LOUISVILLE, Ky.–(BUSINESS WIRE)–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 announced that its Board of
Directors has increased the Company’s quarterly cash dividend $0.01 or
4% to $0.26 per common share and approved a share repurchase plan. The
new dividend rate will be paid on July 1, 2019, to stockholders of
record as of June 17, 2019.
Separately, the Company also announced that the Board has approved a
share repurchase plan authorizing the repurchase of one million shares
or approximately 4% of the Company’s total common shares outstanding.
Stock repurchases are expected to be made from time to time on the open
market or in privately negotiated transactions, subject to applicable
securities law. The plan, which will expire in two years unless
otherwise extended or completed at an earlier date, does not obligate
the Company to repurchase any specific dollar amount or number of shares
prior to the plan’s expiration.
Commenting on the announcement, James A. (Ja) Hillebrand, Chief
Executive Officer, said, “We are pleased to announce another increase in
our dividend rate and this new share repurchase plan, continuing our
efforts to drive shareholder value for our investors. With today’s
dividend increase, Stock Yards Bancorp has now raised its quarterly
dividend rate a total of 11 times since the beginning of 2014, with two
increases in each of the previous five years, resulting in a cumulative
increase of 86% over that time. The increased cash dividend highlights
our company’s strong performance, its solid capital position and the
attractive growth opportunities we see ahead. Further, this new share
repurchase plan continues our longstanding efforts to enhance returns
for our investors.”
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. For more information about
Stock Yards Bancorp, visit the Company’s website at www.syb.com.
Contacts
T. Clay Stinnett
Executive Vice President,
Treasurer and Chief
Financial Officer
(502) 625-0890
