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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stock Yards Bancorp Inc | NASDAQ:SYBT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 49.07 | 40.95 | 49.72 | 0 | 12:00:00 |
SYBT Reports Record Deposit Growth in a Difficult Operating Environment
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported results for the second quarter ended June 30, 2020. Net income for the second quarter was $13.4 million, or $0.59 per diluted share, compared with net income of $16.5 million, or $0.72 per diluted share, for the second quarter of 2019. The comparability of second quarter net income was impacted by a favorable state tax law change and acquisition deal costs during the second quarter of 2019.
(dollar amounts in thousands, except per share data)
2Q20
1Q20
2Q19
Net interest income
$ 33,528
$ 32,446
$ 30,802
Provision for credit losses
5,550
5,550
–
Non-interest income
12,622
12,536
12,224
Non-interest expenses
24,884
23,950
25,453
Income before income tax expense
15,716
15,482
17,573
Income tax expense
2,348
2,250
1,030
Net income
$ 13,368
$ 13,232
$ 16,543
Net income per share, diluted
$ 0.59
$ 0.58
$ 0.72
Net interest margin
3.27%
3.71%
3.81%
Efficiency ratio
53.87%
53.19%
59.08%
Tangible common equity to tangible assets(1)
9.39%
10.48%
10.85%
Annualized return on average equity
12.90%
13.18%
17.40%
Annualized return on average assets
1.25%
1.43%
1.93%
In commenting on the second quarter results, Chief Executive Officer James A. (Ja) Hillebrand said, “In this quarter of significant pandemic-related and broad-based economic challenges, we delivered solid results, as we continued to work diligently to support customers, communities and our employees while prudently managing risk. Our second quarter results reflect the benefit of our diversified business model with pre-tax, pre-provision income increasing 21%(2), led by record mortgage banking income and controlled non-interest expenses when compared to the same quarter last year.
“Our team of lenders rose to the challenge during the quarter, as our participation in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) stood out in our markets. Our expertise, agility and ultimate success in this arena as a community bank not only allowed us to assist over 3,200 customers and originate $647 million in loans, but also add new relationships with strong future growth opportunities.
“Despite minimal charge-offs and sound credit metrics, under the CECL methodology we recorded a significant provision for credit losses during the second quarter based on the predicted impact of the pandemic due to rising unemployment forecasts and changing macro-economic conditions. While we realize the recovery may be a marathon and not a sprint, having significant loan reserves, excluding PPP loans of 1.68%(3), brings a strong sense of comfort as we navigate through the pandemic.”
Key factors impacting second quarter of 2020 results included:
Hillebrand added, “In a very difficult operating environment, we achieved increases in both net interest income, fueled by PPP loan growth and falling deposit costs, and non-interest income led by record mortgage banking income. We have also continued our conservative stance towards credit, preparing our balance sheet for the potential impacts of the pandemic. Also, we were honored to once again be ranked in the top 10% of community banks through the 2019 Raymond James Community Bankers Cup based on profitability, operational efficiency and balance sheet metrics.
“Against the backdrop of the pandemic and disruptions in our geographic locations, our team has focused intently on controlling what we can in order to protect our business. We feel that we have adequately reserved for future contingencies based upon the current economic environment, unemployment forecasts and consumer behavior trends. Further, we have taken full advantage of investments made in technology in order to continue to service and stay connected to our customers, worked aggressively to protect our financial position and taken actions to ensure that we are well-positioned to drive our business forward. We also continue to monitor all state and local developments in order to protect our employees and customers. Based on our strong capital base, diversified loan portfolio, conservative loan underwriting philosophy and multiple sources of revenue, we expect to navigate these uncertain times and, I believe, come out of the current crisis stronger than we entered.”
Results of Operations – Second Quarter 2020 Compared with Second Quarter 2019
Net interest income – the Company’s largest source of revenue – increased approximately $2.7 million, or 9%, to $33.5 million driven primarily by a 27% increase in average earning assets, offset by a decline in net interest margin.
Loan loss provisioning for the second quarter of 2020 was significantly affected by the economic crisis and corresponding impact on national unemployment forecast adjustments within the CECL model. The provision for the second quarter of 2020 reflected $4.6 million related to the potential impact of the pandemic, offset by a reduction of $1.1 million associated with non-PPP loan portfolio contraction. Additionally, during the second quarter, the Bank recorded a $2.0 million specific reserve related to a commercial real estate (CRE) loan that was placed on non-accrual status.
Non-interest income increased $398 thousand, or 3%, to $12.6 million.
Non-interest expenses decreased $569 thousand, or 2%, to $24.9 million.
Financial Condition – June 30, 2020 Compared with December 31, 2019
Total loans increased $619 million, or 22%, during the first six months of the year. Excluding the PPP loan portfolio, total loans contracted $11 million, with $67 million of growth in the CRE portfolio offset by a $74 million decline in the C&I portfolio – primarily operating lines of credit.
In response to requests from borrowers who experienced business interruptions or personal cash flow interruptions related to the pandemic, the Company has made short-term (predominantly 3 months) loan modifications involving primarily full-payment deferrals. Through the close of the second quarter, approximately $502 million in full payment deferrals had been processed, with the largest concentration in the CRE and C&I segments. Approximately 85% of these short-term deferrals were made during the month of April with the subsequent pace slowing significantly. Pursuant to the CARES Act, these loan deferrals are not included in non-performing loan statistics.
The Company’s management team continues to analyze the evolving economic conditions in its markets while closely monitoring credit metrics, particularly related to the following pandemic sensitive industries:
Industry Segments (dollars in millions)
Outstanding
% of Total Loans *
Shopping Centers
$
58
2.0 %
Lodging / Hotels
62
2.2 %
Nursing homes / Residential Care
50
1.8 %
Recreation / Entertainment
56
2.0 %
Restaurants / Bars
30
1.0 %
Travel Related
24
0.8 %
* - Total loans exclude PPP loans.
Total deposits increased $593 million, or 19%, from December 31, 2019 to June 30, 2020 with non-interest bearing deposits representing $395 million of the increase. Both period end and average deposit balances ended at record levels at June 30, 2020 in part as a result of the second quarter PPP. Commercial customers who were awarded SBA PPP funding have generally been slow in deploying the funds held on deposit at the Bank. In addition, customers appear to be exhibiting subdued behavior similar to the Great Recession and maintaining higher deposit balances in general.
At June 30, 2020, the Company remained “well capitalized” – the highest regulatory capital rating for financial institutions with increases in all capital ratios with the exception of the leverage ratio due to outsized balance sheet growth attributed to PPP participation. Total equity to assets was 9.69% and the tangible common equity ratio was 9.39%(1) at June 30, 2020, compared to 10.91% and 10.55%(1), respectively, at December 31, 2019, with the decline attributable to the January 1, 2020 CECL adoption, the prior year acquisition and the impact of loan growth – especially PPP. The Company expects to continue to build capital levels given the current environment.
In May 2020, the Company’s Board of Directors continued the dividend rate of $0.27 per common share initially set in November 2019. Given the current economic uncertainty, the Company is committed to maintaining its current dividend level and will continue to evaluate the related impact on capital levels quarterly.
Based on recent economic developments and the increased importance of capital preservation, no shares were repurchased in 2020. Approximately 741 thousand shares remain eligible for repurchase under the current buy-back plan.
Results of Operations – Second Quarter 2020 Compared with First Quarter 2020
Net interest income increased $1.1 million over the prior quarter to $33.5 million, reflecting strong average balance sheet growth offset by significant interest rate movement over the same period.
Loan provisioning in 2020 has been significantly impacted by the economic crisis and its impact upon the national unemployment forecast within the CECL model, changes in the loan mix and the addition of a large specific reserve during the second quarter of 2020.
Non-interest income increased $86 thousand to $12.6 million.
Non-interest expenses increased $934 thousand, or 4%, to $24.9 million.
Financial Condition – June 30, 2020 Compared with March 31, 2020
Total loans increased $527 million, or 18%, primarily attributable to the PPP program. Excluding the PPP portfolio, total loans contracted $103 million with the largest decline in the C&I category. Total line of credit usage declined significantly to 39% as of June 30, 2020 from 45% at March 31, 2020.
Total deposits increased $528 million, or 17%, on a linked quarter basis. Commercial customers who were awarded SBA PPP funding have generally been cautious in deploying the funds held on deposit at the Bank. In addition, customers appear to be exhibiting subdued behavior and are maintaining higher deposit balances in general.
Stockholders’ equity increased $11 million in the second quarter of 2020 compared with the prior quarter, with net income of $13.4 million and the positive change in equity related to the Bank’s investment portfolio offset by dividends declared.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $4.3 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 subsidiary operates; competition for the Company’s customers from other providers of financial services; 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; the effects of the FRB’s benchmark interest rate cuts on liquidity and margins; the potential adverse effects of the coronavirus or any other pandemic on the ability of borrowers to satisfy their obligations to the Company, the level of the Company’s non-performing assets, the demand for the Company’s loans or its other products and services, other aspects of the Company’s business and operations, and financial markets and economic growth, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See “Risk Factors” outlined in the Company’s Form 10-K for the year ended December 31, 2019.
Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2020 Earnings Release (In thousands unless otherwise noted) Three Months Ended Six Months Ended June 30, June 30, Income Statement Data2020
2019
2020
2019
Net interest income, fully tax equivalent (4)$ 33,573
$ 30,857
$ 66,066
$ 60,597
Interest income: Loans$ 34,099
$ 33,447
$ 67,848
$ 65,018
Federal funds sold and interest bearing due from banks88
830
619
1,563
Mortgage loans held for sale125
43
186
80
Securities2,194
2,676
4,735
5,391
Total interest income36,506
36,996
73,388
72,052
Interest expense: Deposits2,607
5,652
6,569
10,718
Securities sold under agreements to repurchase andother short-term borrowings
10
92
55
177
Federal Home Loan Bank (FHLB) advances and other long-term debt361
450
790
671
Total interest expense2,978
6,194
7,414
11,566
Net interest income33,528
30,802
65,974
60,486
Provision for credit losses5,550
-
11,100
600
Net interest income after provision for credit losses27,978
30,802
54,874
59,886
Non-interest income: Wealth management and trust services5,726
5,662
11,944
11,101
Deposit service charges800
1,260
2,083
2,438
Debit and credit card income2,063
2,168
4,043
3,912
Treasury management fees1,249
1,202
2,533
2,359
Mortgage banking income1,622
760
2,468
1,210
Net investment product sales commissions and fees391
364
857
720
Bank owned life insurance176
184
355
362
Other595
624
875
1,130
Total non-interest income12,622
12,224
25,158
23,232
Non-interest expenses: Compensation11,763
12,715
23,996
24,516
Employee benefits2,871
2,807
6,038
5,362
Net occupancy and equipment2,089
1,967
3,970
3,816
Technology and communication1,947
1,848
3,960
3,621
Debit and credit card processing603
631
1,259
1,218
Marketing and business development465
903
1,025
1,528
Postage, printing and supplies442
410
883
816
Legal and professional628
1,523
1,251
2,057
Amortization of investments in tax credit partnerships53
52
89
104
Capital and deposit based taxes1,225
967
2,255
1,871
Credit loss expense for off-balance sheet exposures1,475
-
1,850
-
Other1,323
1,630
2,258
3,156
Total non-interest expenses24,884
25,453
48,834
48,065
Income before income tax expense15,716
17,573
31,198
35,053
Income tax expense2,348
1,030
4,598
2,869
Net income$ 13,368
$ 16,543
$ 26,600
$ 32,184
Net income per share - Basic$ 0.59
$ 0.73
$ 1.18
$ 1.42
Net income per share - Diluted0.59
0.72
1.17
1.40
Cash dividend declared per share0.27
0.26
0.54
0.51
Weighted average shares - Basic22,560
22,689
22,538
22,675
Weighted average shares - Diluted22,739
22,949
22,737
22,948
June 30, Balance Sheet Data2020
2019
Loans$ 3,464,077
$ 2,763,880
Allowance for credit losses47,708
26,416
Total assets4,334,533
3,463,823
Non-interest bearing deposits1,205,253
777,652
Interest bearing deposits2,521,903
2,105,801
FHLB advances61,432
84,279
Stockholders' equity420,231
389,365
Total shares outstanding22,667
22,721
Book value per share (1)$ 18.54
$ 17.14
Tangible common equity per share (1)17.89
16.46
Market value per share40.20
36.15
Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2020 Earnings Release Three Months Ended Six Months Ended June 30, June 30, Average Balance Sheet Data2020
2019
2020
2019
Federal funds sold and interest bearing due from banks$ 285,617
$ 137,130
$ 227,090
$ 129,701
Mortgage loans held for sale18,010
3,794
11,481
2,766
Securities available for sale412,368
435,391
429,525
436,498
FHLB stock11,284
10,590
11,284
10,392
Loans3,396,767
2,658,036
3,144,218
2,593,712
Total earning assets4,124,046
3,244,941
3,823,598
3,173,069
Total assets4,317,430
3,436,175
4,013,775
3,354,172
Interest bearing deposits2,500,315
2,112,768
2,408,545
2,080,976
Total deposits3,713,451
2,867,360
3,416,847
2,805,872
Securities sold under agreement to repurchase and other short-term borrowings49,940
51,743
46,840
50,357
FHLB advances and other long-term borrowings63,896
74,420
68,918
61,264
Total interest bearing liabilities2,614,151
2,238,931
2,524,303
2,192,597
Total stockholders' equity416,920
381,270
410,311
376,198
Performance Ratios Annualized return on average assets1.25%
1.93%
1.33%
1.93%
Annualized return on average equity12.90%
17.40%
13.04%
17.25%
Net interest margin, fully tax equivalent3.27%
3.81%
3.47%
3.85%
Non-interest income to total revenue, fully tax equivalent27.32%
28.37%
27.58%
27.71%
Efficiency ratio, fully tax equivalent (5)53.87%
59.08%
53.53%
57.34%
Capital Ratios Total stockholders' equity to total assets (1)9.69%
11.24%
Tangible common equity to tangible assets (1)9.39%
10.85%
Average stockholders' equity to average assets10.22%
11.22%
Total risk-based capital13.50%
12.67%
Common equity tier 1 risk-based capital12.39%
11.82%
Tier 1 risk-based capital12.39%
11.82%
Leverage9.50%
10.91%
Loan Segmentation Commercial real estate - non-owner occupied$ 815,464
$ 706,310
Commercial real estate - owner occupied472,457
440,216
Commercial and industrial764,480
837,752
Commercial and industrial - PPP630,082
-
Residential real estate - owner occupied215,891
247,789
Residential real estate - non-owner occupied139,121
105,509
Construction and land development255,447
253,358
Home equity lines of credit103,672
99,610
Consumer43,758
43,937
Leases14,843
21,914
Credit cards - commercial8,862
7,485
Total loans and leases$ 3,464,077
$ 2,763,880
Asset Quality Data Non-accrual loans$ 14,262
$ 3,030
Troubled debt restructurings45
37
Loans past due 90 days or more and still accruing48
861
Total non-performing loans14,355
3,928
Other real estate owned493
563
Total non-performing assets$ 14,848
$ 4,491
Non-performing loans to total loans0.41%
0.14%
Non-performing assets to total assets0.34%
0.13%
Allowance for credit losses to total loans1.38%
0.96%
Allowance for credit losses to average loans1.52%
1.02%
Allowance for credit losses to non-performing loans332%
673%
Net (charge-offs) recoveries$ 15
$ (48)
$ (39)
$ 282
Net (charge-offs) recoveries to average loans (6)0.00%
0.00%
0.00%
0.01%
Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2020 Earnings Release Quarterly Comparison Income Statement Data 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Net interest income, fully tax equivalent (4)$ 33,573
$ 32,494
$ 32,808
$ 32,167
$ 30,857
Net interest income$ 33,528
$ 32,446
$ 32,756
$ 32,106
$ 30,802
Provision for credit losses5,550
5,550
-
400
-
Net interest income after provision for credit losses27,978
26,896
32,756
31,706
30,802
Non-interest income: Wealth management and trust services5,726
6,218
5,804
5,738
5,662
Deposit service charges800
1,283
1,399
1,356
1,260
Debit and credit card income2,063
1,980
2,109
2,102
2,168
Treasury management fees1,249
1,284
1,369
1,264
1,202
Mortgage banking income1,622
846
930
794
760
Net investment product sales commissions and fees391
466
378
400
364
Bank owned life insurance176
179
182
487
184
Other595
280
816
1,068
624
Total non-interest income12,622
12,536
12,987
13,209
12,224
Non-interest expenses: Compensation11,763
12,233
13,473
12,330
12,715
Employee benefits2,871
3,167
2,510
2,819
2,807
Net occupancy and equipment2,089
1,881
2,374
2,189
1,967
Technology and communication1,947
2,013
1,636
1,841
1,848
Debit and credit card processing603
656
613
662
631
Marketing and business development465
560
1,367
732
903
Postage, printing and supplies442
441
434
402
410
Legal and professional628
623
433
524
1,523
Amortization of investments in tax credit partnerships53
36
837
137
52
Capital and deposit based taxes1,225
1,030
1,006
993
967
Credit loss expense for off-balance sheet exposures1,475
375
-
-
-
Other1,323
935
1,470
1,269
1,630
Total non-interest expenses24,884
23,950
26,153
23,898
25,453
Income before income tax expense15,716
15,482
19,590
21,017
17,573
Income tax expense2,348
2,250
2,941
3,783
1,030
Net income$ 13,368
$ 13,232
$ 16,649
$ 17,234
$ 16,543
Net income per share - Basic$ 0.59
$ 0.59
$ 0.74
$ 0.76
$ 0.73
Net income per share - Diluted0.59
0.58
0.73
0.76
0.72
Cash dividend declared per share0.27
0.27
0.27
0.26
0.26
Weighted average shares - Basic22,560
22,516
22,493
22,550
22,689
Weighted average shares - Diluted22,739
22,736
22,760
22,810
22,949
Quarterly Comparison Balance Sheet Data 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Cash and due from banks$ 46,362
$ 47,662
$ 46,863
$ 68,107
$ 51,264
Federal funds sold and interest bearing due from banks178,032
206,849
202,861
68,107
64,775
Mortgage loans held for sale17,364
8,141
8,748
6,329
3,922
Securities available for sale485,249
445,813
470,738
375,601
423,579
FHLB stock11,284
11,284
11,284
11,284
11,284
Loans3,464,077
2,937,366
2,845,016
2,856,664
2,763,880
Allowance for credit losses47,708
42,143
26,791
26,877
26,416
Total assets4,334,533
3,784,586
3,724,197
3,533,926
3,463,823
Non-interest bearing deposits1,205,253
858,883
810,475
795,793
777,652
Interest bearing deposits2,521,903
2,339,995
2,323,463
2,150,520
2,105,801
Securities sold under agreements to repurchase42,722
32,366
31,985
33,172
33,809
Federal funds purchased8,401
9,747
10,887
9,957
12,012
FHLB advances61,432
69,191
79,953
81,985
84,279
Stockholders' equity420,231
409,702
406,297
396,111
389,365
Total shares outstanding22,667
22,665
22,604
22,597
22,721
Book value per share (1)$ 18.54
$ 18.08
$ 17.97
$ 17.53
$ 17.14
Tangible common equity per share (1)17.89
17.43
17.32
16.87
16.46
Market value per share40.20
28.93
41.06
36.69
36.15
Capital Ratios Total stockholders' equity to total assets (1)9.69%
10.83%
10.91%
11.21%
11.24%
Tangible common equity to tangible assets (1)9.39%
10.48%
10.55%
10.83%
10.85%
Average stockholders' equity to average assets9.66%
10.88%
10.81%
11.22%
11.10%
Total risk-based capital13.50%
12.75%
12.85%
12.53%
12.67%
Common equity tier 1 risk-based capital12.39%
11.81%
12.02%
11.69%
11.82%
Tier 1 risk-based capital12.39%
11.81%
12.02%
11.69%
11.82%
Leverage9.50%
10.78%
10.60%
10.90%
10.91%
Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2020 Earnings Release Quarterly Comparison Average Balance Sheet Data 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Federal funds sold and interest bearing due from banks$ 285,617
$ 168,563
$ 187,865
$ 98,569
$ 137,130
Mortgage loans held for sale18,010
4,953
5,889
3,887
3,794
Securities available for sale412,368
449,610
476,360
396,686
435,391
Loans3,396,767
2,891,668
2,828,142
2,791,389
2,658,036
Total earning assets4,124,046
3,526,078
3,509,573
3,301,848
3,244,941
Total assets4,317,430
3,710,119
3,709,250
3,502,267
3,436,175
Interest bearing deposits2,500,315
2,316,774
2,284,195
2,127,769
2,112,768
Total deposits3,713,451
3,120,242
3,108,640
2,912,631
2,867,360
Securities sold under agreement to repurchase and other short-term borrowings49,940
43,739
49,881
48,376
51,743
FHLB advances63,896
73,939
80,457
83,386
74,420
Total interest bearing liabilities2,614,151
2,434,452
2,414,533
2,259,531
2,238,931
Total stockholders' equity416,920
403,702
400,870
392,840
381,270
Performance Ratios Annualized return on average assets1.25%
1.43%
1.78%
1.95%
1.93%
Annualized return on average equity12.90%
13.18%
16.48%
17.41%
17.40%
Net interest margin, fully tax equivalent3.27%
3.71%
3.71%
3.87%
3.81%
Non-interest income to total revenue, fully tax equivalent27.32%
27.84%
28.36%
29.11%
28.37%
Efficiency ratio, fully tax equivalent (5)53.87%
53.19%
57.11%
52.67%
59.08%
Loans Segmentation Commercial real estate - non-owner occupied$ 815,464
$ 799,284
$ 746,283
$ 737,464
$ 706,310
Commercial real estate - owner occupied472,457
476,534
474,329
458,526
440,216
Commercial and industrial764,480
883,868
838,800
853,901
837,752
Commercial and industrial - PPP630,082
-
-
-
-
Residential real estate - owner occupied215,891
219,221
217,606
221,411
247,789
Residential real estate - non-owner occupied139,121
134,734
134,995
127,934
105,509
Construction and land development255,447
246,040
255,816
278,910
253,358
Home equity lines of credit103,672
107,121
103,854
105,935
99,610
Consumer43,758
44,939
47,467
43,568
43,937
Leases14,843
15,476
16,003
19,934
21,914
Credit cards - commercial8,862
10,149
9,863
9,081
7,485
Total loans and leases$ 3,464,077
$ 2,937,366
$ 2,845,016
$ 2,856,664
$ 2,763,880
Asset Quality Data Non-accrual loans$ 14,262
$ 4,235
$ 11,494
$ 2,722
$ 3,030
Troubled debt restructurings45
52
34
35
37
Loans past due 90 days or more and still accruing48
1,762
535
487
861
Total non-performing loans14,355
6,049
12,063
3,244
3,928
Other real estate owned493
493
493
563
563
Total non-performing assets$ 14,848
$ 6,542
$ 12,556
$ 3,807
$ 4,491
Non-performing loans to total loans0.41%
0.21%
0.42%
0.11%
0.14%
Non-performing assets to total assets0.34%
0.17%
0.34%
0.11%
0.13%
Allowance for credit losses to total loans1.38%
1.43%
0.94%
0.94%
0.96%
Allowance for credit losses to average loans1.40%
1.46%
0.95%
0.96%
0.99%
Allowance for credit losses to non-performing loans332%
697%
222%
829%
673%
Net (charge-offs) recoveries$ 15
$ (54)
$ (86)
$ 61
$ (48)
Net (charge-offs) recoveries to average loans (6)0.00%
0.00%
0.00%
0.00%
0.00%
Other Information Total assets under management (in millions)$ 3,204
$ 2,961
$ 3,320
$ 3,116
$ 3,068
Full-time equivalent employees620
618
615
622
615
(1) - The following table provides a reconciliation of total stockholders’ equity in accordance with U.S. Generally Accepted Accounting Principles (“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) 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Total stockholders' equity - GAAP (a)$ 420,231
$ 409,702
$ 406,297
$ 396,111
$ 389,365
Less: Goodwill(12,513)
(12,513)
(12,513)
(12,593)
(12,826)
Less: Core deposit intangible(2,122)
(2,203)
(2,285)
(2,373)
(2,461)
Tangible common equity - Non-GAAP (c)$ 405,596
$ 394,986
$ 391,499
$ 381,145
$ 374,078
Total assets - GAAP (b)$ 4,334,533
$ 3,784,586
$ 3,724,197
$ 3,533,926
$ 3,463,823
Less: Goodwill(12,513)
(12,513)
(12,513)
(12,593)
(12,826)
Less: Core deposit intangible(2,122)
(2,203)
(2,285)
(2,373)
(2,461)
Tangible assets - Non-GAAP (d)$ 4,319,898
$ 3,769,870
$ 3,709,399
$ 3,518,960
$ 3,448,536
Total stockholders' equity to total assets - GAAP (a/b)9.69%
10.83%
10.91%
11.21%
11.24%
Tangible common equity to tangible assets - Non-GAAP (c/d)9.39%
10.48%
10.55%
10.83%
10.85%
Total shares outstanding (e)22,667
22,665
22,604
22,597
22,721
Book value per share - GAAP (a/e)$ 18.54
$ 18.08
$ 17.97
$ 17.53
$ 17.14
Tangible common equity per share - Non-GAAP (c/e)17.89
17.43
17.32
16.87
16.46
(2) - Pre-tax, pre-provision income is a non-GAAP financial measure. Bancorp believes this non-GAAP metric is important because it provides a comparable basis after eliminating pandemic related loan loss provisioning in 2020 in addition to significant state tax adjustments posted in 2019 related to two separate State tax law changes. Quarterly Comparison (Dollars in thousands) 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Net interest income$ 33,528
$ 32,446
$ 32,756
$ 32,106
$ 30,802
Non-interest income12,622
12,536
12,987
13,209
12,224
Non-interest expenses24,884
23,950
26,153
23,898
25,453
Pre-tax, pre-provision income - Non-GAAP$ 21,266
$ 21,032
$ 19,590
$ 21,417
$ 17,573
Pre-tax, pre-provision income - Non-GAAP$ 21,266
$ 21,032
$ 19,590
$ 21,417
$ 17,573
Provision for credit losses5,550
5,550
-
400
-
Income tax expense2,348
2,250
2,941
3,783
1,030
Net income - GAAP$ 13,368
$ 13,232
$ 16,649
$ 17,234
$ 16,543
(3) - Allowance to total non-PPP loans represents the allowance for credit losses, divided by total loans less PPP loans. Bancorp believes this non-GAAP ratio is important because it provides 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. Total Loans - GAAP (b)$ 3,464,077
$ 2,937,366
$ 2,845,016
$ 2,856,664
$ 2,763,880
Less: PPP loans(630,082)
-
-
-
-
Total non-PPP Loans - Non-GAAP (c)$ 2,833,995
$ 2,937,366
$ 2,845,016
$ 2,856,664
$ 2,763,880
Allowance for credit losses (a)$ 47,708
$ 42,143
$ 26,791
$ 26,877
$ 26,416
Allowance for credit losses to total loans - GAAP (a/b)1.38%
1.43%
0.94%
0.94%
0.96%
Allowance for credit losses to total loans - Non-GAAP (a/c)1.68%
1.43%
0.94%
0.94%
0.96%
(4) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income. (5) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of fully tax equivalent net interest income and non-interest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities, if applicable. In addition to the efficiency ratio normally presented, Bancorp considers an adjusted efficiency ratio. Bancorp believes this ratio is important because it provides a comparable ratio after eliminating the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships. Quarterly Comparison (Dollars in thousands) 6/30/20 3/31/20 12/31/19 9/30/19 6/30/19 Total non-interest expenses - GAAP (a)$ 24,884
$ 23,950
$ 26,153
$ 23,898
$ 25,453
Less: Amortization of investments in tax credit partnerships(53)
(36)
(837)
(137)
(52)
Total non-interest expenses - Non-GAAP (c)$ 24,831
$ 23,914
$ 25,316
$ 23,761
$ 25,401
Total net interest income, fully tax equivalent$ 33,573
$ 32,494
$ 32,808
$ 32,167
$ 30,857
Total non-interest income12,622
12,536
12,987
13,209
12,224
Less: Gain/loss on sale of securities-
-
-
-
-
Total revenue - GAAP (b)$ 46,195
$ 45,030
$ 45,795
$ 45,376
$ 43,081
Efficiency ratio - GAAP (a/b)53.87%
53.19%
57.11%
52.67%
59.08%
Efficiency ratio - Non-GAAP (c/b)53.75%
53.11%
55.28%
52.36%
58.96%
(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200722005258/en/
T. Clay Stinnett Executive Vice President, Treasurer and Chief Financial Officer (502) 625-0890
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