Stock Yards Bancorp(US:SYBT)2026-01-27 21:59Financial Performance - Stock Yards Bancorp reported record fourth quarter earnings of $36.6 million, or $1.24 per diluted share, compared to $31.7 million, or $1.07 per diluted share in Q4 2024, representing a 15% increase[1]. - For the full year 2025, net income reached a record $140.2 million, or $4.75 per diluted share, a 22% increase from the previous year[1]. - Net income for the year 2025 was $140.150 million, up from $114.539 million in 2024, with diluted earnings per share increasing to $4.75 from $3.89[34]. - Net income for Q4 2025 was $36,614 million, a slight increase from $36,241 million in Q3 2025, representing a year-over-year growth of 16.5%[38]. - Basic net income per share increased to $1.25 in Q4 2025 from $1.23 in Q3 2025[38]. Loan and Deposit Growth - Total loans increased by $521 million, or 8%, year over year, with loan production for 2025 at $1.6 billion compared to $1.5 billion in 2024[7][17]. - Total loans increased to $7.041 billion in 2025 from $6.520 billion in 2024, marking a growth of about 8%[36]. - Total loans expanded by $112 million, or 2%, with the C&D segment being the primary growth driver[29]. - Total deposits increased by $147 million, or 2%, with interest-bearing deposits rising by $300 million, or 5%[30]. - Deposit balances grew by $625 million, or 9%, over the past 12 months, with interest-bearing deposits increasing by $645 million, or 11%[5][19]. Income and Revenue - Net interest income for Q4 2025 increased by $9.3 million, or 13%, to $79.3 million, driven by strong earning asset growth[10]. - Non-interest income rose by $1.6 million, or 7%, to $25.1 million in Q4 2025 compared to Q4 2024[14]. - Total non-interest income rose to $25,128 million in Q4 2025, up 2.7% from $24,476 million in Q3 2025[38]. - Treasury management fees hit a record $3.1 million, up 15% from Q4 2024, driven by new product sales and fee increases[20]. - Mortgage banking income increased to $860 million in Q4 2025 from $781 million in Q4 2024, and total non-interest income rose to $25.128 billion from $23.507 billion year-over-year[34]. Asset Quality - Non-performing loans decreased to $13.0 million, or 0.19% of total loans, down from $22.2 million, or 0.34% a year earlier[21]. - Non-performing loans decreased to $13.034 million, down from $22.214 million, resulting in a non-performing loans to total loans ratio of 0.19% compared to 0.34%[36]. - The provision for credit losses decreased to $1,650 million in Q4 2025 from $1,975 million in Q3 2025, reflecting improved credit quality[37]. - Non-performing loans decreased to $13,034, down from $18,659 in the previous quarter, indicating improved asset quality[41]. Efficiency and Ratios - The efficiency ratio improved to 52.46% in Q4 2025 from 55.21% in Q4 2024, indicating better cost management[35]. - The efficiency ratio improved to 52.46%, down from 52.99% in the previous quarter, indicating better cost management[41]. - Total equity to assets ratio improved to 11.28% as of December 31, 2025, compared to 10.61% a year prior, with tangible book value per share increasing by 19% to $29.50[22]. - The ratio of total stockholders' equity to total assets improved to 11.28% from 11.19% in the previous quarter[44]. - The ratio of tangible common equity to tangible assets was 9.32%, up from 9.16% in the previous quarter[44]. Shareholder Value - Cash dividends declared per share increased to $1.26 in 2025 from $1.22 in 2024, reflecting a commitment to returning value to shareholders[34]. - Tangible book value per share increased by 19% year over year to a record $29.50[1]. - The book value per share increased to $36.49 in 2025 from $31.96 in 2024, reflecting stronger equity position[34]. - Book value per share under GAAP increased to $36.49 from $35.32 in the previous quarter[44]. - Tangible common equity per share increased to $29.50 from $28.30 in the prior quarter[44]. Overall Growth - Total assets grew to $9.536 billion in 2025, compared to $8.863 billion in 2024, reflecting a year-over-year increase of approximately 7.6%[34]. - Total assets increased to $9,536,124 million as of December 31, 2025, up from $9,307,376 million at the end of Q3 2025[39]. - Total assets rose to $9,536,124,000, compared to $9,307,376,000 in the prior quarter[43]. - Total stockholders' equity rose to $1.075 billion in 2025 from $940.476 million in 2024, representing a year-over-year increase of approximately 14.3%[34]. - Total stockholders' equity improved to $1,075,697 million in Q4 2025 from $1,041,144 million in Q3 2025[39].