Core Insights - Equity markets have experienced volatility in August after a strong performance since mid-June, influenced by tariff policies and inflationary pressures [1] - Investors are advised to focus on stocks with a history of steady dividend payouts to protect their portfolios during market fluctuations [2] Investment Opportunities - Four small and mid-cap banks have recently announced dividend increases: Bank7 Corp. (BSVN), Unity Bancorp, Inc. (UNTY), Stock Yards Bancorp, Inc. (SYBT), and BayCom Corp (BCML) [3] - These banks have consistently raised their quarterly dividends, contributing to enhanced shareholder value, with stock prices increasing over 15% in the past year [3] Company Summaries - **Bank7 Corp. (BSVN)**: - Operates in Oklahoma, Texas, and Kansas with $1.83 billion in assets as of June 30, 2025 [7] - Announced a quarterly cash dividend of $0.27 per share, a 12.5% increase, with a forward dividend yield of 2.33% and a payout ratio of 21% [8] - Expected sales decline of 2.4% and earnings decrease of 13.4% in 2025 [9] - **Unity Bancorp, Inc. (UNTY)**: - Based in New Jersey with $2.93 billion in assets as of June 30, 2025 [11] - Increased its quarterly cash dividend to $0.15 per share, a 7.1% rise, with a forward dividend yield of 1.24% and a payout ratio of 12% [12] - Projected sales growth of 16.5% and earnings growth of 20.9% in 2025 [12] - **Stock Yards Bancorp, Inc. (SYBT)**: - Headquartered in Louisville, KY, providing services in Kentucky, Indiana, and Ohio [13] - Announced a dividend of $0.32 per share, a 3.2% increase, with a forward dividend yield of 1.66% and a payout ratio of 29% [14] - Anticipated sales growth of 11.1% and earnings growth of 17.2% in 2025 [14] - **BayCom Corp (BCML)**: - Operates through United Business Bank with $2.62 billion in assets as of June 30, 2025 [15] - Increased its quarterly cash dividend to $0.25 per share, a 25% rise, with a forward dividend yield of 3.53% and a payout ratio of 37% [16] - Expected sales growth of 3.6% and earnings growth of 5.2% in 2025 [17]

Core Viewpoint - Stock Yards Bancorp, Inc. has appointed David L. Hardy to its Board of Directors, effective October 21, 2025, highlighting his extensive leadership experience and market expertise in commercial real estate [2][3]. Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has $9.21 billion in assets. It was incorporated in 1988 and is the parent company of Stock Yards Bank & Trust Company, established in 1904. The company's common shares trade on NASDAQ under the symbol "SYBT" [6]. Leadership Appointment - David L. Hardy has been the Managing Director for CBRE's Kentucky operations since 2005 and has a long history in the Louisville market, brokering office properties since 1988. His leadership at CBRE Louisville has contributed to the company being recognized as one of Louisville's fastest-growing companies multiple times [3][4]. Professional Background - Mr. Hardy has held various leadership roles, including Vice Chairman of the Board of Trustees for St. Xavier High School and member of the Board of Governors for Louisville Country Club. He has also served as Chairman of the Board of Trustees of the Leadership Louisville Center and President of the Kentucky CCIM Chapter [5].

Core Insights - Stock Yards Bancorp (SYBT) announced a quarterly dividend of 32 cents per share, a 3.2% increase from the previous payout, with payment scheduled for October 1, 2025, to shareholders of record as of September 15 [1] - The company has raised its quarterly dividend 18 times since 2011, resulting in a total increase of 167% over this period [1][9] - SYBT's current dividend yield is 1.61%, compared to the industry average of 2.41 [2] Dividend Growth and Financial Health - Prior to the latest increase, SYBT raised its dividend by 3.3% to 31 cents per share in August 2024 [2] - The company maintains a five-year annualized dividend growth rate of 3.38% and a payout ratio of 29% of its earnings, indicating a strong capacity for reinvestment and shareholder returns [4] - As of June 30, 2025, SYBT reported total cash and cash equivalents of $451 million, with short-term debt of $133 million and long-term debt of $327 million, supporting its capital distribution activities [6] Shareholder Value Initiatives - SYBT has a share buyback program approved on July 15, 2025, allowing for the repurchase of up to 1 million shares over the next two years [5][9] - The company has experienced a share price increase of 34.8% over the past year, significantly outperforming the industry growth of 6.2% [7]

Core Viewpoint - Stock Yards Bancorp, Inc. has announced an increase in its quarterly cash dividend to $0.32 per common share, reflecting the company's consistent profitability and strong capital position [1][2]. Group 1: Dividend Announcement - The quarterly cash dividend is set to be paid on October 1, 2025, to stockholders of record as of September 15, 2025 [1]. - This marks the 18th increase in the quarterly dividend rate since 2011, resulting in a cumulative increase of 167% over that period [2]. Group 2: Company Overview - Stock Yards Bancorp, Inc. has $9.21 billion in assets and was incorporated in 1988 as a bank holding company [2]. - The company is the parent of Stock Yards Bank & Trust Company, which was established in 1904, and its common shares trade on NASDAQ under the symbol "SYBT" [2].

Core Points - Stock Yards Bancorp, Inc. announced an increase in its quarterly cash dividend to $0.32 per common share, payable on October 1, 2025, to shareholders of record as of September 15, 2025 [1] - The company has raised its quarterly dividend rate a total of 18 times since 2011, resulting in a cumulative increase of 167% over that period [2] Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has $9.21 billion in assets. It was incorporated in 1988 as a bank holding company and is the parent of Stock Yards Bank & Trust Company, established in 1904 [2] - The company's common shares are traded on The NASDAQ Stock Market under the symbol "SYBT" [2]

The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this holding company for Stock Yards Bank & Trust Co. enhances its prospects of a trend reversal. Understanding Hammer Chart and the Technique to Trade It This is one of the popular price patterns in ca ...

Core Insights - Stock Yards Bancorp (SYBT) reported a revenue of $97.91 million for the quarter ended June 2025, reflecting a year-over-year increase of 14.2% [1] - The earnings per share (EPS) for the quarter was $1.15, up from $0.94 in the same quarter last year, indicating a strong performance [1] - The reported revenue exceeded the Zacks Consensus Estimate of $95.57 million by 2.45%, and the EPS also surpassed the consensus estimate of $1.05 by 9.52% [1] Financial Metrics - Net Interest Margin was reported at 3.5%, matching the average estimate from three analysts [4] - The Efficiency Ratio stood at 53.8%, better than the average estimate of 55.1% from three analysts [4] - Net charge-offs to average loans were reported at -0%, compared to an estimated 0.1% by two analysts [4] - Average Interest-Earning Assets were $8.36 billion, consistent with the average estimate from two analysts [4] - Total Non-Interest Income was $24.35 million, exceeding the average estimate of $23.87 million from three analysts [4] - Net Interest Income (FTE) was reported at $73.56 million, above the average estimate of $72.03 million from two analysts [4] - Net Interest Income was $73.47 million, surpassing the average estimate of $71.53 million from two analysts [4] Stock Performance - Over the past month, Stock Yards shares returned +0.8%, while the Zacks S&P 500 composite increased by +5.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Stock Yards Bancorp (SYBT) reported quarterly earnings of $1.15 per share, exceeding the Zacks Consensus Estimate of $1.05 per share, and showing an increase from $0.94 per share a year ago, indicating a positive earnings surprise of +9.52% [1] Financial Performance - The company achieved revenues of $97.91 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.45% and up from $85.77 million year-over-year [2] - Over the last four quarters, Stock Yards has consistently exceeded consensus EPS estimates and revenue estimates [2] Stock Performance - Stock Yards shares have increased approximately 8.8% since the beginning of the year, outperforming the S&P 500's gain of 7.3% [3] Future Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.08 on revenues of $97.3 million, and for the current fiscal year, it is $4.37 on revenues of $384.67 million [7] Industry Context - The Banks - Southeast industry, to which Stock Yards belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable industry outlook [8] - The performance of Stock Yards may also be influenced by the overall industry outlook, as empirical research shows a strong correlation between stock movements and earnings estimate revisions [5][8]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Stock Yards Bancorp's second-quarter 2025 performance, key strategic highlights, and company recognition [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Stock Yards Bancorp reported record second-quarter 2025 earnings of $34.0 million, or $1.15 per diluted share, significantly up from Q2 2024 and slightly up from Q1 2025, supported by robust loan and deposit growth Key Financial Metrics (2Q25 vs 1Q25 vs 2Q24) (Dollars in millions) | Metric | 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 | | Net interest margin | 3.53% | 3.46% | 3.26% | | Annualized return on average assets | 1.52% | 1.52% | 1.35% | | Annualized return on average equity | 13.91% | 14.14% | 12.64% | - Net income increased by **23.3% year-over-year (YoY)** and **2.3% quarter-over-quarter (QoQ)**[1](index=1&type=chunk)[2](index=2&type=chunk) - Diluted EPS increased by **22.3% YoY** and **1.8% QoQ**[1](index=1&type=chunk)[2](index=2&type=chunk) [CEO Commentary and Strategic Focus](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Focus) CEO James A. Hillebrand highlighted record earnings, robust loan growth (13% YoY), net interest margin expansion (27 bps YoY, 7 bps QoQ), and strong non-interest revenue contributions. The company successfully expanded its deposit base (14% YoY) and maintains a focus on organic growth and funding position - Total loans increased **$779 million, or 13%**, year-over-year, with **$204 million** of that growth occurring in the second quarter[2](index=2&type=chunk) - Net interest margin expanded by **27 basis points** year-over-year and **7 basis points** from the prior quarter[2](index=2&type=chunk) - Deposit base grew **$938 million, or 14%**, over the past 12 months, with non-interest bearing deposits continuing to represent over **20% of total deposits**[2](index=2&type=chunk)[3](index=3&type=chunk) [Company Profile and Recognition](index=2&type=section&id=Company%20Profile%20and%20Recognition) 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. It operates 73 branch offices across three states, with plans for two additional locations in 2025. The company was recognized with the 2024 Raymond James Community Bankers Cup for strong performance Key Financial Figures (as of June 30, 2025) | Metric | Amount | | :--- | :--- | | Total assets | $9.21 billion | | Total loans | $6.85 billion | | Total deposits | $7.51 billion | - The Company's combined enterprise encompasses **73 branch offices** across three contiguous states, with **two additional locations** slated to be opened in 2025 in Bardstown, Kentucky, and Liberty Township, Ohio[4](index=4&type=chunk) - Stock Yards Bancorp was named a recipient of the **2024 Raymond James Community Bankers Cup** for the **10th time**, recognizing its strong performance in profitability, operational efficiency, and balance sheet strength[5](index=5&type=chunk) [Results of Operations](index=2&type=section&id=Results%20of%20Operations) This section details the company's financial performance, comparing second-quarter 2025 results against both the prior year and prior quarter, highlighting changes in net interest income, non-interest income, expenses, and credit provisions [Second Quarter 2025 vs. Second Quarter 2024](index=2&type=section&id=Second%20Quarter%202025%20vs.%20Second%20Quarter%202024) Net interest income increased significantly due to robust loan growth and net interest margin expansion. Non-interest income saw a modest increase, while non-interest expenses rose, primarily due to compensation and marketing [Net Interest Income and Margin](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin_2Q25_2Q24) Net interest income increased by 18% YoY, driven by strong earning asset growth and yield expansion, coupled with a decline in the cost of funds. Net interest margin expanded by 27 basis points to 3.53% Net Interest Income & Margin (2Q25 vs 2Q24) (Dollars in millions) | Metric | 2Q25 | 2Q24 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $73.5 | $62.0 | $11.5 | 18% | | Net interest margin | 3.53% | 3.26% | 0.27% (bps) | - | - Total interest income increased by **$14.7 million (15%)** to **$115 million**, with interest income and fees on loans increasing **$13.0 million (14%)** and interest income on securities increasing **$936,000 (12%)**[12](index=12&type=chunk) - Total interest expense increased **$3.2 million (8%)** to **$41.5 million**, but the cost of interest-bearing liabilities decreased **10 basis points** to **2.65%**[12](index=12&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses_2Q25_2Q24) Provision for credit losses increased to $2.2 million in Q2 2025, primarily due to strong loan growth, a slightly deteriorating economic forecast, and increased specific reserves Provision for Credit Losses (2Q25 vs 2Q24) (Dollars in millions) | Metric | 2Q25 | 2Q24 | Change ($) | | :--- | :--- | :--- | :--- | | Provision for credit losses | $2.175 | $1.300 | $0.875 | | Provision for credit losses on loans | $2.3 | $1.1 | $1.2 | | Provision for credit losses on off balance sheet exposures | -$0.075 (credit) | $0.225 | -$0.300 | - Net charge-offs were **$342,000** in Q2 2025, compared to a recovery of **$183,000** in Q2 2024[9](index=9&type=chunk)[40](index=40&type=chunk) [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income_2Q25_2Q24) Non-interest income increased by $693,000 (3%) YoY, primarily driven by swap fees, treasury management fees, and brokerage income, which offset a decline in Wealth Management & Trust (WM&T) income Non-Interest Income (2Q25 vs 2Q24) (Dollars in millions) | Metric | 2Q25 | 2Q24 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-interest income | $24.3 | $23.7 | $0.7 | 3% | | WM&T income | $10.5 | $10.8 | -$0.3 | -3% | | Treasury management fees | $3.0 | $2.8 | $0.2 | 6% | | Brokerage income | $0.980 | $0.800 | $0.180 | 23% | | Other non-interest income | $1.177 | $0.500 | $0.677 | 135.4% | - Other non-interest income increased **$677,000**, driven mainly by **$557,000 of swap fees**[7](index=7&type=chunk) - Brokerage income grew **$180,000 (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[13](index=13&type=chunk) [Non-Interest Expenses](index=2&type=section&id=Non-Interest%20Expenses_2Q25_2Q24) Total non-interest expenses increased by $3.6 million (7%) YoY, mainly due to higher compensation expenses (11% increase) driven by bonus accruals and employee expansion, as well as increased marketing and business development expenses (22% increase) Non-Interest Expenses (2Q25 vs 2Q24) (Dollars in millions) | Metric | 2Q25 | 2Q24 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-interest expenses | $52.7 | $49.1 | $3.6 | 7% | | Compensation expense | $27.3 | $24.6 | $2.7 | 11% | | Marketing and business development | $1.951 | $1.596 | $0.355 | 22% | | Net occupancy and equipment | $4.025 | $3.819 | $0.206 | 5% | - Compensation expense increased **$2.6 million (11%)** compared to the second quarter of 2024, consistent with higher bonus accrual levels, annual merit-based increases, and full-time equivalent employee expansion[11](index=11&type=chunk) - Marketing and business development expense increased **$355,000 (22%)** due to elevated advertising tied to time deposit product promotions and increased customer entertainment and sponsorships[25](index=25&type=chunk) [Second Quarter 2025 vs. First Quarter 2025](index=4&type=section&id=Second%20Quarter%202025%20vs.%20First%20Quarter%202025) The company saw continued quarter-over-quarter growth in net interest income and non-interest income, with net interest margin expanding. Non-interest expenses also increased, and provision for credit losses rose significantly [Net Interest Income and Margin](index=4&type=section&id=Net%20Interest%20Income%20and%20Margin_2Q25_1Q25) Net interest income increased by $2.9 million (4%) QoQ, and net interest margin expanded 7 basis points to 3.53%, driven by strong loan growth and higher earning asset yields Net Interest Income & Margin (2Q25 vs 1Q25) (Dollars in millions) | Metric | 2Q25 | 1Q25 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $73.5 | $70.6 | $2.9 | 4% | | Net interest margin | 3.53% | 3.46% | 0.07% (bps) | - | | Total interest income | $115 | $111.2 | $3.8 | 3% | | Total interest expense | $41.5 | $40.6 | $0.9 | 2% | - Interest income on loans, including fees, increased **$3.4 million (3%)** QoQ, with average loans increasing **$150 million (2%)**[33](index=33&type=chunk) - Interest expense on deposits increased **$2.9 million (8%)**, led by **$265 million (20%)** growth in average time deposit balances due to successful promotions[33](index=33&type=chunk) [Provision for Credit Losses](index=5&type=section&id=Provision%20for%20Credit%20Losses_2Q25_1Q25) Provision for credit losses on loans increased to $2.3 million in Q2 2025 from $900,000 in Q1 2025, with a $75,000 credit to expense for off-balance sheet exposures Provision for Credit Losses (2Q25 vs 1Q25) (Dollars in millions) | Metric | 2Q25 | 1Q25 | Change ($) | | :--- | :--- | :--- | :--- | | Provision for credit losses on loans | $2.3 | $0.900 | $1.4 | | Provision for credit losses on off balance sheet exposures | -$0.075 (credit) | $0 | -$0.075 | [Non-Interest Income](index=5&type=section&id=Non-Interest%20Income_2Q25_1Q25) Non-interest income increased $1.4 million (6%) QoQ, mainly from swap fees, treasury management fees, and card income, partially offset by a decline in WM&T income Non-Interest Income (2Q25 vs 1Q25) (Dollars in millions) | Metric | 2Q25 | 1Q25 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-interest income | $24.3 | $23.0 | $1.4 | 6% | | Other non-interest income | $1.177 | $0.540 | $0.637 | 117.9% | | Treasury management fees | $3.005 | $2.673 | $0.332 | 12% | | Debit and credit card income | $4.837 | $4.508 | $0.329 | 7% | | WM&T income | $10.483 | $10.647 | -$0.164 | -2% | - Other non-interest income increased **$637,000**, driven mainly by **$557,000 of swap fees** collected[27](index=27&type=chunk) [Non-Interest Expenses](index=5&type=section&id=Non-Interest%20Expenses_2Q25_1Q25) Non-interest expenses increased $1.7 million (3%) QoQ, primarily due to increases in compensation expense and marketing and business development expenses Non-Interest Expenses (2Q25 vs 1Q25) (Dollars in millions) | Metric | 2Q25 | 1Q25 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-interest expenses | $52.7 | $51.0 | $1.7 | 3% | [Financial Condition](index=4&type=section&id=Financial%20Condition) This section analyzes the company's balance sheet, asset quality, and capital adequacy as of June 30, 2025, with comparisons to prior year and prior quarter [June 30, 2025 vs. June 30, 2024](index=4&type=section&id=June%2030%2C%202025%20vs.%20June%2030%2C%202024) Total assets, loans, and deposits all experienced double-digit percentage growth year-over-year. The company maintained a "well-capitalized" status with improved capital ratios, and asset quality remained strong [Assets and Liabilities](index=4&type=section&id=Assets%20and%20Liabilities_2Q25_2Q24) Total assets increased 11% YoY to $9.21 billion, driven by a 13% increase in total loans and a 14% increase in total deposits. Investment securities decreased as cash flows were used to fund loan growth Balance Sheet Highlights (June 30, 2025 vs June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | $9.21 billion | $8.32 billion | $0.89 billion | 11% | | Total loans | $6.85 billion | $6.07 billion | $0.78 billion | 13% | | Total deposits | $7.51 billion | $6.57 billion | $0.94 billion | 14% | | Investment securities | $1.22 billion | $1.34 billion | -$0.12 billion | -9% | - Total loans increased **$779 million (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, up from **41%** a year ago[16](index=16&type=chunk) - Total deposits increased **$938 million (14%)**, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits, led primarily by time deposit growth[18](index=18&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality_2Q25_2Q24) Asset quality remained strong, with non-performing loans slightly increasing but their ratio to total loans decreasing. The allowance for credit losses to loans ratio slightly declined Asset Quality Metrics (June 30, 2025 vs June 30, 2024) (Dollars in millions) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Non-performing loans | $18.0 | $17.6 | | Non-performing loans to total loans | 0.26% | 0.29% | | Allowance for credit losses to loans | 1.32% | 1.35% | [Capital Adequacy](index=4&type=section&id=Capital%20Adequacy_2Q25_2Q24) The company maintained its "well-capitalized" regulatory rating, with all capital ratios showing meaningful growth, including total equity to assets at 10.92% and tangible common equity to tangible assets at 8.86% Capital Ratios (June 30, 2025 vs June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total equity to assets | 10.92% | 10.76% | | Tangible common equity to tangible assets | 8.86% | 8.42% | - The Company continued to be **"well-capitalized,"** the highest regulatory capital rating for financial institutions[20](index=20&type=chunk) [June 30, 2025 vs. March 31, 2025](index=5&type=section&id=June%2030%2C%202025%20vs.%20March%2031%2C%202025) The company continued to expand its balance sheet quarter-over-quarter, with total assets, loans, and deposits all showing growth [Assets and Liabilities](index=5&type=section&id=Assets%20and%20Liabilities_2Q25_1Q25) Total assets increased $212 million (2%) QoQ to $9.21 billion. Total loans expanded $204 million (3%), primarily driven by the CRE segment. Total deposits increased $213 million (3%), with growth in both non-interest-bearing and interest-bearing accounts Balance Sheet Highlights (June 30, 2025 vs March 31, 2025) | Metric | June 30, 2025 | March 31, 2025 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | $9.21 billion | $9.00 billion | $0.21 billion | 2% | | Total loans | $6.85 billion | $6.65 billion | $0.20 billion | 3% | | Total deposits | $7.51 billion | $7.29 billion | $0.21 billion | 3% | - The Commercial Real Estate (CRE) segment was the primary driver of loan growth, increasing **$126 million (4%)** QoQ[30](index=30&type=chunk) - Total line of credit usage increased to **48%** as of June 30, 2025, compared to **46%** as of March 31, 2025[30](index=30&type=chunk) [Capital Management and Shareholder Returns](index=4&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) This section outlines the company's capital allocation strategies, including dividend declarations and the adoption of a new share repurchase program [Dividends](index=4&type=section&id=Dividends) The board of directors declared a quarterly cash dividend of $0.31 per common share in May 2025, paid on July 1, 2025 - Quarterly cash dividend declared: **$0.31 per common share**[21](index=21&type=chunk) [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) A new share repurchase plan was adopted on July 15, 2025, authorizing the purchase of up to 1 million shares of common stock over two years, replacing the prior expired plan - New share repurchase plan adopted on July 15, 2025, authorizing the purchase of up to **1 million shares** of the Company's common stock[22](index=22&type=chunk) - The share repurchase plan expires in **two years** and replaces the Company's prior repurchase plan, which expired in May 2025[22](index=22&type=chunk) [Company Information and Forward-Looking Statements](index=5&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides an overview of Stock Yards Bancorp and includes a disclaimer regarding the inherent risks of forward-looking statements [About Stock Yards Bancorp](index=5&type=section&id=About%20Stock%20Yards%20Bancorp) Stock Yards Bancorp, Inc. is a bank holding company based in Louisville, Kentucky, with $9.21 billion in assets, operating Stock Yards Bank & Trust Company since 1904. Its shares trade on Nasdaq under "SYBT." - Louisville, Kentucky-based Stock Yards Bancorp, Inc. has **$9.21 billion in assets**[32](index=32&type=chunk) - The Company's common shares trade on The Nasdaq Stock Market under the symbol **"SYBT"**[32](index=32&type=chunk) [Forward-Looking Statements Disclaimer](index=5&type=section&id=Forward-Looking%20Statements%20Disclaimer) The report contains forward-looking statements subject to risks and uncertainties, and actual results may differ due to economic conditions, competition, regulatory changes, interest rates, and other factors detailed in SEC filings - The report contains forward-looking statements that involve risks and uncertainties, and there is no assurance they will prove to be accurate[32](index=32&type=chunk) - Factors that could cause actual results to differ include economic conditions, competition, changes in government legislation and regulation, changes in interest rates, and unforeseen changes in liquidity or financial condition of customers[32](index=32&type=chunk) - Further risks, uncertainties, and factors are detailed in the Company's Annual Report on Form 10-K and other SEC filings[34](index=34&type=chunk) [Financial Tables and Supplementary Data](index=6&type=section&id=Financial%20Tables%20and%20Supplementary%20Data) This section provides comprehensive unaudited financial tables, including income statement, balance sheet, average balance sheet, performance ratios, capital ratios, and asset quality data [Income Statement Data](index=6&type=section&id=Income%20Statement%20Data) This section presents detailed unaudited income statement figures for the three and six months ended June 30, 2025, and 2024, as well as quarterly comparisons for the past five quarters, covering net interest income, non-interest income, expenses, and net income Income Statement Data (Three Months Ended June 30, 2025 vs 2024) (Dollars in thousands) | Income Statement Data | 2025 | 2024 | | :--- | :--- | :--- | | Net interest income | $73,473 | $62,022 | | Provision for credit losses | $2,175 | $1,300 | | Total non-interest income | $24,348 | $23,655 | | Total non-interest expenses | $52,700 | $49,109 | | Net income | $34,024 | $27,598 | | Net income per share - Diluted | $1.15 | $0.94 | Income Statement Data (Quarterly Comparison) (Dollars in thousands) | Income Statement Data | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net interest income | $73,473 | $70,552 | $69,969 | $64,979 | $62,022 | | Provision for credit losses | $2,175 | $900 | $2,675 | $4,325 | $1,300 | | Total non-interest income | $24,348 | $22,996 | $23,507 | $24,797 | $23,655 | | Total non-interest expenses | $52,700 | $51,027 | $51,657 | $48,452 | $49,109 | | Net income | $34,024 | $33,271 | $31,694 | $29,360 | $27,598 | | Net income per share - Diluted | $1.15 | $1.13 | $1.07 | $1.00 | $0.94 | [Balance Sheet Data](index=7&type=section&id=Balance%20Sheet%20Data) This section provides detailed unaudited balance sheet figures as of June 30, 2025, and 2024, along with quarterly comparisons for the past five quarters, including assets, liabilities, and stockholders' equity Balance Sheet Data (June 30, 2025 vs 2024) (Dollars in thousands) | Balance Sheet Data | 2025 | 2024 | | :--- | :--- | :--- | | Investment securities | $1,221,842 | $1,342,354 | | Loans | $6,850,273 | $6,070,963 | | 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 | | Stockholders' equity | $1,005,704 | $894,535 | Balance Sheet Data (Quarterly Comparison) (Dollars in thousands) | Balance Sheet Data | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | $9,208,986 | $8,997,478 | $8,863,419 | $8,437,280 | $8,315,325 | | Total loans | $6,850,273 | $6,646,360 | $6,520,402 | $6,278,133 | $6,070,963 | | Total deposits | $7,506,750 | $7,293,966 | $7,166,401 | $6,726,073 | $6,569,238 | | Stockholders' equity | $1,005,704 | $975,473 | $940,476 | $934,094 | $894,535 | [Average Balance Sheet Data](index=8&type=section&id=Average%20Balance%20Sheet%20Data) This section details average balance sheet figures for the three months ended June 30, 2025, and 2024, and quarterly comparisons, providing insights into average interest-earning assets, liabilities, and equity Average Balance Sheet Data (Three Months Ended June 30, 2025 vs 2024) (Dollars in thousands) | Average Balance Sheet Data | 2025 | 2024 | | :--- | :--- | :--- | | Total interest earning assets | $8,364,263 | $7,660,117 | | Total assets | $8,987,084 | $8,246,735 | | Total deposits | $7,309,502 | $6,487,512 | | Total interest bearing liabilities | $6,285,520 | $5,597,548 | | Total stockholders' equity | $980,803 | $878,233 | Average Balance Sheet Data (Quarterly Comparison) (Dollars in thousands) | Average Balance Sheet Data | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | 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 | | Total deposits | $7,309,502 | $7,020,828 | $7,024,065 | $6,558,286 | $6,487,512 | | Total stockholders' equity | $980,803 | $954,040 | $937,782 | $910,274 | $878,233 | [Performance Ratios](index=8&type=section&id=Performance%20Ratios) This section includes key performance ratios such as annualized return on average assets, return on average equity, net interest margin, non-interest income to total revenue, and efficiency ratio for various periods Performance Ratios (Three Months Ended June 30, 2025 vs 2024) | Performance Ratios | 2025 | 2024 | | :--- | :--- | :--- | | Annualized return on average assets | 1.52% | 1.35% | | Annualized return on average equity | 13.91% | 12.64% | | Net interest margin, fully tax equivalent | 3.53% | 3.26% | | Efficiency ratio, fully tax equivalent | 53.83% | 57.26% | Performance Ratios (Quarterly Comparison) | Performance Ratios | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Annualized return on average assets | 1.52% | 1.52% | 1.45% | 1.39% | 1.35% | | Annualized return on average equity | 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% | | Efficiency ratio, fully tax equivalent | 53.83% | 54.50% | 55.21% | 53.92% | 57.26% | [Capital Ratios](index=8&type=section&id=Capital%20Ratios) This section presents regulatory capital ratios, including total stockholders' equity to total assets, tangible common equity to tangible assets, total risk-based capital, common equity tier 1 risk-based capital, tier 1 risk-based capital, and leverage ratio Capital Ratios (June 30, 2025 vs 2024) | Capital Ratios | 2025 | 2024 | | :--- | :--- | :--- | | Total stockholders' equity to total assets | 10.92% | 10.76% | | Tangible common equity to tangible assets | 8.86% | 8.42% | | 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% | Capital Ratios (Quarterly Comparison) | Capital Ratios | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total stockholders' equity to total assets | 10.92% | 10.84% | 10.61% | 11.07% | 10.76% | | Tangible common equity to tangible assets | 8.86% | 8.72% | 8.44% | 8.79% | 8.42% | | 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% | [Loan and Deposit Segmentation](index=8&type=section&id=Loan%20and%20Deposit%20Segmentation) This section provides a breakdown of the loan portfolio by segment (e.g., commercial real estate, C&I, residential real estate) and deposit types (e.g., interest-bearing demand, savings, money market, time deposits, non-interest bearing deposits) for various periods Loan Segmentation (June 30, 2025 vs 2024) (Dollars in thousands) | Loan Segmentation | 2025 | 2024 | | :--- | :--- | :--- | | Commercial real estate - non-owner occupied | $1,989,982 | $1,652,614 | | Commercial and industrial | $1,491,143 | $1,356,970 | | Residential real estate - owner occupied | $851,284 | $749,870 | | Construction and land development | $671,011 | $586,820 | | Total loans and leases | $6,850,273 | $6,070,963 | Deposit Segmentation (June 30, 2025 vs 2024) (Dollars in thousands) | Deposit Segmentation | 2025 | 2024 | | :--- | :--- | :--- | | Interest bearing demand | $2,520,405 | $2,422,828 | | 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 | Loan Segmentation (Quarterly Comparison) (Dollars in thousands) | Loan Segmentation | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial real estate - non owner occupied | $1,989,982 | $1,870,352 | $1,835,935 | $1,686,448 | $1,652,614 | | Commercial and industrial | $1,491,143 | $1,463,746 | $1,438,654 | $1,379,293 | $1,356,970 | | Total loans and leases | $6,850,273 | $6,646,360 | $6,520,402 | $6,278,133 | $6,070,963 | [Asset Quality Data](index=9&type=section&id=Asset%20Quality%20Data) This section details asset quality metrics, including non-accrual loans, total non-performing loans and assets, and ratios such as non-performing loans to total loans and allowance for credit losses to total loans Asset Quality Data (June 30, 2025 vs 2024) (Dollars in thousands) | Asset Quality Data | 2025 | 2024 | | :--- | :--- | :--- | | Non-accrual loans | $17,650 | $17,371 | | Total non-performing loans | $18,028 | $17,557 | | Non-performing loans to total loans | 0.26% | 0.29% | | Allowance for credit losses on loans to total loans | 1.32% | 1.35% | | Net (charge-offs) recoveries | $(342) | $183 | Asset Quality Data (Quarterly Comparison) (Dollars in thousands) | Asset Quality Data | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total non-performing loans | $18,028 | $16,148 | $22,214 | $17,158 | $17,557 | | Non-performing loans to total loans | 0.26% | 0.24% | 0.34% | 0.27% | 0.29% | | Allowance for credit losses on loans to total loans | 1.32% | 1.34% | 1.33% | 1.36% | 1.35% | | Net (charge-offs) recoveries | $(342) | $971 | $(625) | $(1,137) | $183 | [Provision for Credit Losses Detail](index=13&type=section&id=Provision%20for%20Credit%20Losses%20Detail) This section provides a detailed breakdown of the provision for credit losses, distinguishing between loans and off-balance sheet exposures for quarterly comparisons Provision for Credit Losses Detail (Quarterly Comparison) (Dollars in thousands) | (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) | $0 | $450 | $0 | $225 | | Total provision for credit losses | $2,175 | $900 | $2,675 | $4,325 | $1,300 | [Non-GAAP Reconciliations](index=13&type=section&id=Non-GAAP%20Reconciliations) This section reconciles GAAP financial measures to non-GAAP measures, specifically for the efficiency ratio and tangible common equity, providing transparency on how these metrics are calculated Efficiency Ratio Reconciliation (Quarterly Comparison) (Dollars in thousands) | (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 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% | Tangible Common Equity Reconciliation (Quarterly Comparison) (Dollars in thousands, except per share data) | (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 | | Tangible common equity - Non-GAAP (c) | $797,641 | $766,495 | $730,584 | $722,871 | $682,260 | | Tangible common equity to tangible assets - Non-GAAP (c/d) | 8.86% | 8.72% | 8.44% | 8.79% | 8.42% | | Tangible common equity per share - Non-GAAP (c/e) | $27.06 | $26.01 | $24.82 | $24.58 | $23.22 | [Other Information](index=13&type=section&id=Other%20Information) This section includes additional operational data such as total Wealth Management & Trust assets under management and full-time equivalent employees for quarterly periods Other Information (Quarterly Comparison) | Other Information | 6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | | :--- | :--- | :--- | :--- | :--- | :--- | | 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 |

Core Viewpoint - Stock Yards Bancorp, Inc. reported strong financial performance for the second quarter of 2025, driven by significant loan growth and net interest margin expansion, resulting in record earnings of $34.0 million, or $1.15 per diluted share, compared to $27.6 million, or $0.94 per diluted share, in the same quarter of 2024 [1][2]. Financial Performance - Net income for Q2 2025 was $34.0 million, an increase of $6.4 million, or 23%, from Q2 2024 [2][5]. - Net interest income rose by $11.5 million, or 18%, to $73.5 million, attributed to strong growth in average earning assets and improved yields [5][10]. - Non-interest income increased by $693,000, or 3%, to $24.3 million compared to Q2 2024 [8][9]. Loan and Deposit Growth - Total loans increased by $779 million, or 13%, year-over-year, with a $204 million, or 3%, increase from the previous quarter [6][14]. - Deposit balances expanded by $938 million, or 14%, over the past 12 months, with a notable increase in interest-bearing deposits [16][28]. Net Interest Margin and Efficiency - Net interest margin expanded by 27 basis points year-over-year to 3.53%, driven by higher yields on earning assets and lower funding costs [2][10]. - The efficiency ratio improved to 53.83% from 57.26% in Q2 2024, indicating better operational efficiency [2][33]. Credit Quality - Provision for credit losses was recorded at $2.2 million, reflecting strong loan growth and a slightly deteriorating economic forecast [7][23]. - Non-performing loans totaled $18.0 million, or 0.26% of total loans, showing a slight improvement from 0.29% a year earlier [17][35]. Capital and Shareholder Returns - The company maintained a "well-capitalized" status with a tangible common equity ratio of 8.86% as of June 30, 2025 [18][29]. - A quarterly cash dividend of $0.31 per common share was declared, reflecting a commitment to returning value to shareholders [19][20]. Future Outlook - The company anticipates continued momentum in loan production and deposit growth, with expectations for net interest margin stability despite increased competition in the second half of the year [1][4].