Stock Yards Bancorp Reports Record Second Quarter Earnings of $34.0 Million or $1.15 Per Diluted Share

Rhea-AI Summary

Stock Yards Bancorp (NASDAQ: SYBT) reported record second quarter 2025 earnings of $34.0 million, or $1.15 per diluted share, compared to $27.6 million, or $0.94 per share, in Q2 2024. The bank demonstrated strong performance with total loans increasing 13% to $6.85 billion and deposits growing 14% to $7.51 billion year-over-year.

Key highlights include net interest margin expansion to 3.53%, up 27 basis points from Q2 2024, and robust loan growth across all markets. The bank's non-interest income increased to $24.3 million, while maintaining strong credit quality metrics. Total assets reached $9.21 billion, marking an 11% increase year-over-year.

Positive

• None.

Negative

• Wealth Management & Trust income declined 3% year-over-year
• Non-interest expenses increased 7% to $52.7 million
• Higher provision for credit losses at $2.2 million due to deteriorating economic forecast
• Shift in deposit mix toward higher-cost time deposits

Insights

Financial Analyst

SYBT delivered exceptional Q2 results with 13% loan growth, significant margin expansion, and 23% EPS growth year-over-year.

Stock Yards Bancorp has delivered a truly impressive second quarter performance that showcases the bank's ability to execute effectively in multiple areas simultaneously. The 23% year-over-year increase in EPS to $1.15 represents substantial growth in this operating environment and significantly outpaces many regional banking peers.

What's most striking is the dual engine of growth driving these results. The bank achieved 13% year-over-year loan expansion ($779 million) while simultaneously expanding net interest margin by 27 basis points to 3.53%. This powerful combination lifted net interest income by 18% year-over-year.

The loan growth was remarkably balanced across categories and markets, with commercial real estate leading at $405 million. This broad-based growth suggests the bank is capitalizing on opportunities across its footprint rather than concentrating risk in any single segment.

On the funding side, SYBT grew deposits by 14% year-over-year ($938 million), though much of this came through higher-cost time deposits from earlier promotional campaigns. Despite this, they've maintained non-interest bearing deposits at over 20% of the total deposit base, which is helping control funding costs.

Efficiency metrics show continued improvement, with the efficiency ratio declining to 53.83% from 57.26% a year ago. This demonstrates the bank's ability to generate operating leverage despite 7% higher non-interest expenses.

Credit quality remains strong with non-performing loans at just 0.26% of total loans. The $2.2 million provision for credit losses was primarily driven by loan growth rather than deteriorating asset quality.

Looking ahead, management expects stable net interest margin but anticipates increased deposit competition in the second half of the year. The bank is well-positioned with a 8.86% tangible common equity ratio and plans for continued expansion with new branches in Bardstown, Kentucky and Liberty Township, Ohio.

Highlighted by Strong Loan Growth and Net Interest Margin Expansion

LOUISVILLE, Ky., July 23, 2025 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $34.0 million, or $1.15 per diluted share, for the second quarter ended June 30, 2025. This compares to net income of $27.6 million, or $0.94 per diluted share, for the second quarter of 2024. Strong loan and deposit growth contributed to record second quarter 2025 operating results.

(dollar amounts in thousands, except per share data)	2Q25			1Q25			2Q24
Net income	$	34,024		$	33,271		$	27,598
Net income per share, diluted		1.15			1.13			0.94
Net interest income	$	73,473		$	70,552		$	62,022
Provision for credit losses(1)		2,175			900			1,300
Non-interest income		24,348			22,996			23,655
Non-interest expenses		52,700			51,027			49,109
Net interest margin		3.53	%		3.46	%		3.26	%
Efficiency ratio(2)		53.83	%		54.50	%		57.26	%
Tangible common equity to tangible assets(3)		8.86	%		8.72	%		8.42	%
Annualized return on average assets(4)		1.52	%		1.52	%		1.35	%
Annualized return on average equity(4)		13.91	%		14.14	%		12.64	%

“We concluded the first half of 2025 with strong momentum, delivering record second quarter earnings that reflect continued exceptional profitability, fueled in large part by robust loan growth and net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “A key highlight of the quarter was the $779 million, or 13%, year-over-year increase in total loans, with $204 million of that growth occurring in the second quarter. This expansion was broad-based, with nearly every loan category and all markets contributing to the overall growth. Although we initially projected moderate loan growth in light of persistent global economic uncertainties, the second quarter reflected a more resilient environment. Loan production and demand remained steady, and credit quality metrics continued to be strong. In addition to our noteworthy loan growth, net interest margin expanded by 27 basis points year-over-year and 7 basis points from the prior quarter, as we continue to see expanding yields on our earning assets as well as better-than-expected funding costs. This was a powerful combination that drove profitability for the period.”

“Non-interest revenue was a strong contributor to our solid operating results in the second quarter of 2025,” Hillebrand continued. “Treasury management fees benefited from increased fees and a growing customer base, while mortgage, brokerage, and card income all made meaningful contributions. Although Wealth Management & Trust (WM&T) income declined compared to the prior quarter, assets under management increased at quarter end following three consecutive quarters of decline. Looking ahead, we are encouraged by the traction in net new business and the strength of the teams we have put in place. Recent key hires are already contributing to production, and we are optimistic about the continued momentum in our WM&T group as these individuals further establish themselves and drive new opportunities.”

“We continue to successfully expand our deposit base, which grew $938 million, or 14% over the past 12 months, driven in large part by a successful time deposit campaign earlier in the year. We are particularly encouraged with the performance of our non-interest bearing deposits, which continue to represent over 20% of total deposits. Our focus remains on organic growth while strengthening our overall funding position. We expect our net interest margin to remain steady as we anticipate deposit competition to be stronger in the second half of the year,” said Hillebrand.

As of June 30, 2025, the Company had $9.21 billion in assets, $6.85 billion in loans and $7.51 billion in total deposits. The Company’s combined enterprise, which encompasses 73 branch offices across three contiguous states, will continue to benefit from a diversified geographic and economic footprint, including the new Center Grove location that was opened in the Indianapolis metropolitan market at the end of March. Two additional locations are also slated to be opened in 2025, which will expand the Company’s footprint into Bardstown, Kentucky and Liberty Township, Ohio, a suburb of Cincinnati.

Key factors contributing to the second quarter of 2025 results included:

• Total loans increased $779 million, or 13%, over the last 12 months, while growing $204 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets for the fifth consecutive quarter and was well spread amongst categories. Commercial real estate loan growth of $405 million led all categories, with C&I, residential real estate and C&D lending segments also contributing to year over year growth. The yield earned on total loans ended at 6.13% for the second quarter of 2025, with yield expansion and strong average balance growth driving a 7-basis point increase compared to the same period in 2024.
• Deposit balances expanded $938 million, or 14%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts increased $32 million, or 2%, while interest-bearing deposits grew $905 million, or 18%, led in large part by time deposit growth. On the linked quarter, total deposits expanded $213 million, or 3%. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%, led by time deposit growth.
• Net interest income increased $11.5 million, or 18%, for the second quarter of 2025 compared to the second quarter a year ago. Net interest margin expanded 27 basis points to 3.53% for the second quarter of 2025 compared to the second quarter a year ago, driven by strong earning asset growth and yield expansion that was coupled with a decline in the cost of funds. On the linked quarter, net interest income increased $2.9 million, or 4%, while net interest margin expanded 7 basis points, boosted by continued loan growth and higher yields on interest earning assets, which outpaced a moderate increase in the cost of funds.
• Provision for credit loss expense⁽¹⁾ of $2.2 million was recorded for the second quarter of 2025, primarily attributed to strong loan growth, a slightly deteriorating economic forecast and increased specific reserves. Traditional credit quality statistics remained strong at quarter-end.
• Non-interest income increased $693,000 over the second quarter of 2024. Other non-interest income increased $677,000, driven mainly by $557,000 of swap fees, while treasury management fees grew $180,000, or 6%, over the last 12 months to a record $3.0 million and brokerage income grew $180,000, or 23%. This activity more than offset a $312,000, or 3%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.
• Total non-interest expenses increased $3.6 million, or 7%, during the second quarter of 2025 compared to the second quarter of 2024, and increased $1.7 million, or 3%, on the linked quarter.
• Tangible common equity per share⁽³⁾ was $27.06 on June 30, 2025, compared to $26.01 on March 31, 2025, and $23.22 on June 30, 2024.
  
  

Hillebrand concluded, “In June 2025, we were honored to once again be named a recipient of the 2024 Raymond James Community Bankers Cup—an award that recognizes the top 10% of community banks nationwide based on key measures such as profitability, operational efficiency, and balance sheet strength. This distinction was awarded from a pool of all U.S.-based, exchange-traded banks with assets between $500 million and $10 billion as of December 31, 2024. This achievement highlights not only Stock Yards' strong performance but also our continued commitment to delivering exceptional service to the communities we proudly serve.” Stock Yards Bancorp has been awarded the Raymond James Community Bankers Cup a total of 10 times.

Results of Operations – Second Quarter 2025, Compared with Second Quarter 2024

Net interest income, the Company’s largest source of revenue, increased by $11.5 million, or 18%, to $73.5 million. Significant average earning asset balance growth and improved yields led to strong interest income expansion.

• Total interest income increased by $14.7 million, or 15%, to $115 million.
  • Interest income and fees on loans increased $13.0 million, or 14%, over the prior year quarter. Driven by the $773 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 7 basis points over the past 12 months to 6.13%.
  • Interest income on securities increased $936,000, or 12%, compared to the second quarter of 2024. While average securities balances declined $154 million, or 10%, over the past 12 months, the rate earned on securities improved 52 basis points to 2.57%, as a portion of lower-yielding investment maturities were reinvested at higher short-term rates for balance sheet management strategies. Over the past 12 months, cash flows from investment portfolio maturities and amortization have been primarily utilized to fund loan growth and provide liquidity.
  • Average overnight funds increased $91 million for the second quarter of 2025 compared to the same period of the prior year, driving a $573,000, or 27%, increase in corresponding interest income despite rate reductions enacted by the Federal Reserve in late 2024.

• Total interest expense increased $3.2 million, or 8%, to $41.5 million, but the cost of interest-bearing liabilities decreased 10 basis points to 2.65%.
  • Interest expense on deposits increased $5.9 million, or 19% over the past 12 months, attributed almost entirely to the time deposit category and consistent with the successful CD promotion that ran through mid-April. Despite ending the promotions early in the second quarter and lowering time deposit rates, the Company continued to experience solid time deposit growth through the end of the quarter. The overall cost of interest-bearing deposits increased to 2.59% for the second quarter of 2025 from 2.56% for the second quarter of 2024.
  • As a result of strong interest-bearing deposit growth over the past 12 months, average FHLB advance balances declined $138 million, or 31%, resulting in a $2.4 million, or 45%, decrease in the corresponding FHLB expense compared to the second quarter of 2024, with the related cost of funds declining 92 basis points to 3.85% over the same period.
    
    

The Company recorded provision for credit losses on loans expense of $2.3 million for the second quarter of 2025, consistent with strong loan growth, a slightly deteriorating economic forecast, increased specific reserves, and net charge offs of $342,000. Additionally, the Company recorded a $75,000 credit to expense for off balance sheet exposures for the second quarter of 2025 due to increased utilization trends. For the second quarter of 2024, the Company recorded $1.1 million in provision for credit losses on loans and $225,000 in provision for credit losses on off balance sheet exposures associated with increased availability related to Construction & Land Development and Commercial & Industrial (C&I) lines of credit.

Non-interest income increased $693,000, or 3%, to $24.3 million compared to the second quarter of 2024.

• WM&T income ended the second quarter of 2025 at $10.5 million, a decrease of $312,000, or 3%, over the second quarter of 2024. Assets under management contracted $286 million, or 4%, compared to the second quarter of 2024.
• Compared to the second quarter of 2024, treasury management fees increased $180,000, or 6%, to a record $3.0 million. Consistent treasury management growth has been driven by fee increases, strong organic growth and new product sales.
• Brokerage income grew $180,000, or 23%, to $980,000, attributed to the addition of a new broker and the benefit of portfolios shifting to more profitable wrap fee-based business.
  
  

Non-interest expenses increased by $3.6 million, or 7%, to $52.7 million, compared to the second quarter of 2024.

• Compensation expense increased $2.6 million, or 11%, compared to the second quarter of 2024, consistent with higher bonus accrual levels tied to strong year-to-date results, annual merit-based increases and full-time equivalent employee expansion. Employee benefits increased $244,000, or 5%, compared to the second quarter of 2024, as increases in 401(k) matching expense and payroll tax expenses more than offset lower health insurance expense.
• Net occupancy and equipment expenses increased $206,000, or 5%, over the second quarter of 2024, as the current period included expenses related to increased rent and depreciation expense.
• Marketing and business development expense increased $355,000, or 22%, compared to the second quarter of 2024. The quarter over prior year quarter increase relates to elevated advertising expense tied primarily to time deposit product promotions in addition to increased customer entertainment and sponsorships.
• Other non-interest expenses increased $210,000, or 9%, compared to the second quarter of 2024, primarily attributed to higher credit card rewards and to a lesser extent, increased insurance costs.
  
  

Financial Condition – June 30, 2025, Compared with June 30, 2024

Total assets increased $894 million, or 11%, year over year to $9.21 billion.

Total loans increased $779 million, or 13%, to $6.85 billion, with growth spread across categories and markets. Total line of credit usage ended at 48% as of June 30, 2025, compared to 41% as of June 30, 2024. C&I line of credit usage expanded to 37% as of period end, representing the highest level of utilization since 2020, however still well below pre-pandemic levels.

Total investment securities decreased $121 million, or 9%, year over year. Over the past 12 months, cash flows from the investment portfolio have been primarily utilized to fund loan growth and provide liquidity, while a portion of lower-yielding maturities have been reinvested at higher short-term rates for balance sheet management strategies.

Total deposits increased $938 million, or 14%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Total interest-bearing deposits grew $905 million, or 18%, led primarily by time deposit growth, and average total interest-bearing deposit accounts increased $849 million, or 17% over the past 12 months. Non-interest-bearing demand accounts increased $32 million, or 2%, however, average non-interest bearing demand accounts declined $27 million, or 2%.

Non-performing loans totaled $18.0 million, or 0.26% of total loans outstanding on June 30, 2025, compared to $17.6 million, or 0.29% of total loans outstanding on June 30, 2024. The ratio of allowance for credit losses to loans ended at 1.32% on June 30, 2025, compared to 1.35% on June 30, 2024.

As of June 30, 2025, 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 10.92% and the tangible common equity ratio⁽³⁾ was 8.86% on June 30, 2025, compared to 10.76% and 8.42% on June 30, 2024, respectively.

In May 2025, the board of directors declared a quarterly cash dividend of $0.31 per common share. The dividend was paid July 1, 2025, to shareholders of record as of June 16, 2025.

On July 15, 2025, the Company’s Board of Directors adopted a share repurchase plan under which the Company may purchase up to 1 million shares of the Company’s common stock. The share repurchase plan expires in two years and replaces the Company’s prior repurchase plan, which expired in May 2025. The Company last repurchased shares in 2019.

“Having an active share repurchase authorization in place allows us the flexibility to buy back stock when it aligns with our capital allocation strategy,” said Hillebrand.

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

Net interest margin expanded 7 basis points on the linked quarter to 3.53%, boosted by strong loan growth and higher interest earning asset yields, which more than offset a moderate increase in cost of funds.

Net interest income increased $2.9 million, or 4%, over the prior quarter to $73.5 million.

• Total interest income increased $3.8 million, or 3%.
  • Interest income on loans, including fees, increased $3.4 million, or 3%. Average loans increased $150 million, or 2%, and the corresponding yield earned remained flat at 6.13%. However, non-accrual payoff activity provided approximately 4 basis points of benefit to loan yields for the first quarter of 2025.
• Total interest expense increased $913,000, or 2%.
  • Interest expense on deposits increased $2.9 million, or 8%, led by $265 million, or 20%, of growth in average time deposit balances, which was driven in large part by the success of promotions that ran through mid-April. While the promotions ended early in the second quarter and time deposit rates were cut, the Bank’s time deposit offerings remained competitive and continued to see growth through the end of the period, albeit at a slower pace compared to the linked quarter.
    
    

During the second quarter of 2025, the Company recorded $2.3 million in provision for credit losses on loans⁽¹⁾ and a $75,000 credit to expense for off balance sheet exposures. During the first quarter of 2025, the Company recorded $900,000 in provision for credit losses on loans and no provision for credit losses on off balance sheet exposures.

Non-interest income increased $1.4 million, or 6%, on the linked quarter, to $24.3 million. Other non-interest income increased $637,000, driven mainly by $557,000 of swap fees collected, while treasury management fees grew $332,000, or 12%, and card income grew $329,000, or 7%. This activity more than offset a $164,000, or 2%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.

Non-interest expenses increased $1.7 million, or 3% on the linked quarter to $52.7 million, due to increases in compensation expense and marketing and business development expenses.

Financial Condition – June 30, 2025, Compared with March 31, 2025

Total assets increased $212 million, or 2%, on the linked quarter to $9.21 billion.

Total loans expanded $204 million, or 3%, on the linked quarter, with every market contributing to the growth. The CRE segment was the primary driver of growth for the quarter, increasing $126 million, or 4%, on the linked quarter. The residential real estate segment grew $47 million, or 4%, and C&I loans increased $27 million, or 2%, on the linked quarter. Total line of credit usage increased to 48% as of June 30, 2025, compared to 46% as of March 31, 2025. C&I line of credit usage increased to 37% as of June 30, 2025, from 34% at March 31, 2025.

Total deposits increased $213 million, or 3%, on the linked quarter. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $9.21 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’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, 2024, 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 2025 Earnings Release
(In thousands unless otherwise noted)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
Income Statement Data		2025			2024			2025			2024
Net interest income, fully tax equivalent (5)		$	73,560		$	62,113		$	144,196		$	122,279
Interest income:
Loans		$	103,009		$	90,018		$	202,609		$	175,858
Federal funds sold and interest bearing due from banks		2,730			2,157			4,731			4,253
Mortgage loans held for sale		78			74			155			105
Federal Home Loan Bank stock		662			470			1,194			938
Investment securities		8,521			7,585			17,477			15,695
Total interest income		115,000			100,304			226,166			196,849
Interest expense:
Deposits		37,511			31,623			72,092			63,489
Securities sold under agreements to repurchase		625			771			1,439			1,702
Federal funds purchased		72			139			142			275
Federal Home Loan Bank advances		2,908			5,263			7,649			8,260
Subordinated debentures		411			486			819			1,031
Total interest expense		41,527			38,282			82,141			74,757
Net interest income		73,473			62,022			144,025			122,092
Provision for credit losses (1)		2,175			1,300			3,075			2,725
Net interest income after provision for credit losses		71,298			60,722			140,950			119,367
Non-interest income:
Wealth management and trust services		10,483			10,795			21,130			21,566
Deposit service charges		2,069			2,180			4,148			4,316
Debit and credit card income		4,837			4,923			9,345			9,605
Treasury management fees		3,005			2,825			5,678			5,450
Mortgage banking income		1,094			1,017			2,011			1,965
Net investment product sales commissions and fees		980			800			1,990			1,665
Bank owned life insurance		629			595			1,251			1,183
Gain on sale of premises and equipment		74			20			74			20
Other		1,177			500			1,717			1,156
Total non-interest income		24,348			23,655			47,344			46,926
Non-interest expenses:
Compensation		27,279			24,634			53,211			48,855
Employee benefits		5,330			5,086			11,115			10,962
Net occupancy and equipment		4,025			3,819			8,148			7,489
Technology and communication		4,773			4,894			9,601			9,963
Debit and credit card processing		1,908			1,811			3,727			3,557
Marketing and business development		1,951			1,596			3,466			2,671
Postage, printing and supplies		937			913			1,906			1,839
Legal and professional		1,088			1,185			1,995			2,300
FDIC insurance		1,260			1,161			2,483			2,273
Capital and deposit based taxes		738			673			1,438			1,303
Intangible amortization		915			1,051			1,829			2,103
Other		2,496			2,286			4,808			4,755
Total non-interest expenses		52,700			49,109			103,727			98,070
Income before income tax expense		42,946			35,268			84,567			68,223
Income tax expense		8,922			7,670			17,272			14,738
Net income		$	34,024		$	27,598		$	67,295		$	53,485
Net income per share - Basic		$	1.16		$	0.94		$	2.29		$	1.83
Net income per share - Diluted		1.15			0.94			2.28			1.82
Cash dividend declared per share		0.31			0.30			0.62			0.60
Weighted average shares - Basic		29,364			29,283			29,356			29,267
Weighted average shares - Diluted		29,505			29,383			29,503			29,372

 

						June 30,
Balance Sheet Data						2025			2024
Investment securities						$	1,221,842		$	1,342,354
Loans						6,850,273			6,070,963
Allowance for credit losses on loans						90,722			82,155
Total assets						9,208,986			8,315,325
Non-interest bearing deposits						1,514,924			1,482,514
Interest bearing deposits						5,991,826			5,086,724
Federal Home Loan Bank advances						300,000			400,000
Accumulated other comprehensive loss						(75,311)			(94,980)
Stockholders' equity						1,005,704			894,535
Total shares outstanding						29,473			29,388
Book value per share (3)						$	34.12		$	30.44
Tangible common equity per share (3)						27.06			23.22
Market value per share						78.98			49.67

 

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2025 Earnings Release
		Three Months Ended						Six Months Ended
		June 30,						June 30,
Average Balance Sheet Data		2025			2024			2025			2024
Federal funds sold and interest bearing due from banks		$	249,738		$	158,512		$	215,280		$	156,251
Mortgage loans held for sale		7,145			6,204			6,442			5,417
Investment securities		1,337,994			1,491,865			1,396,634			1,535,132
Federal Home Loan Bank stock		22,413			29,735			26,602			25,428
Loans		6,746,973			5,973,801			6,672,594			5,891,363
Total interest earning assets		8,364,263			7,660,117			8,317,552			7,613,591
Total assets		8,987,084			8,246,735			8,940,750			8,200,049
Non-interest bearing deposits		1,489,188			1,515,708			1,457,813			1,508,155
Interest bearing deposits		5,820,314			4,971,804			5,708,148			5,015,274
Total deposits		7,309,502			6,487,512			7,165,961			6,523,429
Securities sold under agreements to repurchase		128,493			147,327			143,655			156,133
Federal funds purchased		6,610			10,127			6,562			10,144
Federal Home Loan Bank advances		303,297			441,484			384,530			357,967
Subordinated debentures		26,806			26,806			26,806			26,800
Total interest bearing liabilities		6,285,520			5,597,548			6,269,701			5,566,338
Accumulated other comprehensive loss		(83,970)			(99,640)			(85,289)			(97,693)
Total stockholders' equity		980,803			878,233			967,495			869,616
Performance Ratios
Annualized return on average assets (4)		1.52%			1.35%			1.52%			1.31%
Annualized return on average equity (4)		13.91%			12.64%			14.03%			12.37%
Net interest margin, fully tax equivalent		3.53%			3.26%			3.50%			3.23%
Non-interest income to total revenue, fully tax equivalent		24.87%			27.58%			24.72%			27.73%
Efficiency ratio, fully tax equivalent (2)		53.83%			57.26%			54.15%			57.96%
Capital Ratios
Total stockholders' equity to total assets (3)								10.92%			10.76%
Tangible common equity to tangible assets (3)								8.86%			8.42%
Average stockholders' equity to average assets								10.82%			10.61%
Total risk-based capital								12.91%			12.62%
Common equity tier 1 risk-based capital								11.32%			11.07%
Tier 1 risk-based capital								11.66%			11.43%
Leverage								10.17%			9.95%
Loan Segmentation
Commercial real estate - non-owner occupied								$	1,989,982		$	1,652,614
Commercial real estate - owner occupied								1,010,692			943,013
Commercial and industrial								1,491,143			1,356,970
Residential real estate - owner occupied								851,284			749,870
Residential real estate - non-owner occupied								390,784			365,846
Construction and land development								671,011			586,820
Home equity lines of credit								263,826			223,304
Consumer								140,715			151,221
Leases								14,563			17,258
Credit cards								26,273			24,047
Total loans and leases								$	6,850,273		$	6,070,963
Deposit Segmentation
Interest bearing demand								$	2,520,405		$	2,422,828
Savings								424,985			429,095
Money market								1,385,845			1,177,995
Time deposits								1,660,591			1,056,806
Non-Interest bearing deposits								1,514,924			1,482,514
Total deposits								$	7,506,750		$	6,569,238
Asset Quality Data
Non-accrual loans								$	17,650		$	17,371
Modifications to borrowers experiencing financial difficulty								-			-
Loans past due 90 days or more and still accruing								378			186
Total non-performing loans								18,028			17,557
Other real estate owned								10			10
Total non-performing assets								$	18,038		$	17,567
Non-performing loans to total loans								0.26%			0.29%
Non-performing assets to total assets								0.20%			0.21%
Allowance for credit losses on loans to total loans								1.32%			1.35%
Allowance for credit losses on loans to average loans								1.34%			1.39%
Allowance for credit losses on loans to non-performing loans								503%			468%
Net (charge-offs) recoveries		$	(342)		$	183		$	629		$	531
Net (charge-offs) recoveries to average loans (6)		-0.01%			0.00%			0.01%			0.01%

 

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2025 Earnings Release
		Quarterly Comparison
Income Statement Data		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Net interest income, fully tax equivalent (5)		$	73,560		$	70,636		$	70,057		$	65,064		$	62,113
Net interest income		$	73,473		$	70,552		$	69,969		$	64,979		$	62,022
Provision for credit losses (1)		2,175			900			2,675			4,325			1,300
Net interest income after provision for credit losses		71,298			69,652			67,294			60,654			60,722
Non-interest income:
Wealth management and trust services		10,483			10,647			10,346			10,931			10,795
Deposit service charges		2,069			2,079			2,276			2,314			2,180
Debit and credit card income		4,837			4,508			5,394			5,083			4,923
Treasury management fees		3,005			2,673			2,675			2,939			2,825
Mortgage banking income		1,094			917			781			1,112			1,017
Net investment product sales commissions and fees		980			1,010			991			915			800
Bank owned life insurance		629			622			626			634			595
Gain (loss) on sale of premises and equipment		74			-			(61)			(59)			20
Other		1,177			540			479			928			500
Total non-interest income		24,348			22,996			23,507			24,797			23,655
Non-interest expenses:
Compensation		27,279			25,932			26,453			25,534			24,634
Employee benefits		5,330			5,785			4,677			4,629			5,086
Net occupancy and equipment		4,025			4,123			3,929			3,775			3,819
Technology and communication		4,773			4,828			4,744			4,500			4,894
Debit and credit card processing		1,908			1,819			1,860			1,845			1,811
Marketing and business development		1,951			1,515			2,815			1,438			1,596
Postage, printing and supplies		937			969			905			901			913
Legal and professional		1,088			907			843			968			1,185
FDIC insurance		1,260			1,223			1,171			1,095			1,161
Capital and deposit based taxes		738			700			653			825			673
Intangible amortization		915			914			1,330			1,052			1,051
Other		2,496			2,312			2,277			1,890			2,286
Total non-interest expenses		52,700			51,027			51,657			48,452			49,109
Income before income tax expense		42,946			41,621			39,144			36,999			35,268
Income tax expense		8,922			8,350			7,450			7,639			7,670
Net income		$	34,024		$	33,271		$	31,694		$	29,360		$	27,598
Net income per share - Basic		$	1.16		$	1.13		$	1.08		$	1.00		$	0.94
Net income per share - Diluted		1.15			1.13			1.07			1.00			0.94
Cash dividend declared per share		0.31			0.31			0.31			0.31			0.30
Weighted average shares - Basic		29,364			29,349			29,319			29,299			29,283
Weighted average shares - Diluted		29,505			29,501			29,493			29,445			29,383
		Quarterly Comparison
Balance Sheet Data		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Cash and due from banks		$	97,606		$	110,156		$	78,925		$	108,825		$	85,441
Federal funds sold and interest bearing due from banks		353,806			293,580			212,095			144,241			118,910
Mortgage loans held for sale		5,014			7,797			6,286			4,822			6,438
Investment securities		1,221,842			1,246,690			1,360,285			1,236,744			1,342,354
Federal Home Loan Bank stock		22,839			29,315			21,603			29,419			31,462
Loans		6,850,273			6,646,360			6,520,402			6,278,133			6,070,963
Allowance for credit losses on loans		90,722			88,814			86,943			85,343			82,155
Goodwill		194,074			194,074			194,074			194,074			194,074
Total assets		9,208,986			8,997,478			8,863,419			8,437,280			8,315,325
Non-interest bearing deposits		1,514,924			1,499,383			1,456,138			1,508,203			1,482,514
Interest bearing deposits		5,991,826			5,794,583			5,710,263			5,217,870			5,086,724
Securities sold under agreements to repurchase		126,576			151,424			162,967			149,852			152,948
Federal funds purchased		6,709			6,540			6,525			6,442			10,029
Federal Home Loan Bank advances		300,000			300,000			300,000			325,000			400,000
Subordinated debentures		26,806			26,806			26,806			26,806			26,806
Accumulated other comprehensive income loss		(75,311)			(79,840)			(91,151)			(75,273)			(94,980)
Stockholders' equity		1,005,704			975,473			940,476			934,094			894,535
Total shares outstanding		29,473			29,469			29,431			29,414			29,388
Book value per share (3)		$	34.12		$	33.10		$	31.96		$	31.76		$	30.44
Tangible common equity per share (3)		27.06			26.01			24.82			24.58			23.22
Market value per share		78.98			69.09			71.61			61.99			49.67
Capital Ratios
Total stockholders' equity to total assets (3)		10.92%			10.84%			10.61%			11.07%			10.76%
Tangible common equity to tangible assets (3)		8.86%			8.72%			8.44%			8.79%			8.42%
Average stockholders' equity to average assets		10.91%			10.73%			10.76%			10.86%			10.65%
Total risk-based capital		12.91%			12.85%			12.73%			12.73%			12.62%
Common equity tier 1 risk-based capital		11.32%			11.25%			11.17%			11.16%			11.07%
Tier 1 risk-based capital		11.66%			11.60%			11.52%			11.52%			11.43%
Leverage		10.17%			9.98%			9.94%			10.05%			9.95%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2025 Earnings Release
		Quarterly Comparison
Average Balance Sheet Data		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Federal funds sold and interest bearing due from banks		$	249,738		$	180,439		$	251,209		$	148,818		$	158,512
Mortgage loans held for sale		7,145			5,732			6,335			4,862			6,204
Investment securities		1,337,994			1,455,926			1,436,748			1,424,815			1,491,865
Federal Home Loan Bank stock		22,413			30,838			23,475			31,193			29,735
Loans		6,746,973			6,597,388			6,381,869			6,174,309			5,973,801
Total interest earning assets		8,364,263			8,270,323			8,099,636			7,783,997			7,660,117
Total assets		8,987,084			8,893,907			8,718,416			8,384,605			8,246,735
Non-interest bearing deposits		1,489,188			1,426,088			1,492,624			1,510,515			1,515,708
Interest bearing deposits		5,820,314			5,594,740			5,531,441			5,047,771			4,971,804
Total deposits		7,309,502			7,020,828			7,024,065			6,558,286			6,487,512
Securities sold under agreement to repurchase		128,493			158,985			148,414			156,865			147,327
Federal funds purchased		6,610			6,514			6,508			8,480			10,127
Federal Home Loan Bank advances		303,297			466,667			300,000			461,141			441,484
Subordinated debentures		26,806			26,806			26,806			26,806			26,806
Total interest bearing liabilities		6,285,520			6,253,712			6,013,169			5,701,063			5,597,548
Accumulated other comprehensive loss		(83,970)			(86,622)			(81,585)			(88,362)			(99,640)
Total stockholders' equity		980,803			954,040			937,782			910,274			878,233
Performance Ratios
Annualized return on average assets (4)		1.52%			1.52%			1.45%			1.39%			1.35%
Annualized return on average equity (4)		13.91%			14.14%			13.45%			12.83%			12.64%
Net interest margin, fully tax equivalent		3.53%			3.46%			3.44%			3.33%			3.26%
Non-interest income to total revenue, fully tax equivalent		24.87%			24.56%			25.12%			27.59%			27.58%
Efficiency ratio, fully tax equivalent (2)		53.83%			54.50%			55.21%			53.92%			57.26%
Loans Segmentation
Commercial real estate - non-owner occupied		$	1,989,982		$	1,870,352		$	1,835,935		$	1,686,448		$	1,652,614
Commercial real estate - owner occupied		1,010,692			1,004,774			1,002,853			949,538			943,013
Commercial and industrial		1,491,143			1,463,746			1,438,654			1,379,293			1,356,970
Residential real estate - owner occupied		851,284			813,823			805,080			783,337			749,870
Residential real estate - non-owner occupied		390,784			381,429			382,744			381,051			365,846
Construction and land development		671,011			679,345			623,005			674,918			586,820
Home equity lines of credit		263,826			252,125			247,433			236,819			223,304
Consumer		140,715			140,009			144,644			143,684			151,221
Leases		14,563			14,460			15,514			16,760			17,258
Credit cards		26,273			26,297			24,540			26,285			24,047
Total loans and leases		$	6,850,273		$	6,646,360		$	6,520,402		$	6,278,133		$	6,070,963
Deposit Segmentation
Interest bearing demand		$	2,520,405		$	2,545,858		$	2,649,142		$	2,361,192		$	2,422,828
Savings		424,985			429,171			419,355			420,772			429,095
Money market		1,385,845			1,343,031			1,403,978			1,259,484			1,177,995
Time deposits		1,660,591			1,476,523			1,237,788			1,176,422			1,056,806
Non-Interest bearing deposits		1,514,924			1,499,383			1,456,138			1,508,203			1,482,514
Total deposits		$	7,506,750		$	7,293,966		$	7,166,401		$	6,726,073		$	6,569,238
Asset Quality Data
Non-accrual loans		$	17,650		$	15,865		$	21,727		$	16,288		$	17,371
Modifications to borrowers experiencing financial difficulty		-			-			-			-			-
Loans past due 90 days or more and still accruing		378			283			487			870			186
Total non-performing loans		18,028			16,148			22,214			17,158			17,557
Other real estate owned		10			85			10			10			10
Total non-performing assets		$	18,038		$	16,233		$	22,224		$	17,168		$	17,567
Non-performing loans to total loans		0.26%			0.24%			0.34%			0.27%			0.29%
Non-performing assets to total assets		0.20%			0.18%			0.25%			0.20%			0.21%
Allowance for credit losses on loans to total loans		1.32%			1.34%			1.33%			1.36%			1.35%
Allowance for credit losses on loans to average loans		1.34%			1.35%			1.36%			1.38%			1.38%
Allowance for credit losses on loans to non-performing loans		503%			550%			391%			497%			468%
Net (charge-offs) recoveries		$	(342)		$	971		$	(625)		$	(1,137)		$	183
Net (charge-offs) recoveries to average loans (6)		-0.01%			0.01%			-0.01%			-0.02%			0.00%
Other Information
Total WM&T assets under management (in millions)		$	7,193		$	6,804		$	7,066		$	7,317		$	7,479
Full-time equivalent employees		1,118			1,089			1,080			1,068			1,051
(1) - Detail of Provision for credit losses follows:
		Quarterly Comparison
(in thousands)		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Provision for credit losses - loans		$	2,250		$	900		$	2,225		$	4,325		$	1,075
Provision for credit losses - off balance sheet exposures		(75)			-			450			-			225
Total provision for credit losses		$	2,175		$	900		$	2,675		$	4,325		$	1,300
(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.
		Quarterly Comparison
(Dollars in thousands)		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Total non-interest expenses (a)		$	52,700		$	51,027		$	51,657		$	48,452		$	49,109
Total net interest income, fully tax equivalent		$	73,560		$	70,636		$	70,057		$	65,064		$	62,113
Total non-interest income		24,348			22,996			23,507			24,797			23,655
Total revenue - Non-GAAP (b)		97,908			93,632			93,564			89,861			85,768
Efficiency ratio - Non-GAAP (a/b)		53.83%			54.50%			55.21%			53.92%			57.26%
(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)		6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Total stockholders' equity - GAAP (a)		$	1,005,704		$	975,473		$	940,476		$	934,094		$	894,535
Less: Goodwill		(194,074)			(194,074)			(194,074)			(194,074)			(194,074)
Less: Core deposit and other intangibles		(13,989)			(14,904)			(15,818)			(17,149)			(18,201)
Tangible common equity - Non-GAAP (c)		$	797,641		$	766,495		$	730,584		$	722,871		$	682,260
Total assets - GAAP (b)		$	9,208,986		$	8,997,478		$	8,863,419		$	8,437,280		$	8,315,325
Less: Goodwill		(194,074)			(194,074)			(194,074)			(194,074)			(194,074)
Less: Core deposit and other intangibles		(13,989)			(14,904)			(15,818)			(17,149)			(18,201)
Tangible assets - Non-GAAP (d)		$	9,000,923		$	8,788,500		$	8,653,527		$	8,226,057		$	8,103,050
Total stockholders' equity to total assets - GAAP (a/b)		10.92%			10.84%			10.61%			11.07%			10.76%
Tangible common equity to tangible assets - Non-GAAP (c/d)		8.86%			8.72%			8.44%			8.79%			8.42%
Total shares outstanding (e)		29,473			29,469			29,431			29,414			29,388
Book value per share - GAAP (a/e)		$	34.12		$	33.10		$	31.96		$	31.76		$	30.44
Tangible common equity per share - Non-GAAP (c/e)		27.06			26.01			24.82			24.58			23.22
(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.

FAQ

What were Stock Yards Bancorp's (SYBT) Q2 2025 earnings?

Stock Yards Bancorp reported record Q2 2025 earnings of $34.0 million, or $1.15 per diluted share, compared to $27.6 million, or $0.94 per share, in Q2 2024.

How much did SYBT's loans and deposits grow in Q2 2025?

Total loans increased $779 million (13%) year-over-year to $6.85 billion, while deposits grew $938 million (14%) to $7.51 billion.

What was Stock Yards Bancorp's net interest margin in Q2 2025?

The net interest margin was 3.53%, expanding 27 basis points from Q2 2024 and 7 basis points from the previous quarter.

How did SYBT's credit quality perform in Q2 2025?

Non-performing loans were 0.26% of total loans, improving from 0.29% in Q2 2024, with an allowance for credit losses ratio of 1.32%.

What was SYBT's total asset size as of Q2 2025?

Total assets reached $9.21 billion, representing an 11% increase year-over-year.