FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES |
For the quarterly period ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES |
For the transition period from to .
Commission file number 1-13661
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S. Y. BANCORP, INC. |
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(Exact name of registrant as specified in its charter) |
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Kentucky |
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61-1137529 |
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(State or other jurisdiction of
incorporation |
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(I.R.S. Employer |
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1040 East Main Street, Louisville, Kentucky, 40206 |
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(Address of principal executive offices) |
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(Zip Code) |
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(502) 582-2571 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, |
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if changed since last report) |
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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 ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no par value – 6,723,631
Shares issued and outstanding at August 13, 2002
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following consolidated financial statements of S.Y. Bancorp, Inc. and subsidiaries, Stock Yards Bank & Trust Company and S.Y. Bancorp Capital Trust I, are submitted herewith:
1
S.Y. BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
June 30, 2002 and December 31, 2001
(In thousands, except share data)
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June 30, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
35,087 |
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29,803 |
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Federal funds sold |
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6,121 |
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218 |
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Mortgage loans held for sale |
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5,219 |
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13,963 |
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Securities available for sale (amortized cost $88,341 in 2002 and $75,563 in 2001) |
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91,051 |
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76,884 |
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Securities held to maturity (approximate fair value $11,458 in 2002 and $14,174 in 2001) |
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11,024 |
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13,878 |
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Loans |
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800,396 |
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777,441 |
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Less allowance for loan losses |
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11,565 |
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10,965 |
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Net loans |
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788,831 |
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766,476 |
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Premises and equipment |
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20,649 |
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19,421 |
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Accrued interest receivable and other assets |
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16,857 |
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16,650 |
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Total assets |
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$ |
974,839 |
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937,293 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Non-interest bearing |
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$ |
122,514 |
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118,165 |
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Interest bearing |
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691,678 |
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635,386 |
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Total deposits |
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814,192 |
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753,551 |
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Securities sold under agreements to repurchase and federal funds purchased |
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46,018 |
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79,031 |
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Other short-term borrowings |
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3,979 |
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1,880 |
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Accrued interest payable and other liabilities |
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11,023 |
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10,877 |
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Long-term debt |
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240 |
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270 |
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Long-term debt - trust preferred securities |
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20,000 |
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20,000 |
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Total liabilities |
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895,452 |
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865,609 |
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Stockholders’ equity: |
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Common stock, no par value; 10,000,000 shares authorized; 6,721,791 and 6,672,294 shares issued and outstanding in 2002 and 2001, respectively |
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5,876 |
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5,711 |
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Surplus |
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15,336 |
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14,404 |
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Retained earnings |
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56,613 |
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50,924 |
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Accumulated other comprehensive income |
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1,562 |
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645 |
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Total stockholders’ equity |
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79,387 |
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71,684 |
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Total liabilities and stockholders’ equity |
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$ |
974,839 |
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937,293 |
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See accompanying notes to unaudited consolidated financial statements.
2
S.Y. BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
For the three months ended June 30, 2002 and 2001
(In thousands, except share and per share data)
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2002 |
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2001 |
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Interest income: |
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Loans |
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$ |
14,350 |
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15,010 |
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Federal funds sold |
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111 |
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275 |
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Mortgage loans held for sale |
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72 |
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115 |
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U.S. Treasury and Federal agencies |
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957 |
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900 |
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Obligations of states and political subdivisions |
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294 |
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303 |
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Total interest income |
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15,784 |
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16,603 |
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Interest expense: |
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Deposits |
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5,141 |
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7,411 |
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Securities sold under agreements to repurchase and federal funds purchased |
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204 |
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413 |
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Other short-term borrowings |
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4 |
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18 |
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Long-term debt |
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2 |
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107 |
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Long-term debt - trust preferred securities |
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450 |
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150 |
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Total interest expense |
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5,801 |
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8,099 |
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Net interest income |
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9,983 |
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8,504 |
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Provision for loan losses |
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1,100 |
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1,075 |
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Net interest income after provision for loan losses |
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8,883 |
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7,429 |
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Non-interest income: |
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Investment management and trust services |
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2,021 |
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1,890 |
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Service charges on deposit accounts |
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1,861 |
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1,802 |
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Gains on sales of mortgage loans held for sale |
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472 |
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477 |
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Other |
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