Stock Yards Bancorp, Inc. (SYBT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$423.5M

Revenue growth

13.0%

Net income, last twelve months

$149.5M

Earnings per share

$5.02

Net margin

35.3%

Free cash flow

$147.3M

Return on equity

12.0%

Market value

$2.4B

Price to earnings

15.3x

Dividend yield

1.7%

Cash

$842.8M

Debt

$436.9M

Debt to equity

0.35

Shares outstanding

31.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 28 October 2026.

• Record quarterly earnings reported. Net income rose to $43.5 million, or $1.40 per diluted share, from $40.1 million, or $1.31, in the second quarter. It was $36.2 million, or $1.23, a year earlier.
• Three named contributors to record. Management attributed the record earnings to margin expansion, credit quality metrics and record non-interest income.
• Return ratios improved on assets. Annualized return on average assets was 1.69%, up from 1.63% in the second quarter and 1.56% a year earlier. Return on average equity was 13.72%.
• Effective tax rate at 21.1%. Income tax expense was $11.7 million in the quarter, with an effective tax rate of 21.1%, compared with 20.7% a year earlier.
• Bank Director ranking cited. Bank Director ranked the company 17th overall and 10th among banks with $5 billion to $50 billion in assets, in August 2026.
• Merger added first full quarter. Field & Main net interest income was $7.8 million in its first full quarter of activity.
• Acquired deposits and loans totals. Field & Main loans totaled $606 million and deposits $731 million at period end, including $130 million of non-interest bearing deposits.
• Footprint includes six merger branches. The combined enterprise operates 82 branch offices across three contiguous states, including six locations added through the merger.
• Integration work continues in Western Kentucky. Management said the combined company will work to enhance operating leverage and expand customer capabilities across Western Kentucky.
• Margin widened to 3.88%. Margin rose 4 basis points on the linked quarter, to 3.88%, driven mainly by better loan yields, steady deposit costs and a more efficient balance sheet.
• Loan yields rose on legacy repricing. Loan yield was 6.17%, down 2 basis points from a year earlier. Excluding Field & Main, the legacy loan yield was 6.10%.
• Interest-bearing deposit rate fell. The rate paid on interest-bearing deposits fell 32 basis points to 2.28%, as deposit offerings were lowered after Federal Reserve cuts.
• Securities balances and yield declined. Average securities fell $313 million, or 25%, as Treasury bills used for collateral matured, and the yield declined to 2.14%.
• Non-interest income up 13%. Non-interest income reached $27.6 million, up $3.2 million from a year earlier and $886,000 from the second quarter, including $2.0 million from Field & Main.

Company events

The newest 8-K filings of 228 held.

Every filing

The newest filings with the SEC of 471 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

268 funds held it at 30 Jun 2026: 112 added and 74 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

Stock Yards Bancorp, Inc. is a financial holding company headquartered in Louisville, Kentucky. It does business through its wholly owned subsidiary, Stock Yards Bank & Trust Company, which was established in 1904. The Bank serves Louisville, central, eastern and northern Kentucky, along with the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, through 75 full service banking center locations. At 31 December 2025 it had 1,123 full-time equivalent employees. The company reports two segments, Commercial Banking and WM&T (wealth management and trust).

How the business is organised

Bancorp was incorporated in Kentucky in 1988 and is registered with the Board of Governors of the Federal Reserve System. Bancorp became a financial holding company in 2012. The Bank is a state-chartered non-member institution, supervised by the FDIC and the Kentucky Department of Financial Institutions.

Commercial Banking offers loan and deposit products to individuals and businesses through retail lending, mortgage banking, deposit services, online and mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management, merchant services, international banking, correspondent banking and credit card services. Securities brokerage is offered through the banking centers under an arrangement with a third party broker-dealer, and it sits in this segment.

WM&T provides investment management, financial and retirement planning, trust and estate services, and retirement plan management for businesses in every market where Bancorp operates.

How it makes money

Net interest income was 76% of total revenues for 2025, with non-interest income making up the other 24%. Net interest income is the interest earned on loans, investment securities and other earning assets, less the interest paid on deposits and other borrowings. Non-interest income comes from WM&T activities, deposit service charges, debit and credit card services, treasury management services, mortgage banking and brokerage services. WM&T is the largest source, at 44% of non-interest income.

At 31 December 2025 the loan portfolio was about 64% fixed rate and 36% variable rate. Most fixed rate loans are priced in relation to the five year Treasury note when they are made. Variable rate loans are indexed to either Prime (about 55%) or one month term SOFR (about 45%).

Wealth management and trust

The company says the size of its WM&T revenue distinguishes it from other community banks of similar asset size. Fees are mostly a percentage of assets under management, and larger relationships pay a lower percentage. Contracts do not permit performance-based fees, so none of the revenue depends on performance. Estate settlement fees are typically non-recurring.

Revenue is concentrated in investment advisory and personal trust accounts. About 80% of assets under management were actively managed at 31 December 2025. Managed assets were about 65% equities and 35% fixed income.

Its loans

Commercial real estate is the largest part of the loan portfolio, at 43% of total loans. Office buildings are a sub-segment at 9% of total loans. Of that exposure, 42% is medical-related and 55% is owner-occupied. The company reports no large office tower exposure and minimal exposure to central business districts. No single industry exceeds 10% of loans outstanding. Most loans go to borrowers in the Bank's own markets.

The mortgage banking group mostly originates residential mortgages to sell in the secondary market, primarily to FNMA and FHLMC. It offers conventional, VA, FHA and GNMA financing.

Where it operates and who works there

Louisville is the home market. About 70% of employees are there, with 17% in central Kentucky, 5% in Indianapolis, 7% in Cincinnati and less than 1% in south-central Kentucky. On 1 December 2025 the company named a market president in Bowling Green, Kentucky, as organic expansion into south-central Kentucky. The company says it expects to complete the merger of Field & Main Bancorp, Inc. in the second quarter of 2026, subject to remaining closing conditions.

None of the employees are covered by a collective bargaining agreement, and the company says it has never had a work stoppage. In November 2025 American Banker named Bancorp one of the "Best Banks to Work For" for the fifth consecutive year, one of 90 banks on the list.

How it competes and is regulated

The Bank competes for loans and deposits with local and regional banks, savings banks, credit unions, finance companies and mortgage companies in Kentucky, Indiana and Ohio. It also faces online banks, particularly for deposits. The filing notes that many competitors have greater resources, higher lending limits and more extensive branch networks. The Bank says it believes personalized service, a focus on each client's total relationship needs and its community bank philosophy help it compete.

Bancorp is supervised under the Bank Holding Company Act of 1956 and Kentucky banking law, and is subject to the Community Reinvestment Act, the Bank Secrecy Act and Basel III capital rules. Banking regulators have categorized the Bank as well-capitalized.

*From Stock Yards Bancorp's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/835324/000143774926005830/sybt20251231_10k.htm)*

From the company's 10-K.