Stock Yards Bancorp Reports Record First Quarter 2018 Earnings of $13.4 Million or $0.58 Per Diluted Share

First Quarter Results Reflected Strong Growth in Interest Income, Driven by Ongoing Momentum in Loan Growth

LOUISVILLE, Ky.--()--Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported results for the first quarter ended March 31, 2018. Total revenue, comprising net interest income and non-interest income, increased 6% to $38.2 million for the first quarter of 2018 from $35.8 million for the year-earlier quarter. Net income for the first quarter of 2018 totaled $13.4 million or $0.58 per diluted share compared with $10.8 million or $0.47 per diluted share for the first quarter of 2017.

             
(dollar amounts in thousands, except per share data)   1Q18   4Q17   1Q17
Net interest income $ 27,295 $ 27,023 $ 25,184
Provision for loan losses 735 900 900
Non-interest income 10,923 11,411 10,644
Non-interest expense   21,027     27,046     20,995  
Net income before income taxes 16,456 10,488 13,933
Income tax expense   3,052     5,542     3,142  
Net income $ 13,404   $ 4,946   $ 10,791  
Net income per share, diluted $ 0.58 $ 0.22 $ 0.47
Net interest margin 3.79 % 3.65 % 3.63 %
Efficiency ratio 54.89 % 70.12 % 58.28 %
Common equity Tier 1 capital ratio 12.16 % 12.57 % 12.51 %
Annualized return on average equity 16.15 % 5.80 % 13.78 %
Annualized return on average assets     1.76 %     0.63 %     1.46 %
 

Key aspects of the Company's performance for the first quarter of 2018 included:

  • Exceptional loan growth, which increased the Company's loan portfolio 4% on a sequential-quarter basis and 11% year over year;
  • A higher net interest margin, reflecting both increased rate and volume;
  • A continuation of historically strong credit quality metrics;
  • Strong growth in the Wealth Management and Trust Group;
  • The benefit of a lower marginal tax rate; and
  • High returns on average equity and assets.

"As our record results for the quarter clearly reflect, Stock Yards Bancorp has made a very solid start to the new year," said David P. Heintzman, Chairman and Chief Executive Officer. "While we expected a boost from tax reform beginning with the first quarter, our net income growth was also driven by higher interest income, which increased $3.1 million or 12% compared with the first quarter of 2017 and reflected the substantial growth of our loan portfolio over the past year as well as the benefit of higher interest rates. At the same time, wealth management and trust registered another solid quarter as its revenue increased $406 thousand or 8% versus the year-earlier period. Considering our strong first quarter performance, we look to the remainder of 2018 with enthusiasm, encouraged by the momentum building in our business and the opportunities we see ahead."

With the Company coming off a strong fourth quarter performance, Heintzman noted that loan production reached a record level in the first quarter of 2018, as did the loan portfolio, both driven by strong growth in commercial and industrial loans – a core lending category – along with other key areas. Importantly, each of the Company's individual markets shared in these record results. Moreover, the Company ended the first quarter with a solid loan pipeline, which positions Stock Yards Bancorp to maintain an attractive growth trend for 2018.

Again, in the first quarter of 2018, non-interest income remained strong, accounting for about 29% of total revenue and helping to diversify the Company's revenue streams for attractive and predictable long-term growth. The Wealth Management and Trust Group, with approximately $2.9 billion of assets under management, continued to be a dominant source of fee income, contributing about one-half of total non-interest income in the first quarter. This growth, which reflected primarily the addition of new customer relationships, was exceptionally strong and ahead of management's expectations for an increase of 5%-6% for the full year. A general slowdown in mortgage banking, as rates have risen and housing inventory remained tight, partially offset the increase in wealth management and trust income.

Heintzman also noted that the Company's first quarter results benefitted from recent tax reform. With the implementation of the Tax Cuts and Jobs Act of 2017, a reduction in the Company's effective tax rate from 22.6% to 18.5% positively affected first quarter earnings.

Concluding, Heintzman said, "Considering the solid footing we enjoy across our markets and our focus on long-term relationship banking, the Company's accomplishments in the first quarter will provide a strong platform as we work to maintain and increase our momentum in 2018. We expect overall loan growth for 2018 to be in the range of mid- to high-single digits. At that pace, the Company remains on course to turn in another notable performance for the year as we continue to cement our position among high-performing community banks nationwide."

First Quarter 2018 Compared with First Quarter 2017 (Unless Otherwise Noted)

Total assets increased $252 million or 8% to $3.29 billion.

  • This primarily reflected ongoing growth in the Company's loan portfolio, which rose $239.6 million or 11% to $2.51 billion.
  • On a sequential basis, net loans increased $102.8 million or 4% from the fourth quarter of 2017.

Total deposits increased $29 million or 1% to $2.57 billion.

  • This reflected growth from both existing and new customers.
  • Core deposits, which exclude brokered deposits and time deposits greater than $250,000, were 99% of total deposits.

Asset quality, which has trended within a narrow range over the past several years, remained at historically strong levels.

  • Non-performing loans (NPLs) were $12.3 million or 0.49% of total loans outstanding versus $6.1 million or 0.27% of total loans outstanding at March 31, 2017.
  • Non-performing assets, which include NPLs along with other real estate owned (OREO) and repossessed assets, were $12.6 million or 0.38% of total assets versus $10.1 million or 0.33% of total assets at March 31, 2017.
  • Net charge-offs remained at a reasonably low level relative to average loans outstanding.
  • The loan loss provision declined $165 thousand to $735 thousand due to continued strong credit metrics, an ongoing low level of charge-offs, and other qualitative considerations.
  • The allowance for loan losses declined 12 basis points to 0.96% of total loans, mainly due to first quarter loan growth and charge-offs that had been previously reserved, and remained adequate to cover potential losses in the loan portfolio, in management's opinion.

The Company remained "well capitalized" – the highest capital rating for financial institutions.

  • Total equity to assets was 10.28% and tangible common equity ratio was 10.23% (tangible common equity is a non-GAAP financial measure; see reconciliation of total stockholders' equity to tangible common equity and total assets to tangible assets later in this release).
  • Even with its strong capital position, the Company still produces industry-leading returns on equity due to its superior earnings performance.
  • Stock Yards Bancorp continues to pursue strategies to enhance stockholder value, including a substantial and sustained dividend payout ratio. In February 2018, Stock Yards Bancorp's Board of Directors increased the Company's quarterly cash dividend to $0.23 per common share. Stock Yards Bancorp has now raised its quarterly dividend rate a total of 10 times since the beginning of 2013, including two increases during each of the past four years, resulting in a cumulative increase of 73% over a five-year period.

Net interest income – the Company's largest source of revenue – increased approximately $2.1 million or 8% to $27.3 million.

  • Interest income rose $3.1 million or 12%. The majority of this increase was due to higher rates on interest-earning assets, with higher volume – driven by strong momentum in loan growth – accounting for the remainder.
  • Interest expense remained under rate pressure due to rising deposit costs, but the increase was less than expected. Management expects rate pressure to increase over the balance of 2018 as deposit customers become more rate sensitive and competition increases. Given these circumstances, the effect of future prime rate increases could be revenue neutral.
  • Net interest margin increased 16 basis points to 3.79%. On a sequential basis, net interest margin increased 14 basis points from the fourth quarter of 2017. These improvements primarily reflected the positive impact of three increases in the prime rate during 2017.
  • Approximately 60% of the Company's loans are priced at fixed rates, so future rate increases may begin to benefit this part of the portfolio as existing fixed-rate loans renew and new fixed-rate loans originate at higher rates – with both subject to competitive conditions and prevailing interest rates.

Non-interest income increased $279 thousand or 3% to $10.9 million.

  • Fee income from wealth management and trust services rose $406 thousand or 8% to $5.5 million.
  • This increase, along with higher fee income from debit and credit cards, offset lower mortgage banking and other smaller categories.

Non-interest expense increased $32 thousand to $21.0 million.

  • This increase primarily reflected higher expenses related to technology and communication, compensation, and marketing and business development. These increases were partially offset by a reduction in amortization/impairment of investment in tax credit partnerships due to the sporadic timing of such opportunities, which can cause corresponding expenses and tax benefits to vary widely.

The Company effective tax rate declined to 18.6% from 22.6%.

  • The decline reflected lower marginal tax rates resulting from tax reform in December 2017.
  • The year-earlier effective tax rate included significantly more tax savings from stock-based compensation deductions and federal income tax credits.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT.

The following table provides a reconciliation of total stockholders' equity, in accordance with US GAAP, to tangible common equity, which is a non-GAAP financial measure. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors to evaluate capital adequacy.

 

Tangible Common Equity Ratio

(Dollars in thousands)
   
  March 31, Dec. 31, March 31,
2018 2017 2017
Total stockholders' equity $ 337,702 $ 333,644 $ 319,687
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,182 )   (1,225 )   (1,358 )
Tangible common equity $ 335,838   $ 331,737   $ 317,647  
 
Total assets $ 3,285,480 $ 3,239,646 $ 3,033,343
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,182 )   (1,225 )   (1,358 )
Tangible assets $ 3,238,616   $ 3,237,739   $ 3,031,303  
 
Total stockholders' equity to total assets 10.28 % 10.30 % 10.54 %
Tangible common equity ratio   10.23 %   10.25 %   10.48 %
 

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2017.

   
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release

(In thousands unless otherwise noted)

Three Months Ended
March 31,
2018 2017
Income Statement Data
Net interest income, fully tax equivalent (1) $ 27,388 $ 25,382
Interest income:
Loans $ 27,048 $ 24,060
Federal funds sold and interest bearing deposits 268 134
Mortgage loans held for sale 35 44
Securities   2,379   2,395
Total interest income   29,730   26,633
Interest expense:
Deposits 2,077 1,163

Securities sold under agreements to repurchase and other short-term borrowings

123 54
Federal Home Loan Bank (FHLB) advances   235   232
Total interest expense   2,435   1,449
Net interest income 27,295 25,184
Provision for loan losses   735   900
Net interest income after provision for loan losses   26,560   24,284
Non-interest income:
Wealth management and trust services 5,500 5,094
Deposit service charges 1,511 1,565
Debit and credit cards 1,508 1,406
Treasury management 947 956
Mortgage banking 576 702
Net investment product sales commissions and fees 404 386
Bank owned life insurance 187 204
Other non-interest income   290   331
Total non-interest income   10,923   10,644
Non-interest expense:
Compensation 10,970 10,669
Employee benefits 2,633 2,742
Net occupancy and equipment 1,818 1,907
Technology and communication 2,196 1,848
Marketing and business development 646 445
Postage, printing, and supplies 391 371
Legal and professional 493 429
FDIC insurance 242 230
Amortization/impairment of investments in tax credit partnerships - 616
Capital and deposit based taxes 852 764
Other non-interest expenses   786   974
Total non-interest expense   21,027   20,995
Net income before income tax expense 16,456 13,933
Income tax expense   3,052   3,142
Net income $ 13,404 $ 10,791
 
Weighted average shares - basic

22,577

22,492
Weighted average shares - diluted

22,942

23,002
 
Net income per share, basic $ 0.59 $ 0.48
Net income per share, diluted 0.58 0.47
Cash dividend declared per share 0.23 0.19
 
Balance Sheet Data (at period end)
Total loans $ 2,512,388 $ 2,272,778
Allowance for loan losses 24,203 24,481
Total assets 3,285,480 3,033,343
Non-interest bearing deposits 681,936 686,535
Interest bearing deposits 1,891,428 1,857,720
Federal Home Loan Bank advances 49,140 50,755
Stockholders' equity 337,702 319,687
Total shares outstanding 22,730 22,661
Book value per share 14.86 14.11
Market value per share 35.10 40.65
 

 

Stock Yards Bancorp, Inc. Financial Information (unaudited)

First Quarter 2018 Earnings Release

  Three Months Ended
March 31,
2018   2017
Average Balance Sheet Data
Federal funds sold and interest bearing deposits $ 71,186 $ 65,304
Mortgage loans held for sale 2,098 2,943
Securities available for sale 417,708 486,209
FHLB stock and other securities 7,687 6,347
Loans 2,450,703 2,293,542
Earning assets 2,931,338 2,838,491
Assets 3,090,891 2,998,950
Interest bearing deposits 1,893,256 1,846,579
Total deposits 2,563,184 2,506,880
Securities sold under agreement to repurchase
other short term borrowings 97,535 84,092
Federal Home Loan Bank advances 49,247 50,866
Interest bearing liabilities 2,040,038 1,981,537
Stockholders' equity 336,570 317,682
 
Performance Ratios
Annualized return on average assets 1.76 % 1.46 %
Annualized return on average equity 16.15 % 13.78 %
Net interest margin, fully tax equivalent 3.79 % 3.63 %

Non-interest income to total revenue, fully tax equivalent

28.51 % 29.55 %
Efficiency ratio 54.89 % 58.28 %
 
Capital Ratios
Average stockholders' equity to average assets 10.89 % 10.59 %
Common equity tier 1 capital 12.16 % 12.51 %
Tier 1 risk-based capital 12.16 % 12.51 %
Total risk-based capital 13.04 % 13.49 %
Leverage 11.05 % 10.64 %
 
Loans by Type
Commercial and industrial $ 843,478 $ 736,633
Construction and development 235,872 187,039
Real estate mortgage - commercial investment 590,942 546,957
Real estate mortgage - owner occupied commercial 407,733 406,209
Real estate mortgage - 1-4 family residential 272,900 244,349
Home equity - first lien 51,595 51,076
Home equity - junior lien 64,108 65,806
Consumer   45,760     34,709  
Total loans $ 2,512,388   $ 2,272,778  
 
Asset Quality Data
Allowance for loan losses to total loans 0.96 % 1.08 %
Allowance for loan losses to average loans 0.99 % 1.07 %
Allowance for loan losses to non-performing loans 197.33 % 402.18 %
Nonaccrual loans $ 11,422 $ 5,099
Troubled debt restructuring 843 988
Loans - 90 days past due & still accruing - -
Total non-performing loans 12,265 6,087
OREO and repossessed assets 360 3,989
Total non-performing assets 12,625 10,076
Non-performing loans to total loans 0.49 % 0.27 %
Non-performing assets to total assets 0.38 % 0.33 %
Net charge-offs to average loans (2) 0.06 % 0.02 %
Net charge-offs $ 1,417 $ 426
 

         
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
 
Five Quarter Comparison
3/31/18 12/31/17 9/30/17 6/30/17 3/31/17
Income Statement Data
Net interest income, fully tax equivalent (1) $ 27,388   $ 27,217   $ 26,363   $ 25,434   $ 25,382  
Net interest income $ 27,295 $ 27,023 $ 26,164 $ 25,232 $ 25,184
Provision for loan losses   735     900     150     600     900  
Net interest income after provision for loan losses   26,560     26,123     26,014     24,632     24,284  
Wealth management and trust services 5,500 5,233 5,025 5,153 5,094
Deposit service charges 1,511 1,679 1,652 1,589 1,565
Debit and credit cards 1,508 1,567 1,492 1,514 1,406
Treasury management 947 1,019 1,000 1,009 956
Mortgage banking 576 841 781 897 702
Gain (loss) on securities available for sale - (263 ) 31 - -
Net investment product sales commissions and fees 404 482 404 357 386
Bank owned life insurance 187 195 204 556 204
Other non-interest income   290     658     367     463     331  
Total non-interest income   10,923     11,411     10,956     11,538     10,644  
Compensation 10,970 10,732 10,614 10,566 10,669
Employee benefits 2,633 2,595 2,368 2,282 2,742
Net occupancy and equipment 1,818 1,767 1,937 1,782 1,907
Technology and communication 2,196 2,083 1,906 2,120 1,848
Marketing and business development 646 973 611 687 445
Postage, printing, and supplies 391 368 354 382 371
Legal and professional 493 751 571 642 429
FDIC insurance 242 244 242 244 230
Amortization/impairment of investment in
tax credit partnerships - 5,277 616 615 616
Capital and deposit based taxes 852 1,178 732 766 764
Other non-interest expenses   786     1,078     1,219     1,123     974  
Total non-interest expense   21,027     27,046     21,170     21,209     20,995  
Net income before income tax expense 16,456 10,488 15,800 14,961 13,933
Income tax expense   3,052     5,542     4,096     4,359     3,142  
Net income $ 13,404   $ 4,946   $ 11,704   $ 10,602   $ 10,791  
 
Weighted average shares - basic 22,577 22,555 22,542 22,538 22,492
Weighted average shares - diluted 22,942 22,993 22,964 22,996 23,002
 
Net income per share, basic $ 0.59 $ 0.22 $ 0.52 $ 0.47 $ 0.48
Net income per share, diluted 0.58 0.22 0.51 0.46 0.47
Cash dividend declared per share 0.23 0.21 0.20 0.20 0.19
 
Balance Sheet Data (at period end)
Cash and due from banks $ 41,622 $ 41,982 $ 47,700 $ 44,902 $ 43,583
Federal funds sold and interest bearing deposits 15,254 97,266 81,378 80,223 45,898
Mortgage loans held for sale 4,239 2,964 5,459 3,055 3,884
Securities available for sale 598,081 574,524 571,522 576,291 556,144
FHLB stock and other securities 8,876 7,646 7,666 7,666 6,347
Total loans 2,512,388 2,409,570 2,335,120 2,309,668 2,272,778
Allowance for loan losses 24,203 24,885 24,948 25,115 24,481
Total assets 3,285,480 3,239,646 3,155,913 3,126,762 3,033,343
Non-interest bearing deposits 681,936 674,697 676,824 696,085 686,535
Interest bearing deposits 1,891,428 1,903,598 1,805,142 1,782,461 1,857,720
Securities sold under agreements to repurchase 67,892 70,473 71,863 65,024 65,701
Federal funds purchased and other short-term borrowings 215,233 161,352 161,961 161,463 10,975
Federal Home Loan Bank advances 49,140 49,458 50,110 50,433 50,755
Stockholders' equity 337,702 333,644 334,255 326,500 319,687
Total shares outstanding 22,730 22,679 22,669 22,662 22,661
Book value per share 14.86 14.71 14.75 14.41 14.11
Market value per share 35.10 37.70 38.00 38.90 40.65
 
Capital Ratios
Average stockholders' equity to average assets 10.89 % 10.81 % 10.93 % 10.82 % 10.59 %
Common equity tier 1 capital 12.16 % 12.57 % 12.67 % 12.51 % 12.51 %
Tier 1 risk-based capital 12.16 % 12.57 % 12.67 % 12.51 % 12.51 %
Total risk-based capital 13.04 % 13.52 % 13.64 % 13.49 % 13.49 %
Leverage 11.05 % 10.70 % 11.02 % 10.88 % 10.64 %
 

         
Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
 
Five Quarter Comparison
3/31/18 12/31/17 9/30/17 6/30/17 3/31/17
Average Balance Sheet Data
Average Federal funds sold and interest
bearing deposits $ 71,186 $ 159,217 $ 120,927 $ 105,786 $ 65,304
Average mortgage loans held for sale 2,098 3,213 3,515 4,505 2,943
Average investment securities 417,708 455,727 439,601 454,834 486,209
Average loans 2,450,703 2,352,310 2,308,806 2,280,122 2,293,542
Average earning assets 2,931,338 2,959,817 2,861,144 2,830,211 2,838,491
Average assets 3,090,891 3,128,765 3,027,088 2,994,209 2,998,950
Average interest bearing deposits 1,893,256 1,900,650 1,800,653 1,812,290 1,846,579
Average total deposits 2,563,184 2,594,225 2,498,468 2,496,256 2,506,880
Average securities sold under agreement
to repurchase and other short term borrowings 97,535 97,474 101,341 78,787 84,092
Average Federal Home Loan Bank advances 49,247 49,583 50,221 50,543 50,866
Average interest bearing liabilities 2,040,038 2,047,707 1,952,216 1,941,620 1,981,537
Average stockholders' equity 336,570 338,368 330,864 324,014 317,682
 
Performance Ratios
Annualized return on average assets 1.76 % 0.63 % 1.53 % 1.42 % 1.46 %
Annualized return on average equity 16.15 % 5.80 % 14.03 % 13.12 % 13.78 %
Net interest margin, fully tax equivalent 3.79 % 3.65 % 3.66 % 3.60 % 3.63 %
Non-interest income to total revenue, fully
tax equivalent 28.51 % 29.78 % 29.63 % 31.46 % 29.84 %
Efficiency ratio 54.89 % 70.02 % 56.73 % 57.37 % 58.28 %
 
Loans by Type
Commercial and industrial $ 843,478 $ 779,014 $ 750,728 $ 749,036 $ 736,633
Construction and development 235,872 214,900 195,299 196,619 187,039
Real estate mortgage - commercial investment 590,942 594,902 576,810 547,196 546,957
Real estate mortgage - owner occupied commercial 407,733 398,685 397,804 408,558 406,209
Real estate mortgage - 1-4 family residential 272,900 262,110 261,707 255,939 244,349
Home equity - 1st lien 51,595 57,110 51,925 52,560 51,076
Home equity - junior lien 64,108 63,981 63,416 65,344 65,806
Consumer   45,760     38,868     37,431     34,416     34,709  
Total loans $ 2,512,388   $ 2,409,570   $ 2,335,120   $ 2,309,668   $ 2,272,778  
 
Asset Quality Data
Allowance for loan losses to total loans 0.96 % 1.03 % 1.07 % 1.09 % 1.08 %
Allowance for loan losses to average loans 0.99 % 1.07 % 1.09 % 1.11 % 1.07 %
Allowance for loan losses to non-performing loans 197.33 % 337.10 % 411.14 % 411.25 % 402.18 %
Nonaccrual loans $ 11,422 $ 6,511 $ 4,858 $ 4,913 $ 5,099
Troubled debt restructuring 843 869 949 963 988
Loans - 90 days past due and still accruing - 2 261 231 -
Total non-performing loans 12,265 7,382 6,068 6,107 6,087
OREO and repossessed assets 360 2,640 2,640 3,185 3,989
Total non-performing assets 12,625 10,022 8,708 9,292 10,076
Non-performing loans to total loans 0.49 % 0.31 % 0.26 % 0.26 % 0.27 %
Non-performing assets to total assets 0.38 % 0.31 % 0.28 % 0.30 % 0.33 %
Net charge-offs to average loans 0.06 % 0.04 % 0.01 % 0.00 % 0.02 %
Net charge-offs (recoveries) $ 1,417 $ 963 $ 317 $ (34 ) $ 426
 
Other Information
Total assets under management (in millions) $ 2,883 $ 2,809 $ 2,746 $ 2,643 $ 2,615
Full-time equivalent employees 589 580 581 585 582
 
(1) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.
(2) - Interim ratios not annualized
 

Contacts

Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer

Contacts

Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer