Stock Yards Bancorp Reports First Quarter Earnings of $13.2 Million or $0.59 Per Diluted Share

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[{"type":"text","content":"\nSYBT Reports Record First Quarter Loan Production, Deposit Growth in a Difficult Operating Environment \n\n LOUISVILLE, Ky.--(BUSINESS WIRE)--\nStock 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 first quarter ended March 31, 2020. Net income for the first quarter was $13.2 million or $0.59 per diluted share compared with net income of $15.6 million or $0.68 per diluted share for the first quarter of 2019. As previously disclosed, the first quarter 2019 results included a favorable $1.3 million or $0.06 per diluted share non-recurring state tax adjustment related to a tax law change.\n\n\n\n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n\n\n\n(dollar amounts in thousands, except per share data)\n\n\n \n\n1Q20\n\n\n \n\n4Q19\n\n\n \n\n1Q19\n\n\n\n\n\nNet interest income\n\n\n \n\n$\n\n\n\n32,446\n\n\n\n \n\n\n \n\n$\n\n\n\n32,756\n\n\n\n \n\n\n \n\n$\n\n\n\n29,684\n\n\n\n \n\n\n\n\n\nProvision for credit losses\n\n\n \n\n \n\n\n\n5,550\n\n\n\n \n\n\n \n\n \n\n\n\n-\n\n\n\n \n\n\n \n\n \n\n\n\n600\n\n\n\n \n\n\n\n\n\nNon-interest income\n\n\n \n\n \n\n\n\n12,536\n\n\n\n \n\n\n \n\n \n\n\n\n12,987\n\n\n\n \n\n\n \n\n \n\n\n\n11,008\n\n\n\n \n\n\n\n\n\nNon-interest expenses\n\n\n \n\n \n\n\n\n23,950\n\n\n\n \n\n\n \n\n \n\n\n\n26,153\n\n\n\n \n\n\n \n\n \n\n\n\n22,612\n\n\n\n \n\n\n\n\n\nIncome before income tax expense\n\n\n \n\n \n\n\n\n15,482\n\n\n\n \n\n\n \n\n \n\n\n\n19,590\n\n\n\n \n\n\n \n\n \n\n\n\n17,480\n\n\n\n \n\n\n\n\n\nIncome tax expense\n\n\n \n\n \n\n\n\n2,250\n\n\n\n \n\n\n \n\n \n\n\n\n2,941\n\n\n\n \n\n\n \n\n \n\n\n\n1,839\n\n\n\n \n\n\n\n\n\nNet income\n\n\n \n\n$\n\n\n\n13,232\n\n\n\n \n\n\n \n\n$\n\n\n\n16,649\n\n\n\n \n\n\n \n\n$\n\n\n\n15,641\n\n\n\n \n\n\n\n\n\nNet income per share, diluted\n\n\n \n\n$\n\n\n\n0.59\n\n\n\n \n\n\n \n\n$\n\n\n\n0.73\n\n\n\n \n\n\n \n\n$\n\n\n\n0.68\n\n\n\n \n\n\n\n\n\nNet interest margin\n\n\n \n\n \n\n\n\n3.71\n\n\n\n%\n\n\n \n\n \n\n\n\n3.70\n\n\n\n%\n\n\n \n\n \n\n\n\n3.89\n\n\n\n%\n\n\n\n\n\nEfficiency ratio\n\n\n \n\n \n\n\n\n53.19\n\n\n\n%\n\n\n \n\n \n\n\n\n57.11\n\n\n\n%\n\n\n \n\n \n\n\n\n55.49\n\n\n\n%\n\n\n\n\n\nTangible common equity to tangible assets(1)\n\n\n \n\n \n\n\n\n10.48\n\n\n\n%\n\n\n \n\n \n\n\n\n10.5...

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