LOUISVILLE, Ky., Oct. 28, 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 $43.5 million, or $1.40 per diluted share, for the third quarter ended September 30, 2026. This compares to net income of $40.1 million, or $1.31 per diluted share, for the second quarter ended June 30, 2026, and $36.2 million, or $1.23 per diluted share, for the third quarter ended September 30, 2025. Net interest margin expansion, strong credit quality metrics and record levels of non-interest income all contributed to record third quarter 2026 earnings.

             
(dollar amounts in thousands, except per share data)   3Q26   2Q26   3Q25
Net income   $ 43,508     $ 40,057     $ 36,241  
Net income per share, diluted     1.40       1.31       1.23  
             
Net interest income   $ 92,604     $ 87,828     $ 77,037  
Provision for credit losses(1)     950       –       1,975  
Non-interest income     27,633       26,747       24,476  
Non-interest expenses     64,114       63,806       53,831  
             
Net interest margin     3.88 %     3.84 %     3.56 %
Efficiency ratio(2)     53.29 %     55.64 %     52.99 %
Tangible common equity to tangible assets(3)     9.98 %     9.66 %     9.16 %
Annualized return on average assets(4)     1.69 %     1.63 %     1.56 %
Annualized return on average equity(4)     13.72 %     13.50 %     14.16 %
             

“Stock Yards delivered another record quarter, with net interest margin expansion and broad-based strength in non-interest income driving earnings to a new high,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Loan growth was positive, but lighter than anticipated, as payoffs remained elevated and continued to offset solid production. While we expect payoff activity to remain a headwind in the near term, our pipeline is steady heading into the fourth quarter. Non-interest income was once again a highlight, with WM&T revenue, treasury management fees and brokerage income each reaching record levels, and card income also contributing to solid results. While total assets remained above the regulatory $10 billion threshold as of September 30, 2026, we remain committed to managing the balance sheet under $10 billion at year-end as we position the Company to officially transition across that threshold in 2027.

“In addition to organic growth, I am excited to report the first full quarter reflecting our successful merger with Field & Main Bancorp (“Field & Main”),” Hillebrand continued. “The acquisition is already making a meaningful contribution to our results, and shortly after quarter end, in mid-October, we completed the core systems conversion, an important milestone in fully integrating our two organizations. While there is more work ahead, 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 the surrounding region. I’m excited about the long-term growth opportunities this combination creates.”

As of September 30, 2026, Stock Yards had $10.26 billion in assets, $7.99 billion in loans and $8.39 billion in total deposits. The Company’s combined enterprise, which encompasses 82 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, including the opening of the Company’s first full-service location in Bowling Green, Kentucky in late September.

Key factors contributing to the third quarter of 2026 included:

  • Total loans increased $1.06 billion, or 15%, over the last 12 months, while growing $104 million, or 1%, on the linked quarter. As of period end, and including purchase accounting-related adjustments, the Field & Main loan portfolio totaled $606 million. Excluding the Field & Main portfolio, organic growth totaled $453 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 6.17% for the third quarter of 2026, down 2 basis points compared to the third quarter of the prior year due to interest rate reductions implemented by the FRB in the latter part of 2025. The FRB’s recent interest rate increase had a minimal impact on the quarter’s results given its mid-September effective date.
  • Deposit balances increased $746 million, or 10%, over the last 12 months. As of period end, the Field & Main deposit portfolio totaled $731 million, including $130 million of non-interest bearing deposits. Excluding the Field & Main deposit portfolio, total deposits grew $15 million, or less than 1%. On the linked quarter, total deposits contracted $96 million, or 1%. Excluding the impact of the Field & Main portfolio, total deposits contracted $61 million on the linked quarter, driven by declines in the more expensive time deposit and normal seasonal fluctuations in public fund balances.
  • Net interest income increased $15.6 million, or 20%, for the third quarter of 2026 compared to the third quarter a year ago. Net interest margin expanded 32 basis points to 3.88% for the third quarter of 2026 compared to the third 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 $4.8 million, or 5%, and net interest margin expanded by 4 basis points, driven primarily by improved loan yields, steady interest-bearing deposit costs and a more efficient balance sheet. Higher loan yields were attributed to the continued favorable repricing of the legacy portfolio, while deposit costs declined one basis point as higher interest-bearing demand and money market costs were offset by the favorable repricing of the time deposit portfolio.
  • The provision for credit losses on loans(1) was $700,000 for the third quarter of 2026, compared to $1.6 million for the prior year quarter, due to solid organic loan growth for the quarter, strong credit quality metrics and an improved unemployment forecast during the quarter. No provision for off balance sheet credit exposures was recorded for the third quarter of 2026, compared to $425,000 for the prior year quarter.
  • Provision for credit losses on available-for-sale investment securities of $250,000 was recorded for the third quarter of 2026 to establish an allowance for the Company’s only corporate security, which was acquired as a result of a previous acquisition, due to an event of default that is in the process of resolution.
  • Non-interest income increased $3.2 million, or 13%, over the third quarter of 2025, and increased $886,000, or 3%, on the linked quarter as a result of organic growth and the first full quarter of acquisition-related activity.
  • Total non-interest expenses increased $10.3 million, or 19%, for the third quarter of 2026 compared to the third quarter of 2025, and increased $308,000, or less than 1%, on the linked quarter. Activity related to the Field & Main merger totaled $6.2 million during the third quarter of 2026, $5.5 million of which relates to regular operating expenses and $678,000 relates to one-time merger-related expenses. Remaining merger-related expenses, primarily related to systems conversion, are expected to be incurred in the fourth quarter of 2026.
  • Tangible book value per share(3) was $32.08 on September 30, 2026, compared to $31.39 on June 30, 2026, and $28.30 on September 30, 2025.

Hillebrand concluded, “In August 2026, we were honored to be recognized by Bank Director as one of the top 25 banks in the nation, ranking 17th overall and 10th among the banks studied with total assets between $5 billion and $50 billion. This recognition serves as a testament to the hard work and dedication of our entire team and proves that our full-relationship, community banking business model continues to deliver the exceptional results that have become synonymous with the Stock Yards name.”

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

Net interest income, the Company’s largest source of revenue, increased by $15.6 million, or 20%, to $92.6 million. Significant average earning asset balance growth led to strong net interest income expansion. Net interest income attributed to the Field & Main merger totaled $7.8 million, representing a full quarter of activity.

  • Total interest income increased by $14.1 million, or 12%, to $134 million, including $12.1 million of interest income attributed to the Field & Main acquisition.
    • Interest income and fees on loans increased $16.1 million, or 15%, over the prior year quarter, while average loan balances increased $1.06 billion, or 15%. Interest income on loans attributed to the Field & Main acquisition totaled $11.0 million, with acquired average loans totaling $618 million. The average yield earned on loans decreased 2 basis points over the past 12 months to 6.17%. Excluding the impact of the Field & Main acquisition, which included approximately $488,000 of purchased loan mark accretion, average loan yields on the legacy portfolio declined slightly to 6.10%.
    • Interest income on securities decreased $2.6 million, or 34%, compared to the third quarter of 2025. Average securities balances declined $313 million, or 25%, while the rate earned on securities declined 28 basis points to 2.14%. The decline in average balances and related yields was attributed to the scheduled maturities of treasury bills over the past 12 months 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 $140 million, or 31% for the third 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. Corresponding interest income increased $593,000, or 12%, consistent with significant average balance growth. The related yield declined 65 basis points to 3.77% compared to the prior year quarter due to the Federal Reserve’s rate reductions over the past year.
  • Total interest expense decreased $1.5 million, or 3%, to $41.8 million despite recording interest expense totaling $4.3 million in relation to the Field & Main merger.
    • While average interest-bearing deposit balances increased $661 million, or 11%, as a result of both organic growth and acquisition-related activity, the corresponding expense declined $1.1 million, or 3%, compared to the third quarter of 2025 and the rate paid on interest-bearing deposits dropped 32 basis points to 2.28%, 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 provision for credit losses on loans(1) of $700,000 for the third quarter of 2026, compared to $1.6 million in provision for credit losses on loans for the third quarter of 2025. The lower expense compared to the third quarter of 2025 reflected strong credit metrics and an improved economic forecast. No expense for off balance sheet exposures was recorded for the third quarter of 2026 compared to $425,000 recorded in the third quarter of 2025, due primarily to a decrease in expected future utilization within the C&D portfolio. Additionally, provision for credit losses on available-for-sale investment securities of $250,000 was recorded in relation to a corporate security owned through a previous acquisition. No such expense was recorded in the prior year period.

Non-interest income increased $3.2 million, or 13%, to $27.6 million compared to the third quarter of 2025. Non-interest income attributed to the Field & Main acquisition totaled $2.0 million for the third quarter of 2026.

  • WM&T income ended the third quarter of 2026 at a record $12.9 million, an increase of $2.2 million, or 20%, over the third quarter of 2025. WM&T revenue attributed to the Field & Main acquisition totaled $1.2 million for the third quarter of 2026. Excluding the impact of the Field & Main merger, legacy WM&T revenue ended at $11.7 million for the third quarter of 2026, aided by market appreciation and customer base expansion.
  • Treasury management fees increased $404,000, or 14%, to a record $3.3 million, with organic growth and new product sales driving the increase. Activity related to Field & Main was minimal, totaling $27,000.
  • Card income increased $602,000, or 12%, over the third quarter of 2025, with activity attributed to the Field & Main acquisition totaling $413,000.
  • Brokerage income grew $104,000, or 9%, compared to the third quarter of the prior year, ending at a record $1.2 million.
  • Other non-interest income, which primarily includes swap fees, letter of credit fees and OREO activity, decreased $108,000 compared to the third quarter of 2025, as the prior year period benefitted from swap fee activity.

Non-interest expenses increased by $10.3 million, or 19%, to $64.1 million, compared to the third quarter of 2025. Non-interest expenses related to the Field & Main merger totaled $6.2 million for the third quarter of 2026, $5.5 million of which represents regular operating expenses and $678,000 represents one-time merger-related charges.

  • Compensation expense increased $2.7 million, or 9%, compared to the third quarter of 2025, driven primarily by growth in full-time equivalent employees (FTEs), including the impact of the Field & Main acquisition, and annual merit-based salary increases. Approximately 100 employees joined the Company as part of the Field & Main merger.
  • Employee benefits expense increased $1.5 million, or 32%, attributed to the previously mentioned FTE growth in addition to higher health insurance claims activity.
  • Technology and communication expense increased $1.6 million, or 33%, compared to the third 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 $905,000, or 22%, over the third 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 $84,000, or 4%, compared to the third quarter of 2025, primarily due to the impact of the Field & Main acquisition.
  • Intangible asset amortization expense increased $1.0 million, or 110%, 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 $1.5 million, or 65%, compared to the third quarter of 2025, driven mainly by the impact of a singular non-recurring credit card fraud loss that totaled $850,000.

The Company recorded income tax expense of $11.7 million for the third quarter of 2026, with an effective tax rate of 21.1%. This compared to income tax expense of $9.5 million in the third quarter of 2025, with an effective tax rate of 20.7%.

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

Total assets increased by $953 million, or 10%, year over year to $10.26 billion.

Total loans increased $1.06 billion, or 15%, to $7.99 billion, with broad-based growth across segments and markets. As of September 30, 2026, the Field & Main loan portfolio totaled approximately $606 million. Excluding the Field & Main portfolio, organic growth totaled $453 million, or 6%, with the CRE and C&I segments being the primary drivers of the increase. Total line of credit usage ended at 48% as of September 30, 2026, compared to 47% as of September 30, 2025. C&I line of credit usage ended at 36% as of period end, compared to 37% as of September 30, 2025.

Total investment securities decreased $141 million, or 15%, year over year, driven by the maturity of short-term treasury bills over the past 12 months 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 $746 million, or 10%, over the past 12 months. As of period end, the Field & Main deposit portfolio totaled $731 million, including $130 million of non-interest bearing deposits. Excluding the Field & Main portfolio, total deposits grew $16 million, or less than 1%.

Non-performing loans totaled $21.9 million, or 0.27% of total loans outstanding on September 30, 2026, compared to $18.7 million, or 0.27% of total loans outstanding on September 30, 2025. The ratio of allowance for credit losses to loans ended at 1.35% on September 30, 2026, compared to 1.33% on September 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 September 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 12.35% and the tangible common equity ratio(3) was 9.98% on September 30, 2026, compared to 11.19% and 9.16% on September 30, 2025, respectively. Further, tangible book value per share increased to $32.08 at September 30, 2026, from $28.30 at September 30, 2025, representing an increase of 13% over the prior year.

In August 2026, the board of directors increased its quarterly cash dividend to $0.33 per common share. The dividend was paid October 1, 2026, to shareholders of record as of September 21, 2026.

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

Net interest margin expanded 4 basis points on the linked quarter to 3.88%, driven largely by higher earning asset yields and flat overall funding costs. 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 $4.8 million, or 5%, over the prior quarter. Net interest income attributed to the Field & Main acquisition, which represents a full quarter of activity, totaled $7.8 million.

  • Total interest income increased $6.1 million, or 5%.
    • Interest income on loans, including fees, increased $5.3 million, or 5%. Average loans increased $244 million, or 3%, and the corresponding yield earned increased to 6.17%.
    • Average investment securities balances declined $37 million, or 4%, with related interest income decreasing $230,000, or 4%, as a result of scheduled maturity activity and normal amortization.
    • Average interest-bearing cash balances increased $91 million, or 18%, driving a $922,000, or 20%, increase in related interest income during the period.
  • Total interest expense increased $1.3 million, or 3%.
    • Interest expense on deposits increased $1.5 million, or 4%, which was almost entirely attributed to interest expense associated with the interest-bearing deposit portfolio acquired from Field & Main.

During the third quarter of 2026, the Company recorded $700,000 of provision for credit losses on loans(1) and $250,000 of provision expense for available-for-sale investment securities. During the second quarter of 2026, the Company recorded no provision for credit losses on loans and no provision expense for available-for-sale investment securities.

Non-interest income increased $886,000, or 3%, on the linked quarter, to $27.6 million. The third quarter of 2026 includes $2.0 million in activity related to the Field & Main merger. Excluding this activity, non-interest income for the quarter increased $142,000, or 1%, as increases in card income, treasury management fees and brokerage income were only partially offset by declines in other income, mortgage banking revenue and WM&T fees. The decline in WM&T fees reflected the benefit of seasonal tax-fee revenue in the prior quarter.

Non-interest expenses increased $308,000 on the linked quarter to $64.1 million. Activity related to the Field & Main merger totaled $6.2 million, $5.5 million of which represents normal, recurring expenses and $678,000 represents one-time merger related expenses.

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

Total assets decreased $108 million, or 1%, on the linked quarter to $10.26 billion.

Total loans expanded $104 million, or 1%, on the linked quarter. Excluding the Field & Main portfolio, organic growth for the quarter was $131 million. This was a notable improvement compared to the prior quarter where organic loan growth was muted due to the impact of several larger loan payoffs. Total line of credit usage was 48% as of September 30, 2026, compared to 50% as of June 30, 2026. C&I line of credit usage was 36% as of September 30, 2026, compared to 37% at June 30, 2026.

Total deposits decreased $96 million, or 1%, on the linked quarter. Total non-interest bearing deposits increased $20 million, or 1%, while total interest-bearing deposit accounts decreased $116 million, or 2%. As of September 30, 2026, the Field & Main deposit portfolio totaled $731 million in total deposits, including $130 million in non-interest bearing deposits. Excluding the Field & Main portfolio, deposits declined $61 million, reflecting contractions within the time deposit portfolio and normal seasonal fluctuations in public fund balances.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $10.26 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.

Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Third Quarter 2026 Earnings Release                              
(In thousands unless otherwise noted)                              
    Three Months Ended   Nine Months Ended      
    September 30,   September 30,      
Income Statement Data   2026   2025   2026   2025      
                               
Net interest income, fully tax equivalent (5)   $ 92,689     $ 77,119     $ 259,129     $ 221,315        
Interest income:                              
Loans   $ 123,322     $ 107,207     $ 347,756     $ 309,816        
Federal funds sold and interest bearing due from banks   5,596     5,003     15,300     9,734        
Mortgage loans held for sale   97     74     260     229        
Federal Home Loan Bank stock   434     488     1,231     1,682        
Investment securities   4,935     7,500     15,791     24,977        
Total interest income   134,384     120,272     380,338     346,438        
Interest expense:                              
Deposits   38,223     39,294     110,456     111,386        
Securities sold under agreements to repurchase   462     588     1,207     2,027        
Federal funds purchased   68     72     199     214        
Federal Home Loan Bank advances   2,654     2,870     8,515     10,519        
Subordinated debentures   373     411     1,108     1,230        
Total interest expense   41,780     43,235     121,485     125,376        
Net interest income   92,604     77,037     258,853     221,062        
Provision for credit losses (1)   950     1,975     2,575     5,050        
Net interest income after provision for credit losses   91,654     75,062     256,278     216,012        
Non-interest income:                              
Wealth management and trust services   12,863     10,704     36,761     31,834        
Deposit service charges   2,555     2,281     7,079     6,429        
Debit and credit card income   5,611     5,009     15,393     14,354        
Treasury management fees   3,327     2,923     9,490     8,601        
Mortgage banking income   876     1,252     2,819     3,263        
Net investment product sales commissions and fees   1,216     1,112     3,351     3,102        
Bank owned life insurance   729     631     2,052     1,882        
Gain on sale of premises and equipment   –     –     445     74        
Other   456     564     1,584     2,281        
Total non-interest income   27,633     24,476     78,974     71,820        
Non-interest expenses:                              
Compensation   31,573     28,836     91,692     82,047        
Employee benefits   6,422     4,878     18,774     15,993        
Net occupancy and equipment   4,991     4,086     14,056     12,234        
Technology and communication   6,416     4,837     18,173     14,438        
Debit and credit card processing   2,367     1,984     6,415     5,711        
Marketing and business development   1,971     1,887     5,486     5,353        
Postage, printing and supplies   957     910     2,895     2,816        
Legal and professional   1,043     891     3,278     2,886        
FDIC insurance   1,073     1,198     3,328     3,681        
Capital and deposit based taxes   852     1,082     2,706     2,520        
Merger expenses   678     –     2,961     –        
Intangible amortization   1,920     915     4,265     2,744        
Other   3,851     2,327     9,133     7,135        
Total non-interest expenses   64,114     53,831     183,162     157,558        
Income before income tax expense   55,173     45,707     152,090     130,274        
Income tax expense   11,665     9,466     31,930     26,738        
Net income   $ 43,508     $ 36,241     $ 120,160     $ 103,536        
                               
Net income per share – Basic   $ 1.41     $ 1.23     $ 3.97     $ 3.53        
Net income per share – Diluted   1.40     1.23     3.95     3.51        
Cash dividend declared per share   0.33     0.32     0.97     0.94        
                               
Weighted average shares – Basic   30,956     29,369     30,267     29,360        
Weighted average shares – Diluted   31,118     29,526     30,402     29,511        
                               
            September 30,      
Balance Sheet Data               2026   2025      
                               
Investment securities               $ 799,422     $ 940,639        
Loans               7,987,664     6,929,456        
Allowance for credit losses on loans               107,855     92,160        
Total assets               10,260,130     9,307,376        
Non-interest bearing deposits               1,679,364     1,589,159        
Interest bearing deposits               6,710,461     6,054,813        
Federal Home Loan Bank advances               250,000     300,000        
Accumulated other comprehensive loss               (74,737 )   (67,622 )      
Stockholders’ equity               1,267,270     1,041,144        
                               
Total shares outstanding               31,066     29,474        
Book value per share (3)               $ 40.79     $ 35.32        
Tangible common equity per share (3)               32.08     28.30        
Market value per share               77.09     69.99        
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Third Quarter 2026 Earnings Release                              
                               
    Three Months Ended   Nine Months Ended      
    September 30,   September 30,      
Average Balance Sheet Data   2026   2025   2026   2025      
                               
Federal funds sold and interest bearing due from banks   $ 589,179     $ 448,969     $ 548,363     $ 294,033        
Mortgage loans held for sale   7,975     6,051     6,946     6,310        
Investment securities   923,445     1,236,715     972,122     1,342,742        
Federal Home Loan Bank stock   24,583     21,125     22,960     24,756        
Loans   7,929,249     6,873,559     7,580,225     6,740,318        
Total interest earning assets   9,474,431     8,586,419     9,130,616     8,408,159        
Total assets   10,217,117     9,216,803     9,832,634     9,033,780        
Non-interest bearing deposits   1,673,942     1,540,029     1,564,339     1,485,519        
Interest bearing deposits   6,662,359     6,001,275     6,462,566     5,806,932        
Total deposits   8,336,301     7,541,304     8,026,905     7,292,451        
Securities sold under agreements to repurchase   98,741     104,640     90,635     130,507        
Federal funds purchased   7,438     6,689     7,377     6,605        
Federal Home Loan Bank advances   269,565     300,000     289,744     356,044        
Subordinated debentures   26,806     26,806     26,806     26,806        
Total interest bearing liabilities   7,064,909     6,439,410     6,877,128     6,326,894        
Accumulated other comprehensive loss   (62,919 )   (75,659 )   (60,923 )   (82,043 )      
Total stockholders’ equity   1,258,026     1,015,478     1,179,790     983,665        
                               
Performance Ratios                              
Annualized return on average assets (4)   1.69 %   1.56 %   1.63 %   1.53 %      
Annualized return on average equity (4)   13.72 %   14.16 %   13.62 %   14.07 %      
Net interest margin, fully tax equivalent   3.88 %   3.56 %   3.79 %   3.52 %      
Non-interest income to total revenue, fully tax equivalent   22.97 %   24.09 %   23.36 %   24.50 %      
Efficiency ratio, fully tax equivalent (2)   53.29 %   52.99 %   54.17 %   53.75 %      
                               
Capital Ratios                              
Total stockholders’ equity to total assets (3)               12.35 %   11.19 %      
Tangible common equity to tangible assets (3)               9.98 %   9.16 %      
Average stockholders’ equity to average assets               12.00 %   10.89 %      
Total risk-based capital               13.73 %   13.17 %      
Common equity tier 1 risk-based capital               12.19 %   11.59 %      
Tier 1 risk-based capital               12.48 %   11.92 %      
Leverage               11.02 %   10.24 %      
                               
Loan Segmentation                              
Commercial real estate – non-owner occupied               $ 2,167,416     $ 1,947,892        
Commercial real estate – owner occupied               1,290,241     1,091,134        
Commercial and industrial               1,771,758     1,490,149        
Residential real estate – owner occupied               1,002,144     873,540        
Residential real estate – non-owner occupied               478,244     394,429        
Construction and land development               769,628     675,052        
Home equity lines of credit               355,934     271,017        
Consumer               113,937     142,149        
Leases               11,256     18,517        
Credit cards               27,106     25,577        
Total loans and leases               $ 7,987,664     $ 6,929,456        
                               
Deposit Segmentation                              
Interest bearing demand               $ 3,161,774     $ 2,573,204        
Savings               475,700     420,614        
Money market               1,272,970     1,341,727        
Time deposits               1,800,017     1,719,268        
Non-Interest bearing deposits               1,679,364     1,589,159        
Total deposits               $ 8,389,825     $ 7,643,972        
                               
Asset Quality Data                              
Non-accrual loans               $ 20,014     $ 18,559        
Modifications to borrowers experiencing financial difficulty               –     –        
Loans past due 90 days or more and still accruing               1,877     100        
Total non-performing loans               21,891     18,659        
Other real estate owned               406     190        
Total non-performing assets               $ 22,297     $ 18,849        
Non-performing loans to total loans               0.27 %   0.27 %      
Non-performing assets to total assets               0.22 %   0.20 %      
Allowance for credit losses on loans to total loans               1.35 %   1.33 %      
Allowance for credit losses on loans to average loans               1.42 %   1.34 %      
Allowance for credit losses on loans to non-performing loans               493 %   494 %      
Net (charge-offs) recoveries   $ (3,952 )   $ (112 )   $ (3,877 )   $ 517        
Net (charge-offs) recoveries to average loans (6)   -0.05%     -0.01%     -0.05%     0.01 %      
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Third Quarter 2026 Earnings Release                              
                               
    Quarterly Comparison
Income Statement Data   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
                               
Net interest income, fully tax equivalent (5)   $ 92,689     $ 87,925     $ 78,516     $ 79,339     $ 77,119  
Net interest income   $ 92,604     $ 87,828     $ 78,421     $ 79,250     $ 77,037  
Provision for credit losses (1)   950     –     1,625     1,650     1,975  
Net interest income after provision for credit losses   91,654     87,828     76,796     77,600     75,062  
Non-interest income:                              
Wealth management and trust services   12,863     12,563     11,335     10,974     10,704  
Deposit service charges   2,555     2,368     2,156     2,303     2,281  
Debit and credit card income   5,611     5,144     4,638     5,519     5,009  
Treasury management fees   3,327     3,175     2,988     3,078     2,923  
Mortgage banking income   876     1,013     930     860     1,252  
Net investment product sales commissions and fees   1,216     1,074     1,061     1,119     1,112  
Bank owned life insurance   729     691     632     633     631  
Gain (loss) on sale of premises and equipment   –     (34 )   479     (2 )   –  
Other   456     753     375     644     564  
Total non-interest income   27,633     26,747     24,594     25,128     24,476  
Non-interest expenses:                              
Compensation   31,573     30,953     29,166     28,510     28,836  
Employee benefits   6,422     6,183     6,169     5,267     4,878  
Net occupancy and equipment   4,991     4,745     4,320     4,299     4,086  
Technology and communication   6,416     6,422     5,335     4,857     4,837  
Debit and credit card processing   2,367     2,126     1,922     1,902     1,984  
Marketing and business development   1,971     2,237     1,278     2,173     1,887  
Postage, printing and supplies   957     1,025     913     930     910  
Legal and professional   1,043     1,359     876     1,329     891  
FDIC insurance   1,073     1,109     1,146     1,124     1,198  
Capital and deposit based taxes   852     976     878     895     1,082  
Merger expenses   678     2,283     –     –     –  
Intangible amortization   1,920     1,546     799     914     915  
Other   3,851     2,842     2,440     2,606     2,327  
Total non-interest expenses   64,114     63,806     55,242     54,806     53,831  
Income before income tax expense   55,173     50,769     46,148     47,922     45,707  
Income tax expense   11,665     10,712     9,553     11,308     9,466  
Net income   $ 43,508     $ 40,057     $ 36,595     $ 36,614     $ 36,241  
                               
                               
Net income per share – Basic   $ 1.41     $ 1.32     $ 1.25     $ 1.25     $ 1.23  
Net income per share – Diluted   1.40     1.31     1.24     1.24     1.23  
Cash dividend declared per share   0.33     0.32     0.32     0.32     0.32  
                               
Weighted average shares – Basic   30,956     30,442     29,387     29,370     29,369  
Weighted average shares – Diluted   31,118     30,568     29,502     29,495     29,526  
                               
    Quarterly Comparison
Balance Sheet Data   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
                               
Cash and due from banks   $ 78,128     $ 89,258     $ 85,596     $ 70,061     $ 84,357  
Federal funds sold and interest bearing due from banks   595,265     753,573     581,123     816,315     671,932  
Mortgage loans held for sale   9,100     8,262     5,758     6,247     6,045  
Investment securities   799,422     852,158     885,754     921,057     940,639  
Federal Home Loan Bank stock   23,777     24,934     20,717     20,717     20,717  
Loans   7,987,664     7,883,749     7,226,429     7,041,310     6,929,456  
Allowance for credit losses on loans   107,855     109,094     93,596     91,867     92,160  
Goodwill   239,862     238,337     194,074     194,074     194,074  
Total assets   10,260,130     10,368,564     9,466,856     9,536,124     9,307,376  
Non-interest bearing deposits   1,679,364     1,659,007     1,456,324     1,435,846     1,589,159  
Interest bearing deposits   6,710,461     6,827,090     6,300,912     6,355,291     6,054,813  
Securities sold under agreements to repurchase   83,647     102,695     87,513     112,476     73,149  
Federal funds purchased   7,528     7,385     7,345     7,289     6,729  
Federal Home Loan Bank advances   250,000     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   (74,737 )   (61,131 )   (61,200 )   (61,275 )   (67,622 )
Stockholders’ equity   1,267,270     1,246,392     1,102,935     1,075,697     1,041,144  
                               
Total shares outstanding   31,066     31,068     29,516     29,476     29,474  
Book value per share (3)   $ 40.79     $ 40.12     $ 37.37     $ 36.49     $ 35.32  
Tangible common equity per share (3)   32.08     31.39     30.41     29.50     28.30  
Market value per share   77.09     76.47     66.29     64.95     69.99  
                               
Capital Ratios                              
Total stockholders’ equity to total assets (3)   12.35 %   12.02 %   11.65 %   11.28 %   11.19 %
Tangible common equity to tangible assets (3)   9.98 %   9.66 %   9.69 %   9.32 %   9.16 %
Average stockholders’ equity to average assets   12.31 %   12.05 %   11.60 %   11.15 %   11.02 %
Total risk-based capital   13.73 %   13.62 %   13.53 %   13.42 %   13.17 %
Common equity tier 1 risk-based capital   12.19 %   12.07 %   11.95 %   11.84 %   11.59 %
Tier 1 risk-based capital   12.48 %   12.37 %   12.28 %   12.17 %   11.92 %
Leverage   11.02 %   11.05 %   10.68 %   10.30 %   10.24 %
                               
Stock Yards Bancorp, Inc. Financial Information (unaudited)                              
Third Quarter 2026 Earnings Release                              
                               
    Quarterly Comparison
Average Balance Sheet Data   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
                               
Federal funds sold and interest bearing due from banks   $ 589,179     $ 498,198     $ 557,364     $ 742,895     $ 448,969  
Mortgage loans held for sale   7,975     7,467     5,365     7,751     6,051  
Investment securities   923,445     960,194     1,033,940     1,066,621     1,236,715  
Federal Home Loan Bank stock   24,583     23,538     20,717     20,717     21,125  
Loans   7,929,249     7,685,360     7,117,141     6,971,307     6,873,559  
Total interest earning assets   9,474,431     9,174,757     8,734,527     8,809,291     8,586,419  
Total assets   10,217,117     9,882,847     9,388,841     9,456,699     9,216,803  
Non-interest bearing deposits   1,673,942     1,587,131     1,429,253     1,542,735     1,540,029  
Interest bearing deposits   6,662,359     6,499,583     6,220,903     6,218,760     6,001,275  
Total deposits   8,336,301     8,086,714     7,650,156     7,761,495     7,541,304  
Securities sold under agreement to repurchase   98,741     80,061     93,040     84,802     104,640  
Federal funds purchased   7,438     7,405     7,287     7,088     6,689  
Federal Home Loan Bank advances   269,565     300,000     300,000     300,000     300,000  
Subordinated debentures   26,806     26,806     26,806     26,806     26,806  
Total interest bearing liabilities   7,064,909     6,913,855     6,648,036     6,637,456     6,439,410  
Accumulated other comprehensive loss   (62,919 )   (60,666 )   (59,143 )   (65,786 )   (75,659 )
Total stockholders’ equity   1,258,026     1,190,463     1,089,025     1,054,117     1,015,478  
                               
Performance Ratios                              
Annualized return on average assets (4)   1.69 %   1.63 %   1.58 %   1.54 %   1.56 %
Annualized return on average equity (4)   13.72 %   13.50 %   13.63 %   13.78 %   14.16 %
Net interest margin, fully tax equivalent   3.88 %   3.84 %   3.65 %   3.57 %   3.56 %
Non-interest income to total revenue, fully tax equivalent   22.97 %   23.32 %   23.85 %   24.05 %   24.09 %
Efficiency ratio, fully tax equivalent (2)   53.29 %   55.64 %   53.58 %   52.46 %   52.99 %
                               
Loans Segmentation                              
Commercial real estate – non-owner occupied   $ 2,167,416     $ 2,150,290     $ 1,964,589     $ 1,915,252     $ 1,947,892  
Commercial real estate – owner occupied   1,290,241     1,288,855     1,176,570     1,121,896     1,091,134  
Commercial and industrial   1,771,758     1,708,911     1,592,578     1,509,489     1,490,149  
Residential real estate – owner occupied   1,002,144     990,825     888,721     881,865     873,540  
Residential real estate – non-owner occupied   478,244     476,119     387,652     391,216     394,429  
Construction and land development   769,628     771,069     742,243     751,897     675,052  
Home equity lines of credit   355,934     347,187     290,766     285,115     271,017  
Consumer   113,937     114,354     142,897     142,425     142,149  
Leases   11,256     12,665     15,493     16,912     18,517  
Credit cards   27,106     23,474     24,920     25,243     25,577  
Total loans and leases   $ 7,987,664     $ 7,883,749     $ 7,226,429     $ 7,041,310     $ 6,929,456  
                               
Deposit Segmentation                              
Interest bearing demand   $ 3,161,774     $ 3,223,367     $ 2,834,034     $ 2,886,406     $ 2,573,204  
Savings   475,700     478,559     433,559     420,382     420,614  
Money market   1,272,970     1,273,593     1,289,806     1,311,969     1,341,727  
Time deposits   1,800,017     1,851,571     1,743,513     1,736,534     1,719,268  
Non-Interest bearing deposits   1,679,364     1,659,007     1,456,324     1,435,846     1,589,159  
Total deposits   $ 8,389,825     $ 8,486,097     $ 7,757,236     $ 7,791,137     $ 7,643,972  
                               
Asset Quality Data                              
Non-accrual loans   $ 20,014     $ 19,509     $ 10,519     $ 12,585     $ 18,559  
Modifications to borrowers experiencing financial difficulty   –     –     –     –     –  
Loans past due 90 days or more and still accruing   1,877     4,932     927     449     100  
Total non-performing loans   21,891     24,441     11,446     13,034     18,659  
Other real estate owned   406     440     190     190     190  
Total non-performing assets   $ 22,297     $ 24,881     $ 11,636     $ 13,224     $ 18,849  
Non-performing loans to total loans   0.27 %   0.31 %   0.16 %   0.19 %   0.27 %
Non-performing assets to total assets   0.22 %   0.24 %   0.12 %   0.14 %   0.20 %
Allowance for credit losses on loans to total loans   1.35 %   1.38 %   1.30 %   1.30 %   1.33 %
Allowance for credit losses on loans to average loans   1.36 %   1.42 %   1.32 %   1.32 %   1.34 %
Allowance for credit losses on loans to non-performing loans   493 %   446 %   818 %   705 %   494 %
Net (charge-offs) recoveries   $ (3,952 )   $ (29 )   $ 104     $ (1,143 )   $ (112 )
Net (charge-offs) recoveries to average loans (6)   -0.05 %   -0.00 %   0.00 %   -0.02 %   -0.00 %
                               
Other Information                              
Total WM&T assets under management (in millions)   $ 8,949     $ 8,844     $ 7,596     $ 7,635     $ 7,480  
Full-time equivalent employees   1,270     1,270     1,144     1,123     1,140  
                               
(1) – Detail of Provision for credit losses follows:            
    Quarterly Comparison
(in thousands)   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
Provision for credit losses – loans   $ 700     $ –     $ 1,625     $ 850     $ 1,550  
Provision for credit losses – off balance sheet exposures   –     –     –     800     425  
Provision for credit losses – AFS investment securities   250     –     –     –     –  
Total provision for credit losses   $ 950     $ –     $ 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)   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
Total non-interest expenses (a)   $ 64,114     $ 63,806     $ 55,242     $ 54,806     $ 53,831  
Less: Non-recurring merger expenses   (678 )   (2,283 )   –     –     –  
Total non-interest expenses – Non-GAAP (c)   $ 63,436     $ 61,523     $ 55,242     $ 54,806     $ 53,831  
                               
Total net interest income, fully tax equivalent   $ 92,689     $ 87,925     $ 78,516     $ 79,339     $ 77,119  
Total non-interest income   27,633     26,747     24,594     25,128     24,476  
Total revenue – Non-GAAP (b)   $ 120,322     $ 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)   $ 120,322     $ 114,706     $ 102,631     $ 104,469     $ 101,595  
                               
Efficiency ratio – Non-GAAP (a/b)   53.29 %   55.64 %   53.58 %   52.46 %   52.99 %
Adjusted efficiency ratio – Non-GAAP (c/d)   52.72 %   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)   9/30/26   6/30/26   3/31/26   12/31/25   9/30/25
Total stockholders’ equity – GAAP (a)   $ 1,267,270     $ 1,246,392     $ 1,102,935     $ 1,075,697     $ 1,041,144  
Less: Goodwill   (239,862 )   (238,337 )   (194,074 )   (194,074 )   (194,074 )
Less: Core deposit and other intangibles   (30,770 )   (32,690 )   (11,361 )   (12,160 )   (13,074 )
Tangible common equity – Non-GAAP (c)   $ 996,638     $ 975,365     $ 897,500     $ 869,463     $ 833,996  
                               
Total assets – GAAP (b)   $ 10,260,130     $ 10,368,564     $ 9,466,856     $ 9,536,124     $ 9,307,376  
Less: Goodwill   (239,862 )   (238,337 )   (194,074 )   (194,074 )   (194,074 )
Less: Core deposit and other intangibles   (30,770 )   (32,690 )   (11,361 )   (12,160 )   (13,074 )
Tangible assets – Non-GAAP (d)   $ 9,989,498     $ 10,097,537     $ 9,261,421     $ 9,329,890     $ 9,100,228  
                               
Total stockholders’ equity to total assets – GAAP (a/b)   12.35 %   12.02 %   11.65 %   11.28 %   11.19 %
Tangible common equity to tangible assets – Non-GAAP (c/d)   9.98 %   9.66 %   9.69 %   9.32 %   9.16 %
                               
Total shares outstanding (e)   31,066     31,068     29,516     29,476     29,474  
                               
Book value per share – GAAP (a/e)   $ 40.79     $ 40.12     $ 37.37     $ 36.49     $ 35.32  
Tangible common equity per share – Non-GAAP (c/e)   32.08     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.

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


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Stock Yards Bancorp, Inc.