Stock Yards Bancorp Reports Record Fourth Quarter Earnings of $36.6 Million or $1.24 Per Diluted Share

Core Insights - Stock Yards Bancorp, Inc. reported record earnings of $140.2 million for the year ended December 31, 2025, representing a 22% increase from the previous year, with earnings per diluted share at $4.75 [1][11] - The company achieved a tangible book value per share of $29.50, a 19% increase year over year [1][21] - The fourth quarter of 2025 saw net income of $36.6 million, or $1.24 per diluted share, compared to $31.7 million, or $1.07 per diluted share, in the same quarter of 2024 [1][2] Financial Performance - Net interest income for the fourth quarter of 2025 increased by $9.3 million, or 13%, to $79.3 million compared to the fourth quarter of 2024 [8][11] - Non-interest income rose by $1.6 million, or 7%, to $25.1 million in the fourth quarter of 2025 compared to the same period in 2024 [10][25] - Total loans increased by $521 million, or 8%, year over year, with a total of $7.04 billion in loans as of December 31, 2025 [6][16] Growth and Expansion - The company grew its deposit base by $625 million, or 9%, over the past year, primarily due to a successful time deposit campaign [4][18] - Stock Yards Bancorp opened new branches in Bardstown, Kentucky, and Liberty Township, Ohio, expanding its geographic footprint [5][30] - The Wealth Management & Trust division achieved record results, with revenue and assets under management reaching all-time highs [3][10] Credit Quality and Risk Management - Non-performing loans decreased to $13.0 million, or 0.19% of total loans, down from $22.2 million, or 0.34%, a year earlier [19][36] - The allowance for credit losses to loans ratio was 1.30% as of December 31, 2025, compared to 1.33% the previous year [19][36] - The provision for credit losses on loans for the fourth quarter of 2025 was $850,000, significantly lower than the $2.2 million recorded in the same quarter of 2024 [9][24] Capital and Efficiency - The company maintained a "well-capitalized" status with total equity to assets at 11.28% and a tangible common equity ratio of 9.32% as of December 31, 2025 [21][30] - The efficiency ratio improved to 52.46% in the fourth quarter of 2025, down from 55.21% in the same quarter of 2024 [23][30] - The annualized return on average assets was 1.54%, while the return on average equity was 13.78% for the fourth quarter of 2025 [21][30]