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

12 Months Ended

Dec. 31, 2020

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)	2020		2019
Assets
Cash on deposit with subsidiary bank	$	5,106	$	14,714
Investment in and receivable from subsidiaries		426,356		384,136
Other assets		9,629		7,821
Total assets	$	441,091	$	406,671
Liabilities and stockholders' equity
Other liabilities	$	390	$	374
Total stockholders’ equity		440,701		406,297
Total liabilities and stockholders’ equity	$	441,091	$	406,671

Condensed Statements of Income
	Years ended December 31,
(in thousands)	2020			2019			2018
Income - dividends and interest from subsidiaries	$	18,050		$	72,119		$	21,403
Other income		1			2			12
Less expenses		3,909			4,935			4,818
Income before income taxes and equity in undistributed net income of subsidiary		14,142			67,186			16,597
Income tax benefit		(1,749	)		(4,683	)		(1,713	)
Income before equity in undistributed net income of subsidiary		15,891			71,869			18,310
Equity in undistributed net income of subsidiary		42,978			(5,802	)		37,207
Net income	$	58,869		$	66,067		$	55,517
Comprehensive income	$	66,933		$	71,886		$	52,811

Condensed Statements of Cash Flows
	Years ended December 31
(in thousands)	2020			2019			2018
Operating activities
Net income	$	58,869		$	66,067		$	55,517
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(42,978	)		5,802			(37,207	)
Gain on sale of fixed assets		—			—			(10	)
Stock compensation expense		3,262			3,578			4,027
Excess tax benefits from stock- based compensation arrangements		(452	)		(812	)		(549	)
Change in other assets		(1,356	)		(3,863	)		(1,080	)
Change in other liabilities		17			(82	)		220
Net cash provided by operating activities		17,362			70,690			20,918
Investing activities
Proceeds from sale of fixed assets		—			—			13
Cash for acquisition		—			(28,000	)		—
Net cash provided by (used in) investing activities		—			(28,000	)		13
Financing activities
Repurchase of common stock		(2,265	)		(11,817	)		(2,004	)
Share repurchases related to compensation plans		(224	)		(272	)		(154	)
Cash dividends paid		(24,481	)		(23,542	)		(21,766	)
Net cash used in financing activities		(26,970	)		(35,631	)		(23,924	)
Net increase (decrease) in cash		(9,608	)		7,059			(2,993	)
Cash at beginning of year		14,714			7,655			10,648
Cash at end of year	$	5,106		$	14,714		$	7,655