Stock Yards Bancorp Reports Record Second Quarter 2015 Net Income up 12% to $9.0 Million or $0.60 Per Diluted Share

LOUISVILLE, Ky.--()--Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported record results for the second quarter and six months ended June 30, 2015, with net income for the quarter ended June 30, 2015, increasing 12% to $9,002,000 or $0.60 per diluted share. The Company's performance for the second quarter of 2015 reflected several positive factors, including:

“Stock Yards Bancorp delivered another solid performance and record results for the second quarter of 2015”

  • Strong loan production and a solid loan pipeline, although loan prepayments and pay-downs on lines of credit continued to dampen overall portfolio growth;
  • Ongoing improvements in credit quality that enabled the Company to again forego a provision for loan losses;
  • Growth in fee income led by higher mortgage banking revenue;
  • A generally stable net interest margin; and
  • Strong returns on average assets and equity.

The following is a summary of the Company's reported results:

             

Quarter Ended June 30,

2015

2014

Change

Net income $ 9,002,000 $ 8,034,000 12 %
Net income per share, diluted $ 0.60 $ 0.55 9 %
Return on average equity 13.30 % 13.35 %
Return on average assets 1.45 % 1.37 %
 
 

Six Months Ended June 30,

2015

2014

Change

Net income $ 18,257,000 $ 16,211,000 13 %
Net income per share, diluted $ 1.23 $ 1.10 12 %
Return on average equity 13.73 % 13.74 %
Return on average assets 1.47 % 1.39 %
 

"Stock Yards Bancorp delivered another solid performance and record results for the second quarter of 2015," said David P. Heintzman, Chairman and Chief Executive Officer, "due to several key factors. Chief among these was higher net interest income reflecting the ongoing growth of our loan portfolio. Loan production has been very strong, but loan prepayments and lower usage of lines of credit have continued to hamper the overall growth of our portfolio. With regard to prepayments, they have reflected not only low prevailing interest rates, but also heightened competitive conditions that we believe involve undue interest and credit risk. We remain focused on relationship banking rather than transactions that involve loose structure, long terms and rates that create problems upon maturity, assuming a higher rate environment in the future.

"Alongside portfolio growth, we have continued to see credit quality strengthen and, in many ways, it now exceeds the solid portfolio metrics we witnessed before the last recession," Heintzman added. "These improving trends enabled us to forego a provision for loan losses for the third consecutive quarter, while still maintaining solid coverage ratios for potential losses in our portfolio.

"Lastly, we are pleased to note that the balance offered by our various fee-based activities has continued to drive higher year-over-year non-interest income," Heintzman stated. "Highlighting this, ongoing growth in both our mortgage banking and brokerage revenue successfully offset slightly lower revenue from our investment management and trust department. With $2.3 billion in assets under management, our investment management and trust services department remains by far the most significant source of recurring fee income for the Company."

Heintzman noted that, during the second quarter of 2015, the Bank opened two offices in the northern Kentucky area of its Cincinnati market, capitalizing on opportunities created by industry consolidation. Concurrent with this expansion, the Bank was able to attract talented and experienced commercial lenders who know the area and its business climate. Serving as a core for the Bank's operations in northern Kentucky, these lenders are expected to provide a catalyst for loan growth in the area.

Concluding, Heintzman said, "Considering the Company's progress and growth in the first half of 2015, we approach the balance of the year with solid operating momentum and attractive prospects to extend our record as one of the nation's high-performing community banks. We remain optimistic about the opportunities we see across our markets for solid loan production and expect lines of credit utilization to increase. We also are excited that the experienced and talented individuals that we have attracted to the Bank will help us capitalize on our market opportunities. Those factors, coupled with an impressive mix of fee-income drivers, should position our company for ongoing growth and profitability. All of this works to further support our longstanding commitment to enhance total returns by providing a strong and reliable dividend stream to our stockholders."

Total assets increased $71.3 million or 3% at June 30, 2015, to $2.48 billion from $2.41 billion at June 30, 2014. The Company's loan portfolio increased $99.5 million or 6% to $1.90 billion at June 30, 2015, from $1.80 billion at June 30, 2014. Total deposits increased $84.4 million or 4% to $2.07 billion at June 30, 2015, from $1.99 billion at June 30, 2014. Core deposits as a percentage of total deposits held steady at 98% as of June 30, 2015, compared with June 30, 2014.

The Company again posted strong capital levels in the second quarter of 2015, which exceeded the required minimums necessary to be considered a "well-capitalized" institution – the highest capital rating for financial institutions. Considering its consistently solid capital position, Stock Yards Bancorp has continued to pursue capital strategies to enhance stockholder value by increasing cash dividends, while maintaining its financial flexibility to pursue expansion and other opportunities that may arise from industry consolidation. In May 2015, Stock Yards Bancorp's Board of Directors voted to raise the Company's quarterly cash dividend $0.01 or approximately 4% to $0.24 per common share, representing the third increase in the dividend within a span of one year and reflecting a cumulative increase of approximately 14% in the dividend rate since May 2014. This dividend was distributed on July 1, 2015, to stockholders of record as of June 15, 2015.

Net interest income – the Company's largest source of revenue – increased $1.1 million or 6% to $21.8 million in the second quarter of 2015 from $20.7 million in the prior-year quarter.

In the second quarter of 2015, net interest margin was 3.75%, up from 3.72% in the first quarter of 2015, reflecting the Company's more efficient balance sheet for the period, but it was down from 3.77% in the second quarter of 2014. Management expects that net interest margin will remain under pressure over the balance of the year, and any near-term increases in prevailing interest rates will not immediately benefit the Company. Instead, because approximately 60% of its loan portfolio has fixed rates and 18% of its loan portfolio is priced at variable rates with floors of 4%, a rise in rates would have a short-term negative impact on net interest margin. The extent of margin compression also will be affected by the need to respond to competitive pressures on funding sources.

Non-performing loans (NPLs) totaled $9.9 million or 0.52% of total loans outstanding at June 30, 2015, down from $11.5 million or 0.62% of total loans outstanding at March 31, 2015, and $19.5 million or 1.08% of total loans at June 30, 2014. Similarly, non-performing assets (NPAs), which include NPLs along with other real estate owned (OREO) and repossessed assets, were $14.2 million or 0.57% of total assets at June 30, 2015, down from $17.4 million or 0.69% of total assets at March 31, 2015, and $22.4 million or 0.93% of total assets at June 30, 2014. These further improvements in NPLs and NPAs extend the broad trends witnessed over the past two years, as the Company has reached asset quality levels not seen on a regular basis since 2008.

Net charge-offs in the second quarter of 2015 totaled $1.6 million or 0.08% of average loans, up from $38 thousand in the first quarter of 2015 and $180 thousand or 0.01% of average loans in the prior-year quarter. The increase in net charge-offs in the second quarter of 2015 primarily reflected actions to adjust the value of two specific problem loans that are nearing resolution.

Considering management's overall assessment of risk in the loan portfolio, including ongoing improvements in asset quality, the Company did not record a loan loss provision for the second quarter of 2015, as was the case in both the first quarter of 2015 and fourth quarter of 2014. In the second quarter of 2014, the loan loss provision was $1.35 million. The allowance for loan losses was 1.23% of total loans as of June 30, 2015, down from 1.33% at March 31, 2015, and 1.65% at June 30, 2014.

Total non-interest income in the second quarter of 2015 increased $162 thousand or 1.6% to $10.2 million from $10.1 million in the prior-year quarter, primarily reflecting a $191 thousand or 26% increase in mortgage banking revenue, which more than offset a slight decline in revenue from investment management and trust services. Total non-interest income in the first six months of 2015 increased $360 thousand or 1.8% to $19.9 million from $19.5 million in the prior-year period, reflecting the same trends seen in the second quarter.

Total non-interest expense for the second quarter of 2015 increased $1.2 million or 6.6% to $18.9 million from $17.7 million in the prior-year quarter. The increase was due primarily to higher salaries and employee benefits reflecting staff additions at new branches and the investment management and trust department, along with rising health insurance costs and normal increases. Total non-interest expense for the first six months of 2015 increased $1.4 million or 4.0% to $36.6 million from $35.2 million in the prior-year quarter, reflecting the same trends seen in the second quarter.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.48 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 Global Select Market under the symbol SYBT.

The following table provides a reconciliation of total stockholders' equity, in accordance with US GAAP, to tangible common equity, which is a non-GAAP financial measure. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.

 
Tangible Common Equity Ratio

(Dollars in thousands)

 
     

June 30,
2015

   

March 31,
2015

   

June 30,
2014

Total stockholders' equity (a) $ 272,382 $ 267,601 $ 243,614
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,706 )   (1,761 )   (1,937 )
Tangible common equity (c) $ 269,994   $ 265,158   $ 240,995  
 
Total assets (b) $ 2,482,687 $ 2,512,263 $ 2,411,375
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,706 )   (1,761 )   (1,937 )
Tangible assets (d) $ 2,480,299   $ 2,509,820   $ 2,408,756  
 
Total stockholders' equity to total assets (a/b) 10.97 % 10.65 % 10.10 %
Tangible common equity ratio (c/d)   10.89 %   10.56 %   10.00 %
 

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 subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time 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. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2014.

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2015 Earnings Release
(In thousands unless otherwise noted)
      Three Months Ended     Six Months Ended
June 30, June 30,
2015     2014 2015     2014
Income Statement Data
Net interest income, fully tax equivalent (1) $ 22,035 $ 20,900   $ 43,884 $ 41,377  
Interest income:
Loans $ 20,612 $ 19,787 $ 41,027 $ 39,146
Federal funds sold 51 63 119 142
Mortgage loans held for sale 74 43 113 74
Securities   2,263   2,120     4,588   4,255  
Total interest income   23,000   22,013     45,847   43,617  
Interest expense:
Deposits 938 1,114 1,911 2,254
Federal funds purchased 5 9 12 15
Securities sold under agreements to repurchase 32 29 69 63
Federal Home Loan Bank (FHLB) advances   224   206     440   402  
Total interest expense   1,199   1,358     2,432   2,734  
Net interest income 21,801 20,655 43,415 40,883
Provision for loan losses   -   1,350     -   1,700  
Net interest income after provision for loan losses   21,801   19,305     43,415   39,183  
Non-interest income:
Investment management and trust income 4,651 4,755 9,203 9,323
Service charges on deposit accounts 2,199 2,223 4,279 4,326
Bankcard transaction revenue 1,246 1,209 2,368 2,284
Mortgage banking revenue 913 722 1,741 1,310
Loss on the sale of securities - (9 ) - (9 )
Brokerage commissions and fees 499 462 960 967
Bank owned life insurance 226 234 448 470
Other non-interest income   485   461     893   861  
Total non-interest income   10,219   10,057     19,892   19,532  
Non-interest expense:
Salaries and employee benefits expense 11,383 10,724 22,483 21,842
Net occupancy expense 1,450 1,453 2,919 3,009
Data processing expense 1,756 1,718 3,210 3,278
Furniture and equipment expense 260 259 507 527
FDIC insurance expense 317 350 614 692
Loss (gain) on other real estate owned 145 (6 ) 165 (349 )
Other non-interest expenses   3,556   3,203     6,748   6,246  
Total non-interest expense   18,867   17,701     36,646   35,245  
Net income before income tax expense 13,153 11,661 26,661 23,470
Income tax expense   4,151   3,627     8,404     7,259  
Net income $ 9,002 $ 8,034   $ 18,257 $ 16,211  
 
Weighted average shares - basic 14,710 14,545 14,679 14,526
Weighted average shares - diluted 14,936 14,704 14,902 14,714
 
Net income per share, basic $ 0.61 $ 0.55 $ 1.24 $ 1.12
Net income per share, diluted 0.60 0.55 1.23 1.10
Cash dividend declared per share 0.24 0.22 0.47 0.43
 

Balance Sheet Data (at period end)

Total loans $ 1,899,302 $ 1,799,791
Allowance for loan losses 23,308 29,761
Total assets 2,482,687 2,411,375
Non-interest bearing deposits 551,723 462,379
Interest bearing deposits 1,520,042 1,525,016
Federal Home Loan Bank advances 38,855 36,067
Stockholders' equity 272,382 243,614
Total shares outstanding 14,852 14,665
Book value per share 18.34 16.61
Market value per share 37.79 29.90
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2015 Earnings Release
 
      Three Months Ended     Six Months Ended
June 30 June 30
2015     2014 2015     2014
Average Balance Sheet Data
Average federal funds sold $ 56,671 $ 77,386 $ 71,679 $ 87,024
Average mortgage loans held for sale 7,701 4,438 5,678 3,615
Average securities available for sale 406,854 382,176 412,325 382,652
Average FHLB stock and other securities 6,347 6,995 6,347 7,170
Average loans 1,887,913 1,759,695 1,882,782 1,743,244
Average earning assets 2,357,555 2,221,482 2,370,820 2,214,385
Average assets 2,498,677 2,357,697 2,512,140 2,352,037
Average interest bearing deposits 1,557,922 1,550,363 1,577,155 1,551,330
Average total deposits 2,090,448 1,982,180 2,103,578 1,978,025

Average securities sold under agreement to repurchase

58,060 52,396 61,185 56,622

Average federal funds purchased and other short term borrowings

14,420 22,109 15,142 19,397
Average Federal Home Loan Bank advances 41,017 34,886 38,907 34,596
Average interest bearing liabilities 1,671,419 1,659,754 1,692,389 1,661,945
Average stockholders' equity 271,477 241,376 268,104 238,000
 
Performance Ratios
Annualized return on average assets 1.45 % 1.37 % 1.47 % 1.39 %
Annualized return on average equity 13.30 % 13.35 % 13.73 % 13.74 %
Net interest margin, fully tax equivalent 3.75 % 3.77 % 3.73 % 3.77 %

Non-interest income to total revenue, fully tax equivalent

31.68 % 32.49 % 31.19 % 32.07 %
Efficiency ratio 58.50 % 57.18 % 57.46 % 57.87 %
 
Capital Ratios
Average stockholders' equity to average assets 10.86 % 10.24 % 10.67 % 10.12 %
Common equity tier 1 capital (2) 12.72 %
Tier 1 risk-based capital 12.72 % 12.28 %
Total risk-based capital 13.82 % 13.53 %
Leverage 10.83 % 10.19 %
 
Loans by Type
Commercial and industrial $ 610,230 $ 558,720
Construction and development 122,239 124,390
Real estate mortgage - commercial investment 484,130 458,101
Real estate mortgage - owner occupied commercial 342,908 334,016
Real estate mortgage - 1-4 family residential 202,537 189,192
Home equity - first lien 42,612 39,050
Home equity - junior lien 65,397 64,162
Consumer 29,249 32,160
 
Asset Quality Data
Allowance for loan losses to total loans 1.23 % 1.65 %
Allowance for loan losses to average loans 1.23 % 1.69 % 1.24 % 1.71 %
Allowance for loan losses to non-performing loans 236.08 % 153.00 %
Nonaccrual loans $ 8,781 $ 11,985
Troubled debt restructuring 1,092 7,118
Loans - 90 days past due & still accruing - 348
Total non-performing loans 9,873 19,451
OREO and repossessed assets 4,296 2,968
Total non-performing assets 14,169 22,419
Non-performing loans to total loans 0.52 % 1.08 %
Non-performing assets to total assets 0.57 % 0.93 %
Net charge-offs to average loans (3) 0.08 % 0.01 % 0.09 % 0.03 %
Net charge-offs $ 1,574 $ 180 $ 1,612 $ 461
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2015 Earnings Release
 
      Five Quarter Comparison
6/30/15     3/31/15     12/31/14     9/30/14     6/30/14
Income Statement Data
Net interest income, fully tax equivalent (1) $ 22,035   $ 21,849   $ 21,749   $ 21,604   $ 20,900  
Net interest income $ 21,801 $ 21,614 $ 21,511 $ 21,363 $ 20,655
Provision (credit) for loan losses   -   - -   (2,100 )   1,350  
Net interest income after provision for loan losses   21,801     21,614     21,511     23,463     19,305  
Investment management and trust income 4,651 4,552 4,387 4,502 4,755
Service charges on deposit accounts 2,199 2,080 2,263 2,294 2,223
Bankcard transaction revenue 1,246 1,122 1,207 1,182 1,209
Mortgage banking revenue 913 828 702 641 722
Loss on the sale of securities - - - - (9 )
Brokerage commissions and fees 499 461 554 539 462
Bank owned life insurance 226 222 228 229 234
Other non-interest income   485     408     432     463     461  
Total non-interest income   10,219     9,673     9,773     9,850     10,057  
Salaries and employee benefits expense 11,383 11,100 10,990 11,855 10,724
Net occupancy expense 1,450 1,469 1,532 1,422 1,453
Data processing expense 1,756 1,454 1,524 1,591 1,718
Furniture and equipment expense 260 247 220 269 259
FDIC Insurance expense 317 297 282 340 350
Loss (gain) on other real estate owned 145 20 71 7 (6 )
Other non-interest expenses   3,556     3,192     4,636     3,225     3,203  
Total non-interest expense   18,867     17,779     19,255     18,709     17,701  
Net income before income tax expense 13,153 13,508 12,029 14,604 11,661
Income tax expense   4,151     4,253     3,307     4,715     3,627  
Net income $ 9,002   $ 9,255   $ 8,722   $ 9,889   $ 8,034  
 
Weighted average shares - basic 14,710 14,647 14,610 14,574 14,545
Weighted average shares - diluted 14,936 14,852 14,823 14,748 14,704
 
Net income per share, basic $ 0.61 $ 0.63 $ 0.60 $ 0.68 $ 0.55
Net income per share, diluted 0.60 0.62 0.59 0.67 0.55
Cash dividend declared per share 0.24 0.23 0.23 0.22 0.22
 
Balance Sheet Data (at period end)
Cash and due from banks $ 37,775 $ 33,889 $ 42,216 $ 38,302 $ 57,365
Federal funds sold 20,901 23,630 32,025 31,265 37,896
Mortgage loans held for sale 8,237 6,481 3,747 4,069 4,162
Securities available for sale 412,866 471,702 513,056 449,572 414,490
FHLB stock and other securities 6,347 6,347 6,347 6,347 6,347
Total loans 1,899,302 1,874,010 1,868,550 1,785,320 1,799,791
Allowance for loan losses 23,308 24,882 24,920 27,124 29,761
Total assets 2,482,687 2,512,263 2,563,868 2,407,871 2,411,375
Non-interest bearing deposits 551,723 531,190 523,947 491,677 462,379
Interest bearing deposits 1,520,042 1,579,039 1,599,680 1,516,144 1,525,016
Securities sold under agreements to repurchase 64,418 59,877 69,559 66,955 56,475
Federal funds purchased 13,290 14,437 47,390 16,296 59,014
Federal Home Loan Bank advances 38,855 36,744 36,832 36,919 36,067
Stockholders' equity 272,382 267,601 259,895 251,446 243,614
Total shares outstanding 14,852 14,795 14,745 14,704 14,665
Book value per share 18.34 18.09 17.63 17.10 16.61
Market value per share 37.79 34.43 33.34 30.10 29.90
 
Capital Ratios
Average stockholders' equity to average assets 10.86 % 10.48 % 10.31 % 10.37 % 10.24 %
Common equity tier 1 capital (2) 12.72 % 12.63 %
Tier 1 risk-based capital 12.72 % 12.63 % 12.63 % 12.67 % 12.28 %
Total risk-based capital 13.82 % 13.82 % 13.86 % 13.92 % 13.53 %
Leverage 10.83 % 10.41 % 10.26 % 10.38 % 10.19 %
 

 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2015 Earnings Release
 
      Five Quarter Comparison
6/30/15     3/31/15     12/31/14     9/30/14     6/30/14
Average Balance Sheet Data
Average federal funds sold $ 56,671 $ 86,855 $ 107,419 $ 86,252 $ 77,386
Average mortgage loans held for sale 7,701 3,631 4,301 4,934 4,438
Average investment securities 406,854 417,858 425,749 380,202 382,176
Average loans 1,887,913 1,877,594 1,815,798 1,788,786 1,759,695
Average earning assets 2,357,555 2,384,233 2,351,442 2,257,679 2,221,482
Average assets 2,498,677 2,525,753 2,492,859 2,395,274 2,357,697
Average interest bearing deposits 1,557,922 1,596,602 1,566,411 1,525,964 1,550,363
Average total deposits 2,090,448 2,116,855 2,085,692 2,000,477 1,982,180

Average securities sold under agreement to repurchase

58,060 64,344 68,597 64,985 52,396

Average federal funds purchased and other short term borrowings

14,420 15,874 16,299 17,789 22,109
Average Federal Home Loan Bank advances 41,017 36,774 36,862 36,747 34,886
Average interest bearing liabilities 1,671,419 1,713,594 1,688,169 1,645,485 1,659,754
Average stockholders' equity 271,477 264,694 257,047 248,412 241,376
 
Performance Ratios
Annualized return on average assets 1.45 % 1.49 % 1.39 % 1.64 % 1.37 %
Annualized return on average equity 13.30 % 14.18 % 13.46 % 15.79 % 13.35 %
Net interest margin, fully tax equivalent 3.75 % 3.72 % 3.67 % 3.80 % 3.77 %

Non-interest income to total revenue, fully tax equivalent

31.68 % 30.69 % 31.00 % 31.32 % 32.49 %
Efficiency ratio 58.50 % 56.40 % 61.08 % 59.48 % 57.18 %
 
Loans by Type
Commercial and industrial $ 610,230 $ 594,980 $ 588,200 $ 550,487 $ 558,720
Construction and development 122,239 119,841 117,001 121,141 124,390
Real estate mortgage - commercial investment 484,130 486,371 487,822 445,512 458,101

Real estate mortgage - owner occupied commercial

342,908 341,454 340,982 343,218 334,016
Real estate mortgage - 1-4 family residential 202,537 191,004 195,102 192,282 189,192
Home equity - 1st lien 42,612 45,288 43,779 39,344 39,050
Home equity - junior lien 65,397 65,824 66,268 65,181 64,162
Consumer 29,249 29,248 29,396 28,155 32,160
 
Asset Quality Data
Allowance for loan losses to total loans 1.23 % 1.33 % 1.33 % 1.52 % 1.65 %
Allowance for loan losses to average loans 1.23 % 1.33 % 1.37 % 1.52 % 1.69 %
Allowance for loan losses to non-performing loans 236.08 % 215.67 % 209.76 % 132.26 % 153.00 %
Nonaccrual loans $ 8,781 $ 5,279 $ 5,199 $ 13,845 $ 11,985
Troubled debt restructuring 1,092 6,257 6,352 6,456 7,118
Loans - 90 days past due & still accruing - 1 329 207 348
Total non-performing loans 9,873 11,537 11,880 20,508 19,451
OREO and repossessed assets 4,296 5,891 5,977 2,768 2,968
Total non-performing assets 14,169 17,428 17,857 23,276 22,419
Non-performing loans to total loans 0.52 % 0.62 % 0.64 % 1.15 % 1.08 %
Non-performing assets to total assets 0.57 % 0.69 % 0.70 % 0.97 % 0.93 %
Net charge-offs to average loans (3) 0.08 % 0.00 % 0.12 % 0.03 % 0.01 %
Net charge-offs $ 1,574 $ 38 $ 2,204 $ 537 $ 180
 
Other Information
Total assets under management (in millions) $ 2,289 $ 2,288 $ 2,271 $ 2,228 $ 2,360
Full-time equivalent employees 538 533 524 527 528
 
(1) - Interest income on a fully tax equivalent 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.
 
(2) - Regulatory agencies updated capital rules and calculations effective January 1, 2015. The new rules established a new "Common equity tier 1 capital" ratio which was not previously defined.
 
(3) - Interim ratios not annualized
 

Contacts

Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer

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