EXHIBIT 99.1
Stock Yards Bancorp Reports Record Second Quarter Earnings of $40.1 Million or $1.31 Per Diluted Share
Second Quarter Highlighted by the Completed Acquisition of Field & Main Bancorp Along with Margin Expansion and Record Non-Interest Income
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
| Income Statement Data | Three Months EndedJune 30, 2026 | Three Months EndedJune 30, 2025 | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 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 |
| Net interest income, fully tax equivalent (5) | $87,925 | $78,516 | $79,339 | $77,119 |
| Net interest income | $87,828 | $78,421 | $79,250 | $77,037 |
| Provision for credit losses (1) | - | 1,625 | 1,650 | 1,975 |
| Net interest income after provision for credit losses | 87,828 | 76,796 | 77,600 | 75,062 |
| Non-interest income: | ||||
| Wealth management and trust services | 12,563 | 11,335 | 10,974 | 10,704 |
| Deposit service charges | 2,368 | 2,156 | 2,303 | 2,281 |
| Debit and credit card income | 5,144 | 4,638 | 5,519 | 5,009 |
| Treasury management fees | 3,175 | 2,988 | 3,078 | 2,923 |
| Mortgage banking income | 1,013 | 930 | 860 | 1,252 |
| Net investment product sales commissions and fees | 1,074 | 1,061 | 1,119 | 1,112 |
| Bank owned life insurance | 691 | 632 | 633 | 631 |
| Gain (loss) on sale of premises and equipment | (34) | 479 | (2) | - |
| Other | 753 | 375 | 644 | 564 |
| Total non-interest income | 26,747 | 24,594 | 25,128 | 24,476 |
| Non-interest expenses: | ||||
| Compensation | 30,953 | 29,166 | 28,510 | 28,836 |
| Employee benefits | 6,183 | 6,169 | 5,267 | 4,878 |
| Net occupancy and equipment | 4,745 | 4,320 | 4,299 | 4,086 |
| Technology and communication | 6,422 | 5,335 | 4,857 | 4,837 |
| Debit and credit card processing | 2,126 | 1,922 | 1,902 | 1,984 |
| Marketing and business development | 2,237 | 1,278 | 2,173 | 1,887 |
| Postage, printing and supplies | 1,025 | 913 | 930 | 910 |
| Legal and professional | 1,359 | 876 | 1,329 | 891 |
| FDIC insurance | 1,109 | 1,146 | 1,124 | 1,198 |
| Capital and deposit based taxes | 976 | 878 | 895 | 1,082 |
| Merger expenses | 2,283 | - | - | - |
| Intangible amortization | 1,546 | 799 | 914 | 915 |
| Other | 2,842 | 2,440 | 2,606 | 2,327 |
| Total non-interest expenses | 63,806 | 55,242 | 54,806 | 53,831 |
| Income before income tax expense | 50,769 | 46,148 | 47,922 | 45,707 |
| Income tax expense | 10,712 | 9,553 | 11,308 | 9,466 |
| Net income | $40,057 | $36,595 | $36,614 | $36,241 |
| Net income per share - Basic | $1.32 | $1.25 | $1.25 | $1.23 |
| Net income per share - Diluted | 1.31 | 1.24 | 1.24 | 1.23 |
| Cash dividend declared per share | 0.32 | 0.32 | 0.32 | 0.32 |
| Weighted average shares - Basic | 30,442 | 29,387 | 29,370 | 29,369 |
| Weighted average shares - Diluted | 30,568 | 29,502 | 29,495 | 29,526 |
| Quarterly Comparison | ||||
| Balance Sheet Data | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 |
| Cash and due from banks | $89,258 | $85,596 | $70,061 | $84,357 |
| Federal funds sold and interest bearing due from banks | 753,573 | 581,123 | 816,315 | 671,932 |
| Mortgage loans held for sale | 8,262 | 5,758 | 6,247 | 6,045 |
| Investment securities | 852,158 | 885,754 | 921,057 | 940,639 |
| Federal Home Loan Bank stock | 24,934 | 20,717 | 20,717 | 20,717 |
| Loans | 7,883,749 | 7,226,429 | 7,041,310 | 6,929,456 |
| Allowance for credit losses on loans | 109,094 | 93,596 | 91,867 | 92,160 |
| Goodwill | 238,337 | 194,074 | 194,074 | 194,074 |
| Total assets | 10,368,564 | 9,466,856 | 9,536,124 | 9,307,376 |
| Non-interest bearing deposits | 1,659,007 | 1,456,324 | 1,435,846 | 1,589,159 |
| Interest bearing deposits | 6,827,090 | 6,300,912 | 6,355,291 | 6,054,813 |
| Securities sold under agreements to repurchase | 102,695 | 87,513 | 112,476 | 73,149 |
| Federal funds purchased | 7,385 | 7,345 | 7,289 | 6,729 |
| Federal Home Loan Bank advances | 300,000 | 300,000 | 300,000 | 300,000 |
| Subordinated debentures | 26,806 | 26,806 | 26,806 | 26,806 |
| Accumulated other comprehensive income loss | (61,131) | (61,200) | (61,275) | (67,622)) |
| Stockholders' equity | 1,246,392 | 1,102,935 | 1,075,697 | 1,041,144 |
| Total shares outstanding | 31,068 | 29,516 | 29,476 | 29,474 |
| Book value per share (3) | $40.12 | $37.37 | $36.49 | $35.32 |
| Tangible common equity per share (3) | 31.39 | 30.41 | 29.50 | 28.30 |
| Market value per share | 76.47 | 66.29 | 64.95 | 69.99 |
| Capital Ratios | ||||
| Total stockholders' equity to total assets (3) | 12.02% | 11.65% | 11.28% | 11.19%% |
| Tangible common equity to tangible assets (3) | 9.66% | 9.69% | 9.32% | 9.16%% |
| Average stockholders' equity to average assets | 12.05% | 11.60% | 11.15% | 11.02%% |
| Total risk-based capital | 13.62% | 13.53% | 13.42% | 13.17%% |
| Common equity tier 1 risk-based capital | 12.07% | 11.95% | 11.84% | 11.59%% |
| Tier 1 risk-based capital | 12.37% | 12.28% | 12.17% | 11.92%% |
| Leverage | 11.05% | 10.68% | 10.30% | 10.24%% |
| 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 |
| Federal funds sold and interest bearing due from banks | $498,198 | $557,364 | $742,895 | $448,969 |
| Mortgage loans held for sale | 7,467 | 5,365 | 7,751 | 6,051 |
| Investment securities | 960,194 | 1,033,940 | 1,066,621 | 1,236,715 |
| Federal Home Loan Bank stock | 23,538 | 20,717 | 20,717 | 21,125 |
| Loans | 7,685,360 | 7,117,141 | 6,971,307 | 6,873,559 |
| Total interest earning assets | 9,174,757 | 8,734,527 | 8,809,291 | 8,586,419 |
| Total assets | 9,882,847 | 9,388,841 | 9,456,699 | 9,216,803 |
| Non-interest bearing deposits | 1,587,131 | 1,429,253 | 1,542,735 | 1,540,029 |
| Interest bearing deposits | 6,499,583 | 6,220,903 | 6,218,760 | 6,001,275 |
| Total deposits | 8,086,714 | 7,650,156 | 7,761,495 | 7,541,304 |
| Securities sold under agreement to repurchase | 80,061 | 93,040 | 84,802 | 104,640 |
| Federal funds purchased | 7,405 | 7,287 | 7,088 | 6,689 |
| Federal Home Loan Bank advances | 300,000 | 300,000 | 300,000 | 300,000 |
| Subordinated debentures | 26,806 | 26,806 | 26,806 | 26,806 |
| Total interest bearing liabilities | 6,913,855 | 6,648,036 | 6,637,456 | 6,439,410 |
| Accumulated other comprehensive loss | (60,666) | (59,143) | (65,786) | (75,659)) |
| Total stockholders' equity | 1,190,463 | 1,089,025 | 1,054,117 | 1,015,478 |
| Performance Ratios | ||||
| Annualized return on average assets (4) | 1.63% | 1.58% | 1.54% | 1.56%% |
| Annualized return on average equity (4) | 13.50% | 13.63% | 13.78% | 14.16%% |
| Net interest margin, fully tax equivalent | 3.84% | 3.65% | 3.57% | 3.56%% |
| Non-interest income to total revenue, fully tax equivalent | 23.32% | 23.85% | 24.05% | 24.09%% |
| Efficiency ratio, fully tax equivalent (2) | 55.64% | 53.58% | 52.46% | 52.99%% |
| Loans Segmentation | ||||
| Commercial real estate - non-owner occupied | $2,150,290 | $1,964,589 | $1,915,252 | $1,947,892 |
| Commercial real estate - owner occupied | 1,288,855 | 1,176,570 | 1,121,896 | 1,091,134 |
| Commercial and industrial | 1,708,911 | 1,592,578 | 1,509,489 | 1,490,149 |
| Residential real estate - owner occupied | 990,825 | 888,721 | 881,865 | 873,540 |
| Residential real estate - non-owner occupied | 476,119 | 387,652 | 391,216 | 394,429 |
| Construction and land development | 771,069 | 742,243 | 751,897 | 675,052 |
| Home equity lines of credit | 347,187 | 290,766 | 285,115 | 271,017 |
| Consumer | 114,354 | 142,897 | 142,425 | 142,149 |
| Leases | 12,665 | 15,493 | 16,912 | 18,517 |
| Credit cards | 23,474 | 24,920 | 25,243 | 25,577 |
| Total loans and leases | $7,883,749 | $7,226,429 | $7,041,310 | $6,929,456 |
| Deposit Segmentation | ||||
| Interest bearing demand | $3,223,367 | $2,834,034 | $2,886,406 | $2,573,204 |
| Savings | 478,559 | 433,559 | 420,382 | 420,614 |
| Money market | 1,273,593 | 1,289,806 | 1,311,969 | 1,341,727 |
| Time deposits | 1,851,571 | 1,743,513 | 1,736,534 | 1,719,268 |
| Non-Interest bearing deposits | 1,659,007 | 1,456,324 | 1,435,846 | 1,589,159 |
| Total deposits | $8,486,097 | $7,757,236 | $7,791,137 | $7,643,972 |
| Asset Quality Data | ||||
| Non-accrual loans | $19,509 | $10,519 | $12,585 | $18,559 |
| Modifications to borrowers experiencing financial difficulty | - | - | - | - |
| Loans past due 90 days or more and still accruing | 4,932 | 927 | 449 | 100 |
| Total non-performing loans | 24,441 | 11,446 | 13,034 | 18,659 |
| Other real estate owned | 440 | 190 | 190 | 190 |
| Total non-performing assets | $24,881 | $11,636 | $13,224 | $18,849 |
| Non-performing loans to total loans | 0.31% | 0.16% | 0.19% | 0.27%% |
| Non-performing assets to total assets | 0.24% | 0.12% | 0.14% | 0.20%% |
| Allowance for credit losses on loans to total loans | 1.38% | 1.30% | 1.30% | 1.33%% |
| Allowance for credit losses on loans to average loans | 1.42% | 1.32% | 1.32% | 1.34%% |
| Allowance for credit losses on loans to non-performing loans | 446% | 818% | 705% | 494%% |
| Net (charge-offs) recoveries | $(29) | $104 | $(1,143) | $(112)) |
| Net (charge-offs) recoveries to average loans (6) | -0.00% | 0.00% | -0.02% | -0.00%% |
| Other Information | ||||
| Total WM&T assets under management (in millions) | $8,844 | $7,596 | $7,635 | $7,480 |
| Full-time equivalent employees | 1,270 | 1,144 | 1,123 | 1,140 |
| (1) - Detail of Provision for credit losses follows: | ||||
| Quarterly Comparison | ||||
| (in thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 |
| Provision for credit losses - loans | $ - | $1,625 | $850 | $1,550 |
| Provision for credit losses - off balance sheet exposures | - | - | 800 | 425) |
| Total provision for credit losses | $ - | $1,625 | $1,650 | $1,975 |
| (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 |
| Total non-interest expenses (a) | $63,806 | $55,242 | $54,806 | $53,831 |
| Less: Non-recurring merger expenses | (2,283) | - | - | - |
| Total non-interest expenses - Non-GAAP (c) | $61,523 | $55,242 | $54,806 | $53,831 |
| Total net interest income, fully tax equivalent | $87,925 | $78,516 | $79,339 | $77,119 |
| Total non-interest income | 26,747 | 24,594 | 25,128 | 24,476 |
| Total revenue - Non-GAAP (b) | $114,672 | $103,110 | $104,467 | $101,595 |
| Less: Gain/loss on sale of premises and equipment | 34 | (479) | 2 | - |
| Total adjusted revenue - Non-GAAP (d) | $114,706 | $102,631 | $104,469 | $101,595 |
| Efficiency ratio - Non-GAAP (a/b) | 55.64% | 53.58% | 52.46% | 52.99%% |
| Adjusted efficiency ratio - Non-GAAP (c/d) | 53.64% | 53.83% | 52.46% | 52.99%% |
| (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 |
| Total stockholders' equity - GAAP (a) | $1,246,392 | $1,102,935 | $1,075,697 | $1,041,144 |
| Less: Goodwill | (238,337) | (194,074) | (194,074) | (194,074)) |
| Less: Core deposit and other intangibles | (32,690) | (11,361) | (12,160) | (13,074)) |
| Tangible common equity - Non-GAAP (c) | $975,365 | $897,500 | $869,463 | $833,996 |
| Total assets - GAAP (b) | $10,368,564 | $9,466,856 | $9,536,124 | $9,307,376 |
| Less: Goodwill | (238,337) | (194,074) | (194,074) | (194,074)) |
| Less: Core deposit and other intangibles | (32,690) | (11,361) | (12,160) | (13,074)) |
| Tangible assets - Non-GAAP (d) | $10,097,537 | $9,261,421 | $9,329,890 | $9,100,228 |
| Total stockholders' equity to total assets - GAAP (a/b) | 12.02% | 11.65% | 11.28% | 11.19%% |
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 9.66% | 9.69% | 9.32% | 9.16%% |
| Total shares outstanding (e) | 31,068 | 29,516 | 29,476 | 29,474 |
| Book value per share - GAAP (a/e) | $40.12 | $37.37 | $36.49 | $35.32 |
| Tangible common equity per share - Non-GAAP (c/e) | 31.39 | 30.41 | 29.50 | 28.30 |
| (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. |