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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 16, 2023
_______________________________
STOCK YARDS BANCORP, INC.
(Exact name of registrant as specified in its charter)
_______________________________
| Kentucky | 001-13661 | 61-1137529 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1040 East Main Street,
Louisville, Kentucky 40206
(Address of Principal Executive Offices) (Zip Code)
(502) 582-2571
(Registrant's telephone number, including area code)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, no par value | SYBT | The NASDAQ Stock Market, LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On August 15, 2023, the Board of Directors of Stock Yards Bancorp, Inc. voted to increase the Company's quarterly cash dividend to $0.30 per common share. The higher rate will be paid on October 2, 2023, to stockholders of record as of September 18, 2023. On August 16, 2023, Stock Yards Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing the dividend increase.
| Exhibit Number | Description of Exhibit | |
| 99.1 | Press release of Stock Yards Bancorp, Inc. dated August 16, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stock Yards Bancorp, Inc. | ||
| Date: August 16, 2023 | By: | /s/ T. Clay Stinnett |
| T. Clay Stinnett | ||
| Executive Vice President, Treasurer and Chief Financial Officer | ||
EXHIBIT 99.1
Stock Yards Bancorp Increases Quarterly Cash Dividend to $0.30 Per Common Share
LOUISVILLE, Ky., Aug. 16, 2023 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, announced that its Board of Directors increased its cash dividend to $0.30 per common share. The dividend will be paid on October 2, 2023, to stockholders of record as of September 18, 2023.
Commenting on the announcement, James A. (Ja) Hillebrand, Chairman and Chief Executive Officer, said, “Solid franchise growth contributes to our ability to steadily increase dividends and to further build shareholder value. With this announcement, Stock Yards Bancorp has now raised its quarterly dividend rate a total of 16 times since 2012, resulting in a cumulative increase of 125% over that time. The increased cash dividend highlights our continued growth and strong capital position.”
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $7.73 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 Stock Market under the symbol “SYBT.” For more information about Stock Yards Bancorp, visit the Company’s website at www.syb.com.
Contact:
T. Clay Stinnett
Executive Vice President, Treasurer
and Chief Financial Officer
(502) 625-0890