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.