SYBT 8-K
Stock Yards Bancorp, Inc. (SYBT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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On January 27, 2021, Stock Yards Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing earnings for the three and twelve months ended December 31, 2020.
The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
(D) Exhibits
| 99.1 | Press release dated January 27, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stock Yards Bancorp, Inc. | ||
| Date: January 27, 2021 | By: | /s/ T. Clay Stinnett |
| T. Clay Stinnett | ||
| Executive Vice President, Treasurer and Chief Financial Officer | ||
EXHIBIT 99.1
Stock Yards Bancorp Reports Record Fourth Quarter Earnings of $17.7 Million or $0.78 Per Diluted Share
Highlighted by Record Loan Growth
LOUISVILLE, Ky., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported record earnings for the fourth quarter ended December 31, 2020. Net income for the fourth quarter increased 7% to $17.7 million, or $0.78 per diluted share, compared with net income of $16.6 million, or $0.73 per diluted share, for the fourth quarter of 2019.
Net income for 2020 was $58.9 million, or $2.59 per diluted share, compared to $66.1 million, or $2.89 per diluted share, in 2019. Operating results for the year were lower compared to the record results posted in 2019, primarily due to pandemic-related increases in loan loss provisioning.
| (dollar amounts in thousands, except per share data) | 4Q20 | 3Q20 | 4Q19 | ||||||||
| Net interest income | $ | 36,252 | $ | 33,695 | $ | 32,756 | |||||
| Provision for credit losses | 1,400 | 4,418 | - | ||||||||
| Non-interest income | 13,698 | 13,043 | 12,987 | ||||||||
| Non-interest expenses | 28,129 | 26,196 | 26,153 | ||||||||
| Income before income tax expense | 20,421 | 16,124 | 19,590 | ||||||||
| Income tax expense | 2,685 | 1,591 | 2,941 | ||||||||
| Net income | $ | 17,736 | $ | 14,533 | $ | 16,649 | |||||
| Net income per share, diluted | $ | 0.78 | $ | 0.64 | $ | 0.73 | |||||
| Net interest margin | 3.35 | % | 3.26 | % | 3.71 | % | |||||
| Efficiency ratio | 56.26 | % | 55.96 | % | 57.11 | % | |||||
| Tangible common equity to tangible assets(1) | 9.28 | % | 9.52 | % | 10.55 | % | |||||
| Annualized return on average equity | 16.27 | % | 13.57 | % | 16.48 | % | |||||
| Annualized return on average assets | 1.56 | % | 1.34 | % | 1.78 | % | |||||
“Stock Yards Bancorp delivered record earnings in the fourth quarter 2020, driven by an expanded balance sheet fueled by record quarterly loan growth, strong revenue and solid credit quality,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “The unprecedented events in 2020 and the beginning of 2021 have brought serious economic, health and personal challenges to us all. Given the ongoing impacts of a global pandemic, we remain focused on supporting our customers, communities and employees.
“Since April, our active participation in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has helped service the needs of our customers and our local communities. Our success in executing this relief effort allowed us to assist nearly 3,400 customers and originate $657 million in loans while adding new relationships with strong future growth opportunities. As a result, we recorded interest and fee income related to PPP loans of $13.6 million during 2020. Approximately 46% of the net deferred fee income related to the PPP loan portfolio was recognized in 2020, with a significant portion of the remaining net deferred fees expected to be recognized in the first half of 2021.
“The first round of PPP expired on August 8, 2020 and as of year-end, we had submitted 520 forgiveness applications to the SBA totaling $170 million and received payment from the SBA for 333 borrowers. Approximately $2.1 million of the income recognized during the fourth quarter related to loan payoffs (fee acceleration). We have $10.5 million in net unrecognized fees related to the PPP that would be recognized in income immediately once the loans are paid off or forgiven by the SBA.”
The Consolidated Appropriations Act was signed into law on December 27, 2020, providing new COVID-19 stimulus relief and it included $284 billion allocated for a second round of PPP lending through March 31, 2021. The program offers new PPP loans for companies that did not receive PPP funds in 2020 in addition to “second draw” loans targeted at hard-hit businesses that have exhausted their initial PPP proceeds. “While we are very early in the process, we anticipate successfully executing this new round of relief efforts and helping our customers and communities. With the new provisions for this second draw, we believe the earnings potential is meaningful, but will likely not meet the level of contribution from the initial PPP loan program,” said Hillebrand.
“Despite solid traditional credit metrics, under the CECL methodology we recorded a significant provision for credit losses during the past year. The 2020 provision for credit losses was $16.9 million, compared to $1.0 million in 2019, based on the expected impact of the COVID-19 pandemic on forecasted unemployment and changing macro-economic conditions, as well as qualitative factor adjustments. We feel that we are well positioned as we navigate through the pandemic, having built up significant loan loss reserves, excluding PPP loans, of 1.74%(2) at December 31, 2020,” said Hillebrand.
Additional key factors impacting the fourth quarter of 2020 results included:
- Record diluted quarterly EPS exceeding the previous record set in the third quarter of 2019.
- Record quarterly loan growth and loan production, concentrated in the commercial & industrial, construction & land development and commercial real estate lending portfolios on a linked quarter basis.
- COVID-19 related loan deferrals declined significantly to 1.24% of total loans at the end of the fourth quarter of 2020 from 4.25% of total loans three months earlier.
- Deposit balances remained at record levels, as consumers and businesses continued to build cash reserves.
- Net interest income increased $3.5 million, or 11%, over the fourth quarter of 2019, driven by PPP related fees and a significant decline in cost of funds.
- Net interest margin (NIM) compressed 36 basis points to 3.35% compared to the fourth quarter a year ago. NIM continued to be negatively impacted by loan yield contraction driven by low yielding PPP loans, lower interest rates and excess balance sheet liquidity.
- Lower linked quarter loan loss provisioning.
- Non-interest income increased over the fourth quarter of 2019, reflecting higher debit/credit card income, growing treasury management fees and continued strong mortgage banking income. While slowly rebounding, deposit service charges continue to be impacted by the pandemic and changes in customer behavior remain subdued.
- Non-interest expenses reflected moderate increases in compensation, technology and communication and FDIC insurance premiums. Tax credit amortization expense increased $2.1 million related to the completion of a large tax project during the fourth quarter of 2020. Also, an overall increase in line of credit usage led to a reduction in the reserve for off-balance sheet credit exposures.
Highlights for the year ended December 31, 2020:
- Record total revenue, comprising fully taxable equivalent net interest income and non-interest income, of nearly $188 million.
- Deposit growth and loan production surpassed record levels.
- Record WM&T services income of $23.4 million boosted by record new business generation and historic market performance.
- Despite the pandemic, card income, treasury management fees and brokerage income continued to set new highs.
Hillebrand added, “We were honored to be recognized nationally for our customer service and for our performance metrics in 2020. In December, we were recognized by Bank Director for our track record of successfully managing the Bank through economic cycles based on our total shareholder return over the 20-year period ended June 30, 2020, ranking #12 on the list of nationally recognized financial institutions. In September, we were named to Newsweek’s America’s Best Banks 2021 list as the best small bank in the state of Kentucky. Additionally, in September we were named once again to the prestigious Piper Sandler Bank and Thrift Sm-All Stars: Class of 2020 list, being one of only 35 institutions to receive this honor. Being recognized for these awards is great affirmation of our extraordinary staff and their commitment to supporting our customers and communities.”
Results of Operations – Fourth Quarter 2020 Compared with Fourth Quarter 2019
Net interest income – the Company’s largest source of revenue – increased $3.5 million, or 11%, to $36.3 million, driven primarily by PPP loans and related fees and a significant decline in cost of funds.
- Total interest income increased $508,000, or 1%, to $38.3 million, primarily due to a 5% increase in interest income on loans resulting from PPP interest/fee income partly offset by continued yield contraction.
- Interest expense declined $3.0 million, or 59%, to $2.1 million. Interest expense on deposits decreased $2.7 million, or 60%, as the cost of interest bearing deposits declined to 0.27% in the fourth quarter of 2020 from 0.79% in the fourth quarter a year ago. The decline in interest bearing deposit costs more than offset the significant increase in average balances, as the Bank benefited from strategically lowering stated deposit rates in tandem with the 225 basis point drop in the Federal Reserve’s short-term interest rates between August of 2019 and March of 2020.
- NIM decreased 36 basis points to 3.35% for the fourth quarter of 2020 from 3.71%. The NIM contraction was primarily driven by lower interest rates, coupled with higher levels of excess balance sheet liquidity. The Company has maintained significantly higher levels of balance sheet liquidity driven in part by the funding of PPP loans through deposit growth. The PPP loan portfolio had a 9 basis point positive impact to NIM, while excess liquidity had a 18 basis point negative impact.
Loan loss provisioning for the fourth quarter of 2020 reflected record quarter loan growth and was positively impacted by improvement in the future unemployment forecast offset by qualitative factors in the allowance for credit loss model.
Non-interest income increased $711,000, or 5%, to $13.7 million.
- Deposit service charges decreased $319,000, or 23%, primarily related to a decline in non-sufficient funds fees collected and an overall shift in pandemic related customer behavior.
- Debit/credit card income increased $110,000, or 5%. Card income, which fell drastically in April, rebounded in June, and continued to climb through the end of the fourth quarter.
- Treasury management fees increased by $137,000, or 10%, primarily due to strong product sales and customer base expansion. This activity offset the significant decline in pandemic related transaction volume during the year.
- Mortgage banking revenue increased $778,000, or 84%, to $1.7 million for the fourth quarter of 2020. Continued low long-term mortgage rates continued to entice mortgage refinancing and produced a record number of loan sales.
- Net investment product sales commissions and fees increased $109,000, or 29%, boosted by increased customer trading activity.
Non-interest expenses increased $2.0 million, or 8%, to $28.1 million.
- Compensation expense increased $599,000, or 4%, primarily due to annual merit-based salary increases, an increase in full time equivalent employees, and increased incentive compensation.
- Employee benefits decreased $337,000, or 13%, primarily due to lower than projected health insurance expense, partially offset by elevated 401(k) expense tied to the increase in full time equivalent employees.
- Technology and communication expense for the fourth quarter of 2020 increased $639,000, or 39%, compared with the prior year quarter, consistent with expanding customer-facing software and system functionality, as well as increased licensing and maintenance expense, higher mortgage loan processing expenses, treasury management customer expansion and the migration to a hosted core environment during the third quarter of 2020.
- Marketing and business development expense, which includes all costs associated with promoting the Bank, community investment, retaining customers and acquiring new business, continued to be significantly below the prior period based on reduced travel and customer entertainment expense.
Financial Condition – December 31, 2020 Compared with December 31, 2019
Total loans increased $687 million, or 24%, to $3.5 billion. Excluding the PPP loan portfolio, total loans increased $136 million, or 5%, during the year, with $122 million of growth in the commercial real estate portfolio and $28 million of growth in residential real estate loans, partially offset by a $37 million decrease in the commercial & industrial portfolio tied to line of credit usage.
The Company has made short-term loan modifications involving primarily full-payment deferrals in response to requests from borrowers who experienced business or personal cash flow interruptions related to the pandemic. Through the close of the fourth quarter, there were approximately $37 million in full payment deferral balances, with the largest concentration in the commercial real estate portfolio. Pursuant to the CARES Act, these loan deferrals are not included in non-performing loan statistics.
Full payment loan deferral balances have fluctuated as follows:
| ($'s in millions) | Total Deferrals | % of Total Loans* | |||
| December 31, 2020 | $ | 37 | 1.24 | % | |
| November 30, 2020 | 41 | 1.42 | % | ||
| October 31, 2020 | 65 | 2.28 | % | ||
| September 30, 2020 | 120 | 4.25 | % | ||
| June 30, 2020 | 502 | 17.72 | % | ||
| * Excluding PPP loans | |||||
The Company’s management team continues to analyze the evolving economic conditions in its markets while closely monitoring credit metrics, particularly related to the following segments comprising deferrals in the Bank’s portfolio:
| (in millions) | December 31, 2020 | September 30, 2020 | ||||
| Lodging/hotel | $ | 16 | $ | 30 | ||
| Residential real estate secured | 2 | 18 | ||||
| Real estate/land development | 1 | 12 | ||||
| Retail center | 2 | 12 | ||||
| Parking lot/parking garage/storage | - | 11 | ||||
| Tradeshows/events | 8 | 10 | ||||
| Other | 8 | 27 | ||||
| Total Deferrals | $ | 37 | $ | 120 | ||
Asset quality, which has trended within a narrow range over the past several years, remained strong. Non-performing loans were $13.2 million, or 0.44%(2) of total loans (excluding PPP) outstanding compared to $12.1 million, or 0.42% of total loans outstanding at December 31, 2019.
Non-accrual loans increased $156,000 during the fourth quarter over the prior quarter and increased $1 million compared to a year ago. Approximately $10 million of the non-accrual loan balance at December 31, 2020 relates to one commercial real estate non-owner occupied relationship that was placed on non-accrual status during the second quarter.
During the fourth quarter of 2020, the Company recorded net loan recoveries totaling $19,000 compared to net loan charge-offs of $86,000 in the fourth quarter of 2019.
Total deposits increased $855 million, or 27%, from December 31, 2019 to December 31, 2020, with non-interest bearing deposits representing $377 million of the increase. The mix of deposits has also improved with higher-cost time deposits declining $40 million during 2020. Both period end and average deposit balances ended at record levels at December 31, 2020. Federal programs such as the PPP and stimulus checks have boosted deposit balances.
At December 31, 2020, the Company remained “well capitalized,” the highest regulatory capital rating for financial institutions, with increases in all regulatory capital ratios. Total equity to assets was 9.56% and the tangible common equity ratio was 9.28%(1) at December 31, 2020, compared to 10.91% and 10.55%(1), respectively, at December 31, 2019, with the decline attributable to the January 1, 2020 CECL adoption, the prior year acquisition and the impact of loan growth.
In December 2020, the Board of Directors continued the dividend rate of $0.27 per common share initially set in November 2019. The Company is committed to maintaining its current dividend level and will continue to evaluate the related impact on capital levels quarterly.
No shares were repurchased in 2020 and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan which expires in May 2021.
Results of Operations – Fourth Quarter 2020 Compared with Third Quarter 2020
Net interest income increased $2.6 million over the prior quarter to $36.3 million, led by loan growth, PPP fee recognition and the continued decline in cost of funds.
Loan provisioning in 2020 has been significantly impacted by the economic crisis and its impact upon the future unemployment forecast within the allowance for credit loss model, qualitative factor adjustments and loan growth.
Non-interest income increased $655,000 to $13.7 million. Increases in wealth management and trust service fees, debit/credit card income and higher treasury management fees more than offset a modest fourth quarter reduction in mortgage banking income.
Non-interest expenses increased $1.9 million to $28.1 million.
- Compensation expense increased $772,000 to $14.1 million compared with the third quarter of 2020 due to increased incentive compensation.
- Employee benefits decreased $680,000 primarily due to lower than projected health insurance expense.
- Improvement in line of credit usage led to a reduction in the reserve for off-balance sheet credit exposure of $900,000 during the fourth quarter. On a linked quarter basis, this expense category improved by $1.5 million.
Financial Condition December 31, 2020, Compared with September 30, 2020
Total assets increased $244 million on a linked quarter basis to $4.6 billion, reflecting significant increases in both loans and investment securities.
Total loans increased $59 million on a linked quarter basis to $3.5 billion at quarter end and the deployment of excess liquidity led to a $158 million increase in securities. Total line of credit usage increased to 38% as of December 31, 2020, from 37% at September 30, 2020. C&I line usage increased to 28% as of December 31, 2020, compared to 26% at September 30, 2020.
Total deposits increased $234 million, or 6%, on a linked quarter basis due to higher deposit levels consistent with the seasonal increase in public funds and growth in balances with both existing and new customers. The economic slow-down and uncertainty surrounding the pandemic has resulted in the customer base maintaining generally higher deposit balances.
Stockholders’ equity increased $12 million in the fourth quarter of 2020 compared with the prior quarter, with net income of $17.7 million and the positive change in equity related to the Bank’s investment portfolio offset by dividends declared.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $4.6 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “SYBT.”
This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’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 those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiary operates; competition for the Company’s customers from other providers of financial services; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; the effects of government stimulus programs such as the Consolidated Appropriations Act; the effects of the FRB’s benchmark interest rate cuts on liquidity and margins; the potential adverse effects of the coronavirus or any other pandemic on the ability of borrowers to satisfy their obligations to the Company, the level of the Company’s non-performing assets, the demand for the Company’s loans or its other products and services, other aspects of the Company’s business and operations, and financial markets and economic growth, and other risks detailed in the Company’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 Company. See “Risk Factors” outlined in the Company’s Form 10-Q for the three months ended September 30, 2020 and Form 10-K for the year ended December 31, 2019.
Contact:
T. Clay Stinnett
Executive Vice President,
Treasurer and Chief Financial Officer
(502) 625-0890
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | |||||||||||||||
| Fourth Quarter 2020 Earnings Release | |||||||||||||||
| (In thousands unless otherwise noted) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| Income Statement Data | 2020 | 2019 | 2020 | 2019 | |||||||||||
| Net interest income, fully tax equivalent (3) | $ | 36,301 | $ | 32,810 | $ | 136,133 | $ | 125,571 | |||||||
| Interest income: | |||||||||||||||
| Loans | $ | 36,007 | $ | 34,393 | $ | 137,699 | $ | 134,469 | |||||||
| Federal funds sold and interest bearing due from banks | 65 | 804 | 738 | 2,933 | |||||||||||
| Mortgage loans held for sale | 174 | 61 | 533 | 182 | |||||||||||
| Securities | 2,093 | 2,573 | 8,901 | 10,308 | |||||||||||
| Total interest income | 38,339 | 37,831 | 147,871 | 147,892 | |||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 1,802 | 4,526 | 10,478 | 20,560 | |||||||||||
| Securities sold under agreements to repurchase and | |||||||||||||||
| other short-term borrowings | 8 | 63 | 72 | 318 | |||||||||||
| Federal Home Loan Bank (FHLB) advances and other long-term debt | 277 | 486 | 1,400 | 1,666 | |||||||||||
| Total interest expense | 2,087 | 5,075 | 11,950 | 22,544 | |||||||||||
| Net interest income | 36,252 | 32,756 | 135,921 | 125,348 | |||||||||||
| Provision for credit losses | 1,400 | - | 16,918 | 1,000 | |||||||||||
| Net interest income after provision for credit losses | 34,852 | 32,756 | 119,003 | 124,348 | |||||||||||
| Non-interest income: | |||||||||||||||
| Wealth management and trust services | 5,805 | 5,804 | 23,406 | 22,643 | |||||||||||
| Deposit service charges | 1,080 | 1,399 | 4,161 | 5,193 | |||||||||||
| Debit and credit card income | 2,219 | 2,109 | 8,480 | 8,123 | |||||||||||
| Treasury management fees | 1,506 | 1,369 | 5,407 | 4,992 | |||||||||||
| Mortgage banking income | 1,708 | 930 | 6,155 | 2,934 | |||||||||||
| Net investment product sales commissions and fees | 487 | 378 | 1,775 | 1,498 | |||||||||||
| Bank owned life insurance | 166 | 182 | 693 | 1,031 | |||||||||||
| Other | 727 | 816 | 1,822 | 3,014 | |||||||||||
| Total non-interest income | 13,698 | 12,987 | 51,899 | 49,428 | |||||||||||
| Non-interest expenses: | |||||||||||||||
| Compensation | 14,072 | 13,473 | 51,368 | 50,319 | |||||||||||
| Employee benefits | 2,173 | 2,510 | 11,064 | 10,691 | |||||||||||
| Net occupancy and equipment | 2,209 | 2,374 | 8,414 | 8,379 | |||||||||||
| Technology and communication | 2,275 | 1,636 | 8,500 | 7,098 | |||||||||||
| Debit and credit card processing | 698 | 613 | 2,606 | 2,493 | |||||||||||
| Marketing and business development | 835 | 1,367 | 2,383 | 3,627 | |||||||||||
| Postage, printing and supplies | 423 | 434 | 1,778 | 1,652 | |||||||||||
| Legal and professional | 597 | 433 | 2,392 | 3,014 | |||||||||||
| Amortization of investments in tax credit partnerships | 2,955 | 837 | 3,096 | 1,078 | |||||||||||
| Capital and deposit based taxes | 1,055 | 1,006 | 4,386 | 3,870 | |||||||||||
| Credit loss expense for off-balance sheet exposures | (900) | - | 1,500 | - | |||||||||||
| Other | 1,737 | 1,470 | 5,672 | 5,895 | |||||||||||
| Total non-interest expenses | 28,129 | 26,153 | 103,159 | 98,116 | |||||||||||
| Income before income tax expense | 20,421 | 19,590 | 67,743 | 75,660 | |||||||||||
| Income tax expense | 2,685 | 2,941 | 8,874 | 9,593 | |||||||||||
| Net income | $ | 17,736 | $ | 16,649 | $ | 58,869 | $ | 66,067 | |||||||
| Net income per share - Basic | $ | 0.79 | $ | 0.74 | $ | 2.61 | $ | 2.92 | |||||||
| Net income per share - Diluted | 0.78 | 0.73 | 2.59 | 2.89 | |||||||||||
| Cash dividend declared per share | 0.27 | 0.27 | 1.08 | 1.04 | |||||||||||
| Weighted average shares - Basic | 22,593 | 22,493 | 22,563 | 22,598 | |||||||||||
| Weighted average shares - Diluted | 22,794 | 22,760 | 22,768 | 22,865 | |||||||||||
| December 31, | |||||||||||||||
| Balance Sheet Data | 2020 | 2019 | |||||||||||||
| Loans | $ | 3,531,596 | $ | 2,845,016 | |||||||||||
| Allowance for credit losses | 51,920 | 26,791 | |||||||||||||
| Total assets | 4,608,629 | 3,724,197 | |||||||||||||
| Non-interest bearing deposits | 1,187,057 | 810,475 | |||||||||||||
| Interest bearing deposits | 2,801,577 | 2,323,463 | |||||||||||||
| FHLB advances | 31,639 | 79,953 | |||||||||||||
| Stockholders' equity | 440,701 | 406,297 | |||||||||||||
| Total shares outstanding | 22,692 | 22,604 | |||||||||||||
| Book value per share (1) | $ | 19.42 | $ | 17.97 | |||||||||||
| Tangible common equity per share (1) | 18.78 | 17.32 | |||||||||||||
| Market value per share | 40.48 | 41.06 | |||||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | |||||||||||||||
| Fourth Quarter 2020 Earnings Release | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| Average Balance Sheet Data | 2020 | 2019 | 2020 | 2019 | |||||||||||
| Federal funds sold and interest bearing due from banks | $ | 271,277 | $ | 187,865 | $ | 229,905 | $ | 136,514 | |||||||
| Mortgage loans held for sale | 28,951 | 5,889 | 20,156 | 3,836 | |||||||||||
| Available for sale debt securities | 510,677 | 476,360 | 453,082 | 436,511 | |||||||||||
| FHLB stock | 11,284 | 11,317 | 11,284 | 10,858 | |||||||||||
| Loans | 3,483,298 | 2,828,142 | 3,304,909 | 2,702,626 | |||||||||||
| Total interest earning assets | 4,305,487 | 3,509,573 | 4,019,336 | 3,290,345 | |||||||||||
| Total assets | 4,512,874 | 3,709,250 | 4,217,593 | 3,480,998 | |||||||||||
| Interest bearing deposits | 2,689,103 | 2,284,195 | 2,507,545 | 2,143,993 | |||||||||||
| Total deposits | 3,888,247 | 3,108,640 | 3,608,487 | 2,909,096 | |||||||||||
| Securities sold under agreement to repurchase and | |||||||||||||||
| other short-term borrowings | 55,825 | 49,881 | 49,820 | 49,737 | |||||||||||
| FHLB advances and other long-term borrowings | 48,771 | 80,457 | 61,483 | 71,677 | |||||||||||
| Total interest bearing liabilities | 2,793,699 | 2,414,533 | 2,618,848 | 2,265,407 | |||||||||||
| Total stockholders' equity | 433,596 | 400,870 | 420,119 | 386,563 | |||||||||||
| Performance Ratios | |||||||||||||||
| Annualized return on average assets | 1.56% | 1.78% | 1.40% | 1.90% | |||||||||||
| Annualized return on average equity | 16.27% | 16.48% | 14.01% | 17.09% | |||||||||||
| Net interest margin, fully tax equivalent | 3.35% | 3.71% | 3.39% | 3.82% | |||||||||||
| Non-interest income to total revenue, fully tax equivalent | 27.40% | 28.36% | 27.60% | 28.24% | |||||||||||
| Efficiency ratio, fully tax equivalent (4) | 56.26% | 57.11% | 54.86% | 56.07% | |||||||||||
| Capital Ratios | |||||||||||||||
| Total stockholders' equity to total assets (1) | 9.56% | 10.91% | |||||||||||||
| Tangible common equity to tangible assets (1) | 9.28% | 10.55% | |||||||||||||
| Average stockholders' equity to average assets | 9.96% | 11.10% | |||||||||||||
| Total risk-based capital | 13.36% | 12.85% | |||||||||||||
| Common equity tier 1 risk-based capital | 12.23% | 12.02% | |||||||||||||
| Tier 1 risk-based capital | 12.23% | 12.02% | |||||||||||||
| Leverage | 9.57% | 10.60% | |||||||||||||
| Loan Segmentation | |||||||||||||||
| Commercial real estate - non-owner occupied | $ | 833,470 | $ | 746,283 | |||||||||||
| Commercial real estate - owner occupied | 508,672 | 474,329 | |||||||||||||
| Commercial and industrial | 802,422 | 838,800 | |||||||||||||
| Commercial and industrial - PPP | 550,186 | - | |||||||||||||
| Residential real estate - owner occupied | 239,191 | 217,606 | |||||||||||||
| Residential real estate - non-owner occupied | 140,930 | 134,995 | |||||||||||||
| Construction and land development | 291,764 | 255,816 | |||||||||||||
| Home equity lines of credit | 95,366 | 103,854 | |||||||||||||
| Consumer | 44,606 | 47,467 | |||||||||||||
| Leases | 14,786 | 16,003 | |||||||||||||
| Credit cards - commercial | 10,203 | 9,863 | |||||||||||||
| Total loans and leases | $ | 3,531,596 | $ | 2,845,016 | |||||||||||
| Asset Quality Data | |||||||||||||||
| Non-accrual loans | $ | 12,514 | $ | 11,494 | |||||||||||
| Troubled debt restructurings | 16 | 34 | |||||||||||||
| Loans past due 90 days or more and still accruing | 649 | 535 | |||||||||||||
| Total non-performing loans | 13,179 | 12,063 | |||||||||||||
| Other real estate owned | 281 | 493 | |||||||||||||
| Total non-performing assets | $ | 13,460 | $ | 12,556 | |||||||||||
| Non-performing loans to total loans | 0.37% | 0.42% | |||||||||||||
| Non-performing assets to total assets | 0.29% | 0.34% | |||||||||||||
| Allowance for credit losses on loans to total loans | 1.47% | 0.94% | |||||||||||||
| Allowance for credit losses on loans to average loans | 1.57% | 0.99% | |||||||||||||
| Allowance for credit losses on loans to non-performing loans | 394% | 222% | |||||||||||||
| Net (charge-offs) recoveries | $ | 19 | $ | (86) | $ | (1,645) | $ | 257 | |||||||
| Net (charge-offs) recoveries to average loans (5) | 0.00% | 0.00% | -0.05% | 0.01% | |||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | |||||||||||||||
| Fourth Quarter 2020 Earnings Release | |||||||||||||||
| Quarterly Comparison | |||||||||||||||
| Income Statement Data | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Net interest income, fully tax equivalent (3) | $ | 36,301 | $ | 33,768 | $ | 33,573 | $ | 32,494 | $ | 32,810 | |||||
| Net interest income | $ | 36,252 | $ | 33,695 | $ | 33,528 | $ | 32,446 | $ | 32,756 | |||||
| Provision for credit losses | 1,400 | 4,418 | 5,550 | 5,550 | - | ||||||||||
| Net interest income after provision for credit losses | 34,852 | 29,277 | 27,978 | 26,896 | 32,756 | ||||||||||
| Non-interest income: | |||||||||||||||
| Wealth management and trust services | 5,805 | 5,657 | 5,726 | 6,218 | 5,804 | ||||||||||
| Deposit service charges | 1,080 | 998 | 800 | 1,283 | 1,399 | ||||||||||
| Debit and credit card income | 2,219 | 2,218 | 2,063 | 1,980 | 2,109 | ||||||||||
| Treasury management fees | 1,506 | 1,368 | 1,249 | 1,284 | 1,369 | ||||||||||
| Mortgage banking income | 1,708 | 1,979 | 1,622 | 846 | 930 | ||||||||||
| Net investment product sales commissions and fees | 487 | 431 | 391 | 466 | 378 | ||||||||||
| Bank owned life insurance | 166 | 172 | 176 | 179 | 182 | ||||||||||
| Other | 727 | 220 | 595 | 280 | 816 | ||||||||||
| Total non-interest income | 13,698 | 13,043 | 12,622 | 12,536 | 12,987 | ||||||||||
| Non-interest expenses: | |||||||||||||||
| Compensation | 14,072 | 13,300 | 11,763 | 12,233 | 13,473 | ||||||||||
| Employee benefits | 2,173 | 2,853 | 2,871 | 3,167 | 2,510 | ||||||||||
| Net occupancy and equipment | 2,209 | 2,235 | 2,089 | 1,881 | 2,374 | ||||||||||
| Technology and communication | 2,275 | 2,265 | 1,947 | 2,013 | 1,636 | ||||||||||
| Debit and credit card processing | 698 | 649 | 603 | 656 | 613 | ||||||||||
| Marketing and business development | 835 | 523 | 465 | 560 | 1,367 | ||||||||||
| Postage, printing and supplies | 423 | 472 | 442 | 441 | 434 | ||||||||||
| Legal and professional | 597 | 544 | 628 | 623 | 433 | ||||||||||
| Amortization of investments in tax credit partnerships | 2,955 | 52 | 53 | 36 | 837 | ||||||||||
| Capital and deposit based taxes | 1,055 | 1,076 | 1,225 | 1,030 | 1,006 | ||||||||||
| Credit loss expense for off-balance sheet exposures | (900) | 550 | 1,475 | 375 | - | ||||||||||
| Other | 1,737 | 1,677 | 1,323 | 935 | 1,470 | ||||||||||
| Total non-interest expenses | 28,129 | 26,196 | 24,884 | 23,950 | 26,153 | ||||||||||
| Income before income tax expense | 20,421 | 16,124 | 15,716 | 15,482 | 19,590 | ||||||||||
| Income tax expense | 2,685 | 1,591 | 2,348 | 2,250 | 2,941 | ||||||||||
| Net income | $ | 17,736 | $ | 14,533 | $ | 13,368 | $ | 13,232 | $ | 16,649 | |||||
| Net income per share - Basic | $ | 0.79 | $ | 0.64 | $ | 0.59 | $ | 0.59 | $ | 0.74 | |||||
| Net income per share - Diluted | 0.78 | 0.64 | 0.59 | 0.58 | 0.73 | ||||||||||
| Cash dividend declared per share | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | ||||||||||
| Weighted average shares - Basic | 22,593 | 22,582 | 22,560 | 22,516 | 22,493 | ||||||||||
| Weighted average shares - Diluted | 22,794 | 22,802 | 22,739 | 22,736 | 22,760 | ||||||||||
| Quarterly Comparison | |||||||||||||||
| Balance Sheet Data | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Cash and due from banks | $ | 43,179 | $ | 49,517 | $ | 46,362 | $ | 47,662 | $ | 46,863 | |||||
| Federal funds sold and interest bearing due from banks | 274,766 | 241,486 | 178,032 | 206,849 | 202,861 | ||||||||||
| Mortgage loans held for sale | 22,547 | 23,611 | 17,364 | 8,141 | 8,748 | ||||||||||
| Available for sale debt securities | 586,978 | 429,184 | 485,249 | 445,813 | 470,738 | ||||||||||
| FHLB stock | 11,284 | 11,284 | 11,284 | 11,284 | 11,284 | ||||||||||
| Loans | 3,531,596 | 3,472,481 | 3,464,077 | 2,937,366 | 2,845,016 | ||||||||||
| Allowance for credit losses | 51,920 | 50,501 | 47,708 | 42,143 | 26,791 | ||||||||||
| Total assets | 4,608,629 | 4,365,129 | 4,334,533 | 3,784,586 | 3,724,197 | ||||||||||
| Non-interest bearing deposits | 1,187,057 | 1,180,001 | 1,205,253 | 858,883 | 810,475 | ||||||||||
| Interest bearing deposits | 2,801,577 | 2,574,517 | 2,521,903 | 2,339,995 | 2,323,463 | ||||||||||
| Securities sold under agreements to repurchase | 47,979 | 40,430 | 42,722 | 32,366 | 31,985 | ||||||||||
| Federal funds purchased | 11,464 | 9,179 | 8,401 | 9,747 | 10,887 | ||||||||||
| FHLB advances | 31,639 | 56,536 | 61,432 | 69,191 | 79,953 | ||||||||||
| Stockholders' equity | 440,701 | 428,598 | 420,231 | 409,702 | 406,297 | ||||||||||
| Total shares outstanding | 22,692 | 22,692 | 22,667 | 22,665 | 22,604 | ||||||||||
| Book value per share (1) | $ | 19.42 | $ | 18.89 | $ | 18.54 | $ | 18.08 | $ | 17.97 | |||||
| Tangible common equity per share (1) | 18.78 | 18.25 | 17.89 | 17.43 | 17.32 | ||||||||||
| Market value per share | 40.48 | 34.04 | 40.20 | 28.93 | 41.06 | ||||||||||
| Capital Ratios | |||||||||||||||
| Total stockholders' equity to total assets (1) | 9.56% | 9.82% | 9.69% | 10.83% | 10.91% | ||||||||||
| Tangible common equity to tangible assets (1) | 9.28% | 9.52% | 9.39% | 10.48% | 10.55% | ||||||||||
| Average stockholders' equity to average assets | 9.61% | 9.85% | 9.66% | 10.88% | 10.81% | ||||||||||
| Total risk-based capital | 13.36% | 13.79% | 13.50% | 12.75% | 12.85% | ||||||||||
| Common equity tier 1 risk-based capital | 12.23% | 12.61% | 12.39% | 11.81% | 12.02% | ||||||||||
| Tier 1 risk-based capital | 12.23% | 12.61% | 12.39% | 11.81% | 12.02% | ||||||||||
| Leverage | 9.57% | 9.70% | 9.50% | 10.78% | 10.60% | ||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | |||||||||||||||
| Fourth Quarter 2020 Earnings Release | |||||||||||||||
| Quarterly Comparison | |||||||||||||||
| Average Balance Sheet Data | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Federal funds sold and interest bearing due from banks | $ | 271,277 | $ | 194,100 | $ | 285,617 | $ | 168,563 | $ | 187,865 | |||||
| Mortgage loans held for sale | 28,951 | 28,520 | 18,010 | 4,953 | 5,889 | ||||||||||
| Available for sale debt securities | 510,677 | 442,089 | 412,368 | 449,610 | 476,360 | ||||||||||
| Loans | 3,483,298 | 3,444,407 | 3,396,767 | 2,891,668 | 2,828,142 | ||||||||||
| Total interest earning assets | 4,305,487 | 4,120,400 | 4,124,046 | 3,526,078 | 3,509,573 | ||||||||||
| Total assets | 4,512,874 | 4,325,500 | 4,317,430 | 3,710,119 | 3,709,250 | ||||||||||
| Interest bearing deposits | 2,689,103 | 2,521,838 | 2,500,315 | 2,316,774 | 2,284,195 | ||||||||||
| Total deposits | 3,888,247 | 3,707,845 | 3,713,451 | 3,120,242 | 3,108,640 | ||||||||||
| Securities sold under agreement to repurchase and | |||||||||||||||
| other short-term borrowings | 55,825 | 49,709 | 49,940 | 43,739 | 49,881 | ||||||||||
| FHLB advances | 48,771 | 59,487 | 63,896 | 73,939 | 80,457 | ||||||||||
| Total interest bearing liabilities | 2,793,699 | 2,631,034 | 2,614,151 | 2,434,452 | 2,414,533 | ||||||||||
| Total stockholders' equity | 433,596 | 426,049 | 416,920 | 403,702 | 400,870 | ||||||||||
| Performance Ratios | |||||||||||||||
| Annualized return on average assets | 1.56% | 1.34% | 1.25% | 1.43% | 1.78% | ||||||||||
| Annualized return on average equity | 16.27% | 13.57% | 12.90% | 13.18% | 16.48% | ||||||||||
| Net interest margin, fully tax equivalent | 3.35% | 3.26% | 3.27% | 3.71% | 3.71% | ||||||||||
| Non-interest income to total revenue, fully tax equivalent | 27.40% | 27.86% | 27.32% | 27.84% | 28.36% | ||||||||||
| Efficiency ratio, fully tax equivalent (4) | 56.26% | 55.96% | 53.87% | 53.19% | 57.11% | ||||||||||
| Loans Segmentation | |||||||||||||||
| Commercial real estate - non-owner occupied | $ | 833,470 | $ | 828,328 | $ | 815,464 | $ | 799,284 | $ | 746,283 | |||||
| Commercial real estate - owner occupied | 508,672 | 492,825 | 472,457 | 476,534 | 474,329 | ||||||||||
| Commercial and industrial | 802,422 | 731,850 | 764,480 | 883,868 | 838,800 | ||||||||||
| Commercial and industrial - PPP | 550,186 | 642,056 | 630,082 | - | - | ||||||||||
| Residential real estate - owner occupied | 239,191 | 211,984 | 215,891 | 219,221 | 217,606 | ||||||||||
| Residential real estate - non-owner occupied | 140,930 | 143,149 | 139,121 | 134,734 | 134,995 | ||||||||||
| Construction and land development | 291,764 | 257,875 | 255,447 | 246,040 | 255,816 | ||||||||||
| Home equity lines of credit | 95,366 | 97,150 | 103,672 | 107,121 | 103,854 | ||||||||||
| Consumer | 44,606 | 44,161 | 43,758 | 44,939 | 47,467 | ||||||||||
| Leases | 14,786 | 13,981 | 14,843 | 15,476 | 16,003 | ||||||||||
| Credit cards - commercial | 10,203 | 9,122 | 8,862 | 10,149 | 9,863 | ||||||||||
| Total loans and leases | $ | 3,531,596 | $ | 3,472,481 | $ | 3,464,077 | $ | 2,937,366 | $ | 2,845,016 | |||||
| Asset Quality Data | |||||||||||||||
| Non-accrual loans | $ | 12,514 | $ | 12,358 | $ | 14,262 | $ | 4,235 | $ | 11,494 | |||||
| Troubled debt restructurings | 16 | 18 | 45 | 52 | 34 | ||||||||||
| Loans past due 90 days or more and still accruing | 649 | 1,152 | 48 | 1,762 | 535 | ||||||||||
| Total non-performing loans | 13,179 | 13,528 | 14,355 | 6,049 | 12,063 | ||||||||||
| Other real estate owned | 281 | 612 | 493 | 493 | 493 | ||||||||||
| Total non-performing assets | $ | 13,460 | $ | 14,140 | $ | 14,848 | $ | 6,542 | $ | 12,556 | |||||
| Non-performing loans to total loans | 0.37% | 0.39% | 0.41% | 0.21% | 0.42% | ||||||||||
| Non-performing assets to total assets | 0.29% | 0.32% | 0.34% | 0.17% | 0.34% | ||||||||||
| Allowance for credit losses on loans to total loans | 1.47% | 1.45% | 1.38% | 1.43% | 0.94% | ||||||||||
| Allowance for credit losses on loans to average loans | 1.49% | 1.47% | 1.40% | 1.46% | 0.95% | ||||||||||
| Allowance for credit losses on loans to non-performing loans | 394% | 373% | 332% | 697% | 222% | ||||||||||
| Net (charge-offs) recoveries | $ | 19 | $ | (1,625) | $ | 15 | $ | (54) | $ | (86) | |||||
| Net (charge-offs) recoveries to average loans (5) | 0.00% | -0.05% | 0.00% | 0.00% | 0.00% | ||||||||||
| Other Information | |||||||||||||||
| Total assets under management (in millions) | $ | 3,852 | $ | 3,414 | $ | 3,204 | $ | 2,961 | $ | 3,320 | |||||
| Full-time equivalent employees | 641 | 626 | 620 | 618 | 615 | ||||||||||
| (1) - The following table provides a reconciliation of total stockholders’ equity in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy: | |||||||||||||||
| Quarterly Comparison | |||||||||||||||
| (In thousands, except per share data) | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Total stockholders' equity - GAAP (a) | $ | 440,701 | $ | 428,598 | $ | 420,231 | $ | 409,702 | $ | 406,297 | |||||
| Less: Goodwill | (12,513) | (12,513) | (12,513) | (12,513) | (12,513) | ||||||||||
| Less: Core deposit intangible | (1,962) | (2,042) | (2,122) | (2,203) | (2,285) | ||||||||||
| Tangible common equity - Non-GAAP (c) | $ | 426,226 | $ | 414,043 | $ | 405,596 | $ | 394,986 | $ | 391,499 | |||||
| Total assets - GAAP (b) | $ | 4,608,629 | $ | 4,365,129 | $ | 4,334,533 | $ | 3,784,586 | $ | 3,724,197 | |||||
| Less: Goodwill | (12,513) | (12,513) | (12,513) | (12,513) | (12,513) | ||||||||||
| Less: Core deposit intangible | (1,962) | (2,042) | (2,122) | (2,203) | (2,285) | ||||||||||
| Tangible assets - Non-GAAP (d) | $ | 4,594,154 | $ | 4,350,574 | $ | 4,319,898 | $ | 3,769,870 | $ | 3,709,399 | |||||
| Total stockholders' equity to total assets - GAAP (a/b) | 9.56% | 9.82% | 9.69% | 10.83% | 10.91% | ||||||||||
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 9.28% | 9.52% | 9.39% | 10.48% | 10.55% | ||||||||||
| Total shares outstanding (e) | 22,692 | 22,692 | 22,667 | 22,665 | 22,604 | ||||||||||
| Book value per share - GAAP (a/e) | $ | 19.42 | $ | 18.89 | $ | 18.54 | $ | 18.08 | $ | 17.97 | |||||
| Tangible common equity per share - Non-GAAP (c/e) | 18.78 | 18.25 | 17.89 | 17.43 | 17.32 | ||||||||||
| (2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because it provides a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses and are not at risk of non-performance. | |||||||||||||||
| Quarterly Comparison | |||||||||||||||
| (Dollars in thousands) | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Total Loans - GAAP (a) | $ | 3,531,596 | $ | 3,472,481 | $ | 3,464,077 | $ | 2,937,366 | $ | 2,845,016 | |||||
| Less: PPP loans | (550,186) | (642,056) | (630,082) | - | - | ||||||||||
| Total non-PPP Loans - Non-GAAP (b) | 2,981,410 | $ | 2,830,425 | $ | 2,833,995 | $ | 2,937,366 | $ | 2,845,016 | ||||||
| Allowance for credit losses (c) | $ | 51,920 | $ | 50,501 | $ | 47,708 | $ | 42,143 | $ | 26,791 | |||||
| Non-performing loans (d) | 13,179 | 13,528 | 14,355 | 6,049 | 12,063 | ||||||||||
| Allowance for credit losses on loans to total loans - GAAP (c/a) | 1.47% | 1.45% | 1.38% | 1.43% | 0.94% | ||||||||||
| Allowance for credit losses on loans to total loans - Non-GAAP (c/b) | 1.74% | 1.78% | 1.68% | 1.43% | 0.94% | ||||||||||
| Non-performing loans to total loans - GAAP (d/a) | 0.37% | 0.39% | 0.41% | 0.21% | 0.42% | ||||||||||
| Non-performing loans to total loans - Non-GAAP (d/b) | 0.44% | 0.48% | 0.51% | 0.21% | 0.42% | ||||||||||
| (3) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income. | |||||||||||||||
| (4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of fully tax equivalent net interest income and non-interest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities, if applicable. In addition to the efficiency ratio normally presented, Bancorp considers an adjusted efficiency ratio. Bancorp believes this ratio is important because it provides a comparable ratio after eliminating the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships. | |||||||||||||||
| Quarterly Comparison | |||||||||||||||
| (Dollars in thousands) | 12/31/20 | 9/30/20 | 6/30/20 | 3/31/20 | 12/31/19 | ||||||||||
| Total non-interest expenses - GAAP (a) | $ | 28,129 | $ | 26,196 | $ | 24,884 | $ | 23,950 | $ | 26,153 | |||||
| Less: Amortization of investments in tax credit partnerships | (2,955) | (52) | (53) | (36) | (837) | ||||||||||
| Total non-interest expenses - Non-GAAP (c) | $ | 25,174 | $ | 26,144 | $ | 24,831 | $ | 23,914 | $ | 25,316 | |||||
| Total net interest income, fully tax equivalent | $ | 36,301 | $ | 33,768 | $ | 33,573 | $ | 32,494 | $ | 32,810 | |||||
| Total non-interest income | 13,698 | 13,043 | 12,622 | 12,536 | 12,987 | ||||||||||
| Less: Gain/loss on sale of securities | - | - | - | - | - | ||||||||||
| Total revenue - GAAP (b) | $ | 49,999 | $ | 46,811 | $ | 46,195 | $ | 45,030 | $ | 45,795 | |||||
| Efficiency ratio - GAAP (a/b) | 56.26% | 55.96% | 53.87% | 53.19% | 57.11% | ||||||||||
| Efficiency ratio - Non-GAAP (c/b) | 50.35% | 55.85% | 53.75% | 53.11% | 55.28% | ||||||||||
| (5) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized. | |||||||||||||||