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Stock Yards Bancorp Reports Strong Fourth Quarter Earnings of $16.6 Million or $0.73 Per Diluted Share
Record Year-To-Date Results, Both Including and Excluding Non-recurring Items LOUISVILLE, Ky.--(BUSINESS WIRE)-- Stock Yards Bancorp, Inc. (NASDAQ: SYBT),
About this update from Stock Yards Bancorp, Inc.
[{"type":"text","content":"\nRecord Year-To-Date Results, Both Including and Excluding Non-recurring Items\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 both the fourth quarter and year ended December 31, 2019.\n\n\nTotal revenue, comprised of net interest income and non-interest income, increased 11% to $45.9 million for the fourth quarter of 2019 from $41.5 million for the fourth quarter of 2018. Net income for the fourth quarter of 2019 rose 14% to $16.6 million or $0.73 per diluted share from $14.7 million or $0.64 per diluted share for the fourth quarter of 2018.\n\n\nRecord year-to-date net income of $66.1 million, which increased $10.6 million or 19%, reflected record loan production, completion of a successful bank acquisition, record wealth management and trust (WM&T) income, continued strong credit metrics and solid organic growth. In addition, 2019 net income was impacted favorably by approximately $3.6 million in non-recurring items, most notably state income tax benefits offset by acquisition deal costs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\nTwelve Months Ended\nDecember 31,\n\n\n\n\n\n(dollar amounts in thousands, except per share data)\n\n\n\n\n4Q19\n\n\n\n\n3Q19\n\n\n\n\n4Q18\n\n\n\n\n2019\n\n\n\n\n2018\n\n\n\n\n\nNet interest income\n\n\n\n\n$\n\n\n\n32,720\n\n\n\n \n\n\n\n\n$\n\n\n\n32,070\n\n\n\n \n\n\n\n\n$\n\n\n\n29,912\n\n\n\n \n\n\n\n\n$\n\n\n\n125,221\n\n\n\n \n\n\n\n\n$\n\n\n\n114,416\n\n\n\n \n\n\n\n\n\nProvision for loan and lease losses\n\n\n\n\n \n\n\n\n-\n\n\n\n \n\n\n\n\n \n\n\n\n400\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\n1,000\n\n\n\n \n\n\n\n\n \n\n\n\n2,705\n\n\n\n \n\n\n\n\n\nNon-interest income\n\n\n\n\n \n\n\n\n13,161\n\n\n\n \n\n\n\n\n \n\n\n\n13,304\n\n\n\n \n\n\n\n\n \n\n\n\n11,576\n\n\n\n \n\n\n\n\n \n\n\n\n49,790\n\n\n\n \n\n\n\n\n \n\n\n\n45,346\n\n\n\n \n\n\n\n\n\nNon-interest expenses\n\n\n\n\n \n\n\n\n26,291\n\n\n\n \n\n\n\n\n \n\n\n\n23,957\n\n\n\n \n\n\n\n\n \n\n\n\n24,565\n\n\n\n \n\n\n\n\n \n\n\n\n98,351\n\n\n\n \n\n\n\n\n \n\n\n\n89,509\n\n\n\n \n\n\n\n\n\nIncome before income tax expens...