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Stock Yards Bancorp, Inc. reports developments tied to its role as the bank holding company for Stock Yards Bank & Trust Company. The company provides commercial banking and Wealth Management & Trust services across Kentucky markets and the Indianapolis and Cincinnati metropolitan areas, with news commonly focused on loan and deposit growth, net interest income, credit quality, mortgage and commercial lending activity, and wealth management results.
Recurring updates also include quarterly cash dividends, executive and board succession, market-level leadership appointments, annual meeting matters, and capital-structure or governance disclosures. Completed bank acquisition activity adds to the company's public-company record through integration, board representation, and expanded banking and trust operations.
Stock Yards Bancorp (NASDAQ: SYBT) has announced its participation in the Raymond James 2024 U.S. Bank and Banking on Tech Conferences from September 4th to 5th. Philip S. Poindexter, President, and senior management will engage in one-on-one meetings with institutional investors. The company will post discussion materials on its website, www.syb.com, by September 4, 2024.
Stock Yards Bancorp, headquartered in Louisville, Kentucky, is a bank holding company with $8.32 billion in assets. It is the parent of Stock Yards Bank & Trust Company, established in 1904. The company operates in Louisville, central, eastern and northern Kentucky, Indianapolis, Indiana, and Cincinnati, Ohio. Its shares trade on Nasdaq under the symbol SYBT.
Stock Yards Bancorp (NASDAQ: SYBT) has announced an increase in its quarterly cash dividend to $0.31 per common share, payable on October 1, 2024, to stockholders of record as of September 16, 2024. This marks the company's 17th dividend increase since 2011, representing a cumulative rise of 158% over that period. CEO James A. Hillebrand attributes this to the company's strong profitability and solid capital position.
Stock Yards Bancorp, headquartered in Louisville, Kentucky, is the parent company of Stock Yards Bank & Trust Company. With $8.32 billion in assets, it operates in Louisville, central, eastern and northern Kentucky, as well as Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets.
Stock Yards Bancorp (NASDAQ: SYBT) reported second-quarter 2024 earnings of $27.6 million, or $0.94 per diluted share, matching last year's results. Record loan growth and net interest margin expansion were key highlights. Net interest income rose by 2% to $62 million, driven by a $652 million increase in total loans over the past year. Non-interest income grew by 3% to $23.7 million, with strong contributions from Treasury Management and Wealth Management & Trust (WM&T) services.
Total deposits increased by $361 million, or 6%, despite a shift towards higher-cost deposits. Non-interest expenses climbed 7% due to higher compensation and benefits. Net interest margin improved to 3.26% from 3.20% in the previous quarter. The company maintained stable asset quality with non-performing loans at 0.29% of total loans. Total assets stood at $8.32 billion, with loans at $6.07 billion and deposits at $6.57 billion.
Stock Yards Bancorp continues to be well-capitalized, with a tangible common equity ratio of 8.42%. The company received the Raymond James Community Bankers Cup, recognizing its excellence in profitability and operational efficiency.
Stock Yards Bancorp (NASDAQ: SYBT) has declared a quarterly cash dividend of $0.30 per common share, consistent with the previous quarter. The dividend will be paid on July 1, 2024, to shareholders of record as of June 17, 2024. Stock Yards Bancorp, headquartered in Louisville, Kentucky, operates in several regions including central, eastern, and northern Kentucky, as well as Indianapolis, Indiana, and Cincinnati, Ohio. The company, incorporated in 1988, manages $8.12 billion in assets and is the parent company of Stock Yards Bank & Trust Company, established in 1904.
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