Business
Stock Yards Bancorp Reports Record Fourth Quarter Earnings of $17.7 Million or $0.78 Per Diluted Share
Highlighted by Record Loan Growth LOUISVILLE, Ky., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"Highlighted by Record Loan Growth\nLOUISVILLE, Ky., Jan. 27, 2021 (GLOBE NEWSWIRE) -- 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 record earnings for the fourth quarter ended December 31, 2020. Net income for the fourth quarter increased 7% to $17.7 million, or $0.78 per diluted share, compared with net income of $16.6 million, or $0.73 per diluted share, for the fourth quarter of 2019. Net income for 2020 was $58.9 million, or $2.59 per diluted share, compared to $66.1 million, or $2.89 per diluted share, in 2019. Operating results for the year were lower compared to the record results posted in 2019, primarily due to pandemic-related increases in loan loss provisioning. (dollar amounts in thousands, except per share data)4Q20 3Q20 4Q19Net interest income$36,252 $33,695 $32,756 Provision for credit losses 1,400 4,418 - Non-interest income 13,698 13,043 12,987 Non-interest expenses 28,129 26,196 26,153 Income before income tax expense 20,421 16,124 19,590 Income tax expense 2,685 1,591 2,941 Net income$17,736 $14,533 $16,649 Net income per share, diluted$0.78 $0.64 $0.73 Net interest margin 3.35% 3.26% 3.71%Efficiency ratio 56.26% 55.96% 57.11%Tangible common equity to tangible assets(1) 9.28% 9.52% 10.55%Annualized return on average equity 16.27% 13.57% 16.48%Annualized return on average assets 1.56% 1.34% 1.78% “Stock Yards Bancorp delivered record earnings in the fourth quarter 2020, driven by an expanded balance sheet fueled by record quarterly loan growth, strong revenue and solid credit quality,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “The unprecedented events in 2020 and the beginning of 2021 have brought serious economic, health and personal challenges to us all. Given the ongoing impacts of a global pandemic, we remain focused on supporting our customers, communities and employees. “Since April, our active participation in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has helped service the needs of our customers and our local communities. Our success in executing this relief effort allowed us to assist nearly 3,400 customers and originate $657 million in loans while adding new relationships with strong future growth...