Stock Yards Bancorp Reports Record Third Quarter Earnings of $43.5 Million or $1.40 per Diluted Share

The first full quarter including Field & Main added $7.8 million in net interest income and $2.0 million in non-interest income.

Rhea-AI Summary

Stock Yards Bancorp (SYBT) reported record third-quarter 2026 net income of $43.5 million, supported by margin expansion and record non-interest income. Diluted earnings were $1.40 per share, versus $1.23 a year earlier and $1.31 in the second quarter. Net interest income reached $92.6 million, with net interest margin at 3.88%, up from 3.56% a year earlier. Non-interest income rose 13% year over year to $27.6 million, while non-interest expenses increased 19% to $64.1 million.

Loans totaled $7.99 billion, including $606 million from Field & Main; organic loans grew 6% over 12 months. Deposits were $8.39 billion, down 1% sequentially. Field & Main's core systems conversion finished in mid-October, with remaining merger expenses expected in the fourth quarter. The company plans to manage assets below $10 billion at year-end before crossing that regulatory threshold in 2027.

18 points · 0 major

MixediHow this balance works

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0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointDiluted EPS reached $1.40 in Q3 2026, versus $1.23 a year earlier and $1.31 sequentially.
• Moderate pointNet interest income increased 20% year over year to $92.6 million; sequential growth was 5%.
• Moderate pointNet interest margin reached 3.88%, up 32 basis points year over year and four basis points sequentially.
• Moderate pointLoans grew $1.06 billion, or 15%, over 12 months and $104 million, or 1%, sequentially.
• Moderate pointDeposits increased $746 million, or 10%, over 12 months; excluding Field & Main, growth was $15 million.
• Moderate pointNon-interest income increased 13% year over year to $27.6 million and 3% sequentially.
• Moderate pointTangible book value per share reached $32.08, versus $31.39 in June and $28.30 a year earlier.
• Moderate pointTangible common equity to tangible assets reached 9.98%, versus 9.66% sequentially and 9.16% a year earlier.
• Moderate pointAnnualized return on average assets reached 1.69%, versus 1.63% sequentially and 1.56% a year earlier.

9 minor points

• Minor pointOrganic loans grew $453 million, or 6%, over 12 months, excluding Field & Main.
• Minor pointInterest expense fell $1.5 million, or 3%, year over year to $41.8 million.
• Minor pointLoan-loss provision declined to $700,000 in Q3 2026 from $1.6 million a year earlier.
• Minor pointOff-balance-sheet credit provision was zero in Q3 2026, versus $425,000 a year earlier.
• Minor pointWealth management and trust income reached $12.9 million, up $2.2 million, or 20%, year over year.
• Minor pointTreasury management fees reached $3.3 million, up $404,000, or 14%, year over year.
• Minor pointCard income increased $602,000, or 12%, year over year in Q3 2026.
• Minor pointBrokerage income reached $1.2 million, up $104,000, or 9%, year over year.
• Minor pointField & Main's core systems conversion completed in mid-October, advancing integration.

Negative

• Moderate pointDeposits contracted $96 million, or 1%, sequentially; excluding Field & Main, the decline was $61 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Loan growth was lighter than anticipated; the company expects elevated payoffs to remain a near-term headwind.
• Minor pointCompensation expense increased $2.7 million, or 9%, year over year in Q3 2026.
• Minor pointEmployee benefits expense increased $1.5 million, or 32%, year over year.
• Minor pointTechnology and communication expense increased $1.6 million, or 33%, year over year.

12 minor points

• Minor pointOccupancy and equipment expenses increased $905,000, or 22%, year over year.
• Minor pointMarketing and business development expense increased $84,000, or 4%, year over year.
• Minor pointIntangible asset amortization expense increased $1.0 million, or 110%, year over year following the acquisition.
• Minor pointOther non-interest expenses increased $1.5 million, or 65%, year over year, mainly reflecting an $850,000 non-recurring credit card fraud loss.
• Minor point. Forward-looking: it has not happened yet and may not happen.Remaining merger-related expenses are expected in Q4 2026, primarily for systems conversion.
• Minor pointInvestment-security credit provision was $250,000 in Q3 2026, versus none a year earlier.
• Minor pointLoan yield declined two basis points year over year to 6.17% in Q3 2026.
• Minor pointSecurities interest income fell $2.6 million, or 34%, year over year as average balances and yields declined.
• Minor pointOvernight-funds yield declined 65 basis points year over year to 3.77%, although related interest income increased 12%.
• Minor pointOther non-interest income decreased $108,000 year over year as the prior-year quarter benefited from swap fees.
• Minor pointEfficiency ratio was 53.29%, improved from 55.64% sequentially but above 52.99% a year earlier.
• Minor pointAnnualized return on average equity was 13.72%, up from 13.50% sequentially but below 14.16% a year earlier.

News Explained

The quarter also included a $250,000 credit-loss provision on the company’s only corporate investment security, acquired in an earlier acquisition, due to an event of default that is in the process of resolution.

Key Figures

Net income: $43.5 million Diluted EPS: $1.40 per share Net interest margin: 3.88% (+32 basis points) +5 more

Net income

$43.5 million

Third quarter 2026; record

Diluted EPS

$1.40 per share

Third quarter 2026

Net interest margin

3.88% (+32 basis points)

Third quarter 2026 versus prior-year quarter

Net interest income

$92.6 million (+20%)

Third quarter 2026 versus prior-year quarter

Non-interest income

$27.6 million (+13%)

Third quarter 2026 versus prior-year quarter

Total loan growth

$1.06 billion (+15%)

Year over year as of September 30, 2026

Provision for credit losses on loans

$700,000

Third quarter 2026; compared with $1.6 million in the prior-year quarter

One-time merger-related expenses

$678,000

Third quarter 2026

Historical Context

1 past event · Latest: Jul 29

1 event

1. Jul 29

   Quarterly earnings

   24h Move

   +3.1%

   Reported $40.1 million net income, $1.31 diluted EPS, and 3.84% net interest margin.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net interest margin, purchase accounting, available-for-sale, non-performing loans

4 terms

net interest margin financial

"Net interest margin expansion, strong credit quality metrics"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

purchase accounting financial

"including purchase accounting-related adjustments"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

available-for-sale financial

"Provision for credit losses on available-for-sale investment securities"

A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.

non-performing loans financial

"Non-performing loans totaled $21.9 million"

Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Third Quarter Highlighted by Net Interest Margin Expansion and Record Non-Interest Income

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 17^th overall and 10^th 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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Stock Yards Bancorp's third-quarter 2026 earnings?

Stock Yards Bancorp earned a record $43.5 million, or $1.40 per diluted share, for the quarter ended September 30, 2026. That compares with $36.2 million, or $1.23 per diluted share, a year earlier and $40.1 million, or $1.31 per diluted share, in the second quarter.

How much did Field & Main contribute to Stock Yards Bancorp's third-quarter 2026 results?

Field & Main contributed $7.8 million in net interest income and $2.0 million in non-interest income during the first full quarter reflecting the merger. Related non-interest expenses totaled $6.2 million, including $5.5 million in regular operating expenses and $678,000 in one-time merger expenses.

What drove Stock Yards Bancorp's third-quarter 2026 deposit decline?

The sequential decline excluding Field & Main reflected lower balances in more expensive time deposits and normal seasonal fluctuations in public funds. Total deposits fell $96 million, or 1%, sequentially; excluding Field & Main, they fell $61 million.