• Stock Yards Bancorp Reports Fourth Quarter Earnings of $23.9 Million or $0.82 Per Diluted Share and Record Earnings for the Year

    ソース: Nasdaq GlobeNewswire / 24 1 2024 06:30:01   America/Chicago

    LOUISVILLE, Ky., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $23.9 million, or $0.82 per diluted share, for the fourth quarter ended December 31, 2023. This compares to net income of $29.8 million, or $1.01 per diluted share, for the fourth quarter of 2022. For the year ended December 31, 2023, the Company produced record net income of $107.7 million, and diluted earnings per share of $3.67. Strong loan growth across all markets and deposit growth contributed to solid fourth quarter and full year 2023 operating results.

        
    (dollar amounts in thousands, except per share data)4Q233Q234Q22
    Net income$23,944 $27,092 $   29,817 
    Net income per share, diluted         0.82          0.92          1.01 
        
    Net interest income$        62,016 $        61,315 $        65,263 
    Provision for credit losses(1) 6,046  2,775  3,375 
    Non-interest income 24,417  22,896  23,142 
    Non-interest expenses 50,013  46,702  45,946 
        
    Net interest margin 3.25% 3.34% 3.64%
    Efficiency ratio(2) 57.80% 55.38% 51.85%
    Tangible common equity to tangible assets(3) 8.09% 7.69% 7.44%
    Annualized return on average assets(4) 1.17% 1.38% 1.56%
    Annualized return on average equity(4) 11.62% 13.26% 15.99%
        

    “I am pleased with our fourth quarter and record full year 2023 results, highlighted by strong loan production and fee income led by Wealth Management & Trust (WM&T). We continue to see broad-based loan demand from our customers throughout our markets. Total loans, excluding PPP loans, increased $580 million, or 11%, over the last 12 months, of which $155 million was generated during the fourth quarter, setting a record for the best fourth quarter of organic loan expansion in the Company’s history. Thanks to the dedication and commitment of our employees, our net income surpassed the $100 million mark for the first time in 2023,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer.

    “Net interest income increased for the second consecutive linked quarter, due to loan growth and continued yield expansion from assets re-pricing. However, our net interest margin contracted over the linked quarter, as the increase in cost of funds continued to outpace the growth in yields on earning assets. We anticipate net interest margin compression will most likely persist into the first part of the year,” Hillebrand continued. “Deposit balances expanded nicely during the fourth quarter, increasing $268 million, or 4%, on the linked quarter and increasing $279 million, or 4%, over the last 12 months. We continue to focus on organic growth, while avoiding brokered deposits, which provide more expensive funding than in-market deposit relationships.”

    “Non-interest income, led by fourth quarter gains in several categories, once again fueled our operating results. WM&T posted another record year, benefiting from strong equity and fixed income market performance, coupled with net new business growth. Robust card income, treasury management and brokerage fees, driven by increased demand and customer expansion, served to cap off a record fee income year for us. We look forward to carrying this momentum into 2024 – our 120th year of operation – with an unwavering focus on cultivating full customer relationships,” said Hillebrand.

    At December 31, 2023, the Company had $8.17 billion in assets, $5.77 billion in loans and $6.67 billion in total deposits. The Company’s combined enterprise, which encompasses 71 branch offices across three contiguous states, will continue to benefit from a diversified geographic footprint that provides significant growth opportunities in both the banking and WM&T arenas.

    Key factors contributing to the fourth quarter of 2023 results included:

    • Loan growth and loan production represented the best fourth quarter in the Company’s history. Total loans, excluding PPP loans, increased $155 million, or 3%, on the linked quarter. The yield earned on loans expanded to 5.79% for the fourth quarter of 2023, benefiting from average balance growth and to a lesser extent, interest rate expansion.
    • Deposit balances expanded $268 million, or 4%, on the linked quarter, as interest bearing deposits grew $434 million and non-interest bearing deposits contracted by $166 million.
      • Interest bearing demand accounts increased $197 million, or 9%, consistent with seasonal public funds activity.
      • Money market accounts expanded $134 million, or 12%, led by growth in WM&T money market funds held at the Bank.
      • Time deposits grew by $120 million, or 14%, a tribute to successful marketing of promotional products, primarily in the Central Kentucky market.
    • Increasing costs of funds continued to outpace earning asset yield growth during the fourth quarter of 2023. Net interest income declined $3.2 million, or 5%, for the fourth quarter of 2023 compared to the fourth quarter a year ago, with net interest margin compressing 39 bps to 3.25%. While net interest margin also declined on the linked quarter, contracting 9 basis points from 3.34%, net interest income increased $701,000. Given the current interest rate environment, the change in deposit mix has and will continue to place pressure on funding costs.
    • While credit quality remains strong in comparison to traditional metrics, credit loss expense on loans of $5.8 million was recorded for the fourth quarter of 2023. The Bank recorded a $4.1 million charge-off related to a single Commercial & Industrial (C&I) relationship in late December. The Bank became aware of credit deterioration in the third quarter of 2023 and the relationship was downgraded at that time. The relationship was subsequently placed on non-accrual in the fourth quarter. The Bank considers this to be a conservative approach to an isolated situation with one customer and no additional loss is anticipated. Despite the charge-off, management remains confident in the current quality of the loan portfolio, as demonstrated by the relatively low concentration of classified and delinquent loans, and does not believe this instance is reflective of broader portfolio concerns. With the allowance for credit losses to total loans standing at 1.38%, the Bank is well-positioned based on current credit metrics and forecasts in the allowance for credit losses model.
    • Non-interest income increased $1.3 million, or 6%, over the fourth quarter of 2022. WM&T income expanded $878K, or 10%, to $10.1 million, benefitting from improved market conditions and net new business expansion. Card income set quarterly and year to date records, led by interchange income expansion and increased debit card processor incentives and treasury management fees once again demonstrated double digit growth. Fee income expansion in the fourth quarter of 2023 is especially notable given $1.3 million in non-recurring gains on sale of premises and equipment recorded in the fourth quarter of 2022.
    • Total non-interest expenses increased $4.1 million, or 9%, during the fourth quarter of 2023 compared to the fourth quarter of 2022, primarily due to higher compensation expense tied to employee growth and expense recorded related to an executive retirement agreement. Further, additional occupancy expense was incurred related to the relocation of all WM&T employees to a consolidated central location.
    • Tangible common equity per share(3) was $21.95 at December 31, 2023, compared to $20.17 at September 30, 2023, and $18.50 at December 31, 2022. Over the past several quarters, tangible common equity and tangible book value have been impacted by the volatile interest rate market and corresponding impact on accumulated other comprehensive income/loss, primarily as a result of changes in unrealized losses in the available for sale debt securities portfolio, which has a current weighted average life of 5.5 years.

    Highlights for the year ended December 31, 2023:

    • Loans (excluding PPP) grew $580 million, or 11%, over the past 12 months, marking the third consecutive year of double digit loan growth.
    • Average loans increased $604 million, or 13%, for the year.
    • Loan production set a new record for 2023.
    • Deposit balances grew by $279 million, or 4%, over the past 12 months. Interest bearing demand, money market, and time deposit expansion combined to more than offset declines in non-interest bearing demand accounts.
    • Net interest income increased $13.9 million, or 6%, over 2022.
    • Loan yield expansion led to net interest margin expanding four basis points to 3.39% in 2023 over 2022.
    • WM&T income reached and surpassed record levels during the year, increasing $3.7 million, or 10%, over the past 12 months, reflecting improved market conditions and net new business growth. Assets Under Management (AUM) surpassed the $7 billion mark at year-end.
    • Customer expansion and increased transaction volume led to record 2023 card, treasury management and brokerage income.

    Hillebrand concluded, “In January, Stock Yards was named to Stephen’s 2024 Bank Industry & Top Picks List as the top Small-Cap stock with upside price potential. We were also named to Stephen’s 2024 Best Ideas List, as the top company within the Midwest Bank category. In November, we were once again nationally recognized by American Banker Magazine as one of the Best Banks to Work for in 2023. The Best Banks to Work For program identifies and honors U.S. banks for outstanding employee satisfaction. In addition, in May, we were named a winner of the 2022 Raymond James Community Bankers Cup, which recognizes the top 10% of community banks with assets between $500 million and $10 billion based on various profitability, operational efficiency and balance sheet metrics, marking our 8th time being named to the Raymond James Community Bankers Cup. These recognitions are a testament to the dedication of our employees, who continue to work diligently to support our customers. We will not rest on our laurels as we enter 2024 – our 120th year of service to the communities we are honored to serve.”

    Results of Operations – Fourth Quarter 2023 Compared with Fourth Quarter 2022

    Net interest income, the Company’s largest source of revenue, decreased by $3.2 million, or 5%, to $62.0 million. While strong organic loan growth boosted net interest income over the past 12 months, the cost of interest bearing liabilities more than offset the increase in total interest income.

    • Total interest income increased by $20.1 million, or 27%, to $95.2 million.
      • Interest income and fees on loans increased $18.7 million, or 29%, over the prior year quarter. Consistent with the $582 million, or 11%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 79 basis points, or 16%, over the past 12 months to 5.79%.
      • Interest income on securities decreased $413,000, or 5%, compared to the fourth quarter of 2022. While average securities balances have declined $168 million, or 9%, over the past 12 months, the rate earned on securities has increased 9 bps to 2.05%, as lower rate securities either matured or paid down.
      • Average overnight funds increased $24 million quarter over prior year quarter, with interest income increasing $1.4 million consistent with the increase in seasonal public funds accounts. The Federal Reserve Bank has increased the rate paid on reserve balances meaningfully during the past 12 months, which has significantly benefited related interest income on excess cash held at the Bank.
    • Total interest expense increased $23.3 million to $33.2 million, as the cost of interest bearing liabilities increased 158 basis points to 2.44%.
      • Interest expense on deposits increased $20.6 million over the past 12 months, as the overall cost of interest bearing deposits increased from 0.81% for the fourth quarter of 2022 to 2.34%. Deposit costs during the fourth quarter of 2023 have been significantly impacted by changes in mix, individual rate exceptions, successful new product promotions and growth in the WM&T money market account. Average interest bearing deposit balances increased $597 million, or 13%, from the fourth quarter of 2022 to the fourth quarter of 2023, with time deposits representing $458 million of the increase.
      • Interest expense on Federal Home Loan Bank (FHLB) advances totaled $2.1 million for the fourth quarter of 2023. The Bank had $200 million in FHLB advances outstanding at the end of the fourth quarter of 2023.

    The Bank recorded $5.8 million in credit loss expense for loans during the fourth quarter of 2023. In addition to strong loan growth, a flat unemployment projection and other factors within the CECL allowance model, the Bank recorded $4.7 million in charge-offs, with $4.1 million attributed to one C&I relationship offset by $235,000 in total recoveries. The Bank also recorded a $275,000 expense for off balance sheet exposures associated with expansion of Construction & Land Development (C&LD) and C&I lines of credit (increased availability and utilization). For the fourth quarter of 2022, consistent with strong loan growth and deterioration within the future unemployment rate forecast, the Company recorded $3.6 million in provision for credit losses on loans and a $225,000 benefit to credit loss expense for off balance sheet exposures. In addition, the Bank recorded a $1.6 million specific reserve for a Commercial Real Estate loan during the fourth quarter of 2022.

    Non-interest income increased $1.3 million, or 6%, to $24.4 million.

    • WM&T income ended the fourth quarter of 2023 at $10.1 million, increasing $878,000, or 10%, over the fourth quarter of 2022. WM&T income benefited from strong fourth quarter equity and fixed income market performance, coupled with quarterly estate fees collected and net new business growth.
    • WM&T AUM expanded $575 million, or 9%, over the past 12 months consistent with market performance and net new business growth. With the especially strong market performance experienced in November and December, AUM once again surpassed the $7 billion mark.
    • Treasury management fees increased $253,000, or 11%, compared to the fourth quarter of 2022, driven by strong transaction volume, organic growth, modified fee schedules, strong foreign exchange income, new product sales and continued product expansion to the customer base added through recent merger activity.
    • Card income increased $328,000, or 7%, over the fourth quarter of 2022, driven by increased interchange income and credit card processor spend incentives. While card volume has increased over 2022, interchange rate compression has placed pressure on growth.
    • The Company recognized $1.3 million in non-recurring gains on sales of premises and equipment in the fourth quarter of 2022 related to the disposition of acquired locations.
    • Other non-interest income, which primarily includes swap fees, letter of credit fees and OREO activity increased by $527,000, or 34%, over the fourth quarter of 2022. During the fourth quarter of 2023, the Company sold other real estate owned and Visa Class B stock for $207,000 and $487,000 in non-recurring gains, respectively.

    Non-interest expenses increased $4.1 million, or 9%, compared to the fourth quarter of 2022, to $50.0 million.

    • Compensation and employee benefits expense combined to increase $1.5 million, or 6%, compared to the fourth quarter of 2022, consistent with a 4% increase in full time equivalent employees and expense recorded related to an executive retirement agreement.
    • Net occupancy and equipment expenses increased $1.3 million, or 34%, over the fourth quarter of 2022 primarily due to the relocation of all WM&T employees to a consolidated central location.
    • Technology and communication expenses, which include computer software amortization, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources, increased $865,000, or 23%, consistent with software upgrades, equipment upgrades, customer expansion and increased transaction activity.
    • Legal and professional fees increased $801,000 compared to the fourth quarter of 2022, led by increased compliance-related consulting in preparation for expanded regulatory oversight in conjunction with future growth in total assets.
    • During the fourth quarter of 2022, the Company sold its partial interest in an investment adviser subsidiary that was acquired from Commonwealth Bancshares, realizing a non-recurring pre-tax loss of $870,000. Also, intangible amortization expense decreased $443,000, or 28%, during the fourth quarter of 2023, consistent with the sale of the investment advisor and the prior year intangible asset write-off.

    Financial Condition – December 31, 2023 Compared with December 31, 2022

    Total assets increased $674 million, or 9%, year over year to $8.17 billion.

    Total loans (excluding PPP) increased $580 million, or 11%, to $5.77 billion, with the largest sources of growth stemming from the commercial real estate and residential real estate portfolios. In addition to the strong growth, the Company has benefitted from the higher rate environment in 2023 that has generally slowed loan payoff activity. Total line of credit usage was 39.2% as of December 31, 2023, compared to 42.3% as of December 31, 2022, driven by strong production. C&I line of credit usage was 28.6% as of December 31, 2023, compared to 33.1% as of December 31, 2022.

    Total investment securities, which spiked during the second quarter of 2021 and the first quarter of 2022 in part due to acquisitions, decreased $147 million, or 9%, year over year. Maturities/pay-downs of lower yielding investments have boosted the overall portfolio yield to 2.05% for the fourth quarter of 2023, from 1.96% in the fourth quarter of 2022. In 2023, cash flows from the investment portfolio have been utilized to fund loan growth and provide liquidity in lieu of redeployment.

    Total deposits increased $279 million, or 4%, over the past 12 months, led by interest bearing demand and time deposit expansion which was partially offset by a decline in non-interest bearing demand deposits.

    During the fourth quarter of 2023, the Company recorded net loan charge-offs of $4.5 million, with $4.1 million attributed to one C&I relationship. This compares to $152,000 in net charge offs during the fourth quarter of 2022. Non-performing loans(5) totaled $19 million, or 0.33% of total loans outstanding at December 31, 2023, compared to $15 million, or 0.29% of total loans outstanding at December 31, 2022. The ratio of allowance for credit losses to loans (5) ended at 1.38% at December 31, 2023 compared to 1.41% at December 31, 2022.

    At December 31, 2023, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios remaining strong. Total equity to assets(3) was 10.50% and the tangible common equity ratio(3) was 8.09% at December 31, 2023, compared to 10.14% and 7.44% at December 31, 2022, respectively. Interest rate volatility over the last 12 months has significantly impacted unrealized losses within the available for sale debt securities portfolio.

    In November 2023, the board of directors declared a quarterly cash dividend of $0.30 per common share. The dividend was paid December 29, 2023 to shareholders of record as of December 18, 2023.

    No shares have been purchased since 2020, and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2025.

    Results of Operations – Fourth Quarter 2023 Compared with Third Quarter 2023

    Net interest margin declined 9 basis points on the linked quarter to 3.25%, as cost of funds growth continued to outpace earning asset yield growth.

    Net interest income expanded $701,000, or 1%, over the prior quarter to $62.1 million, as management is optimistic that net interest margin contraction is starting to slow.

    • Total interest income increased $6.3 million, or 7%, led predominantly by the increase in interest income on loans.
      • Interest income and fees on loans increased $4.5 million, or 6%, over the linked quarter. Average loans increased $190 million, or 4%, and the corresponding yield earned increased 13 basis points over the linked quarter.
      • Average overnight funds increased $134 million over the linked quarter with interest income increasing $1.9 million. The fourth quarter of each year reflects elevated cash levels consistent with the seasonal increase in public funds.
    • Total interest expense increased $5.6 million, or 20%, led by a $8.3 million, or 39%, increase in the cost of total interest-bearing deposits, which was partially offset by a $2.8 million decline in FHLB borrowings expense.

    The Company recorded $6.0 million in provision for credit losses(1) during the fourth quarter of 2023, which included a $5.8 million provision for credit losses on loans and $275,000 of credit loss expense for off-balance sheet exposures. During the third quarter of 2023, the Company recorded $2.8 million in provision for credit losses, which included a $2.3 million provision for credit losses on loans and $475,000 of credit loss expense for off-balance sheet exposures.

    Non-interest income increased $1.5 million, or 7% on the linked quarter, led by record card income, strong swap and letter of credit fees, OREO activity and the sale of Visa Class B stock.

    Non-interest expenses increased $3.3 million, or 7%, to $50.0 million, as increased compensation, net occupancy expense, technology expense and consulting expenses more than off-set a decline in employee benefits.

    Financial Condition – December 31, 2023 Compared with September 30, 2023

    Total assets increased $267 million, or 3%, on the linked quarter to $8.17 billion.

    Total loans expanded $154 million, or 3%, on the linked quarter, led by increases in nearly every category, with the C&I and C&LD loan portfolios leading the growth. Total line of credit usage was 39.2% as of December 31, 2023, compared to 38.8% as of September 30, 2023, driven by strong production. C&I line of credit usage was 28.6% as of December 31, 2023, compared to 26.8% as of September 30, 2023.

    Total deposits increased $268 million, or 4%, on the linked quarter. Total interest bearing deposits increased $434 million, on the linked quarter, as increases in interest bearing demand, money market accounts and time deposits more than offset the $166 million contraction in non-interest bearing demand. Excluding public funds, total deposits increased $121 million on the linked quarter.

    About the Company

    Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.17 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “SYBT.”

    This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2022, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

    Contact: T. Clay Stinnett
    Executive Vice President,
    Treasurer and Chief Financial Officer
    (502) 625-0890

    Stock Yards Bancorp, Inc. Financial Information (unaudited)           
    Fourth Quarter 2023 Earnings Release           
    (In thousands unless otherwise noted)           
      Three Months Ended Twelve Months Ended   
      December 31, December 31,   
    Income Statement Data 2023 2022 2023 2022   
                
    Net interest income, fully tax equivalent (6) $62,112 $65,469 $247,869 $234,267   
    Interest income:           
    Loans $82,715 $64,033 $302,044 $216,138   
    Federal funds sold and interest bearing due from banks 3,526 2,173 8,411 6,018   
    Mortgage loans held for sale 38 13 211 190   
    Investment securities and FHLB stock 8,962 8,931 36,030 29,306   
    Total interest income 95,241 75,150 346,696 251,652   
    Interest expense:           
    Deposits 29,645 9,022 81,585 16,412   
    Securities sold under agreements to repurchase and           
    other short-term borrowings 843 399 2,776 721   
    Federal Home Loan Bank advances 2,155 12 12,768 12   
    Subordinated debentures 582 454 2,235 1,124   
    Total interest expense 33,225 9,887 99,364 18,269   
    Net interest income 62,016 65,263 247,332 233,383   
    Provision for credit losses (1) 6,046 3,375 13,796 10,257   
    Net interest income after provision for credit losses 55,970 61,888 233,536 223,126   
    Non-interest income:           
    Wealth management and trust services 10,099 9,221 39,802 36,111   
    Deposit service charges 2,244 2,183 8,866 8,286   
    Debit and credit card income 5,374 5,046 19,438 18,623   
    Treasury management fees 2,531 2,278 10,033 8,590   
    Mortgage banking income 823 209 3,705 3,210   
    Loss on sale of securities (44) - (44) -   
    Net investment product sales commissions and fees 860 833 3,205 3,063   
    Bank owned life insurance 576 545 2,253 1,597   
    Gain (Loss) on sale of premises and equipment (105) 1,295 (30) 4,341   
    Other 2,059 1,532 4,992 5,328   
    Total non-interest income 24,417 23,142 92,220 89,149   
    Non-interest expenses:           
    Compensation 24,494 23,398 91,876 86,640   
    Employee benefits 3,829 3,421 18,451 16,568   
    Net occupancy and equipment 5,150 3,843 16,384 14,298   
    Technology and communication 4,612 3,747 17,318 14,897   
    Debit and credit card processing 1,719 1,470 6,481 5,909   
    Marketing and business development 1,754 1,544 5,990 5,005   
    Postage, printing and supplies 903 893 3,604 3,354   
    Legal and professional 1,293 492 3,958 2,943   
    FDIC Insurance 1,060 730 3,911 2,758   
    Amortization of investments in tax credit partnerships 324 88 1,294 353   
    Capital and deposit based taxes 601 799 2,476 2,621   
    Merger expenses - - - 19,500   
    Intangible amortization 1,167 1,610 4,686 5,544   
    Loss on disposition of LFA - 870 - 870   
    Other 3,107 3,041 11,400 10,531   
    Total non-interest expenses 50,013 45,946 187,829 191,791   
    Income before income tax expense 30,374 39,084 137,927 120,484   
    Income tax expense 6,430 9,174 30,179 27,190   
    Net income 23,944 29,910 107,748 93,294   
    Less: net income attributed to non-controlling interest - 93 - 322   
    Net income available to stockholders $                  23,944 $                  29,817 $                107,748 $                       92,972   
                
    Net income per share - Basic $                      0.82 $                      1.02 $                       3.69 $                           3.24   
    Net income per share - Diluted 0.82 1.01 3.67 3.21   
    Cash dividend declared per share 0.30 0.29 1.18 1.14   
                
    Weighted average shares - Basic 29,226 29,157 29,212 28,672   
    Weighted average shares - Diluted 29,331 29,428 23,343 28,922   
                
        December 31,   
    Balance Sheet Data     2023 2022   
                
    Investment securities     $             1,471,016 $                  1,617,834   
    Loans     5,771,038 5,205,918   
    Allowance for credit losses on loans     79,374 73,531   
    Total assets     8,170,102 7,496,261   
    Non-interest bearing deposits     1,548,624 1,950,198   
    Interest bearing deposits     5,122,124 4,441,054   
    Federal Home Loan Bank advances     200,000 50,000   
    Stockholders' equity     858,103 760,432   
    Total shares outstanding     29,329 29,259   
    Book value per share (3)     $                    29.26 $                         25.99   
    Tangible common equity per share (3)     21.95 18.50   
    Market value per share     51.49 64.98   
                
    Stock Yards Bancorp, Inc. Financial Information (unaudited)           
    Fourth Quarter 2023 Earnings Release           
                
      Three Months Ended Twelve Months Ended   
      December 31, December 31,   
    Average Balance Sheet Data 2023 2022 2023 2022   
                
    Federal funds sold and interest bearing due from banks $                258,950 $                235,448 $                164,314 $                   477,341   
    Mortgage loans held for sale 5,305 6,735 6,822 8,835   
    Investment securities 1,618,799 1,786,383 1,687,639 1,670,324   
    Federal Home Loan Bank stock 20,519 10,928 22,123 11,741   
    Loans 5,676,193 5,094,356 5,422,865 4,819,124   
    Total interest earning assets 7,579,766 7,133,850 7,303,763 6,987,365   
    Total assets 8,116,569 7,559,260 7,775,574 7,438,880   
    Non-interest bearing deposits 1,663,962 2,097,858 1,763,157 2,053,213   
    Interest bearing deposits 5,025,240 4,428,582 4,608,575 4,385,393   
    Total deposits 6,689,202 6,526,440 6,371,732 6,438,606   
    Securities sold under agreement to repurchase 130,148 117,138 123,111 122,154   
    Federal Home Loan Bank advances 205,435 1,087 280,068 274   
    Subordinated debentures 26,706 26,309 26,558 21,733   
    Total interest bearing liabilities 5,401,135 4,582,005 5,052,106 4,538,911   
    Total stockholders' equity 817,682 740,007 801,593 738,798   
                
    Performance Ratios           
    Annualized return on average assets (4) 1.17% 1.56% 1.39% 1.25%   
    Annualized return on average equity (4) 11.62% 15.99% 13.44% 12.58%   
    Net interest margin, fully tax equivalent 3.25% 3.64% 3.39% 3.35%   
    Non-interest income to total revenue, fully tax equivalent 28.22% 26.12% 27.12% 27.56%   
    Efficiency ratio, fully tax equivalent (2) 57.80% 51.85% 55.23% 59.30%   
                
    Capital Ratios           
    Total stockholders' equity to total assets (3)     10.50% 10.14%   
    Tangible common equity to tangible assets (3)     8.09% 7.44%   
    Average stockholders' equity to average assets     10.31% 9.93%   
    Total risk-based capital     12.43% 12.54%   
    Common equity tier 1 risk-based capital     11.04% 11.04%   
    Tier 1 risk-based capital     11.43% 11.47%   
    Leverage     9.62% 9.33%   
                
    Loan Segmentation           
    Commercial real estate - non-owner occupied     $             1,561,689 $                  1,443,813   
    Commercial real estate - owner occupied     907,424 788,936   
    Commercial and industrial     1,302,809 1,230,976   
    Commercial and industrial - PPP     4,319 18,593   
    Residential real estate - owner occupied     708,893 591,515   
    Residential real estate - non-owner occupied     358,715 312,474   
    Construction and land development     531,324 445,690   
    Home equity lines of credit     211,390 200,725   
    Consumer     145,340 139,461   
    Leases     15,503 13,322   
    Credit cards     23,632 20,413   
    Total loans and leases     $             5,771,038 $                 5,205,918   
                
    Asset Quality Data           
    Non-accrual loans     $                 19,058 $                       14,242   
    Troubled debt restructurings     - -   
    Loans past due 90 days or more and still accruing     110 892   
    Total non-performing loans     19,168 15,134   
    Other real estate owned     10 677   
    Total non-performing assets     $                 19,178 $                       15,811   
    Non-performing loans to total loans (5)     0.33% 0.29%   
    Non-performing assets to total assets     0.23% 0.21%   
    Allowance for credit losses on loans to total loans (5)     1.38% 1.41%   
    Allowance for credit  losses on loans to average loans     1.46% 1.53%   
    Allowance for credit losses on loans to non-performing loans     414% 486%   
    Net (charge-offs) recoveries $                  (4,472) $                     (152) $                  (6,628) $                           1   
    Net (charge-offs) recoveries to average loans (7) -0.08% 0.00% -0.12% 0.00%   
                
    Stock Yards Bancorp, Inc. Financial Information (unaudited)           
    Fourth Quarter 2023 Earnings Release           
                
      Quarterly Comparison 
    Income Statement Data 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
                
    Net interest income, fully tax equivalent  (6) $                  62,112 $                 61,437 $                  61,074 $                  63,245 $                  65,469 
    Net interest income $                  62,016 $                  61,315 $                  60,929 $                  63,072 $                 65,263 
    Provision for credit losses (1) 6,046 2,775 2,350 2,625 3,375 
    Net interest income after provision for credit losses 55,970 58,540 58,579 60,447 61,888 
    Non-interest income:           
    Wealth management and trust services 10,099 10,030 10,146 9,527 9,221 
    Deposit service charges 2,244 2,272 2,201 2,149 2,183 
    Debit and credit card income 5,374 4,870 4,712 4,482 5,046 
    Treasury management fees 2,531 2,635 2,549 2,318 2,278 
    Mortgage banking income 823 814 1,030 1,038 209 
    Loss on sale of securities (44) - - - - 
    Net investment product sales commissions and fees 860 791 800 754 833 
    Bank owned life insurance 576 569 559 549 545 
    Gain (Loss) on sale of premises and equipment (105) 302 (225) (2) 1,295 
    Other 2,059 613 1,088 1,232 1,532 
    Total non-interest income 24,417 22,896 22,860 22,047 23,142 
    Non-interest expenses:           
    Compensation 24,494 23,379 22,107 21,896 23,398 
    Employee benefits 3,829 4,508 5,061 5,053 3,421 
    Net occupancy and equipment 5,150 3,821 3,514 3,899 3,843 
    Technology and communication 4,612 4,236 4,219 4,251 3,747 
    Debit and credit card processing 1,719 1,637 1,706 1,419 1,470 
    Marketing and business development 1,754 1,357 1,784 1,095 1,544 
    Postage, printing and supplies 903 938 889 874 893 
    Legal and professional 1,293 1,049 819 797 492 
    FDIC Insurance 1,060 937 779 1,135 730 
    Amortization of investments in tax credit partnerships 324 323 324 323 88 
    Capital and deposit based taxes 601 629 607 639 799 
    Merger expenses - - - - - 
    Intangible amortization 1,167 1,167 1,172 1,180 1,610 
    Loss on disposition of LFA - - - - 870 
    Other 3,107 2,721 2,819 2,753 3,041 
    Total non-interest expenses 50,013 46,702 45,800 45,314 45,946 
    Income before income tax expense 30,374 34,734 35,639 37,180 39,084 
    Income tax expense 6,430 7,642 7,975 8,132 9,174 
    Net income 23,944 27,092 27,664 29,048 29,910 
    Less: net income attributed to non-controlling interest - - - - 93 
    Net income available to stockholders $                23,944 $                27,092 $                  27,664 $                  29,048 $                  29,817 
                
                
    Net income per share - Basic $                   0.82 $                   0.93 $                      0.95 $                      1.00 $                     1.02 
    Net income per share - Diluted 0.82 0.92 0.94 0.99 1.01 
    Cash dividend declared per share 0.30 0.30 0.29 0.29 0.29 
                
    Weighted average shares - Basic 29,226 29,223 29,223 29,178 29,157 
    Weighted average shares - Diluted 29,331 29,336 29,340 29,365 29,428 
                
      Quarterly Comparison 
    Balance Sheet Data 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
                
    Cash and due from banks $                94,466 $                79,538 $                111,126 $                  87,922 $                  82,515 
    Federal funds sold and interest bearing due from banks 171,493 113,499 103,204 229,076 84,852 
    Mortgage loans held for sale 6,056 6,535 7,069 6,397 2,606 
    Investment securities 1,471,016 1,465,453 1,542,753 1,600,603 1,617,834 
    Federal Home Loan Bank stock 16,236 26,241 27,366 23,226 10,928 
    Loans 5,771,038 5,617,084 5,418,609 5,243,104 5,205,918 
    Allowance for credit losses on loans 79,374 78,075 77,710 75,673 73,531 
    Goodwill 194,074 194,074 194,074 194,074 194,074 
    Total assets 8,170,102 7,903,430 7,732,552 7,667,648 7,496,261 
    Non-interest bearing deposits 1,548,624 1,714,918 1,766,132 1,845,302 1,950,198 
    Interest bearing deposits 5,122,124 4,687,889 4,442,248 4,511,893 4,441,054 
    Securities sold under agreements to repurchase 152,991 113,894 138,347 104,578 133,342 
    Federal funds purchased 12,852 11,518 11,646 14,745 8,789 
    Federal Home Loan Bank advances 200,000 350,000 400,000 275,000 50,000 
    Subordinated debentures 26,740 26,641 26,541 26,442 26,343 
    Stockholders' equity 858,103 806,918 808,082 794,368 760,432 
    Total shares outstanding 29,329 29,323 29,323 29,324 29,259 
    Book value per share (3) $                  29.26 $                  27.52 $                   27.56 $                    27.09 $                    25.99 
    Tangible common equity per share (3) 21.95 20.17 20.17 19.66 18.50 
    Market value per share 51.49 39.29 45.37 55.14 64.98 
                
    Capital Ratios           
    Total stockholders' equity to total assets (3) 10.50% 10.21% 10.45% 10.36% 10.14% 
    Tangible common equity to tangible assets (3) 8.09% 7.69% 7.87% 7.74% 7.44% 
    Average stockholders' equity to average assets 10.07% 10.39% 10.53% 10.26% 9.79% 
    Total risk-based capital 12.43% 12.71% 12.78% 12.91% 12.54% 
    Common equity tier 1 risk-based capital 11.04% 11.17% 11.20% 11.30% 11.04% 
    Tier 1 risk-based capital 11.43% 11.57% 11.61% 11.73% 11.47% 
    Leverage 9.62% 9.80% 9.83% 9.56% 9.33% 
                
    Stock Yards Bancorp, Inc. Financial Information (unaudited)           
    Fourth Quarter 2023 Earnings Release           
                
      Quarterly Comparison 
    Average Balance Sheet Data 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
                
    Federal funds sold and interest bearing due from banks $              258,950 $              124,653 $               131,958 $               140,831 $               235,448 
    Mortgage loans held for sale 5,305 7,112 8,420 6,460 6,735 
    Investment securities 1,618,799 1,659,888 1,719,045 1,754,620 1,786,383 
    Federal Home Loan Bank stock 20,519 27,290 25,074 15,496 10,928 
    Loans 5,676,193 5,486,262 5,286,597 5,236,879 5,094,356 
    Total interest earning assets 7,579,766 7,305,205 7,171,094 7,154,286 7,133,850 
    Total assets 8,116,569 7,805,154 7,594,901 7,579,439 7,559,260 
    Non-interest bearing deposits 1,663,962 1,731,724 1,781,338 1,878,307 2,097,858 
    Interest bearing deposits 5,025,240 4,509,411 4,414,599 4,480,151 4,428,582 
    Total deposits 6,689,202 6,241,135 6,195,937 6,358,458 6,526,440 
    Securities sold under agreement to repurchase 130,148 127,063 113,051 122,049 117,138 
    Federal Home Loan Bank advances 205,435 401,630 348,352 163,056 1,087 
    Subordinated debentures 26,706 26,606 26,508 26,408 26,309 
    Total interest bearing liabilities 5,401,135 5,076,486 4,916,112 4,807,907 4,582,005 
    Total stockholders' equity 817,682 810,710 799,886 777,555 740,007 
                
    Performance Ratios           
    Annualized return on average assets (4) 1.17% 1.38% 1.46% 1.55% 1.56% 
    Annualized return on average equity (4) 11.62% 13.26% 13.87% 15.15% 15.99% 
    Net interest margin, fully tax equivalent 3.25% 3.34% 3.42% 3.59% 3.64% 
    Non-interest income to total revenue, fully tax equivalent 28.22% 27.15% 27.24% 25.85% 26.12% 
    Efficiency ratio, fully tax equivalent (2) 57.80% 55.38% 54.57% 53.13% 51.85% 
                
    Loans Segmentation           
    Commercial real estate - non-owner occupied $           1,561,689 $           1,557,977 $            1,527,453 $            1,467,780 $            1,443,813 
    Commercial real estate - owner occupied 907,424 896,522 825,026 805,417 788,936 
    Commercial and industrial 1,302,809 1,246,200 1,226,554 1,205,222 1,230,976 
    Commercial and industrial - PPP 4,319 4,827 7,088 9,557 18,593 
    Residential real estate - owner occupied 708,893 696,162 664,870 620,417 591,515 
    Residential real estate - non-owner occupied 358,715 349,624 337,961 322,748 312,474 
    Construction and land development 531,324 480,120 451,324 439,673 445,690 
    Home equity lines of credit 211,390 203,184 202,574 200,933 200,725 
    Consumer 145,340 143,703 139,602 136,412 139,461 
    Leases 15,503 14,710 13,967 13,207 13,322 
    Credit cards 23,632 24,055 22,190 21,738 20,413 
    Total loans and leases $           5,771,038 $           5,617,084 $            5,418,609 $            5,243,104 $            5,205,918 
                
    Asset Quality Data           
    Non-accrual loans $                19,058 $                17,227 $                 17,364 $                  17,389 $                  14,242 
    Troubled debt restructurings - - - - - 
    Loans past due 90 days or more and still accruing 110 1 437 894 892 
    Total non-performing loans 19,168 17,228 17,801 18,283 15,134 
    Other real estate owned 10 427 677 677 677 
    Total non-performing assets $                19,178 $                17,655 $                  18,478 $                 18,960 $                  15,811 
    Non-performing loans to total loans (5) 0.33% 0.31% 0.33% 0.35% 0.29% 
    Non-performing assets to total assets 0.23% 0.22% 0.24% 0.25% 0.21% 
    Allowance for credit losses on loans to total loans (5) 1.38% 1.39% 1.43% 1.44% 1.41% 
    Allowance for credit losses on loans to average loans 1.40% 1.42% 1.47% 1.45% 1.44% 
    Allowance for credit losses on loans to non-performing loans 414% 453% 437% 414% 486% 
    Net (charge-offs) recoveries $                (4,472) $                (1,935) $                   (113) $                   (108) $                   (152) 
    Net (charge-offs) recoveries to average loans (7) -0.08% -0.04% 0.00% 0.00% 0.00% 
                
    Other Information           
    Total assets under management (in millions) $                  7,160 $                  6,670 $                  6,976 $                  6,764 $                  6,585 
    Full-time equivalent employees 1,075 1,056 1,056 1,028 1,033 
                
    (1) - Detail of Provision for credit losses follows: 
      Quarterly Comparison 
    (in thousands) 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
    Provision for credit losses - loans $                 5,771 $                  2,300 $                  2,150 $                  2,250 $                  3,600 
    Provision for credit losses - off balance sheet exposures 275 475 200 375 (225) 
    Total provision for credit losses $                 6,046 $                  2,775 $                  2,350 $                  2,625 $                  3,375 
                
                
    (2) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and merger-related expenses. 
      Quarterly Comparison 
    (Dollars in thousands) 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
    Total non-interest expenses (a)  $                50,013 $                46,702 $                45,800 $                45,314 $                45,946 
    Less: Loss on disposition of LFA - - - - (870) 
    Less: Amortization of investments in tax credit partnerships (324) (323) (324) (323) (88) 
    Total non-interest expenses - Non-GAAP (c) $                49,689 $                46,379 $                45,476 $                44,991 $                44,988 
                
    Total net interest income, fully tax equivalent $                 62,112 $                61,437 $                61,074 $                63,245 $                65,469 
    Total non-interest income 24,417 22,896 22,860 22,047 23,142 
    Total revenue - Non-GAAP (b) 86,529 84,333 83,934 85,292 88,611 
    Less: Gain/loss on sale of premises and equipment 105 (302) 225 2 (1,295) 
    Less: Loss on sale of securities 44 - - - - 
    Total adjusted revenue - Non-GAAP (d) $                86,678 $                84,031 $                84,159 $                85,294 $                87,316 
                
    Efficiency ratio - Non-GAAP (a/b) 57.80% 55.38% 54.57% 53.13% 51.85% 
    Adjusted efficiency ratio - Non-GAAP (c/d) 57.33% 55.19% 54.04% 52.75% 51.52% 
                
    (3) - The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy: 
                
      Quarterly Comparison 
    (In thousands, except per share data) 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
    Total stockholders' equity - GAAP (a) $         858,103 $              806,918 $              808,082 $              794,368 $              760,432 
    Less: Goodwill (194,074) (194,074) (194,074) (194,074) (194,074) 
    Less: Core deposit and other intangibles (20,304) (21,471) (22,638) (23,810) (24,990) 
    Tangible common equity - Non-GAAP (c) $              643,725 $              591,373 $              591,370 $              576,484 $              541,368 
                
    Total assets - GAAP (b) $           8,170,102 $           7,903,430 $           7,732,552 $           7,667,648 $           7,496,261 
    Less: Goodwill (194,074) (194,074) (194,074) (194,074) (194,074) 
    Less: Core deposit and other intangibles (20,304) (21,471) (22,638) (23,810) (24,990) 
    Tangible assets - Non-GAAP (d) $           7,955,724 $           7,687,885 $           7,515,840 $           7,449,764 $           7,277,197 
                
    Total stockholders' equity to total assets - GAAP (a/b) 10.50% 10.21% 10.45% 10.36% 10.14% 
    Tangible common equity to tangible assets - Non-GAAP (c/d) 8.09% 7.69% 7.87% 7.74% 7.44% 
                
    Total shares outstanding (e) 29,329 29,323 29,323 29,324 29,259 
                
    Book value per share - GAAP (a/e) $                29.26 $                27.52 $                27.56 $                27.09 $                25.99 
    Tangible common equity per share - Non-GAAP (c/e) 21.95 20.17 20.17 19.66 18.50 
                
    (4) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. Bancorp also considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing net gains (losses) on certain sales of premises and equipment. 
      Quarterly Comparison 
    (Dollars in thousands) 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
                
    Net income attributable to stockholders - GAAP (a) $              23,944 $              27,092 $              27,664 $              29,048 $              29,817 
    Add: Loss on disposition of LFA - - - - 870 
    Less: Gain/loss on sale of premises and equipment 105 (302) 225 2 (1,295) 
    Less: Tax effect of adjustments to net income (23) 66 (50) - 100 
    Total net income - Non-GAAP (b) $              24,026 $              26,856 $              27,664 $              29,050 $              29,492 
                
    Total average assets (c) $          8,116,569 $         7,805,154 $         7,594,901 $         7,579,439 $         7,559,260 
                
    Total average stockholder equity (d) 817,682 810,710 799,886 777,555 740,007 
                
    Return on average assets - GAAP (a/c) 1.17% 1.38% 1.46% 1.55% 1.56% 
    Return on average assets - Non-GAAP (b/c) 1.17% 1.37% 1.46% 1.55% 1.55% 
                
    Return on average equity - GAAP (a/d) 11.62% 13.26% 13.87% 15.15% 15.99% 
    Return on average equity - Non-GAAP (b/d) 11.66% 13.14% 13.87% 15.15% 15.81% 
                
    (5) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance. 
      Quarterly Comparison 
    (Dollars in thousands) 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 
                
    Total Loans - GAAP (a) $         5,771,038 $         5,617,084 $         5,418,609 $         5,243,104 $         5,205,918 
    Less: PPP loans (4,319) (4,827) (7,088) (9,557) (18,593) 
    Total non-PPP Loans - Non-GAAP (b) $         5,766,719 $         5,612,257 $          5,411,521 $         5,233,547 $         5,187,325 
                
    Allowance for credit losses on loans (c) $          79,374 $          78,075 $           77,710 $           75,673 $           73,531 
    Total non-performing loans (d) 19,168 17,228 17,801 18,283 15,134 
                
    Allowance for credit losses on loans to total loans - GAAP (c/a) 1.38% 1.39% 1.43% 1.44% 1.41% 
    Allowance for credit losses on loans to total loans - Non-GAAP (c/b) 1.38% 1.39% 1.44% 1.45% 1.42% 
                
    Non-performing loans to total loans - GAAP (d/a) 0.33% 0.31% 0.33% 0.35% 0.29% 
    Non-performing loans to total loans - Non-GAAP (d/b) 0.33% 0.31% 0.33% 0.35% 0.29% 
                
    (6) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income. 
                
    (7) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized. 

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