Stock Yards Bancorp, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Net Charges Offs for the Fourth Quarter Ended December 31, 2017; Announces Effective Tax Rate Guidance for Year 2018
January 25, 2018 at 07:00 am EST
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Stock Yards Bancorp, Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the fourth quarter, the company's net interest income was $27,023,000 against $25,075,000 a year ago. Net income before income tax expense was $10,488,000 against $14,625,000 a year ago. Net income was $4,946,000 or $0.22 per basic and diluted share against $10,616,000 or $0.46 per diluted share a year ago. Annualized return on average assets was 0.63% against 1.41% a year ago. Annualized return on average equity was 5.80% against 13.44% a year ago.
For the year, the company's net interest income was $103,603,000 against $97,254,000 a year ago. Net income before income tax expense was $55,182,000 against $56,271,000 a year ago. Net income was $38,043,000 or $1.66 per diluted share against $41,027,000 or $1.80 per diluted share a year ago. Book value per share was $14.71 against $13.88 a year ago. Annualized return on average assets was 1.25% against 1.42% a year ago. Annualized return on average equity was 11.61% against 13.49% a year ago.
For the fourth quarter, the company's net charges offs were $963,000 against $862,000 a year ago.
For the year 2018, the company expects an overall effective tax rate of approximately 17%. The company expects to more than recoup that decline through lower income taxes during 2018.
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. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Net Charges Offs for the Fourth Quarter Ended December 31, 2017; Announces Effective Tax Rate Guidance for Year 2018