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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 (NASDAQ: SYBT) reported record earnings for Q4 2022, with net income rising to $29.8 million ($1.01 per diluted share), a significant increase from $24.6 million ($0.92 per share) in Q4 2021. Key drivers included strong organic loan growth of $134 million and an expanded net interest margin (NIM) of 3.64%. Total net interest income reached $65.3 million, a 41% increase year-over-year. Despite a decline in total deposits by $110 million, total assets rose to $7.50 billion, reflecting continued strong performance across various loan categories and solid capital levels.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) announced a quarterly cash dividend of $0.29 per common share, set for payment on December 30, 2022. This dividend will benefit stockholders on record as of December 19, 2022. The company, based in Louisville, Kentucky, boasts assets totaling $7.55 billion and operates primarily in the Kentucky and Indiana markets, with its shares traded on NASDAQ.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has appointed Allison J. Donovan to its Boards of Directors, expanding the boards to 14 members. This move aligns with the company's board succession planning and leadership continuity as it prepares for an upcoming mandatory retirement. Donovan brings extensive banking and corporate law expertise, having previously served on another bank's board. She will be part of the Risk Committee and the Nominating and Corporate Governance Committee. Stock Yards Bancorp has $7.55 billion in assets and operates primarily in Kentucky and Indiana.
Stock Yards Bancorp (NASDAQ: SYBT) announced participation in the 2022 Hovde Group Financial Services Conference on November 3-4, 2022. Chairman and CEO Ja Hillebrand, along with EVP and CFO T. Clay Stinnett, will engage in one-on-one meetings with institutional investors. The company, headquartered in Louisville, Kentucky, has $7.55 billion in assets and is the parent of Stock Yards Bank & Trust Company, established in 1904. Management's discussion materials will be available on their website by November 3, 2022.
Stock Yards Bancorp, Inc. (SYBT) reported a record third-quarter net income of $28.5 million, or $0.97 per diluted share, a significant increase from $23.2 million, or $0.87 per diluted share, in Q3 2021. Key factors include a remarkable $213 million organic loan growth and net interest margin expansion to 3.46%. Total assets rose to $7.55 billion, driven by strong loan production amid challenging market conditions. Despite a slight deposit contraction of 1%, non-interest income surged by 41% to $24.9 million, reflecting robust client growth and increased fees.
Stock Yards Bancorp (NASDAQ: SYBT) has been recognized as a “Sm-All Star” by Piper Sandler, highlighting its status as one of the top 35 small-cap banks in the U.S. for 2022. The analysis evaluated 362 banks, with SYBT distinguished for its outstanding growth, profitability, credit quality, and capital strength. This is the fifth time SYBT has received this honor, reflecting a market cap of $2.015 billion and significant year-over-year growth in earnings per share, loans, and deposits.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), based in Louisville, Kentucky, will attend the Raymond James U.S. Bank Conference on September 7, 2022. CEO Ja Hillebrand and CFO T. Clay Stinnett will participate in one-on-one meetings with institutional investors during the event. The discussion materials will be available on the company's website www.syb.com before the conference date. Stock Yards Bancorp has $7.6 billion in assets and operates under the SYBT ticker on NASDAQ.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has announced an increase in its cash dividend to $0.29 per common share, payable on October 3, 2022, to shareholders on record as of September 19, 2022. This marks the 15th increase in quarterly dividends since 2012, leading to a cumulative increase of 118%. CEO James A. Hillebrand emphasized the firm's strong earnings and capital position as driving factors behind this decision, reflecting confidence in the company's performance and growth opportunities.
Stock Yards Bancorp (SYBT) reported strong second-quarter results for 2022, achieving net income of $26.8 million ($0.91 per diluted share), a significant increase from $4.2 million ($0.17 per diluted share) in Q2 2021. This growth was driven by organic loan expansion of $64 million and a 37% rise in net interest income, totaling $57 million. Non-interest income also surged by 39% to $21.9 million, showcasing robust performance in wealth management and trust services. Despite a slight decrease in deposits and tangible common equity, the company remains well-capitalized with strong asset quality.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has declared a quarterly cash dividend of $0.28 per common share, maintaining the previous quarter's amount. The dividend will be paid on July 1, 2022, to stockholders of record by June 20, 2022. With assets totaling $7.78 billion, Stock Yards Bancorp operates primarily in Kentucky and parts of Indiana and Ohio. The company was established in 1988 and is the parent of Stock Yards Bank & Trust Company, founded in 1904.
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