Business
Stock Yards Bancorp Reports Second Quarter Earnings of $13.4 Million or $0.59 Per Diluted Share
SYBT Reports Record Deposit Growth in a Difficult Operating Environment LOUISVILLE, Ky.--(BUSINESS WIRE)-- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"\nSYBT Reports Record 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 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 $0.72 per diluted share, for the second quarter of 2019. The comparability of second quarter net income was impacted by a favorable state tax law change and acquisition deal costs during the second quarter of 2019.\n\n\n\n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n\n\n\n(dollar amounts in thousands, except per share data)\n\n\n \n\n2Q20\n\n\n \n\n1Q20\n\n\n \n\n2Q19\n\n\n\n\n\nNet interest income\n\n\n \n\n$ 33,528\n\n\n \n\n$ 32,446\n\n\n \n\n$ 30,802\n\n\n\n\n\nProvision for credit losses\n\n\n \n\n5,550\n\n\n \n\n5,550\n\n\n \n\n–\n\n\n\n\n\nNon-interest income\n\n\n \n\n12,622\n\n\n \n\n12,536\n\n\n \n\n12,224\n\n\n\n\n\nNon-interest expenses\n\n\n \n\n24,884\n\n\n \n\n23,950\n\n\n \n\n25,453\n\n\n\n\n\nIncome before income tax expense\n\n\n \n\n15,716\n\n\n \n\n15,482\n\n\n \n\n17,573\n\n\n\n\n\nIncome tax expense\n\n\n \n\n2,348\n\n\n \n\n2,250\n\n\n \n\n1,030\n\n\n\n\n\nNet income\n\n\n \n\n$ 13,368\n\n\n \n\n$ 13,232\n\n\n \n\n$ 16,543\n\n\n\n\n\nNet income per share, diluted\n\n\n \n\n$ 0.59\n\n\n \n\n$ 0.58\n\n\n \n\n$ 0.72\n\n\n\n\n\nNet interest margin\n\n\n \n\n3.27%\n\n\n \n\n3.71%\n\n\n \n\n3.81%\n\n\n\n\n\nEfficiency ratio\n\n\n \n\n53.87%\n\n\n \n\n53.19%\n\n\n \n\n59.08%\n\n\n\n\n\nTangible common equity to tangible assets(1)\n\n\n \n\n9.39%\n\n\n \n\n10.48%\n\n\n \n\n10.85%\n\n\n\n\n\nAnnualized return on average equity\n\n\n \n\n12.90%\n\n\n \n\n13.18%\n\n\n \n\n17.40%\n\n\n\n\n\nAnnualized return on average assets\n\n\n \n\n1.25%\n\n\n \n\n1.43%\n\n\n \n\n1.93%\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\nIn 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...