Stock Yards Bancorp(SYBT)2024-04-24 11:30Financial 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].