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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 (SYBT) reported a strong third quarter, ending September 30, 2021, with net income of $23.2 million, or $0.86 per diluted share, up from $14.5 million, or $0.64 per diluted share, in Q3 2020. The results were driven by robust organic loan growth of $128 million and record operating income, fueled by wealth management and trust services. Total assets increased by $1.8 billion to $6.2 billion, while total deposits rose by $1.6 billion, reflecting continued strong financial performance.
Stock Yards Bancorp, parent company of Stock Yards Bank & Trust Company, announced participation in the Stephens 2021 Bank Forum on September 22, 2021. President Phil Poindexter and CFO T. Clay Stinnett will engage in virtual meetings with institutional investors. Relevant discussion materials will be available on the company’s website by that date. Based in Louisville, Kentucky, Stock Yards Bancorp holds $6.1 billion in assets and has been operational since 1988, with common shares trading on NASDAQ under the symbol SYBT.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) announced that Chairman and CEO James A. Hillebrand, along with CFO T. Clay Stinnett, will attend the Raymond James 2021 Virtual U.S. Bank Conference on September 8-9, 2021. They will engage in virtual meetings with institutional investors on September 8. Management materials for the conference will be available on the company’s investor website by the same date. Based in Louisville, Kentucky, Stock Yards Bancorp has $6.1 billion in assets and has been operating since 1988.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has announced an increase in its cash dividend to $0.28 per common share, payable on October 1, 2021, to stockholders of record as of September 20, 2021. This marks the 14th increase since 2012, with a cumulative increase of 110%. The decision follows the completed acquisition of Kentucky Bancshares and the announcement of the Commonwealth Bancshares acquisition, reflecting the company's strong performance and solid capital position.
Stock Yards Bancorp has announced its agreement to acquire Commonwealth Bancshares, creating Kentucky's premier community banking franchise. The deal, valued at approximately $153 million, comprises 80% stock and 20% cash. Upon completion, expected in Q4 2021, the combined entity will manage around $7.4 billion in assets and include 79 branches. The merger aims to enhance wealth management capabilities by adding $2.6 billion in trust assets, positioning Stock Yards as the largest bank-owned trust company in Kentucky.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) will participate in the Keefe, Bruyette & Woods’ Virtual Community Bank Investor Conference from August 3rd to 5th, 2021. CEO James A. Hillebrand and CFO T. Clay Stinnett will hold one-on-one meetings with institutional investors on August 4th. The conference materials will be available on the company’s investor relations website by August 4th. With $6.1 billion in assets, Stock Yards Bancorp is a key player in the Kentucky and Cincinnati banking markets.
Stock Yards Bancorp, Inc. (SYBT) reported a net income of $4.2 million ($0.17 per diluted share) for Q2 2021, down from $13.4 million ($0.59 per share) in Q2 2020. The quarter included $18.1 million in merger expenses from the Kentucky Bancshares acquisition, which added $1.3 billion in assets. Non-interest income reached a record $15.8 million, driven by strong wealth management and card income. Despite merger-related costs, strong organic loan growth of $81 million (3% QoQ) and a 25% YoY increase in non-interest income were noted. The company maintains a strong capital position with a tangible common equity ratio of 8.57%.
Stock Yards Bancorp (SYBT) has completed its acquisition of Kentucky Bancshares, enhancing its presence in central and eastern Kentucky. This merger integrates Kentucky Bank's 19 branches into Stock Yards, offering expanded lending capabilities and broader product offerings. Chairman James A. Hillebrand emphasized the merger's potential for solid growth opportunities and a platform for future expansion. Stock Yards, with assets of $4.8 billion, aims to leverage this acquisition for greater market reach and improved service delivery.
Stock Yards Bancorp, Inc. (NASDAQ: SYBT) has declared a quarterly cash dividend of $0.27 per share, consistent with the previous quarter. This dividend will be paid on July 1, 2021, to stockholders on record as of June 21, 2021. Additionally, the company extended its stock repurchase plan's expiration to May 2023, having repurchased approximately 259,000 shares at an average cost of $35.41 per share since the plan's initiation in May 2019. The plan allows repurchases without obligation for a specific amount or number of shares.
Stock Yards Bancorp (SYBT) reported record earnings for Q1 2021, with net income soaring 72% to $22.7 million, or $0.99 per share, fueled by core deposit growth and significant income from the SBA's PPP. Total loans rose 24% to $3.6 billion, and deposits increased by $1 billion over the past year. The company also announced an agreement to acquire Kentucky Bancshares, enhancing its market presence. However, net interest margin contracted to 3.39%, reflecting lower interest rates.
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