Core Points - Stock Yards Bancorp, Inc. has been awarded the Raymond James Community Bankers Cup for its performance in 2024, recognizing its strong operational metrics and community service commitment [1][3] - The award is given to the top 10% of community banks based on profitability, operational efficiency, and balance sheet metrics, with eligibility for banks having assets between $500 million and $10 billion as of December 31, 2024 [2] - Stock Yards Bancorp has received the Raymond James Community Bankers Cup a total of 10 times, indicating consistent high performance in the community banking sector [3] Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has assets totaling $9.00 billion [4] - The company was incorporated in 1988 and serves as the parent company of Stock Yards Bank & Trust Company, which was established in 1904 [4] - The common shares of Stock Yards Bancorp trade on The NASDAQ Stock Market under the symbol "SYBT" [4]

Core Viewpoint - Stock Yards Bancorp, Inc. will participate in the Stephens Investor Conference on June 16 and 17, 2025, in Portland, Maine, engaging in one-on-one meetings with institutional investors [1][2]. Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has $9.00 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]. Conference Participation - Key executives participating in the conference include Ja Hillebrand (Chairman and CEO), Phil Poindexter (President), and T. Clay Stinnett (EVP and CFO) [1]. - Management's discussion materials for the conference will be available on the company's investor section of the website on or before June 16, 2025 [2].

Financial Performance - Net income for the three months ended March 31, 2025, was $33.3 million, a 29% increase from $25.9 million in the same period of 2024, resulting in diluted EPS of $1.13 compared to $0.88 [177]. - Income before income tax expense increased by $8.7 million, or 26%, from $32.96 million in 2024 to $41.62 million in 2025 [243]. - The effective tax rate increased to 21.45% for the three months ended March 31, 2025, compared to 20.06% for the same period in 2024 [243]. - Stockholders' equity increased by $35 million, or 4%, to $975 million, supported by net income of $33.3 million [247]. - The TCE ratio improved to 8.72% at March 31, 2025, compared to 8.44% at December 31, 2024, driven by net income of $33.3 million [302]. Loan and Deposit Growth - Total loans increased by $797 million, or 14%, compared to March 31, 2024, with average loans also rising by $789 million, or 14% [177]. - Deposit balances grew by $685 million, or 13%, compared to March 31, 2024, largely due to the success of promotional rate offerings [177]. - Average loan balances for the three-month periods ended March 31, 2025, and 2024 were $6.6 billion and $5.8 billion, respectively, reflecting a significant increase in loan activity [204]. - Total deposits increased by $128 million, or 2%, from December 31, 2024, to March 31, 2025 [276]. - Average interest-bearing deposits increased by $536 million, or 11%, for the three months ended March 31, 2025, with a notable 31% increase in average time deposits [192]. Interest Income and Margin - Net interest income (FTE) reached $70.6 million for the three months ended March 31, 2025, an increase of $10.5 million, or 17%, from the same period in 2024 [177]. - The net interest margin (FTE) increased by 26 basis points to 3.46% for the three months ended March 31, 2025, driven by higher rates on interest-earning assets [177]. - Total average interest-earning assets increased by $703 million, or 9%, for the three months ended March 31, 2025, with the average rate earned climbing by 32 bps to 5.46% [186]. - Net interest income increased by 3.72% and 7.64% in response to interest rate increases of 100 bps and 200 bps, respectively, while a decrease of 6.22% and 3.21% occurred with rate decreases of 200 bps and 100 bps [201]. Credit Losses and Allowance - Bancorp's allowance for credit losses (ACL) on loans increased by $8 million, or 10%, compared to March 31, 2024, attributed to significant loan growth and increased specific reserves [177]. - The allowance for credit losses (ACL) for loans increased to $89 million as of March 31, 2025, compared to $81 million in the prior year, with an ACL to total loans ratio of 1.34% [205]. - Provision for credit losses on loans was recorded at $900,000 for the three-month period ended March 31, 2025, down from $1.2 million in the same period of 2024 [206][207]. - Non-performing loans decreased to $16.1 million, or 0.24% of total loans, down from $22.2 million, or 0.34%, at the end of 2024 [260]. Non-Interest Income and Expenses - Non-interest income decreased by $275,000, or 1%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to equity market depreciation and lower transaction volumes [182]. - Non-interest expenses increased by $2.1 million, or 4%, for the three months ended March 31, 2025, driven by higher compensation expenses and increased marketing costs [182]. - Compensation expenses increased by $1.7 million, or 7%, for the three months ended March 31, 2025, primarily due to annual merit-based salary increases [231]. Asset Management - Assets under management (AUM) totaled $6.80 billion at March 31, 2025, down from $7.50 billion at March 31, 2024, attributed to market downturns and a decline in net new business [216]. - Approximately 80% of AUM were actively managed as of March 31, 2025, compared to 79% at December 31, 2024 [220]. - Managed assets composition remained consistent with approximately 65% in equities and 35% in fixed income securities as of both March 31, 2025 and December 31, 2024 [222]. Capital and Liquidity - As of March 31, 2025, Bancorp maintained a "well-capitalized" status, with total stockholders' equity to total assets at 10.84% [182]. - Cash and cash equivalents surged by $113 million, or 39%, to $404 million, attributed to deposit growth and maturity activity [248]. - The company experienced a significant shift in deposit mix, with non-interest bearing deposits migrating to higher-yielding options, particularly time deposits [177]. Risk Management - Bancorp's interest rate risk management aims to optimize net interest income while considering capital adequacy, liquidity needs, and market opportunities [197]. - The company utilizes interest rate swaps to hedge against rising interest rates, with minimal impact on earnings due to offsetting contracts [202]. Legal and Compliance - Stock Yards Bancorp, Inc. management, including the CEO and CFO, evaluated the effectiveness of the Company's disclosure controls and procedures, concluding they were effective as of the end of the reporting period [313]. - No changes in the Company's internal control over financial reporting occurred during the fiscal quarter that materially affected its financial reporting [313]. - Bancorp and the Bank are involved in various legal proceedings typical for their business operations, but no adverse decisions are expected to materially impact their financial position [314].

Core Insights - Stock Yards Bancorp (SYBT) reported revenue of $93.63 million for the quarter ended March 2025, marking a year-over-year increase of 12.2% and a surprise of +0.39% over the Zacks Consensus Estimate of $93.27 million [1] - The earnings per share (EPS) for the same period was $1.13, compared to $0.88 a year ago, resulting in an EPS surprise of +13.00% against the consensus estimate of $1.00 [1] Financial Performance Metrics - Efficiency Ratio was reported at 54.5%, better than the average estimate of 56% based on three analysts [4] - Net Interest Margin stood at 3.5%, matching the average estimate of 3.5% based on three analysts [4] - Net charge-offs to average loans were 0%, compared to the estimated 0.1% by two analysts [4] - Average Interest-Earning Assets were $8.27 billion, exceeding the estimated $8.19 billion by two analysts [4] - Total Non-Interest Income was $23 million, slightly below the estimated $23.18 million by three analysts [4] - Net Interest Income (FTE) was reported at $70.64 million, slightly above the average estimate of $70.48 million by two analysts [4] - Net Interest Income was $70.55 million, surpassing the average estimate of $69.63 million by two analysts [4] Stock Performance - Shares of Stock Yards have returned +1.9% over the past month, contrasting with the Zacks S&P 500 composite's -6.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Stock Yards Bancorp (SYBT) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13%. A quarter ago, it was expected that this holding company for Stock Yards Bank & Trust Co. Would post earnings of $0.99 per share when it actually produced earnings of $1.07, delivering a surprise of 8.08%. O ...

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].

LOUISVILLE, Ky., April 23, 2025 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ:SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported record earnings of $33.3 million, or $1.13 per diluted share, for the first quarter ended March 31, 2025. This compares to net income of $25.9 million, or $0.88 per diluted share, for the first quarter of ...

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].