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Company Overview - Stock Yards Bancorp, Inc. operates the Stock Yards Bank & Trust Company, based in Kentucky, with approximately $9.5 billion in assets and close to $8 billion in assets under management [1] Investment Focus - The Investment Doctor emphasizes a portfolio consisting of a mixture of dividend and growth stocks, targeting a 5-7 year investment horizon [1] - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, aiming for capital gains and dividend income for continuous cash flow [1] Portfolio Features - The investment group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content on European investment opportunities [1] - An active chat room is available for discussions on the latest developments of the portfolio holdings [1]

Stock Yards Bancorp, Inc. ( SYBT ) is a Kentucky-based company operating the Stock Yards Bank & Trust Company. The bank has approximately $9.5 billion in assets, with close to $8 billion in assets under management. The bank recently reported on itsThe Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks. He is the leader of the investment group European Small Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13661 STOCK YARDS BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Core Insights - Stock Yards Bancorp, Inc. (SYBT) operates in the competitive U.S. banking sector, providing a range of services including personal and business banking, wealth management, and investment services [1][6] Financial Performance - SYBT's Return on Invested Capital (ROIC) is 7.91%, while its Weighted Average Cost of Capital (WACC) is 13.52%, resulting in a ROIC to WACC ratio of 0.58, indicating inefficient capital utilization [2][6] - In comparison, Lakeland Financial Corporation (LKFN) has a ROIC of 10.40% and a WACC of 13.82%, leading to a ROIC to WACC ratio of 0.75, which also suggests challenges in capital efficiency [3] - Republic Bancorp, Inc. (RBCAA) shows a ROIC of 9.04% and a WACC of 8.50%, resulting in a ROIC to WACC ratio of 1.06, indicating effective capital utilization and better growth prospects compared to SYBT [4] - TriCo Bancshares (TCBK) and S&T Bancorp, Inc. (STBA) have negative ROIC to WACC ratios of -0.54 and -0.20, respectively, indicating struggles with capital efficiency [5][6]

LOUISVILLE, Ky., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, announced that its Board of Directors has declared a quarterly cash dividend of $0.32 per common share. The dividend will be paid on April 1, 2026, to stockholders of record as of March 16, 2026. Louisville, Kentuck ...

Core Viewpoint - Stock Yards Bancorp is acquiring Field & Main Bancorp in a strategic move to expand its presence in Western Kentucky, enhancing its community banking franchise and overall scale [3][5][21] Strategic Market Expansion and Scale - The acquisition adds six branches and approximately $861 million in assets to Stock Yards, creating a combined franchise of about $10.4 billion in assets and an 81-branch network [5][7] - Field & Main's operations are deeply rooted in Kentucky, with a history dating back to 1887, and the merger is expected to significantly expand Stock Yards' reach into economically vibrant Western Kentucky [2][3] Financial Impact and Deal Structure - The transaction is structured as an all-stock deal, with Field & Main shareholders receiving 0.655 shares of Stock Yards per share, valuing the deal at approximately $105.7 million based on Stock Yards' closing price on January 26, 2026 [6][10] - Management projects the deal to be roughly 5.7% accretive to earnings per share (EPS) in 2027, with an estimated tangible book value dilution of about 0.9% and an earnback period of under one year [4][11] Regulatory Considerations and Timing - Stock Yards plans to manage its balance sheet to stay below the $10 billion regulatory threshold until year-end 2026, with expectations to formally cross this threshold by year-end 2027 [12][14] - The acquisition is anticipated to close in the second quarter of the year, pending customary approvals, with system conversion expected in October [14][15] Leadership and Cultural Integration - The merger is expected to preserve most customer-facing jobs and minimize disruption to Field & Main customers, with key leadership from Field & Main joining Stock Yards [15] - Doug Lawson, Field & Main's president and COO, will become a market president at Stock Yards, and Scott Davis will join Stock Yards' board of directors [15] Outlook on Growth and Wealth Management - Stock Yards is confident in organic growth, with expectations of stronger payoffs later in 2025 and a focus on expanding wealth management capabilities across Western Kentucky [16][20] - The company anticipates cost savings of 34% of Field & Main's non-interest expenses to be fully recognized by 2027, with no planned branch closures [16]

Core Viewpoint - Stock Yards Bank & Trust Co. has increased its stake in Stock Yards Bancorp, signaling confidence in the bank's future despite recent stock performance [2][9]. Group 1: Transaction Details - Stock Yards Bank & Trust Co. acquired an additional 366,475 shares of Stock Yards Bancorp in the fourth quarter, with an estimated transaction value of $24.6 million [1][2]. - Following this transaction, the total holdings in Stock Yards Bancorp rose to 1,338,377 shares, valued at $86.93 million, reflecting a net position value increase of $18.90 million [2]. Group 2: Company Overview - Stock Yards Bancorp reported a total revenue of $546.47 million and a net income of $135.23 million for the trailing twelve months (TTM) [4]. - The company offers a dividend yield of 1.79% and had a stock price of $67.82 as of January 20, 2026 [4]. - Stock Yards Bancorp operates as a regional financial services provider, focusing on commercial banking and wealth management, with a strong community presence in key metropolitan areas [6][8]. Group 3: Market Performance - As of January 20, 2026, Stock Yards Bancorp shares were trading at $67.82, which represents a decline of 5.6% over the past year, underperforming the S&P 500 by 20.4 percentage points [7]. - The stake in Stock Yards Bancorp constitutes 2.66% of Stock Yards Bank & Trust Co.'s 13F reportable assets under management (AUM) [7]. Group 4: Strategic Insights - The increase in shareholding may indicate that management perceives the stock as undervalued, despite the company's strong fundamentals reported in 2025 [9]. - The bank's diversified service offerings, including commercial banking, mortgage, and investment management, contribute to stable revenue streams [8].

Core Viewpoint - Stock Yards Bancorp has announced a merger to acquire Field & Main Bancorp, which is the holding company for Field & Main Bank [2]. Group 1 - The merger was officially announced through a press release and is accompanied by an investor presentation available on the company's Investor Relations page and SEC Form 8-K filing [2]. - The conference call includes key executives from Stock Yards Bancorp, such as the CEO, Chairman, CFO, and President, indicating a structured approach to communicate the merger details [1]. - The company encourages participants to review forward-looking statements provided in the investor presentation, highlighting the importance of understanding future expectations related to the merger [3]. Group 2 - Information about Field & Main Bancorp is being shared to familiarize stakeholders with the acquired entity, suggesting a focus on transparency and clarity regarding the merger [3].

Summary of Stock Yards Bancorp and Field & Main Bancorp Merger Conference Call Company and Industry Overview - **Companies Involved**: Stock Yards Bancorp (SYBT) and Field & Main Bancorp - **Industry**: Community Banking - **Merger Announcement Date**: January 28, 2026 Key Points and Arguments Merger Details - Stock Yards Bancorp announced the acquisition of Field & Main Bancorp, enhancing its presence in Western Kentucky and adjacent markets [2][3] - Field & Main operates six branches in Kentucky and Indiana, with a history dating back to 1887 [3] - The merger aims to create Kentucky's premier community banking franchise with combined assets of approximately $10.4 billion, $7.9 billion in gross loans, and $8.6 billion in deposits [5] Strategic Rationale - The merger is positioned as a strategic expansion into a vibrant economic region, enhancing market penetration and operational leverage [4] - The combined organization will maintain a focus on high-touch customer service and disciplined growth [4][6] - The merger represents Stock Yards' fifth acquisition since 2012, indicating a strong track record in M&A [6] Financial Metrics - Field & Main reported approximately $861 million in assets, $652 million in loans, and $781 million in deposits as of December 31, 2025 [5] - The transaction is valued at approximately $105.7 million, with an implied purchase price of $44.55 per share based on Stock Yards' closing stock price [10] - Expected earnings per share accretion of approximately 5.7% by 2027, with tangible book value dilution of about 0.9% to be recovered in under one year [10] Cost Savings and Financial Projections - Anticipated cost savings of 34% of Field & Main's non-interest expenses to be fully realized by 2027 [10] - One-time transaction costs are expected to be $16.9 million, primarily recognized in 2026 [11] - Pro forma total risk-based capital ratio expected to be approximately 13.4% at closing [12] Management and Integration - Doug Lawson, President and COO of Field & Main, will join Stock Yards as a market president, indicating a commitment to preserving key management talent [8] - Minimal market overlap is expected, allowing for the preservation of most customer-facing jobs [8] Organic Growth and Future Outlook - Stock Yards has experienced strong organic growth, with a loan growth rate of 6.5% and expectations for continued growth in 2026 [29][32] - The company aims to manage its balance sheet efficiently to stay below the $10 billion regulatory threshold until 2027 [20][12] - There is optimism regarding additional M&A opportunities in the current favorable regulatory environment [23] Additional Important Information - The merger is expected to close in the second quarter of 2026, pending customary approvals [15] - The management team emphasized the importance of relationships over size in community banking [6] - The merger is seen as a way to enhance service capabilities and customer offerings in the region [4][6] This summary captures the essential details and strategic insights from the conference call regarding the merger between Stock Yards Bancorp and Field & Main Bancorp, highlighting the financial implications, growth strategies, and management integration plans.