Business
Stock Yards Bancorp Reports Record 2021 Earnings and Strong Fourth Quarter Earnings of $24.6 Million or $0.92 per Diluted Share
Highlighted by Solid Organic Balance Sheet Growth and Record Levels of Non-Interest Income LOUISVILLE, Ky., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Stock Yards
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"Highlighted by Solid Organic Balance Sheet Growth and Record Levels of Non-Interest Income\nLOUISVILLE, Ky., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, Central and Eastern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings for the fourth quarter ended December 31, 2021. Net income for the fourth quarter was $24.6 million, or $0.92 per diluted share, compared with net income of $17.7 million, or $0.78 per diluted share, for the fourth quarter of 2020. Net income for the twelve months ended December 31, 2021 ended at a record $74.6 million, or $2.97 per diluted share, compared to $58.9 million, or $2.59 per diluted share, in 2020. Strong organic balance sheet growth across all markets, the successful entry into the Central/Eastern Kentucky market and record levels of non-interest income highlighted by card income, wealth management and trust and treasury management, contributed to a strong 2021. (dollar amounts in thousands, except per share data) 4Q21 3Q21 4Q20 Net interest income$ 46,182 $ 45,483 $ 36,252 Provision for credit loss expense(6) (1,900) (1,525) 500 Non-interest income 18,604 17,614 13,698 Non-interest expenses 34,572 34,558 29,029 Income before income tax expense 32,114 30,064 20,421 Income tax expense 7,525 6,902 2,685 Net income$ 24,589 $ 23,162 $ 17,736 Net income per share, diluted$ 0.92 $ 0.87 $ 0.78 Net interest margin 3.07% 3.14% 3.35%Efficiency ratio(4) 53.24% 54.63% 58.06%Tangible common equity to tangible assets(1) 8.22% 8.64% 9.28%Annualized return on average equity(7) 14.60% 13.92% 16.27%Annualized return on average assets(7) 1.52% 1.50% 1.56% “We delivered excellent fourth quarter and full year 2021 results, highlighted by strong organic loan growth, record loan production and solid revenue growth, both organically and from acquired assets,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Additionally, we reported record non-interest income during the quarter, a complement to our diversified income revenue streams. Treasury management fees and card income reached record levels at year-end due to increases in new business, volume and usage, while wealth management and trust income also generated record results...