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Stock Yards Bancorp, Inc. (NASDAQ: SYBT) is a distinguished financial institution with roots dating back to 1904. Originally established to serve the Louisville livestock industry, the company has significantly evolved, becoming a nationally recognized bank for its exceptional service and robust financial performance. Headquartered in Louisville, Kentucky, Stock Yards Bancorp operates through its wholly owned subsidiary, Stock Yards Bank & Trust Co.
The bank operates in two primary segments: Commercial Banking and Wealth Management and Trust. The Commercial Banking segment offers a wide range of services, including loan and deposit services, cash management, and mortgage origination. This segment is the main revenue driver for the company. The Wealth Management and Trust segment provides personalized services such as securities brokerage and wealth advisory, catering to clients' long-term financial needs.
Stock Yards Bancorp has a significant presence in multiple markets, including Louisville, Kentucky, Indianapolis, Indiana, and Cincinnati, Ohio. With assets totaling $2.51 billion, the bank competes with national banks while maintaining a strong focus on building meaningful relationships with its customers.
Recent achievements include strong loan growth and excellent credit quality, contributing to the company's solid financial performance. For the fourth quarter ended December 31, 2023, Stock Yards Bancorp reported earnings of $23.9 million, or $0.82 per diluted share. Despite a slight decrease from the previous year's fourth quarter earnings, the company achieved a record net income of $107.7 million for the full year 2023, demonstrating remarkable resilience and operational efficiency.
Stock Yards Bancorp is committed to maintaining high standards of service. As a Member FDIC and an Equal Housing Lender, the company adheres to stringent regulatory requirements, ensuring the safety and soundness of its operations. With its comprehensive suite of financial products and services, Stock Yards Bancorp continues to support the financial well-being of its clients and communities.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) reported first quarter 2023 earnings of $29.0 million, or $0.99 per diluted share, marking a significant increase from $7.9 million, or $0.29 per share, in Q1 2022. Key drivers of this performance include steady organic loan growth and a strong capital position. Total loans, excluding PPP loans, grew by $456 million, or 10%, year-over-year. Net interest income rose 29% to $63.1 million, while non-interest income increased 15% to $22.0 million. However, total deposits declined by $34 million quarter-over-quarter due to seasonal factors, but grew by $36 million excluding public funds. Despite challenges in the current economic environment, the company maintains a robust liquidity position with over $3 billion available. The company's tangible common equity ratio improved to 7.74%.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has declared a quarterly cash dividend of $0.29 per common share. This dividend is scheduled for payment on April 3, 2023, to shareholders on record as of March 20, 2023. Based in Louisville, Kentucky, Stock Yards Bancorp has $7.50 billion in assets and operates primarily through its subsidiary, Stock Yards Bank & Trust Company, established in 1904. The company plays a significant role in the banking markets of Kentucky, Indianapolis, and Cincinnati.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), based in Louisville, Kentucky, will participate in the Keefe, Bruyette & Woods’ Winter Financial Services Conference on February 16-17, 2023. CEO Ja Hillebrand and CFO T. Clay Stinnett will engage in one-on-one meetings with institutional investors during this event. The company, founded in 1988 and parent of Stock Yards Bank & Trust Company, has assets totaling $7.50 billion. Management's discussion materials will be available on the investor section of their website, www.syb.com, by February 16, 2023.
Stock Yards Bancorp, parent company of Stock Yards Bank & Trust, announced participation in the Janney West Coast CEO Forum from February 1 to February 3, 2023. CEO Ja Hillebrand and CFO T. Clay Stinnett will engage in meetings with institutional investors during this event.
Management discussion materials will be available on the company’s investor website on or before February 1, 2023. Stock Yards Bancorp, based in Louisville, Kentucky, has approximately $7.50 billion in assets and trades under the symbol SYBT on NASDAQ.
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