||||
| Federal funds sold and interest bearing due from banks | 287 | 65 | 645 | 738 | ||||||||||||||||
| Mortgage loans held for sale | 74 | 174 | 249 | 533 | ||||||||||||||||
| Securities | 3,476 | 2,093 | 12,109 | 8,901 | ||||||||||||||||
| Total interest income | 47,508 | 38,339 | 177,076 | 147,871 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 1,279 | 1,802 | 5,627 | 10,478 | ||||||||||||||||
| Securities sold under agreements to repurchase and | ||||||||||||||||||||
| other short-term borrowings | 11 | 8 | 38 | 72 | ||||||||||||||||
| Federal Home Loan Bank advances | 36 | 277 | 337 | 1,400 | ||||||||||||||||
| Total interest expense | 1,326 | 2,087 | 6,002 | 11,950 | ||||||||||||||||
| Net interest income | 46,182 | 36,252 | 171,074 | 135,921 | ||||||||||||||||
| Provision for credit losses (6) | (1,900 | ) | 500 | (753 | ) | 18,418 | ||||||||||||||
| Net interest income after provision for credit losses | 48,082 | 35,752 | 171,827 | 117,503 | ||||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management and trust services | 7,379 | 5,805 | 27,613 | 23,406 | ||||||||||||||||
| Deposit service charges | 1,907 | 1,080 | 5,852 | 4,161 | ||||||||||||||||
| Debit and credit card income | 4,012 | 2,219 | 13,456 | 8,480 | ||||||||||||||||
| Treasury management fees | 1,871 | 1,506 | 6,912 | 5,407 | ||||||||||||||||
| Mortgage banking income | 1,062 | 1,708 | 4,724 | 6,155 | ||||||||||||||||
| Net investment product sales commissions and fees | 764 | 487 | 2,553 | 1,775 | ||||||||||||||||
| Bank owned life insurance | 272 | 166 | 914 | 693 | ||||||||||||||||
| Other | 1,337 | 727 | 3,826 | 1,822 | ||||||||||||||||
| Total non-interest income | 18,604 | 13,698 | 65,850 | 51,899 | ||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation | 17,146 | 14,072 | 63,034 | 51,368 | ||||||||||||||||
| Employee benefits | 3,189 | 2,173 | 13,479 | 11,064 | ||||||||||||||||
| Net occupancy and equipment | 2,667 | 2,137 | 9,688 | 8,182 | ||||||||||||||||
| Technology and communication | 2,956 | 2,347 | 11,145 | 8,732 | ||||||||||||||||
| Debit and credit card processing | 1,334 | 698 | 4,494 | 2,606 | ||||||||||||||||
| Marketing and business development | 1,793 | 835 | 4,150 | 2,383 | ||||||||||||||||
| Postage, printing and supplies | 714 | 423 | 2,213 | 1,778 | ||||||||||||||||
| Legal and professional | 755 | 597 | 2,583 | 2,392 | ||||||||||||||||
| FDIC Insurance | 706 | 323 | 1,847 | 1,217 | ||||||||||||||||
| Amortization of investments in tax credit partnerships | 52 | 2,955 | 367 | 3,096 | ||||||||||||||||
| Capital and deposit based taxes | 549 | 1,055 | 2,090 | 4,386 | ||||||||||||||||
| Merger expenses | - | - | 19,025 | - | ||||||||||||||||
| Federal Home Loan Bank early termination penalty | - | - | 474 | - | ||||||||||||||||
| Other | 2,711 | 1,414 | 7,691 | 4,455 | ||||||||||||||||
| Total non-interest expenses | 34,572 | 29,029 | 142,280 | 101,659 | ||||||||||||||||
| Income before income tax expense | 32,114 | 20,421 | 95,397 | 67,743 | ||||||||||||||||
| Income tax expense | 7,525 | 2,685 | 20,752 | 8,874 | ||||||||||||||||
| Net income | $ | 24,589 | $ | 17,736 | $ | 74,645 | $ | 58,869 | ||||||||||||
| Net income per share - Basic | $ | 0.93 | $ | 0.79 | $ | 3.00 | $ | 2.61 | ||||||||||||
| Net income per share - Diluted | 0.92 | 0.78 | 2.97 | 2.59 | ||||||||||||||||
| Cash dividend declared per share | 0.28 | 0.27 | 1.10 | 1.08 | ||||||||||||||||
| Weighted average shares - Basic | 26,492 | 22,593 | 24,898 | 22,563 | ||||||||||||||||
| Weighted average shares - Diluted | 26,800 | 22,794 | 25,156 | 22,768 | ||||||||||||||||
| December 31, | ||||||||||||||||||||
| Balance Sheet Data | 2021 | 2020 | ||||||||||||||||||
| Loans | $ | 4,169,303 | $ | 3,531,596 | ||||||||||||||||
| Allowance for credit losses on loans | 53,898 | 51,920 | ||||||||||||||||||
| Total assets | 6,646,025 | 4,608,629 | ||||||||||||||||||
| Non-interest bearing deposits | 1,755,754 | 1,187,057 | ||||||||||||||||||
| Interest bearing deposits | 4,031,760 | 2,801,577 | ||||||||||||||||||
| Federal Home Loan Bank advances | - | 31,639 | ||||||||||||||||||
| Stockholders' equity | 675,869 | 440,701 | ||||||||||||||||||
| Total shares outstanding | 26,596 | 22,692 | ||||||||||||||||||
| Book value per share (1) | $ | 25.41 | $ | 19.42 | ||||||||||||||||
| Tangible common equity per share (1) | 20.09 | 18.78 | ||||||||||||||||||
| Market value per share | 63.88 | 40.48 | ||||||||||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Fourth Quarter 2021 Earnings Release | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||
| Average Balance Sheet Data | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Federal funds sold and interest bearing due from banks | $ | 699,222 | $ | 271,277 | $ | 446,783 | $ | 229,905 | ||||||||||||
| Mortgage loans held for sale | 12,556 | 28,951 | 11,170 | 20,156 | ||||||||||||||||
| Available for sale debt securities | 1,099,235 | 510,677 | 898,934 | 453,082 | ||||||||||||||||
| Federal Home Loan Bank stock | 9,376 | 11,284 | 10,824 | 11,284 | ||||||||||||||||
| Loans | 4,172,676 | 3,483,298 | 3,951,257 | 3,304,909 | ||||||||||||||||
| Total interest earning assets | 5,993,065 | 4,305,487 | 5,318,968 | 4,019,336 | ||||||||||||||||
| Total assets | 6,406,612 | 4,512,874 | 5,626,886 | 4,217,593 | ||||||||||||||||
| Interest bearing deposits | 3,798,666 | 2,689,103 | 3,302,262 | 2,507,545 | ||||||||||||||||
| Total deposits | 5,559,577 | 3,888,247 | 4,881,057 | 3,608,487 | ||||||||||||||||
| Securities sold under agreement to repurchase and other short term borrowings | 86,911 | 55,825 | 73,130 | 49,820 | ||||||||||||||||
| Federal Home Loan Bank advances | 7,174 | 48,771 | 16,317 | 61,483 | ||||||||||||||||
| Total interest bearing liabilities | 3,892,751 | 2,793,699 | 3,391,709 | 2,618,848 | ||||||||||||||||
| Total stockholders' equity | 668,287 | 433,596 | 573,261 | 420,119 | ||||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets (7) | 1.52 | % | 1.56 | % | 1.33 | % | 1.40 | % | ||||||||||||
| Annualized return on average equity (7) | 14.60 | % | 16.27 | % | 13.02 | % | 14.01 | % | ||||||||||||
| Net interest margin, fully tax equivalent | 3.07 | % | 3.35 | % | 3.22 | % | 3.39 | % | ||||||||||||
| Non-interest income to total revenue, fully tax equivalent | 28.65 | % | 27.40 | % | 27.74 | % | 27.60 | % | ||||||||||||
| Efficiency ratio, fully tax equivalent (4) | 53.24 | % | 58.06 | % | 59.94 | % | 54.06 | % | ||||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total stockholders' equity to total assets (1) | 10.17 | % | 9.56 | % | ||||||||||||||||
| Tangible common equity to tangible assets (1) | 8.22 | % | 9.28 | % | ||||||||||||||||
| Average stockholders' equity to average assets | 10.19 | % | 9.96 | % | ||||||||||||||||
| Total risk-based capital | 12.79 | % | 13.36 | % | ||||||||||||||||
| Common equity tier 1 risk-based capital | 11.94 | % | 12.23 | % | ||||||||||||||||
| Tier 1 risk-based capital | 11.94 | % | 12.23 | % | ||||||||||||||||
| Leverage | 8.86 | % | 9.57 | % | ||||||||||||||||
| Loan Segmentation | ||||||||||||||||||||
| Commercial real estate - non-owner occupied | $ | 1,128,244 | $ | 833,470 | ||||||||||||||||
| Commercial real estate - owner occupied | 678,405 | 508,672 | ||||||||||||||||||
| Commercial and industrial | 967,022 | 775,154 | ||||||||||||||||||
| Commercial and industrial - PPP | 140,734 | 550,186 | ||||||||||||||||||
| Residential real estate - owner occupied | 400,695 | 239,191 | ||||||||||||||||||
| Residential real estate - non-owner occupied | 281,018 | 140,930 | ||||||||||||||||||
| Construction and land development | 299,206 | 291,764 | ||||||||||||||||||
| Home equity lines of credit | 138,976 | 95,366 | ||||||||||||||||||
| Consumer | 104,294 | 71,874 | ||||||||||||||||||
| Leases | 13,622 | 14,786 | ||||||||||||||||||
| Credit cards | 17,087 | 10,203 | ||||||||||||||||||
| Total loans and leases | $ | 4,169,303 | $ | 3,531,596 | ||||||||||||||||
| Asset Quality Data | ||||||||||||||||||||
| Non-accrual loans | $ | 6,712 | $ | 12,514 | ||||||||||||||||
| Troubled debt restructurings | 12 | 16 | ||||||||||||||||||
| Loans past due 90 days or more and still accruing | 684 | 649 | ||||||||||||||||||
| Total non-performing loans | 7,408 | 13,179 | ||||||||||||||||||
| Other real estate owned | 7,212 | 281 | ||||||||||||||||||
| Total non-performing assets | $ | 14,620 | $ | 13,460 | ||||||||||||||||
| Non-performing loans to total loans (2) | 0.18 | % | 0.37 | % | ||||||||||||||||
| Non-performing assets to total assets | 0.22 | % | 0.29 | % | ||||||||||||||||
| Allowance for credit losses on loans to total loans (2) | 1.29 | % | 1.47 | % | ||||||||||||||||
| Allowance for credit losses on loans to average loans | 1.36 | % | 1.57 | % | ||||||||||||||||
| Allowance for credit losses on loans to non-performing loans | 728 | % | 394 | % | ||||||||||||||||
| Net (charge-offs) recoveries | $ | (1,535 | ) | $ | 19 | $ | (6,176 | ) | $ | (1,645 | ) | |||||||||
| Net (charge-offs) recoveries to average loans (5) | -0.04 | % | 0.00 | % | -0.16 | % | -0.05 | % | ||||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Fourth Quarter 2021 Earnings Release | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Income Statement Data | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Net interest income, fully tax equivalent (3) | $ | 46,328 | $ | 45,643 | $ | 41,661 | $ | 37,874 | $ | 36,301 | ||||||||||
| Net interest income | $ | 46,182 | $ | 45,483 | $ | 41,584 | $ | 37,825 | $ | 36,252 | ||||||||||
| Provision for credit losses (6) | (1,900 | ) | (1,525 | ) | 4,147 | (1,475 | ) | 500 | ||||||||||||
| Net interest income after provision for credit losses | 48,082 | 47,008 | 37,437 | 39,300 | 35,752 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management and trust services | 7,379 | 7,128 | 6,858 | 6,248 | 5,805 | |||||||||||||||
| Deposit service charges | 1,907 | 1,768 | 1,233 | 944 | 1,080 | |||||||||||||||
| Debit and credit card income | 4,012 | 3,887 | 3,284 | 2,273 | 2,219 | |||||||||||||||
| Treasury management fees | 1,871 | 1,771 | 1,730 | 1,540 | 1,506 | |||||||||||||||
| Mortgage banking income | 1,062 | 915 | 1,303 | 1,444 | 1,708 | |||||||||||||||
| Net investment product sales commissions and fees | 764 | 780 | 545 | 464 | 487 | |||||||||||||||
| Bank owned life insurance | 272 | 275 | 206 | 161 | 166 | |||||||||||||||
| Other | 1,337 | 1,090 | 629 | 770 | 727 | |||||||||||||||
| Total non-interest income | 18,604 | 17,614 | 15,788 | 13,844 | 13,698 | |||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation | 17,146 | 17,381 | 15,680 | 12,827 | 14,072 | |||||||||||||||
| Employee benefits | 3,189 | 3,662 | 3,367 | 3,261 | 2,173 | |||||||||||||||
| Net occupancy and equipment | 2,667 | 2,732 | 2,244 | 2,045 | 2,137 | |||||||||||||||
| Technology and communication | 2,956 | 3,173 | 2,670 | 2,346 | 2,347 | |||||||||||||||
| Debit and credit card processing | 1,334 | 1,479 | 976 | 705 | 698 | |||||||||||||||
| Marketing and business development | 1,793 | 1,011 | 822 | 524 | 835 | |||||||||||||||
| Postage, printing and supplies | 714 | 630 | 460 | 409 | 423 | |||||||||||||||
| Legal and professional | 755 | 700 | 666 | 462 | 597 | |||||||||||||||
| FDIC Insurance | 706 | 387 | 349 | 405 | 323 | |||||||||||||||
| Amortization of investments in tax credit partnerships | 52 | 53 | 231 | 31 | 2,955 | |||||||||||||||
| Capital and deposit based taxes | 549 | 556 | 527 | 458 | 1,055 | |||||||||||||||
| Merger expenses | - | 525 | 18,100 | 400 | - | |||||||||||||||
| Federal Home Loan Bank early termination penalty | - | - | 474 | - | - | |||||||||||||||
| Other | 2,711 | 2,269 | 1,611 | 1,100 | 1,414 | |||||||||||||||
| Total non-interest expenses | 34,572 | 34,558 | 48,177 | 24,973 | 29,029 | |||||||||||||||
| Income before income tax expense | 32,114 | 30,064 | 5,048 | 28,171 | 20,421 | |||||||||||||||
| Income tax expense | 7,525 | 6,902 | 864 | 5,461 | 2,685 | |||||||||||||||
| Net income | $ | 24,589 | $ | 23,162 | $ | 4,184 | $ | 22,710 | $ | 17,736 | ||||||||||
| Net income per share - Basic | $ | 0.93 | $ | 0.87 | $ | 0.17 | $ | 1.00 | $ | 0.79 | ||||||||||
| Net income per share - Diluted | 0.92 | 0.87 | 0.17 | 0.99 | 0.78 | |||||||||||||||
| Cash dividend declared per share | 0.28 | 0.28 | 0.27 | 0.27 | 0.27 | |||||||||||||||
| Weighted average shares - Basic | 26,492 | 26,485 | 23,932 | 22,622 | 22,593 | |||||||||||||||
| Weighted average shares - Diluted | 26,800 | 26,726 | 24,171 | 22,865 | 22,794 | |||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Balance Sheet Data | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Cash and due from banks | $ | 62,304 | $ | 84,520 | $ | 58,477 | $ | 43,061 | $ | 43,179 | ||||||||||
| Federal funds sold and interest bearing due from banks | 898,888 | 500,421 | 481,716 | 289,920 | 274,766 | |||||||||||||||
| Mortgage loans held for sale | 8,614 | 10,201 | 5,420 | 6,579 | 22,547 | |||||||||||||||
| Available for sale debt securities | 1,180,298 | 1,070,148 | 1,006,908 | 672,167 | 586,978 | |||||||||||||||
| Federal Home Loan Bank stock | 9,376 | 9,376 | 14,475 | 10,228 | 11,284 | |||||||||||||||
| Loans | 4,169,303 | 4,189,117 | 4,206,392 | 3,635,156 | 3,531,596 | |||||||||||||||
| Allowance for credit losses on loans | 53,898 | 56,533 | 59,424 | 50,714 | 51,920 | |||||||||||||||
| Goodwill | 135,830 | 135,830 | 136,529 | 12,513 | 12,513 | |||||||||||||||
| Total assets | 6,646,025 | 6,181,188 | 6,088,072 | 4,794,075 | 4,608,629 | |||||||||||||||
| Non-interest bearing deposits | 1,755,754 | 1,744,790 | 1,743,953 | 1,370,183 | 1,187,057 | |||||||||||||||
| Interest bearing deposits | 4,031,760 | 3,597,234 | 3,516,153 | 2,829,779 | 2,801,577 | |||||||||||||||
| Securities sold under agreements to repurchase | 75,466 | 74,406 | 63,942 | 51,681 | 47,979 | |||||||||||||||
| Federal funds purchased | 10,374 | 10,908 | 10,947 | 8,642 | 11,464 | |||||||||||||||
| Federal Home Loan Bank advances | - | 10,000 | 10,000 | 24,180 | 31,639 | |||||||||||||||
| Stockholders' equity | 675,869 | 663,547 | 651,089 | 443,232 | 440,701 | |||||||||||||||
| Total shares outstanding | 26,596 | 26,585 | 26,588 | 22,781 | 22,692 | |||||||||||||||
| Book value per share (1) | $ | 25.41 | $ | 24.96 | $ | 24.49 | $ | 19.46 | $ | 19.42 | ||||||||||
| Tangible common equity per share (1) | 20.09 | 19.63 | 19.16 | 18.82 | 18.78 | |||||||||||||||
| Market value per share | 63.88 | 58.65 | 50.89 | 51.06 | 40.48 | |||||||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total stockholders' equity to total assets (1) | 10.17 | % | 10.73 | % | 10.69 | % | 9.25 | % | 9.56 | % | ||||||||||
| Tangible common equity to tangible assets (1) | 8.22 | % | 8.64 | % | 8.57 | % | 8.97 | % | 9.28 | % | ||||||||||
| Average stockholders' equity to average assets | 10.43 | % | 10.75 | % | 9.88 | % | 9.44 | % | 9.61 | % | ||||||||||
| Total risk-based capital | 12.79 | % | 12.61 | % | 12.80 | % | 13.39 | % | 13.36 | % | ||||||||||
| Common equity tier 1 risk-based capital | 11.94 | % | 11.69 | % | 11.79 | % | 12.32 | % | 12.23 | % | ||||||||||
| Tier 1 risk-based capital | 11.94 | % | 11.69 | % | 11.79 | % | 12.32 | % | 12.23 | % | ||||||||||
| Leverage | 8.86 | % | 8.98 | % | 10.26 | % | 9.46 | % | 9.57 | % | ||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Fourth Quarter 2021 Earnings Release | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Average Balance Sheet Data | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Federal funds sold and interest bearing due from banks | $ | 699,222 | $ | 532,549 | $ | 313,954 | $ | 235,370 | $ | 271,277 | ||||||||||
| Mortgage loans held for sale | 12,556 | 8,875 | 8,678 | 14,618 | 28,951 | |||||||||||||||
| Available for sale debt securities | 1,099,235 | 1,034,712 | 793,696 | 661,175 | 510,677 | |||||||||||||||
| Loans | 4,172,676 | 4,173,260 | 3,844,662 | 3,605,760 | 3,483,298 | |||||||||||||||
| Total interest earning assets | 5,993,065 | 5,760,760 | 4,972,914 | 4,527,563 | 4,305,487 | |||||||||||||||
| Total assets | 6,406,612 | 6,139,176 | 5,226,654 | 4,710,836 | 4,512,874 | |||||||||||||||
| Interest bearing deposits | 3,798,666 | 3,525,785 | 3,055,360 | 2,815,986 | 2,689,103 | |||||||||||||||
| Total deposits | 5,559,577 | 5,297,917 | 4,552,583 | 4,094,179 | 3,888,247 | |||||||||||||||
| Securities sold under agreement to repurchase and federal funds purchased | 86,911 | 82,048 | 66,591 | 56,536 | 55,825 | |||||||||||||||
| Federal Home Loan Bank advances | 7,174 | 10,000 | 19,135 | 29,270 | 48,771 | |||||||||||||||
| Total interest bearing liabilities | 3,892,751 | 3,617,833 | 3,141,086 | 2,901,792 | 2,793,699 | |||||||||||||||
| Total stockholders' equity | 668,287 | 660,099 | 516,427 | 444,821 | 433,596 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets (7) | 1.52 | % | 1.50 | % | 0.32 | % | 1.96 | % | 1.56 | % | ||||||||||
| Annualized return on average equity (7) | 14.60 | % | 13.92 | % | 3.25 | % | 20.71 | % | 16.27 | % | ||||||||||
| Net interest margin, fully tax equivalent | 3.07 | % | 3.14 | % | 3.36 | % | 3.39 | % | 3.35 | % | ||||||||||
| Non-interest income to total revenue, fully tax equivalent | 28.65 | % | 27.85 | % | 27.48 | % | 26.77 | % | 27.40 | % | ||||||||||
| Efficiency ratio, fully tax equivalent (4) | 53.24 | % | 54.63 | % | 83.86 | % | 48.29 | % | 58.06 | % | ||||||||||
| Loans Segmentation | ||||||||||||||||||||
| Commercial real estate - non-owner occupied | $ | 1,128,244 | $ | 1,142,647 | $ | 1,170,461 | $ | 876,523 | $ | 833,470 | ||||||||||
| Commercial real estate - owner occupied | 678,405 | 652,631 | 604,120 | 527,316 | 508,672 | |||||||||||||||
| Commercial and industrial | 967,022 | 910,923 | 845,038 | 742,505 | 775,154 | |||||||||||||||
| Commercial and industrial - PPP | 140,734 | 231,335 | 377,021 | 612,885 | 550,186 | |||||||||||||||
| Residential real estate - owner occupied | 400,695 | 398,069 | 377,783 | 262,516 | 239,191 | |||||||||||||||
| Residential real estate - non-owner occupied | 281,018 | 277,045 | 273,782 | 136,380 | 140,930 | |||||||||||||||
| Construction and land development | 299,206 | 303,642 | 281,149 | 281,815 | 291,764 | |||||||||||||||
| Home equity lines of credit | 138,976 | 140,027 | 142,468 | 91,233 | 95,366 | |||||||||||||||
| Consumer | 104,294 | 104,629 | 105,439 | 78,326 | 71,874 | |||||||||||||||
| Leases | 13,622 | 12,348 | 14,171 | 14,115 | 14,786 | |||||||||||||||
| Credit cards | 17,087 | 15,821 | 14,960 | 11,542 | 10,203 | |||||||||||||||
| Total loans and leases | $ | 4,169,303 | $ | 4,189,117 | $ | 4,206,392 | $ | 3,635,156 | $ | 3,531,596 | ||||||||||
| Asset Quality Data | ||||||||||||||||||||
| Non-accrual loans | $ | 6,712 | $ | 5,036 | $ | 12,814 | $ | 12,913 | $ | 12,514 | ||||||||||
| Troubled debt restructurings | 12 | 13 | 14 | 15 | 16 | |||||||||||||||
| Loans past due 90 days or more and still accruing | 684 | - | 1,050 | 1,377 | 649 | |||||||||||||||
| Total non-performing loans | 7,408 | 5,049 | 13,878 | 14,305 | 13,179 | |||||||||||||||
| Other real estate owned | 7,212 | 7,229 | 648 | 281 | 281 | |||||||||||||||
| Total non-performing assets | $ | 14,620 | $ | 12,278 | $ | 14,526 | $ | 14,586 | $ | 13,460 | ||||||||||
| Non-performing loans to total loans (2) | 0.18 | % | 0.12 | % | 0.33 | % | 0.39 | % | 0.37 | % | ||||||||||
| Non-performing assets to total assets | 0.22 | % | 0.20 | % | 0.24 | % | 0.30 | % | 0.29 | % | ||||||||||
| Allowance for credit losses on loans to total loans (2) | 1.29 | % | 1.35 | % | 1.41 | % | 1.40 | % | 1.47 | % | ||||||||||
| Allowance for credit losses on loans to average loans | 1.29 | % | 1.35 | % | 1.55 | % | 1.41 | % | 1.49 | % | ||||||||||
| Allowance for credit losses on loans to non-performing loans | 728 | % | 1120 | % | 428 | % | 355 | % | 394 | % | ||||||||||
| Net (charge-offs) recoveries | $ | (1,535 | ) | $ | (1,891 | ) | $ | (2,743 | ) | $ | (6 | ) | $ | 19 | ||||||
| Net (charge-offs) recoveries to average loans (5) | -0.04 | % | -0.05 | % | -0.07 | % | 0.00 | % | 0.00 | % | ||||||||||
| Other Information | ||||||||||||||||||||
| Total assets under management (in millions) | $ | 4,801 | $ | 4,506 | $ | 4,440 | $ | 3,989 | $ | 3,852 | ||||||||||
| Full-time equivalent employees | 820 | 794 | 823 | 638 | 641 | |||||||||||||||
| (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) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Total stockholders' equity - GAAP (a) | $ | 675,869 | $ | 663,547 | $ | 651,089 | $ | 443,232 | $ | 440,701 | ||||||||||
| Less: Goodwill | (135,830 | ) | (135,830 | ) | (136,529 | ) | (12,513 | ) | (12,513 | ) | ||||||||||
| Less: Core deposit intangible | (5,596 | ) | (5,871 | ) | (5,162 | ) | (1,885 | ) | (1,962 | ) | ||||||||||
| Tangible common equity - Non-GAAP (c) | $ | 534,443 | $ | 521,846 | $ | 509,398 | $ | 428,834 | $ | 426,226 | ||||||||||
| Total assets - GAAP (b) | $ | 6,646,025 | $ | 6,181,188 | $ | 6,088,072 | $ | 4,794,075 | $ | 4,608,629 | ||||||||||
| Less: Goodwill | (135,830 | ) | (135,830 | ) | (136,529 | ) | (12,513 | ) | (12,513 | ) | ||||||||||
| Less: Core deposit intangible | (5,596 | ) | (5,871 | ) | (5,162 | ) | (1,885 | ) | (1,962 | ) | ||||||||||
| Tangible assets - Non-GAAP (d) | $ | 6,504,599 | $ | 6,039,487 | $ | 5,946,381 | $ | 4,779,677 | $ | 4,594,154 | ||||||||||
| Total stockholders' equity to total assets - GAAP (a/b) | 10.17 | % | 10.73 | % | 10.69 | % | 9.25 | % | 9.56 | % | ||||||||||
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 8.22 | % | 8.64 | % | 8.57 | % | 8.97 | % | 9.28 | % | ||||||||||
| Total shares outstanding (e) | 26,596 | 26,585 | 26,588 | 22,781 | 22,692 | |||||||||||||||
| Book value per share - GAAP (a/e) | $ | 25.41 | $ | 24.96 | $ | 24.49 | $ | 19.46 | $ | 19.42 | ||||||||||
| Tangible common equity per share - Non-GAAP (c/e) | 20.09 | 19.63 | 19.16 | 18.82 | 18.78 | |||||||||||||||
| (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) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Total Loans - GAAP (a) | $ | 4,169,303 | $ | 4,189,117 | $ | 4,206,392 | $ | 3,635,156 | $ | 3,531,596 | ||||||||||
| Less: PPP loans | (140,734 | ) | (231,335 | ) | (377,021 | ) | (612,885 | ) | (550,186 | ) | ||||||||||
| Total non-PPP Loans - Non-GAAP (b) | $ | 4,028,569 | $ | 3,957,782 | $ | 3,829,371 | $ | 3,022,271 | $ | 2,981,410 | ||||||||||
| Allowance for credit losses on loans (c) | $ | 53,898 | $ | 56,533 | $ | 59,424 | $ | 50,714 | $ | 51,920 | ||||||||||
| Total non-performing loans (d) | 7,408 | 5,049 | 13,878 | 14,305 | 13,179 | |||||||||||||||
| Allowance for credit losses on loans to total loans - GAAP (c/a) | 1.29 | % | 1.35 | % | 1.41 | % | 1.40 | % | 1.47 | % | ||||||||||
| Allowance for credit losses on loans to total loans - Non-GAAP (c/b) | 1.34 | % | 1.43 | % | 1.55 | % | 1.68 | % | 1.74 | % | ||||||||||
| Non-performing loans to total loans - GAAP (d/a) | 0.18 | % | 0.12 | % | 0.33 | % | 0.39 | % | 0.37 | % | ||||||||||
| Non-performing loans to total loans - Non-GAAP (d/b) | 0.18 | % | 0.13 | % | 0.36 | % | 0.47 | % | 0.44 | % | ||||||||||
| (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 and non-recurring merger expenses. | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (Dollars in thousands) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Total non-interest expenses - GAAP (a) | $ | 34,572 | $ | 34,558 | $ | 48,177 | $ | 24,973 | $ | 29,029 | ||||||||||
| Less: Non-recurring merger expenses | - | (525 | ) | (18,100 | ) | (400 | ) | - | ||||||||||||
| Less: Amortization of investments in tax credit partnerships | (52 | ) | (53 | ) | (231 | ) | (31 | ) | (2,955 | ) | ||||||||||
| Total non-interest expenses - Non-GAAP (c) | $ | 34,520 | $ | 33,980 | $ | 29,846 | $ | 24,542 | $ | 26,074 | ||||||||||
| Total net interest income, fully tax equivalent | $ | 46,328 | $ | 45,643 | $ | 41,661 | $ | 37,874 | $ | 36,301 | ||||||||||
| Total non-interest income | 18,604 | 17,614 | 15,788 | 13,844 | 13,698 | |||||||||||||||
| Less: Gain/loss on sale of securities | - | - | - | - | - | |||||||||||||||
| Total revenue - GAAP (b) | $ | 64,932 | $ | 63,257 | $ | 57,449 | $ | 51,718 | $ | 49,999 | ||||||||||
| Efficiency ratio - GAAP (a/b) | 53.24 | % | 54.63 | % | 83.86 | % | 48.29 | % | 58.06 | % | ||||||||||
| Efficiency ratio - Non-GAAP (c/b) | 53.16 | % | 53.72 | % | 51.95 | % | 47.45 | % | 52.15 | % | ||||||||||
| Twelve months ended | ||||||||||||||||||||
| (Dollars in thousands) | 12/31/21 | 12/31/20 | ||||||||||||||||||
| Total non-interest expenses - GAAP (a) | $ | 142,280 | $ | 101,659 | ||||||||||||||||
| Less: Non-recurring merger expenses | (19,025 | ) | - | |||||||||||||||||
| Less: Amortization of investments in tax credit partnerships | (367 | ) | (3,096 | ) | ||||||||||||||||
| Total non-interest expenses - Non-GAAP (c) | $ | 122,888 | $ | 98,563 | ||||||||||||||||
| Total net interest income, fully tax equivalent | $ | 171,508 | $ | 136,133 | ||||||||||||||||
| Total non-interest income | 65,850 | 51,899 | ||||||||||||||||||
| Less: Gain/loss on sale of securities | - | - | ||||||||||||||||||
| Total revenue - GAAP (b) | $ | 237,358 | $ | 188,032 | ||||||||||||||||
| Efficiency ratio - GAAP (a/b) | 59.94 | % | 54.06 | % | ||||||||||||||||
| Efficiency ratio - Non-GAAP (c/b) | 51.77 | % | 52.42 | % | ||||||||||||||||
| (5) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized. | ||||||||||||||||||||
| (6) - Detail of Provision for credit losses follows: | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (in thousands) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Provision for credit losses - loans | $ | (1,100 | ) | $ | (1,000 | ) | $ | 4,697 | $ | (1,200 | ) | $ | 1,400 | |||||||
| Provision for credit losses - off balance sheet exposures | (800 | ) | (525 | ) | (550 | ) | (275 | ) | (900 | ) | ||||||||||
| Total provision for credit losses | $ | (1,900 | ) | $ | (1,525 | ) | $ | 4,147 | $ | (1,475 | ) | $ | 500 | |||||||
| (7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact that non-recurring items related to the Kentucky Bancshares acquisition had on results for the three and six months ended June 30, 2021, Bancorp considers adjusted return on average assets and return on average equity ratios important as they reflect performance after removing certain merger expenses and purchase accounting adjustments. | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (Dollars in thousands) | 12/31/21 | 9/30/21 | 6/30/21 | 3/31/21 | 12/31/20 | |||||||||||||||
| Net income, as reported (a) | $ | 24,589 | $ | 23,162 | $ | 4,184 | $ | 22,710 | $ | 17,736 | ||||||||||
| Add: Non-recurring merger expenses | - | 525 | 18,100 | 400 | - | |||||||||||||||
| Add: Provision for credit losses on non-PCD loans | - | - | 7,397 | - | - | |||||||||||||||
| Less: Tax effect of adjustments to net income | - | (121 | ) | (4,360 | ) | (78 | ) | - | ||||||||||||
| Total net income - Non-GAAP (b) | $ | 24,589 | $ | 23,577 | $ | 24,327 | $ | 23,026 | $ | 17,736 | ||||||||||
| Total average assets (c) | $ | 6,406,612 | $ | 6,139,176 | $ | 5,226,654 | $ | 4,710,836 | $ | 4,512,874 | ||||||||||
| Total average equity (d ) | 668,287 | 660,099 | 516,427 | 444,821 | 433,596 | |||||||||||||||
| Return on average assets - GAAP (a/c) | 1.52 | % | 1.50 | % | 0.32 | % | 1.96 | % | 1.56 | % | ||||||||||
| Return on average assets - Non-GAAP (b/c) | 1.52 | % | 1.52 | % | 1.87 | % | 1.98 | % | 1.56 | % | ||||||||||
| Return on average equity - GAAP (a/d) | 14.60 | % | 13.92 | % | 3.25 | % | 20.71 | % | 16.23 | % | ||||||||||
| Return on average equity - Non-GAAP (b/d) | 14.60 | % | 14.17 | % | 18.89 | % | 20.99 | % | 16.23 | % | ||||||||||
Cover |
Jan. 26, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jan. 26, 2022 |
| Entity File Number | 001-13661 |
| Entity Registrant Name | Stock Yards Bancorp, Inc. |
| Entity Central Index Key | 0000835324 |
| Entity Tax Identification Number | 61-1137529 |
| Entity Incorporation, State or Country Code | KY |
| Entity Address, Address Line One | 1040 East Main Street, |
| Entity Address, City or Town | Louisville |
| Entity Address, State or Province | KY |
| Entity Address, Postal Zip Code | 40206 |
| City Area Code | 502 |
| Local Phone Number | 582-2571 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common stock, no par value |
| Trading Symbol | SYBT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |