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 EXCHANGE ACT OF 1934. |
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For the quarterly period ended March 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission file number 1-13661 |
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S. Y. BANCORP, INC.
(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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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 by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
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 – 6,756,598
shares issued and outstanding at May 8, 2003
PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements |
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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: |
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Unaudited
Consolidated Balance Sheets |
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Unaudited
Consolidated Statements of Income |
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Unaudited
Consolidated Statements of Cash Flows |
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S.Y. BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
March 31, 2003 and December 31, 2002
(In thousands, except share data)
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March 31, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
33,027 |
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34,918 |
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Federal funds sold |
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53,427 |
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4,582 |
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Mortgage loans held for sale |
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16,452 |
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27,534 |
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Securities available for sale (amortized cost $97,376 in 2003 and $114,046 in 2002) |
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100,741 |
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117,760 |
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Securities held to maturity (approximate fair value $7,789 in 2003 and $9,859 in 2002) |
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7,370 |
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9,373 |
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Loans |
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835,519 |
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818,573 |
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Less allowance for loan losses |
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11,999 |
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11,705 |
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Net loans |
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823,520 |
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806,868 |
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Premises and equipment, net |
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22,839 |
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22,021 |
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Accrued interest receivable and other assets |
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16,915 |
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16,624 |
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Total assets |
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$ |
1,074,291 |
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1,039,680 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Non-interest bearing |
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$ |
142,859 |
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131,505 |
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Interest bearing |
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753,829 |
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729,582 |
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Total deposits |
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896,688 |
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861,087 |
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Securities sold under agreements to repurchase and federal funds purchased |
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50,874 |
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52,659 |
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Other short-term borrowings |
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56 |
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2,657 |
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Accrued interest payable and other liabilities |
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16,847 |
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16,970 |
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Long-term debt |
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210 |
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240 |
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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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984,675 |
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953,613 |
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Stockholders’ equity: |
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Common stock, no par value; 10,000,000 shares authorized; 6,754,618 and 6,716,531 shares issued and outstanding in 2003 and 2002, respectively |
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5,985 |
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5,858 |
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Surplus |
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15,359 |
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14,889 |
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Retained earnings |
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66,264 |
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63,081 |
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Accumulated other comprehensive income |
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2,008 |
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2,239 |
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Total stockholders’ equity |
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89,616 |
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86,067 |
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Total liabilities and stockholders’ equity |
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$ |
1,074,291 |
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1,039,680 |
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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 March 31, 2003 and 2002
(In thousands, except share and per share data)
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2003 |
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2002 |
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Interest income: |
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Loans |
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$ |
13,557 |
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14,160 |
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Federal funds sold |
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95 |
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66 |
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Mortgage loans held for sale |
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216 |
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85 |
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Securities - taxable |
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882 |
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845 |
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Securities - tax-exempt |
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261 |
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298 |
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Total interest income |
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15,011 |
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15,454 |
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Interest expense: |
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Deposits |
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4,017 |
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5,005 |
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Securities sold under agreements to repurchase and federal funds purchased |
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167 |
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278 |
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Other short-term borrowings |
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2 |
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9 |
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Long-term debt |
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2 |
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3 |
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Long-term debt - trust preferred securities |
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450 |
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450 |
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Total interest expense |
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4,638 |
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5,745 |
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Net interest income |
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10,373 |
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9,709 |
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Provision for loan losses |
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700 |
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900 |
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Net interest income after provision for loan losses |
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9,673 |
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8,809 |
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Non-interest income: |
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Investment management and trust services |
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2,026 |
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2,042 |
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Service charges on deposit accounts |
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1,899 |
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