S. Y. Bancorp, Inc. Announces First Quarter 2001 Earnings

Apr 11, 2001, 01:00 ET from S.Y. Bancorp, Inc.

    LOUISVILLE, Ky., April 11 /PRNewswire/ -- S. Y. Bancorp, Inc.
 (Amex:   SYI), parent company of Stock Yards Bank & Trust Company in Louisville
 and southern Indiana, today reported higher earnings for the first quarter
 ended March 31, 2001, marking the beginning of the Company's fourteenth
 consecutive year of record net income and earnings per share.  Several factors
 fueled the strong start to the new year, including higher volume in the Bank's
 commercial and mortgage lending areas which continues to drive net interest
 income, as well as ongoing growth in non-interest income.  As summary of first
 quarter results follows:
 
      Quarter ended March 31,              2001            2000      Change
      Net income                     $   3,039,000     $2,592,000     17.2%
      Net income per share, basic    $        0.46     $     0.39     17.9%
      Net income per share, diluted  $        0.44     $     0.38     15.8%
 
     Commenting on the announcement, David H. Brooks, Chairman of the Board,
 said, "We are pleased to announce these solid first quarter results as the
 basis for what we believe will be another excellent year for S. Y. Bancorp.
 As we anticipated, the Company's net interest margin remained stable in the
 first quarter compared with the final quarter of 2000, even as interest rates
 have declined.  This stability, combined with strong loan volume, has
 translated into accelerating net interest income growth versus the fourth
 quarter of 2000 -- a trend that we believe will continue through the remainder
 of the year.  The Investment Management and Trust Department continued its
 exceptional performance representing a major source of non-interest income.
 Our Investment Management and Trust Department had more than $1 billion under
 management at quarter's end and, as such, offers attractive potential for
 growing investment management and trust services income.
     "The Company's ongoing prosperity and growth, as reflected by the record
 results we announce today, underscore the Bank's significant and increasing
 position in its market region," he continued.  "We have not wavered from a
 strategy that marries exceptional customer service with an array of highly
 competitive financial products and services.  We think this ongoing
 commitment, together with the strong start we have posted to the new year,
 keep us firmly on track to increase earnings per diluted share 15% or more in
 2001."
     Net interest income on a taxable equivalent basis increased 10.0% for the
 first quarter as compared to the same period in 2000.  The increase in net
 interest income is primarily due to the growth of interest earning assets.
 Non-interest income increased 31.5% for the quarter as compared to 2000.  Fees
 for investment management and trust services, service charges on deposit
 accounts, and gains on the sales of mortgage loans held for sale showed strong
 increases during the quarter.  The provision for loan losses increased for the
 quarter due to significant loan growth and in consideration of loan charge-
 offs and an increase in non-accrual loans during the quarter.  Non-interest
 expenses increased 14.1% for the quarter as compared to 2000.  The expected
 growth in these expenses reflects the expansion and additions of professional
 staff to accommodate the growth that continues throughout the Company.
 Consolidated assets totaled $863 million at March 31, 2001, as compared to
 $719 million at March 31, 2000 and $852 million at December 31, 2000.
     S. Y. Bancorp, Inc. was incorporated in 1988 as a bank holding company in
 Louisville, Kentucky and is the parent company of Stock Yards Bank & Trust
 Company, which has fifteen locations in Kentucky and southern Indiana.  Stock
 Yards Bank & Trust Company was established in 1904 in Louisville, Kentucky.
     This report contains forward-looking statements under the Private
 Securities Litigation Reform act that involve risks and uncertainties.
 Although the Bancorp's management believes the assumptions underlying the
 forward-looking statements contained herein are reasonable, any of these
 assumptions could be inaccurate.  Therefore, there can be no assurance the
 forward-looking statements included herein will prove to be accurate. Factors
 that could cause actual results to differ from results discussed in forward-
 looking statements include, but are not limited to: economic conditions both
 generally and more specifically in the market in which the Bancorp and its
 subsidiary operate; competition for the Bancorp's customers from other
 providers of financial services; government legislation and regulation which
 change from time to time and over which the Bancorp has no control; changes in
 interest rates; material unforeseen changes in liquidity, results of
 operations, or financial condition of the Bancorp's customers; other risks
 detailed in the Bancorp's filings with the Securities and Exchange Commission,
 all of which are difficult to predict and many of which are beyond the control
 of the Bancorp.
 
                               S.Y. Bancorp, Inc.
                      Selected Consolidated Financial Data
                     (In thousands, except per share data)
 
 
                                     Four Quarter Comparison
                          03/31/01   12/31/00     09/30/00    06/30/00
 
     Income Statement Data
     Net interest income   $8,148     $7,954       $7,997      $7,790
     Net interest income,
      fully tax equivalent  8,277      8,066        8,109       7,901
     Provision for loan
      losses                  800        925          750         585
     Gain/(loss) on the
      sale of securities       --         --           --          --
     Investment management
      and trust services    1,690      1,659        1,690       1,520
     Total non-interest
      income                4,370      3,979        4,112       4,002
     Goodwill amortization     17         17           17          17
     Total non-interest
      expense               7,240      6,703        6,743       6,915
     Net income             3,039      2,987        3,111       2,902
 
     Per Share Data
     Basic earnings per
      share                 $0.46      $0.45        $0.47       $0.44
     Diluted earnings per
      share                  0.44       0.44         0.46        0.43
     Cash dividends declared 0.11       0.10         0.10        0.10
     Book value per share    9.50       9.08         8.58        8.15
     Market value per share 28.00      20.25        19.88       20.63
 
     Share Data
     Total Shares
      Outstanding           6,649      6,637        6,626       6,634
     Weighted Average
      Shares-Basic          6,645      6,632        6,634       6,633
     Weighted Average
      Shares-Diluted        6,837      6,810        6,819       6,821
 
     Balance Sheet Data
     Total loans         $693,153   $664,634     $647,212    $619,328
     Allowance for loan
      losses                9,889      9,331        9,400       8,717
     Total assets         863,399    852,260      787,969     753,977
     Non-interest bearing
      deposits            102,857    103,172       96,574      97,908
     Interest bearing
      deposits            635,468    622,485      574,444     533,579
     Long-term debt         2,100      2,100        2,100       2,100
     Stockholders' equity  63,155     60,288       56,884      54,060
 
     Average Balance Sheet Data
     Average loans       $678,042   $652,430     $632,690    $604,001
     Average assets       837,708    803,135      763,132     732,684
     Average earning
      assets              787,357    751,929      715,437     688,717
     Average deposits     711,652    682,610      644,991     614,699
     Average long-term
      debt                  2,100      2,100        2,100       2,100
 
     Average interest
      bearing liabilities 671,038    636,127      602,097     575,945
     Average stockholders'
      equity               62,133     58,638       56,004      53,124
 
     Earnings Performance Data
     Return on average
      assets                 1.47 %     1.48 %       1.62 %      1.59 %
     Return on average
      equity                19.84      20.26        22.10       21.97
     Net interest margin,
      fully tax equivalent   4.26       4.27         4.51        4.60
 
     Capital Ratios
     Average stockholders'
      equity to average
      assets                 7.42 %     7.30  %      7.34 %      7.25 %
     Tier 1 risk-based
      capital                8.99       8.87         9.17        9.11
     Total risk-based
      capital               10.28      10.16        10.47       10.41
     Leverage                7.34       7.38         7.47        7.44
 
     Asset Quality Data
     Allowance for loan
      losses to total loans  1.43 %     1.40 %       1.45 %      1.41 %
     Allowance for loan losses
      to average loans       1.46       1.43         1.49        1.44
     Allowance to
      non-performing loans  182.9      316.9        177.2       172.8
     Nonaccrual loans      $3,675       $602       $2,651      $2,712
     Restructured loans        --         --           --          --
     Loans - 90 days past due
      & still accruing      1,732      2,342        2,654       2,334
     Total Non-Performing
      Loans                 5,407      2,944        5,305       5,046
     OREO and Repossessed
      Assets                   24        833           --         127
     Total Non-Performing
      Assets                5,431      3,777        5,305       5,173
     Non-Performing Loans
      to Total Loans         0.78 %     0.44 %       0.82 %      0.81 %
     Non-Performing Assets
      to Total Assets        0.63       0.44         0.67        0.69
     Net Charge-Offs
     (Recoveries)            $242       $994          $67       $(290)
 
     Other Information
     Total assets under
      management           $1,003     $1,056       $1,072      $1,027
     Full-time equivalent
      employees               334        327          317         321
 
 
                               S.Y. Bancorp, Inc.
                      Selected Consolidated Financial Data
                     (In thousands, except per share data)
 
 
                                      Year to Date Comparison
                                     03/31/01        03/31/00       Change
     Income Statement Data
     Net interest income              $8,148          $7,413           9.9  %
     Net interest income,
      fully tax equivalent             8,277           7,525          10.0
     Provision for loan losses           800             580          37.9
     Gain/(loss) on the sale of
       securities                         --              --           0.0
     Investment management and trust
       services                        1,690           1,458          15.9
     Total non-interest income         4,370           3,322          31.5
     Goodwill amortization                17              17           0.0
     Total non-interest expense        7,240           6,343          14.1
     Net income                        3,039           2,592          17.2
 
     Per Share Data
     Basic earnings per share          $0.46           $0.39          17.9  %
     Diluted earnings per share         0.44            0.38          15.8
     Cash dividends declared            0.11            0.09          22.2
     Book value per share               9.50            7.80          21.8
     Market value per share            28.00           18.63          50.3
 
     Share Data
     Total Shares Outstanding          6,649           6,635           0.2  %
     Weighted Average Shares-Basic     6,645           6,638           0.1
     Weighted Average Shares-Diluted   6,837           6,827           0.1
 
     Balance Sheet Data
     Total loans                    $693,153        $582,135          19.1  %
     Allowance for loan losses         9,889           7,842          26.1
     Total assets                    863,399         719,445          20.0
     Non-interest bearing deposits   102,857          99.579           3.3
     Interest bearing deposits       635,468         513,414          23.8
     Long-term debt                    2,100           2,100           0.0
     Stockholders' equity             63,155          51,776          22.0
 
     Average Balance Sheet Data
     Average loans                 $$678,042        $561,785          20.7  %
     Average assets                  837,708         691,535          21.1
     Average earning assets          787,357         645,174          22.0
     Average deposits                711,652         576,693          23.4
     Average long-term debt            2,100           2,100           0.0
     Average interest bearing
        liabilities                  671,038         542,048          23.8
     Average stockholders' equity     62,133          50,799          22.3
 
     Earnings Performance Data
     Return on average assets           1.47%           1.50%          (3)bp
     Return on average equity          19.84           20.47          (63)
     Net interest margin, fully
       tax equivalent                   4.26             .68          (42)
 
     Capital Ratios
     Average stockholders' equity to
       average assets                   7.42%           7.35%           7 bp
     Tier 1 risk-based capital          8.99            9.23          (24)
     Total risk-based capital          10.28           10.54          (26)
     Leverage                           7.34            7.58          (24)
 
     Asset Quality Data
     Allowance for loan losses to
       total loans                      1.43%           1.35%           8 bp
     Allowance for loan losses to
       average loans                    1.46            1.40           21
     Allowance to non-performing loans 182.9           175.3          7.6
     Nonaccrual loans                 $3,675          $2,896         26.9%
     Restructured loans                   --              --          0.0
     Loans - 90 days past due &
       still accruing                  1,732           1,577          9.8
     Total Non-Performing Loans        5,407           4,473         20.9
     OREO and Repossessed Assets          24              83        (71.1)
     Total Non-Performing Assets       5,431           4,556         19.2
     Non-Performing Loans to
       Total Loans                      0.78%           0.77%           1 bp
     Non-Performing Assets to Total
       Assets                           0.63            0.63            0
     Net Charge-Offs (Recoveries)       $242             $74        227.0%
 
     Other Information
     Total assets under management    $1,003            $953          5.2%
     Full-time equivalent employees      334             310          7.7
 
 

SOURCE S.Y. Bancorp, Inc.
    LOUISVILLE, Ky., April 11 /PRNewswire/ -- S. Y. Bancorp, Inc.
 (Amex:   SYI), parent company of Stock Yards Bank & Trust Company in Louisville
 and southern Indiana, today reported higher earnings for the first quarter
 ended March 31, 2001, marking the beginning of the Company's fourteenth
 consecutive year of record net income and earnings per share.  Several factors
 fueled the strong start to the new year, including higher volume in the Bank's
 commercial and mortgage lending areas which continues to drive net interest
 income, as well as ongoing growth in non-interest income.  As summary of first
 quarter results follows:
 
      Quarter ended March 31,              2001            2000      Change
      Net income                     $   3,039,000     $2,592,000     17.2%
      Net income per share, basic    $        0.46     $     0.39     17.9%
      Net income per share, diluted  $        0.44     $     0.38     15.8%
 
     Commenting on the announcement, David H. Brooks, Chairman of the Board,
 said, "We are pleased to announce these solid first quarter results as the
 basis for what we believe will be another excellent year for S. Y. Bancorp.
 As we anticipated, the Company's net interest margin remained stable in the
 first quarter compared with the final quarter of 2000, even as interest rates
 have declined.  This stability, combined with strong loan volume, has
 translated into accelerating net interest income growth versus the fourth
 quarter of 2000 -- a trend that we believe will continue through the remainder
 of the year.  The Investment Management and Trust Department continued its
 exceptional performance representing a major source of non-interest income.
 Our Investment Management and Trust Department had more than $1 billion under
 management at quarter's end and, as such, offers attractive potential for
 growing investment management and trust services income.
     "The Company's ongoing prosperity and growth, as reflected by the record
 results we announce today, underscore the Bank's significant and increasing
 position in its market region," he continued.  "We have not wavered from a
 strategy that marries exceptional customer service with an array of highly
 competitive financial products and services.  We think this ongoing
 commitment, together with the strong start we have posted to the new year,
 keep us firmly on track to increase earnings per diluted share 15% or more in
 2001."
     Net interest income on a taxable equivalent basis increased 10.0% for the
 first quarter as compared to the same period in 2000.  The increase in net
 interest income is primarily due to the growth of interest earning assets.
 Non-interest income increased 31.5% for the quarter as compared to 2000.  Fees
 for investment management and trust services, service charges on deposit
 accounts, and gains on the sales of mortgage loans held for sale showed strong
 increases during the quarter.  The provision for loan losses increased for the
 quarter due to significant loan growth and in consideration of loan charge-
 offs and an increase in non-accrual loans during the quarter.  Non-interest
 expenses increased 14.1% for the quarter as compared to 2000.  The expected
 growth in these expenses reflects the expansion and additions of professional
 staff to accommodate the growth that continues throughout the Company.
 Consolidated assets totaled $863 million at March 31, 2001, as compared to
 $719 million at March 31, 2000 and $852 million at December 31, 2000.
     S. Y. Bancorp, Inc. was incorporated in 1988 as a bank holding company in
 Louisville, Kentucky and is the parent company of Stock Yards Bank & Trust
 Company, which has fifteen locations in Kentucky and southern Indiana.  Stock
 Yards Bank & Trust Company was established in 1904 in Louisville, Kentucky.
     This report contains forward-looking statements under the Private
 Securities Litigation Reform act that involve risks and uncertainties.
 Although the Bancorp's management believes the assumptions underlying the
 forward-looking statements contained herein are reasonable, any of these
 assumptions could be inaccurate.  Therefore, there can be no assurance the
 forward-looking statements included herein will prove to be accurate. Factors
 that could cause actual results to differ from results discussed in forward-
 looking statements include, but are not limited to: economic conditions both
 generally and more specifically in the market in which the Bancorp and its
 subsidiary operate; competition for the Bancorp's customers from other
 providers of financial services; government legislation and regulation which
 change from time to time and over which the Bancorp has no control; changes in
 interest rates; material unforeseen changes in liquidity, results of
 operations, or financial condition of the Bancorp's customers; other risks
 detailed in the Bancorp's filings with the Securities and Exchange Commission,
 all of which are difficult to predict and many of which are beyond the control
 of the Bancorp.
 
                               S.Y. Bancorp, Inc.
                      Selected Consolidated Financial Data
                     (In thousands, except per share data)
 
 
                                     Four Quarter Comparison
                          03/31/01   12/31/00     09/30/00    06/30/00
 
     Income Statement Data
     Net interest income   $8,148     $7,954       $7,997      $7,790
     Net interest income,
      fully tax equivalent  8,277      8,066        8,109       7,901
     Provision for loan
      losses                  800        925          750         585
     Gain/(loss) on the
      sale of securities       --         --           --          --
     Investment management
      and trust services    1,690      1,659        1,690       1,520
     Total non-interest
      income                4,370      3,979        4,112       4,002
     Goodwill amortization     17         17           17          17
     Total non-interest
      expense               7,240      6,703        6,743       6,915
     Net income             3,039      2,987        3,111       2,902
 
     Per Share Data
     Basic earnings per
      share                 $0.46      $0.45        $0.47       $0.44
     Diluted earnings per
      share                  0.44       0.44         0.46        0.43
     Cash dividends declared 0.11       0.10         0.10        0.10
     Book value per share    9.50       9.08         8.58        8.15
     Market value per share 28.00      20.25        19.88       20.63
 
     Share Data
     Total Shares
      Outstanding           6,649      6,637        6,626       6,634
     Weighted Average
      Shares-Basic          6,645      6,632        6,634       6,633
     Weighted Average
      Shares-Diluted        6,837      6,810        6,819       6,821
 
     Balance Sheet Data
     Total loans         $693,153   $664,634     $647,212    $619,328
     Allowance for loan
      losses                9,889      9,331        9,400       8,717
     Total assets         863,399    852,260      787,969     753,977
     Non-interest bearing
      deposits            102,857    103,172       96,574      97,908
     Interest bearing
      deposits            635,468    622,485      574,444     533,579
     Long-term debt         2,100      2,100        2,100       2,100
     Stockholders' equity  63,155     60,288       56,884      54,060
 
     Average Balance Sheet Data
     Average loans       $678,042   $652,430     $632,690    $604,001
     Average assets       837,708    803,135      763,132     732,684
     Average earning
      assets              787,357    751,929      715,437     688,717
     Average deposits     711,652    682,610      644,991     614,699
     Average long-term
      debt                  2,100      2,100        2,100       2,100
 
     Average interest
      bearing liabilities 671,038    636,127      602,097     575,945
     Average stockholders'
      equity               62,133     58,638       56,004      53,124
 
     Earnings Performance Data
     Return on average
      assets                 1.47 %     1.48 %       1.62 %      1.59 %
     Return on average
      equity                19.84      20.26        22.10       21.97
     Net interest margin,
      fully tax equivalent   4.26       4.27         4.51        4.60
 
     Capital Ratios
     Average stockholders'
      equity to average
      assets                 7.42 %     7.30  %      7.34 %      7.25 %
     Tier 1 risk-based
      capital                8.99       8.87         9.17        9.11
     Total risk-based
      capital               10.28      10.16        10.47       10.41
     Leverage                7.34       7.38         7.47        7.44
 
     Asset Quality Data
     Allowance for loan
      losses to total loans  1.43 %     1.40 %       1.45 %      1.41 %
     Allowance for loan losses
      to average loans       1.46       1.43         1.49        1.44
     Allowance to
      non-performing loans  182.9      316.9        177.2       172.8
     Nonaccrual loans      $3,675       $602       $2,651      $2,712
     Restructured loans        --         --           --          --
     Loans - 90 days past due
      & still accruing      1,732      2,342        2,654       2,334
     Total Non-Performing
      Loans                 5,407      2,944        5,305       5,046
     OREO and Repossessed
      Assets                   24        833           --         127
     Total Non-Performing
      Assets                5,431      3,777        5,305       5,173
     Non-Performing Loans
      to Total Loans         0.78 %     0.44 %       0.82 %      0.81 %
     Non-Performing Assets
      to Total Assets        0.63       0.44         0.67        0.69
     Net Charge-Offs
     (Recoveries)            $242       $994          $67       $(290)
 
     Other Information
     Total assets under
      management           $1,003     $1,056       $1,072      $1,027
     Full-time equivalent
      employees               334        327          317         321
 
 
                               S.Y. Bancorp, Inc.
                      Selected Consolidated Financial Data
                     (In thousands, except per share data)
 
 
                                      Year to Date Comparison
                                     03/31/01        03/31/00       Change
     Income Statement Data
     Net interest income              $8,148          $7,413           9.9  %
     Net interest income,
      fully tax equivalent             8,277           7,525          10.0
     Provision for loan losses           800             580          37.9
     Gain/(loss) on the sale of
       securities                         --              --           0.0
     Investment management and trust
       services                        1,690           1,458          15.9
     Total non-interest income         4,370           3,322          31.5
     Goodwill amortization                17              17           0.0
     Total non-interest expense        7,240           6,343          14.1
     Net income                        3,039           2,592          17.2
 
     Per Share Data
     Basic earnings per share          $0.46           $0.39          17.9  %
     Diluted earnings per share         0.44            0.38          15.8
     Cash dividends declared            0.11            0.09          22.2
     Book value per share               9.50            7.80          21.8
     Market value per share            28.00           18.63          50.3
 
     Share Data
     Total Shares Outstanding          6,649           6,635           0.2  %
     Weighted Average Shares-Basic     6,645           6,638           0.1
     Weighted Average Shares-Diluted   6,837           6,827           0.1
 
     Balance Sheet Data
     Total loans                    $693,153        $582,135          19.1  %
     Allowance for loan losses         9,889           7,842          26.1
     Total assets                    863,399         719,445          20.0
     Non-interest bearing deposits   102,857          99.579           3.3
     Interest bearing deposits       635,468         513,414          23.8
     Long-term debt                    2,100           2,100           0.0
     Stockholders' equity             63,155          51,776          22.0
 
     Average Balance Sheet Data
     Average loans                 $$678,042        $561,785          20.7  %
     Average assets                  837,708         691,535          21.1
     Average earning assets          787,357         645,174          22.0
     Average deposits                711,652         576,693          23.4
     Average long-term debt            2,100           2,100           0.0
     Average interest bearing
        liabilities                  671,038         542,048          23.8
     Average stockholders' equity     62,133          50,799          22.3
 
     Earnings Performance Data
     Return on average assets           1.47%           1.50%          (3)bp
     Return on average equity          19.84           20.47          (63)
     Net interest margin, fully
       tax equivalent                   4.26             .68          (42)
 
     Capital Ratios
     Average stockholders' equity to
       average assets                   7.42%           7.35%           7 bp
     Tier 1 risk-based capital          8.99            9.23          (24)
     Total risk-based capital          10.28           10.54          (26)
     Leverage                           7.34            7.58          (24)
 
     Asset Quality Data
     Allowance for loan losses to
       total loans                      1.43%           1.35%           8 bp
     Allowance for loan losses to
       average loans                    1.46            1.40           21
     Allowance to non-performing loans 182.9           175.3          7.6
     Nonaccrual loans                 $3,675          $2,896         26.9%
     Restructured loans                   --              --          0.0
     Loans - 90 days past due &
       still accruing                  1,732           1,577          9.8
     Total Non-Performing Loans        5,407           4,473         20.9
     OREO and Repossessed Assets          24              83        (71.1)
     Total Non-Performing Assets       5,431           4,556         19.2
     Non-Performing Loans to
       Total Loans                      0.78%           0.77%           1 bp
     Non-Performing Assets to Total
       Assets                           0.63            0.63            0
     Net Charge-Offs (Recoveries)       $242             $74        227.0%
 
     Other Information
     Total assets under management    $1,003            $953          5.2%
     Full-time equivalent employees      334             310          7.7
 
 SOURCE  S.Y. Bancorp, Inc.