2020-04-22 07:11:49 SYBT Stock Yards Bancorp
04/22/20 04/2207:11 04/22/2007:11 | S.Y. Bancorp reports Q1 EPS 59c, consensus 54cReports Q1 revenue $45.03M, consensus $44.13M. Reports Q1 CET1 capital ratio 11.81%. Reports Q1 book value per share $18.08. In commenting on the first quarter results, CEO James Hillebrand said, "Despite minimal charge-offs and strong credit metrics, a significant provision for credit losses was recorded in the first quarter of 2020 based on loan growth and the potential economic effects of the COVID-19 pandemic on the Company's portfolio. The pandemic has caused severe disruptions to the global economy and the markets in which we operate, capping off what was, up to that point, a great quarter with excellent momentum coming off a record 2019. Our top concerns have shifted to servicing the immediate liquidity needs of our clients, ensuring the health and well-being of our employees and supporting the communities in which we live and serve. Our teams have been working tirelessly to assist clients by executing the SBA Paycheck Protection Program (PPP) enacted as part of the CARES Act stimulus legislation, assisting with payment forbearance as appropriate and other relief programs. We have executed our strategic pandemic plan, which included implementing remote work arrangements to the full extent possible, separating individual departments, operating select branch lobbies by appointment only, fully staffing all branch drive-thru lanes, communicating with and encouraging our customers to use our free self-service tools such as Interactive Teller Machines/Automatic Teller Machines, online banking, mobile banking and bill pay and actively promoting social distancing in all aspects of our everyday business." |
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