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Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced Tuesday that its Audit Committee has approved the engagement of BDO USA, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The appointment is effective with the review of the company’s condensed consolidated financial statements for the quarter ending June 30, 2025.
The decision follows a strategic request-for-proposal process conducted by the company, which solicited proposals from accounting firms to provide audit services for the upcoming fiscal year. The announcement comes as the company approaches its next earnings release, scheduled for July 23, 2025.
According to the company’s statement in the SEC filing, during the two most recent fiscal years ended December 31, 2024 and 2023, and through the interim period ending March 31, 2025, neither Stock Yards Bancorp nor anyone acting on its behalf consulted with BDO on matters related to the application of accounting principles to a specific transaction, the type of audit opinion that might be rendered, or any issues that would constitute a “disagreement” or a “reportable event” as defined by SEC regulations.
This information is based on a statement released by Stock Yards Bancorp in a filing with the Securities and Exchange Commission.
In other recent news, Stock Yards Bancorp reported financial results for the first quarter of 2025 that exceeded analyst expectations, with earnings per share and pre-provision net revenue surpassing projections. The company’s strong performance was partly due to interest recoveries, which positively impacted the net interest margin. In response to these results, Stephens analysts raised their price target for Stock Yards Bancorp to $80, maintaining an Equal Weight rating. Additionally, the company experienced an annualized growth in loans and deposits, alongside a significant reduction in nonperforming assets.
In other developments, Stock Yards Bancorp held its 2025 Annual Meeting of Shareholders, where all nominated directors were elected to serve until the next annual meeting. Shareholders also approved the executive compensation package with substantial support. Furthermore, Stock Yards Bancorp announced the upcoming retirement of board member David P. Heintzman, effective July 15, 2025. Heintzman, who has been with the company since 1985, will step down after a long and distinguished career. These recent developments reflect Stock Yards Bancorp’s ongoing commitment to corporate governance and financial performance.
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