FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-13661
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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(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 –
13,882,792 shares issued and outstanding at November 2, 2004
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following consolidated financial statements of S.Y. Bancorp, Inc. and Subsidiary, Stock Yards Bank & Trust Company, are submitted herewith:
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Unaudited
Condensed Consolidated Balance Sheets |
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Notes to Unaudited Condensed Consolidated Financial Statements |
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S.Y. BANCORP, INC. AND SUBSIDIARY
Unaudited Condensed Consolidated Balance Sheets
September 30, 2004 and December 31, 2003
(In thousands, except share data)
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September 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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$ |
29,046 |
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31,911 |
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Federal funds sold |
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9,830 |
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2,165 |
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Mortgage loans held for sale |
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3,118 |
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3,157 |
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Securities available for sale (amortized cost of $155,321 in 2004 and $152,951 in 2003) |
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157,691 |
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155,691 |
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Securities held to maturity (approximate fair value of $5,631 in 2004 and $6,244 in 2003) |
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5,390 |
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5,915 |
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Loans |
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932,812 |
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886,153 |
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Less allowance for loan losses |
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12,483 |
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11,798 |
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Net loans |
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920,329 |
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874,355 |
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Premises and equipment, net |
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26,418 |
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24,785 |
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Accrued interest receivable and other assets |
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40,921 |
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20,542 |
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Total assets |
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$ |
1,192,743 |
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1,118,521 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Non-interest bearing |
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$ |
164,925 |
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143,901 |
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Interest bearing |
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757,092 |
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737,965 |
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Total deposits |
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922,017 |
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881,866 |
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Securities sold under agreements to repurchase and federal funds purchased |
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85,395 |
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92,102 |
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Other short-term borrowings |
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1,286 |
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1,232 |
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Accrued interest payable and other liabilities |
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19,736 |
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22,078 |
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Federal Home Loan Bank advances |
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30,000 |
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Subordinated debentures |
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20,799 |
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20,829 |
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Total liabilities |
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1,079,233 |
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1,018,107 |
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Stockholders’ equity: |
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Preferred stock, no par value; 1,000,000 shares authorized; no shares issued or outstanding |
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Common stock, no par value; 20,000,000 shares authorized; 13,882,792 and 13,575,316 shares issued and outstanding in 2004 and 2003, respectively |
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7,152 |
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6,128 |
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Surplus |
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18,335 |
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16,153 |
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Retained earnings |
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86,791 |
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76,659 |
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Accumulated other comprehensive income |
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1,232 |
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1,474 |
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Total stockholders’ equity |
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113,510 |
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100,414 |
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Total liabilities and stockholders’ equity |
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$ |
1,192,743 |
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1,118,521 |
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See accompanying notes to unaudited condensed consolidated financial statements.
2
S.Y. BANCORP, INC. AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Income
For the three months ended September 30, 2004 and 2003
(In thousands, except share and per share data)
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2004 |
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2003 |
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Interest income: |
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Loans |
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$ |
13,641 |
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13,540 |
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Federal funds sold |
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87 |
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90 |
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Mortgage loans held for sale |
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53 |
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250 |
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Securities - taxable |
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983 |
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951 |
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Securities - tax-exempt |
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357 |
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278 |
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Total interest income |
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15,121 |
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15,109 |
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Interest expense: |
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Deposits |
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3,326 |
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3,564 |
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Securities sold under agreements to repurchase and federal funds purchased |
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239 |
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146 |
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Other short-term borrowings |
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2 |
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3 |
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Federal Home Loan Bank advances |
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160 |
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Subordinated debentures |
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466 |
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466 |
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Total interest expense |
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4,193 |
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4,179 |
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Net interest income |
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10,928 |
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10,930 |
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Provision for loan losses |
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180 |
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300 |
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Net interest income after provision for loan losses |
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10,748 |
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10,630 |
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Non-interest income: |
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