Stock Yards Bancorp (SYBT) reported $93.63 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 12.2%. EPS of $1.13 for the same period compares to $0.88 a year ago.The reported revenue represents a surprise of +0.39% over the Zacks Consensus Estimate of $93.27 million. With the consensus EPS estimate being $1.00, the EPS surprise was +13.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

Financial Performance - Stock Yards Bancorp reported record earnings of $33.3 million, or $1.13 per diluted share, for Q1 2025, compared to $25.9 million, or $0.88 per diluted share, in Q1 2024, representing a 29% increase in net income [2][3]. - Net income for the first quarter of 2025 was $33.3 million, compared to $25.9 million in the same quarter of 2024, representing a 29% increase [32]. - Net income for Q1 2025 rose to $33,271 million, a 4.98% increase compared to $31,694 million in Q4 2024 [37]. - Basic net income per share increased to $1.13 in Q1 2025 from $1.08 in Q4 2024, representing a growth of 4.63% [37]. Loan Growth - Total loans increased by $797 million, or 14%, year-over-year, with $126 million, or 2%, growth in the linked quarter, marking the best first quarter of net loan growth adjusted for acquisition-related activity [3][7]. - Total loans expanded by $126 million, or 2%, with the Construction and Land Development segment leading growth at $56 million, or 9% [27]. - Total loans increased to $6,646,360 million in Q1 2025, compared to $6,520,402 million in Q4 2024, reflecting a growth of 1.92% [38]. Interest Income and Margin - Net interest income rose by $10.5 million, or 17%, to $70.6 million, driven by strong organic loan growth and higher interest earning asset yields [6][11]. - Net interest income for Q1 2025 was $70,552 million, an increase of 0.84% from $69,969 million in Q4 2024 [36]. - The net interest margin expanded by 26 basis points to 3.46% compared to Q1 2024, boosted by strong loan growth and a reduction in the cost of funds [3][20]. - The net interest margin, fully tax equivalent, improved to 3.46% from 3.20% year-over-year [34]. Deposits - Total deposits grew by $685 million, or 10%, over the past 12 months, with a significant shift towards higher-cost deposits [16]. - Total deposits increased by $128 million, or 2%, with non-interest-bearing demand accounts rising by $43 million, or 3% [28]. - Total deposits increased to $7,293,966 thousand, up from $7,166,401 thousand in the previous quarter, representing a growth of 1.77% [39]. Non-Interest Income - Non-interest income decreased by $275,000, or 1%, to $23.0 million compared to Q1 2024, with Wealth Management & Trust income declining by 1% due to equity market declines [9][12]. - Total non-interest income for Q1 2025 was $22,996 million, down from $23,507 million in Q4 2024, reflecting a decrease of 2.17% [36]. - Non-interest income decreased by $511,000, or 2%, to $23.0 million, while wealth management and trust services income increased by $301,000, or 3% [25]. Credit Quality - The provision for credit losses was recorded at $900,000, reflecting strong loan growth and increased specific reserves, while traditional credit quality metrics remained strong [8][17]. - Provision for credit losses recorded was $900,000, down from $2.2 million in the previous quarter [24]. - Provision for credit losses decreased to $900 million in Q1 2025 from $2,675 million in Q4 2024, indicating improved credit quality [36]. - Non-performing loans to total loans ratio improved to 0.24%, down from 0.34% in the previous quarter [39]. Assets and Capital - Total assets increased by $874 million, or 11%, year-over-year, reaching $9.00 billion as of March 31, 2025 [13]. - Total assets reached $8,997,478 thousand as of March 31, 2025, up from $8,863,419 thousand at the end of Q4 2024, marking a 1.51% increase [37]. - Tangible common equity ratio improved to 8.72% as of March 31, 2025, compared to 8.36% a year earlier, indicating strong capital position [18]. - Tangible common equity increased to $766,495 thousand, up from $730,584 thousand in the previous quarter, reflecting a stronger capital position [44]. Efficiency and Profitability - The efficiency ratio improved to 54.50% in Q1 2025 from 55.21% in Q4 2024, indicating better cost management [38]. - Efficiency ratio (Non-GAAP) improved to 54.50%, compared to 55.21% in the previous quarter [40]. - The annualized return on average assets increased to 1.52% in Q1 2025, up from 1.45% in Q4 2024, showing enhanced profitability [38]. Dividends and Shareholder Value - The board declared a quarterly cash dividend of $0.31 per common share, paid on April 1, 2025, with approximately 741,000 shares remaining eligible for repurchase under the current buy-back plan [19]. - Book value per share increased to $33.10 from $29.76 year-over-year [32]. - Book value per share rose to $33.10 in Q1 2025 from $31.96 in Q4 2024, an increase of 3.56% [37]. - Book value per share (GAAP) rose to $33.10, compared to $31.96 in the previous quarter, indicating an increase in shareholder value [44]. Workforce - Full-time equivalent employees increased to 1,089, up from 1,080 in the previous quarter, indicating growth in workforce [39].

Revenue and Growth - WM&T revenue distinguishes Bancorp from other community banks of similar asset size, contributing to a strong competitive advantage[26] - Bancorp has experienced significant growth in non-interest revenue sources, particularly in treasury management services and debit/credit card services[26] - The strategy includes pursuing organic growth opportunities and opportunistically pursuing acquisitions to expand the branch network[27] - Strategic acquisition activity has expanded Bancorp's footprint into central, eastern, and northern Kentucky markets, enhancing market share in Louisville[28] Efficiency and Performance Metrics - The efficiency ratio (FTE) for the years ended December 31, 2024, 2023, and 2022 was 56.20%, 55.23%, and 59.30%, respectively, with the elevated ratio in 2022 attributed to merger-related expenses[30] - Bancorp's adjusted efficiency ratio (FTE) for the years ended December 31, 2024, 2023, and 2022 was 56.18%, 54.84%, and 53.61%[31] - The company emphasizes cost management and operational efficiency to enhance earnings and customer experience[29] Capital and Asset Quality - The bank is categorized as well-capitalized, meeting the minimum capital ratios required for prompt corrective action[51] - As of December 31, 2024, Bancorp exceeded the capital requirements to be considered well-capitalized, maintaining a Common Equity Tier 1 Risk-Based Capital ratio above the 7.0% minimum[53] - Bancorp's asset quality metrics have remained strong, but there is an expectation that these metrics may normalize over time due to cyclical lending business trends[76] - The allowance for credit losses (ACL) reflects management's estimates of expected credit losses, which may require adjustments based on economic conditions and borrower performance[74] Economic and Market Conditions - The Federal Reserve increased the Federal Funds Target Rate (FFTR) by a total of 525 basis points in 2022 and 2023, reaching a range of 5.25% - 5.50% by July 2023, before reducing it to 4.25% - 4.50% by December 31, 2024[67][68] - The net interest margin (NIM) experienced compression due to increased deposit costs and a shift in deposit mix, which continued into 2024 alongside substantial loan growth[70] - The economic outlook for 2025 remains uncertain, influenced by potential policy changes, inflation control efforts, and geopolitical risks[73] Regulatory and Compliance Issues - Bancorp is committed to monitoring regulatory developments related to cybersecurity and information technology, which are expected to remain a focus for federal and state regulators[60] - The bank failures in early 2023 raised questions about the soundness of the banking system, although Bancorp remained well-capitalized and managed liquidity fluctuations effectively[91] - The company is subject to extensive regulation and any changes could significantly impact its financial condition and results of operations[127] - Bancorp has incurred costs related to preparing for heightened regulatory requirements, which may adversely affect its financial condition[129] Risks and Challenges - The company faces significant competition from both traditional and non-traditional financial institutions, which could adversely affect profitability[102] - Acquisitions may introduce asset quality issues or contingent liabilities that were not identified during due diligence, potentially leading to unanticipated losses[99] - The risk management framework established by the company is crucial for identifying and managing risk exposure, and any failure in this framework could have a material adverse effect[114] - Cybersecurity risks, including potential breaches, could negatively impact Bancorp's business and financial condition[121] - Fraud remains a significant operational risk, with evolving methods potentially leading to financial losses and reputational damage[122] - Changes in tax laws and regulations could materially affect Bancorp's financial condition and results of operations[130] - Increasing scrutiny regarding ESG practices may impose additional costs and risks on Bancorp[135] Asset Management and Intangible Assets - Approximately 45% of non-interest income is derived from Wealth Management & Trust (WM&T), which is sensitive to market fluctuations affecting assets under management (AUM)[82] - Bancorp's goodwill stood at $194 million as of December 31, 2024, and any impairment could negatively impact financial results[85] - Bancorp had intangible assets totaling $16 million as of December 31, 2024[87] - Deferred tax assets (DTAs) amounted to $72 million at December 31, 2024, with management concluding that it is more likely than not that all DTAs will be realized[88] Technological and Market Trends - The financial services industry is experiencing rapid technological changes, and Bancorp's ability to compete depends on effectively implementing new technology-driven products and services[125] - The evolution of non-bank alternatives for financial transactions poses a risk of losing revenue sources, including fee income and deposits[126] - Fluctuations in common stock price may affect the ability to resell shares at acceptable prices, influenced by various market factors[136] Employee and Workplace Recognition - As of December 31, 2024, Bancorp had 1,080 full-time equivalent employees, with approximately 68% located in Louisville, Kentucky[34] - Bancorp was recognized as one of the "Best Banks to Work For" by American Banker for the fourth consecutive year in November 2024[35]

Core Points - Stock Yards Bancorp, Inc. has declared a quarterly cash dividend of $0.31 per common share, payable on April 1, 2025, to stockholders of record as of March 17, 2025 [1] - The company has total assets of $8.86 billion and was incorporated in 1988 as a bank holding company [2] - Stock Yards Bancorp is the parent company of Stock Yards Bank & Trust Company, which was established in 1904 [2] Company Information - Stock Yards Bancorp's common shares are traded on The NASDAQ Stock Market under the symbol "SYBT" [2] - The company operates in Louisville, central, eastern, and northern Kentucky, as well as in the Indianapolis, Indiana, and Cincinnati, Ohio metropolitan markets [1][2] - For more information, the company can be contacted through its website at www.syb.com [2]

Core Viewpoint - Stock Yards Bancorp, Inc. will participate in the Keefe, Bruyette & Woods' Winter Financial Services Conference from February 12 to 14, 2025, engaging in one-on-one meetings with institutional investors [1][2]. Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has total assets of $8.86 billion [2]. - The company was incorporated in 1988 as a bank holding company and is the parent of Stock Yards Bank & Trust Company, which was established in 1904 [2]. - The common shares of the company trade on The NASDAQ Stock Market under the symbol "SYBT" [2]. Conference Participation - Key executives, including Ja Hillebrand (Chairman and CEO), Phil Poindexter (President), and T. Clay Stinnett (EVP and CFO), will represent the company at the conference [1]. - Management's discussion materials for the conference will be available on the company's investor website by February 12, 2025 [2].

Core Viewpoint - Stock Yards Bancorp, Inc. will participate in the Janney Annual CEO Forum and engage with institutional investors, highlighting its commitment to investor relations and transparency [1][2]. Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has $8.86 billion in assets [2]. - The company was incorporated in 1988 as a bank holding company and is the parent of Stock Yards Bank & Trust Company, which was established in 1904 [2]. - The common shares of the company trade on The NASDAQ Stock Market under the symbol "SYBT" [2]. Upcoming Events - Ja Hillebrand, Chairman and CEO, and T. Clay Stinnett, EVP and CFO, will participate in the Janney Annual CEO Forum on January 29 and 30 [1]. - Management's discussion materials for the conference will be available on the company's investor section of the website by January 29, 2025 [2].

分组1 - Stock Yards Bancorp (SYBT) reported quarterly earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $0.99 per share, and up from $0.82 per share a year ago, representing an earnings surprise of 8.08% [1] - The company achieved revenues of $93.56 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.97%, and an increase from $86.53 million year-over-year [2] - Stock Yards has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has gained approximately 3% since the beginning of the year, compared to the S&P 500's gain of 2.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.96 on revenues of $90.2 million, and for the current fiscal year, it is $4.03 on revenues of $372.47 million [7] - The Zacks Industry Rank for Banks - Southeast is in the top 24% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Financial Performance - Record net income of $31.7 million, or $1.07 per diluted share, for Q4 2024, compared to $23.9 million, or $0.82 per diluted share, in Q4 2023[1] - Net income for Q4 2024 was $31,694 million, up from $23,944 million in Q4 2023, representing a growth of 32.5%[35] - The efficiency ratio improved to 55.21% in Q4 2024 from 57.80% in Q4 2023, indicating better cost management[34] - The annualized return on average assets increased to 1.45% in Q4 2024 from 1.17% in Q4 2023[34] Loan and Deposit Growth - Total loans increased by $749 million, or 13%, year-over-year, with a record growth of $242 million, or 4%, in the linked quarter[6] - Total loans and leases increased to $6,520,402 million in Q4 2024, up from $5,771,038 million in Q4 2023, representing a growth of 13.0% year-over-year[33] - Total deposits rose to $7,166,401 million in Q4 2024, compared to $6,670,748 million in Q4 2023, an increase of 7.4%[33] - Deposit balances grew by $496 million, or 7%, over the past 12 months, with interest-bearing deposits increasing by $589 million, or 11%[16] Interest Income and Margin - Net interest income rose by $8.0 million, or 13%, to $70.0 million in Q4 2024, driven by strong loan growth and interest income expansion[7] - Net interest income for Q4 2024 was $69,969 million, compared to $62,016 million in Q4 2023, reflecting an increase of 12.8%[34] - Net interest margin expanded to 3.44%, up 19 basis points year-over-year and 11 basis points from the previous quarter[2] - The net interest margin, fully tax equivalent, increased to 3.44% in Q4 2024 from 3.33% in Q3 2024[37] Credit Quality - Provision for credit losses was $2.7 million for Q4 2024, reflecting strong loan growth and improved unemployment rate forecasts[8] - Provision for credit losses decreased to $2,675 million in Q4 2024 from $6,046 million in Q4 2023, indicating improved asset quality[34] - Non-performing loans totaled $22 million, or 0.34% of total loans outstanding, as of December 31, 2024[17] - Non-performing loans to total loans ratio slightly increased to 0.34% in Q4 2024 from 0.33% in Q4 2023[33] Equity and Dividends - The company declared a quarterly cash dividend of $0.31 per common share, paid on December 31, 2024[19] - Total stockholders' equity increased to $937,782 thousand in Q4 2024, up from $910,274 thousand in Q3 2024, representing a growth of 2.8%[37] - Total stockholders' equity (GAAP) increased to $940,476,000 in Q4 2024, up from $934,094,000 in Q3 2024[40] Non-Interest Income - Non-interest income decreased by $910,000, or 4%, to $23.5 million compared to Q4 2023[9] - Treasury management fees increased by $144,000, or 6%, to $2.7 million compared to Q4 2023, driven by strong transaction volume and new product sales[20] - Card income reached a quarterly record of $3.9 million, increasing by $20,000 over Q4 2023[20] - Non-interest income decreased by $1.3 million, or 5%, to $23.5 million on a linked quarter basis[24] Asset Growth - Total assets increased by $693 million, or 8%, year-over-year, reaching $8.86 billion[13] - Total assets reached $8,863,419 million as of December 31, 2024, up from $8,170,102 million a year earlier, marking a growth of 8.5%[35] - Total assets (GAAP) grew to $8,863,419,000 in Q4 2024, an increase from $8,437,280,000 in Q3 2024[40] Operational Efficiency - The efficiency ratio, fully tax equivalent, was 55.21% in Q4 2024, compared to 53.92% in Q3 2024, indicating a decrease in operational efficiency[37] - Compensation and benefits expense increased by $2.8 million, or 10%, compared to Q4 2023[20] Market Performance - The market value per share increased to $71.61 in Q4 2024, compared to $61.99 in Q3 2024, reflecting a growth of 15.9%[36] Future Outlook - Future outlook and strategic initiatives were not detailed in the provided content[42]

Core Insights - Stock Yards Bancorp, Inc. reported record earnings of $31.7 million, or $1.07 per diluted share, for Q4 2024, compared to $23.9 million, or $0.82 per diluted share, in Q4 2023, with full-year net income reaching $114.5 million [1][29][30] - The company experienced significant loan growth, with total loans increasing by $749 million, or 13%, over the past 12 months, and $242 million, or 4%, in the linked quarter [1][6][15] - Net interest margin expanded to 3.44% in Q4 2024, up from 3.25% in Q4 2023, driven by strong loan growth and higher interest-earning asset yields [2][3][21] Financial Performance - Net interest income for Q4 2024 was $70.0 million, an increase of $8.0 million, or 13%, compared to Q4 2023 [2][8] - Non-interest income decreased by $910,000, or 4%, to $23.5 million in Q4 2024 compared to the same quarter in 2023 [10][24] - Total non-interest expenses increased by $1.6 million, or 3%, to $51.7 million in Q4 2024 compared to Q4 2023 [13][24] Asset and Loan Growth - As of December 31, 2024, total assets increased by $693 million, or 8%, year-over-year, reaching $8.86 billion [14][19] - The company’s loan portfolio reached $6.52 billion, with commercial real estate loans leading the growth with an increase of $203 million [15][30] - Total deposits grew by $496 million, or 7%, over the past 12 months, with a shift towards higher-cost deposits [17][33] Credit Quality and Provisions - The provision for credit losses was $2.7 million in Q4 2024, down from $6.0 million in Q4 2023, reflecting improved credit quality [9][23] - Non-performing loans totaled $22 million, or 0.34% of total loans, slightly up from $19 million, or 0.33%, a year earlier [18][33] Capital and Dividends - The company maintained a "well-capitalized" status with total equity to assets at 10.61% and a tangible common equity ratio of 8.44% as of December 31, 2024 [19][30] - A quarterly cash dividend of $0.31 per common share was declared in November 2024, marking a slight increase from the previous quarter [20][30]

Core Viewpoint - Stock Yards Bancorp (SYBT) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3][10] Earnings Estimates and Revisions - For the fiscal year ending December 2024, Stock Yards is expected to earn $3.76 per share, reflecting a 2.7% increase from the previous year [8] - Over the past three months, the Zacks Consensus Estimate for Stock Yards has increased by 2.9%, indicating a trend of rising earnings estimates [8] Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Strong Buy' or 'Buy' rating, highlighting superior earnings estimate revisions [9][10] - The Zacks Rank 2 upgrade places Stock Yards in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10] Impact of Earnings on Stock Prices - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [4][6] - Institutional investors utilize earnings estimates to assess fair value, influencing their buying and selling decisions, which in turn affects stock prices [4]