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LOUISVILLE - Stock Yards Bancorp, Inc. (NASDAQ:SYBT), currently trading near its 52-week high of $83.83 and showing a strong 35.8% return over the past year, announced Wednesday that Michael W. Woods has joined the company as Principal Accounting Officer, effective immediately.
Woods, a Certified Public Accountant with over 25 years of experience in financial reporting, internal control, and strategic planning, previously served as SVP and Corporate Controller at Old National Bancorp from 2017, where he also held the role of Principal Accounting Officer from 2017 to 2022. His appointment comes as five analysts have revised their earnings upward for the upcoming period, according to InvestingPro data.
Prior to his tenure at Old National, Woods worked in various financial and accounting positions at FirstMerit Corporation, KeyCorp, and other financial institutions, including as Co-Acting Corporate Controller at FirstMerit. He holds a bachelor’s degree in business administration from The Ohio State University and earned his CPA in 1993.
"Michael brings a wealth of knowledge, with years of hands-on experience leading complex accounting functions, implementing financial controls, and navigating regulatory requirements," said James A. Hillebrand, Chairman and Chief Executive Officer, in a press release statement.
Stock Yards Bancorp, with $9.21 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 operates offices in Louisville, central, eastern and northern Kentucky, as well as in the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets.
In other recent news, Stock Yards Bancorp reported several significant developments. The company announced a 5% increase in pre-provision net revenue for the second quarter, which contributed to strong profitability metrics, including a return on assets of 1.5% and a return on tangible common equity of 20.4%. In response to these results, Piper Sandler raised its price target for Stock Yards Bancorp to $86, maintaining a Neutral rating. Additionally, the Board of Directors has approved a quarterly cash dividend increase to $0.32 per share, payable on October 1, 2025. The company has also authorized a new stock repurchase program for up to one million shares, replacing a previous plan that expired in May 2025. In governance updates, David L. Hardy has been appointed to the boards of directors for both the company and Stock Yards Bank & Trust Company. Furthermore, Stock Yards Bancorp has engaged BDO USA as its new independent auditor for the fiscal year ending December 31, 2025. These developments reflect the company’s ongoing strategic initiatives and financial performance.
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