Exhibit 99.1

Stock Yards Bancorp Reports Record Earnings for the Third Quarter 2018 of $13.9 Million or $0.60 Per Diluted Share

LOUISVILLE, Ky.--(BUSINESS WIRE)--October 24, 2018--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 results for the third quarter and nine months ended September 30, 2018. Total revenue, comprising net interest income and non-interest income, increased to $39.9 million for the third quarter of 2018 from $37.1 million for the third quarter of 2017. Net income for the third quarter of 2018 rose to $13.9 million or $0.60 per diluted share from $11.7 million or $0.51 per diluted share for the third quarter of 2017.

     
(dollar amounts in thousands, except per share data) 3Q18 2Q18 3Q17
Net interest income $ 28,521 $ 28,674 $ 26,173
Provision for loan losses 735 1,235 150
Non-interest income 11,426 11,435 10,945
Non-interest expense   21,781     22,136     21,168  
Net income before income taxes 17,431 16,738 15,800
Income tax expense   3,555     3,159     4,096  
Net income $ 13,876   $ 13,579   $ 11,704  
Net income per share, diluted $ 0.60 $ 0.59 $ 0.51
Net interest margin 3.79 % 3.88 % 3.66 %
Efficiency ratio 54.43 % 55.07 % 56.72 %
Common equity Tier 1 capital ratio 12.61 % 12.18 % 12.67 %
Annualized return on average equity 15.67 % 15.94 % 14.03 %
Annualized return on average assets 1.75 % 1.74 % 1.53 %
 

Key factors affecting the Company's performance for the third quarter of 2018 included:

  • Year-over-year loan growth of 9% continued to drive interest income higher on a comparable quarter basis, but an anticipated seasonal slowdown in loan production coupled with a few large loan pay-offs and lower line of credit utilization reduced the loan portfolio 2% on a sequential quarter basis;
  • Net interest margin rose 13 basis points compared with the same quarter of 2017, reflecting primarily loan growth over the past year, but net interest margin declined nine basis points on a sequential quarter basis due to greater balance sheet liquidity and an increase in deposit costs;
  • Historically solid credit quality metrics continued;
  • Wealth Management and Trust Group experienced ongoing growth; and
  • The effective tax rate declined to 20.4% from 25.9% in the third quarter of 2017.

"With net income reaching a record level for the third consecutive quarter, the Company's financial results again include a significant lift from tax reform and highlight the successful strategies we have pursued to grow and diversify our business," said James A. (Ja) Hillebrand, Chief Executive Officer. "These strategic underpinnings – across attractive markets and complementary service lines – have helped us not only achieve an enviable performance over the long term, but also continue to position Stock Yards Bank & Trust to capitalize on new opportunities as we extend our reach in the future.

"While loan production and growth did not meet our expectations in the third quarter, primarily because of softer demand in this seasonally slower period, a few large loan pay-offs and lower line of credit utilization, we remain confident in our market presence and position," Hillebrand continued. "Over the past year, we have organically increased our loan portfolio 9%, which has factored prominently in the additional $13.0 million of interest income year to date in 2018. Importantly, all three of our markets have contributed to this achievement. The year-over-year increase in the portfolio also highlights our continued strength in core lending categories like commercial and industrial loans, real estate mortgage for commercial investment, and owner occupied commercial real estate."

Hillebrand noted that, complementing the Company's higher year-over-year increase in the loan portfolio, credit quality also has remained historically strong. Reflecting this, non-performing assets (NPAs) at September 30, 2018, have declined to the lowest amount in five years.

"The continued strength of non-interest income continues to differentiate Stock Yards Bank & Trust and show diversity of our sources of revenue," Hillebrand added. "Chief among these, accounting for 47% of non-interest income, is our Wealth Management and Trust Group. With $2.97 billion of assets under management, it registered ongoing revenue growth this past quarter sequentially and was up 7% on a comparable quarter basis as it benefited from the addition of new customer relationships as well as a strong stock market during the third quarter. It remains on track to post a full-year revenue increase of approximately 5%-6%. In other fee-based areas, we continue to be pleased with the growth of revenue from debit and credit cards activities as well as treasury management, both of which have helped offset a general slowdown in mortgage banking caused by rising rates and a tight housing market."

Concluding, Hillebrand said, "While we were disappointed by the decline in our loan portfolio during the third quarter, we are on target with our pipeline for the remainder of the year, which should enable us to finish 2018 with loan growth in the mid-single digits. This progress, combined with continued solid credit quality and the strength of our fee-based services, position us for continued growth in 2019 as we continue to build our business the Stock Yards' way – one relationship at a time. It's a belief that has served us well for 114 years, it's a philosophy upon which we have grown in three attractive markets, and it's at the core of how we continue to set ourselves apart from peer community banks."


Third Quarter 2018 Compared with Third Quarter 2017

Total assets increased $169 million or 5% to $3.32 billion.

  • This primarily reflected ongoing growth in the Company's loan portfolio, which rose $199.4 million or 9%.

Total deposits increased $116 million or 5% to $2.60 billion.

  • This reflected an increase in all deposit categories except money market.
  • Core deposits, which exclude brokered deposits and time deposits greater than $250,000, were 97% of total deposits.

Asset quality, which has trended within a narrow range over the past several years, remained at historically strong levels. While the Company is pleased with this performance, management recognizes the cyclical nature of banking and believes asset quality metrics will normalize over the long term, which would eventually result in higher provisioning for loan losses.

  • Non-performing loans (NPLs) were $5.0 million or 0.20% of total loans outstanding versus $6.1 million or 0.26% of total loans outstanding.
  • NPAs, which include NPLs along with other real estate owned (OREO) and repossessed assets, were $6.6 million or 0.20% of total assets versus $8.7 million or 0.28% of total assets.
  • Net charge-offs remained at a low level relative to average loans outstanding.
  • Reflecting many factors, including growth in the loan portfolio and qualitative considerations, the loan loss provision increased $585 thousand.
  • The allowance for loan losses relative to total loans decreased seven basis points to 1.00%.

The Company remained "well capitalized" – the highest capital rating for financial institutions.

  • Total equity to assets was 10.62% and tangible common equity ratio was 10.57% (tangible common equity is a non-GAAP financial measure; see reconciliation of total stockholders' equity to tangible common equity and total assets to tangible assets later in this release).
  • Even with its strong capital position, the Company achieves industry-leading returns on equity due to its superior earnings performance.
  • Stock Yards Bancorp continues to pursue or consider strategies to enhance stockholder value, including a substantial and sustained dividend payout ratio. In August 2018, the Company's Board of Directors increased its quarterly cash dividend $0.02 or 9% to $0.25 per common share. Stock Yards Bancorp has now raised its quarterly dividend rate a total of 11 times since 2013, including two increases during 2018 and each of the previous four years.

Net interest income – the Company's largest source of revenue – increased approximately $2.3 million or 9% to $28.5 million.

  • Interest income rose $4.9 million or 17%. This increase primarily reflected higher volume driven by loan growth as well as increased average rates on the portfolio, with the remainder due to higher rates on other interest-earning assets.
  • As anticipated, interest expense increased during the third quarter due to rising deposit costs and the growth of deposits, primarily time deposits, resulting from a deposit-gathering campaign. The impact of this campaign, which began in the second quarter to help fund loan growth, together with ongoing competition for deposits, will likely cause funding costs to continue to increase.
  • Net interest margin increased 13 basis points to 3.79%. This primarily reflected the positive impact of three increases in the prime rate during 2017 along with the first increase in 2018.
  • Approximately 40% of the Company's current loan portfolio is priced at variable rates, so future rate increases will benefit this part of the portfolio. The remainder of the portfolio is priced at fixed rates. As these loans renew and new fixed-rate loans originate, pricing could be higher, but will be subject to competitive conditions and prevailing interest rates.

Non-interest income increased $481 thousand or 4% to $11.4 million.

  • This was due primarily to higher revenue from wealth management and trust services and fees from debit and credit cards.

Non-interest expense increased $613 thousand or 3% to $21.8 million.

  • This increase primarily reflected higher compensation expense due to an increase in employee head count as the Company has expanded its lending, sales and support staff. It also included incentive compensation related to loan production and company performance. Also increasing were technology and communications costs and employee benefits, mainly due to health insurance costs.
  • These increases were partially offset by a reduction in amortization/impairment of investment in tax credit partnerships caused by the irregular year-to-year timing of such opportunities, which causes corresponding expenses and tax benefits to vary widely.

The Company's effective tax rate decreased to 20.4% from 25.9%.

  • The decrease reflected lower marginal tax rates resulting from tax reform in December 2017.
  • The year-earlier effective tax rate benefited from significantly more tax savings related to investments in tax credit partnerships and stock-based compensation deductions.

Third Quarter 2018 Compared with Second Quarter 2018

Total assets were essentially flat.

  • This primarily reflected an increase in federal funds sold and interest-bearing due from banks, which was offset by a decline in both loan and securities portfolios.

Total deposits increased $58 million.

  • This reflected an increase in time deposits and non-interest-bearing demand deposits following the Company's deposit-gathering campaign, which was partially offset by decreases in most other deposit categories.

Asset quality remained at historically strong levels.

  • NPLs declined to $5.0 million or 0.20% of total loans outstanding versus $7.4 million or 0.29% of total loans outstanding as certain loans migrated to OREO status.
  • NPAs were $6.6 million or 0.20% of total assets versus $7.7 million or 0.23% of total assets.
  • Net charge-offs declined.
  • The loan loss provision decreased $500 thousand to $735 thousand based on both quantitative and qualitative credit quality considerations.
  • The allowance for loan losses relative to total end-of-period loans was 1.00% compared with 0.96% for the second quarter of 2018.

Net interest income remained essentially flat.

  • Interest income rose $1.0 million or 3%.
  • Interest expense rose 35% primarily due to higher funding costs.
  • Net interest margin decreased nine basis points to 3.79%.

Non-interest income remained essentially flat.

  • Increases in fees from debit and credit cards, investment product sales commissions and fees, and treasury management were offset by lower other non-interest income related to higher interest rate swap fees and proceeds from a life insurance policy recorded in the second quarter.

Non-interest expense was down 2%.

  • This decline reflected primarily lower capital and deposit-based taxes, compensation expense, and technology and communication expense, which were partially offset by higher net occupancy and equipment expense.

The Company's effective tax rate increased to 20.4% from 18.9% as stock-based compensation deductions largely occur in the first quarter and the proportional benefit diminishes as the year progresses.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT.


The following table provides a reconciliation of total stockholders' equity, in accordance with US GAAP, to tangible common equity, which is a non-GAAP financial measure. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors to evaluate capital adequacy.

 
Tangible Common Equity Ratio

(Dollars in thousands)

   
 

Sept. 30,
2018

June 30,
2018

Sept. 30,
2017

Total stockholders' equity $ 352,980 $ 345,515 $ 334,255
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,098 )   (1,139 )   (1,269 )
Tangible common equity $ 351,200   $ 343,694   $ 332,304  
 
Total assets $ 3,324,797 $ 3,323,840 $ 3,155,913
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,098 )   (1,139 )   (1,269 )
Tangible assets $ 3,323,017   $ 3,322,019   $ 3,153,962  
 
Total stockholders' equity to total assets 10.62 % 10.40 % 10.59 %
Tangible common equity ratio   10.57 %   10.35 %   10.54 %
 

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2017.


         
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2018 Earnings Release
(In thousands unless otherwise noted)
Three Months Ended Nine Months Ended
September 30, September 30,
2018 2017 2018 2017
Income Statement Data
Net interest income, fully tax equivalent (1) $ 28,590 $ 26,372 $ 84,751 $ 77,223
Interest income:
Loans $ 30,359 $ 25,410 $ 86,877 $ 73,856
Federal funds sold and interest bearing deposits 373 388 804 798
Mortgage loans held for sale 42 48 121 145
Securities   2,247   2,274   6,967   7,002
Total interest income   33,021   28,120   94,769   81,801
Interest expense:
Deposits 3,972 1,593 8,723 4,237

Securities sold under agreements to repurchase and other short-term borrowings

300 110 850 225
Federal Home Loan Bank (FHLB) advances   228   244   692   715
Total interest expense   4,500   1,947   10,265   5,177
Net interest income 28,521 26,173 84,504 76,624
Provision for loan losses   735   150   2,705   1,650
Net interest income after provision for loan losses   27,786   26,023   81,799   74,974
Non-interest income:
Wealth management and trust services 5,380 5,025 16,224 15,272
Deposit service charges 1,482 1,568 4,340 4,583
Debit and credit cards 1,759 1,492 4,956 4,412
Treasury management 1,151 1,083 3,311 3,187
Mortgage banking 712 781 2,034 2,380
Gain (loss) on securities available for sale - 31 - 31
Net investment product sales commissions and fees 444 404 1,245 1,147
Bank owned life insurance 186 204 564 964
Other non-interest income   312   357   1,096   1,116
Total non-interest income   11,426   10,945   33,770   33,092
Non-interest expense:
Compensation 11,607 10,614 34,280 31,849
Employee benefits 2,501 2,368 7,646 7,392
Net occupancy and equipment 1,914 1,937 5,543 5,626
Technology and communication 2,183 1,905 6,643 5,873
Marketing and business development 740 611 2,191 1,743
Postage, printing, and supplies 370 355 1,161 1,108
Legal and professional 501 571 1,498 1,642
FDIC insurance 238 242 718 716
Amortization/impairment of investments in tax credit partnerships - 616 58 1,847
Capital and deposit based taxes 738 732 2,452 2,262
Other non-interest expenses   989   1,217   2,754   3,314
Total non-interest expense   21,781   21,168   64,944   63,372
Net income before income tax expense 17,431 15,800 50,625 44,694
Income tax expense   3,555   4,096   9,766   11,597
Net income $ 13,876 $ 11,704 $ 40,859 $ 33,097
 
Weighted average shares - basic 22,636 22,542 22,613 22,524
Weighted average shares - diluted 22,968 22,964 22,956 22,984
 
Net income per share, basic $ 0.61 $ 0.52 $ 1.81 $ 1.47
Net income per share, diluted 0.60 0.51 1.78 1.44
Cash dividend declared per share 0.25 0.20 0.71 0.59
 
Balance Sheet Data (at period end)
Total loans $ 2,534,483 $ 2,335,120
Allowance for loan losses 25,222 24,948
Total assets 3,324,797 3,155,913
Non-interest bearing deposits 705,386 676,824
Interest bearing deposits 1,892,652 1,805,142
Federal Home Loan Bank advances 48,500 50,110
Stockholders' equity 352,980 334,255
Total shares outstanding 22,746 22,669
Book value per share 15.52 14.75
Market value per share 36.30 38.00
 

         
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2018 Earnings Release
 
Three Months Ended Nine Months Ended
September 30, September 30,
2018 2017 2018 2017
Average Balance Sheet Data
Federal funds sold and interest bearing deposits $ 73,197 $ 120,927 $ 60,463 $ 97,543
Mortgage loans held for sale 2,980 3,515 2,688 3,656
Securities available for sale 372,251 439,601 396,943 460,044
FHLB stock and other securities 10,370 7,666 9,004 6,801
Loans 2,547,474 2,308,806 2,513,259 2,294,213
Earning assets 2,990,401 2,861,144 2,965,364 2,843,364
Assets 3,153,406 3,027,088 3,125,826 3,006,853
Interest bearing deposits 1,874,853 1,800,653 1,871,545 1,819,672
Total deposits 2,590,156 2,498,468 2,567,336 2,500,503

Securities sold under agreement to repurchase other short term borrowings

116,287 101,341 121,401 88,137
Federal Home Loan Bank advances 48,612 50,221 48,927 50,541
Interest bearing liabilities 2,039,752 1,952,215 2,041,873 1,958,350
Stockholders' equity 351,376 330,864 343,249 324,235
 
Performance Ratios
Annualized return on average assets 1.75 % 1.53 % 1.75 % 1.47 %
Annualized return on average equity 15.67 % 14.03 % 15.92 % 13.65 %
Net interest margin, fully tax equivalent 3.79 % 3.66 % 3.82 % 3.63 %

Non-interest income to total revenue, fully tax equivalent

28.55 % 29.33 % 28.49 % 30.00 %
Efficiency ratio, fully tax equivalent 54.43 % 56.72 % 54.80 % 57.45 %
 
Capital Ratios
Total stockholders' equity to total assets 10.62 % 10.59 %
Average stockholders' equity to average assets 11.14 % 10.93 % 10.98 % 10.78 %
Common equity tier 1 capital 12.61 % 12.67 %
Tier 1 risk-based capital 12.61 % 12.67 %
Total risk-based capital 13.50 % 13.64 %
Leverage 11.40 % 11.02 %
 
Loans by Type
Commercial and industrial $ 816,252 $ 750,728
Construction and development 233,107 195,299
Real estate mortgage - commercial investment 630,000 576,810
Real estate mortgage - owner occupied commercial 420,098 397,804
Real estate mortgage - 1-4 family residential 274,409 261,707
Home equity - first lien 46,062 51,925
Home equity - junior lien 67,105 63,416
Consumer   47,450     37,431  
Total loans $ 2,534,483   $ 2,335,120  
 
Asset Quality Data
Allowance for loan losses to total loans 1.00 % 1.07 %
Allowance for loan losses to average loans 1.00 % 1.09 %
Allowance for loan losses to non-performing loans 505.86 % 411.14 %
Nonaccrual loans $ 3,982 $ 4,858
Troubled debt restructuring 792 949
Loans - 90 days past due & still accruing 212 261
Total non-performing loans 4,986 6,068
OREO and repossessed assets 1,604 2,640
Total non-performing assets 6,590 8,708
Non-performing loans to total loans 0.20 % 0.26 %
Non-performing assets to total assets 0.20 % 0.28 %
Net charge-offs to average loans (2) 0.02 % 0.01 % 0.09 % 0.03 %
Net charge-offs $ 386 $ 317 $ 2,368 $ 709
 

       
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2018 Earnings Release
 
Five Quarter Comparison
9/30/18 6/30/18 3/31/18 12/31/17 9/30/17
Income Statement Data
Net interest income, fully tax equivalent (1) $ 28,590   $ 28,759   $ 27,402   $ 27,223   $ 26,372  
Net interest income $ 28,521 $ 28,674 $ 27,309 $ 27,029 $ 26,173
Provision for loan losses   735     1,235     735     900     150  
Net interest income after provision for loan losses   27,786     27,439     26,574     26,129     26,023  
Wealth management and trust services 5,380 5,344 5,500 5,233 5,025
Deposit service charges 1,482 1,447 1,411 1,589 1,568
Debit and credit cards 1,759 1,689 1,508 1,567 1,492
Treasury management 1,151 1,113 1,047 1,110 1,083
Mortgage banking 712 746 576 841 781
Gain (loss) on securities available for sale - - - (263 ) 31
Net investment product sales commissions and fees 444 397 404 482 404
Bank owned life insurance 186 191 187 195 204
Other non-interest income   312     508     276     653     357  
Total non-interest income   11,426     11,435     10,909     11,407     10,945  
Compensation 11,607 11,703 10,970 10,732 10,614
Employee benefits 2,501 2,512 2,633 2,595 2,368
Net occupancy and equipment 1,914 1,811 1,818 1,767 1,937
Technology and communication 2,183 2,264 2,196 2,084 1,905
Marketing and business development 740 805 646 973 611
Postage, printing, and supplies 370 400 391 367 355
Legal and professional 501 504 493 751 571
FDIC insurance 238 238 242 244 242
Amortization/impairment of investment in
tax credit partnerships - 58 - 5,277 616
Capital and deposit based taxes 738 862 852 1,178 732
Other non-interest expenses   989     979     786     1,080     1,217  
Total non-interest expense   21,781     22,136     21,027     27,048     21,168  
Net income before income tax expense 17,431 16,738 16,456 10,488 15,800
Income tax expense   3,555     3,159     3,052     5,542     4,096  
Net income $ 13,876   $ 13,579   $ 13,404   $ 4,946   $ 11,704  
 
Weighted average shares - basic 22,636 22,625 22,577 22,555 22,542
Weighted average shares - diluted 22,968 22,979 22,942 22,993 22,964
 
Net income per share, basic $ 0.61 $ 0.60 $ 0.59 $ 0.22 $ 0.52
Net income per share, diluted 0.60 0.59 0.58 0.22 0.51
Cash dividend declared per share 0.25 0.23 0.23 0.21 0.20
 
Balance Sheet Data (at period end)
Cash and due from banks $ 66,029 $ 44,052 $ 41,622 $ 41,982 $ 47,700
Federal funds sold and interest bearing deposits 54,451 10,948 15,254 97,266 81,378
Mortgage loans held for sale 2,533 2,053 4,239 2,964 5,459
Securities available for sale 550,091 574,570 598,081 574,524 571,522
FHLB stock and other securities 10,370 10,370 8,876 7,646 7,666
Total loans 2,534,483 2,577,960 2,512,388 2,409,570 2,335,120
Allowance for loan losses 25,222 24,873 24,203 24,885 24,948
Total assets 3,324,797 3,323,840 3,285,480 3,239,646 3,155,913
Non-interest bearing deposits 705,386 715,974 681,936 674,697 676,824
Interest bearing deposits 1,892,652 1,824,487 1,891,428 1,903,598 1,805,142
Securities sold under agreements to repurchase 53,883 58,808 67,892 70,473 71,863
Federal funds purchased and other short-term borrowings 231,344 286,460 215,233 161,352 161,961
Federal Home Loan Bank advances 48,500 48,821 49,140 49,458 50,110
Stockholders' equity 352,980 345,515 337,702 333,644 334,255
Total shares outstanding 22,746 22,746 22,730 22,679 22,669
Book value per share 15.52 15.19 14.86 14.71 14.75
Market value per share 36.30 38.15 35.10 37.70 38.00
 
Capital Ratios
Total stockholders' equity to total assets 10.62 % 10.40 % 10.28 % 10.30 % 10.59 %
Average stockholders' equity to average assets 11.14 % 10.91 % 10.89 % 10.81 % 10.93 %
Common equity tier 1 capital 12.61 % 12.18 % 12.16 % 12.57 % 12.67 %
Tier 1 risk-based capital 12.61 % 12.18 % 12.16 % 12.57 % 12.67 %
Total risk-based capital 13.50 % 13.06 % 13.04 % 13.52 % 13.64 %
Leverage 11.40 % 11.19 % 11.05 % 10.70 % 11.02 %
 

       
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2018 Earnings Release
 
Five Quarter Comparison
9/30/18 6/30/18 3/31/18 12/31/17 9/30/17
Average Balance Sheet Data
Average Federal funds sold and interest
bearing deposits $ 73,197 $ 36,985 $ 71,186 $ 159,217 $ 120,927
Average mortgage loans held for sale 2,980 2,975 2,098 3,213 3,515
Average investment securities 372,251 401,369 417,708 455,727 439,601
Average loans 2,547,474 2,540,537 2,450,703 2,352,310 2,308,806
Average earning assets 2,990,401 2,973,704 2,931,338 2,959,817 2,861,144
Average assets 3,153,406 3,132,494 3,090,891 3,128,765 3,027,088
Average interest bearing deposits 1,874,853 1,846,730 1,893,256 1,900,650 1,800,653
Average total deposits 2,590,156 2,548,372 2,563,184 2,594,225 2,498,468

Average securities sold under agreement to repurchase and other short term borrowings

116,287 150,173 97,535 97,474 101,341
Average Federal Home Loan Bank advances 48,612 48,929 49,247 49,583 50,221
Average interest bearing liabilities 2,039,752 2,045,832 2,040,038 2,047,707 1,952,215
Average stockholders' equity 351,376 341,637 336,570 338,368 330,864
 
Performance Ratios
Annualized return on average assets 1.75 % 1.74 % 1.76 % 0.63 % 1.53 %
Annualized return on average equity 15.67 % 15.94 % 16.15 % 5.80 % 14.03 %
Net interest margin, fully tax equivalent 3.79 % 3.88 % 3.79 % 3.65 % 3.66 %

Non-interest income to total revenue, fully tax equivalent

28.55 % 28.45 % 28.47 % 29.53 % 29.33 %
Efficiency ratio, fully tax equivalent 54.43 % 55.07 % 54.89 % 70.02 % 56.72 %
 
Loans by Type
Commercial and industrial $ 816,252 $ 855,015 $ 843,478 $ 779,014 $ 750,728
Construction and development 233,107 238,224 235,872 214,900 195,299
Real estate mortgage - commercial investment 630,000 622,777 590,942 594,902 576,810
Real estate mortgage - owner occupied commercial 420,098 420,999 407,733 398,685 397,804
Real estate mortgage - 1-4 family residential 274,409 277,735 272,900 262,110 261,707
Home equity - 1st lien 46,062 53,257 51,595 57,110 51,925
Home equity - junior lien 67,105 66,323 64,108 63,981 63,416
Consumer   47,450     43,630     45,760     38,868     37,431  
Total loans $ 2,534,483   $ 2,577,960   $ 2,512,388   $ 2,409,570   $ 2,335,120  
 
Asset Quality Data
Allowance for loan losses to total loans 1.00 % 0.96 % 0.96 % 1.03 % 1.07 %
Allowance for loan losses to average loans 1.00 % 0.99 % 0.99 % 1.07 % 1.09 %
Allowance for loan losses to non-performing loans 505.86 % 337.35 % 197.33 % 337.10 % 411.14 %
Nonaccrual loans $ 3,982 $ 6,422 $ 11,422 $ 6,511 $ 4,858
Troubled debt restructuring 792 817 843 869 949
Loans - 90 days past due and still accruing 212 134 - 2 261
Total non-performing loans 4,986 7,373 12,265 7,382 6,068
OREO and repossessed assets 1,604 360 360 2,640 2,640
Total non-performing assets 6,590 7,733 12,625 10,022 8,708
Non-performing loans to total loans 0.20 % 0.29 % 0.49 % 0.31 % 0.26 %
Non-performing assets to total assets 0.20 % 0.23 % 0.38 % 0.31 % 0.28 %
Net charge-offs to average loans 0.02 % 0.02 % 0.06 % 0.04 % 0.01 %
Net charge-offs (recoveries) $ 386 $ 565 $ 1,417 $ 963 $ 317
 
Other Information
Total assets under management (in millions) $ 2,969 $ 2,852 $ 2,883 $ 2,809 $ 2,746
Full-time equivalent employees 593 581 589 580 581
 
(1) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.
 
(2) - Interim ratios not annualized
 

CONTACT:
Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and
Chief Financial Officer

View differences made from one to another to evaluate Stock Yards Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Stock Yards Bancorp, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account