Stock Yards Bancorp(SYBT)

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Stock Yards Bancorp Declares Quarterly Cash Dividend of $0.30 Per Common Share
Newsfilter· 2024-05-22 11:30
LOUISVILLE, Ky., May 22, 2024 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on July 1, 2024, to stoc ...
Stock Yards Bancorp(SYBT) - 2024 Q1 - Quarterly Report
2024-05-07 15:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-13661 STOCK YARDS BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. ...
Stock Yards Bancorp(SYBT) - 2024 Q1 - Quarterly Results
2024-04-24 11:30
Financial Performance - Stock Yards Bancorp reported first quarter earnings of $25.9 million, or $0.88 per diluted share, compared to $29.0 million, or $0.99 per diluted share in the same quarter of 2023[1]. - Net income for Q1 2024 was $25,887 thousand, up 8.1% from $23,944 thousand in Q4 2023[37]. - Net income for Q1 2024 was $25.9 million, compared to $29.0 million in Q1 2023, reflecting a decrease of 10%[32]. Loan and Deposit Growth - Total loans increased by $607 million, or 12%, year-over-year, with a $79 million, or 1%, increase from the previous quarter[4]. - Total loans expanded by $79 million, or 1%, in Q1 2024, driven by growth in nearly every category, particularly commercial real estate[27]. - Total deposits increased by $252 million, or 4%, over the past 12 months, led by growth in interest-bearing demand and time deposits[16]. - Total deposits decreased to $6,559,345 from $6,689,202, a decline of 1.94%[40]. Interest Income and Margin - Net interest income decreased by $3.0 million, or 5%, to $60.1 million compared to the first quarter of 2023, primarily due to rising costs of interest-bearing liabilities[7]. - Total interest income increased by $1.3 million, or 1%, in Q1 2024, with interest income and fees on loans rising by $3.1 million, or 4%[23]. - The net interest margin contracted to 3.20%, down 39 basis points year-over-year, as the cost of funds continued to outpace earning asset yield growth[8]. - The net interest margin, fully tax equivalent, slightly decreased to 3.20% from 3.25% in the previous quarter[40]. Asset Quality - The Company recorded a provision for credit losses of $1.4 million in Q1 2024, down from $6.0 million in Q4 2023[21]. - Provision for credit losses decreased significantly to $1,425 thousand from $2,625 thousand in the same quarter last year, indicating improved asset quality[36]. - Non-performing loans to total loans ratio improved to 0.24% from 0.35% year-over-year, reflecting better loan performance[35]. - Total non-performing assets decreased to $14,100 thousand from $18,960 thousand, a reduction of 25.5% year-over-year[35]. Equity and Capital - The tangible common equity ratio improved to 8.36% at March 31, 2024, compared to 7.74% at March 31, 2023[18]. - Total stockholders' equity to total assets ratio improved to 10.77% from 10.36% in the previous year[38]. - Tangible common equity reached $661,385,000, reflecting an increase of 2.6% from $643,725,000 in the previous quarter[42]. - The ratio of total stockholders' equity to total assets improved to 10.77% from 10.50% in the prior quarter[42]. Non-Interest Income and Expenses - Non-interest income rose by $1.2 million, or 6%, to $23.3 million, driven by strong performance in Wealth Management & Trust, which reached a record $10.8 million[11]. - Non-interest income increased to $23.3 million in Q1 2024, up from $22.0 million in Q1 2023[32]. - Non-interest expenses decreased by $1.1 million, or 2%, to $49.0 million in Q1 2024[25]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.30 per common share was declared in February 2024, paid on April 1, 2024[19]. - Cash dividend declared per share remained stable at $0.30, consistent with the previous quarter[37]. Asset Management - Total assets increased by $455 million, or 6%, year-over-year, reaching $8.12 billion[13]. - The Company’s total assets decreased by $47 million to $8.12 billion as of March 31, 2024[26]. - Total assets under management increased to $7,496 million, up from $7,160 million in the previous quarter, a growth of 4.69%[41].
Stock Yards Bancorp(SYBT) - 2023 Q4 - Annual Report
2024-02-27 19:05
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13661 STOCK YARDS BANCORP, INC. (Exact name of registrant as specified in its charter) Kentucky 61-1137529 (State or other jurisdiction of incorporation or organiza ...
Stock Yards Bancorp(SYBT) - 2023 Q3 - Quarterly Report
2023-11-06 19:14
☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-13661 Table of Contents STOCK YARDS BANCORP, INC. (Exact name of registrant as specified in its charter) Kentucky 61-1137529 (State or other jurisdiction of incorporation ...
Stock Yards Bancorp(SYBT) - 2023 Q2 - Quarterly Report
2023-08-04 15:58
Financial Performance - Net income for the three months ended June 30, 2023, was $27.7 million, a 3% increase from $26.8 million in the same period of 2022, resulting in diluted EPS of $0.94 compared to $0.91[194] - Net income available to stockholders for the six months ended June 30, 2023, was $56.7 million, a 63% increase from $34.7 million in the same period of 2022[198] - Diluted earnings per share rose to $1.93 for the six months ended June 30, 2023, up 58% from $1.22 in the prior year[198] - Total revenue for the six months ended June 30, 2023, was $169,226 thousand, an increase from $147,332 thousand for the same period in 2022[363] Loan Growth - Total loans (excluding PPP) increased by $571 million, or 12%, compared to June 30, 2022, with average loans increasing by $481 million, or 10%[196] - Total loans (excluding PPP) increased by $571 million, or 12%, compared to June 30, 2022, with average loans rising by $717 million, or 16%[201] - Average total loan balances increased by $441 million, or 9%, for the three months ended June 30, 2023, with non-PPP loan growth of $481 million, or 10%[214] - Bancorp's average total loans for the six months ended June 30, 2023, were approximately $5.26 billion, compared to $4.61 billion for the same period in 2022[243] - Bancorp's total loans increased to $5,418,609 thousand as of June 30, 2023, up from $5,205,918 thousand as of December 31, 2022, with non-PPP loans totaling $5,411,521 thousand[362] Credit Losses and Allowance - The allowance for credit losses (ACL) on loans rose by $11 million, or 17%, attributed to significant organic loan growth, with a provision for credit losses of $2.2 million for the three months ended June 30, 2023[196] - Bancorp's allowance for credit losses (ACL) on loans increased by $11 million, or 17%, compared to June 30, 2022, reflecting significant organic loan growth[203] - The allowance for credit losses on loans was $76,678 thousand, up from $62,020 thousand in the previous year[228] - The Allowance for Credit Losses (ACL) for loans increased to $78 million as of June 30, 2023, up from $74 million at December 31, 2022, reflecting a provision expense of $4.4 million for the first half of 2023[308] - The net charge-off activity for the three and six months ended June 30, 2023, totaled $113,000 and $221,000, respectively[244] Deposits and Funding - Deposit balances declined by $341 million, or 5%, compared to June 30, 2022, due to inflationary pressures and rising interest rates[196] - The company experienced a significant shift in deposit mix, with non-interest bearing deposits migrating to higher-yielding options, increasing the overall cost of funds[196] - Total deposits decreased by $183 million, or 3%, from December 31, 2022, to June 30, 2023, primarily due to a $184 million decline in non-interest bearing deposits[324] - The cost of interest-bearing deposits rose to 1.39% for the six months ended June 30, 2023, compared to 0.14% for the same period of the prior year[325] Interest Income and Margin - Net interest income (FTE) for the six months ended June 30, 2023, totaled $124.3 million, representing a 17% increase from $106.2 million in the same period of 2022[200] - Bancorp's net interest margin (NIM) improved by 36 basis points, or 11%, to 3.50% for the six months ended June 30, 2023, compared to 3.14% in the prior year[200] - Net interest income (FTE) increased by $3.8 million, or 7%, to $57.9 million for the three months ended June 30, 2023, driven by organic loan growth and higher rates[211] - Total interest income (FTE) rose by $24.0 million, or 41%, to $83.1 million for the three months ended June 30, 2023[215] - The net interest margin (NIM) for the first half of 2023 was 3.42%, up from 3.20% in the same period of 2022[227] Non-Interest Income - Non-interest income increased by $3.8 million, or 9%, for the six months ended June 30, 2023, driven by record WM&T fees and treasury management fees[201] - Total non-interest income increased by $920,000, or 4%, for the three months ended June 30, 2023, and by $3.8 million, or 9%, for the six months ended June 30, 2023, compared to the same periods in 2022[251] - Wealth management and trust (WM&T) revenue rose by $651,000, or 7%, for the three months and by $1.9 million, or 11%, for the six months ended June 30, 2023, compared to the same periods in 2022[252] Expenses and Efficiency - Total non-interest expenses increased by $1.1 million, or 3%, for the three month period, while decreasing by $9.9 million, or 10%, for the six month period ended June 30, 2023, influenced by one-time merger expenses[271] - Bancorp's efficiency ratio improved to 54.57% for the three months ended June 30, 2023, compared to 56.42% for the same period in 2022, reflecting a reduction in one-time merger-related expenses[287] - The efficiency ratio improved to 53.84% for the six months ended June 30, 2023, down from 68.52% for the same period in 2022[363] Capital and Assets - As of June 30, 2023, total stockholders' equity to total assets was 10.45%, up from 9.85% a year earlier, indicating strong capital growth[200] - Stockholders' equity increased by $48 million, or 6%, to $808 million at June 30, 2023, supported by net income of $56.7 million[292] - The Common Equity Tier 1 Risk-Based Capital ratio was 10.45% as of June 30, 2023, compared to 10.14% as of December 31, 2022, indicating strong capital ratios exceeding regulatory requirements[360] - Total assets increased by $236 million, or 3%, to $7.73 billion at June 30, 2023, with total loans rising by $213 million, or 4%[290] Economic Outlook - The current economic outlook suggests potential pricing pressure and competition for loans and deposits, with expectations of continued NIM pressure in the second half of 2023[210] - The company anticipates future rising rate scenario betas to return to historic averages, with a deposit beta of approximately 60% for rising rates and 30% for falling rates[234]
Stock Yards Bancorp(SYBT) - 2023 Q1 - Quarterly Report
2023-05-05 16:05
[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This chapter contains the company's unaudited condensed consolidated financial statements and detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 316,998 | 167,367 | | Net loans | 5,167,431 | 5,132,387 | | Available-for-sale debt securities | 1,131,852 | 1,144,617 | | Held-to-maturity debt securities | 468,751 | 473,217 | | Total assets | 7,667,648 | 7,496,261 | | **Liabilities** | | | | Total deposits | 6,357,195 | 6,391,252 | | Federal Home Loan Bank advances | 275,000 | 50,000 | | Total liabilities | 6,873,280 | 6,735,829 | | **Stockholders' Equity** | | | | Total stockholders' equity | 794,368 | 760,432 | | Total liabilities and equity | 7,667,648 | 7,496,261 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total interest income | 79,467 | 49,984 | | Total interest expense | 16,395 | 1,224 | | Net interest income | 63,072 | 48,760 | | Provision for credit losses | 2,625 | 2,279 | | Total non-interest income | 22,047 | 19,203 | | Total non-interest expense | 45,314 | 56,297 | | Income tax expense | 8,132 | 1,445 | | Net income | 29,048 | 7,942 | | Basic net income per share | 1.00 | 0.29 | | Diluted net income per share | 0.99 | 0.29 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Net income | 29,048 | 7,942 | | Total other comprehensive income (loss), before tax | 19,353 | (65,379) | | Total other comprehensive income (loss), net of tax | 14,593 | (49,659) | | Comprehensive income (loss) | 43,641 | (41,717) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) | Metric | Balance as of January 1, 2023 (in thousands of USD) | Balance as of March 31, 2023 (in thousands of USD) | | :--- | :--- | :--- | | Total stockholders' equity | 760,432 | 794,368 | | Net income | 29,048 | - | | Other comprehensive income | 14,593 | - | | Cash dividends ($0.29 per share) | (8,489) | - | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Net cash from operating activities | 9,762 | 3,520 | | Net cash from investing activities | (17,337) | (35,337) | | Net cash from financing activities | 157,206 | (177,684) | | Net change in cash and cash equivalents | 149,631 | (209,501) | | Cash and cash equivalents at end of period | 316,998 | 751,691 | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [(1) Summary of Significant Accounting Policies](index=14&type=section&id=(1)%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines key accounting principles for the condensed consolidated financial statements - The condensed consolidated financial statements are unaudited and prepared in accordance with GAAP and SEC Form 10-Q rules[21](index=21&type=chunk)[23](index=23&type=chunk) - The adoption of ASU 2022-02, which eliminates TDR accounting guidance for entities that have adopted CECL, had **no material impact** on the financial statements[25](index=25&type=chunk) - ASU 2023-02, regarding accounting for investments in tax credit structures using the proportional amortization method, is **not expected to have a material impact**[26](index=26&type=chunk) [(2) Bank Acquisition](index=15&type=section&id=(2)%20Bank%20Acquisition) This section details the $168 million acquisition of Commonwealth Bancshares, Inc (CB) in March 2022 - The company completed the acquisition of Commonwealth Bancshares, Inc (CB) on March 7, 2022, for **$168 million** in a stock and cash transaction[28](index=28&type=chunk) | Metric | Assets Acquired (in thousands of USD) | Liabilities Assumed (in thousands of USD) | | :--- | :--- | :--- | | Cash and due from banks | 380,450 | - | | Net loans | 622,454 | - | | Total deposits | - | 1,120,803 | | Total assets acquired | 1,336,815 | - | | Total liabilities assumed | - | 1,235,596 | | Net assets acquired | 101,219 | - | | Goodwill | 66,694 | - | - The acquisition resulted in approximately **$67 million of goodwill**, primarily attributed to expected operational synergies[34](index=34&type=chunk) - CB contributed approximately **$10.7 million in total revenue** in Q1 2023, a significant increase from $3.2 million in the prior-year period which only included partial-month activity[36](index=36&type=chunk) [(3) Investment Securities](index=19&type=section&id=(3)%20Investment%20Securities) This section details the company's available-for-sale (AFS) and held-to-maturity (HTM) debt securities | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | **Available-for-sale debt securities** | | | | Amortized cost | 1,266,356 | 1,297,977 | | Unrealized losses | (134,579) | (153,709) | | Fair value | 1,131,852 | 1,144,617 | | **Held-to-maturity debt securities** | | | | Carrying value | 468,751 | 473,217 | | Unrecognized losses | (34,851) | (41,384) | | Fair value | 433,900 | 431,833 | - As of March 31, 2023, the company has **not recorded an allowance for credit losses** on investment securities, as declines in fair value are attributed to interest rate changes, not credit-related factors[49](index=49&type=chunk)[54](index=54&type=chunk) [(4) Loans and Allowance for Credit Losses on Loans](index=23&type=section&id=(4)%20Loans%20and%20Allowance%20for%20Credit%20Losses%20on%20Loans) This section details the composition of the loan portfolio and changes in the allowance for credit losses (ACL) | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total Commercial real estate | 2,272,426 | 2,231,975 | | Total Commercial and industrial | 1,214,779 | 1,249,569 | | Total Residential real estate | 943,936 | 904,763 | | Construction and land development | 439,673 | 445,690 | | Consumer loans | 136,412 | 139,461 | | Credit cards | 21,738 | 20,413 | | Total loans | 5,243,104 | 5,205,918 | | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Beginning balance | 73,531 | 53,898 | | Provision for credit losses | 2,250 | 2,679 | | Net charge-offs (recoveries) | (108) | 540 | | Ending balance | 75,673 | 67,067 | | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total non-performing loans | 18,283 | 15,134 | | Loans 90 days or more past due and still accruing | 894 | 892 | | Total non-performing assets | 18,960 | 15,811 | | Total delinquent loans (30 days or more) | 11,666 | 16,863 | - As of March 31, 2023, the carrying amount of acquired PCD (purchased credit-deteriorated) loans was **$59 million**[60](index=60&type=chunk) [(5) Goodwill](index=31&type=section&id=(5)%20Goodwill) This section reports the company's total goodwill and its allocation across business segments | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total Goodwill | 194,074 | 194,074 | | Commercial Banking segment goodwill | 172,000 | - | | WM&T segment goodwill | 22,000 | - | - The CB acquisition initially recorded **$67 million in goodwill**, of which $8.5 million was written off due to the LFA disposition[85](index=85&type=chunk)[88](index=88&type=chunk) - A qualitative assessment on September 30, 2022, indicated that the fair value of reporting units was not below their carrying value, resulting in **no goodwill impairment**[87](index=87&type=chunk) [(6) Core Deposit and Customer List Intangible Assets](index=32&type=section&id=(6)%20Core%20Deposit%20and%20Customer%20List%20Intangible%20Assets) This section details the carrying value and amortization of core deposit and customer list intangible assets | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Core Deposit Intangibles (CDI) | 14,196 | 14,958 | | Customer List Intangibles (CLI) | 9,614 | 10,032 | | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | CDI amortization | (762) | (494) | | CLI amortization | (418) | (218) | - **$2.0 million of CLI** related to LFA was written off due to its disposition[91](index=91&type=chunk) [(7) Other Assets](index=33&type=section&id=(7)%20Other%20Assets) This section summarizes the main components of other assets | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total other assets | 125,318 | 134,988 | | Net deferred tax assets | 47,123 | 54,145 | | Investments in tax credit partnerships | 13,250 | 13,969 | | Swap assets | 8,636 | 10,727 | | Mortgage servicing rights | 14,623 | 15,219 | [(8) Income Taxes](index=34&type=section&id=(8)%20Income%20Taxes) This section presents the components of income tax expense and analyzes the difference between statutory and effective tax rates | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total income tax expense | 8,132 | 1,445 | | Effective tax rate | 21.9% | 15.4% | - Fluctuations in the effective tax rate are primarily influenced by **stock-based compensation, changes in the cash surrender value of life insurance, tax credits, tax-exempt interest income, non-deductible merger expenses, and captive insurance company activities**[96](index=96&type=chunk) [(9) Deposits](index=35&type=section&id=(9)%20Deposits) This section details the composition of the company's deposits | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Non-interest-bearing demand deposits | 1,845,302 | 1,950,198 | | Interest-bearing demand deposits | 2,303,412 | 2,308,960 | | Savings deposits | 514,151 | 535,903 | | Money market deposits | 1,081,704 | 1,124,100 | | Total time deposits | 612,626 | 472,091 | | Total interest-bearing deposits | 4,511,893 | 4,441,054 | | Total deposits | 6,357,195 | 6,391,252 | [(10) Securities Sold Under Agreements to Repurchase](index=35&type=section&id=(10)%20Securities%20Sold%20Under%20Agreements%20to%20Repurchase) This section provides information on securities sold under agreements to repurchase (SSUAR) | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Outstanding balance at period end | 104,578 | 133,342 | | Weighted-average rate at period end | 1.14% | 1.64% | | Average outstanding balance during period (Q1) | 122,049 | 91,082 | | Average rate during period (Q1) | 1.52% | 0.08% | - SSUARs are primarily used for commercial customers' collateralized corporate cash management accounts, typically mature overnight, and are collateralized by GSE bonds and government agency MBS[99](index=99&type=chunk) [(11) Subordinated Debentures](index=36&type=section&id=(11)%20Subordinated%20Debentures) This section describes subordinated debentures assumed through the acquisition of Commonwealth Bancshares, Inc | Subordinated Debenture | Face Value (in thousands of USD) | Carrying Value (in thousands of USD) | Interest Rate | | :--- | :--- | :--- | :--- | | Commonwealth Statutory Trust III | 3,093 | 3,051 | LIBOR + 2.85% | | Commonwealth Statutory Trust IV | 12,372 | 12,204 | LIBOR + 1.35% | | Commonwealth Statutory Trust V | 11,341 | 11,187 | LIBOR + 1.40% | | Total | 26,806 | 26,442 | | - The subordinated debentures, acquired through the CB acquisition, are considered **part of Tier 1 capital** and are redeemable quarterly at the company's option[101](index=101&type=chunk) [(12) FHLB Advances and Other Borrowings](index=36&type=section&id=(12)%20FHLB%20Advances%20and%20Other%20Borrowings) This section details the company's Federal Home Loan Bank (FHLB) advances | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Outstanding balance at period end | 275,000 | 50,000 | | Weighted-average rate at period end | 4.87% | 4.37% | | Average outstanding balance during period (Q1) | 163,056 | - | | Average rate during period (Q1) | 4.31% | -% | - FHLB advances are collateralized by commercial and residential real estate mortgage loans and FHLB stock[103](index=103&type=chunk) - Available FHLB credit lines were **$1.15 billion** and **$1.36 billion** as of March 31, 2023, and December 31, 2022, respectively[103](index=103&type=chunk) - The company also has **$80 million** in unsecured federal funds purchased lines of credit[104](index=104&type=chunk) [(13) Commitments and Contingent Liabilities](index=37&type=section&id=(13)%20Commitments%20and%20Contingent%20Liabilities) This section outlines various off-balance sheet commitments and contingent liabilities | Commitment Type | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Commercial and industrial | 789,390 | 784,429 | | Construction and land development | 453,430 | 449,028 | | Home equity | 367,949 | 358,610 | | Credit cards | 68,519 | 64,231 | | Letters of credit | 58,022 | 57,193 | | Commitments to fund future loans | 201,404 | 221,973 | | Total off-balance sheet credit commitments | 2,074,090 | 2,063,587 | - The company has recorded an allowance for credit losses on off-balance sheet credit exposures of **$4.9 million** and **$4.5 million** as of March 31, 2023, and December 31, 2022, respectively[106](index=106&type=chunk) - Management believes that existing legal proceedings will **not have a material adverse effect** on the company's consolidated financial condition or results of operations[108](index=108&type=chunk) [(14) Assets and Liabilities Measured and Reported at Fair Value](index=38&type=section&id=(14)%20Assets%20and%20Liabilities%20Measured%20and%20Reported%20at%20Fair%20Value) This section explains the fair value measurement hierarchy and methodologies - Fair value measurements are categorized into three levels: **Level 1** (quoted prices in active markets), **Level 2** (observable inputs), and **Level 3** (unobservable inputs)[110](index=110&type=chunk)[111](index=111&type=chunk) | Metric | Fair Value at March 31, 2023 (in thousands of USD) | Fair Value at December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | **Assets Measured on a Recurring Basis** | | | | Total available-for-sale debt securities | 1,131,852 | 1,144,617 | | Mortgage loans held for sale | 6,397 | 2,606 | | Interest rate swaps | 8,636 | 10,727 | | Total assets | 1,147,353 | 1,158,134 | | **Liabilities Measured on a Recurring Basis** | | | | Interest rate swaps | 8,152 | 10,737 | | Total liabilities | 8,223 | 10,737 | | **Assets Measured on a Non-recurring Basis** | | | | Collateral-dependent loans | 9,928 | 20,637 | - There were **no transfers into or out of Level 3** of the fair value hierarchy during 2023 and 2022[117](index=117&type=chunk) [(15) Disclosure of Financial Instruments Not Reported at Fair Value](index=41&type=section&id=(15)%20Disclosure%20of%20Financial%20Instruments%20Not%20Reported%20at%20Fair%20Value) This section discloses the carrying amounts and estimated fair values of financial instruments not reported at fair value | Metric | Carrying Value at March 31, 2023 (in thousands of USD) | Fair Value at March 31, 2023 (in thousands of USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 316,998 | 316,998 | | Held-to-maturity debt securities | 468,751 | 433,900 | | Net loans | 5,167,431 | 4,948,173 | | **Liabilities** | | | | Non-interest-bearing deposits | 1,845,302 | 1,845,302 | | Time deposits | 612,626 | 602,758 | | FHLB advances | 275,000 | 275,188 | [(16) Mortgage Banking Activities](index=42&type=section&id=(16)%20Mortgage%20Banking%20Activities) This section details the company's residential mortgage origination and servicing activities | Metric | March 31, 2023 (in thousands of USD) | March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Ending balance of mortgage loans held for sale | 6,397 | 9,323 | | Total mortgage banking income | 1,038 | 1,003 | | Ending balance of mortgage servicing rights | 14,623 | 16,877 | | Total unpaid principal balance of loans serviced | 2,040,000 | 2,080,000 | - Mortgage banking derivatives, primarily mandatory forward sales contracts and interest rate lock commitments, are used to **manage interest rate risk**[129](index=129&type=chunk)[131](index=131&type=chunk) [(17) Accumulated Other Comprehensive Income (Loss)](index=44&type=section&id=(17)%20Accumulated%20Other%20Comprehensive%20Income%20(Loss)) This section presents the activity within the components of accumulated other comprehensive income (AOCI) | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Beginning balance | (115,536) | (7,940) | | Net other comprehensive income for the period | 14,593 | (49,659) | | Ending balance | (100,943) | (57,599) | [(18) Preferred Stock](index=44&type=section&id=(18)%20Preferred%20Stock) This section states the company is authorized to issue preferred stock but has not done so - The company is authorized to issue **1,000,000 shares of no-par value preferred stock**, but none have been issued to date[134](index=134&type=chunk) [(19) Net Income Per Share](index=45&type=section&id=(19)%20Net%20Income%20Per%20Share) This section provides the information required to calculate basic and diluted net income per share | Metric | Three Months Ended March 31, 2023 (in thousands of USD, except per share data) | Three Months Ended March 31, 2022 (in thousands of USD, except per share data) | | :--- | :--- | :--- | | Net income available to shareholders | 29,048 | 7,906 | | Basic net income per share | 1.00 | 0.29 | | Diluted net income per share | 0.99 | 0.29 | | Diluted weighted-average shares outstanding | 29,365 | 27,485 | [(20) Stock-Based Compensation](index=46&type=section&id=(20)%20Stock-Based%20Compensation) This section describes the accounting for stock-based compensation and lists recognized expenses | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Total compensation expense | 1,152 | 991 | | Deferred tax benefit | (243) | (209) | | Total net expense | 909 | 782 | | Metric | March 31, 2023 (in thousands of shares) | December 31, 2022 (in thousands of shares) | | :--- | :--- | :--- | | Outstanding SARs at period end | 464 | 435 | | Unvested RSAs at period end | 102 | 96 | - As of March 31, 2023, total unrecognized stock-based compensation expense was **$94.1 million**[144](index=144&type=chunk) [(21) Derivative Financial Instruments](index=50&type=section&id=(21)%20Derivative%20Financial%20Instruments) This section explains the company's use of interest rate swaps to hedge against rising interest rates | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Notional amount of undesignated interest rate swaps | 108,252 | 132,831 | | Fair value of undesignated swaps (asset) | 8,142 | 10,727 | | Fair value of undesignated swaps (liability) | 8,152 | 10,737 | | Notional amount of cash flow hedge swaps | 100,000 | - | | Fair value of cash flow hedge swaps | 494 | - | - The company uses interest rate swaps to hedge against rising interest rates, with gains and losses on the effective portion of cash flow hedges recorded in **AOCI**[150](index=150&type=chunk)[153](index=153&type=chunk) [(22) Regulatory Matters](index=51&type=section&id=(22)%20Regulatory%20Matters) This section discusses the company's compliance with Basel III capital requirements - The company and its bank subsidiary are both classified as **"well-capitalized"** by regulators, with all capital ratios exceeding minimum requirements[156](index=156&type=chunk)[159](index=159&type=chunk) | Capital Ratio | Actual Ratio at March 31, 2023 | Actual Ratio at December 31, 2022 | | :--- | :--- | :--- | | Consolidated Total risk-based capital ratio | 12.91% | 12.54% | | Consolidated Common equity Tier 1 risk-based capital ratio | 11.30% | 11.04% | | Consolidated Tier 1 risk-based capital ratio | 11.73% | 11.47% | | Consolidated Leverage ratio | 9.56% | 9.33% | - The company has elected to delay the estimated impact of adopting ASC 326 (CECL) on its regulatory capital[155](index=155&type=chunk)[350](index=350&type=chunk) [(23) Segments](index=53&type=section&id=(23)%20Segments) This section describes the company's two reportable business segments: Commercial Banking and Wealth Management & Trust (WM&T) - The company is primarily organized into two business segments: **Commercial Banking** and **Wealth Management & Trust (WM&T)**[164](index=164&type=chunk) | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | **Commercial Banking** | | | | Net interest income | 62,944 | 48,653 | | Net income | 25,962 | 5,011 | | Segment assets | 7,631,031 | 7,744,189 | | **Wealth Management & Trust (WM&T)** | | | | Net interest income | 128 | 107 | | Net income | 3,086 | 2,931 | | Segment assets | 36,617 | 32,963 | - Of the total **$194 million in goodwill**, $172 million is allocated to the Commercial Banking segment and $22 million to the WM&T segment[166](index=166&type=chunk) [(24) Revenue from Contracts with Customers](index=54&type=section&id=(24)%20Revenue%20from%20Contracts%20with%20Customers) This section explains how the company recognizes revenue from customer contracts, primarily within non-interest income | Revenue Source | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Wealth management and trust services | 9,527 | 8,243 | | Deposit service charges | 2,149 | 1,863 | | Debit and credit card income | 4,482 | 4,119 | | Treasury management fees | 2,318 | 1,904 | | Mortgage banking income | 1,038 | 1,003 | | Total non-interest income | 22,047 | 19,203 | - Wealth management and trust services revenue is primarily based on a percentage of assets under management (AUM) and assessed monthly[171](index=171&type=chunk) - Debit and credit card income is primarily derived from interchange fees within payment card systems and recognized when card transactions are authorized[173](index=173&type=chunk) [(25) Leases](index=55&type=section&id=(25)%20Leases) This section details the company's operating leases | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Operating lease right-of-use assets | 19,387 | 19,694 | | Operating lease liabilities | 20,723 | 21,008 | | Weighted-average remaining lease term (years) | 8.8 | 9.0 | | Weighted-average discount rate | 2.56% | 2.57% | | Total lease cost (Q1) | 886 | 689 | | Operating cash flows for operating leases (Q1) | 1,071 | 853 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=56&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This chapter provides management's detailed analysis of the company's financial condition and results of operations [Cautionary Statement Regarding Forward-Looking Statements](index=57&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section warns that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on management's current expectations, estimates, and projections and involve known and unknown risks, uncertainties, and other factors[186](index=186&type=chunk) - Factors that could cause actual results to differ include **economic conditions, laws and regulations, interest rates, market volatility, liquidity, acquisition integration, and cyber-attacks**[188](index=188&type=chunk) [Recent Developments within the Banking Industry](index=58&type=section&id=Recent%20Developments%20within%20the%20Banking%20Industry) This section discusses the impact of recent bank failures on the industry and affirms the company's stability - In March and May 2023, **Silicon Valley Bank, Signature Bank, and First Republic Bank failed**[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The FDIC announced it will recover losses to the Deposit Insurance Fund through a **special assessment on banks**, which may increase the company's FDIC insurance expense[193](index=193&type=chunk)[194](index=194&type=chunk) - The company was **not negatively impacted** by the recent bank failures and remains well-capitalized with strong liquidity[196](index=196&type=chunk) - The Federal Reserve established the Bank Term Funding Program to address potential liquidity issues; the company has **not requested advances** under this program as of March 31, 2023[195](index=195&type=chunk) [Acquisition of Commonwealth Bancshares, Inc. and its Subsidiary Commonwealth Bank & Trust Company](index=58&type=section&id=Acquisition%20of%20Commonwealth%20Bancshares,%20Inc.%20and%20its%20Subsidiary%20Commonwealth%20Bank%20&%20Trust%20Company) This section reviews the acquisition of Commonwealth Bancshares, Inc (CB) completed on March 7, 2022 - The company completed the acquisition of CB on March 7, 2022, for **$168 million** in a stock and cash transaction[197](index=197&type=chunk)[199](index=199&type=chunk) - At acquisition, CB had approximately **$1.34 billion in total assets**, $632 million in loans, $247 million in investment securities, $1.12 billion in deposits, and approximately **$2.65 billion in WM&T assets under management**[197](index=197&type=chunk) - The acquisition generated approximately **$67 million of goodwill**, of which $8.5 million was written off due to the LFA disposition[200](index=200&type=chunk) - The CB acquisition increased the allowance for credit losses (ACL) on loans by **$14 million**, including $10 million for PCD loans (charged against goodwill) and a $4.4 million provision for non-PCD loans[201](index=201&type=chunk) [Issued but Not Yet Effective Accounting Standards Updates](index=59&type=section&id=Issued%20but%20Not%20Yet%20Effective%20Accounting%20Standards%20Updates) This section refers readers to the notes for information on new accounting standards - For disclosures regarding the impact of issued but not yet effective accounting standards updates, refer to the **"Summary of Significant Accounting Policies"** section in the notes to the financial statements[202](index=202&type=chunk) [Business Segment Overview](index=60&type=section&id=Business%20Segment%20Overview) This section outlines the company's two primary reporting segments: Commercial Banking and Wealth Management & Trust (WM&T) - The company is organized into two reporting segments: **Commercial Banking** and **Wealth Management & Trust (WM&T)**[203](index=203&type=chunk) - Commercial Banking offers a full range of products and services, including retail lending, mortgage banking, deposit services, online banking, commercial lending, and treasury management[203](index=203&type=chunk) - WM&T provides investment management, financial and retirement planning, and trust and estate services, with a revenue scale that distinguishes the company among its peers[204](index=204&type=chunk) [Overview – Operating Results (FTE)](index=60&type=section&id=Overview%20%E2%80%93%20Operating%20Results%20(FTE)) This section provides an overview of operating results for Q1 2023 compared to Q1 2022 | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (Amount) | Change (Percent) | | :--- | :--- | :--- | :--- | :--- | | Net income available to shareholders | $29,048 thousand | $7,906 thousand | $21,142 thousand | 267% | | Diluted earnings per share | $0.99 | $0.29 | $0.70 | 241% | | Return on average assets (ROA) | 1.55% | 0.47% | 108 bps | 230% | | Return on average equity (ROE) | 15.15% | 4.55% | 1,060 bps | 233% | - **Strong Q1 2023 results** were driven by organic and acquisition-related growth, a significantly higher interest rate environment, and continued growth in diversified non-interest income streams[207](index=207&type=chunk) - Q1 2022 results were significantly impacted by the CB acquisition, including **$19.5 million in merger-related expenses** and a **$4.4 million provision for credit losses**[207](index=207&type=chunk) - Total loans (excluding PPP) **grew 10% year-over-year**, while average loans (excluding PPP) grew 22%[207](index=207&type=chunk) - Deposit balances **decreased 6% year-over-year**, primarily due to rising interest rates and inflationary pressures causing a shift to higher-yielding alternatives[209](index=209&type=chunk) - Net interest income (FTE) **increased 29% to $63.2 million**, and the net interest margin (NIM) rose 48 basis points to 3.59%[209](index=209&type=chunk) - Non-interest income **grew 15% year-over-year**, while non-interest expense decreased 20% (primarily due to 2022 merger expenses)[209](index=209&type=chunk) - The company remained **"well-capitalized"** as of March 31, 2023, with growth in all capital ratios[209](index=209&type=chunk) [Net Interest Income - Overview](index=62&type=section&id=Net%20Interest%20Income%20-%20Overview) This section provides an overview of net interest income, the bank's primary revenue source | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (Amount) | Change (Percent) | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $63,072 thousand | $48,760 thousand | $14,312 thousand | 29% | | Net interest income (FTE) | $63,245 thousand | $48,944 thousand | $14,301 thousand | 29% | | Net interest spread (FTE) | 3.13% | 3.06% | 7 bps | 2% | | Net interest margin (FTE) | 3.59% | 3.11% | 48 bps | 15% | | Average interest-earning assets | $7,154,286 thousand | $6,389,882 thousand | $764,404 thousand | 12% | | Average interest-bearing liabilities | $4,807,907 thousand | $4,257,843 thousand | $550,064 thousand | 13% | | Prime rate at period end | 8.00% | 3.50% | 450 bps | 129% | - Approximately **71% of the company's loan portfolio consists of fixed-rate loans**, with 29% being floating-rate[213](index=213&type=chunk) - The Federal Reserve continued to raise rates by **50 basis points** in Q1 2023, bringing the federal funds target rate to a range of 4.75%-5.00% and the prime rate to 8.00%[215](index=215&type=chunk) - Continued pricing pressures on loans and deposits, changes in banking system liquidity, and a severely inverted yield curve are expected to **continue pressuring the net interest margin** in 2023[216](index=216&type=chunk) [Net Interest Income (FTE) – Three months ended March 31, 2023 compared to March 31, 2022](index=63&type=section&id=Net%20Interest%20Income%20(FTE)%20%E2%80%93%20Three%20months%20ended%20March%2031,%202023%20compared%20to%20March%2031,%202022) This section analyzes the significant growth in net interest income (FTE) and net interest margin (FTE) for Q1 2023 - Net interest income (FTE) for Q1 2023 **grew by $14.3 million (29%)**, driven by the acquisition, organic loan growth, investment securities, and rising interest rates[217](index=217&type=chunk) - Average interest-earning assets **grew by $764 million (12%)**, with the average yield increasing by 133 basis points to 4.51%[218](index=218&type=chunk) - Average total loans **grew by $859 million (20%)**, with non-PPP loans growing by $949 million (22%)[219](index=219&type=chunk) - Interest and fee income on loans (FTE) **increased by $24.0 million (54%)**, with the loan portfolio yield rising 117 basis points to 5.33%[223](index=223&type=chunk) - Total interest expense **increased by $15.2 million**, with the cost of interest-bearing liabilities rising 126 basis points to 1.38%[222](index=222&type=chunk) - Interest-bearing deposit expense **increased by $12.3 million**, leading to a 111 basis point increase in the cost of interest-bearing deposits[223](index=223&type=chunk) [Average Balance Sheets and Interest Rates (FTE) – Three-Month Comparison](index=65&type=section&id=Average%20Balance%20Sheets%20and%20Interest%20Rates%20(FTE)%20%E2%80%93%20Three-Month%20Comparison) This section provides a detailed comparison of the company's average balance sheets and interest rates (FTE) | Metric | 2023 Average Balance (in thousands of USD) | 2023 Average Rate | 2022 Average Balance (in thousands of USD) | 2022 Average Rate | | :--- | :--- | :--- | :--- | :--- | | **Interest-Earning Assets** | | | | | | Federal funds sold and interest-bearing bank deposits | 140,831 | 4.55% | 671,263 | 0.17% | | Total investment securities | 1,754,620 | 2.07% | 1,321,551 | 1.51% | | Total loans | 5,236,879 | 5.33% | 4,377,930 | 4.16% | | Total interest-earning assets | 7,154,286 | 4.51% | 6,389,882 | 3.18% | | **Interest-Bearing Liabilities** | | | | | | Total interest-bearing deposits | 4,480,151 | 1.22% | 4,148,716 | 0.11% | | Federal Home Loan Bank advances | 163,056 | 4.31% | - | 0.00% | | Total interest-bearing liabilities | 4,807,907 | 1.38% | 4,257,843 | 0.12% | | Net interest income | 63,245 | | 48,944 | | | Net interest spread | | 3.13% | | 3.06% | | Net interest margin | | 3.59% | | 3.11% | [Supplemental Information - Average Balance Sheets and Interest Rates (FTE)](index=66&type=section&id=Supplemental%20Information%20-%20Average%20Balance%20Sheets%20and%20Interest%20Rates%20(FTE)) This section provides supplemental information on the calculation of average balance sheets and rates - FTE interest income includes additional interest on certain tax-exempt assets, calculated using a **21% federal income tax rate**[227](index=227&type=chunk) - Net interest margin (NIM) is the percentage of FTE net interest income to total average interest-earning assets[227](index=227&type=chunk) - Net interest spread (FTE) is the difference between the tax-equivalent yield on total interest-earning assets and the cost of interest-bearing liabilities[227](index=227&type=chunk) [Asset/Liability Management and Interest Rate Risk](index=67&type=section&id=Asset/Liability%20Management%20and%20Interest%20Rate%20Risk) This section outlines the company's objectives for asset/liability and interest rate risk management - The primary goal of interest rate risk management is to **mitigate the impact of interest rate changes on net income**[228](index=228&type=chunk) - The company uses an earnings simulation model to assess the impact of immediate interest rate changes on one-year earnings to measure interest rate risk exposure[229](index=229&type=chunk) [Interest Rate Simulation Sensitivity Analysis](index=67&type=section&id=Interest%20Rate%20Simulation%20Sensitivity%20Analysis) This section presents the results of the company's interest rate sensitivity analysis as of March 31, 2023 | Rate Change | % Change in Net Interest Income from Base (March 31, 2023) | | :--- | :--- | | -200 bps | -6.39% | | -100 bps | -2.95% | | +100 bps | -1.93% | | +200 bps | -3.87% | | +300 bps | -5.83% | - In a rising rate scenario, net interest income would be negatively impacted as floating-rate loans and short-term investments reprice slower than deposits and short-term borrowings[231](index=231&type=chunk) - Approximately **72% of the company's loan portfolio is fixed-rate**, with 28% being floating-rate[232](index=232&type=chunk) - As of March 31, 2023, the company had approximately **$312 million in loans** and **$108 million (notional) in interest rate derivative contracts** referencing LIBOR, and **$236 million in loans indexed to SOFR**[235](index=235&type=chunk) [Provision for Credit Losses](index=69&type=section&id=Provision%20for%20Credit%20Losses) This section explains the methodology for determining the allowance for credit losses (ACL) under the CECL model | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Beginning balance | 73,531 | 53,898 | | Provision for credit losses on loans | 2,250 | 2,679 | | Net charge-offs (recoveries) | (108) | 540 | | Ending balance | 75,673 | 67,067 | | ACL on loans to total loans ratio | 1.44% | 1.38% | | ACL on loans to non-PPP loans ratio | 1.45% | 1.40% | - The Q1 2023 provision was primarily driven by a **$1.4 million specific reserve for a large C&I relationship**, annual CECL model updates, and qualitative factor adjustments[240](index=240&type=chunk) - In Q1 2022, the provision for credit losses (excluding acquisition activity) was a **negative $1.8 million**, but was offset by a **$4.4 million credit loss expense** for the CB acquired loan portfolio[241](index=241&type=chunk) - The allowance for credit losses on off-balance sheet credit exposures increased from **$4.5 million** at December 31, 2022, to **$4.9 million** at March 31, 2023[243](index=243&type=chunk) [Non-interest Income](index=71&type=section&id=Non-interest%20Income) This section analyzes the components of the company's non-interest income | Revenue Source | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | Change (Amount) | Change (Percent) | | :--- | :--- | :--- | :--- | :--- | | Wealth management and trust services | 9,527 | 8,243 | 1,284 | 16% | | Deposit service charges | 2,149 | 1,863 | 286 | 15% | | Debit and credit card income | 4,482 | 4,119 | 363 | 9% | | Treasury management fees | 2,318 | 1,904 | 414 | 22% | | Mortgage banking income | 1,038 | 1,003 | 35 | 3% | | Bank owned life insurance | 549 | 266 | 283 | 106% | | Total non-interest income | 22,047 | 19,203 | 2,844 | 15% | - Wealth management and trust services revenue **grew 16%**, primarily due to acquisition-related activity, organic new business development, and positive returns in fixed income and equity markets[248](index=248&type=chunk) - Assets under management (AUM) **decreased from $7.59 billion** at March 31, 2022, to **$6.76 billion** at March 31, 2023, mainly due to significant declines in fixed income and equity markets in 2022[251](index=251&type=chunk) - Treasury management fees continued to grow, **increasing 22% in Q1 2023**, driven by higher transaction volumes, new product sales, and an expanded client base[261](index=261&type=chunk) [Non-interest Expenses](index=75&type=section&id=Non-interest%20Expenses) This section reviews changes in the company's non-interest expenses | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | Change (Amount) | Change (Percent) | | :--- | :--- | :--- | :--- | :--- | | Salaries and wages | 21,896 | 17,969 | 3,927 | 22% | | Employee benefits | 5,053 | 4,539 | 514 | 11% | | Net occupancy and equipment | 3,899 | 3,025 | 874 | 29% | | Technology and communications | 4,251 | 3,419 | 832 | 24% | | FDIC insurance | 1,135 | 645 | 490 | 76% | | Merger-related expenses | - | 19,500 | (19,500) | (100)% | | Amortization of intangible assets | 1,180 | 713 | 467 | 65% | | Total non-interest expenses | 45,314 | 56,297 | (10,983) | (20)% | - Total non-interest expenses **decreased 20% in Q1 2023**, primarily because the prior-year period included **$19.5 million in merger-related expenses** from the CB acquisition[268](index=268&type=chunk)[280](index=280&type=chunk) - Salaries and wages **grew 22%**, mainly due to an increase in full-time equivalent employees and annual merit-based pay raises[269](index=269&type=chunk) - FDIC insurance expense **grew 76%**, primarily due to balance sheet growth and higher assessment rates[277](index=277&type=chunk) - The efficiency ratio (FTE) for Q1 2023 was **53.13%**, with an adjusted efficiency ratio of **52.75%** (compared to 53.87% in the prior-year period)[283](index=283&type=chunk) [Income Tax Expense](index=77&type=section&id=Income%20Tax%20Expense) This section compares the company's income tax expense and effective tax rates for Q1 2023 and 2022 | Metric | Three Months Ended March 31, 2023 (in thousands of USD) | Three Months Ended March 31, 2022 (in thousands of USD) | Change (Amount) | Change (Percent) | | :--- | :--- | :--- | :--- | :--- | | Income before income taxes | 37,180 | 9,387 | 27,793 | 296% | | Income tax expense | 8,132 | 1,445 | 6,687 | 463% | | Effective tax rate | 21.9% | 15.4% | 650 bps | 42% | - Fluctuations in the effective tax rate are primarily attributable to **stock-based compensation, changes in the cash surrender value of life insurance, tax credits, tax-exempt interest income, non-deductible merger expenses, and captive insurance company activities**[285](index=285&type=chunk) [Financial Condition – March 31, 2023 Compared to December 31, 2022](index=78&type=section&id=Financial%20Condition%20%E2%80%93%20March%2031,%202023%20Compared%20to%20December%2031,%202022) This section outlines changes in the company's financial condition as of March 31, 2023 - Total assets **increased by $171 million (2%)** to $7.67 billion[286](index=286&type=chunk) - Total liabilities **increased by $137 million (2%)** to $6.87 billion[287](index=287&type=chunk) - Stockholders' equity **increased by $34 million (4%)** to $794 million[288](index=288&type=chunk) [Cash and Cash Equivalents](index=78&type=section&id=Cash%20and%20Cash%20Equivalents) This section discusses the significant increase in the company's cash and cash equivalents - Cash and cash equivalents **increased by $150 million (89%)** to $317 million[289](index=289&type=chunk) - The growth was primarily driven by **FHLB borrowing activities**, including a $100 million term advance[289](index=289&type=chunk) - This was partially offset by **$37 million in loan growth** and a **$34 million decrease in deposits**[289](index=289&type=chunk) [Investment Securities](index=78&type=section&id=Investment%20Securities) This section reports a slight decrease in the company's investment securities - Investment securities **decreased by $17 million (1%)** to $1.6 billion[290](index=290&type=chunk) - **No new securities were purchased** in Q1 2023 to maintain higher levels of liquidity[291](index=291&type=chunk) [Loans](index=78&type=section&id=Loans) This section details the modest growth in the company's total loans - Total loans **increased by $37 million (1%)** to $5.243 billion[292](index=292&type=chunk) - Non-PPP loans **grew by $46 million (1%)**[292](index=292&type=chunk) - Loan growth was primarily concentrated in the **commercial real estate and residential real estate** segments[292](index=292&type=chunk) - Total line of credit utilization **improved to 41.1%** (March 31, 2023)[293](index=293&type=chunk) - As of March 31, 2023, the PPP loan balance was **$10 million**[294](index=294&type=chunk) - The loan portfolio consists of **72% fixed-rate loans** and **28% floating-rate loans**[297](index=297&type=chunk) [Non-performing Loans and Assets](index=79&type=section&id=Non-performing%20Loans%20and%20Assets) This section reports an increase in the company's non-performing loans and assets | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Non-accrual loans | 17,389 | 14,242 | | Total non-performing loans | 18,283 | 15,134 | | Other real estate owned | 677 | 677 | | Total non-performing assets | 18,960 | 15,811 | | Non-performing loans to total loans ratio | 0.35% | 0.29% | | Non-performing assets to total assets ratio | 0.25% | 0.21% | - The increase in non-accrual loans was primarily due to **one large C&I relationship** being placed on non-accrual status[299](index=299&type=chunk) [Delinquent Loans](index=80&type=section&id=Delinquent%20Loans) This section notes a decrease in the company's delinquent loans (30 days or more past due) - Delinquent loans (30 days or more past due) **decreased from $17 million** at December 31, 2022, to **$12 million** at March 31, 2023[300](index=300&type=chunk) - The ratio of delinquent loans to total loans **decreased from 0.32%** at December 31, 2022, to **0.22%** at March 31, 2023[300](index=300&type=chunk) [Allowance for Credit Losses on Loans](index=81&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans) This section discusses the increase in the company's allowance for credit losses (ACL) on loans | Metric | March 31, 2023 (in thousands of USD) | December 31, 2022 (in thousands of USD) | | :--- | :--- | :--- | | Allowance for credit losses on loans (ACL) | 75,673 | 73,531 | | ACL to total loans ratio | 1.45% | 1.42% | - The provision for credit losses on loans was **$2.3 million** in Q1 2023, primarily including a **$1.4 million specific reserve for a large C&I relationship**[302](index=302&type=chunk) - The allowance for credit losses on off-balance sheet credit exposures increased from **$4.5 million** at December 31, 2022, to **$4.9 million** at March 31, 2023[305](index=305&type=chunk) [Premises and Equipment](index=82&type=section&id=Premises%20and%20Equipment) This section reports that the carrying value of the company's premises and equipment remained stable - Premises and equipment **remained relatively flat** between December 31, 2022, and March 31, 2023[306](index=306&type=chunk) - The company currently operates a network of **73 branch locations**[306](index=306&type=chunk) - As of March 31, 2023, total premises held for sale amounted to **$3.0 million**[307](index=307&type=chunk) [Goodwill](index=82&type=section&id=Goodwill) This section reaffirms the carrying balance of the company's goodwill - As of March 31, 2023, the carrying value of goodwill was **$194 million**[308](index=308&type=chunk) - Goodwill of **$67 million** was initially recorded from the CB acquisition on March 7, 2022, of which **$8.5 million was written off** due to the LFA disposition[308](index=308&type=chunk) - A qualitative assessment on September 30, 2022, indicated that the fair value of reporting units was not below their carrying value, resulting in **no goodwill impairment**[309](index=309&type=chunk) [Core Deposit and Customer List Intangibles](index=83&type=section&id=Core%20Deposit%20and%20Customer%20List%20Intangibles) This section details the carrying value and amortization of the company's core deposit and customer list intangibles - As of March 31, 2023, CDI assets were **$14.2 million** and CLI assets were **$9.6 million**[310](index=310&type=chunk)[311](index=311&type=chunk) - CLI assets are entirely attributable to the **Wealth Management & Trust (WM&T) business line** acquired through the CB acquisition[311](index=311&type=chunk) - **$2.0 million of CLI** related to LFA was written off due to its disposition[311](index=311&type=chunk) [Other Assets and Other Liabilities](index=83&type=section&id=Other%20Assets%20and%20Other%20Liabilities) This section explains the decrease in other assets and other liabilities - Other assets **decreased by $10 million (7%)** to $125 million[312](index=312&type=chunk) - Other liabilities **decreased by $31 million (25%)** to $94 million[312](index=312&type=chunk) - The decrease in other assets was primarily due to **interest rate-related valuation changes** in deferred tax assets and swap assets[313](index=313&type=chunk) - The decrease in other liabilities was mainly attributable to a **reduction in various accrued liabilities**, such as employee incentive compensation and benefits[314](index=314&type=chunk) [Deposits](index=83&type=section&id=Deposits) This section discusses the decrease in the company's total deposits - Total deposits **decreased by $34 million (1%)**, primarily due to a **$105 million decline in non-interest-bearing deposits**, partially offset by a **$71 million increase in interest-bearing deposits** (particularly time deposits)[315](index=315&type=chunk) - The cost of interest-bearing deposits **increased from 0.11%** in Q1 2022 to **1.22%** in Q1 2023[316](index=316&type=chunk) - Core deposits (excluding public funds and brokered deposits) were **$5.59 billion**, representing **88% of total deposits**[328](index=328&type=chunk) - Public fund deposits **decreased from $692 million** at December 31, 2022, to **$622 million** at March 31, 2023, primarily due to seasonal outflows[330](index=330&type=chunk) [Securities Sold Under Agreements to Repurchase](index=84&type=section&id=Securities%20Sold%20Under%20Agreements%20to%20Repurchase) This section reports a decrease in the company's securities sold under agreements to repurchase (SSUAR) - SSUAR **decreased by $29 million (22%)** from December 31, 2022, to March 31, 2023[318](index=318&type=chunk) - All SSUARs mature overnight and are collateralized by **GSE bonds and government agency MBS**[319](index=319&type=chunk) [Federal Funds Purchased](index=84&type=section&id=Federal%20Funds%20Purchased) This section notes an increase in the company's federal funds purchased (FFP) and other short-term borrowings - Federal funds purchased and other short-term borrowings **increased by $6 million (68%)**[321](index=321&type=chunk) [Subordinated Debentures](index=84&type=section&id=Subordinated%20Debentures) This section reaffirms the subordinated debentures assumed through the CB acquisition - As of March 31, 2023, subordinated debentures added through the CB acquisition totaled **$26 million**[322](index=322&type=chunk) - The subordinated debentures are considered **part of Tier 1 capital**[322](index=322&type=chunk) [FHLB Advances](index=84&type=section&id=FHLB%20Advances) This section details the outstanding balance of the company's Federal Home Loan Bank (FHLB) advances - As of March 31, 2023, total FHLB advances were **$275 million**[323](index=323&type=chunk) - This includes **$175 million in overnight cash management advances** and a **$100 million three-month rolling advance** related to a five-year interest rate swap[323](index=323&type=chunk) [Liquidity](index=84&type=section&id=Liquidity) This section describes the company's strategy for managing liquidity - Liquidity is provided by **short-term assets, available-for-sale debt securities, various lines of credit, and the ability to attract external funds**, primarily deposits[324](index=324&type=chunk) - The company's most liquid assets include **cash and due from banks, federal funds sold, and available-for-sale debt securities**[326](index=326&type=chunk) - As of March 31, 2023, unpledged debt securities were approximately **$838 million**[327](index=327&type=chunk) - Total core deposits were **$5.59 billion**, representing **88% of the company's total deposits**[328](index=328&type=chunk) - As of March 31, 2023, total available FHLB credit lines were **$1.15 billion**[331](index=331&type=chunk) - The bank can pay **$93 million in dividends** to the company without regulatory approval[333](index=333&type=chunk) [Commitments](index=86&type=section&id=Commitments) This section outlines the company's off-balance sheet commitments undertaken in the normal course of business - Unused loan commitments **increased by $11 million (1%)** as of March 31, 2023[337](index=337&type=chunk) - Total line of credit utilization **decreased from 42.3%** at December 31, 2022, to **41.1%** at March 31, 2023[337](index=337&type=chunk) - The allowance for credit losses on off-balance sheet credit exposures was **$4.9 million** (March 31, 2023)[339](index=339&type=chunk) [Capital](index=86&type=section&id=Capital) This section discusses the improvement in the company's stockholders' equity and capital ratios - As of March 31, 2023, total stockholders' equity was **$794 million**, an increase of **$34 million (5%)** from December 31, 2022[342](index=342&type=chunk) - The growth was primarily driven by **$29.1 million in net income** and a **$15 million positive change in AOCI**[342](index=342&type=chunk) - The tangible common equity (TCE) ratio **improved to 7.74%** at March 31, 2023, from 7.44% at December 31, 2022[343](index=343&type=chunk) - Tangible book value per share **improved to $19.66** at March 31, 2023, from $18.50 at December 31, 2022[343](index=343&type=chunk) - **No shares were repurchased** in Q1 2022 or 2023; approximately 741,000 shares remain eligible for repurchase under the existing plan[344](index=344&type=chunk) - The bank is rated **"well-capitalized"** by regulators, with all capital ratios exceeding requirements[345](index=345&type=chunk)[347](index=347&type=chunk) - The company has elected to **delay the impact of CECL adoption** on its regulatory capital[350](index=350&type=chunk) [Non-GAAP Financial Measures](index=88&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for non-GAAP financial measures **Reconciliation of Tangible Common Equity (in thousands of USD, except per share data):** | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total stockholders' equity - GAAP | 794,368 | 760,432 | | Less: Goodwill | (194,074) | (194,074) | | Less: Core deposit and other intangible assets | (23,810) | (24,990) | | Tangible common equity - Non-GAAP | 576,484 | 541,368 | | Total assets - GAAP | 7,667,648 | 7,496,261 | | Less: Goodwill | (194,074) | (194,074) | | Less: Core deposit and other intangible assets | (23,810) | (24,990) | | Tangible assets - Non-GAAP | 7,449,764 | 7,277,197 | | Tangible common equity to tangible assets ratio - Non-GAAP | 7.74% | 7.44% | | Tangible common equity per share - Non-GAAP | 19.66 | 18.50 | **Reconciliation of Allowance for Credit Losses on Non-PPP Loans (in thousands of USD):** | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total loans - GAAP | 5,243,104 | 5,205,918 | | Less: PPP loans | (9,557) | (18,593) | | Total non-PPP loans - Non-GAAP | 5,233,547 | 5,187,325 | | Allowance for credit losses on loans (ACL) | 75,673 | 73,531 | | ACL to total non-PPP loans ratio - Non-GAAP | 1.45% | 1.42% | **Reconciliation of Efficiency Ratio (in thousands of USD):** | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total non-interest expense | 45,314 | 56,297 | | Less: Non-recurring merger-related expenses | - | (19,500) | | Less: Amortization of tax credit partnerships | (323) | (88) | | Total non-interest expense - Non-GAAP | 44,991 | 36,709 | | Total revenue - Non-GAAP | 85,292 | 68,147 | | Total adjusted revenue - Non-GAAP | 85,294 | 68,147 | | Efficiency ratio - Non-GAAP | 53.13% | 82.61% | | Adjusted efficiency ratio - Non-GAAP | 52.75% | 53.87% | [Item 3. Quantitative and Qualitative Disclosures about Market Risk.](index=90&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) This chapter refers readers to the MD&A section for information on market risk - The information required by this item is included in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations"[356](index=356&type=chunk) [Item 4. Controls and Procedures.](index=90&type=section&id=Item%204.%20Controls%20and%20Procedures.) This chapter affirms the effectiveness of the company's disclosure controls and procedures - As of March 31, 2023, the company's disclosure controls and procedures were **deemed effective**[356](index=356&type=chunk) - There were **no material changes** in the company's internal control over financial reporting during the reporting period[356](index=356&type=chunk) [PART II – OTHER INFORMATION](index=90&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings.](index=90&type=section&id=Item%201.%20Legal%20Proceedings.) This chapter reports on various legal proceedings arising in the ordinary course of business - The company is involved in various legal proceedings in the ordinary course of business, but management believes that any adverse judgments will **not have a material adverse effect** on the company's business or consolidated financial condition[357](index=357&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=91&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This chapter provides information on the company's stock repurchases during the first quarter of 2023 | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 1 - January 31 | 818 | $49.81 | | February 1 - February 28 | 10,592 | $61.22 | | March 1 - March 31 | 28,635 | $53.32 | | Total | 40,045 | $55.34 | - The repurchased shares were primarily to cover **tax obligations related to equity grants**, not as part of a publicly announced repurchase plan[360](index=360&type=chunk) - **741,196 shares remain eligible** for repurchase under the existing plan, which expires in May 2023[360](index=360&type=chunk)[361](index=361&type=chunk) - There were **no unregistered sales of equity securities** during the quarter[362](index=362&type=chunk) [Item 6. Exhibits.](index=91&type=section&id=Item%206.%20Exhibits.) This chapter lists the exhibits filed or furnished as part of this report - Exhibits include **CEO and CFO certifications** under Sections 302 and 1350, and the condensed consolidated financial statements in inline XBRL format[364](index=364&type=chunk) [Signatures](index=92&type=section&id=Signatures) This chapter contains the report's signatures as required by the Securities Exchange Act of 1934 - The report was signed on May 5, 2023, by **James A. Hillebrand**, Chairman and CEO, and **T. Clay Stinnett**, Executive Vice President, Treasurer, and CFO[365](index=365&type=chunk)
Stock Yards Bancorp(SYBT) - 2022 Q4 - Annual Report
2023-02-24 16:01
Revenue and Growth - WM&T revenue distinguishes Bancorp from other community banks of similar asset size, providing a strong competitive advantage[29] - Bancorp has seen significant growth in non-interest revenue sources, particularly in treasury management services and debit/credit card services[29] - The company aims to pursue organic growth opportunities while capitalizing on strategic acquisitions to broaden its market presence[30] - The acquisition of KB in Q2 2021 expanded Bancorp's footprint into central and eastern Kentucky, providing broader product offerings and increased lending capabilities[31] - The acquisition of CB in Q1 2022 bolstered Bancorp's market share in Louisville and expanded its presence in Shelby County and northern Kentucky, creating the largest bank-owned trust company in Kentucky[32] Efficiency and Capitalization - The efficiency ratio (FTE) for the years ended December 31, 2022, 2021, and 2020 was 59.30%, 59.94%, and 54.06%, respectively, with elevated ratios in 2022 and 2021 attributed to merger-related expenses[34] - Bancorp's adjusted efficiency ratio (FTE) for the years ended December 31, 2022, 2021, and 2020 was 53.62%, 51.77%, and 52.42%[35] - As of December 31, 2022, Bancorp exceeded the requirements to be considered well-capitalized, maintaining a Common Equity Tier 1 Risk-Based Capital ratio above the minimum 6.5%[57] - The adequately-capitalized minimums, including a 2.5% capital conservation buffer, were 7.0% for Common Equity Tier 1, 8.5% for Tier 1, and 10.5% for Total Risk-Based Capital as of December 31, 2022[58] Risk Factors - Bancorp's allowance for credit losses reflects management's estimate of expected credit losses, which may not be adequate to cover actual losses, potentially impacting earnings[76] - The company is subject to risks from fluctuations in interest rates, which could reduce profitability due to gaps in interest rate sensitivities[69] - Bancorp's mortgage banking business is highly dependent on programs administered by FNMA and FHLMC, with potential adverse effects from changes in these programs[89] - The company is exposed to interest rate risk on loans held for sale and rate lock loan commitments, which could lead to fluctuations in fair value as market interest rates change[93] - Approximately 47% of total deposits are centralized in accounts with balances of $500,000 or greater, categorized as core funds, indicating a reliance on large commercial deposit relationships[103] Market Conditions and Economic Outlook - The Federal Reserve raised the Federal Funds Target Rate (FFTR) by a cumulative 425 basis points in 2022, reaching a range of 4.25% - 4.50%[70] - The economic outlook for 2023 suggests sluggish growth and continued monetary tightening, with potential impacts on borrowers' ability to perform[75] - Income from Wealth Management & Trust (WM&T) constitutes approximately 41% of non-interest income, indicating reliance on market conditions[80] - Bancorp's credit metrics are currently at historically strong levels, but normalization is anticipated over time[78] Operational Challenges - The company experienced record levels of excess liquidity in 2021, which began normalizing in the latter half of 2022, with expectations of continued normalization into 2023[104] - Competitive factors, including the reduction of certain deposit account fees, pose challenges to maintaining deposit-related non-interest income, which has been declining industry-wide[95] - The integration of acquired institutions may present risks, including unanticipated losses and the potential loss of key customers and employees if not managed effectively[97] - The company relies on third-party vendors for processing transactions, and any failure in their controls could disrupt business operations and adversely affect financial condition[111] - The financial services industry is undergoing rapid technological changes, and the company's ability to keep pace with these changes is critical for maintaining competitiveness[113] - Changes in customer behavior towards non-bank alternatives for financial transactions could lead to a loss of fee income, deposits, and loans[114] Regulatory and Compliance Issues - The company is subject to extensive regulation, and any changes in laws or regulations could significantly impact financial condition and results of operations[115] - Increasing scrutiny regarding environmental, social, and governance practices may impose additional costs and risks on the company[119] - Regulatory compliance requirements are increasing, which may impact the company's operations and strategic decisions[19] - The company is aware of potential litigation and governmental investigations that could affect its business[19] - There are concerns regarding the coverage of the company by securities analysts, which may impact market perceptions[19] - The company is monitoring significant acquisitions or business combinations involving competitors that could affect its market position[19] Employee and Service Focus - Approximately 67% of Bancorp's employees are located in Louisville, Kentucky, with a total of 1,040 full-time equivalent employees as of December 31, 2022[38] - The company emphasizes personalized service tailored to individual client needs, enhancing its competitive ability in the market[44] - Bancorp's strategy includes maintaining disciplined underwriting standards and a commitment to operational efficiency[28]
Stock Yards Bancorp (SYBT) Investor Presentation - Slideshow
2022-09-08 17:06
Company Profile - Stock Yards Bancorp 总部位于肯塔基州路易斯维尔[3] - 截至2022年6月30日,公司总资产为76亿美元[3] - 截至2022年6月30日,公司财富管理和信托业务的管理资产规模为66亿美元[3] Financial Performance - 2021年净利息收入为1.711亿美元,2020年为1.359亿美元,2019年为1.253亿美元[15] - 2021年财富管理和信托收入为2760万美元,2020年为2340万美元,2019年为2260万美元[15] - 2021年净利润为7460万美元,2020年为5890万美元,2019年为6610万美元[15] - 截至2022年6月30日的前六个月,净利息收入为1.057亿美元,比2021年的7940万美元增长33%[19, 20] - 截至2022年6月30日的前六个月,净利润为3470万美元,比2021年的2690万美元增长29%[19, 20] Loan and Deposit Growth - 截至2022年6月30日,路易斯维尔市场的贷款额为29.53亿美元,占总贷款的60%[33] - 核心存款占总存款的88%,总额为57.6亿美元[41] Non-Interest Income - 财富管理收入为2761.3万美元[43] - Stock Yards Bank 的非利息收入占总收入的28%,高于同行的22%[45] Capital Structure - 截至2022年6月30日,股本/总资产比率为9.75%[49] - 截至2022年6月30日,有形普通股/有形资产比率为6.94%[49]
Stock Yards Bancorp(SYBT) - 2022 Q2 - Quarterly Report
2022-08-05 14:28
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-13661 STOCK YARDS BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. ...