SY BANCORP INC
SymbolSYBT

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S.Y. Bancorp Announces Third Quarter Earnings

2009-10-21 07:30 ET - News Release


LOUISVILLE, Ky. -- (Business Wire)

S.Y. Bancorp, Inc. (NASDAQ:SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville metropolitan area, Indianapolis and Cincinnati, today reported financial results for the third quarter and first nine months of 2009. Continuing trends seen earlier in the year, the Company's third quarter earnings reflected solid operating fundamentals, particularly ongoing loan growth and a strong pipeline of loans to close in coming months, as well as continued growth in deposits. Although earnings were lower for the current-year periods, primarily reflecting increased provisions for loan losses and net interest margin erosion, S.Y Bancorp has remained solidly profitable in 2009. A summary of results for the third quarter and nine-month period follows:

 

Quarter Ended September 30,

  

2009

    

2008

    

Change

Net income $ 4,399,000 $ 5,443,000 -19 %
Net income per share, diluted $ 0.32 $ 0.40 -20 %
Return on average equity 11.48 % 15.84 %
Return on average assets 0.99 % 1.31 %
 

Nine months Ended September 30,

2009

  

2008

  

Change

Net income $ 13,424,000 $ 16,610,000 -19 %
Net income per share, diluted $ 0.98 $ 1.22 -20 %
Return on average equity 12.04 % 16.50 %
Return on average assets 1.06 % 1.43 %

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