SY Bancorp Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 08:33 am EST
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SY Bancorp Inc. announced earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $18,016,000 against $17,324,000 a year ago. Net income before income tax expense was $7,418,000 against $8,124,000 a year ago. Net income was $6,342,000 or $0.46 per diluted share against $6,051,000 or $0.44 per diluted share a year ago. Annualized return on average assets was 1.25% against 1.26% a year ago. Annualized return on average equity was 13.46% against 14.10% a year ago. Net interest income the company's largest source of revenue increased $692,000 or 4% in the fourth quarter of 2011. This increase reflected primarily the continued growth of interest-earning assets.
For the full year, the company reported net interest income of $70,732,000 against $66,879,000 a year ago. Net income before income tax expense was $31,795,000 against $32,018,000 a year ago. Net income was $23,604,000 or $1.71 per diluted share against $22,953,000 or $1.67 per diluted share a year ago. Annualized return on average assets was 1.20% against 1.24% a year ago. Annualized return on average equity was 13.14% against 14.03% a year ago.
Stock Yards Bancorp, Inc. is engaged in the business of banking through its subsidiaries, Stock Yards Bank & Trust Company (the Bank). The Company has two segments: Commercial Banking, and WM&T. Commercial Banking segment provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, international banking, correspondent banking, and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third-party broker-dealer in the Commercial Banking segment. WM&T segment provides investment management, financial and retirement planning, and trust and estate services, as well as retirement plan management for businesses and corporations in all markets in which it operates.