LOUISVILLE, Ky., July 29, 2026 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported record earnings of $40.1 million, or $1.31 per diluted share, for the second quarter ended June 30, 2026. This compares to net income of $36.6 million, or $1.24 per diluted share, for the first quarter ended March 31, 2026, and $34.0 million, or $1.15 per diluted share, for the second quarter ended June 30, 2025. Net interest margin expansion, strong credit quality metrics and record levels of non-interest income, driven in large part by wealth management & trust (WM&T) income, card income, deposit service charges and treasury management fees, all contributed to record second quarter 2026 operating results.

           
(dollar amounts in thousands, except per share data) 2Q26   1Q26   2Q25
Net income $ 40,057     $ 36,595     $ 34,024  
Net income per share, diluted   1.31       1.24       1.15  
           
Net interest income $ 87,828     $ 78,421     $ 73,473  
Provision for credit losses(1)   –       1,625       2,175  
Non-interest income   26,747       24,594       24,348  
Non-interest expenses   63,806       55,242       52,700  
           
Net interest margin   3.84 %     3.65 %     3.53 %
Efficiency ratio(2)   55.64 %     53.58 %     53.83 %
Tangible common equity to tangible assets(3)   9.66 %     9.69 %     8.86 %
Annualized return on average assets(4)   1.63 %     1.58 %     1.52 %
Annualized return on average equity(4)   13.50 %     13.63 %     13.91 %
           

“Our second quarter results marked a new earnings record for Stock Yards, driven by strength across both net interest income and non-interest income,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Net interest income came in stronger than anticipated, supported by net interest margin expansion. Organic loan growth was modest, primarily reflecting a significant volume of payoffs as opposed to softening demand, including several property sales and loans transitioning to the permanent market. This activity reflects a backlog that had built up given the interest rate environment that we have discussed in prior quarters. Importantly, our loan production remained on target and our loan pipeline remains steady heading into the second half of the year. Our non-interest income categories were equally strong performers in the second quarter, with WM&T revenue and treasury management fees reaching new highs in addition to card income and deposit service charges each posting solid gains, reinforcing non-interest income as a critical part of our overall results.

“A highlight of the quarter was the May 1st completion of the Field & Main Bancorp acquisition (“Field & Main”), which added over $800 million in both bank assets and WM&T AUM,” Hillebrand continued. “The acquisition is already positively impacting our operating results by increasing our scale and reach in Western Kentucky—one of the most attractive and economically vibrant regions in the state. This merger provided us with an immediately scalable presence in this region, and Field & Main’s community-first, relationship-driven culture aligns closely with Stock Yards’ longstanding focus on disciplined growth, profitability, and high-touch customer service. We are now well positioned to strengthen our presence in this new market, enhance operating leverage, and deliver expanded capabilities to customers across Western Kentucky and adjacent markets.”

As of June 30, 2026, Stock Yards had $10.37 billion in assets, $7.88 billion in loans and $8.49 billion in total deposits. The Company’s combined enterprise, which encompasses 81 branch offices across three contiguous states, will continue to benefit from a diversified geographic and economic footprint, including the six locations added through the Field & Main acquisition and continued organic expansion.

Key factors contributing to the second quarter of 2026 included:

  • Total loans increased $1.03 billion, or 15%, over the last 12 months, while growing $657 million, or 9%, on the linked quarter. As of June 30, 2026, the Field & Main loan portfolio totaled approximately $633 million. Excluding the Field & Main portfolio, organic growth totaled $400 million, or 6%, over the past 12 months, with the CRE and C&I segments being the primary drivers of the increase. The yield earned on total loans ended at 6.16% for the second quarter of 2026, up 3 basis points compared to the second quarter of the prior year despite interest rate reductions implemented by the FRB in the latter part of 2025.
  • Deposit balances increased to $979 million, or 13%, over the last 12 months. As of period end, the Field & Main deposit portfolio totaled $765 million, including $136 million of non-interest bearing deposits. Excluding the Field & Main deposit portfolio, total deposits grew $214 million, or 3%, concentrated primarily within the interest-bearing deposit portfolio. On the linked quarter, total deposits increased $729 million, or 9%. Excluding the impact of the Field & Main portfolio, total deposits contracted $36 million on the linked quarter, driven by declines in the more expensive time deposit and money market portfolios.
  • Net interest income increased $14.4 million, or 20%, for the second quarter of 2026 compared to the second quarter a year ago. Net interest margin expanded 31 basis points to 3.84% for the second quarter of 2026 compared to the second quarter of the prior year, driven by substantial average loan balance growth, lower deposit costs, a more efficient balance sheet and the impact of the Field & Main merger. On the linked quarter, net interest income increased $9.4 million, or 12%, and net interest margin expanded by 19 basis points, driven primarily by improved loan yields, lower interest-bearing deposit costs and a more efficient balance sheet. Higher loan yields were attributed to the continued favorable repricing of the legacy portfolio in addition to adding the higher-yielding Field & Main portfolio, while deposit costs declined as a result of strategically lowering deposit rates in tandem with the FRB’s rate reductions over the last 12 months. Margin expansion accelerated during the quarter in part due to a better funding mix. Looking ahead, margin appears to be near a peak, as favorable fixed rate loan repricing may be offset by higher funding costs going forward.
  • No provision for credit losses on loans(1) was recorded for the second quarter of 2026, compared to $2.2 million for the prior year quarter, due to muted organic loan growth for the quarter, strong credit quality metrics and an improved unemployment forecast during the quarter.
  • Non-interest income increased $2.4 million, or 10%, over the second quarter of 2025, and increased $2.2 million, or 9%, on the linked quarter as a result of organic growth and acquisition-related activity.
  • Total non-interest expenses increased $11.1 million, or 21%, for the second quarter of 2026 compared to the second quarter of 2025, and increased $8.6 million, or 16%, on the linked quarter. Activity related to the Field & Main merger totaled $5.8 million during the second quarter of 2026, $3.5 million of which relates to regular operating expenses and $2.3 million relates to one-time merger-related expenses. Remaining merger-related expenses, primarily related to systems conversion, are expected to be incurred in the third and fourth quarters of 2026.
  • Tangible common equity per share(3) was $31.39 on June 30, 2026, compared to $30.41 on March 31, 2026, and $27.01 on June 30, 2025.

Hillebrand concluded, “In May 2026, we were honored to once again be named a recipient of the 2025 Raymond James Community Bankers Cup, which recognizes the top 10% of community banks nationwide based on measures such as profitability, operational efficiency, and balance sheet strength. This award drew from a pool of all U.S.-based, exchange-traded banks with assets between $500 million and $10 billion as of December 31, 2025. This milestone reflects both the strength of our Company’s performance and our ongoing dedication to providing outstanding service to the communities we are honored to support.” Stock Yards Bancorp has been awarded the Raymond James Community Bankers Cup a total of 11 times, including each of the past four consecutive years.

Results of Operations – Second Quarter 2026, Compared with Second Quarter 2025

Net interest income, the Company’s largest source of revenue, increased by $14.4 million, or 20%, to $87.8 million. Significant average earning asset balance growth led to strong net interest income expansion. Net interest income attributed to the Field & Main merger totaled $5.5 million, representing two months of activity.

  • Total interest income increased by $13.3 million, or 12%, to $128 million, including $8.4 million of interest income attributed to the Field & Main acquisition.
    • Interest income and fees on loans increased $15.0 million, or 15%, over the prior year quarter, while average loan balances increased $938 million, or 14%. The average yield earned on loans increased 3 basis points over the past 12 months to 6.16%. The increases over the prior year period were driven by strong organic average balance growth, favorable repricing of the legacy portfolio and the addition of the higher-yielding Field & Main loan portfolio.
    • Interest income on securities decreased $3.4 million, or 39%, compared to the second quarter of 2025. Average securities balances declined $378 million, or 28%, while the rate earned on securities declined 39 basis points to 2.18%. The decline in average balances and related yields was attributed to the scheduled maturities of treasury bills that had previously been used for collateral pledging purposes and carried a rate similar to the Federal Funds Target Rate. Given that the acquired securities portfolio was sold immediately upon acquisition close, there was minimal impact on the investment portfolio.
    • Average overnight funds increased $248 million, or 99% for the second quarter of 2026 compared to the same period of the prior year, driven largely by substantial average deposit growth and the previously mentioned maturity activity from the securities portfolio in addition to the impact of the Field & Main acquisition. Corresponding interest income increased $1.9 million, or 71%, consistent with significant average balance growth. The related yield declined 62 basis points to 3.76% compared to the prior year quarter due to the Federal Reserve’s rate reductions over the past year.
  • Total interest expense decreased $1.0 million, or 3%, to $40.5 million despite recording interest expense totaling $2.9 million in relation to the Field & Main merger.
    • While average interest-bearing deposit balances increased $679 million, or 12%, as a result of both organic growth and acquisition-related activity, the corresponding expense declined $740,000, or 2%, compared to the second quarter of 2025 and the rate paid on interest-bearing deposits dropped 32 basis points to 2.27%, which was driven by strategically lowering deposit rate offerings in tandem with the Federal Reserve’s rate reductions over the past 12 months.

The Company recorded no provision for credit losses on loans(1) for the second quarter of 2026, compared to $2.2 million in provision for credit losses on loans for the second quarter of 2025. The lower expense compared to the second quarter of 2025 reflected strong credit metrics, CECL model updates and muted loan growth. No expense for off balance sheet exposures was recorded for the second quarter of 2026 compared to a credit for off balance sheet exposures of $75,000 recorded in the second quarter of 2025, as line of credit utilization improved and related availability declined.

Non-interest income increased $2.4 million, or 10%, to $26.7 million compared to the second quarter of 2025. Non-interest income attributed to the Field & Main transaction totaled $1.3 million for the second quarter of 2026, representing two months of activity.

  • WM&T income ended the second quarter of 2026 at a record $12.6 million, an increase of $2.1 million, or 20%, over the second quarter of 2025. WM&T revenue attributed to the Field & Main transaction totaled $789,000 for the second quarter of 2026. Excluding the impact of the Field & Main merger, legacy WM&T revenue still reached a new record, ending at $11.8 million for the second quarter of 2026, aided by market appreciation and customer base expansion.
  • Treasury management fees increased $170,000, or 6%, to a record $3.2 million. New product sales and broad fee increases that were implemented in the prior year contributed to the increase. Activity related to Field & Main was minimal, totaling $22,000.
  • Card income increased $307,000, or 6%, over the second quarter of 2025, with activity attributed to the Field & Main transaction totaling $252,000.
  • Brokerage income grew $94,000, or 10%, compared to the second quarter of the prior year.
  • Other non-interest income, which primarily includes swap fees, letter of credit fees and OREO activity, decreased $520,000 compared to the second quarter of 2025, as the prior year period benefitted from significant swap fee activity.

Non-interest expenses increased by $11.1 million, or 21%, to $63.8 million, compared to the second quarter of 2025. Non-interest expenses related to the Field & Main merger totaled $5.8 million for the second quarter of 2026, $3.5 million of which represents two months of regular operating expenses and $2.3 million represents one-time merger-related charges.

  • Compensation expense increased $3.7 million, or 13%, compared to the second quarter of 2025, driven primarily by growth in full-time equivalent employees (FTEs), including the impact of the Field & Main acquisition and a focus on sales team expansion, higher bonus accrual levels and annual merit-based salary increases. Approximately 100 employees joined the Company as part of the Field & Main merger.
  • Technology and communication expense increased $1.6 million, or 35%, compared to the second quarter of 2025, attributed to several planned investments, including the development of advanced data analytics capabilities in addition to the impact of the Field & Main acquisition.
  • Net occupancy and equipment expenses increased $720,000, or 18%, over the second quarter of 2025, consistent with the impact of the Field & Main acquisition, which added six full-service locations, and organic branch network expansion over the last 12 months in addition to higher rent and depreciation expense.
  • Marketing and business development expense increased $286,000, or 15%, compared to the second quarter of 2025, attributed to higher customer entertainment spending in addition to the impact of the Field & Main acquisition.
  • Intangible asset amortization expense increased $631,000, or 69%, which was entirely the result of the core deposit and customer list intangible assets recorded as a result of the Field & Main acquisition.
  • Other non-interest expenses increased $346,000, or 14%, compared to the second quarter of 2025, driven mainly by costs associated with growth in the ICS deposit product and the impact of the Field & Main acquisition in addition to other miscellaneous expenses.

The Company recorded income tax expense of $10.7 million for the second quarter of 2026, with an effective tax rate of 21.1%. This compared to income tax expense of $8.9 million in the second quarter of 2025, with an effective tax rate of 20.8%.

Financial Condition – June 30, 2026, Compared with June 30, 2025

Total assets increased $1.16 billion, or 13%, year over year to $10.37 billion.

Total loans increased $1.03 billion, or 15%, to $7.88 billion, with growth well-spread across segments and markets. As of June 30, 2026, the Field & Main loan portfolio totaled approximately $633 million. Excluding the Field & Main portfolio, organic growth totaled $400 million, or 6%, with the CRE and C&I segments being the primary drivers of the increase. Total line of credit usage ended at 50% as of June 30, 2026, compared to 48% as of June 30, 2025. C&I line of credit usage remained unchanged at 37% as of period end, compared to June 30, 2025.

Total investment securities decreased $370 million, or 30%, year over year, driven by the maturity of short-term Treasury Bills that had previously been utilized for seasonal collateral pledging purposes that were not reinvested, providing liquidity and funding for continued loan growth consistent with current balance sheet management strategies. At acquisition date, Field & Main added approximately $56 million of investment securities (stated at market value), which consisted predominantly of tax-free municipals. The Company immediately sold the majority of the acquired portfolio, and less than $1 million of the acquired investment securities portfolio remained on the balance sheet as of quarter-end.

Total deposits increased $979 million, or 13%, over the past 12 months. As of period end, the Field & Main deposit portfolio totaled $765 million, including $136 million of non-interest bearing deposits. Excluding the Field & Main portfolio, total deposits grew $214 million, or 3%, concentrated primarily within the interest-bearing demand deposit portfolio.

Non-performing loans totaled $24.4 million, or 0.31% of total loans outstanding on June 30, 2026, compared to $18.0 million, or 0.26% of total loans outstanding on June 30, 2025. The ratio of allowance for credit losses to loans ended at 1.38% on June 30, 2026, compared to 1.32% on June 30, 2025, the increase over the prior year being attributed to the allowance recorded in relation to the loan portfolio acquired from Field & Main.

As of June 30, 2026, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets(3) was 12.02% and the tangible common equity ratio(3) was 9.66% on June 30, 2026, compared to 10.92% and 8.86% on June 30, 2025, respectively. Further, tangible book value per share increased to $31.39 at June 30, 2026, from $27.06 at June 30, 2025, representing an increase of 16% over the prior year.

In May 2026, the board of directors declared a quarterly cash dividend of $0.32 per common share. The dividend was paid July 1, 2026, to shareholders of record as of June 15, 2026.

Results of Operations – Second Quarter 2026, Compared with First Quarter 2026

Net interest margin expanded 19 basis points on the linked quarter to 3.84%, driven largely by improved loan yields, lower deposit costs and a more efficient balance sheet in addition to the impact of the Field & Main acquisition. Higher loan yields were attributed to the continued favorable repricing of the legacy portfolio as well as the addition of the higher-yielding Field & Main loan portfolio.

Net interest income increased $9.4 million, or 12%, over the prior quarter. Net interest income attributed to the Field & Main transaction, which represents two month’s worth of activity, totaled $5.5 million

  • Total interest income increased $10.7 million, or 9%.
    • Interest income on loans, including fees, increased $11.5 million, or 11%. Average loans increased $568 million, or 8%, and the corresponding yield earned increased to 6.16%.
    • Average investment securities balances declined $74 million, or 7%, with related interest income decreasing $525,000, or 9%, as a result of scheduled maturity activity and normal amortization.
    • Average interest-bearing cash balances decreased $59 million, or 11%, driving a $356,000, or 7%, decrease in related interest income during the period.
  • Total interest expense increased $1.3 million, or 3%.
    • Interest expense on deposits increased $1.3 million, or 4%, which was entirely attributed to $2.9 million of interest expense associated with the interest-bearing deposit portfolio acquired from Field & Main.

During the second quarter of 2026, the Company recorded no provision for credit losses on loans(1) and no provision expense for off balance sheet exposures. During the first quarter of 2026, the Company recorded $1.6 million in provision for credit losses on loans and no provision expense for off balance sheet exposures.

Non-interest income increased $2.2 million, or 9%, on the linked quarter, to $26.7 million. The second quarter of 2026 includes $1.3 million in activity related to the Field & Main merger, representing two months of activity. Excluding this activity, non-interest income for the quarter increased $864,000, or 4%, and was driven largely by organic growth from WM&T, treasury management fees and card income in addition to market appreciation within the COLI portfolio.

Non-interest expenses increased $8.6 million, or 16% on the linked quarter to $63.8 million. Activity related to the Field & Main merger totaled $5.8 million, with $3.5 of this total comprised of normal, recurring expenses and represents two months of activity, while $2.3 million of the total represents one-time merger related expenses. The bulk of such expenses are expected to be recorded over the second half of 2026. Excluding acquisition-related activity, the primary drivers of the linked quarter increase were compensation, technology, marketing and legal expenses.

Financial Condition – June 30, 2026, Compared with March 31, 2026

Total assets increased $902 million, or 10%, on the linked quarter to $10.37 billion.

Total loans expanded $657 million, or 9%, on the linked quarter, with the Field & Main portfolio totaling approximately $633 million as of period end. Organic growth for the quarter was $24 million, as expansion was muted due to the impact of several larger loan payoffs. Total line of credit usage was 50% as of June 30, 2026, compared to 49% as of March 31, 2026. C&I line of credit usage was 37% as of June 30, 2026, compared to 38% at March 31, 2026. Utilization trends remain positive and similar to the same period of the prior year.

Total deposits increased $729 million, or 9%, on the linked quarter. Total non-interest bearing deposits increased $203 million, or 14%, while total interest-bearing deposit accounts increased $526 million, or 8%. The Field & Main merger added approximately $765 million in total deposits as of the acquisition date, including $136 million in non-interest bearing deposits. A core deposit intangible asset of $17 million was also recorded in relation to the acquired deposit portfolio.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $10.37 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.”

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2025, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

   
Contact: T. Clay Stinnett
  Executive Vice President,
  Treasurer and Chief Financial Officer
  (502) 625-0890
   

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2026 Earnings Release
(In thousands unless otherwise noted)
    Three Months Ended   Six Months Ended      
    June 30,   June 30,        
Income Statement Data   2026     2025     2026     2025        
                               
Net interest income, fully tax equivalent (5)   $ 87,925     $ 73,560     $ 166,441     $ 144,196        
Interest income:                              
Loans   $ 117,975     $ 103,009     $ 224,434     $ 202,609        
Federal funds sold and interest bearing due from banks   4,674     2,730     9,704     4,731        
Mortgage loans held for sale   93     78     163     155        
Federal Home Loan Bank stock   405     662     797     1,194        
Investment securities   5,165     8,521     10,856     17,477        
Total interest income   128,312     115,000     245,954     226,166        
Interest expense:                              
Deposits   36,771     37,511     72,233     72,092        
Securities sold under agreements to repurchase   344     625     745     1,439        
Federal funds purchased   66     72     131     142        
Federal Home Loan Bank advances   2,934     2,908     5,861     7,649        
Subordinated debentures   369     411     735     819        
Total interest expense   40,484     41,527     79,705     82,141        
Net interest income   87,828     73,473     166,249     144,025        
Provision for credit losses (1)   –     2,175     1,625     3,075        
Net interest income after provision for credit losses   87,828     71,298     164,624     140,950        
Non-interest income:                              
Wealth management and trust services   12,563     10,483     23,898     21,130        
Deposit service charges   2,368     2,069     4,524     4,148        
Debit and credit card income   5,144     4,837     9,782     9,345        
Treasury management fees   3,175     3,005     6,163     5,678        
Mortgage banking income   1,013     1,094     1,943     2,011        
Net investment product sales commissions and fees   1,074     980     2,135     1,990        
Bank owned life insurance   691     629     1,323     1,251        
Gain on sale of premises and equipment   (34 )   74     445     74        
Other   753     1,177     1,128     1,717        
Total non-interest income   26,747     24,348     51,341     47,344        
Non-interest expenses:                              
Compensation   30,953     27,279     60,119     53,211        
Employee benefits   6,183     5,330     12,352     11,115        
Net occupancy and equipment   4,745     4,025     9,065     8,148        
Technology and communication   6,422     4,773     11,757     9,601        
Debit and credit card processing   2,126     1,908     4,048     3,727        
Marketing and business development   2,237     1,951     3,515     3,466        
Postage, printing and supplies   1,025     937     1,938     1,906        
Legal and professional   1,359     1,088     2,235     1,995        
FDIC insurance   1,109     1,260     2,255     2,483        
Capital and deposit based taxes   976     738     1,854     1,438        
Merger expenses   2,283     –     2,283     –        
Intangible amortization   1,546     915     2,345     1,829        
Other   2,842     2,496     5,282     4,808        
Total non-interest expenses   63,806     52,700     119,048     103,727        
Income before income tax expense   50,769     42,946     96,917     84,567        
Income tax expense   10,712     8,922     20,265     17,272        
Net income   $ 40,057     $ 34,024     $ 76,652     $ 67,295        
                               
Net income per share – Basic   $ 1.32     $ 1.16     $ 2.56     $ 2.29        
Net income per share – Diluted   1.31     1.15     2.55     2.28        
Cash dividend declared per share   0.32     0.31     0.64     0.62        
                               
Weighted average shares – Basic   30,442     29,364     29,917     29,356        
Weighted average shares – Diluted   30,568     29,505     30,038     29,503        
                               
            June 30,      
Balance Sheet Data               2026     2025        
                               
Investment securities               $ 852,158     $ 1,221,842        
Loans               7,883,749     6,850,273        
Allowance for credit losses on loans               109,094     90,722        
Total assets               10,368,564     9,208,986        
Non-interest bearing deposits               1,659,007     1,514,924        
Interest bearing deposits               6,827,090     5,991,826        
Federal Home Loan Bank advances               300,000     300,000        
Accumulated other comprehensive loss               (61,131 )   (75,311 )      
Stockholders’ equity               1,246,392     1,005,704        
                               
Total shares outstanding               31,068     29,473        
Book value per share (3)               $ 40.12     $ 34.12        
Tangible common equity per share (3)               31.39     27.06        
Market value per share               76.47     78.98        
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Second Quarter 2026 Earnings Release                              
                               
    Three Months Ended   Six Months Ended      
    June 30,   June 30,      
Average Balance Sheet Data   2026     2025     2026     2025        
                               
Federal funds sold and interest bearing due from banks   $ 498,198     $ 249,738     $ 527,617     $ 215,280        
Mortgage loans held for sale   7,467     7,145     6,422     6,442        
Investment securities   960,194     1,337,994     996,863     1,396,634        
Federal Home Loan Bank stock   23,538     22,413     22,135     26,602        
Loans   7,685,360     6,746,973     7,402,820     6,672,594        
Total interest earning assets   9,174,757     8,364,263     8,955,857     8,317,552        
Total assets   9,882,847     8,987,084     9,637,207     8,940,750        
Non-interest bearing deposits   1,587,131     1,489,188     1,508,629     1,457,813        
Interest bearing deposits   6,499,583     5,820,314     6,361,011     5,708,148        
Total deposits   8,086,714     7,309,502     7,869,640     7,165,961        
Securities sold under agreements to repurchase   80,061     128,493     86,515     143,655        
Federal funds purchased   7,405     6,610     7,346     6,562        
Federal Home Loan Bank advances   300,000     303,297     300,000     384,530        
Subordinated debentures   26,806     26,806     26,806     26,806        
Total interest bearing liabilities   6,913,855     6,285,520     6,781,678     6,269,701        
Accumulated other comprehensive loss   (60,666 )   (83,970 )   (59,909 )   (85,289 )      
Total stockholders’ equity   1,190,463     980,803     1,140,024     967,495        
                               
Performance Ratios                              
Annualized return on average assets (4)   1.63 %   1.52 %   1.60 %   1.52 %      
Annualized return on average equity (4)   13.50 %   13.91 %   13.56 %   14.03 %      
Net interest margin, fully tax equivalent   3.84 %   3.53 %   3.75 %   3.50 %      
Non-interest income to total revenue, fully tax equivalent   23.32 %   24.87 %   23.57 %   24.72 %      
Efficiency ratio, fully tax equivalent (2)   55.64 %   53.83 %   54.66 %   54.15 %      
                               
Capital Ratios                              
Total stockholders’ equity to total assets (3)               12.02 %   10.92 %      
Tangible common equity to tangible assets (3)               9.66 %   8.86 %      
Average stockholders’ equity to average assets               11.83 %   10.82 %      
Total risk-based capital               13.62 %   12.91 %      
Common equity tier 1 risk-based capital               12.07 %   11.32 %      
Tier 1 risk-based capital               12.37 %   11.66 %      
Leverage               11.05 %   10.17 %      
                               
Loan Segmentation                              
Commercial real estate – non-owner occupied               $ 2,150,290     $ 1,989,982        
Commercial real estate – owner occupied               1,288,855     1,010,692        
Commercial and industrial               1,708,911     1,491,143        
Residential real estate – owner occupied               990,825     851,284        
Residential real estate – non-owner occupied               476,119     390,784        
Construction and land development               771,069     671,011        
Home equity lines of credit               347,187     263,826        
Consumer               114,354     140,715        
Leases               12,665     14,563        
Credit cards               23,474     26,273        
Total loans and leases               $ 7,883,749     $ 6,850,273        
                               
Deposit Segmentation                              
Interest bearing demand               $ 3,223,367     $ 2,520,405        
Savings               478,559     424,985        
Money market               1,273,593     1,385,845        
Time deposits               1,851,571     1,660,591        
Non-Interest bearing deposits               1,659,007     1,514,924        
Total deposits               $ 8,486,097     $ 7,506,750        
                               
Asset Quality Data                              
Non-accrual loans               $ 19,509     $ 17,650        
Modifications to borrowers experiencing financial difficulty               –     –        
Loans past due 90 days or more and still accruing               4,932     378        
Total non-performing loans               24,441     18,028        
Other real estate owned               440     10        
Total non-performing assets               $ 24,881     $ 18,038        
Non-performing loans to total loans               0.31 %   0.26 %      
Non-performing assets to total assets               0.24 %   0.20 %      
Allowance for credit losses on loans to total loans               1.38 %   1.32 %      
Allowance for credit losses on loans to average loans               1.47 %   1.34 %      
Allowance for credit losses on loans to non-performing loans               446 %   503 %      
Net (charge-offs) recoveries   $ (29 )   $ (342 )   $ 75     $ 629        
Net (charge-offs) recoveries to average loans (6)   -0.00 %   -0.01 %   0.00 %   0.01 %      
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Second Quarter 2026 Earnings Release                              
                               
    Quarterly Comparison
Income Statement Data   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
                               
Net interest income, fully tax equivalent (5)   $ 87,925     $ 78,516     $ 79,339     $ 77,119     $ 73,560  
Net interest income   $ 87,828     $ 78,421     $ 79,250     $ 77,037     $ 73,473  
Provision for credit losses (1)   –     1,625     1,650     1,975     2,175  
Net interest income after provision for credit losses   87,828     76,796     77,600     75,062     71,298  
Non-interest income:                              
Wealth management and trust services   12,563     11,335     10,974     10,704     10,483  
Deposit service charges   2,368     2,156     2,303     2,281     2,069  
Debit and credit card income   5,144     4,638     5,519     5,009     4,837  
Treasury management fees   3,175     2,988     3,078     2,923     3,005  
Mortgage banking income   1,013     930     860     1,252     1,094  
Net investment product sales commissions and fees   1,074     1,061     1,119     1,112     980  
Bank owned life insurance   691     632     633     631     629  
Gain (loss) on sale of premises and equipment   (34 )   479     (2 )   –     74  
Other   753     375     644     564     1,177  
Total non-interest income   26,747     24,594     25,128     24,476     24,348  
Non-interest expenses:                              
Compensation   30,953     29,166     28,510     28,836     27,279  
Employee benefits   6,183     6,169     5,267     4,878     5,330  
Net occupancy and equipment   4,745     4,320     4,299     4,086     4,025  
Technology and communication   6,422     5,335     4,857     4,837     4,773  
Debit and credit card processing   2,126     1,922     1,902     1,984     1,908  
Marketing and business development   2,237     1,278     2,173     1,887     1,951  
Postage, printing and supplies   1,025     913     930     910     937  
Legal and professional   1,359     876     1,329     891     1,088  
FDIC insurance   1,109     1,146     1,124     1,198     1,260  
Capital and deposit based taxes   976     878     895     1,082     738  
Merger expenses   2,283     –     –     –     –  
Intangible amortization   1,546     799     914     915     915  
Other   2,842     2,440     2,606     2,327     2,496  
Total non-interest expenses   63,806     55,242     54,806     53,831     52,700  
Income before income tax expense   50,769     46,148     47,922     45,707     42,946  
Income tax expense   10,712     9,553     11,308     9,466     8,922  
Net income   $ 40,057     $ 36,595     $ 36,614     $ 36,241     $ 34,024  
                               
                               
Net income per share – Basic   $ 1.32     $ 1.25     $ 1.25     $ 1.23     $ 1.16  
Net income per share – Diluted   1.31     1.24     1.24     1.23     1.15  
Cash dividend declared per share   0.32     0.32     0.32     0.32     0.31  
                               
Weighted average shares – Basic   30,442     29,387     29,370     29,369     29,364  
Weighted average shares – Diluted   30,568     29,502     29,495     29,526     29,505  
                               
    Quarterly Comparison
Balance Sheet Data   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
                               
Cash and due from banks   $ 89,258     $ 85,596     $ 70,061     $ 84,357     $ 97,606  
Federal funds sold and interest bearing due from banks   753,573     581,123     816,315     671,932     353,806  
Mortgage loans held for sale   8,262     5,758     6,247     6,045     5,014  
Investment securities   852,158     885,754     921,057     940,639     1,221,842  
Federal Home Loan Bank stock   24,934     20,717     20,717     20,717     22,839  
Loans   7,883,749     7,226,429     7,041,310     6,929,456     6,850,273  
Allowance for credit losses on loans   109,094     93,596     91,867     92,160     90,722  
Goodwill   238,337     194,074     194,074     194,074     194,074  
Total assets   10,368,564     9,466,856     9,536,124     9,307,376     9,208,986  
Non-interest bearing deposits   1,659,007     1,456,324     1,435,846     1,589,159     1,514,924  
Interest bearing deposits   6,827,090     6,300,912     6,355,291     6,054,813     5,991,826  
Securities sold under agreements to repurchase   102,695     87,513     112,476     73,149     126,576  
Federal funds purchased   7,385     7,345     7,289     6,729     6,709  
Federal Home Loan Bank advances   300,000     300,000     300,000     300,000     300,000  
Subordinated debentures   26,806     26,806     26,806     26,806     26,806  
Accumulated other comprehensive income loss   (61,131 )   (61,200 )   (61,275 )   (67,622 )   (75,311 )
Stockholders’ equity   1,246,392     1,102,935     1,075,697     1,041,144     1,005,704  
                               
Total shares outstanding   31,068     29,516     29,476     29,474     29,473  
Book value per share (3)   $ 40.12     $ 37.37     $ 36.49     $ 35.32     $ 34.12  
Tangible common equity per share (3)   31.39     30.41     29.50     28.30     27.06  
Market value per share   76.47     66.29     64.95     69.99     78.98  
                               
Capital Ratios                              
Total stockholders’ equity to total assets (3)   12.02 %   11.65 %   11.28 %   11.19 %   10.92 %
Tangible common equity to tangible assets (3)   9.66 %   9.69 %   9.32 %   9.16 %   8.86 %
Average stockholders’ equity to average assets   12.05 %   11.60 %   11.15 %   11.02 %   10.91 %
Total risk-based capital   13.62 %   13.53 %   13.42 %   13.17 %   12.91 %
Common equity tier 1 risk-based capital   12.07 %   11.95 %   11.84 %   11.59 %   11.32 %
Tier 1 risk-based capital   12.37 %   12.28 %   12.17 %   11.92 %   11.66 %
Leverage   11.05 %   10.68 %   10.30 %   10.24 %   10.17 %
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Second Quarter 2026 Earnings Release                              
                               
    Quarterly Comparison
Average Balance Sheet Data   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
                               
Federal funds sold and interest bearing due from banks   $ 498,198     $ 557,364     $ 742,895     $ 448,969     $ 249,738  
Mortgage loans held for sale   7,467     5,365     7,751     6,051     7,145  
Investment securities   960,194     1,033,940     1,066,621     1,236,715     1,337,994  
Federal Home Loan Bank stock   23,538     20,717     20,717     21,125     22,413  
Loans   7,685,360     7,117,141     6,971,307     6,873,559     6,746,973  
Total interest earning assets   9,174,757     8,734,527     8,809,291     8,586,419     8,364,263  
Total assets   9,882,847     9,388,841     9,456,699     9,216,803     8,987,084  
Non-interest bearing deposits   1,587,131     1,429,253     1,542,735     1,540,029     1,489,188  
Interest bearing deposits   6,499,583     6,220,903     6,218,760     6,001,275     5,820,314  
Total deposits   8,086,714     7,650,156     7,761,495     7,541,304     7,309,502  
Securities sold under agreement to repurchase   80,061     93,040     84,802     104,640     128,493  
Federal funds purchased   7,405     7,287     7,088     6,689     6,610  
Federal Home Loan Bank advances   300,000     300,000     300,000     300,000     303,297  
Subordinated debentures   26,806     26,806     26,806     26,806     26,806  
Total interest bearing liabilities   6,913,855     6,648,036     6,637,456     6,439,410     6,285,520  
Accumulated other comprehensive loss   (60,666 )   (59,143 )   (65,786 )   (75,659 )   (83,970 )
Total stockholders’ equity   1,190,463     1,089,025     1,054,117     1,015,478     980,803  
                               
Performance Ratios                              
Annualized return on average assets (4)   1.63 %   1.58 %   1.54 %   1.56 %   1.52 %
Annualized return on average equity (4)   13.50 %   13.63 %   13.78 %   14.16 %   13.91 %
Net interest margin, fully tax equivalent   3.84 %   3.65 %   3.57 %   3.56 %   3.53 %
Non-interest income to total revenue, fully tax equivalent   23.32 %   23.85 %   24.05 %   24.09 %   24.87 %
Efficiency ratio, fully tax equivalent (2)   55.64 %   53.58 %   52.46 %   52.99 %   53.83 %
                               
Loans Segmentation                              
Commercial real estate – non-owner occupied   $ 2,150,290     $ 1,964,589     $ 1,915,252     $ 1,947,892     $ 1,989,982  
Commercial real estate – owner occupied   1,288,855     1,176,570     1,121,896     1,091,134     1,010,692  
Commercial and industrial   1,708,911     1,592,578     1,509,489     1,490,149     1,491,143  
Residential real estate – owner occupied   990,825     888,721     881,865     873,540     851,284  
Residential real estate – non-owner occupied   476,119     387,652     391,216     394,429     390,784  
Construction and land development   771,069     742,243     751,897     675,052     671,011  
Home equity lines of credit   347,187     290,766     285,115     271,017     263,826  
Consumer   114,354     142,897     142,425     142,149     140,715  
Leases   12,665     15,493     16,912     18,517     14,563  
Credit cards   23,474     24,920     25,243     25,577     26,273  
Total loans and leases   $ 7,883,749     $ 7,226,429     $ 7,041,310     $ 6,929,456     $ 6,850,273  
                               
Deposit Segmentation                              
Interest bearing demand   $ 3,223,367     $ 2,834,034     $ 2,886,406     $ 2,573,204     $ 2,520,405  
Savings   478,559     433,559     420,382     420,614     424,985  
Money market   1,273,593     1,289,806     1,311,969     1,341,727     1,385,845  
Time deposits   1,851,571     1,743,513     1,736,534     1,719,268     1,660,591  
Non-Interest bearing deposits   1,659,007     1,456,324     1,435,846     1,589,159     1,514,924  
Total deposits   $ 8,486,097     $ 7,757,236     $ 7,791,137     $ 7,643,972     $ 7,506,750  
                               
Asset Quality Data                              
Non-accrual loans   $ 19,509     $ 10,519     $ 12,585     $ 18,559     $ 17,650  
Modifications to borrowers experiencing financial difficulty   –     –     –     –     –  
Loans past due 90 days or more and still accruing   4,932     927     449     100     378  
Total non-performing loans   24,441     11,446     13,034     18,659     18,028  
Other real estate owned   440     190     190     190     10  
Total non-performing assets   $ 24,881     $ 11,636     $ 13,224     $ 18,849     $ 18,038  
Non-performing loans to total loans   0.31 %   0.16 %   0.19 %   0.27 %   0.26 %
Non-performing assets to total assets   0.24 %   0.12 %   0.14 %   0.20 %   0.20 %
Allowance for credit losses on loans to total loans   1.38 %   1.30 %   1.30 %   1.33 %   1.32 %
Allowance for credit losses on loans to average loans   1.42 %   1.32 %   1.32 %   1.34 %   1.34 %
Allowance for credit losses on loans to non-performing loans   446 %   818 %   705 %   494 %   503 %
Net (charge-offs) recoveries   $ (29 )   $ 104     $ (1,143 )   $ (112 )   $ (342 )
Net (charge-offs) recoveries to average loans (6)   -0.00 %   0.00 %   -0.02 %   -0.00 %   -0.01 %
                               
Other Information                              
Total WM&T assets under management (in millions)   $ 8,844     $ 7,596     $ 7,635     $ 7,480     $ 7,193  
Full-time equivalent employees   1,270     1,144     1,123     1,140     1,118  
                               
(1) – Detail of Provision for credit losses follows:          
    Quarterly Comparison
(in thousands)   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
Provision for credit losses – loans   $ –     $ 1,625     $ 850     $ 1,550     $ 2,250  
Provision for credit losses – off balance sheet exposures   –     –     800     425     (75 )
Total provision for credit losses   $ –     $ 1,625     $ 1,650     $ 1,975     $ 2,175  
                               
                               
(2) – The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities, if applicable. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.
 
    Quarterly Comparison
(Dollars in thousands)   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
Total non-interest expenses (a)   $ 63,806     $ 55,242     $ 54,806     $ 53,831     $ 52,700  
Less: Non-recurring merger expenses   (2,283 )   –     –     –     –  
Total non-interest expenses – Non-GAAP (c)   $ 61,523     $ 55,242     $ 54,806     $ 53,831     $ 52,700  
                               
Total net interest income, fully tax equivalent   $ 87,925     $ 78,516     $ 79,339     $ 77,119     $ 73,560  
Total non-interest income   26,747     24,594     25,128     24,476     24,348  
Total revenue – Non-GAAP (b)   $ 114,672     $ 103,110     $ 104,467     $ 101,595     $ 97,908  
Less: Gain/loss on sale of premises and equipment   34     (479 )   2     –     (74 )
Total adjusted revenue – Non-GAAP (d)   $ 114,706     $ 102,631     $ 104,469     $ 101,595     $ 97,834  
                               
Efficiency ratio – Non-GAAP (a/b)   55.64 %   53.58 %   52.46 %   52.99 %   53.83 %
Adjusted efficiency ratio – Non-GAAP (c/d)   53.64 %   53.83 %   52.46 %   52.99 %   53.87 %
                               
                               
(3) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:
                               
    Quarterly Comparison
(In thousands, except per share data)   6/30/26     3/31/26     12/31/25     9/30/25     6/30/25  
Total stockholders’ equity – GAAP (a)   $ 1,246,392     $ 1,102,935     $ 1,075,697     $ 1,041,144     $ 1,005,704  
Less: Goodwill   (238,337 )   (194,074 )   (194,074 )   (194,074 )   (194,074 )
Less: Core deposit and other intangibles   (32,690 )   (11,361 )   (12,160 )   (13,074 )   (13,989 )
Tangible common equity – Non-GAAP (c)   $ 975,365     $ 897,500     $ 869,463     $ 833,996     $ 797,641  
                               
Total assets – GAAP (b)   $ 10,368,564     $ 9,466,856     $ 9,536,124     $ 9,307,376     $ 9,208,986  
Less: Goodwill   (238,337 )   (194,074 )   (194,074 )   (194,074 )   (194,074 )
Less: Core deposit and other intangibles   (32,690 )   (11,361 )   (12,160 )   (13,074 )   (13,989 )
Tangible assets – Non-GAAP (d)   $ 10,097,537     $ 9,261,421     $ 9,329,890     $ 9,100,228     $ 9,000,923  
                               
Total stockholders’ equity to total assets – GAAP (a/b)   12.02 %   11.65 %   11.28 %   11.19 %   10.92 %
Tangible common equity to tangible assets – Non-GAAP (c/d)   9.66 %   9.69 %   9.32 %   9.16 %   8.86 %
                               
Total shares outstanding (e)   31,068     29,516     29,476     29,474     29,473  
                               
Book value per share – GAAP (a/e)   $ 40.12     $ 37.37     $ 36.49     $ 35.32     $ 34.12  
Tangible common equity per share – Non-GAAP (c/e)   31.39     30.41     29.50     28.30     27.06  
                               
(4) – Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity.
                               
(5) – Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.
                               
(6) – Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.


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Stock Yards Bancorp, Inc.