Stock Yards Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Impairment Charges for Fourth Quarter Ended December 31, 2016
January 26, 2017 at 12:30 pm
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Stock Yards Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $26,368,000 against $24,039,000 a year ago. Net income before income tax expense was $14,625,000 against $13,823,000 a year ago. Net income was $10,616,000 or $0.46 per share diluted against $9,646,000 or $0.43 per share diluted a year ago. Diluted earnings per share were $1.09 against $1.29 per share a year ago. Annualized return on average assets was 1.41% against 1.41% a year ago. Annualized return on average equity was 13.44% against 13.44% a year ago.
For the year, the company reported total interest income of $102,172,000 against $93,170,000 a year ago. Net income before income tax expense was $56,271,000 against $54,120,000 a year ago. Net income attributable to company was $645 million against $709 million a year ago. Net income was $41,027,000 or $1.80 per share diluted against $37,187,000 or $1.65 per share diluted a year ago. Book value per share was $46.95 against $25.19 per share a year ago. Annualized return on average assets was 1.42% against 1.44% a year ago. Annualized return on average equity was 13.49% against 13.55% a year ago.
For the quarter, the company reported net charge-offs (recoveries) was $862 million.
Stock Yards Bancorp, Inc. is engaged in the business of banking through its subsidiaries, Stock Yards Bank & Trust Company (the Bank). The Company has two segments: Commercial Banking, and WM&T. Commercial Banking segment provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, international banking, correspondent banking, and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third-party broker-dealer in the Commercial Banking segment. 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 in all markets in which it operates.
Stock Yards Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Impairment Charges for Fourth Quarter Ended December 31, 2016