FORM 10-Q
UNITED STATES
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, 2005 |
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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 |
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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or organization) |
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Identification No.) |
(502) 582-2571
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
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 –
13,906,890 shares issued and outstanding at May 2, 2005
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
March 31, 2005 and December 31, 2004
(In thousands, except share data)
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March 31, |
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December 31, |
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2005 |
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2004 |
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Assets |
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Cash and due from banks |
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$ |
28,072 |
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31,030 |
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Federal funds sold |
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15,487 |
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517 |
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Mortgage loans held for sale |
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9,983 |
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5,528 |
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Securities available for sale (amortized cost of $153,783 in 2005 and $128,239 in 2004) |
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152,910 |
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129,390 |
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Securities held to maturity (approximate fair value of $4,928 in 2005 and $5,465 in 2004) |
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4,805 |
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5,283 |
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Loans |
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996,351 |
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984,841 |
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Less allowance for loan losses |
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12,580 |
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12,521 |
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Net loans |
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983,771 |
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972,320 |
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Premises and equipment, net |
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25,623 |
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26,266 |
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Accrued interest receivable and other assets |
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42,793 |
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41,681 |
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Total assets |
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$ |
1,263,444 |
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1,212,015 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Non-interest bearing |
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$ |
168,274 |
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159,342 |
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Interest bearing |
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834,711 |
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790,741 |
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Total deposits |
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1,002,985 |
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950,083 |
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Securities sold under agreements to repurchase and federal funds purchased |
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78,372 |
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73,284 |
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Other short-term borrowings |
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1,744 |
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1,176 |
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Accrued interest payable and other liabilities |
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23,197 |
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20,026 |
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Federal Home Loan Bank advances |
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20,000 |
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30,000 |
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Subordinated debentures |
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20,769 |
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20,799 |
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Total liabilities |
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1,147,067 |
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1,095,368 |
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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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— |
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Common stock, no par value; 20,000,000 shares authorized; 13,905,250 and 13,948,981 shares issued and outstanding in 2005 and 2004, respectively |
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7,227 |
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7,373 |
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Surplus |
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16,633 |
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18,684 |
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Retained earnings |
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93,412 |
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90,170 |
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Accumulated other comprehensive income (loss) |
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(895 |
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420 |
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Total stockholders’ equity |
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116,377 |
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116,647 |
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Total liabilities and stockholders’ equity |
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$ |
1,263,444 |
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1,212,015 |
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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 March 31, 2005 and 2004
(In thousands, except share and per share data)
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2005 |
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2004 |
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Interest income: |
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Loans |
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$ |
14,980 |
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13,331 |
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Federal funds sold |
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82 |
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24 |
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Mortgage loans held for sale |
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56 |
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39 |
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Securities - taxable |
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984 |
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1,039 |
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Securities - tax-exempt |
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347 |
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358 |
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Total interest income |
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16,449 |
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14,791 |
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Interest expense: |
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Deposits |
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4,303 |
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3,111 |
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Securities sold under agreements to repurchase and federal funds purchased |
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273 |
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199 |
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Other short-term borrowings |
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6 |
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2 |
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Federal Home Loan Bank advances |
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143 |
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63 |
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Subordinated debentures |
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465 |
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466 |
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Total interest expense |
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5,190 |
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3,841 |
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Net interest income |
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11,259 |
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10,950 |
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Provision for loan losses |
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225 |
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500 |
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Net interest income after provision for loan losses |
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11,034 |
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10,450 |
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Non-interest income: |
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Investment management and trust services |
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2,697 |
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2,214 |
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Service charges on deposit accounts |
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1,898 |
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2,125 |
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Bankcard transaction revenue |
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