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 for the second quarter ended June 30, 2023,
of $27.7 million, or $0.94 per diluted share. This compares to net
income of $26.8 million, or $0.91 per diluted share, for the second
quarter of 2022. The results for the second quarter of 2023
included strong loan growth and record levels of non-interest
income, highlighted by treasury management fees and wealth
management and trust income.
|
|
|
|
(dollar amounts in thousands, except per share data) |
2Q23 |
1Q23 |
2Q22 |
Net income |
$ |
27,664 |
|
$ |
29,048 |
|
$ |
26,794 |
|
Net income per share, diluted |
|
0.94 |
|
|
0.99 |
|
|
0.91 |
|
|
|
|
|
Net interest income |
$ |
60,929 |
|
$ |
63,072 |
|
$ |
56,984 |
|
Provision for credit losses(1) |
|
2,350 |
|
|
2,625 |
|
|
(200 |
) |
Non-interest income |
|
23,085 |
|
|
22,047 |
|
|
21,940 |
|
Non-interest expenses |
|
46,025 |
|
|
45,314 |
|
|
44,675 |
|
|
|
|
|
Net interest margin |
|
3.42 |
% |
|
3.59 |
% |
|
3.20 |
% |
Efficiency ratio(2) |
|
54.69 |
% |
|
53.13 |
% |
|
56.42 |
% |
Tangible common equity to tangible assets(3) |
|
7.87 |
% |
|
7.74 |
% |
|
7.00 |
% |
Annualized return on average assets(4) |
|
1.46 |
% |
|
1.55 |
% |
|
1.40 |
% |
Annualized return on average equity(4) |
|
13.87 |
% |
|
15.15 |
% |
|
14.34 |
% |
|
|
|
|
“We are delighted by continued strong loan
demand from the customers we serve. While the economic outlook
remains difficult to forecast, the current brisk lending
environment in our markets is encouraging,” said James A. (Ja)
Hillebrand, Chairman and Chief Executive Officer. “We remain
positive about the opportunities in our markets, as loan pipelines
and overall business activity remain solid. Total loans, excluding
PPP loans, increased $571 million, or 12%, over the last 12 months,
while growing $178 million during the second quarter. While our
loan growth stands out given the current environment, I am most
pleased to report that our credit quality metrics remain
outstanding – with past dues and classified loans reaching three
year lows. On the linked quarter, total deposits declined $149
million, as deposit pricing pressures persist. Although total
interest bearing deposits have not fluctuated as widely as
non-interest bearing deposits, we experienced anticipated public
funds run off in addition to a significant shift in the mix of
interest bearing deposits, which is driving up the overall cost of
funds. Despite the noted quarterly deposit contraction, we are not
seeing fallout in our overall customer base.”
“Recurring non-interest income once again set a
quarterly record, led by gains in several categories and is a
complement to our diversified revenue streams,” continued
Hillebrand. “Treasury management fees climbed to record levels at
quarter-end, primarily driven by increased demand and customer
expansion. In addition, wealth management and trust reached new
highs, with net new business growth and market appreciation
contributing to the record results. Notwithstanding the current
strong financial results, we remain cautious in our outlook for the
remainder of the year, particularly with the challenging interest
rate environment and continuing national recessionary fears. During
uncertain and challenging economic times, we remain focused on our
business model, which emphasizes strong, full customer
relationships. Our history of success as a community bank is rooted
in the unwavering, unified mission of providing exceptional service
to our customers and meeting all of their banking needs. For nearly
120 years we have stayed true to this simple mission, through all
economic cycles.”
At June 30, 2023, the Company had $7.73 billion
in assets, $5.42 billion in loans and $6.21 billion in total
deposits. The Company’s combined enterprise, which encompasses 72
branch offices across three contiguous states, will continue to
benefit from a diversified geographic footprint and provide
significant growth opportunities in both the banking and wealth
management arenas.
Key factors contributing to the second quarter
of 2023 results included:
- Total loans, excluding PPP loans,
increased $571 million, or 12%, over the last 12 months, while
growing $178 million, or 3%, on the linked quarter. Loan production
set a new quarterly record during the second quarter of 2023. The
yield earned on loans, excluding PPP loans, increased to 5.50% for
the second quarter of 2023 – the highest level earned since
mid-2011.
- Deposit balances declined $149
million, or 2%, on the linked quarter, as non-interest bearing
demand deposit balances contracted $79 million and interest bearing
deposits declined $70 million.
- Contraction in interest bearing
demand deposit, savings and money market portfolios more than
offset a $119 million increase in time deposits.
- As expected, public funds accounts
contracted $84 million on the linked quarter.
- Given the current interest rate
environment, the change in deposit mix continues to place pressure
on funding costs.
- Net interest income increased $3.9
million, or 7%, for the second quarter of 2023 compared to the
second quarter a year ago.
- Compared to the second quarter of
2022, net interest margin (NIM) increased 22 basis points. NIM
declined 17 basis points on the linked quarter to 3.42%, as the
rising cost of funds outpaced earning asset yields.
- With continued strong credit
quality statistics, the Bank recorded a provision for credit
losses(1) of $2.4 million for the second quarter of 2023,
consistent with strong loan growth.
- Non-interest income increased by
$1.1 million, or 5%, over the second quarter of 2022, as customer
expansion enhanced fee income. Net new business growth and equity
market improvement drove record wealth management and trust income,
and treasury management fees once again set a quarterly
record.
- Total non-interest expenses
remained well-controlled and consistent with management
expectations.
- Tangible common equity per share(3)
was $20.17 at June 30, 2023, compared to $19.66 at March 31, 2023,
and $17.59 at June 30, 2022. Over the past several quarters,
tangible common equity and tangible book value have been impacted
by the marked increase in interest rates and the related negative
impact on accumulated other comprehensive income/loss, primarily as
a result of unrealized losses in the available for sale debt
securities portfolio. These securities, which management has the
ability and intent to hold to maturity, are either explicitly or
implicitly guaranteed by the U.S. government, are highly rated by
major rating agencies, have a long history of no credit losses and
a current duration of 3.5 years.
Hillebrand concluded, “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. Only 22 banks in the nation
received this award and we were the only bank in Indiana, Kentucky
and Ohio to be honored. This recognition not only reflects the
success of our Company, but the dedication that we have to
providing high quality service to the community.” Stock Yards
Bancorp has been named to the Raymond James Community Bankers Cup
eight times.
Results of Operations – Second Quarter
2023 Compared with Second Quarter 2022
Net interest income, the Company’s largest
source of revenue, increased 7%, or $3.9 million, to $60.9 million.
Strong organic loan expansion has boosted net interest income over
the past 12 months.
- Total interest income increased by
$24.0 million, or 41%, to $83.1 million.
- Interest income and fees on loans
increased $21.7 million, or 43%, over the prior year quarter.
Consistent with the $481 million, or 10%, increase in average
non-PPP loans and interest rate expansion, the average quarterly
yield earned on non-PPP loans increased 129 basis points, or 31%,
over the past 12 months to 5.49%. PPP interest and fee income
totaled $51,000 and $1.2 million for the second quarters of 2023
and 2022, respectively. As of June 30, 2023, approximately $123,000
in PPP deferred fees remained to be recognized.
- Interest income on securities
increased $1.7 million compared to the second quarter of 2022.
While average securities balances have declined $23 million, or 1%,
over the past 12 months, the rate earned has increased 36 bps to
2.05% - consistent with higher yields earned on securities
purchased in 2022.
- Despite a $429 million decline in
average balances, interest income on overnight funds increased
$551,000 over the prior year quarter. The Federal Reserve Bank
(FRB) has increased the rate paid on reserve balances meaningfully
during the last several quarters, which has significantly
benefitted income.
- Total interest expense increased
$20.0 million to $22.1 million, as the cost of interest bearing
liabilities increased 163 basis points to 1.81%.
- Interest expense on deposits
increased $15.3 million over the past 12 months, as the overall
cost of interest bearing deposits increased from 0.16% at 2Q22 to
1.55%. Along with cost of funds expansion, the Bank has experienced
declines in average deposits along with changes in the mix of
deposits. Average interest bearing deposit balances decreased $101
million, or 2%, from the second quarter of 2022 to the second
quarter of 2023, with non-time deposits (interest bearing demand
savings and money markets) compressing $246 million and time
deposits increasing $145 million.
- Interest expense on Federal Home
Loan Bank (FHLB) advances totaled $4.0 million for the second
quarter of 2023. On February 6, 2023, the Bank borrowed $100
million from the FHLB with a five-year term and a net cost of
3.55%, after including the benefit of the related interest rate
swap. The remainder of the FHLB advances held at quarter end had
overnight maturities.
- NIM expanded 22 basis points to
3.42% for the second quarter of 2023, from 3.20% for the second
quarter a year ago. Despite the margin expansion, higher loan
yields and volume were offset by higher deposit rates and changes
within the deposit portfolio mix.
The Company recorded $2.4 million in provision
for credit losses(1) during the second quarter of 2023, which
included a $2.2 million provision for credit losses on loans and
$200,000 of credit loss expense for off-balance sheet exposures.
Although the credit quality statistics remain strong, the Company
recorded credit loss expense based upon strong loan growth,
qualitative factor adjustments, minimal net charge-offs and
improvement in the Company’s unemployment forecast. For the second
quarter of 2022, consistent with net recoveries and solid credit
quality statistics, the Company recorded a $700,000 reduction in
provision for credit losses on loans offset by a $500,000 provision
for credit losses for off balances sheet exposures.
Non-interest income increased $1.1 million, or
5%, to $23.1 million.
- Wealth management and trust income
ended the second quarter of 2023 at a record $10.1 million,
increasing $651,000, or 7%, over the second quarter of 2022. Net
new business growth and strong equity market performance boosted
income over the previous record set in the first quarter.
- Treasury management fees increased
$362,000, or 17%, driven by increased transaction volume, modified
fee schedules, strong foreign exchange income, new product sales
and both organic and acquisition-related customer base expansion.
New and renewed interest in sweep services, given the current rate
environment, continues to boost income.
- Mortgage banking income, which
primarily consists of gain on sale of loans, net servicing income
and mortgage servicing rights amortization, totaled $1.0 million
for the second quarter of 2023, compared to $1.3 million for the
second quarter a year ago. While total income has lagged over the
prior year quarter, the Company has benefited from the increased
market value of the loans held in the pipeline.
Non-interest expenses increased $1.4 million, or
3%, compared to the second quarter of 2022, to $46.0 million.
- Total compensation and employee
benefits expense increased $535,000, or 2%, compared to the second
quarter of 2022, consistent with annual merit increases and an
increase in full time equivalent employees.
- Technology and communication
expenses, which includes 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
$235,000, or 6%, consistent with customer expansion and system
upgrades.
- FDIC insurance expense increased
$243,000, or 45%, compared to the second quarter a year ago due to
the increased base rate assessment imposed by the FDIC in addition
to balance sheet growth.
- Tax credit amortization expense
increased $235,000 compared to the second quarter of 2022 primarily
due to the addition of new tax credit projects in 2023.
- Intangible amortization expense
decreased $439,000, or 27%, consistent with the decrease in
customer intangible assets related to the first quarter 2022
acquisition.
Financial Condition – June 30, 2023
Compared with June 30, 2022
Total assets increased $149 million, or 2%, year
over year to $7.73 billion.
Total loans increased $541 million, or 11%, to
$5.42 billion, led by expansion in most major loan categories.
Excluding the PPP loan portfolio, total loans increased $571
million, or 12% over the past 12 months.
Total investment securities, which spiked during
the second quarter of 2021 and the first quarter of 2022 due to
acquisitions, decreased $83 million, or 5%, year over year. Higher
yielding investment purchases made in 2022 have boosted the overall
portfolio yield to 2.05% during the second quarter of 2023, from
1.69% in the second 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 contracted $341 million, or 5%,
over the past 12 months, led by a $355 million decline in
non-interest bearing demand deposits, partially offset by interest
bearing demand and time deposit expansion. Approximately $90
million of the decline was associated with seasonal public funds
account balances.
Asset quality has remained solid with past dues
and classified loans reaching three year lows. During the second
quarter of 2023, the Company recorded net loan charge-offs of
$113,000, compared to net loan charge-offs of $5,000 in the second
quarter of 2022. Non-performing loans(5) totaled $18 million, or
0.33% of total loans outstanding compared to $9 million, or 0.18%
of total loans outstanding at June 30, 2022. The ratio of allowance
for credit losses to loans (5) ended at 1.43% at June 30, 2023
compared to 1.36% at June 30, 2022.
At June 30, 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(1) was 10.45% and the tangible common equity
ratio(1) was 7.87%(1) at June 30, 2023, compared to 9.85% and 7.00%
at June 30, 2022, respectively. The increase in interest rates over
the last 12 months have led to outsized unrealized losses within
the available for sale debt securities portfolio, with the decline
in accumulated other comprehensive income/loss putting pressure on
the tangible common equity ratio, which has been steadily improving
post acquisition activity.
In May 2023, the board of directors declared a
quarterly cash dividend of $0.29 per common share. The dividend was
paid July 3, 2023, to shareholders of record as of June 20,
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 – Second Quarter
2023 Compared with First Quarter 2023
Net interest income declined $2.1 million, or
3%, over the prior quarter to $60.9 million. NIM declined 17 basis
points on the linked quarter to 3.42%, as the cost of funds growth
outpaced earning asset yield growth.
The Company recorded $2.4 million in provision
for credit losses(1) during the second quarter of 2023, which
included a $2.2 million provision for credit losses on loans and
$200,000 of credit loss expense for off-balance sheet exposures.
During the first quarter of 2023, the Company recorded $2.6 million
in provision for credit losses, which included a $2.3 million
provision for credit losses on loans and a $375,000 credit loss
expense for off-balance sheet exposures.
Non-interest income increased $1.0 million, or
5%, to $23.1 million on the linked quarter, consistent with
expansion in wealth management and trust, treasury and card
income.
Non-interest expenses increased $711,000, or 2%,
to $46.0 million, as increased compensation, marketing and card
processing more than off-set declines in FDIC insurance and net
occupancy expense.
Financial Condition – June 30, 2023
Compared with March 31, 2023
Total assets increased $65 million on the linked
quarter to $7.73 billion.
Total loans increased $176 million, or 3%, on
the linked quarter, led by increases in the Commercial Real Estate
and Residential Real Estate loan portfolios. Total line of credit
usage was 40.1% as of June 30, 2023, compared to 41.1% as of
March 31, 2023 – driven by strong production (new lines that have
yet to fund). Commercial and industrial line usage was 29.6% as of
June 30, 2023, compared to 30.5% as of March 31, 2023.
Total deposits decreased $149 million, or 2%, on
the linked quarter, with non-interest bearing demand deposit
balances contracting $79 million. Total interest bearing deposits
decreased $70 million, on the linked quarter, as a $119 million
increase in time deposits was offset by contraction in interest
bearing demand deposit, savings and money market accounts.
Excluding the public funds decline, total deposits decreased $65
million on the linked quarter.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $7.73 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 StinnettExecutive Vice President, Treasurer and Chief
Financial Officer(502) 625-0890
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Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
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|
Second Quarter 2023 Earnings Release |
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|
(In
thousands unless otherwise noted) |
|
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Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
Income Statement Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income, fully tax equivalent (6) |
|
$ 61,074 |
|
$ 57,244 |
|
$ 124,319 |
|
$ 106,189 |
|
|
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$
72,308 |
|
$
50,612 |
|
$
141,095 |
|
$
95,355 |
|
|
|
|
Federal
funds sold and interest bearing due from banks |
|
1,664 |
|
1,113 |
|
3,245 |
|
1,395 |
|
|
|
|
Mortgage
loans held for sale |
|
77 |
|
50 |
|
118 |
|
74 |
|
|
|
|
Securities |
|
9,014 |
|
7,333 |
|
18,072 |
|
12,268 |
|
|
|
|
Total
interest income |
|
83,063 |
|
59,108 |
|
162,530 |
|
109,092 |
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
17,081 |
|
1,770 |
|
30,580 |
|
2,941 |
|
|
|
|
Securities
sold under agreements to repurchase and |
|
|
|
|
|
|
|
|
|
|
|
|
other short-term borrowings |
|
546 |
|
76 |
|
1,179 |
|
96 |
|
|
|
|
Federal Home
Loan Bank advances |
|
3,962 |
|
- |
|
5,696 |
|
- |
|
|
|
|
Subordinated
debentures |
|
545 |
|
278 |
|
1,074 |
|
311 |
|
|
|
|
Total
interest expense |
|
22,134 |
|
2,124 |
|
38,529 |
|
3,348 |
|
|
|
|
Net interest
income |
|
60,929 |
|
56,984 |
|
124,001 |
|
105,744 |
|
|
|
|
Provision
for credit losses (1) |
|
2,350 |
|
(200) |
|
4,975 |
|
2,079 |
|
|
|
|
Net interest
income after provision for credit losses |
|
58,579 |
|
57,184 |
|
119,026 |
|
103,665 |
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management and trust services |
|
10,146 |
|
9,495 |
|
19,673 |
|
17,738 |
|
|
|
|
Deposit
service charges |
|
2,201 |
|
2,061 |
|
4,350 |
|
3,924 |
|
|
|
|
Debit and
credit card income |
|
4,712 |
|
4,748 |
|
9,194 |
|
8,867 |
|
|
|
|
Treasury
management fees |
|
2,549 |
|
2,187 |
|
4,867 |
|
4,091 |
|
|
|
|
Mortgage
banking income |
|
1,030 |
|
1,295 |
|
2,068 |
|
2,298 |
|
|
|
|
Net
investment product sales commissions and fees |
|
800 |
|
731 |
|
1,554 |
|
1,338 |
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|
|
|
Bank owned
life insurance |
|
559 |
|
270 |
|
1,108 |
|
536 |
|
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Gain (Loss)
on sale of premises and equipment |
|
- |
|
(2) |
|
(2) |
|
(28) |
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Other |
|
1,088 |
|
1,155 |
|
2,320 |
|
2,379 |
|
|
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|
Total
non-interest income |
|
23,085 |
|
21,940 |
|
45,132 |
|
41,143 |
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Non-interest
expenses: |
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Compensation |
|
22,107 |
|
22,204 |
|
44,003 |
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40,173 |
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Employee
benefits |
|
5,061 |
|
4,429 |
|
10,114 |
|
8,968 |
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Net
occupancy and equipment |
|
3,739 |
|
3,663 |
|
7,638 |
|
6,688 |
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|
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Technology
and communication |
|
4,219 |
|
3,984 |
|
8,470 |
|
7,403 |
|
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Debit and
credit card processing |
|
1,706 |
|
1,665 |
|
3,125 |
|
3,002 |
|
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Marketing
and business development |
|
1,784 |
|
1,445 |
|
2,879 |
|
2,217 |
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Postage,
printing and supplies |
|
889 |
|
825 |
|
1,763 |
|
1,558 |
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Legal and
professional |
|
819 |
|
1,027 |
|
1,616 |
|
1,677 |
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FDIC
Insurance |
|
779 |
|
536 |
|
1,914 |
|
1,181 |
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|
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Amortization
of investments in tax credit partnerships |
|
324 |
|
89 |
|
647 |
|
177 |
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Capital and
deposit based taxes |
|
607 |
|
582 |
|
1,246 |
|
1,100 |
|
|
|
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Merger
expenses |
|
- |
|
- |
|
- |
|
19,500 |
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Intangible
amortization |
|
1,172 |
|
1,611 |
|
2,352 |
|
2,324 |
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Other |
|
2,819 |
|
2,615 |
|
5,572 |
|
5,004 |
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|
|
|
Total
non-interest expenses |
|
46,025 |
|
44,675 |
|
91,339 |
|
100,972 |
|
|
|
|
Income
before income tax expense |
|
35,639 |
|
34,449 |
|
72,819 |
|
43,836 |
|
|
|
|
Income tax
expense |
|
7,975 |
|
7,547 |
|
16,107 |
|
8,992 |
|
|
|
|
Net
income |
|
27,664 |
|
26,902 |
|
56,712 |
|
34,844 |
|
|
|
|
Less: net
income attributed to non-controlling interest |
|
- |
|
108 |
|
- |
|
144 |
|
|
|
|
Net income
available to stockholders |
|
$ 27,664 |
|
$ 26,794 |
|
$ 56,712 |
|
$ 34,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share - Basic |
|
$ 0.95 |
|
$ 0.92 |
|
$ 1.94 |
|
$ 1.23 |
|
|
|
|
Net income
per share - Diluted |
|
0.94 |
|
0.91 |
|
1.93 |
|
1.22 |
|
|
|
|
Cash
dividend declared per share |
|
0.29 |
|
0.28 |
|
0.58 |
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares - Basic |
|
29,223 |
|
29,131 |
|
29,200 |
|
28,186 |
|
|
|
|
Weighted
average shares - Diluted |
|
29,340 |
|
29,346 |
|
29,353 |
|
28,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
Balance Sheet Data |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
|
|
|
$
1,542,753 |
|
$
1,625,488 |
|
|
|
|
Loans |
|
|
|
|
|
5,418,609 |
|
4,877,324 |
|
|
|
|
Allowance
for credit losses on loans |
|
|
|
|
|
77,710 |
|
66,362 |
|
|
|
|
Total
assets |
|
|
|
|
|
7,732,552 |
|
7,583,105 |
|
|
|
|
Non-interest
bearing deposits |
|
|
|
|
|
1,766,132 |
|
2,121,304 |
|
|
|
|
Interest
bearing deposits |
|
|
|
|
|
4,442,248 |
|
4,427,826 |
|
|
|
|
Federal Home
Loan Bank advances |
|
|
|
|
|
400,000 |
|
- |
|
|
|
|
Stockholders' equity |
|
|
|
|
|
808,082 |
|
747,131 |
|
|
|
|
Total shares
outstanding |
|
|
|
|
|
29,323 |
|
29,243 |
|
|
|
|
Book value
per share (3) |
|
|
|
|
|
$
27.56 |
|
$
25.55 |
|
|
|
|
Tangible
common equity per share (3) |
|
|
|
|
|
20.17 |
|
17.59 |
|
|
|
|
Market value
per share |
|
|
|
|
|
45.37 |
|
59.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
Second Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
Average Balance Sheet Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and interest bearing due from banks |
|
$
131,958 |
|
$
561,101 |
|
$
136,369 |
|
$
615,878 |
|
|
|
|
Mortgage
loans held for sale |
|
8,420 |
|
11,303 |
|
7,446 |
|
9,974 |
|
|
|
|
Investment
securities |
|
1,719,045 |
|
1,741,844 |
|
1,736,734 |
|
1,560,873 |
|
|
|
|
Federal Home
Loan Bank stock |
|
25,074 |
|
13,811 |
|
20,311 |
|
12,169 |
|
|
|
|
Loans |
|
5,286,597 |
|
4,846,013 |
|
5,261,876 |
|
4,613,264 |
|
|
|
|
Total
interest earning assets |
|
7,171,094 |
|
7,174,072 |
|
7,162,736 |
|
6,812,158 |
|
|
|
|
Total
assets |
|
7,594,901 |
|
7,651,332 |
|
7,587,211 |
|
7,264,423 |
|
|
|
|
Interest
bearing deposits |
|
4,414,599 |
|
4,515,563 |
|
4,447,194 |
|
4,333,153 |
|
|
|
|
Total
deposits |
|
6,195,937 |
|
6,639,458 |
|
6,276,748 |
|
6,304,678 |
|
|
|
|
Securities
sold under agreement to repurchase and other short term
borrowings |
|
126,653 |
|
149,747 |
|
132,440 |
|
125,545 |
|
|
|
|
Federal Home
Loan Bank advances |
|
348,352 |
|
- |
|
256,215 |
|
- |
|
|
|
|
Subordinated
debentures |
|
26,508 |
|
26,111 |
|
26,458 |
|
17,132 |
|
|
|
|
Total
interest bearing liabilities |
|
4,916,112 |
|
4,691,421 |
|
4,862,307 |
|
4,475,830 |
|
|
|
|
Total
stockholders' equity |
|
799,886 |
|
749,445 |
|
788,782 |
|
727,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
return on average assets (4) |
|
1.46% |
|
1.40% |
|
1.51% |
|
0.96% |
|
|
|
|
Annualized
return on average equity (4) |
|
13.87% |
|
14.34% |
|
14.50% |
|
9.62% |
|
|
|
|
Net interest
margin, fully tax equivalent |
|
3.42% |
|
3.20% |
|
3.50% |
|
3.14% |
|
|
|
|
Non-interest
income to total revenue, fully tax equivalent |
|
27.43% |
|
27.71% |
|
26.63% |
|
27.93% |
|
|
|
|
Efficiency
ratio, fully tax equivalent (2) |
|
54.69% |
|
56.42% |
|
53.90% |
|
68.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets (3) |
|
|
|
|
|
10.45% |
|
9.85% |
|
|
|
|
Tangible
common equity to tangible assets (3) |
|
|
|
|
|
7.87% |
|
7.00% |
|
|
|
|
Average
stockholders' equity to average assets |
|
|
|
|
|
10.40% |
|
10.01% |
|
|
|
|
Total
risk-based capital |
|
|
|
|
|
12.78% |
|
12.27% |
|
|
|
|
Common
equity tier 1 risk-based capital |
|
|
|
|
|
11.20% |
|
10.81% |
|
|
|
|
Tier 1
risk-based capital |
|
|
|
|
|
11.61% |
|
11.26% |
|
|
|
|
Leverage |
|
|
|
|
|
9.83% |
|
8.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
Segmentation |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate - non-owner occupied |
|
|
|
|
|
$
1,477,733 |
|
$
1,397,330 |
|
|
|
|
Commercial
real estate - owner occupied |
|
|
|
|
|
873,980 |
|
787,559 |
|
|
|
|
Commercial
and industrial |
|
|
|
|
|
1,226,554 |
|
1,090,404 |
|
|
|
|
Commercial
and industrial - PPP |
|
|
|
|
|
7,088 |
|
36,767 |
|
|
|
|
Residential
real estate - owner occupied |
|
|
|
|
|
664,870 |
|
533,577 |
|
|
|
|
Residential
real estate - non-owner occupied |
|
|
|
|
|
338,727 |
|
293,852 |
|
|
|
|
Construction
and land development |
|
|
|
|
|
451,324 |
|
372,197 |
|
|
|
|
Home equity
lines of credit |
|
|
|
|
|
202,574 |
|
192,102 |
|
|
|
|
Consumer |
|
|
|
|
|
139,602 |
|
137,278 |
|
|
|
|
Leases |
|
|
|
|
|
13,967 |
|
14,611 |
|
|
|
|
Credit
cards |
|
|
|
|
|
22,190 |
|
21,647 |
|
|
|
|
Total loans
and leases |
|
|
|
|
|
$ 5,418,609 |
|
$ 4,877,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans |
|
|
|
|
|
$
17,364 |
|
$
7,827 |
|
|
|
|
Troubled
debt restructurings |
|
|
|
|
|
- |
|
- |
|
|
|
|
Loans past
due 90 days or more and still accruing |
|
|
|
|
|
437 |
|
1,176 |
|
|
|
|
Total
non-performing loans |
|
|
|
|
|
17,801 |
|
9,003 |
|
|
|
|
Other real
estate owned |
|
|
|
|
|
677 |
|
7,601 |
|
|
|
|
Total
non-performing assets |
|
|
|
|
|
$ 18,478 |
|
$ 16,604 |
|
|
|
|
Non-performing loans to total loans (5) |
|
|
|
|
|
0.33% |
|
0.18% |
|
|
|
|
Non-performing assets to total assets |
|
|
|
|
|
0.24% |
|
0.22% |
|
|
|
|
Allowance
for credit losses on loans to total loans (5) |
|
|
|
|
|
1.43% |
|
1.36% |
|
|
|
|
Allowance
for credit losses on loans to average loans |
|
|
|
|
|
1.48% |
|
1.44% |
|
|
|
Allowance
for credit losses on loans to non-performing loans |
|
|
|
|
|
437% |
|
737% |
|
|
|
|
Net
(charge-offs) recoveries |
|
$
(113) |
|
$ (5) |
|
$
(221) |
|
$ 535 |
|
|
|
|
Net
(charge-offs) recoveries to average loans (7) |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards
Bancorp, Inc. Financial Information
(unaudited) |
|
|
Second Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
|
Income Statement Data |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income, fully tax equivalent (6) |
|
$ 61,074 |
|
$ 63,245 |
|
$ 65,469 |
|
$ 62,608 |
|
$ 57,244 |
|
|
Net interest
income |
|
$
60,929 |
|
$
63,072 |
|
$
65,263 |
|
$
62,376 |
|
$
56,984 |
|
|
Provision
for credit losses (1) |
|
2,350 |
|
2,625 |
|
3,375 |
|
4,803 |
|
(200) |
|
|
Net interest
income after provision for credit losses |
|
58,579 |
|
60,447 |
|
61,888 |
|
57,573 |
|
57,184 |
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management and trust services |
|
10,146 |
|
9,527 |
|
9,221 |
|
9,152 |
|
9,495 |
|
|
Deposit
service charges |
|
2,201 |
|
2,149 |
|
2,183 |
|
2,179 |
|
2,061 |
|
|
Debit and
credit card income |
|
4,712 |
|
4,482 |
|
5,046 |
|
4,710 |
|
4,748 |
|
|
Treasury
management fees |
|
2,549 |
|
2,318 |
|
2,278 |
|
2,221 |
|
2,187 |
|
|
Mortgage
banking income |
|
1,030 |
|
1,038 |
|
209 |
|
703 |
|
1,295 |
|
|
Net
investment product sales commissions and fees |
|
800 |
|
754 |
|
833 |
|
892 |
|
731 |
|
|
Bank owned
life insurance |
|
559 |
|
549 |
|
545 |
|
516 |
|
270 |
|
|
Gain (Loss)
on sale of premises and equipment |
|
- |
|
(2) |
|
1,295 |
|
3,074 |
|
(2) |
|
|
Other |
|
1,088 |
|
1,232 |
|
1,532 |
|
1,417 |
|
1,155 |
|
|
Total
non-interest income |
|
23,085 |
|
22,047 |
|
23,142 |
|
24,864 |
|
21,940 |
|
|
Non-interest
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
22,107 |
|
21,896 |
|
23,398 |
|
23,069 |
|
22,204 |
|
|
Employee
benefits |
|
5,061 |
|
5,053 |
|
3,421 |
|
4,179 |
|
4,429 |
|
|
Net
occupancy and equipment |
|
3,739 |
|
3,899 |
|
3,843 |
|
3,767 |
|
3,663 |
|
|
Technology
and communication |
|
4,219 |
|
4,251 |
|
3,747 |
|
3,747 |
|
3,984 |
|
|
Debit and
credit card processing |
|
1,706 |
|
1,419 |
|
1,470 |
|
1,437 |
|
1,665 |
|
|
Marketing
and business development |
|
1,784 |
|
1,095 |
|
1,544 |
|
1,244 |
|
1,445 |
|
|
Postage,
printing and supplies |
|
889 |
|
874 |
|
893 |
|
903 |
|
825 |
|
|
Legal and
professional |
|
819 |
|
797 |
|
492 |
|
774 |
|
1,027 |
|
|
FDIC
Insurance |
|
779 |
|
1,135 |
|
730 |
|
847 |
|
536 |
|
|
Amortization
of investments in tax credit partnerships |
|
324 |
|
323 |
|
88 |
|
88 |
|
89 |
|
|
Capital and
deposit based taxes |
|
607 |
|
639 |
|
799 |
|
722 |
|
582 |
|
|
Merger
expenses |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Intangible
amortization |
|
1,172 |
|
1,180 |
|
1,610 |
|
1,610 |
|
1,611 |
|
|
Loss on
disposition of Landmark Financial Advisors |
|
- |
|
- |
|
870 |
|
- |
|
- |
|
|
Other |
|
2,819 |
|
2,753 |
|
3,041 |
|
2,486 |
|
2,615 |
|
|
Total
non-interest expenses |
|
46,025 |
|
45,314 |
|
45,946 |
|
44,873 |
|
44,675 |
|
|
Income
before income tax expense |
|
35,639 |
|
37,180 |
|
39,084 |
|
37,564 |
|
34,449 |
|
|
Income tax
expense |
|
7,975 |
|
8,132 |
|
9,174 |
|
9,024 |
|
7,547 |
|
|
Net
income |
|
27,664 |
|
29,048 |
|
29,910 |
|
28,540 |
|
26,902 |
|
|
Less: net
income attributed to non-controlling interest |
|
- |
|
- |
|
93 |
|
85 |
|
108 |
|
|
Net income
available to stockholders |
|
$ 27,664 |
|
$ 29,048 |
|
$ 29,817 |
|
$ 28,455 |
|
$ 26,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share - Basic |
|
$ 0.95 |
|
$ 1.00 |
|
$ 1.02 |
|
$ 0.98 |
|
$ 0.92 |
|
|
Net income
per share - Diluted |
|
0.94 |
|
0.99 |
|
1.01 |
|
0.97 |
|
0.91 |
|
|
Cash
dividend declared per share |
|
0.29 |
|
0.29 |
|
0.29 |
|
0.29 |
|
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares - Basic |
|
29,223 |
|
29,178 |
|
29,157 |
|
29,144 |
|
29,131 |
|
|
Weighted
average shares - Diluted |
|
29,340 |
|
29,365 |
|
29,428 |
|
29,404 |
|
29,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
|
Balance Sheet Data |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
|
$
111,126 |
|
$
87,922 |
|
$
82,515 |
|
$
93,948 |
|
$
88,422 |
|
|
Federal
funds sold and interest bearing due from banks |
|
103,204 |
|
229,076 |
|
84,852 |
|
235,973 |
|
485,447 |
|
|
Mortgage
loans held for sale |
|
7,069 |
|
6,397 |
|
2,606 |
|
5,230 |
|
10,045 |
|
|
Investment
securities |
|
1,542,753 |
|
1,600,603 |
|
1,617,834 |
|
1,627,298 |
|
1,625,488 |
|
|
Federal Home
Loan Bank stock |
|
27,366 |
|
23,226 |
|
10,928 |
|
10,928 |
|
13,811 |
|
|
Loans |
|
5,418,609 |
|
5,243,104 |
|
5,205,918 |
|
5,072,877 |
|
4,877,324 |
|
|
Allowance
for credit losses on loans |
|
77,710 |
|
75,673 |
|
73,531 |
|
70,083 |
|
66,362 |
|
|
Goodwill |
|
194,074 |
|
194,074 |
|
194,074 |
|
202,524 |
|
202,524 |
|
|
Total
assets |
|
7,732,552 |
|
7,667,648 |
|
7,496,261 |
|
7,554,210 |
|
7,583,105 |
|
|
Non-interest
bearing deposits |
|
1,766,132 |
|
1,845,302 |
|
1,950,198 |
|
2,200,041 |
|
2,121,304 |
|
|
Interest
bearing deposits |
|
4,442,248 |
|
4,511,893 |
|
4,441,054 |
|
4,300,732 |
|
4,427,826 |
|
|
Securities
sold under agreements to repurchase |
|
138,347 |
|
104,578 |
|
133,342 |
|
124,567 |
|
161,512 |
|
|
Federal
funds purchased |
|
11,646 |
|
14,745 |
|
8,789 |
|
8,970 |
|
8,771 |
|
|
Federal Home
Loan Bank advances |
|
400,000 |
|
275,000 |
|
50,000 |
|
- |
|
- |
|
|
Subordinated
debentures |
|
26,541 |
|
26,442 |
|
26,343 |
|
26,244 |
|
26,144 |
|
|
Stockholders' equity |
|
808,082 |
|
794,368 |
|
760,432 |
|
727,754 |
|
747,131 |
|
|
Total shares
outstanding |
|
29,323 |
|
29,324 |
|
29,259 |
|
29,242 |
|
29,243 |
|
|
Book value
per share (3) |
|
$
27.56 |
|
$
27.09 |
|
$
25.99 |
|
$
24.89 |
|
$
25.55 |
|
|
Tangible
common equity per share (3) |
|
20.17 |
|
19.66 |
|
18.50 |
|
16.98 |
|
17.59 |
|
|
Market value
per share |
|
45.37 |
|
55.14 |
|
64.98 |
|
68.01 |
|
59.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets (3) |
|
10.45% |
|
10.36% |
|
10.14% |
|
9.63% |
|
9.85% |
|
|
Tangible
common equity to tangible assets (3) |
|
7.87% |
|
7.74% |
|
7.44% |
|
6.78% |
|
7.00% |
|
|
Average
stockholders' equity to average assets |
|
10.53% |
|
10.26% |
|
9.79% |
|
9.92% |
|
9.79% |
|
|
Total
risk-based capital |
|
12.78% |
|
12.91% |
|
12.54% |
|
12.16% |
|
12.27% |
|
|
Common
equity tier 1 risk-based capital |
|
11.20% |
|
11.30% |
|
11.04% |
|
10.69% |
|
10.81% |
|
|
Tier 1
risk-based capital |
|
11.61% |
|
11.73% |
|
11.47% |
|
11.13% |
|
11.26% |
|
|
Leverage |
|
9.83% |
|
9.56% |
|
9.33% |
|
8.85% |
|
8.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Yards
Bancorp, Inc. Financial Information
(unaudited) |
|
|
Second Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
|
|
Average Balance Sheet Data |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and interest bearing due from banks |
|
$
131,958 |
|
$
140,831 |
|
$
235,448 |
|
$
442,880 |
|
$
561,101 |
|
|
Mortgage
loans held for sale |
|
8,420 |
|
6,460 |
|
6,735 |
|
8,694 |
|
11,303 |
|
|
Investment
securities |
|
1,719,045 |
|
1,754,620 |
|
1,786,383 |
|
1,769,597 |
|
1,741,844 |
|
|
Loans |
|
5,286,597 |
|
5,236,879 |
|
5,094,356 |
|
4,948,898 |
|
4,846,013 |
|
|
Total
interest earning assets |
|
7,171,094 |
|
7,154,286 |
|
7,133,850 |
|
7,181,781 |
|
7,174,072 |
|
|
Total
assets |
|
7,594,901 |
|
7,579,439 |
|
7,559,260 |
|
7,661,720 |
|
7,651,332 |
|
|
Interest
bearing deposits |
|
4,414,599 |
|
4,480,151 |
|
4,428,582 |
|
4,444,983 |
|
4,515,563 |
|
|
Total
deposits |
|
6,195,937 |
|
6,358,458 |
|
6,526,440 |
|
6,614,263 |
|
6,639,458 |
|
|
Securities
sold under agreement to repurchase and federal funds purchased |
|
126,653 |
|
138,292 |
|
126,027 |
|
148,734 |
|
149,747 |
|
|
Federal Home
Loan Bank advances |
|
348,352 |
|
163,056 |
|
1,087 |
|
- |
|
- |
|
|
Subordinated
debentures |
|
26,508 |
|
26,408 |
|
26,309 |
|
26,210 |
|
26,111 |
|
|
Total
interest bearing liabilities |
|
4,916,112 |
|
4,807,907 |
|
4,582,005 |
|
4,619,927 |
|
4,691,421 |
|
|
Total
stockholders' equity |
|
799,886 |
|
777,555 |
|
740,007 |
|
760,322 |
|
749,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
return on average assets (4) |
|
1.46% |
|
1.55% |
|
1.56% |
|
1.47% |
|
1.40% |
|
|
Annualized
return on average equity (4) |
|
13.87% |
|
15.15% |
|
15.99% |
|
14.85% |
|
14.34% |
|
|
Net interest
margin, fully tax equivalent |
|
3.42% |
|
3.59% |
|
3.64% |
|
3.46% |
|
3.20% |
|
|
Non-interest
income to total revenue, fully tax equivalent |
|
27.43% |
|
25.85% |
|
27.56% |
|
28.43% |
|
27.71% |
|
|
Efficiency
ratio, fully tax equivalent (2) |
|
54.69% |
|
53.13% |
|
51.85% |
|
51.30% |
|
56.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Segmentation |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate - non-owner occupied |
|
$
1,477,733 |
|
$
1,421,660 |
|
$
1,397,346 |
|
$
1,415,180 |
|
$
1,397,330 |
|
|
Commercial
real estate - owner occupied |
|
873,980 |
|
850,766 |
|
834,629 |
|
819,727 |
|
787,559 |
|
|
Commercial
and industrial |
|
1,226,554 |
|
1,205,222 |
|
1,230,976 |
|
1,170,241 |
|
1,090,404 |
|
|
Commercial
and industrial - PPP |
|
7,088 |
|
9,557 |
|
18,593 |
|
19,469 |
|
36,767 |
|
|
Residential
real estate - owner occupied |
|
664,870 |
|
620,417 |
|
591,515 |
|
557,638 |
|
533,577 |
|
|
Residential
real estate - non-owner occupied |
|
338,727 |
|
323,519 |
|
313,248 |
|
302,936 |
|
293,852 |
|
|
Construction
and land development |
|
451,324 |
|
439,673 |
|
445,690 |
|
414,632 |
|
372,197 |
|
|
Home equity
lines of credit |
|
202,574 |
|
200,933 |
|
200,725 |
|
199,485 |
|
192,102 |
|
|
Consumer |
|
139,602 |
|
136,412 |
|
139,461 |
|
138,843 |
|
137,278 |
|
|
Leases |
|
13,967 |
|
13,207 |
|
13,322 |
|
13,959 |
|
14,611 |
|
|
Credit
cards |
|
22,190 |
|
21,738 |
|
20,413 |
|
20,767 |
|
21,647 |
|
|
Total loans
and leases |
|
$ 5,418,609 |
|
$ 5,243,104 |
|
$ 5,205,918 |
|
$ 5,072,877 |
|
$ 4,877,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans |
|
$
17,364 |
|
$
17,389 |
|
$
14,242 |
|
$
10,580 |
|
$
7,827 |
|
|
Troubled
debt restructurings |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Loans past
due 90 days or more and still accruing |
|
437 |
|
894 |
|
892 |
|
32 |
|
1,176 |
|
|
Total
non-performing loans |
|
17,801 |
|
18,283 |
|
15,134 |
|
10,612 |
|
9,003 |
|
|
Other real
estate owned |
|
677 |
|
677 |
|
677 |
|
996 |
|
7,601 |
|
|
Total
non-performing assets |
|
$ 18,478 |
|
$ 18,960 |
|
$ 15,811 |
|
$ 11,608 |
|
$ 16,604 |
|
|
Non-performing loans to total loans (5) |
|
0.33% |
|
0.35% |
|
0.29% |
|
0.21% |
|
0.18% |
|
|
Non-performing assets to total assets |
|
0.24% |
|
0.25% |
|
0.21% |
|
0.15% |
|
0.22% |
|
|
Allowance
for credit losses on loans to total loans (5) |
|
1.44% |
|
1.44% |
|
1.41% |
|
1.38% |
|
1.36% |
|
|
Allowance
for credit losses on loans to average loans |
|
1.47% |
|
1.45% |
|
1.44% |
|
1.42% |
|
1.37% |
|
|
Allowance
for credit losses on loans to non-performing loans |
|
437% |
|
414% |
|
486% |
|
660% |
|
737% |
|
|
Net
(charge-offs) recoveries |
|
$
(113) |
|
$
(108) |
|
$
(152) |
|
$
(382) |
|
$ (5) |
|
|
Net
(charge-offs) recoveries to average loans (7) |
|
-0.00% |
|
-0.00% |
|
-0.00% |
|
-0.01% |
|
-0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
under management (in millions) |
|
$
6,976 |
|
$
6,764 |
|
$
6,585 |
|
$
6,293 |
|
$
6,555 |
|
|
Full-time
equivalent employees |
|
1,064 |
|
1,044 |
|
1,040 |
|
1,028 |
|
1,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Detail of
Provision for credit losses follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
Provision
for credit losses - loans |
|
$
2,150 |
|
$
2,250 |
|
$
3,600 |
|
$
4,103 |
|
$
(700) |
|
|
Provision
for credit losses - off balance sheet exposures |
|
200 |
|
375 |
|
(225) |
|
700 |
|
500 |
|
|
Total
provision for credit losses |
|
$ 2,350 |
|
$ 2,625 |
|
$ 3,375 |
|
$ 4,803 |
|
$ (200) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
Total
non-interest expenses (a) |
|
$
46,025 |
|
$
45,314 |
|
$
45,946 |
|
$
44,873 |
|
$
44,675 |
|
|
Less: Loss on disposition of Landmark Financial
Advisors |
|
- |
|
- |
|
(870) |
|
- |
|
- |
|
|
Less: Amortization of investments in tax credit
partnerships |
|
(324) |
|
(323) |
|
(88) |
|
(88) |
|
(89) |
|
|
Total
non-interest expenses - Non-GAAP (c) |
|
$ 45,701 |
|
$ 44,991 |
|
$ 44,988 |
|
$ 44,785 |
|
$ 44,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
interest income, fully tax equivalent |
|
$
61,074 |
|
$
63,245 |
|
$
65,469 |
|
$
62,608 |
|
$
57,244 |
|
|
Total
non-interest income |
|
23,085 |
|
22,047 |
|
23,142 |
|
24,864 |
|
21,940 |
|
|
Total
revenue - Non-GAAP (b) |
|
84,159 |
|
85,292 |
|
88,611 |
|
87,472 |
|
79,184 |
|
|
Less: Gain/loss on sale of premises and equipment |
|
- |
|
2 |
|
(1,295) |
|
(3,074) |
|
- |
|
|
Less: Gain/loss on sale of securities |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Total
adjusted revenue - Non-GAAP (d) |
|
$ 84,159 |
|
$ 85,294 |
|
$ 87,316 |
|
$ 84,398 |
|
$ 79,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio - Non-GAAP (a/b) |
|
54.69% |
|
53.13% |
|
51.85% |
|
51.30% |
|
56.42% |
|
|
Adjusted
efficiency ratio - Non-GAAP (c/d) |
|
54.30% |
|
52.75% |
|
51.52% |
|
53.06% |
|
56.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
Total
stockholders' equity - GAAP (a) |
|
$
808,082 |
|
$
794,368 |
|
$
760,432 |
|
$
727,754 |
|
$
747,131 |
|
|
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(202,524) |
|
(202,524) |
|
|
Less: Core deposit and other intangibles |
|
(22,638) |
|
(23,810) |
|
(24,990) |
|
(28,747) |
|
(30,357) |
|
|
Tangible
common equity - Non-GAAP (c) |
|
$ 591,370 |
|
$ 576,484 |
|
$ 541,368 |
|
$ 496,483 |
|
$ 514,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
- GAAP (b) |
|
$
7,732,552 |
|
$
7,667,648 |
|
$
7,496,261 |
|
$
7,554,210 |
|
$
7,583,105 |
|
|
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(202,524) |
|
(202,524) |
|
|
Less: Core deposit and other intangibles |
|
(22,638) |
|
(23,810) |
|
(24,990) |
|
(28,747) |
|
(30,357) |
|
|
Tangible
assets - Non-GAAP (d) |
|
$ 7,515,840 |
|
$ 7,449,764 |
|
$ 7,277,197 |
|
$ 7,322,939 |
|
$ 7,350,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets - GAAP (a/b) |
|
10.45% |
|
10.36% |
|
10.14% |
|
9.63% |
|
9.85% |
|
|
Tangible
common equity to tangible assets - Non-GAAP (c/d) |
|
7.87% |
|
7.74% |
|
7.44% |
|
6.78% |
|
7.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding (e) |
|
29,323 |
|
29,324 |
|
29,259 |
|
29,242 |
|
29,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share - GAAP (a/e) |
|
$
27.56 |
|
$
27.09 |
|
$
25.99 |
|
$
24.89 |
|
$
25.55 |
|
|
Tangible
common equity per share - Non-GAAP (c/e) |
|
20.17 |
|
19.66 |
|
18.50 |
|
16.98 |
|
17.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. As a result of the substantial impact of
non-recurring items related to the Commonwealth Bancshares and
Kentucky Bancshares acquisitions, Bancorp 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 and the disposition of any
acquired assets, merger-related expenses and purchase accounting
adjustments. |
|
|
|
|
|
|
|
Quarterly Comparison |
|
|
(Dollars in
thousands) |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to stockholders - GAAP (a) |
|
$
27,664 |
|
$
29,048 |
|
$
29,817 |
|
$
28,455 |
|
$
26,794 |
|
|
Add: Loss on disposition of Landmark Financial
Advisors |
|
- |
|
- |
|
870 |
|
- |
|
- |
|
|
Less: Gain/loss on sale of premises and equipment |
|
- |
|
2 |
|
(1,295) |
|
(3,074) |
|
- |
|
|
Less: Tax effect of adjustments to net income |
|
- |
|
- |
|
100 |
|
738 |
|
- |
|
|
Total net
income - Non-GAAP (b) |
|
$ 27,664 |
|
$ 29,050 |
|
$ 29,492 |
|
$ 26,119 |
|
$ 26,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average assets (c) |
|
$
7,594,901 |
|
$
7,579,439 |
|
$
7,559,260 |
|
$
7,661,720 |
|
$
7,651,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average stockholder equity (d) |
|
799,886 |
|
777,555 |
|
740,007 |
|
760,322 |
|
749,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets - GAAP (a/c) |
|
1.46% |
|
1.55% |
|
1.56% |
|
1.47% |
|
1.40% |
|
|
Return on
average assets - Non-GAAP (b/c) |
|
1.46% |
|
1.55% |
|
1.55% |
|
1.35% |
|
1.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average equity - GAAP (a/d) |
|
13.87% |
|
15.15% |
|
15.99% |
|
14.85% |
|
14.34% |
|
|
Return on
average equity - Non-GAAP (b/d) |
|
13.87% |
|
15.15% |
|
15.81% |
|
13.63% |
|
14.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
9/30/22 |
|
6/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans
- GAAP (a) |
|
$
5,418,609 |
|
$
5,243,104 |
|
$
5,205,918 |
|
$
5,072,877 |
|
$
4,877,324 |
|
|
Less: PPP loans |
|
(7,088) |
|
(9,557) |
|
(18,593) |
|
(19,469) |
|
(36,767) |
|
|
Total
non-PPP Loans - Non-GAAP (b) |
|
$ 5,411,521 |
|
$ 5,233,547 |
|
$ 5,187,325 |
|
$ 5,053,408 |
|
$ 4,840,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans (c) |
|
$
77,710 |
|
$
75,673 |
|
$
73,531 |
|
$
70,083 |
|
$
66,362 |
|
|
Total
non-performing loans (d) |
|
17,801 |
|
18,283 |
|
15,134 |
|
10,612 |
|
9,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans to total loans - GAAP (c/a) |
|
1.43% |
|
1.44% |
|
1.41% |
|
1.38% |
|
1.36% |
|
|
Allowance
for credit losses on loans to total loans - Non-GAAP (c/b) |
|
1.44% |
|
1.45% |
|
1.42% |
|
1.39% |
|
1.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans - GAAP (d/a) |
|
0.33% |
|
0.35% |
|
0.29% |
|
0.21% |
|
0.18% |
|
|
Non-performing loans to total loans - Non-GAAP (d/b) |
|
0.33% |
|
0.35% |
|
0.29% |
|
0.21% |
|
0.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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