Core Viewpoint - Stock Yards Bancorp, Inc. announces key executive promotions, including William J. Otten as Executive Vice President and Chief Credit Officer, effective April 1, 2026, following the retirement of William M. Dishman [1][2] Group 1: Executive Promotions - William J. Otten will be promoted to Executive Vice President and Chief Credit Officer, effective April 1, 2026 [1] - William M. Dishman will transition to Senior Credit Advisor on April 1, 2026, before retiring on October 15, 2026 [1][2] - John Hanks has been promoted to Director of Commercial Lending, bringing over 35 years of banking experience [3] Group 2: Leadership Comments - James A. Hillebrand, Chairman and CEO, expresses gratitude for Bill Dishman's 16 years of service and highlights his contributions to the company [2] - Hillebrand praises Bill Otten's strategic leadership and ability to enhance asset quality within the loan portfolio [2] Group 3: Company Background - Stock Yards Bancorp, Inc. has $9.31 billion in assets and was incorporated in 1988 [4] - The company is the parent of Stock Yards Bank & Trust Company, established in 1904, and trades on NASDAQ under the symbol "SYBT" [4]

Core Insights - Stock Yards Bancorp, Inc. has been recognized as one of the top-performing small-cap banks in the U.S. by Piper Sandler, being named a "Sm-All Star" for 2025 [1][2] - This recognition is based on various performance metrics including growth, profitability, credit quality, and capital strength [1] - Stock Yards Bancorp has achieved this distinction seven times since 2008, indicating a consistent performance over the years [2] Company Overview - Stock Yards Bancorp, Inc. is based in Louisville, Kentucky, and has total assets of $9.31 billion [3] - The company was incorporated in 1988 and serves as the parent company of Stock Yards Bank & Trust Company, which was established in 1904 [3] - The common shares of Stock Yards Bancorp trade on The NASDAQ Stock Market under the symbol "SYBT" [3]

Core Insights - Rick Seadler has been appointed as the Bowling Green Market President for Stock Yards Bank & Trust, bringing over 35 years of banking experience to the role [1][2] - Seadler's previous position was Regional President at Pinnacle Financial Partners, and he has held leadership roles in Louisville and Nashville [1][2] - Stock Yards Bank & Trust emphasizes community involvement and personalized customer service, aligning with Seadler's expertise [2] Company Overview - Stock Yards Bancorp, Inc. has $9.31 billion in assets and was incorporated in 1988, serving as the parent company of Stock Yards Bank & Trust Company, which was established in 1904 [4] - The company operates over 70 branches across Kentucky, Indiana, and Ohio, focusing on local leadership and community relationships [4]

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Core Points - Stock Yards Bancorp, Inc. has declared a quarterly cash dividend of $0.32 per common share, payable on December 31, 2025, to stockholders of record as of December 15, 2025 [1] - The company has total assets of $9.31 billion and was incorporated in 1988 as a bank holding company [2] - Stock Yards Bancorp is the parent company of Stock Yards Bank & Trust Company, which was established in 1904 [2] - The company's common shares are traded on The NASDAQ Stock Market under the symbol "SYBT" [2]

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Financial Performance - Net income for the three months ended September 30, 2025, was $36.2 million, a 23% increase from $29.4 million in the same period of 2024[186] - Diluted earnings per share for the three months ended September 30, 2025, was $1.23, a 23% increase from $1.00 in the same period of 2024[186] - Net income for the nine months ended September 30, 2025, was $103.5 million, resulting in diluted EPS of $3.51, up from $82.8 million and $2.82 EPS for the same period in 2024[191] - Bancorp's total revenue for the nine months ended September 30, 2025, was $293.1 million, up from $259.1 million in the prior year, representing a growth of 13.1%[348] Loan Growth - Total loans increased by $651 million, or 10%, compared to September 30, 2024, with significant growth in the commercial real estate segment[186] - Total loans increased by $409 million, or 6%, from December 31, 2024, with significant growth in commercial real estate and residential real estate[285] - The average total loans for the three months ended September 30, 2025, were $6.87 billion, compared to $6.17 billion for the same period in 2024, reflecting significant loan growth[232] - Loans increased to $6,873,559 thousand in Q3 2025, up from $6,174,309 thousand in Q3 2024, marking a rise of 11.3%[219] Deposit Growth - Deposit balances rose by $918 million, or 14%, compared to September 30, 2024, primarily due to growth in time deposits[186] - Total deposits increased by $478 million, or 7%, from December 31, 2024, to September 30, 2025[310] - Core deposits totaled $6.56 billion, representing 86% of total deposits as of September 30, 2025, compared to $6.14 billion at December 31, 2024[325] Interest Income and Expenses - Net interest income (FTE) for the three months ended September 30, 2025, totaled $77.1 million, representing a 19% increase from the previous year[186] - Net interest income (FTE) for the nine months ended September 30, 2025, totaled $221.3 million, an increase of $34 million, or 18%, from the prior year[191] - Total interest income (FTE) increased by $14.5 million, or 14%, to $120.3 million for the three months ended September 30, 2025, compared to the same period in 2024[205] - Total interest income (FTE) increased by $43.8 million, or 14%, to $347 million for the nine months ended September 30, 2025[213] Non-Interest Income and Expenses - Non-interest income decreased by $321,000, or 1%, for the three months ended September 30, 2025, attributed mainly to declines in WM&T revenue[190] - Non-interest income increased by $97,000, or less than 1%, for the nine months ended September 30, 2025, compared to the same period in 2024[195] - Non-interest expenses increased by $5.4 million, or 11%, for the three months ended September 30, 2025, driven by higher compensation expenses[190] - Bancorp's total non-interest expenses for the nine months ended September 30, 2025, were $157.6 million, compared to $146.5 million for the same period in 2024, reflecting an increase of 7.5%[348] Efficiency and Capital Ratios - Bancorp's efficiency ratio (FTE) improved to 52.99% for the three months ended September 30, 2025, compared to 53.92% in the same period of 2024[190] - Bancorp's efficiency ratio (FTE) improved to 53.75% for the nine months ended September 30, 2025, compared to 56.56% for the same period in 2024[195] - As of September 30, 2025, Bancorp maintained a "well-capitalized" status, with total stockholders' equity to total assets at 11.19%[190] - Bancorp's TCE ratio improved to 9.16% at September 30, 2025, up from 8.44% at December 31, 2024, with tangible book value per share increasing to $28.30 from $24.82[339] Asset Quality - The allowance for credit losses on loans was $92,859 thousand as of September 30, 2025, compared to $84,260 thousand a year earlier, reflecting a 10.5% increase[219] - Non-performing loans decreased to $18.66 million (0.27% of total loans) from $22.21 million (0.34% of total loans) between December 31, 2024, and September 30, 2025[293] - The ACL for loans to total non-performing loans ratio improved to 494% as of September 30, 2025, compared to 391% at December 31, 2024[293] Market and Investment Performance - Assets Under Management (AUM) reached $7.48 billion as of September 30, 2025, an increase from $7.32 billion at the same date in 2024, attributed to market appreciation and positive net new business[245] - Approximately 80% of AUM were actively managed as of September 30, 2025, compared to 79% as of December 31, 2024[249] - Managed assets composition included approximately 66% in equities and 34% in fixed income securities as of September 30, 2025, consistent with previous periods[251] Miscellaneous - The share repurchase program authorized the repurchase of up to 1 million shares, approximately 4% of total common shares outstanding, set to expire in two years[340] - Bancorp implemented a new deposit product, ICS, aimed at larger depositors requiring collateralization, enhancing liquidity management[312]

Core Insights - Stock Yards Bancorp (SYBT) reported quarterly earnings of $1.23 per share, exceeding the Zacks Consensus Estimate of $1.15 per share, and up from $1 per share a year ago [1] - The earnings surprise for the quarter was +6.96%, and the company has surpassed consensus EPS estimates in all four quarters over the past year [2] - Revenues for the quarter ended September 2025 were $101.6 million, surpassing the Zacks Consensus Estimate by 1.80%, and up from $89.86 million year-over-year [3] Earnings Performance - The company has consistently exceeded consensus revenue estimates for the last four quarters [3] - The earnings surprise of +9.52% was noted in the previous quarter, where actual earnings were $1.15 compared to an expected $1.05 [2] Stock Performance - Stock Yards shares have declined approximately 6.3% since the beginning of the year, contrasting with the S&P 500's gain of 17.2% [4] - The current Zacks Rank for Stock Yards is 4 (Sell), indicating expectations of underperformance in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.15 on revenues of $100.57 million, and for the current fiscal year, it is $4.59 on revenues of $391.67 million [8] - The industry outlook, particularly for the Banks - Southeast sector, is favorable, ranking in the top 19% of over 250 Zacks industries [9]

Financial Performance - Stock Yards Bancorp reported record net income of $36.2 million, or $1.23 per diluted share, for Q3 2025, up from $29.4 million, or $1.00 per diluted share, in Q3 2024, representing a 23% increase in net income year-over-year[2] - Net income for Q3 2025 was $36,241,000, up from $29,360,000 in the third quarter of 2024, representing a year-over-year increase of 23.5%[30] - Net income for Q3 2025 was $36,241 million, an increase of 6.5% from $34,024 million in Q2 2025[38] - Basic net income per share rose to $1.23, up from $1.16 in the previous quarter, reflecting a 6.0% increase[38] Loan and Deposit Growth - Total loans increased by $651 million, or 10%, year-over-year, reaching $6.93 billion, with commercial real estate loans leading the growth at $403 million[7] - Total loans and leases increased to $6,929,456,000 in Q3 2025, compared to $6,278,133,000 in Q3 2024, reflecting a growth of 10.4% year-over-year[35] - Total deposits grew by $918 million, or 14%, over the past 12 months, with non-interest-bearing deposits accounting for 21% of total deposits[16] - Total deposits rose to $7,541,304,000 as of September 30, 2025, up from $6,558,286,000 a year prior, representing a 14.9% increase[33] Interest Income and Margin - Net interest income rose by $12.1 million, or 19%, to $77.0 million compared to Q3 2024, driven by significant growth in average earning assets and improved yields[6] - Total interest income rose by $5.3 million, or 5%, with interest income on loans increasing by $4.2 million, or 4%, driven by an average loan increase of $127 million, or 2%, and a yield of 6.19%[23] - Net interest income for the third quarter of 2025 was $77,119,000, compared to $65,064,000 in the same quarter of 2024, reflecting a significant year-over-year increase[30] - Net interest margin expanded by 23 basis points to 3.56% for Q3 2025, supported by strong loan growth and higher yields on interest-earning assets[20] Non-Interest Income and Expenses - Non-interest income decreased by $321,000, or 1%, to $24.5 million compared to Q3 2024, with a notable decline in Wealth Management & Trust income attributed to lower non-recurring estate fees[10][13] - Total non-interest expenses increased by $5.4 million, or 11%, to $53.8 million compared to Q3 2024, primarily due to higher compensation expenses[11] - Non-interest income for Q3 2025 was $24,476,000, slightly up from $24,348,000 in Q2 2025, showing a 0.5% increase[37] Asset Growth - As of September 30, 2025, total assets increased by $870 million, or 10%, year-over-year, reaching $9.31 billion[14] - Total assets as of September 30, 2025, reached $9,216,803,000, up from $8,384,605,000 a year earlier, indicating a 9.9% year-over-year increase[33] - Total assets increased to $9,307,376 million, compared to $9,208,986 million in Q2 2025, marking a growth of 1.07%[38] Credit Quality - The company maintained a strong credit quality with non-performing loans totaling $18.7 million, or 0.27% of total loans outstanding, consistent with the previous year[17] - Non-performing loans to total loans remained stable at 0.27% in Q3 2025, consistent with the previous year[36] - The provision for credit losses was $1,975,000 in Q3 2025, down from $2,175,000 in Q2 2025, indicating a decrease in expected credit losses[37] Shareholder Returns - The board of directors increased the quarterly cash dividend to $0.32 per common share, paid on October 1, 2025[19] - The company declared a cash dividend of $0.32 per share for the third quarter of 2025, compared to $0.31 per share in the same quarter of 2024[32] - Book value per share increased to $35.32 as of September 30, 2025, compared to $31.76 in the previous year[32] Operational Efficiency - The efficiency ratio improved to 52.99% in Q3 2025 from 53.92% in Q2 2025, indicating enhanced operational efficiency[35] - Marketing and business development expenses increased by $449,000, or 31%, compared to the third quarter of 2024, primarily due to elevated advertising expenses and increased customer entertainment costs[22]