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]

Financial Performance - Net income for the three months ended September 30, 2024, was $29.4 million, an increase of 8% from $27.1 million in the same period of 2023, resulting in diluted EPS of $1.00 compared to $0.92[215] - Net income for the nine months ended September 30, 2024, was $82.8 million, a decrease of 1% from $83.8 million in the same period of 2023, resulting in diluted EPS of $2.82 compared to $2.86[217] Loan Growth - Total loans increased by $661 million, or 12%, compared to September 30, 2023, with average loans rising by $688 million, or 13%[215] - Total loans increased by $661 million, or 12%, compared to September 30, 2023, with average loans also rising by $649 million, or 12%[217] - Average total loan balances increased by $688 million, or 13%, for the three months ended September 30, 2024, compared to the same period of 2023[234] - Total loans increased to $6,278,133 thousand, with fixed-rate loans representing 69% and variable-rate loans 31% of the total[344] Deposit Growth - Deposit balances increased by $323 million, or 5%, driven by growth in time deposits due to successful promotional rate offerings[215] - Deposit balances climbed $323 million, or 5%, driven by growth in time deposits, while average deposits increased by $270 million, or 4%[217] - Total deposits increased by $55 million, or 1%, from December 31, 2023, to September 30, 2024[368] Interest Income and Expenses - Net interest income (FTE) totaled $65.1 million, a 6% increase from the prior year, with interest income rising by $16.8 million, or 19%[215] - Net interest income (FTE) totaled $187.3 million for the nine months ended September 30, 2024, representing a $1.6 million, or 1%, increase compared to the same period in 2023[217] - Total interest income (FTE) increased by $16.8 million, or 19%, to $106 million for the three months ended September 30, 2024, compared to the same period of 2023[236] - Total interest expense increased by $49.4 million, or 75%, for the nine months ended September 30, 2024, driven by a significant rise in rates paid on deposits[261] Credit Losses and Allowance - Allowance for credit losses (ACL) on loans rose by $7 million, or 9%, attributed to significant loan growth and a deterioration in the Federal Reserve's unemployment forecast[215] - The allowance for credit losses (ACL) for loans was $85 million as of September 30, 2024, compared to $79 million at September 30, 2023, representing an ACL to total loans ratio of 1.36% and 1.39% for the respective periods[283] - Provision for credit losses on loans was $4.3 million for the three months ended September 30, 2024, attributed mainly to strong loan growth and deterioration in the FRB unemployment forecast[284] Non-Interest Income and Expenses - Non-interest income grew by $1.9 million, or 8%, largely due to strong performance in wealth management and treasury management fees[216] - Non-interest income increased by $3.9 million, or 6%, attributed to strong WM&T fees, treasury management fees, and card income[219] - Non-interest expenses increased by $1.8 million, or 4%, primarily due to higher compensation expenses and technology upgrades[216] - Non-interest expenses rose by $8.7 million, or 6%, primarily due to higher compensation, employee benefits, and technology expenses[219] Efficiency and Capital Ratios - The efficiency ratio (FTE) improved to 53.92% from 54.57% year-over-year, reflecting strong growth in net interest and non-interest income[216] - Bancorp maintained a "well-capitalized" status, with total stockholders' equity to total assets at 11.07%[216] - Tangible common equity to tangible assets increased to 8.79% as of September 30, 2024, compared to 8.09% and 7.69% at the end of 2023 and the same period in 2023, respectively[216] Economic Outlook - The current economic outlook remains volatile, with potential for multiple rate reductions in the coming months, impacting NIM and funding costs[227] Asset Management - Assets under management (AUM) totaled $7.32 billion at September 30, 2024, up from $6.67 billion at September 30, 2023, attributed mainly to strong equity market appreciation[295] - Approximately 80% of AUM were actively managed as of September 30, 2024, down from 82% at December 31, 2023[300] - Managed assets composition as of September 30, 2024 consisted of approximately 67% in equities and 33% in fixed income securities, compared to 64% and 36% as of December 31, 2023[303] Loan Quality - Non-performing loans decreased to $17,158 thousand from $19,168 thousand as of December 31, 2023, resulting in a non-performing loans to total loans ratio of 0.27%[346] - Delinquent loans increased to $28 million, with a delinquent loans to total loans ratio of 0.44% as of September 30, 2024, compared to 0.30% at December 31, 2023[348] - Classified loans rose to $167 million as of September 30, 2024, up from $96 million at December 31, 2023, primarily due to increases in OAEM and substandard classifications[349]

Core Insights - Stock Yards Bancorp (SYBT) reported revenue of $89.86 million for the quarter ended September 2024, reflecting a year-over-year increase of 6.6% [1] - Earnings per share (EPS) for the quarter was $1.00, up from $0.92 in the same quarter last year, exceeding the consensus estimate of $0.93 [1] - The revenue surpassed the Zacks Consensus Estimate of $87.57 million, resulting in a surprise of +2.62% [1] Financial Performance Metrics - Efficiency Ratio was reported at 53.9%, better than the two-analyst average estimate of 57.4% [2] - Net Interest Margin stood at 3.3%, matching the two-analyst average estimate [2] - Total non-interest income reached $24.80 million, exceeding the average estimate of $23.90 million based on two analysts [2] Stock Performance - Shares of Stock Yards have returned +4.6% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [2] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [2]

Stock Yards Bancorp (SYBT) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.53%. A quarter ago, it was expected that this holding company for Stock Yards Bank & Trust Co. Would post earnings of $0.84 per share when it actually produced earnings of $0.94, delivering a surprise of 11.90%. ...

Financial Performance - Stock Yards Bancorp reported third quarter earnings of $29.4 million, or $1.00 per diluted share, compared to $27.1 million, or $0.92 per diluted share in the same quarter of 2023, marking a 8.5% increase in net income year-over-year[1][2]. - Net income for the third quarter was $27.1 million, with net income per share increasing to $1.00[21]. - The company reported a net income of $10,931 million, compared to $10,795 million in the prior quarter, reflecting a growth of 1.3%[26]. - Annualized return on average assets was 1.39%, slightly up from 1.38% in the previous year[23]. - Annualized return on average equity decreased to 12.83%, compared to 13.26% in the previous year[23]. Loan and Deposit Growth - Total loans increased by $661 million, or 12%, year-over-year, with $207 million, or 3%, growth on a linked quarter basis, driven by strong demand across all loan categories[3][12]. - Total loans and leases reached $6,278,133, an increase of 11.73% compared to $5,617,084 a year ago[24]. - Total deposits increased to $6,558,286, up from $6,241,135, marking a growth of 5.08% year-over-year[23]. - Total deposits increased to $6.56 billion, up 1.1% from $6.49 billion in the previous quarter[28]. Income and Revenue - Net interest income rose by $3.7 million, or 6%, to $65.0 million, with the net interest margin at 3.33%, a slight decrease of one basis point year-over-year[5][7]. - Non-interest income increased by $1.9 million, or 8%, to $24.8 million, with significant contributions from treasury management fees and WM&T income[8][9]. - Total revenue for the quarter was $64,979 million, an increase from $62,022 million in the previous quarter, representing a growth of 4.7%[26]. Asset Growth - Total assets increased by $534 million, or 7%, year-over-year, reaching $8.44 billion as of September 30, 2024[12][14]. - Total assets reached $8,437,280 million, up from $8,315,325 million in the previous quarter, marking an increase of 1.5%[27]. - Total stockholders' equity rose to $910,274, a 12.31% increase from $810,710 in the same quarter last year[23]. Credit Quality - The provision for credit losses was recorded at $4.3 million, reflecting strong loan growth and changes in economic forecasts, compared to $2.3 million in the same quarter of 2023[8][12]. - Non-performing loans to total loans improved to 0.27%, down from 0.31% in the previous year[24]. - The allowance for credit losses on loans to total loans was 1.36%, a slight decrease from 1.39% in the previous year[24]. Efficiency and Cost Management - Non-interest expenses decreased by $657,000 to $48.5 million, as compensation expense increases were offset by reductions in other areas[16]. - The efficiency ratio improved to 53.92%, down from 55.38% in the previous year, indicating better cost management[23]. - Efficiency ratio improved to 53.92%, down from 57.26% in the previous quarter, indicating better cost management[31]. Shareholder Returns - The board of directors increased the quarterly cash dividend to $0.31 per common share, reflecting the company's commitment to returning value to shareholders[14]. - Book value per share was reported at $27.52, with a market value per share of $39.29[22]. - The book value per share improved to $31.76 from $30.44, showing a growth of 4.3%[27]. Recognition and Strategic Focus - Stock Yards Bancorp was recognized as a "Sm-All Star" by Piper Sandler, highlighting its strong performance across various financial metrics[4]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments and strategic acquisitions[26].

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