10-Q 1 sybt20220331_10q.htm FORM 10-Q sybt20220331_10q.htm
0000835324 Stock Yards Bancorp, Inc. false --12-31 Q1 2022 1,225,815 1,190,379 535,807 0 0 0 1,000,000 1,000,000 0 0 0 0 0 0 40,000,000 40,000,000 29,220,000 29,220,000 26,596,000 26,596,000 0.28 0.27 0 7 3 0 0 0 0 0 0 2.85 1.35 1.40 1 2 0 0 0 0 0 10 5 3 1 15.24 40.00 27.47 47.17 50.71 50.48 15.24 19.37 16.40 15.24 50.71 31.16 15.24 50.71 31.16 54.91 54.91 54.91 15.24 15.24 15.24 15.24 54.91 32.88 15.24 50.71 29.03 35.90 54.91 43.89 15.24 54.91 32.88 35.90 50.71 39.36 100 100 0 2 5 Outside of the scope of ASC 606. Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. Excludes $400,000 in pre-tax merger expenses for the three months ended March 31, 2021, respectively. See the following page for explanations or individual fair value and recast adjustments. Elimination of the historical KB goodwill of $14.0 million at the closing date. See the following page for explanations or individual fair value and provisional period adjustments. Ratio is computed in relation to average assets. Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. As of acquisition date, securities with a fair value of $162 million were classified as HTM. Pursuant to the CARES Act, loan deferrals granted to borrowers experiencing business interruptions related to the pandemic were not classified as TDRs and not included in past due and/or non-performing loan statistics. As of March 31, 2022 and December 31, 2021, outstanding CARES Act loan deferrals of $165,000 and $169,000 are reflected as current, respectively. Calculation of core deposit intangible related to the acquisition. During the third quarter of 2021, a recast adjustment of $999,000 was recorded based on revised inputs used in the calculation of the CDI attributed to KB, resulting in an increased intangible value. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL and various accrual adjustments. Adjustment to reflect the estimated fair value of other real estate owned. Calculation of Customer Lists Intangibles related to the acquisition. Calculation of CDI related to the acquisition. Includes $21 million and $5 million in brokered deposits as of March 31, 2022 and December 31, 2021, respectively. Adjustment to reflect the estimated fair value of mortgage servicing rights. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third quarter of 2021, a recast adjustment of $70,000 was recorded for the write off of miscellaneous mortgage servicing fees accrued in other assets by KB at acquisition, resulting in a reduction to other assets. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 ) Adjustment to reflect the estimated fair value of Federal Home Loan Bank advances for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. All KB FHLB advances were paid off immediately upon acquisition. Adjustment to net DTAs associated with the effects of the purchase accounting adjustments. Does not included TDRs captured in the non-accrual column. Excludes $24.1 million in pre-tax merger expenses for the three months ended March 31, 2022, respectively. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 ) Excludes $4.4 million in merger related credit loss expense for the three months ended March 31, 2022, respectively. Elimination of the historical CB goodwill. Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Bancorp sold approximately $91 million in AFS debt securities shortly after acquisition. Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 ) Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. Intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. Outside of the scope of ASC 606, with the exception of safe deposit fees which were nominal for all periods. Adjustment to reflect the estimated fair value of MSRs. Ratio is computed in relation to risk-weighted assets. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734 Adjustment to net deferred tax assets associated with the effects of the purchase accounting adjustments. 00008353242022-01-012022-03-31 xbrli:shares 00008353242022-04-30 thunderdome:item iso4217:USD 00008353242022-03-31 00008353242021-12-31 0000835324us-gaap:CoreDepositsMember2022-03-31 0000835324us-gaap:CoreDepositsMember2021-12-31 0000835324us-gaap:CustomerListsMember2022-03-31 0000835324us-gaap:CustomerListsMember2021-12-31 iso4217:USDxbrli:shares 00008353242021-01-012021-03-31 0000835324us-gaap:FiduciaryAndTrustMember2022-01-012022-03-31 0000835324us-gaap:FiduciaryAndTrustMember2021-01-012021-03-31 0000835324us-gaap:DepositAccountMember2022-01-012022-03-31 0000835324us-gaap:DepositAccountMember2021-01-012021-03-31 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended March 31, 2022

 

or

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number: 1-13661

 

sybt20220331_10qimg001.jpg

 

STOCK YARDS BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Kentucky

61-1137529

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

1040 East Main Street, Louisville, Kentucky

40206

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (502) 582-2571

 

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, no par value

SYBT

The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes   ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes  ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒ 

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company  

Emerging growth company 

   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☒ No

 

The number of shares outstanding of the registrant’s Common Stock, no par value, as of April 30, 2022, was 29,224,452.

 

 

 

 

TABLE OF CONTENTS

 

PART I FINANCIAL INFORMATION

 
   
   

Item 1. Financial Statements.

4
   

Condensed Consolidated Balance Sheets

4
   

Condensed Consolidated Statements of Income

5
   

Condensed Consolidated Statements of Comprehensive Income (Loss)

6
   

Condensed Consolidated Statements of Changes in Stockholders’ Equity

7
   

Condensed Consolidated Statements of Cash Flows

8
   

Notes to Condensed Consolidated Financial Statements

10
   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

68
   

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

101
   

Item 4. Controls and Procedures.

101
   
   

PART II OTHER INFORMATION

 
   

Item 1. Legal Proceedings.

101
   

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

102
   

Item 6. Exhibits.

102
   
   

Signatures

103

 

 

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

 

The acronyms and abbreviations identified in alphabetical order below are used throughout this Report on Form 10-Q:

 

Acronym or

Term

 

Definition

 

Acronym or

Term

 

Definition

 

Acronym or

Term

 

Definition

ACH

 

Automatic Clearing House

 

EPS

 

Earnings Per Share

 

NCI

 

Noncontrolling interest

AFS

 

Available for Sale

 

ETR

 

Effective Tax Rate

 

NIM

 

Net Interest Margin (FTE)

APIC

 

Additional paid-in capital

 

EVP

 

Executive Vice President

 

NPV

 

Net Present Value

ACL

 

Allowance for Credit Losses

 

FASB

 

Financial Accounting Standards Board

 

Net Interest Spread

 

Net Interest Spread (FTE)

AOCI

 

Accumulated Other Comprehensive Income

 

FDIC

 

Federal Deposit Insurance Corporation

 

NM

 

Not Meaningful

ASC

 

Accounting Standards Codification

 

FFP

 

Federal Funds Purchased

 

OAEM

 

Other Assets Especially Mentioned

ASU

 

Accounting Standards Update

 

FFS

 

Federal Funds Sold

 

OREO

 

Other Real Estate Owned

ATM

 

Automated Teller Machine

 

FFTR

 

Federal Funds Target Rate

 

PPP

 

SBA Paycheck Protection Program

AUM

 

Assets Under Management

 

FHA

 

Federal Housing Authority

 

PV

 

Present Value

Bancorp / the Company

 

Stock Yards Bancorp, Inc.

 

FHC

 

Financial Holding Company

 

PCD

 

Purchased Credit Deteriorated

Bank / SYB

 

Stock Yards Bank & Trust Company

 

FHLB

 

Federal Home Loan Bank of Cincinnati

 

Prime

 

The Wall Street Journal Prime Interest Rate

BOLI

 

Bank Owned Life Insurance

 

FHLMC

 

Federal Home Loan Mortgage Corporation

 

Provision

 

Provision for Credit Losses

BP

 

Basis Point - 1/100th of one percent

 

FICA

 

Federal Insurance Contributions Act

 

PSU

 

Performance Stock Unit

C&D

 

Construction and Development

 

FNMA

 

Federal National Mortgage Association

 

ROA

 

Return on Average Assets

Captive

 

SYB Insurance Company, Inc.

 

FRB

 

Federal Reserve Bank

 

ROE

 

Return on Average Equity

CARES Act

 

Coronavirus Aid, Relief and Economic Security Act

 

FTE

 

Fully Tax Equivalent

 

RSA

 

Restricted Stock Award

C&I

 

Commercial and Industrial

 

GAAP

 

United States Generally Accepted Accounting Principles

 

RSU

 

Restricted Stock Unit

CB

 

Commonwealth Bancshares, Inc. and Commonwealth Bank & Trust Company

 

GLB Act

 

Gramm-Leach-Bliley Act

 

SAB

 

Staff Accounting Bulletin

CD

 

Certificate of Deposit

 

GNMA

 

Government National Mortgage Association

 

SAR

 

Stock Appreciation Right

CDI

 

Core Deposit Intangible

 

HELOC

 

Home Equity Line of Credit

 

SBA

 

Small Business Administration

CECL

 

Current Expected Credit Loss (ASC-326)

 

HTM

 

Held to Maturity

 

SEC

 

Securities and Exchange Commission

CEO

 

Chief Executive Officer

 

ITM

 

Interactive Teller Machine

 

SOFR

 

Secured Overnight Financing Right

CFO

 

Chief Financial Officer

 

KB

 

Kentucky Bancshares, Inc. and Kentucky Bank

 

SSUAR

 

Securities Sold Under Agreements to Repurchase

CLI

 

Customer list intangible

 

KSB

 

King Bancorp, Inc. and King Southern Bank

 

SVP

 

Senior Vice President

COVID-19

 

Coronavirus Disease - 2019

 

LFA

 

Landmark Financial Advisors, LLC

 

TBOC

 

The Bank Oldham County

CRA

 

Community Reinvestment Act

 

LIBOR

 

London Interbank Offered Rate

 

TCE

 

Tangible Common Equity

CRE

 

Commercial Real Estate

 

Loans

 

Loans and Leases

 

TDR

 

Troubled Debt Restructuring

Dodd-Frank Act

 

The Dodd-Frank Wall Street Reform and Consumer Protection Act

 

MBS

 

Mortgage Backed Securities

 

TPS

 

Trust Preferred Securities

DTA

 

Deferred Tax Asset

 

MSA

 

Metropolitan Statistical Area

 

VA

 

U.S. Department of Veterans Affairs

DTL

 

Deferred Tax Liability

 

MSRs

 

Mortgage Servicing Rights

 

WM&T

 

Wealth Management and Trust

DCF

 

Discounted Cash Flow

 

NASDAQ

 

The NASDAQ Stock Market, LLC

       

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

March 31, 2022 (unaudited) and December 31, 2021 (in thousands, except share data)

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 

Assets

        

Cash and due from banks

 $109,799  $62,304 

Federal funds sold and interest bearing due from banks

  641,892   898,888 

Total cash and cash equivalents

  751,691   961,192 
         

Mortgage loans held for sale, at fair value

  9,323   8,614 

Available for sale debt securities (amortized cost of $1,225,815 in 2022 and $1,190,379 in 2021, respectively)

  1,150,355   1,180,298 

Held to maturity debt securities (fair value of $535,807 in 2022 and $0 in 2021, respectively)

  548,191    

Federal Home Loan Bank stock, at cost

  13,811   9,376 

Loans

  4,847,683   4,169,303 

Allowance for credit losses on loans

  67,067   53,898 

Net loans

  4,780,616   4,115,405 
         

Premises and equipment, net

  108,827   76,894 

Bank owned life insurance

  53,339   53,073 

Accrued interest receivable

  15,690   13,745 

Goodwill

  202,524   135,830 

Core deposit intangibles

  17,826   5,596 

Customer list intangibles

  14,142    

Other assets

  110,817   86,002 

Total assets

 $7,777,152  $6,646,025 
         

Liabilities

        

Deposits:

        

Non-interest bearing

 $2,089,072  $1,755,754 

Interest bearing

  4,656,419   4,031,760 

Total deposits

  6,745,491   5,787,514 
         

Securities sold under agreements to repurchase

  142,146   75,466 

Federal funds purchased

  8,920   10,374 

Subordinated debentures

  26,045    

Accrued interest payable

  337   300 

Other liabilities

  92,993   96,502 

Total liabilities

  7,015,932   5,970,156 
         

Commitments and contingent liabilities (Footnote 12)

          
         

Stockholders equity

        

Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding

      

Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 29,220,000 and 26,596,000 shares in 2022 and 2021, respectively

  58,238   49,501 

Additional paid-in capital

  372,555   243,107 

Retained earnings

  384,949   391,201 

Accumulated other comprehensive loss

  (57,599)  (7,940)

Total stockholders equity

  758,143   675,869 

Noncontrolling interest

  3,077    

Total equity

  761,220   675,869 

Total liabilities and equity

 $7,777,152  $6,646,025 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

For the three months ended March 31, 2022 and 2021 (in thousands, except per share data)

 

  

Three months ended

 
  

March 31,

 
  

2022

  

2021

 

Interest income

        

Loans, including fees

 $44,743  $37,000 

Federal funds sold and interest bearing due from banks

  282   66 

Mortgage loans held for sale

  24   64 

Federal Home Loan Bank stock

  54   57 

Securities Investment:

        

Taxable

  4,680   2,295 

Tax-exempt

  201   36 

Total interest income

  49,984   39,518 

Interest expense

        

Deposits

  1,171   1,510 

Securities sold under agreements to repurchase

  17   5 

Federal funds purchased and other short-term borrowings

  3   2 

Subordinated debentures

  33    

Federal Home Loan Bank advances

     176 

Total interest expense

  1,224   1,693 

Net interest income

  48,760   37,825 

Provision for credit losses

  2,279   (1,475)

Net interest income after credit loss expense

  46,481   39,300 

Non-interest income

        

Wealth management and trust services

  8,469   6,248 

Deposit service charges

  1,863   944 

Debit and credit card income

  4,119   2,273 

Treasury management fees

  1,904   1,540 

Mortgage banking income

  1,003   1,444 

Net investment product sales commissions and fees

  607   464 

Bank owned life insurance

  266   161 

Other

  972   770 

Total non-interest income

  19,203   13,844 

Non-interest expenses

        

Compensation

  17,969   12,827 

Employee benefits

  4,539   3,261 

Net occupancy and equipment

  3,025   2,045 

Technology and communication

  3,419   2,346 

Debit and credit card processing

  1,337   705 

Marketing and business development

  772   524 

Postage, printing and supplies

  733   409 

Legal and professional

  650   462 

FDIC insurance

  645   405 

Amortization of investments in tax credit partnerships

  88   31 

Capital and deposit based taxes

  518   458 

Merger expenses

  19,500   400 

Intangible amortization

  713   77 

Other

  2,389   1,023 

Total non-interest expenses

  56,297   24,973 

Income before income tax expense

  9,387   28,171 

Income tax expense

  1,445   5,461 

Net income

  7,942   22,710 

Less income attributed to noncontrolling interest

  36    

Net Income available to stockholders

 $7,906  $22,710 

Net income per common share, basic

 $0.29  $1.00 

Net income per common share, diluted

 $0.29  $0.99 

Weighted average outstanding shares

        

Basic

  27,230   22,622 

Diluted

  27,485   22,865 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

For the three months ended March 31, 2022 and 2021 (in thousands)

 

  

Three months ended

 
  

March 31,

 
  

2022

  

2021

 

Net income

 $7,942  $22,710 

Other comprehensive income (loss):

        

Change in unrealized loss on AFS debt securities

  (65,379)  (15,567)

Change in fair value of derivatives used in cash flow hedge

     43 

Total other comprehensive income (loss), before income tax expense

  (65,379)  (15,524)

Tax effect

  (15,720)  (3,733)

Total other comprehensive income (loss), net of tax

  (49,659)  (11,791)

Comprehensive income (loss)

  (41,717)  10,919 

Less comprehensive income attributed to noncontrolling interest

  36    

Comprehensive income (loss) available to stockholders

 $(41,753) $10,919 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (unaudited)

For the three months ended March 31, 2022 and 2021 (in thousands, except per share data)

 

                  

Accumulated

             
  

Common stock

  

Additional

      

other

  

Total

         
  

Shares

      

paid-in

  

Retained

  

comprehensive

  

stockholders'

  

Noncontrolling

  

Total

 
  

outstanding

  

Amount

  

capital

  

earnings

  

loss

  

equity

  

interest

  

equity

 
                                 

Balance, January 1, 2022

  26,596  $49,501  $243,107  $391,201  $(7,940) $675,869  $-  $675,869 
                                 

Activity for three months ended March 31, 2022:

                                

Net income

           7,906      7,906   36   7,942 

Other comprehensive loss

              (49,659)  (49,659)     (49,659)

Stock compensation expense

        991         991      991 

Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations

  65   216   3,451   (6,011)     (2,344)     (2,344)

Stock issued for Commonwealth acquisition

  2,564   8,539   125,286         133,825      133,825 

Noncontrolling interest of acquired entity

                    3,094   3,094 

Cash dividends declared, $0.28 per share

           (8,172)     (8,172)     (8,172)

Shares cancelled

  (5)  (18)  (280)  25      (273)     (273)

Distributions to noncontrolling interest

                    (53)  (53)

Balance, March 31, 2022

  29,220  $58,238  $372,555  $384,949  $(57,599) $758,143  $3,077  $761,220 

 

 

                  

Accumulated

     
  

Common stock

  

Additional

      

other

  

Total

 
  

Shares

      

paid-in

  

Retained

  

comprehensive

  

stockholders'

 
  

outstanding

  

Amount

  

capital

  

earnings

  

income

  

Total

 
                         

Balance, January 1, 2021

  22,692  $36,500  $41,886  $353,574  $8,741  $440,701 
                         

Activity for three months ended March 31, 2021:

                        

Net income

           22,710      22,710 

Other comprehensive loss

              (11,791)  (11,791)

Stock compensation expense

        849         849 

Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations

  89   296   4,144   (7,533)     (3,093)

Cash dividends declared, $0.27 per share

           (6,144)     (6,144)

Balance, March 31, 2021

  22,781  $36,796  $46,879  $362,607  $(3,050)