Stock Yds Bancorp Inc - SYBT STOCK NEWS

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.

On March 11, 2021, Stock Yards Bancorp (NASDAQ: SYBT) announced that CEO James A. Hillebrand and CFO T. Clay Stinnett will hold virtual meetings with institutional investors on March 18, 2021, moderated by Raymond James. Discussion materials will be available on the company’s website by that date. Based in Louisville, Kentucky, Stock Yards Bancorp manages $4.6 billion in assets and operates through its bank, established in 1904. Its shares are publicly traded on NASDAQ under the symbol SYBT.

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 April 1, 2021, to shareholders on record as of March 12, 2021. With total assets of $4.6 billion, Stock Yards Bancorp has been a significant player in the banking sector since its establishment. This announcement highlights the company’s commitment to returning value to its shareholders.

Stock Yards Bancorp, Inc. (NASDAQ: SYBT) announced that CEO James A. Hillebrand and CFO T. Clay Stinnett will participate in the Keefe, Bruyette & Woods' Virtual Winter Financial Services Symposium on February 10th and 11th, 2021. They will also hold one-on-one meetings with institutional investors. Discussion materials from the event will be available on the company's website, www.syb.com, by February 10th. Stock Yards Bancorp, headquartered in Louisville, Kentucky, has assets of $4.6 billion and is the parent of Stock Yards Bank & Trust Company, founded in 1904.

Stock Yards Bancorp, Inc. (SYBT) announced its acquisition of Kentucky Bancshares, Inc. on January 27, 2021. The all-stock and cash transaction, valued at approximately $190 million, allows Kentucky Bancshares' shareholders to receive 0.64 shares of Stock Yards common stock and $4.75 in cash per share. The merger, expected to close in Q2 2021, combines assets of about $5.9 billion and broadens service offerings across 63 branches. The deal is projected to enhance Stock Yards’ earnings per share by 12.5% in the first full year post-acquisition.

Stock Yards Bancorp, Inc. (SYBT) reported record earnings for Q4 2020, with a net income of $17.7 million, or $0.78 per share, a 7% increase from Q4 2019. However, net income for 2020 was $58.9 million, down from $66.1 million in 2019, mainly due to increased loan loss provisioning amid the pandemic. The company experienced record loan growth of 24% year-over-year, totaling $3.5 billion, largely driven by participation in the PPP, which generated $13.6 million in revenue. Non-interest income rose 5% to $13.7 million, while non-interest expenses increased to $28.1 million, affecting margins.