Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

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

Condensed Balance Sheets        

	December 31,
(in thousands)	2023		2022
Assets
Cash on deposit with subsidiary bank	$	5,811	$	8,683
Investment in and receivable from subsidiaries		858,348		759,939
Other assets		21,209		18,664
Total assets	$	885,368	$	787,286
Liabilities and stockholders' equity
Other liabilities	$	27,265	$	26,854
Total stockholders’ equity		858,103		760,432
Total liabilities and stockholders’ equity	$	885,368	$	787,286

Condensed Statements of Income            

	Years ended December 31,
(in thousands)	2023			2022			2021
Income - dividends and interest from subsidiaries	$	33,965		$	45,076		$	62,941
Other income		110			1			1
Less expenses		7,458			8,415			7,534
Income before income taxes and equity in undistributed net income of subsidiary		26,617			36,662			55,408
Income tax benefit		(2,490	)		(3,780	)		(2,957	)
Income before equity in undistributed net income of subsidiary		29,106			40,442			58,365
Equity in undistributed net income of subsidiary		78,642			52,852			16,280
Net income		107,748			93,294			74,645
Less income attributed to non-controlling interest		—			322			—
Net income available to stockholders	$	107,748		$	92,972		$	74,645
Comprehensive income (loss)	$	130,486		$	(14,624	)	$	57,964

Condensed Statements of Cash Flows            

	Years ended December 31,
(in thousands)	2023			2022			2021
Operating activities
Net income available to stockholders	$	107,748		$	92,972		$	74,645
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(78,642	)		(52,852	)		(16,280	)
Decrease (increase) in receivable from subsidiaries		2,971			6,812			—
Stock compensation expense		4,464			4,394			4,565
Excess tax benefits from stock- based compensation arrangements		(644	)		(1,713	)		(1,482	)
Loss on disposition of LFA		—			(870	)		—
Change in other assets		(1,695	)		(4,610	)		(2,685	)
Change in other liabilities		402			(400	)		40
Net cash provided by operating activities		34,604			43,733			58,803
Investing activities
Purchase of equity investment		(206	)		—			(120	)
Proceeds from disposition of LFA		—			4,993			—
Cash for acquisition		—			(30,994	)		(28,276	)
Net cash used in investing activities		(206	)		(26,001	)		(28,396	)
Financing activities
Repurchase of common stock		(2,695	)		(4,806	)		(3,826	)
Subordinated debentures acquired		—			26,806			—
Cash disbursements to non-controlling interest		—			(322	)		—
Disposition of LFA		—			(915	)		—
Cash dividends paid		(34,575	)		(33,301	)		(28,198	)
Net cash used in financing activities		(37,270	)		(12,538	)		(32,024	)
Net increase (decrease) in cash		(2,872	)		5,194			(1,617	)
Cash at beginning of year		8,683			3,489			5,106
Cash at end of year	$	5,811		$	8,683		$	3,489