Stock Yards Bancorp(SYBT) - 2024 Q4 - Annual Results

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]