Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

(24) Stock Yards Bancorp, Inc. (parent company only)

Condensed Balance Sheets
	December 31,
(in thousands)	2019		2018
Assets
Cash on deposit with subsidiary bank	$	14,714	$	7,655
Investment in and receivable from subsidiaries		384,136		356,118
Other assets		7,821		3,147
Total assets	$	406,671	$	366,920
Liabilities and stockholders' equity
Other liabilities	$	374	$	420
Total stockholders’ equity		406,297		366,500
Total liabilities and stockholders’ equity	$	406,671	$	366,920

Condensed Statements of Income
	Years ended December 31,
(in thousands)	2019			2018			2017
Income - dividends and interest from subsidiaries	$	72,119		$	21,403		$	18,160
Other income		2			12			82
Less expenses		4,935			4,818			3,255
Income before income taxes and equity in undistributed net income of subsidiary		67,186			16,597			14,987
Income tax benefit		(4,683	)		(1,713	)		(1,985	)
Income before equity in undistributed net income of subsidiary		71,869			18,310			16,972
Equity in undistributed net income of subsidiary		(5,802	)		37,207			21,071
Net income	$	66,067		$	55,517		$	38,043
Comprehensive Income	$	71,886		$	52,811		$	37,612

Condensed Statements of Cash Flows
	Years ended December 31
(in thousands)	2019			2018			2017
Operating activities
Net income	$	66,067		$	55,517		$	38,043
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		5,802			(37,207	)		(21,071	)
Gain on sale of fixed assets		—			(10	)		—
Change in receivable from subsidiaries
Stock compensation expense		3,578			4,027			2,892
Excess tax benefits from stock- based compensation arrangements		(812	)		(549	)		(1,463	)
Depreciation, amortization and accretion, net		—			—			4
Proceeds from liquidation of private investment fund		—			—			(81	)
Change in other assets		(3,863	)		(1,080	)		5,943
Change in other liabilities		(81	)		220			10
Net cash provided by operating activities		70,691			20,918			24,277
Investing activities
Proceeds from sale of fixed assets		—			13			—
Cash for acquisition		(28,000	)		—			—
Proceeds from liquidation of private investment fund		—			—			81
Net cash provided by (used in) investing activities		(28,000	)		13			81
Financing activities
Repurchase of common stock		(11,817	)		(2,004	)		(2,389	)
Share repurchases related to compensation plans		(272	)		(154	)		(216	)
Cash dividends paid		(23,543	)		(21,766	)		(18,077	)
Net cash used in financing activities		(35,632	)		(23,924	)		(20,682	)
Net increase (decrease) in cash		7,059			(2,993	)		3,676
Cash at beginning of year		7,655			10,648			6,972
Cash at end of year	$	14,714		$	7,655		$	10,648