Exhibit 99.1
S.Y. Bancorp Announces First Quarter 2008 Results Highlighted by 9% Year-Over-Year Loan Growth
LOUISVILLE, Ky.--(BUSINESS WIRE)--S.Y. Bancorp, Inc. (NASDAQ:SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville metropolitan area, Indianapolis and Cincinnati, today reported financial results for the first quarter of 2008. Highlights included the Company's strongest quarterly loan growth in more than two years, despite continued economic uncertainty. S.Y. Bancorp also reported higher non-interest income resulting particularly from a solid performance in its mortgage operations, continued growth in bankcard income, and ongoing strength in the Company's investment management and trust operations. These positive factors were more than offset by ongoing margin pressure and an increase in the quarterly provision for loan losses. A summary of results for the first quarter follows:
Quarter ended March 31, | | 2008 | | | 2007 | | | Change |
| Net income | | $ | 5,038,000 | | | $ | 5,704,000 | | | -12 | % |
| Net income per share, diluted | | $ | 0.37 | | | $ | 0.39 | | | -5 | % |
| Return on average equity | | | 15.36 | % | | | 16.60 | % | | |
| Return on average assets | | | 1.38 | % | | | 1.64 | % | | |
Commenting on the Company's progress, David Heintzman, Chairman and Chief Executive Officer, said, "Obviously, our first quarter results reflected the effects of well-publicized macroeconomic challenges, such as continuing concern about credit quality, additional pressure on net interest margin caused by recent Federal Reserve rate cuts and ongoing competitive market forces, and costs related to our expansion in two markets.
"With respect to the first point," Heintzman added, "our level of non-performing loans, both in total and relative to loans outstanding, is lower than it was a year ago – a particularly noteworthy accomplishment in our view, not only considering the current environment, but also in comparison with the performance of many other banks that have posted sharp increases in non-performing loans. However, non-performing loans have increased since year end, and likewise we have seen rising past due and watch totals. Because of these more recent trends, as well as general concern about the economy, we increased our loan loss provision to $1,225,000 in the first quarter of 2008 versus $780,000 in the year-earlier period. Regarding the second point, the impact of recent rate cuts and competitive pressure have reduced our net interest margin 28 basis points over the past year, although the decline during the last three months was only four basis points. Because of this pressure, net interest income for the first quarter of 2008 fell slightly. Lastly, we have absorbed expansion costs this year for a second office in Indianapolis and our entry into the Cincinnati market. Together, these three factors primarily accounted for the Company's lower comparative net income for the period, but the impact of our stock repurchase programs over the past year helped mitigate the effect of lower net income on per share earnings.
"Still, we witnessed progress in other fundamental aspects of our business," Heintzman continued. "Following modest loan growth over much of the last year, we witnessed a strong acceleration in loan originations, increasing our loan portfolio more than 9% in the past year and 7% in the first quarter alone – almost double the pace in the fourth quarter of 2007. This loan growth, building on the momentum that began to develop last quarter, reflects the positive impact of our expansion strategies in Indianapolis and Cincinnati. Both of these initiatives contributed to our robust loan growth in the first quarter, but neither has ramped up to a sufficient level to offset start-up costs completely.
"Another bright spot in the Company's first quarter performance was investment management and trust services, which account for almost one-half of our non-interest income and represent a key service advantage for S.Y. Bancorp – one that distinguishes us from most competitors," Heintzman added. "Revenues from these services increased 3% compared with the prior year. Assets under management declined slightly to $1.549 billion at March 31, 2008, as growth from net new business was more than offset by declines in market value. Also, the strong performance of our mortgage operations, which were able to capitalize on lower mortgage rates during the quarter, helped offset the impact of lower rates on other areas of the Bank."
Concluding, Heintzman said, "Although we are pleased with our progress on many fronts, we know that the near future remains challenging as key economic issues play out over the course of the year, and as efforts to address and resolve these issues are executed by the public and private sectors. We think the Company's first quarter performance was a good one given these conditions, indicating the fundamental strength and diversity of our business and markets, and we believe in the soundness of the strategies we have in place to drive growth over the longer term."
S.Y. Bancorp's total assets increased 7% to $1.517 billion at March 31, 2008, from $1.414 billion at March 31, 2007, and were up 2% from $1.482 billion at December 31, 2007. The year-over-year change in total assets was driven by a 12% increase in the Company's loan portfolio, which rose to $1.290 billion at March 31, 2008, from $1.150 billion at March 31, 2007, and increased 7% versus $1.202 billion at year-end 2007. Deposits increased 3% to $1.148 billion at March 31, 2008, compared with $1.110 billion a year ago, and were 4% higher versus $1.107 billion at the end of 2007, with both increases largely reflecting higher money market deposits.
Net interest income, the Company's largest source of revenue, declined $153,000 or 1% in the first quarter of 2008 compared with the year-earlier period, primarily because of ongoing pressure on net interest margin as loan yields have responded more rapidly to recent rate cuts by the Federal Reserve than has the Company's cost of funds. Net interest margin for the first quarter declined 28 basis points year over year to 3.95% from 4.23% in the first quarter of 2007, but the rate of decline slowed in the first quarter of 2008 as sequential net interest margin fell only four basis points from 3.99% reported from the fourth quarter of 2007. Lower net interest margin in the first quarter of 2008 more than offset the positive impact of growth in the Company's loan portfolio. The Company expects that pressure on net interest margins will continue in the near term as the Federal Reserve is expected to reduce short-term rates further. Offsetting this to some extent, the maturities on certificates of deposit remain short, which is expected to give the Company an opportunity to reprice these funding sources in the near future.
Non-performing loans for the first quarter declined to $4,589,000 from $5,137,000 in the first quarter of 2007, but, on a linked-quarter basis, increased from $3,370,000 in the fourth quarter of 2007. Likewise, the ratio of non-performing loans to total loans was 0.36% in the first quarter of 2008, down from 0.45% in the first quarter last year, but up from 0.28% in the fourth quarter of 2007. Despite the sequential quarterly increase in non-performing loans, non-performing loans to total loans, at 0.36%, remains well below the average for the past five years. Net charge-offs totaled $578,000 in the first quarter of 2008, or 0.05% of average loans in the first quarter of 2008. This was down from 0.07% in year-earlier quarter, but unchanged from the fourth quarter of 2007. However, loans past due less than 90 days and watch list totals increased in the first quarter of 2008 compared with year-end 2007. The Company increased its provision for loan losses to $1,225,000 in the first quarter from $780,000 in the first quarter of 2007, but, on a linked-quarter basis, the provision declined from $1,435,000 in the fourth quarter of 2007. The Company's allowance for loan losses was 1.09% of total loans at March 31, 2008, up from 1.06% at March 31, 2007, but down from 1.12% at December 31, 2007.
Non-interest income increased $194,000 or 3% in the first quarter compared with the same quarter last year, primarily due to increased gains on sales of mortgage loans, which rose $87,000 or 34%; higher investment management and trust income, which increased $82,000 or 3% during the quarter; and increased bankcard transaction revenue, which was up $79,000 or 15% for the quarter. Higher non-interest income from these areas helped offset lower brokerage fees and commissions and reduced service charges on deposit accounts.
Non-interest expense increased $569,000 or 5% in the first quarter of 2008 versus the same period last year. Higher non-interest expense for the quarter was due primarily to an increase of $581,000 or 9% in salaries and employee benefits, in part reflecting staffing costs for a second banking location in the Indianapolis market and a new banking office in the Cincinnati market, both opened since the first quarter last year, along with an associated increase of $119,000 in net occupancy expense. These increases were offset somewhat by lower data processing expenses.
The Company's first quarter efficiency ratio was 57.26% compared with 54.54% in the first quarter of 2007 and 57.03% in the fourth quarter of 2007.
In February, S.Y. Bancorp's Board of Directors increased its regular quarterly cash dividend 6% to $0.17 per share. The latest dividend was distributed on April 1, 2008, to stockholders of record as of March 17, 2008. During the first quarter of 2008, S.Y. Bancorp repurchased a total of 227,600 shares of common stock at an average price of $22.99 per share. The Company has remaining authorization to purchase up to 163,000 shares under the current plan, which will expire in November 2008 unless otherwise extended or completed at an earlier date.
Louisville, Kentucky-based S.Y. Bancorp, Inc., with $1.517 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.
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 subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time 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; 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.
S.Y. Bancorp, Inc. |
Summary Unaudited Financial Information |
(in thousands except per share amounts) |
| |
| | | | | | | First Quarter Ended |
| | | | | | | March 31, |
| | | | | | | 2008 | | | 2007 |
| Interest income | | | | | | $ | 21,878 | | $ | 22,606 |
| Interest expense | | | | | | | 8,617 | | | 9,192 |
| Net interest income | | | | | | | 13,261 | | | 13,414 |
| Provision for loan losses | | | | | | | 1,225 | | | 780 |
| Net interest income after provision for loan losses | | | | | | | 12,036 | | | 12,634 |
| Non-interest income | | | | | | | 7,350 | | | 7,156 |
| Non-interest expense | | | | | | | 11,943 | | | 11,374 |
| Net income before income taxes | | | | | | | 7,443 | | | 8,416 |
| Provision for income taxes | | | | | | | 2,405 | | | 2,712 |
| Net income | | | | | | $ | 5,038 | | $ | 5,704 |
| Net income per share | | | | | | | | | | |
| Basic | | | | | | $ | 0.37 | | $ | 0.40 |
| Diluted | | | | | | $ | 0.37 | | $ | 0.39 |
| Weighted average shares outstanding | | | | | | | | | | |
| Basic | | | | | | | 13,452 | | | 14,389 |
| Diluted | | | | | | | 13,610 | | | 14,642 |
| | | |
| | | | March 31, | | | Dec. 31, | | | March 31, |
| | | | 2008 | | | 2007 | | | 2007 |
| Total assets | | | $ | 1,517,258 | | $ | 1,482,219 | | $ | 1,414,364 |
| Total loans | | | | 1,289,913 | | | 1,201,938 | | | 1,149,940 |
| Non-interest bearing deposits | | | | 175,028 | | | 170,477 | | | 174,383 |
| Interest-bearing deposits | | | | 972,980 | | | 936,230 | | | 935,395 |
| Total deposits | | | | 1,148,008 | | | 1,106,707 | | | 1,109,778 |
| Stockholders' equity | | | | 131,547 | | | 133,024 | | | 140,176 |
| Book value per share | | | | 9.81 | | | 9.78 | | | 9.75 |
Unaudited supplemental financial information for the first quarter ended March 31, 2008 and 2007, appears on the following pages.
| S. Y. Bancorp, Inc. Financial Information |
| First Quarter 2008 Earnings Release |
| (all figures other than per share amounts and number of employees are expressed in thousands unless otherwise noted) |
| | | | |
| | First Quarter Ended |
| | March 31, |
| | | 2008 | | | 2007 |
| Income Statement Data | | | | |
Net interest income, fully tax equivalenta | | $ | 13,508 | | $ | 13,697 |
| Net interest income | | $ | 13,261 | | $ | 13,414 |
| Provision for loan losses | | | 1,225 | | | 780 |
| Net interest income after provision for loan losses | | | 12,036 | | | 12,634 |
| Gain on the sale of securities | | | - | | | - |
| Investment management and trust income | | | 3,279 | | | 3,197 |
| Service charges on deposit accounts | | | 1,992 | | | 2,018 |
| Bankcard transaction revenue | | | 621 | | | 542 |
| Gains on sales of mortgage loans held for sale | | | 343 | | | 256 |
| Brokerage commissions and fees | | | 441 | | | 493 |
| Bank owned life insurance | | | 252 | | | 236 |
| Other non-interest income | | | 422 | | | 414 |
| Total non-interest income | | | 7,350 | | | 7,156 |
| Salaries and employee benefits expense | | | 7,188 | | | 6,607 |
| Net occupancy expense | | | 1,009 | | | 890 |
| Data processing expense | | | 752 | | | 1,015 |
| Furniture and equipment expense | | | 276 | | | 292 |
| State bank taxes | | | 340 | | | 178 |
| Other non-interest expenses | | | 2,378 | | | 2,392 |
| Total non-interest expense | | | 11,943 | | | 11,374 |
| Net income before income tax expense | | | 7,443 | | | 8,416 |
| Income tax expense | | | 2,405 | | | 2,712 |
| Net income | | $ | 5,038 | | $ | 5,704 |
| | | | |
| Weighted average shares - basic | | | 13,452 | | | 14,389 |
| Weighted average shares - diluted | | | 13,610 | | | 14,642 |
| | | | |
| Basic earnings per share | | $ | 0.37 | | $ | 0.40 |
| Diluted earnings per share | | | 0.37 | | | 0.39 |
| Cash dividend declared per share | | | 0.17 | | | 0.15 |
| | | | |
| Balance Sheet Data (at period end) | | | | |
| Total loans | | $ | 1,289,913 | | $ | 1,149,940 |
| Allowance for loan losses | | | 14,097 | | | 12,183 |
| Total assets | | | 1,517,258 | | | 1,414,364 |
| Non-interest bearing deposits | | | 175,028 | | | 174,383 |
| Interest bearing deposits | | | 972,980 | | | 935,395 |
| Federal home loan bank advances | | | 90,000 | | | 50,000 |
| Subordinated debentures | | | 60 | | | 90 |
| Stockholders' equity | | | 131,547 | | | 140,176 |
| Total shares outstanding | | | 13,406 | | | 14,373 |
| Book value per share | | | 9.81 | | | 9.75 |
| Market value per share | | | 23.24 | | | 24.86 |
| S. Y. Bancorp, Inc. Financial Information |
| First Quarter 2008 Earnings Release |
| | | | |
| | First Quarter Ended |
| | March 31, |
| | | 2008 | | | | 2007 | |
| Average Balance Sheet Data | | | | |
| Average loans | | $ | 1,235,185 | | | $ | 1,142,713 | |
| Average assets | | | 1,470,153 | | | | 1,406,832 | |
| Average earning assets | | | 1,376,233 | | | | 1,314,341 | |
| Average deposits | | | 1,117,873 | | | | 1,097,640 | |
| Average long-term debt | | | 90,062 | | | | 55,993 | |
| Average interest bearing liabilities | | | 1,140,382 | | | | 1,063,900 | |
| Average stockholders' equity | | | 131,901 | | | | 139,361 | |
| | | | |
| Performance Ratios | | | | |
| Annualized return on average assets | | | 1.38 | % | | | 1.64 | % |
| Annualized return on average equity | | | 15.36 | % | | | 16.60 | % |
| Net interest margin, fully tax equivalent | | | 3.95 | % | | | 4.23 | % |
Non-interest income to total revenue, fully tax equivalent | | | 35.24 | % | | | 34.32 | % |
| Efficiency ratio | | | 57.26 | % | | | 54.54 | % |
| | | | |
| Capital Ratios | | | | |
| Average stockholders' equity to average assets | | | 8.97 | % | | | 9.91 | % |
| Tier 1 risk-based capital | | | 9.07 | % | | | 10.89 | % |
| Total risk-based capital | | | 10.06 | % | | | 11.84 | % |
| Leverage | | | 8.85 | % | | | 9.97 | % |
| | | | |
| Loans by Type | | | | |
| Commercial and industrial | | $ | 332,144 | | | $ | 291,682 | |
| Construction and development | | | 174,604 | | | | 136,843 | |
| Real estate mortgage - commercial investment | | | 252,706 | | | | 237,759 | |
| Real estate mortgage - owner occupied commercial | | | 202,714 | | | | 173,915 | |
| Real estate mortgage - 1-4 family residential | | | 148,324 | | | | 143,085 | |
| Home equity | | | 136,064 | | | | 136,115 | |
| Consumer | | | 43,357 | | | | 30,541 | |
| | | | |
| Asset Quality Data | | | | |
| Allowance for loan losses to total loans | | | 1.09 | % | | | 1.06 | % |
| Allowance for loan losses to average loans | | | 1.14 | % | | | 1.07 | % |
| Allowance for loan losses to non-performing loans | | | 307.19 | % | | | 237.16 | % |
| Nonaccrual loans | | $ | 4,034 | | | $ | 4,697 | |
| Restructured loans | | | - | | | | - | |
| Loans - 90 days past due & still accruing | | | 555 | | | | 440 | |
| Total non-performing loans | | | 4,589 | | | | 5,137 | |
| OREO and repossessed assets | | | 3,715 | | | | 2,666 | |
| Total non-performing assets | | | 8,304 | | | | 7,803 | |
| Non-performing loans to total loans | | | 0.36 | % | | | 0.45 | % |
| Non-performing assets to total assets | | | 0.55 | % | | | 0.55 | % |
| Net charge-offs to average loans (1) | | | 0.05 | % | | | 0.07 | % |
| Net charge-offs | | $ | 578 | | | $ | 800 | |
| | | | |
| Other Information | | | | |
| Total assets under management (in millions) | | $ | 1,549 | | | $ | 1,603 | |
| Full-time equivalent employees | | | 460 | | | | 444 | |
| S. Y. Bancorp, Inc. Financial Information |
| First Quarter 2008 Earnings Release |
| | | | | | | | |
| | | | Four Quarter Comparison | | |
| | | 3/31/08 | | | 12/31/07 | | | 9/30/07 | | | 6/30/07 |
| Income Statement Data | | | | | | | | |
Net interest income, fully tax equivalenta | | $ | 13,508 | | $ | 13,499 | | $ | 13,802 | | $ | 13,856 |
| Net interest income | | $ | 13,261 | | $ | 13,243 | | $ | 13,541 | | $ | 13,579 |
| Provision for loan losses | | | 1,225 | | | 1,435 | | | 850 | | | 460 |
| Net interest income after provision for loan losses | | | 12,036 | | | 11,808 | | | 12,691 | | | 13,119 |
| Gain on the sale of securities | | | - | | | - | | | - | | | - |
| Investment management and trust income | | | 3,279 | | | 3,126 | | | 3,227 | | | 3,336 |
| Service charges on deposit accounts | | | 1,992 | | | 2,276 | | | 2,260 | | | 2,204 |
| Bankcard transaction revenue | | | 621 | | | 631 | | | 596 | | | 590 |
| Gains on sales of mortgage loans held for sale | | | 343 | | | 290 | | | 227 | | | 391 |
| Brokerage commissions and fees | | | 441 | | | 486 | | | 498 | | | 452 |
| Bank owned life insurance | | | 252 | | | 252 | | | 250 | | | 247 |
| Other non-interest income | | | 422 | | | 739 | | | 508 | | | 504 |
| Total non-interest income | | | 7,350 | | | 7,800 | | | 7,566 | | | 7,724 |
| Salaries and employee benefits expense | | | 7,188 | | | 6,898 | | | 6,865 | | | 6,632 |
| Net occupancy expense | | | 1,009 | | | 985 | | | 917 | | | 930 |
| Data processing expense | | | 752 | | | 998 | | | 979 | | | 1,051 |
| Furniture and equipment expense | | | 276 | | | 275 | | | 291 | | | 290 |
| State bank taxes | | | 340 | | | 340 | | | 326 | | | 311 |
| Other non-interest expenses | | | 2,378 | | | 2,650 | | | 2,149 | | | 2,270 |
| Total non-interest expense | | | 11,943 | | | 12,146 | | | 11,527 | | | 11,484 |
| Net income before income tax expense | | | 7,443 | | | 7,462 | | | 8,730 | | | 9,359 |
| Income tax expense | | | 2,405 | | | 1,298 | | | 2,843 | | | 3,062 |
| Net income | | $ | 5,038 | | $ | 6,164 | | $ | 5,887 | | $ | 6,297 |
| | | | | | | | |
| Weighted average shares - basic | | | 13,452 | | | 13,779 | | | 14,185 | | | 14,325 |
| Weighted average shares - diluted | | | 13,610 | | | 13,974 | | | 14,400 | | | 14,536 |
| | | | | | | | |
| Basic earnings per share | | $ | 0.37 | | $ | 0.45 | | $ | 0.42 | | $ | 0.44 |
| Diluted earnings per share | | | 0.37 | | | 0.44 | | | 0.41 | | | 0.43 |
| Cash dividend declared per share | | | 0.17 | | | 0.16 | | | 0.16 | | | 0.16 |
| | | | | | | | |
| Balance Sheet Data (at period end) | | | | | | | | |
| Total loans | | $ | 1,289,913 | | $ | 1,201,938 | | $ | 1,156,899 | | $ | 1,162,906 |
| Allowance for loan losses | | | 14,097 | | | 13,450 | | | 12,550 | | | 12,065 |
| Total assets | | | 1,517,258 | | | 1,482,219 | | | 1,410,453 | | | 1,425,299 |
| Non-interest bearing deposits | | | 175,028 | | | 170,477 | | | 167,614 | | | 184,000 |
| Interest bearing deposits | | | 972,980 | | | 936,230 | | | 899,815 | | | 901,316 |
| Federal home loan bank advances | | | 90,000 | | | 90,000 | | | 70,000 | | | 70,000 |
| Subordinated debentures | | | 60 | | | 90 | | | 90 | | | 90 |
| Stockholders' equity | | | 131,547 | | | 133,024 | | | 138,623 | | | 141,888 |
| Total shares outstanding | | | 13,406 | | | 13,600 | | | 14,005 | | | 14,298 |
| Book value per share | | | 9.81 | | | 9.78 | | | 9.90 | | | 9.92 |
| Market value per share | | | 23.24 | | | 23.94 | | | 27.04 | | | 23.76 |
| S. Y. Bancorp, Inc. Financial Information |
| First Quarter 2008 Earnings Release |
| | | | | | | | |
| | | | Four Quarter Comparison | | |
| | | 3/31/08 | | | | 12/31/07 | | | | 9/30/07 | | | | 6/30/07 | |
| Average Balance Sheet Data | | | | | | | | |
| Average loans | | $ | 1,235,185 | | | $ | 1,178,068 | | | $ | 1,155,211 | | | $ | 1,160,064 | |
| Average assets | | | 1,470,153 | | | | 1,436,666 | | | | 1,409,653 | | | | 1,401,020 | |
| Average earning assets | | | 1,376,233 | | | | 1,341,624 | | | | 1,311,152 | | | | 1,304,508 | |
| Average deposits | | | 1,117,873 | | | | 1,089,400 | | | | 1,063,718 | | | | 1,075,459 | |
| Average long-term debt | | | 90,062 | | | | 76,394 | | | | 70,090 | | | | 60,420 | |
| Average interest bearing liabilities | | | 1,140,382 | | | | 1,089,233 | | | | 1,057,138 | | | | 1,048,552 | |
| Average stockholders' equity | | | 131,901 | | | | 135,370 | | | | 141,583 | | | | 141,133 | |
| | | | | | | | |
| Performance Ratios | | | | | | | | |
| Annualized return on average assets | | | 1.38 | % | | | 1.70 | % | | | 1.66 | % | | | 1.80 | % |
| Annualized return on average equity | | | 15.36 | % | | | 18.07 | % | | | 16.50 | % | | | 17.90 | % |
| Net interest margin, fully tax equivalent | | | 3.95 | % | | | 3.99 | % | | | 4.18 | % | | | 4.26 | % |
Non-interest income to total revenue, fully tax equivalent | | | 35.24 | % | | | 36.62 | % | | | 35.41 | % | | | 35.79 | % |
| Efficiency ratio | | | 57.26 | % | | | 57.03 | % | | | 53.95 | % | | | 53.22 | % |
| | | | | | | | |
| Capital Ratios | | | | | | | | |
| Average stockholders' equity to average assets | | | 8.97 | % | | | 9.42 | % | | | 10.04 | % | | | 10.07 | % |
| Tier 1 risk-based capital | | | 9.07 | % | | | 9.82 | % | | | 10.47 | % | | | 10.70 | % |
| Total risk-based capital | | | 10.06 | % | | | 10.82 | % | | | 11.42 | % | | | 11.62 | % |
| Leverage | | | 8.85 | % | | | 9.21 | % | | | 9.81 | % | | | 10.17 | % |
| | | | | | | | |
| Loans by Type | | | | | | | | |
| Commercial and industrial | | $ | 332,144 | | | $ | 309,506 | | | $ | 292,240 | | | $ | 298,006 | |
| Construction and development | | | 174,604 | | | | 144,668 | | | | 137,659 | | | | 145,468 | |
| Real estate mortgage - commercial investment | | | 252,706 | | | | 240,610 | | | | 236,847 | | | | 227,530 | |
| Real estate mortgage - owner occupied commercial | | | 202,714 | | | | 200,122 | | | | 186,564 | | | | 183,199 | |
| Real estate mortgage - 1-4 family residential | | | 148,324 | | | | 145,362 | | | | 142,757 | | | | 140,181 | |
| Home equity | | | 136,064 | | | | 136,962 | | | | 136,064 | | | | 143,015 | |
| Consumer | | | 43,357 | | | | 24,708 | | | | 24,768 | | | | 25,507 | |
| | | | | | | | |
| Asset Quality Data | | | | | | | | |
| Allowance for loan losses to total loans | | | 1.09 | % | | | 1.12 | % | | | 1.08 | % | | | 1.04 | % |
| Allowance for loan losses to average loans | | | 1.14 | % | | | 1.16 | % | | | 1.09 | % | | | 1.05 | % |
| Allowance for loan losses to non-performing loans | | | 307.19 | % | | | 399.11 | % | | | 295.71 | % | | | 252.99 | % |
| Nonaccrual loans | | $ | 4,034 | | | $ | 2,964 | | | $ | 2,985 | | | $ | 4,055 | |
| Restructured loans | | | - | | | | - | | | | - | | | | - | |
| Loans - 90 days past due & still accruing | | | 555 | | | | 406 | | | | 1,259 | | | | 714 | |
| Total non-performing loans | | | 4,589 | | | | 3,370 | | | | 4,244 | | | | 4,769 | |
| OREO and repossessed assets | | | 3,715 | | | | 3,831 | | | | 3,436 | | | | 2,780 | |
| Total non-performing assets | | | 8,304 | | | | 7,201 | | | | 7,680 | | | | 7,549 | |
| Non-performing loans to total loans | | | 0.36 | % | | | 0.28 | % | | | 0.37 | % | | | 0.41 | % |
| Non-performing assets to total assets | | | 0.55 | % | | | 0.49 | % | | | 0.54 | % | | | 0.53 | % |
| Net charge-offs to average loans (1) | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % |
| Net charge-offs | | $ | 578 | | | $ | 535 | | | $ | 365 | | | $ | 578 | |
| | | | | | | | |
| Other Information | | | | | | | | |
| Total assets under management (in millions) | | $ | 1,549 | | | $ | 1,669 | | | $ | 1,707 | | | $ | 1,669 | |
| Full-time equivalent employees | | | 460 | | | | 446 | | | | 443 | | | | 445 | |
| | | | | | | | |
a 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. |
| |
| (1) - Amounts not annualized |
CONTACT:
S.Y. Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President,
Treasurer and Chief Financial Officer
