Stock Yards Bancorp, Inc. (SYBT) 10-Year Financial Performance & Capital Metrics

SYBT • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutStock Yards Bancorp, Inc. operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers mortgage banking and deposit services; retail, commercial, and commercial real estate lending services; and online banking, mobile banking, private banking, leasing, treasury management, merchant, international banking, correspondent banking, and other banking services. This segment also provides securities brokerage services through an arrangement with a third party broker-dealer. The WM&T segment provides investment management, financial and retirement planning, and trust and estate services, as well as retirement plan management for businesses and corporations. The company operates through 73 full service banking center locations in Louisville, central, eastern and northern Kentucky, as well as Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets. Stock Yards Bancorp, Inc. was founded in 1904 and is headquartered in Louisville, Kentucky.Show more

Net Interest Income $257M +3.9%
Total Revenue $501M +15.8%
Net Income $115M +6.3%
Return on Equity 12.74% -4.3%
Net Interest Margin 2.9% -4.2%
Efficiency Ratio 38.13% -9.1%
ROA 1.34% -2.2%
Equity / Assets 10.61% +1.0%
Book Value per Share 31.97 +9.3%
Tangible BV/Share 24.45 +13.7%
Debt/Equity 0.53 +15.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 38.1% efficiency ratio
✓13 consecutive years of dividend growth
✓Well capitalized: 10.6% equity/assets

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.57%

5Y20.79%

3Y28.06%

TTM-

Profit (Net Income) CAGR

10Y12.64%

5Y11.63%

3Y15.34%

TTM26.63%

EPS CAGR

10Y9.5%

5Y6.12%

3Y9.41%

TTM25.82%

ROCE

10Y Avg13.67%

5Y Avg12.52%

3Y Avg12.01%

Latest10.11%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	88.32M	97.29M	103.65M	114.58M	125.35M	135.92M	171.07M	233.38M	247.33M	257.04M
NII Growth %	0.05%	0.1%	0.07%	0.11%	0.09%	0.08%	0.26%	0.36%	0.06%	0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	93.17M	102.21M	110.9M	129.93M	147.76M	147.87M	177.08M	251.65M	346.7M	412.88M
Interest Expense	4.85M	4.92M	7.25M	15.36M	22.54M	11.95M	6M	18.27M	99.36M	155.84M
Loan Loss Provision	750K	3M	2.55M	2.71M	1M	18.42M	-753K	10.26M	13.8M	9.72M
Non-Interest Income+	39.95M	42.92M	44.5M	42.74M	47.06M	49.29M	61.43M	78.9M	85.77M	88.07M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	133.12M	145.13M	155.4M	172.67M	194.83M	197.16M	238.51M	330.55M	432.46M	500.95M
Revenue Growth %	0.04%	0.09%	0.07%	0.11%	0.13%	0.01%	0.21%	0.39%	0.31%	0.16%
Non-Interest Expense	73.4M	80.94M	90.42M	87.06M	95.62M	99.05M	137.86M	181.54M	181.38M	191.02M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	54.12M	56.27M	55.18M	67.55M	75.66M	67.74M	95.4M	120.48M	137.93M	144.37M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.08%	0.04%	-0.02%	0.22%	0.12%	-0.1%	0.41%	0.26%	0.14%	0.05%
Pretax Income+	54.12M	56.27M	55.18M	67.55M	75.66M	67.74M	95.4M	120.48M	137.93M	144.37M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	16.93M	15.24M	17.14M	12.03M	9.59M	8.87M	20.75M	27.19M	30.18M	29.83M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	37.19M	41.03M	38.04M	55.52M	66.07M	58.87M	74.64M	92.97M	107.75M	114.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.07%	0.1%	-0.07%	0.46%	0.19%	-0.11%	0.27%	0.25%	0.16%	0.06%
Net Income (Continuing)	37.19M	41.03M	38.04M	55.52M	66.07M	58.87M	74.64M	93.29M	107.75M	114.54M
EPS (Diluted)+	1.65	1.80	1.66	2.42	2.89	2.59	2.97	3.21	3.67	3.89
EPS Growth %	0.05%	0.09%	-0.08%	0.46%	0.19%	-0.1%	0.15%	0.08%	0.14%	0.06%
EPS (Basic)	1.69	1.84	1.69	2.45	2.92	2.61	3.00	3.24	3.69	3.91
Diluted Shares Outstanding	22.46M	22.79M	22.98M	22.94M	22.86M	22.77M	25.16M	28.92M	29.34M	29.42M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	35.9M	39.71M	41.98M	51.89M	46.86M	43.18M	62.3M	82.52M	94.47M	78.92M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	2.59B	2.87B	2.97B	2.97B	3.3B	4.1B	5.31B	6.77B	7.34B	7.99B
Investments Growth %	0.09%	0.1%	0.04%	0%	0.11%	0.24%	0.29%	0.28%	0.08%	0.09%
Long-Term Investments	2.03B	2.3B	2.39B	2.53B	2.83B	3.52B	4.12B	5.62B	6.3B	6.99B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	682K	682K	682K	682K	12.51M	12.51M	135.83M	194.07M	194.07M	194.07M
Intangible Assets	2.62M	2.33M	2.1M	2.08M	3.66M	4.67M	10.12M	40.21M	33.39M	27.15M
PP&E (Net)	39.56M	42.38M	41.66M	44.76M	58.62M	58.02M	76.89M	101.61M	101.17M	112.74M
Other Assets	122.81M	67.36M	161.98M	209.56M	261.66M	333.03M	996.9M	212.31M	311.43M	360.09M
Total Current Assets	610.3M	618.76M	629.95M	502.26M	546.88M	662.9M	1.28B	1.27B	1.18B	1.12B
Total Non-Current Assets	2.21B	2.42B	2.61B	2.8B	3.18B	3.95B	5.37B	6.22B	6.99B	7.74B
Total Assets+	2.82B	3.04B	3.24B	3.3B	3.72B	4.61B	6.65B	7.5B	8.17B	8.86B
Asset Growth %	0.1%	0.08%	0.07%	0.02%	0.13%	0.24%	0.44%	0.13%	0.09%	0.08%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	127K	144K	232K	762K	640K	391K	300K	660K	2.09M	1.91M
Total Debt+	130.47M	166.04M	281.28M	94.52M	122.73M	91.08M	85.84M	218.47M	392.58M	496.3M
Net Debt	94.58M	126.33M	239.3M	42.63M	75.87M	47.9M	23.54M	135.96M	298.12M	417.37M
Long-Term Debt	43.47M	51.08M	49.46M	48.18M	79.95M	31.64M	0	76.34M	226.74M	326.81M
Short-Term Debt	87M	114.97M	231.82M	46.34M	42.78M	59.44M	85.84M	142.13M	165.84M	169.49M
Other Liabilities	27.98M	38.87M	46.19M	46.79M	60.59M	87.82M	96.5M	125.44M	246.57M	258.33M
Total Current Liabilities	2.46B	2.64B	2.81B	2.84B	3.18B	4.05B	5.87B	6.53B	6.84B	7.34B
Total Non-Current Liabilities	71.45M	89.95M	95.65M	94.97M	140.54M	119.46M	96.5M	201.79M	473.31M	585.14M
Total Liabilities	2.53B	2.73B	2.91B	2.94B	3.32B	4.17B	5.97B	6.74B	7.31B	7.92B
Total Equity+	286.52M	313.87M	333.64M	366.5M	406.3M	440.7M	675.87M	760.43M	858.1M	940.48M
Equity Growth %	0.1%	0.1%	0.06%	0.1%	0.11%	0.08%	0.53%	0.13%	0.13%	0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.14%	0.14%	0.12%	0.16%	0.17%	0.14%	0.13%	0.13%	0.13%	0.13%
Book Value per Share	12.76	13.77	14.52	15.97	17.77	19.36	26.87	26.29	29.24	31.97
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	10.62M	36.25M	36.46M	36.69M	36.21M	36.5M	49.5M	58.37M	58.6M	58.94M
Additional Paid-in Capital	44.18M	26.68M	31.92M	36.8M	35.71M	41.89M	243.11M	377.7M	385.95M	395.08M
Retained Earnings	231.09M	252.44M	267.19M	298.16M	333.7M	353.57M	391.2M	439.9M	506.34M	577.61M
Accumulated OCI	632K	-1.5M	-1.93M	-5.14M	677K	8.74M	-7.94M	-115.54M	-92.8M	-91.15M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	43.17M	63.26M	53.68M	65.89M	58.44M	77.13M	102.1M	108.74M	106.7M	142.87M
Operating CF Growth %	0.08%	0.47%	-0.15%	0.23%	-0.11%	0.32%	0.32%	0.07%	-0.02%	0.34%
Net Income	37.19M	41.03M	38.04M	55.52M	66.07M	58.87M	74.64M	92.97M	107.75M	114.54M
Depreciation & Amortization	6.9M	11.14M	13.64M	5.78M	4.88M	9.74M	11.33M	20.66M	21.94M	13.35M
Deferred Taxes	847K	276K	3.97M	-268K	-5.85M	-7.51M	5.4M	1.82M	-435K	-3.12M
Other Non-Cash Items	-3.67M	3.22M	278K	2.16M	-7.54M	3.4M	13.77M	13M	7.57M	5.92M
Working Capital Changes	-233K	5.13M	-5.15M	-1.33M	-2.7M	9.36M	-7.61M	-24.42M	-34.58M	8.39M
Cash from Investing+	-227.12M	-289.57M	-114.7M	-11.57M	-163.17M	-804.72M	-78.87M	-384.43M	-424.05M	-677.06M
Purchase of Investments	-384.26M	-478.8M	-661.09M	-768.41M	-702.44M	-455.37M	-504.78M	-655.67M	-6.03M	-396.66M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	-24.69M	0	24.98M	354.45M	0	0
Other Investing	-166.29M	-272.72M	-103.67M	-137.62M	-121.41M	-692.63M	103.32M	-382.27M	-590.79M	-775.36M
Cash from Financing+	213.54M	170.45M	152.3M	5.37M	155.52M	795.81M	620.02M	-518.14M	415.94M	559.25M
Dividends Paid	-14.22M	-16.09M	-18.08M	-21.77M	-23.54M	-24.48M	-28.2M	-33.3M	-34.58M	-35.84M
Share Repurchases	-918K	-1.92M	-2.39M	-2M	-11.82M	-2.27M	-3.83M	-4.81M	-2.69M	-4.22M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K
Other Financing	222.05M	180.85M	174.39M	30.42M	208.52M	871.05M	774.79M	-526.84M	303.21M	499.3M
Net Change in Cash+	29.59M	-55.86M	91.28M	59.69M	50.78M	68.22M	643.25M	-793.83M	98.59M	25.06M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	74.24M	103.83M	47.97M	139.25M	198.94M	249.72M	317.94M	961.19M	167.37M	265.96M
Cash at End	103.83M	47.97M	139.25M	198.94M	249.72M	317.94M	961.19M	167.37M	265.96M	291.02M
Interest Paid	4.86M	4.9M	7.16M	14.83M	22.2M	12.2M	6.09M	17.91M	97.93M	156.02M
Income Taxes Paid	13.83M	12.86M	15.84M	7.23M	13.94M	12.47M	14.26M	20.89M	35.33M	19.43M
Free Cash Flow+	39.71M	56.94M	50.89M	58.83M	53.34M	71.67M	97.52M	90.3M	98.97M	133.02M
FCF Growth %	0.06%	0.43%	-0.11%	0.16%	-0.09%	0.34%	0.36%	-0.07%	0.1%	0.34%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.61%	13.67%	11.75%	15.86%	17.1%	13.9%	13.37%	12.95%	13.31%	12.74%
Return on Assets (ROA)	1.38%	1.4%	1.21%	1.7%	1.88%	1.41%	1.33%	1.31%	1.38%	1.34%
Net Interest Margin	3.14%	3.2%	3.2%	3.47%	3.37%	2.95%	2.57%	3.11%	3.03%	2.9%
Efficiency Ratio	55.14%	55.77%	58.19%	50.42%	49.08%	50.24%	57.8%	54.92%	41.94%	38.13%
Equity / Assets	10.17%	10.33%	10.3%	11.1%	10.91%	9.56%	10.17%	10.14%	10.5%	10.61%
Book Value / Share	12.76	13.77	14.52	15.97	17.77	19.36	26.87	26.29	29.24	31.97
NII Growth	5.45%	10.16%	6.54%	10.54%	9.4%	8.43%	25.86%	36.42%	5.98%	3.93%
Dividend Payout	38.25%	39.23%	47.52%	39.21%	35.63%	41.59%	37.78%	35.82%	32.09%	31.29%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Fiduciary and Trust	1.9M	2.1M	2.2M	2.9M	3.4M	39.8M	42.84M
Fiduciary and Trust Growth	-	10.53%	4.76%	31.82%	17.24%	1070.65%	7.64%
Credit and Debit Card	6.77M	-	-	-	-	19.44M	20.08M
Credit and Debit Card Growth	-	-	-	-	-	-	3.31%
Treasury Management	4.57M	-	-	-	-	10.03M	11.06M
Treasury Management Growth	-	-	-	-	-	-	10.28%
Deposit Account	5.76M	-	-	-	-	8.87M	8.91M
Deposit Account Growth	-	-	-	-	-	-	0.45%
Investment Advisory, Management and Administrative Service	1.68M	1.5M	1.77M	2.55M	3.06M	3.21M	3.57M
Investment Advisory, Management and Administrative Service Growth	-	-10.67%	18.49%	43.83%	19.98%	4.64%	11.42%
Product and Service, Other	1.34M	2.9M	1.82M	3.83M	5.3M	4.99M	2.56M
Product and Service, Other Growth	-	116.90%	-37.17%	109.99%	38.53%	-5.81%	-48.66%
Mortgage Banking	2.57M	-	-	-	-	-	-
Mortgage Banking Growth	-	-	-	-	-	-	-
Product Sales Commissions and Fees	1.68M	-	-	-	-	-	-
Product Sales Commissions and Fees Growth	-	-	-	-	-	-	-
Bank Owned Life Insurance	1.13M	-	-	-	-	-	-
Bank Owned Life Insurance Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Stock Yards Bancorp, Inc. (SYBT) has a price-to-earnings (P/E) ratio of 17.7x. This is roughly in line with market averages.

Growth & Financials

Stock Yards Bancorp, Inc. (SYBT) grew revenue by 15.8% over the past year. This is strong growth.

Yes, Stock Yards Bancorp, Inc. (SYBT) is profitable, generating $135.2M in net income for fiscal year 2024 (22.9% net margin).

Dividend & Returns

Yes, Stock Yards Bancorp, Inc. (SYBT) pays a dividend with a yield of 1.77%. This makes it attractive for income-focused investors.

Stock Yards Bancorp, Inc. (SYBT) has a return on equity (ROE) of 12.7%. This is reasonable for most industries.

Industry Metrics

Stock Yards Bancorp, Inc. (SYBT) has a net interest margin (NIM) of 2.9%. NIM has been under pressure due to interest rate environment.

Stock Yards Bancorp, Inc. (SYBT) has an efficiency ratio of 38.1%. This is excellent, indicating strong cost control.

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