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 $27.1 million, or $0.92 per diluted
share, for the third quarter ended September 30, 2023. This
compares to net income of $28.5 million, or $0.97 per diluted
share, for the third quarter of 2022. The results for the third
quarter of 2023 were highlighted by near-record loan growth, linked
quarter deposit growth and strong levels of non-interest income.
|
|
|
|
(dollar amounts in thousands, except per share data) |
3Q23 |
2Q23 |
3Q22 |
Net income |
$ |
27,092 |
|
$ |
27,664 |
|
$ |
28,455 |
|
Net income per share, diluted |
|
0.92 |
|
|
0.94 |
|
|
0.97 |
|
|
|
|
|
Net interest income |
$ |
61,315 |
|
$ |
60,929 |
|
$ |
62,376 |
|
Provision for credit losses(1) |
|
2,775 |
|
|
2,350 |
|
|
4,803 |
|
Non-interest income |
|
22,896 |
|
|
22,860 |
|
|
24,864 |
|
Non-interest expenses |
|
46,702 |
|
|
45,800 |
|
|
44,873 |
|
|
|
|
|
Net interest margin |
|
3.34 |
% |
|
3.42 |
% |
|
3.46 |
% |
Efficiency ratio(2) |
|
55.38 |
% |
|
54.57 |
% |
|
51.30 |
% |
Tangible common equity to tangible assets(3) |
|
7.69 |
% |
|
7.87 |
% |
|
6.78 |
% |
Annualized return on average assets(4) |
|
1.38 |
% |
|
1.46 |
% |
|
1.47 |
% |
Annualized return on average equity(4) |
|
13.26 |
% |
|
13.87 |
% |
|
14.85 |
% |
|
|
|
|
“The highlight of the quarter was continued
strong broad-based loan demand from our customers throughout our
markets,” said James A. (Ja) Hillebrand, Chairman and Chief
Executive Officer. “Total loans, excluding PPP loans, increased
$559 million, or 11%, over the last 12 months, of which $201
million was achieved during the third quarter. We remain positive
about the opportunities in our markets, as loan pipelines and
overall business activity remains steady. While there continues to
be discussion of continued economic headwinds and the possibility
for an industry-wide negative credit cycle, we remain optimistic
regarding the overall strength of our loan portfolio. We continue
to maintain strong credit fundamentals and our credit quality
metrics continue to be solid. Our prospecting is really paying off,
as some of the larger institutions in our markets are scaling back
their lending efforts. While a more severe economic downturn could
always impact loan growth expectations, we have consistently shown
our ability to take advantage of strategic lending opportunities
when others are pulling back. Our history demonstrates our ability
to generate strong revenue and earnings growth, which is why we
think we will continue to grow through this economic cycle.”
“While we did experience net interest margin
contraction for the third consecutive quarter, I am pleased with
our continued loan yield expansion and linked quarter increase in
net interest income. On the heels of two consecutive quarters of
decline, deposit balances posted strong growth during the third
quarter, increasing $194 million, or 3% growth for the linked
quarter. A majority of the growth during the quarter was attributed
to strategic deposit promotions within our markets. We continue to
focus on organic growth, while avoiding brokered deposits, which
provide less stable funding than local retail and commercial
deposit relationships,” Hillebrand continued. “In addition to a
significant shift in the mix of non-interest bearing and interest
bearing deposits, we have experienced anticipated public funds run
off throughout the year. When excluding public funds, we have
posted total deposit growth in seven of the past nine months.”
“Recurring non-interest income once again
continues to fuel operating results, and was led by gains in
several categories. Treasury management fees reached new highs at
quarter-end, primarily driven by increased demand and customer
expansion. In addition, Wealth Management and Trust (“WM&T) had
another strong quarter, with net new business growth outweighing
unfavorable market conditions. During challenging economic times,
we remain focused on full customer relationships and the continued
expansion of our customer base. 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 and WM&T needs,” concluded Hillebrand.
At September 30, 2023, the Company had $7.90
billion in assets, $5.62 billion in loans and $6.40 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 that
provides significant growth opportunities in both the banking and
WM&T arenas.
Key factors contributing to the third quarter of
2023 results included:
- Total loans, excluding PPP loans,
increased $559 million, or 11%, over the last 12 months, while
growing $201 million, or 4%, on the linked quarter. Loan production
set a new quarterly record during the third quarter of 2023. The
yield earned on loans, excluding PPP loans, expanded to 5.67% for
the third quarter of 2023 – the highest level earned since
mid-2011.
- Deposit balances increased $194
million, or 3%, on the linked quarter, as interest bearing deposits
increased $246 million and non-interest bearing deposits contracted
by $51 million.
- Interest bearing demand accounts
increased $59 million, or 3%, attributed to promotional offerings
in the Cincinnati and Indianapolis markets.
- Money market accounts expanded $83
million, or 8%.
- Time deposits grew by $131 million,
or 18%, led by the successful marketing of new product promotions,
primarily in the Central Kentucky market.
- Given the current interest rate
environment, the change in deposit mix continues to place pressure
on funding costs.
- Increasing cost of funds continued
to outpace earning asset yield growth during the third quarter of
2023. Net interest income declined $1.1 million, or 2%, for the
third quarter of 2023 compared to the third quarter a year ago with
net interest margin compressing 12 bps to 3.34%. While net interest
margin also declined on the linked quarter, contracting 8 basis
points from 3.42%, net interest income increased $386,000.
- With continued strong credit quality statistics, the Bank
recorded a provision for credit losses(1) of $2.8 million for the
third quarter of 2023, largely consistent with strong loan
growth.
- Non-interest income declined $2.0
million, or 8%, over the third quarter of 2022. The Company
recognized $3.1 million in non-recurring gains on sales of premises
and equipment in the third quarter of 2022 compared to $302,000 for
the third quarter of 2023. New business growth drove WM&T
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 September 30, 2023, compared to $20.17 at June 30,
2023, and $16.98 at September 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 5.5 years.
Results of Operations – Third Quarter
2023 Compared with Third Quarter 2022
Net interest income, the Company’s largest
source of revenue, decreased by $1.1 million, or 2%, to $61.3
million. Although strong organic loan growth has 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
$21.5 million, or 32%, to $88.9 million.
- Interest income and fees on loans
increased $21.5 million, or 38%, over the prior year quarter.
Consistent with the $554 million, or 11%, increase in average
non-PPP loans and interest rate expansion, the average quarterly
yield earned on non-PPP loans increased 114 basis points, or 25%,
over the past 12 months to 5.67%. PPP interest and fee income
totaled $27,000 and $703,000 for the third quarters of 2023 and
2022, respectively. As of September 30, 2023, approximately
$100,000 in PPP deferred fees remained to be recognized.
- Interest income on securities
increased $562,000, or 7%, compared to the third quarter of 2022.
While average securities balances have declined $110 million, or
6%, over the past 12 months, the rate earned on securities has
increased 24 bps to 2.04%, consistent with higher yields earned on
securities purchased in 2022.
- Due to a $318 million decline in
average balances, interest income on overnight funds decreased
$810,000, or 33%, 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 related interest income.
- Total interest expense increased
$22.6 million to $27.6 million, as the cost of interest bearing
liabilities increased 173 basis points to 2.16%.
- Interest expense on deposits
increased $16.9 million over the past 12 months, as the overall
cost of interest bearing deposits increased from 0.40% for the
third quarter of 2022 to 1.88%. Deposit costs during the third
quarter of 2023 have been significantly impacted by individual rate
exceptions and successful new product promotions. Along with cost
of funds expansion, the Bank has experienced changes in the mix of
deposits. Average interest bearing deposit balances increased $64
million, or 1%, from the third quarter of 2022 to the third quarter
of 2023, with non-time deposits (interest bearing demand savings
and money markets) compressing $231 million and time deposits
increasing $295 million.
- Interest expense on Federal Home
Loan Bank (FHLB) advances totaled $4.9 million for the third
quarter of 2023. The Bank had $350 million in FHLB advances
outstanding at the end of the third quarter of 2023, with $150
million of the advances maturing overnight.
The Company recorded $2.8 million in provision
for credit losses(1) during the third quarter of 2023, which
included a $2.3 million provision for credit losses on loans and
$475,000 of credit loss expense for off-balance sheet exposures.
Although credit quality statistics remain strong, the Company
recorded credit loss expense based upon strong loan growth offset
by improvement in the future unemployment forecast and a reduction
in specific reserves due to charge-offs. The increased off-balance
sheet exposure expense correlated with increased availability and
falling utilization. For the third quarter of 2022, consistent with
strong loan growth and deterioration within the future unemployment
rate forecast, the Company recorded a $4.1 million provision for
credit losses on loans and a $700,000 provision for credit losses
for off balances sheet exposures.
Non-interest income decreased $2.0 million, or
8%, to $22.9 million.
- WM&T income ended the third
quarter of 2023 at $10.0 million, increasing $878,000, or 10%, over
the third quarter of 2022. Net new business growth has boosted
income over the past twelve months.
- Treasury management fees set a
quarterly record, increasing $414,000, or 19%, driven by increased
transaction volume, modified fee schedules, strong foreign exchange
income, new product sales and both organic and acquisition-related
customer base expansion.
- Card income increased $160,000, or
3%, over the third quarter of 2022, driven by a $153,000 overall
increase in interchange income. While card volume has increased
over the past several periods, interchange rate compression has
placed pressure on income expansion.
- The Company recognized $3.1 million
in non-recurring gains on sales of premises and equipment in the
third quarter of 2022 compared to $302,000 for the third quarter of
2023. All sales related to the disposition of acquired branches
closed subsequent to the prior year merger.
Non-interest expenses increased $1.8 million, or
4%, compared to the third quarter of 2022, to $46.7 million.
- Compensation and employee benefits
expense combined to increase $639,000, or 2%, compared to the third
quarter of 2022 consistent with an increase in full time equivalent
employees.
- 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
$489,000, or 13%, consistent with customer expansion and increased
transaction activity.
- Intangible amortization expense
decreased $443,000, or 28%, consistent with the Company’s fourth
quarter 2022 disposal of its partial interest in Landmark Financial
Advisors.
Financial Condition – September 30, 2023
Compared with September 30, 2022
Total assets increased $349 million, or 5%, year
over year to $7.90 billion.
Total loans increased $544 million, or 11%, to
$5.62 billion, with over half of the growth stemming from the
commercial real estate portfolio. Excluding the PPP loan portfolio,
total loans increased $559 million 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 $162 million, or 10%, year over year.
Higher yielding investment purchases made in 2022 boosted the
overall portfolio yield to 2.04% during the third quarter of 2023,
from 1.80% in the third 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 $98 million, or 2%,
over the past 12 months, led by a $485 million decline in
non-interest bearing demand deposits, partially offset by interest
bearing demand and time deposit expansion. Approximately $64
million of the decline was associated with public funds
run-off.
Asset quality has remained strong during 2023.
During the third quarter of 2023, the Company recorded net loan
charge-offs of $1.9 million, primarily related to three commercial
& industrial relationships, the largest being $1.2 million that
was fully reserved for in a prior period. This compared to $382,000
in net charge offs during the third quarter of 2022. Non-performing
loans(5) totaled $17 million, or 0.31% of total loans outstanding
compared to $11 million, or 0.21% of total loans outstanding at
September 30, 2022. The ratio of allowance for credit losses to
loans (5) ended at 1.39% at September 30, 2023 compared to 1.38% at
September 30, 2022.
At September 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(3) was 10.21% and the tangible common equity
ratio(3) was 7.69% at September 30, 2023, compared to 9.63% and
6.78% at September 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 subsequent to acquisition activity in 2022
and 2021.
In August 2023, the board of directors increased
the quarterly cash dividend to $0.30 per common share. The dividend
was paid October 2, 2023, to shareholders of record as of September
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 – Third Quarter
2023 Compared with Second Quarter 2023
Net interest income increased $386,000, or 1%,
over the prior quarter to $61.3 million. Net interest margin
declined 8 basis points on the linked quarter to 3.34%, as cost of
funds growth outpaced earning asset yield growth.
The Company recorded $2.8 million in provision
for credit losses(1) during the third quarter of 2023, which
included a $2.3 million provision for credit losses on loans and
$475,000 of credit loss expense for off-balance sheet exposures.
During the second quarter of 2023, the Company recorded $2.4
million in provision for credit losses, which included a $2.2
million provision for credit losses on loans and a $200,000 credit
loss expense for off-balance sheet exposures.
Non-interest income increased $36,000 to $22.9
million on the linked quarter, consistent with expansion in
treasury management fees and card income. On the linked quarter,
WM&T income declined $116,000, or 1%, consistent with a
downturn in both fixed and equity markets.
Non-interest expenses increased $902,000, or 2%,
to $46.7 million, as increased compensation, net occupancy expense
and consulting project expenses more than off-set declines in
employee benefits and marketing and business development
expense.
Financial Condition – September 30, 2023
Compared with June 30, 2023
Total assets increased $171 million on the
linked quarter to $7.90 billion.
Total loans increased $198 million, or 4%, on
the linked quarter, led by increases in the Commercial real estate,
Commercial & industrial and Construction and land development
loan portfolios. Total line of credit usage was 38.8% as of
September 30, 2023, compared to 40.1% as of June 30, 2023,
driven by strong production (new lines that have yet to fund).
Commercial & Industrial line usage was 26.8% as of
September 30, 2023, compared to 29.6% as of June 30,
2023.
Total deposits increased $194 million, or 3%, on
the linked quarter. Total interest bearing deposits increased $246
million, on the linked quarter, as a $131 million increase in time
deposits, $59 million increase in interest bearing demand deposits
and $83 million increase in money market accounts more than offset
by contraction in non-interest bearing demand and savings accounts.
Excluding public funds, total deposits increased $267 million on
the linked quarter.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $7.90 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
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
Third Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
(In
thousands unless otherwise noted) |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
Income Statement Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net interest
income, fully tax equivalent (6) |
|
$ 61,437 |
|
$ 62,608 |
|
$ 185,757 |
|
$ 168,797 |
Interest
income: |
|
|
|
|
|
|
|
|
Loans |
|
$
78,234 |
|
$
56,750 |
|
$
219,329 |
|
$
152,105 |
Federal
funds sold and interest bearing due from banks |
|
1,640 |
|
2,450 |
|
4,885 |
|
3,845 |
Mortgage
loans held for sale |
|
55 |
|
103 |
|
173 |
|
177 |
Securities |
|
8,996 |
|
8,107 |
|
27,068 |
|
20,375 |
Total
interest income |
|
88,925 |
|
67,410 |
|
251,455 |
|
176,502 |
Interest
expense: |
|
|
|
|
|
|
|
|
Deposits |
|
21,360 |
|
4,449 |
|
51,940 |
|
7,390 |
Securities
sold under agreements to repurchase and |
|
|
|
|
|
|
|
|
other short-term borrowings |
|
754 |
|
226 |
|
1,933 |
|
322 |
Federal Home
Loan Bank advances |
|
4,917 |
|
- |
|
10,613 |
|
- |
Subordinated
debentures |
|
579 |
|
359 |
|
1,653 |
|
670 |
Total
interest expense |
|
27,610 |
|
5,034 |
|
66,139 |
|
8,382 |
Net interest
income |
|
61,315 |
|
62,376 |
|
185,316 |
|
168,120 |
Provision
for credit losses (1) |
|
2,775 |
|
4,803 |
|
7,750 |
|
6,882 |
Net interest
income after provision for credit losses |
|
58,540 |
|
57,573 |
|
177,566 |
|
161,238 |
Non-interest
income: |
|
|
|
|
|
|
|
|
Wealth
management and trust services |
|
10,030 |
|
9,152 |
|
29,703 |
|
26,890 |
Deposit
service charges |
|
2,272 |
|
2,179 |
|
6,622 |
|
6,103 |
Debit and
credit card income |
|
4,870 |
|
4,710 |
|
14,064 |
|
13,577 |
Treasury
management fees |
|
2,635 |
|
2,221 |
|
7,502 |
|
6,312 |
Mortgage
banking income |
|
814 |
|
703 |
|
2,882 |
|
3,001 |
Net
investment product sales commissions and fees |
|
791 |
|
892 |
|
2,345 |
|
2,230 |
Bank owned
life insurance |
|
569 |
|
516 |
|
1,677 |
|
1,052 |
Gain (Loss)
on sale of premises and equipment |
|
302 |
|
3,074 |
|
75 |
|
3,046 |
Other |
|
613 |
|
1,417 |
|
2,933 |
|
3,796 |
Total
non-interest income |
|
22,896 |
|
24,864 |
|
67,803 |
|
66,007 |
Non-interest
expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
23,379 |
|
23,069 |
|
67,382 |
|
63,242 |
Employee
benefits |
|
4,508 |
|
4,179 |
|
14,622 |
|
13,147 |
Net
occupancy and equipment |
|
3,821 |
|
3,767 |
|
11,234 |
|
10,455 |
Technology
and communication |
|
4,236 |
|
3,747 |
|
12,706 |
|
11,150 |
Debit and
credit card processing |
|
1,637 |
|
1,437 |
|
4,762 |
|
4,439 |
Marketing
and business development |
|
1,357 |
|
1,244 |
|
4,236 |
|
3,461 |
Postage,
printing and supplies |
|
938 |
|
903 |
|
2,701 |
|
2,461 |
Legal and
professional |
|
1,049 |
|
774 |
|
2,665 |
|
2,451 |
FDIC
Insurance |
|
937 |
|
847 |
|
2,851 |
|
2,028 |
Amortization
of investments in tax credit partnerships |
|
323 |
|
88 |
|
970 |
|
265 |
Capital and
deposit based taxes |
|
629 |
|
722 |
|
1,875 |
|
1,822 |
Merger
expenses |
|
- |
|
- |
|
- |
|
19,500 |
Intangible
amortization |
|
1,167 |
|
1,610 |
|
3,519 |
|
3,934 |
Other |
|
2,721 |
|
2,486 |
|
8,293 |
|
7,490 |
Total
non-interest expenses |
|
46,702 |
|
44,873 |
|
137,816 |
|
145,845 |
Income
before income tax expense |
|
34,734 |
|
37,564 |
|
107,553 |
|
81,400 |
Income tax
expense |
|
7,642 |
|
9,024 |
|
23,749 |
|
18,016 |
Net
income |
|
27,092 |
|
28,540 |
|
83,804 |
|
63,384 |
Less: net
income attributed to non-controlling interest |
|
- |
|
85 |
|
- |
|
229 |
Net income
available to stockholders |
|
$ 27,092 |
|
$ 28,455 |
|
$ 83,804 |
|
$ 63,155 |
|
|
|
|
|
|
|
|
|
Net income
per share - Basic |
|
$ 0.93 |
|
$ 0.98 |
|
$ 2.87 |
|
$ 2.22 |
Net income
per share - Diluted |
|
0.92 |
|
0.97 |
|
2.86 |
|
2.20 |
Cash
dividend declared per share |
|
0.30 |
|
0.29 |
|
0.88 |
|
0.85 |
|
|
|
|
|
|
|
|
|
Weighted
average shares - Basic |
|
29,223 |
|
29,144 |
|
29,208 |
|
28,509 |
Weighted
average shares - Diluted |
|
29,336 |
|
29,404 |
|
29,347 |
|
28,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
Balance Sheet Data |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
|
|
|
$
1,465,463 |
|
$
1,627,298 |
Loans |
|
|
|
|
|
5,617,084 |
|
5,072,877 |
Allowance
for credit losses on loans |
|
|
|
|
|
78,075 |
|
70,083 |
Total
assets |
|
|
|
|
|
7,903,430 |
|
7,554,210 |
Non-interest
bearing deposits |
|
|
|
|
|
1,714,918 |
|
2,200,041 |
Interest
bearing deposits |
|
|
|
|
|
4,687,889 |
|
4,300,732 |
Federal Home
Loan Bank advances |
|
|
|
|
|
350,000 |
|
- |
Stockholders' equity |
|
|
|
|
|
806,918 |
|
727,754 |
Total shares
outstanding |
|
|
|
|
|
29,323 |
|
29,242 |
Book value
per share (3) |
|
|
|
|
|
$
27.52 |
|
$
24.89 |
Tangible
common equity per share (3) |
|
|
|
|
|
20.17 |
|
16.98 |
Market value
per share |
|
|
|
|
|
39.29 |
|
68.01 |
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
Third Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
Average Balance Sheet Data |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Federal
funds sold and interest bearing due from banks |
|
$
124,653 |
|
$
442,880 |
|
$
132,421 |
|
$
557,578 |
Mortgage
loans held for sale |
|
7,112 |
|
8,694 |
|
7,333 |
|
9,542 |
Investment
securities |
|
1,659,888 |
|
1,769,597 |
|
1,710,838 |
|
1,631,212 |
Federal Home
Loan Bank stock |
|
27,290 |
|
11,712 |
|
22,663 |
|
12,015 |
Loans |
|
5,486,262 |
|
4,948,898 |
|
5,337,493 |
|
4,726,371 |
Total
interest earning assets |
|
7,305,205 |
|
7,181,781 |
|
7,210,748 |
|
6,936,718 |
Total
assets |
|
7,805,154 |
|
7,661,720 |
|
7,660,658 |
|
7,398,311 |
Interest
bearing deposits |
|
4,509,411 |
|
4,444,983 |
|
4,468,160 |
|
4,370,839 |
Total
deposits |
|
6,241,135 |
|
6,614,263 |
|
6,264,746 |
|
6,409,007 |
Securities
sold under agreement to repurchase |
|
127,063 |
|
139,749 |
|
120,740 |
|
123,845 |
Federal Home
Loan Bank advances |
|
401,630 |
|
- |
|
305,220 |
|
- |
Subordinated
debentures |
|
26,606 |
|
26,210 |
|
26,508 |
|
20,191 |
Total
interest bearing liabilities |
|
5,076,486 |
|
4,619,927 |
|
4,934,485 |
|
4,524,390 |
Total
stockholders' equity |
|
810,710 |
|
760,322 |
|
796,172 |
|
738,391 |
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
Annualized
return on average assets (4) |
|
1.38% |
|
1.47% |
|
1.46% |
|
1.14% |
Annualized
return on average equity (4) |
|
13.26% |
|
14.85% |
|
14.07% |
|
11.44% |
Net interest
margin, fully tax equivalent |
|
3.34% |
|
3.46% |
|
3.44% |
|
3.25% |
Non-interest
income to total revenue, fully tax equivalent |
|
27.15% |
|
28.43% |
|
26.74% |
|
28.11% |
Efficiency
ratio, fully tax equivalent (2) |
|
55.38% |
|
51.30% |
|
54.35% |
|
62.11% |
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets (3) |
|
|
|
|
|
10.21% |
|
9.63% |
Tangible
common equity to tangible assets (3) |
|
|
|
|
|
7.69% |
|
6.78% |
Average
stockholders' equity to average assets |
|
|
|
|
|
10.39% |
|
9.98% |
Total
risk-based capital |
|
|
|
|
|
12.71% |
|
12.16% |
Common
equity tier 1 risk-based capital |
|
|
|
|
|
11.17% |
|
10.69% |
Tier 1
risk-based capital |
|
|
|
|
|
11.57% |
|
11.13% |
Leverage |
|
|
|
|
|
9.80% |
|
8.85% |
|
|
|
|
|
|
|
|
|
Loan
Segmentation |
|
|
|
|
|
|
|
|
Commercial
real estate - non-owner occupied |
|
|
|
|
|
$
1,508,615 |
|
$
1,415,180 |
Commercial
real estate - owner occupied |
|
|
|
|
|
945,122 |
|
819,727 |
Commercial
and industrial |
|
|
|
|
|
1,246,200 |
|
1,170,241 |
Commercial
and industrial - PPP |
|
|
|
|
|
4,827 |
|
19,469 |
Residential
real estate - owner occupied |
|
|
|
|
|
696,162 |
|
557,638 |
Residential
real estate - non-owner occupied |
|
|
|
|
|
350,386 |
|
302,936 |
Construction
and land development |
|
|
|
|
|
480,120 |
|
414,632 |
Home equity
lines of credit |
|
|
|
|
|
203,184 |
|
199,485 |
Consumer |
|
|
|
|
|
143,703 |
|
138,843 |
Leases |
|
|
|
|
|
14,710 |
|
13,959 |
Credit
cards |
|
|
|
|
|
24,055 |
|
20,767 |
Total loans
and leases |
|
|
|
|
|
$ 5,617,084 |
|
$ 5,072,877 |
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
Non-accrual
loans |
|
|
|
|
|
$
17,227 |
|
$
10,580 |
Troubled
debt restructurings |
|
|
|
|
|
- |
|
- |
Loans past
due 90 days or more and still accruing |
|
|
|
|
|
1 |
|
32 |
Total
non-performing loans |
|
|
|
|
|
17,228 |
|
10,612 |
Other real
estate owned |
|
|
|
|
|
427 |
|
996 |
Total
non-performing assets |
|
|
|
|
|
$ 17,655 |
|
$ 11,608 |
Non-performing loans to total loans (5) |
|
|
|
|
|
0.31% |
|
0.21% |
Non-performing assets to total assets |
|
|
|
|
|
0.22% |
|
0.15% |
Allowance
for credit losses on loans to total loans (5) |
|
|
|
|
|
1.39% |
|
1.38% |
Allowance
for credit losses on loans to average loans |
|
|
|
|
|
1.46% |
|
1.48% |
|
Allowance
for credit losses on loans to non-performing loans |
|
|
|
|
|
453% |
|
660% |
Net
(charge-offs) recoveries |
|
$
(1,935) |
|
$
(382) |
|
$
(2,156) |
|
$ 153 |
Net
(charge-offs) recoveries to average loans (7) |
|
-0.04% |
|
-0.01% |
|
-0.04% |
|
0.00% |
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
Third Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Income Statement Data |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
Net interest
income, fully tax equivalent (6) |
|
$ 61,437 |
|
$ 61,074 |
|
$ 63,245 |
|
$ 65,469 |
Net interest
income |
|
$
61,315 |
|
$
60,929 |
|
$
63,072 |
|
$
65,263 |
Provision
for credit losses (1) |
|
2,775 |
|
2,350 |
|
2,625 |
|
3,375 |
Net interest
income after provision for credit losses |
|
58,540 |
|
58,579 |
|
60,447 |
|
61,888 |
Non-interest
income: |
|
|
|
|
|
|
|
|
Wealth
management and trust services |
|
10,030 |
|
10,146 |
|
9,527 |
|
9,221 |
Deposit
service charges |
|
2,272 |
|
2,201 |
|
2,149 |
|
2,183 |
Debit and
credit card income |
|
4,870 |
|
4,712 |
|
4,482 |
|
5,046 |
Treasury
management fees |
|
2,635 |
|
2,549 |
|
2,318 |
|
2,278 |
Mortgage
banking income |
|
814 |
|
1,030 |
|
1,038 |
|
209 |
Net
investment product sales commissions and fees |
|
791 |
|
800 |
|
754 |
|
833 |
Bank owned
life insurance |
|
569 |
|
559 |
|
549 |
|
545 |
Gain (Loss)
on sale of premises and equipment |
|
302 |
|
(225) |
|
(2) |
|
1,295 |
Other |
|
613 |
|
1,088 |
|
1,232 |
|
1,532 |
Total
non-interest income |
|
22,896 |
|
22,860 |
|
22,047 |
|
23,142 |
Non-interest
expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
23,379 |
|
22,107 |
|
21,896 |
|
23,398 |
Employee
benefits |
|
4,508 |
|
5,061 |
|
5,053 |
|
3,421 |
Net
occupancy and equipment |
|
3,821 |
|
3,514 |
|
3,899 |
|
3,843 |
Technology
and communication |
|
4,236 |
|
4,219 |
|
4,251 |
|
3,747 |
Debit and
credit card processing |
|
1,637 |
|
1,706 |
|
1,419 |
|
1,470 |
Marketing
and business development |
|
1,357 |
|
1,784 |
|
1,095 |
|
1,544 |
Postage,
printing and supplies |
|
938 |
|
889 |
|
874 |
|
893 |
Legal and
professional |
|
1,049 |
|
819 |
|
797 |
|
492 |
FDIC
Insurance |
|
937 |
|
779 |
|
1,135 |
|
730 |
Amortization
of investments in tax credit partnerships |
|
323 |
|
324 |
|
323 |
|
88 |
Capital and
deposit based taxes |
|
629 |
|
607 |
|
639 |
|
799 |
Merger
expenses |
|
- |
|
- |
|
- |
|
- |
Intangible
amortization |
|
1,167 |
|
1,172 |
|
1,180 |
|
1,610 |
Loss on
disposition of Landmark Financial Advisors |
|
- |
|
- |
|
- |
|
870 |
Other |
|
2,721 |
|
2,819 |
|
2,753 |
|
3,041 |
Total
non-interest expenses |
|
46,702 |
|
45,800 |
|
45,314 |
|
45,946 |
Income
before income tax expense |
|
34,734 |
|
35,639 |
|
37,180 |
|
39,084 |
Income tax
expense |
|
7,642 |
|
7,975 |
|
8,132 |
|
9,174 |
Net
income |
|
27,092 |
|
27,664 |
|
29,048 |
|
29,910 |
Less: net
income attributed to non-controlling interest |
|
- |
|
- |
|
- |
|
93 |
Net income
available to stockholders |
|
$ 27,092 |
|
$ 27,664 |
|
$ 29,048 |
|
$ 29,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share - Basic |
|
$ 0.93 |
|
$ 0.95 |
|
$ 1.00 |
|
$ 1.02 |
Net income
per share - Diluted |
|
0.92 |
|
0.94 |
|
0.99 |
|
1.01 |
Cash
dividend declared per share |
|
0.30 |
|
0.29 |
|
0.29 |
|
0.29 |
|
|
|
|
|
|
|
|
|
Weighted
average shares - Basic |
|
29,223 |
|
29,223 |
|
29,178 |
|
29,157 |
Weighted
average shares - Diluted |
|
29,336 |
|
29,340 |
|
29,365 |
|
29,428 |
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Balance Sheet Data |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
|
$
79,538 |
|
$
111,126 |
|
$
87,922 |
|
$
82,515 |
Federal
funds sold and interest bearing due from banks |
|
113,499 |
|
103,204 |
|
229,076 |
|
84,852 |
Mortgage
loans held for sale |
|
6,535 |
|
7,069 |
|
6,397 |
|
2,606 |
Investment
securities |
|
1,465,453 |
|
1,542,753 |
|
1,600,603 |
|
1,617,834 |
Federal Home
Loan Bank stock |
|
26,241 |
|
27,366 |
|
23,226 |
|
10,928 |
Loans |
|
5,617,084 |
|
5,418,609 |
|
5,243,104 |
|
5,205,918 |
Allowance
for credit losses on loans |
|
78,075 |
|
77,710 |
|
75,673 |
|
73,531 |
Goodwill |
|
194,074 |
|
194,074 |
|
194,074 |
|
194,074 |
Total
assets |
|
7,903,430 |
|
7,732,552 |
|
7,667,648 |
|
7,496,261 |
Non-interest
bearing deposits |
|
1,714,918 |
|
1,766,132 |
|
1,845,302 |
|
1,950,198 |
Interest
bearing deposits |
|
4,687,889 |
|
4,442,248 |
|
4,511,893 |
|
4,441,054 |
Securities
sold under agreements to repurchase |
|
113,894 |
|
138,347 |
|
104,578 |
|
133,342 |
Federal
funds purchased |
|
11,518 |
|
11,646 |
|
14,745 |
|
8,789 |
Federal Home
Loan Bank advances |
|
350,000 |
|
400,000 |
|
275,000 |
|
50,000 |
Subordinated
debentures |
|
26,641 |
|
26,541 |
|
26,442 |
|
26,343 |
Stockholders' equity |
|
806,918 |
|
808,082 |
|
794,368 |
|
760,432 |
Total shares
outstanding |
|
29,323 |
|
29,323 |
|
29,324 |
|
29,259 |
Book value
per share (3) |
|
$
27.52 |
|
$
27.56 |
|
$
27.09 |
|
$
25.99 |
Tangible
common equity per share (3) |
|
20.17 |
|
20.17 |
|
19.66 |
|
18.50 |
Market value
per share |
|
39.29 |
|
45.37 |
|
55.14 |
|
64.98 |
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets (3) |
|
10.21% |
|
10.45% |
|
10.36% |
|
10.14% |
Tangible
common equity to tangible assets (3) |
|
7.69% |
|
7.87% |
|
7.74% |
|
7.44% |
Average
stockholders' equity to average assets |
|
10.39% |
|
10.53% |
|
10.26% |
|
9.79% |
Total
risk-based capital |
|
12.71% |
|
12.78% |
|
12.91% |
|
12.54% |
Common
equity tier 1 risk-based capital |
|
11.17% |
|
11.20% |
|
11.30% |
|
11.04% |
Tier 1
risk-based capital |
|
11.57% |
|
11.61% |
|
11.73% |
|
11.47% |
Leverage |
|
9.80% |
|
9.83% |
|
9.56% |
|
9.33% |
|
|
|
|
|
|
|
|
|
Stock Yards Bancorp, Inc. Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
Third Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Comparison |
Average Balance Sheet Data |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
Federal
funds sold and interest bearing due from banks |
|
$
124,653 |
|
$
131,958 |
|
$
140,831 |
|
$
235,448 |
Mortgage
loans held for sale |
|
7,112 |
|
8,420 |
|
6,460 |
|
6,735 |
Investment
securities |
|
1,659,888 |
|
1,719,045 |
|
1,754,620 |
|
1,786,383 |
Loans |
|
5,486,262 |
|
5,286,597 |
|
5,236,879 |
|
5,094,356 |
Total
interest earning assets |
|
7,305,205 |
|
7,171,094 |
|
7,154,286 |
|
7,133,850 |
Total
assets |
|
7,805,154 |
|
7,594,901 |
|
7,579,439 |
|
7,559,260 |
Interest
bearing deposits |
|
4,509,411 |
|
4,414,599 |
|
4,480,151 |
|
4,428,582 |
Total
deposits |
|
6,241,135 |
|
6,195,937 |
|
6,358,458 |
|
6,526,440 |
Securities
sold under agreement to repurchase |
|
127,063 |
|
113,051 |
|
122,049 |
|
117,138 |
Federal Home
Loan Bank advances |
|
401,630 |
|
348,352 |
|
163,056 |
|
1,087 |
Subordinated
debentures |
|
26,606 |
|
26,508 |
|
26,408 |
|
26,309 |
Total
interest bearing liabilities |
|
5,076,486 |
|
4,916,112 |
|
4,807,907 |
|
4,582,005 |
Total
stockholders' equity |
|
810,710 |
|
799,886 |
|
777,555 |
|
740,007 |
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
Annualized
return on average assets (4) |
|
1.38% |
|
1.46% |
|
1.55% |
|
1.56% |
Annualized
return on average equity (4) |
|
13.26% |
|
13.87% |
|
15.15% |
|
15.99% |
Net interest
margin, fully tax equivalent |
|
3.34% |
|
3.42% |
|
3.59% |
|
3.64% |
Non-interest
income to total revenue, fully tax equivalent |
|
27.15% |
|
27.24% |
|
25.85% |
|
26.12% |
Efficiency
ratio, fully tax equivalent (2) |
|
55.38% |
|
54.57% |
|
53.13% |
|
51.85% |
|
|
|
|
|
|
|
|
|
Loans Segmentation |
|
|
|
|
|
|
|
|
Commercial
real estate - non-owner occupied |
|
$
1,508,615 |
|
$
1,477,733 |
|
$
1,421,660 |
|
$
1,397,346 |
Commercial
real estate - owner occupied |
|
945,122 |
|
873,980 |
|
850,766 |
|
834,629 |
Commercial
and industrial |
|
1,246,200 |
|
1,226,554 |
|
1,205,222 |
|
1,230,976 |
Commercial
and industrial - PPP |
|
4,827 |
|
7,088 |
|
9,557 |
|
18,593 |
Residential
real estate - owner occupied |
|
696,162 |
|
664,870 |
|
620,417 |
|
591,515 |
Residential
real estate - non-owner occupied |
|
350,386 |
|
338,727 |
|
323,519 |
|
313,248 |
Construction
and land development |
|
480,120 |
|
451,324 |
|
439,673 |
|
445,690 |
Home equity
lines of credit |
|
203,184 |
|
202,574 |
|
200,933 |
|
200,725 |
Consumer |
|
143,703 |
|
139,602 |
|
136,412 |
|
139,461 |
Leases |
|
14,710 |
|
13,967 |
|
13,207 |
|
13,322 |
Credit
cards |
|
24,055 |
|
22,190 |
|
21,738 |
|
20,413 |
Total loans
and leases |
|
$ 5,617,084 |
|
$ 5,418,609 |
|
$ 5,243,104 |
|
$ 5,205,918 |
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
Non-accrual
loans |
|
$
17,227 |
|
$
17,364 |
|
$
17,389 |
|
$
14,242 |
Troubled
debt restructurings |
|
- |
|
- |
|
- |
|
- |
Loans past
due 90 days or more and still accruing |
|
1 |
|
437 |
|
894 |
|
892 |
Total
non-performing loans |
|
17,228 |
|
17,801 |
|
18,283 |
|
15,134 |
Other real
estate owned |
|
427 |
|
677 |
|
677 |
|
677 |
Total
non-performing assets |
|
$ 17,655 |
|
$ 18,478 |
|
$ 18,960 |
|
$ 15,811 |
Non-performing loans to total loans (5) |
|
0.31% |
|
0.33% |
|
0.35% |
|
0.29% |
Non-performing assets to total assets |
|
0.22% |
|
0.24% |
|
0.25% |
|
0.21% |
Allowance
for credit losses on loans to total loans (5) |
|
1.39% |
|
1.43% |
|
1.44% |
|
1.41% |
Allowance
for credit losses on loans to average loans |
|
1.42% |
|
1.47% |
|
1.45% |
|
1.44% |
Allowance
for credit losses on loans to non-performing loans |
|
453% |
|
437% |
|
414% |
|
486% |
Net
(charge-offs) recoveries |
|
$
(1,935) |
|
$
(113) |
|
$
(108) |
|
$
(152) |
Net
(charge-offs) recoveries to average loans (7) |
|
-0.04% |
|
-0.00% |
|
-0.00% |
|
-0.00% |
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
Total assets
under management (in millions) |
|
$
6,670 |
|
$
6,976 |
|
$
6,764 |
|
$
6,585 |
Full-time
equivalent employees |
|
1,067 |
|
1,064 |
|
1,044 |
|
1,040 |
|
|
|
|
|
|
|
|
|
(1) - Detail of Provision for credit losses follows: |
|
|
Quarterly Comparison |
(in
thousands) |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
Provision
for credit losses - loans |
|
$
2,300 |
|
$
2,150 |
|
$
2,250 |
|
$
3,600 |
Provision
for credit losses - off balance sheet exposures |
|
475 |
|
200 |
|
375 |
|
(225) |
Total
provision for credit losses |
|
$ 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) |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
Total
non-interest expenses (a) |
|
$
46,702 |
|
$
45,800 |
|
$
45,314 |
|
$
45,946 |
Less: Loss on disposition of Landmark Financial
Advisors |
|
- |
|
- |
|
- |
|
(870) |
Less: Amortization of investments in tax credit
partnerships |
|
(323) |
|
(324) |
|
(323) |
|
(88) |
Total
non-interest expenses - Non-GAAP (c) |
|
$ 46,379 |
|
$ 45,476 |
|
$ 44,991 |
|
$ 44,988 |
|
|
|
|
|
|
|
|
|
Total net
interest income, fully tax equivalent |
|
$
61,437 |
|
$
61,074 |
|
$
63,245 |
|
$
65,469 |
Total
non-interest income |
|
22,896 |
|
22,860 |
|
22,047 |
|
23,142 |
Total
revenue - Non-GAAP (b) |
|
84,333 |
|
83,934 |
|
85,292 |
|
88,611 |
Less: Gain/loss on sale of premises and equipment |
|
(302) |
|
225 |
|
2 |
|
(1,295) |
Less: Gain/loss on sale of securities |
|
- |
|
- |
|
- |
|
- |
Total
adjusted revenue - Non-GAAP (d) |
|
$ 84,031 |
|
$ 84,159 |
|
$ 85,294 |
|
$ 87,316 |
|
|
|
|
|
|
|
|
|
Efficiency
ratio - Non-GAAP (a/b) |
|
55.38% |
|
54.57% |
|
53.13% |
|
51.85% |
Adjusted
efficiency ratio - Non-GAAP (c/d) |
|
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) |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
Total
stockholders' equity - GAAP (a) |
|
$
806,918 |
|
$
808,082 |
|
$
794,368 |
|
$
760,432 |
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
Less: Core deposit and other intangibles |
|
(21,471) |
|
(22,638) |
|
(23,810) |
|
(24,990) |
Tangible
common equity - Non-GAAP (c) |
|
$ 591,373 |
|
$ 591,370 |
|
$ 576,484 |
|
$ 541,368 |
|
|
|
|
|
|
|
|
|
Total assets
- GAAP (b) |
|
$
7,903,430 |
|
$
7,732,552 |
|
$
7,667,648 |
|
$
7,496,261 |
Less: Goodwill |
|
(194,074) |
|
(194,074) |
|
(194,074) |
|
(194,074) |
Less: Core deposit and other intangibles |
|
(21,471) |
|
(22,638) |
|
(23,810) |
|
(24,990) |
Tangible
assets - Non-GAAP (d) |
|
$ 7,687,885 |
|
$ 7,515,840 |
|
$ 7,449,764 |
|
$ 7,277,197 |
|
|
|
|
|
|
|
|
|
Total
stockholders' equity to total assets - GAAP (a/b) |
|
10.21% |
|
10.45% |
|
10.36% |
|
10.14% |
Tangible
common equity to tangible assets - Non-GAAP (c/d) |
|
7.69% |
|
7.87% |
|
7.74% |
|
7.44% |
|
|
|
|
|
|
|
|
|
Total shares
outstanding (e) |
|
29,323 |
|
29,323 |
|
29,324 |
|
29,259 |
|
|
|
|
|
|
|
|
|
Book value
per share - GAAP (a/e) |
|
$
27.52 |
|
$
27.56 |
|
$
27.09 |
|
$
25.99 |
Tangible
common equity per share - Non-GAAP (c/e) |
|
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. 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) |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
Net income
attributable to stockholders - GAAP (a) |
|
$
27,092 |
|
$
27,664 |
|
$
29,048 |
|
$
29,817 |
Add: Loss on disposition of Landmark Financial
Advisors |
|
- |
|
- |
|
- |
|
870 |
Less: Gain/loss on sale of premises and equipment |
|
(302) |
|
225 |
|
2 |
|
(1,295) |
Less: Tax effect of adjustments to net income |
|
66 |
|
(50) |
|
- |
|
100 |
Total net
income - Non-GAAP (b) |
|
$ 26,856 |
|
$ 27,664 |
|
$ 29,050 |
|
$ 29,492 |
|
|
|
|
|
|
|
|
|
Total
average assets (c) |
|
$
7,805,154 |
|
$
7,594,901 |
|
$
7,579,439 |
|
$
7,559,260 |
|
|
|
|
|
|
|
|
|
Total
average stockholder equity (d) |
|
810,710 |
|
799,886 |
|
777,555 |
|
740,007 |
|
|
|
|
|
|
|
|
|
Return on
average assets - GAAP (a/c) |
|
1.38% |
|
1.46% |
|
1.55% |
|
1.56% |
Return on
average assets - Non-GAAP (b/c) |
|
1.37% |
|
1.46% |
|
1.55% |
|
1.55% |
|
|
|
|
|
|
|
|
|
Return on
average equity - GAAP (a/d) |
|
13.26% |
|
13.87% |
|
15.15% |
|
15.99% |
Return on
average equity - Non-GAAP (b/d) |
|
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) |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
Total Loans
- GAAP (a) |
|
$
5,617,084 |
|
$
5,418,609 |
|
$
5,243,104 |
|
$
5,205,918 |
Less: PPP loans |
|
(4,827) |
|
(7,088) |
|
(9,557) |
|
(18,593) |
Total
non-PPP Loans - Non-GAAP (b) |
|
$ 5,612,257 |
|
$ 5,411,521 |
|
$ 5,233,547 |
|
$ 5,187,325 |
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans (c) |
|
$
78,075 |
|
$
77,710 |
|
$
75,673 |
|
$
73,531 |
Total
non-performing loans (d) |
|
17,228 |
|
17,801 |
|
18,283 |
|
15,134 |
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans to total loans - GAAP (c/a) |
|
1.39% |
|
1.43% |
|
1.44% |
|
1.41% |
Allowance
for credit losses on loans to total loans - Non-GAAP (c/b) |
|
1.39% |
|
1.44% |
|
1.45% |
|
1.42% |
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans - GAAP (d/a) |
|
0.31% |
|
0.33% |
|
0.35% |
|
0.29% |
Non-performing loans to total loans - Non-GAAP (d/b) |
|
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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