LOUISVILLE, Ky., Oct. 28, 2026 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported record earnings of $43.5 million, or $1.40 per diluted share, for the third quarter ended September 30, 2026. This compares to net income of $40.1 million, or $1.31 per diluted share, for the second quarter ended June 30, 2026, and $36.2 million, or $1.23 per diluted share, for the third quarter ended September 30, 2025. Net interest margin expansion, strong credit quality metrics and record levels of non-interest income all contributed to record third quarter 2026 earnings.
| (dollar amounts in thousands, except per share data) | 3Q26 | 2Q26 | 3Q25 | |||||||||
| Net income | $ | 43,508 | $ | 40,057 | $ | 36,241 | ||||||
| Net income per share, diluted | 1.40 | 1.31 | 1.23 | |||||||||
| Net interest income | $ | 92,604 | $ | 87,828 | $ | 77,037 | ||||||
| Provision for credit losses(1) | 950 | – | 1,975 | |||||||||
| Non-interest income | 27,633 | 26,747 | 24,476 | |||||||||
| Non-interest expenses | 64,114 | 63,806 | 53,831 | |||||||||
| Net interest margin | 3.88 | % | 3.84 | % | 3.56 | % | ||||||
| Efficiency ratio(2) | 53.29 | % | 55.64 | % | 52.99 | % | ||||||
| Tangible common equity to tangible assets(3) | 9.98 | % | 9.66 | % | 9.16 | % | ||||||
| Annualized return on average assets(4) | 1.69 | % | 1.63 | % | 1.56 | % | ||||||
| Annualized return on average equity(4) | 13.72 | % | 13.50 | % | 14.16 | % | ||||||
“Stock Yards delivered another record quarter, with net interest margin expansion and broad-based strength in non-interest income driving earnings to a new high,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Loan growth was positive, but lighter than anticipated, as payoffs remained elevated and continued to offset solid production. While we expect payoff activity to remain a headwind in the near term, our pipeline is steady heading into the fourth quarter. Non-interest income was once again a highlight, with WM&T revenue, treasury management fees and brokerage income each reaching record levels, and card income also contributing to solid results. While total assets remained above the regulatory $10 billion threshold as of September 30, 2026, we remain committed to managing the balance sheet under $10 billion at year-end as we position the Company to officially transition across that threshold in 2027.
“In addition to organic growth, I am excited to report the first full quarter reflecting our successful merger with Field & Main Bancorp (“Field & Main”),” Hillebrand continued. “The acquisition is already making a meaningful contribution to our results, and shortly after quarter end, in mid-October, we completed the core systems conversion, an important milestone in fully integrating our two organizations. While there is more work ahead, we are now well positioned to strengthen our presence in this new market, enhance operating leverage, and deliver expanded capabilities to customers across Western Kentucky and the surrounding region. I’m excited about the long-term growth opportunities this combination creates.”
As of September 30, 2026, Stock Yards had $10.26 billion in assets, $7.99 billion in loans and $8.39 billion in total deposits. The Company’s combined enterprise, which encompasses 82 branch offices across three contiguous states, will continue to benefit from a diversified geographic and economic footprint, including the six locations added through the Field & Main acquisition and continued organic expansion, including the opening of the Company’s first full-service location in Bowling Green, Kentucky in late September.
Key factors contributing to the third quarter of 2026 included:
- Total loans increased $1.06 billion, or 15%, over the last 12 months, while growing $104 million, or 1%, on the linked quarter. As of period end, and including purchase accounting-related adjustments, the Field & Main loan portfolio totaled $606 million. Excluding the Field & Main portfolio, organic growth totaled $453 million, or 6%, over the past 12 months, with the CRE and C&I segments being the primary drivers of the increase. The yield earned on total loans ended at 6.17% for the third quarter of 2026, down 2 basis points compared to the third quarter of the prior year due to interest rate reductions implemented by the FRB in the latter part of 2025. The FRB’s recent interest rate increase had a minimal impact on the quarter’s results given its mid-September effective date.
- Deposit balances increased $746 million, or 10%, over the last 12 months. As of period end, the Field & Main deposit portfolio totaled $731 million, including $130 million of non-interest bearing deposits. Excluding the Field & Main deposit portfolio, total deposits grew $15 million, or less than 1%. On the linked quarter, total deposits contracted $96 million, or 1%. Excluding the impact of the Field & Main portfolio, total deposits contracted $61 million on the linked quarter, driven by declines in the more expensive time deposit and normal seasonal fluctuations in public fund balances.
- Net interest income increased $15.6 million, or 20%, for the third quarter of 2026 compared to the third quarter a year ago. Net interest margin expanded 32 basis points to 3.88% for the third quarter of 2026 compared to the third quarter of the prior year, driven by substantial average loan balance growth, lower deposit costs, a more efficient balance sheet and the impact of the Field & Main merger. On the linked quarter, net interest income increased $4.8 million, or 5%, and net interest margin expanded by 4 basis points, driven primarily by improved loan yields, steady interest-bearing deposit costs and a more efficient balance sheet. Higher loan yields were attributed to the continued favorable repricing of the legacy portfolio, while deposit costs declined one basis point as higher interest-bearing demand and money market costs were offset by the favorable repricing of the time deposit portfolio.
- The provision for credit losses on loans(1) was $700,000 for the third quarter of 2026, compared to $1.6 million for the prior year quarter, due to solid organic loan growth for the quarter, strong credit quality metrics and an improved unemployment forecast during the quarter. No provision for off balance sheet credit exposures was recorded for the third quarter of 2026, compared to $425,000 for the prior year quarter.
- Provision for credit losses on available-for-sale investment securities of $250,000 was recorded for the third quarter of 2026 to establish an allowance for the Company’s only corporate security, which was acquired as a result of a previous acquisition, due to an event of default that is in the process of resolution.
- Non-interest income increased $3.2 million, or 13%, over the third quarter of 2025, and increased $886,000, or 3%, on the linked quarter as a result of organic growth and the first full quarter of acquisition-related activity.
- Total non-interest expenses increased $10.3 million, or 19%, for the third quarter of 2026 compared to the third quarter of 2025, and increased $308,000, or less than 1%, on the linked quarter. Activity related to the Field & Main merger totaled $6.2 million during the third quarter of 2026, $5.5 million of which relates to regular operating expenses and $678,000 relates to one-time merger-related expenses. Remaining merger-related expenses, primarily related to systems conversion, are expected to be incurred in the fourth quarter of 2026.
- Tangible book value per share(3) was $32.08 on September 30, 2026, compared to $31.39 on June 30, 2026, and $28.30 on September 30, 2025.
Hillebrand concluded, “In August 2026, we were honored to be recognized by Bank Director as one of the top 25 banks in the nation, ranking 17th overall and 10th among the banks studied with total assets between $5 billion and $50 billion. This recognition serves as a testament to the hard work and dedication of our entire team and proves that our full-relationship, community banking business model continues to deliver the exceptional results that have become synonymous with the Stock Yards name.”
Results of Operations – Third Quarter 2026, Compared with Third Quarter 2025
Net interest income, the Company’s largest source of revenue, increased by $15.6 million, or 20%, to $92.6 million. Significant average earning asset balance growth led to strong net interest income expansion. Net interest income attributed to the Field & Main merger totaled $7.8 million, representing a full quarter of activity.
- Total interest income increased by $14.1 million, or 12%, to $134 million, including $12.1 million of interest income attributed to the Field & Main acquisition.
- Interest income and fees on loans increased $16.1 million, or 15%, over the prior year quarter, while average loan balances increased $1.06 billion, or 15%. Interest income on loans attributed to the Field & Main acquisition totaled $11.0 million, with acquired average loans totaling $618 million. The average yield earned on loans decreased 2 basis points over the past 12 months to 6.17%. Excluding the impact of the Field & Main acquisition, which included approximately $488,000 of purchased loan mark accretion, average loan yields on the legacy portfolio declined slightly to 6.10%.
- Interest income on securities decreased $2.6 million, or 34%, compared to the third quarter of 2025. Average securities balances declined $313 million, or 25%, while the rate earned on securities declined 28 basis points to 2.14%. The decline in average balances and related yields was attributed to the scheduled maturities of treasury bills over the past 12 months that had previously been used for collateral pledging purposes and carried a rate similar to the Federal Funds Target Rate. Given that the acquired securities portfolio was sold immediately upon acquisition close, there was minimal impact on the investment portfolio.
- Average overnight funds increased $140 million, or 31% for the third quarter of 2026 compared to the same period of the prior year, driven largely by substantial average deposit growth and the previously mentioned maturity activity from the securities portfolio. Corresponding interest income increased $593,000, or 12%, consistent with significant average balance growth. The related yield declined 65 basis points to 3.77% compared to the prior year quarter due to the Federal Reserve’s rate reductions over the past year.
- Total interest expense decreased $1.5 million, or 3%, to $41.8 million despite recording interest expense totaling $4.3 million in relation to the Field & Main merger.
- While average interest-bearing deposit balances increased $661 million, or 11%, as a result of both organic growth and acquisition-related activity, the corresponding expense declined $1.1 million, or 3%, compared to the third quarter of 2025 and the rate paid on interest-bearing deposits dropped 32 basis points to 2.28%, which was driven by strategically lowering deposit rate offerings in tandem with the Federal Reserve’s rate reductions over the past 12 months.
The Company recorded provision for credit losses on loans(1) of $700,000 for the third quarter of 2026, compared to $1.6 million in provision for credit losses on loans for the third quarter of 2025. The lower expense compared to the third quarter of 2025 reflected strong credit metrics and an improved economic forecast. No expense for off balance sheet exposures was recorded for the third quarter of 2026 compared to $425,000 recorded in the third quarter of 2025, due primarily to a decrease in expected future utilization within the C&D portfolio. Additionally, provision for credit losses on available-for-sale investment securities of $250,000 was recorded in relation to a corporate security owned through a previous acquisition. No such expense was recorded in the prior year period.
Non-interest income increased $3.2 million, or 13%, to $27.6 million compared to the third quarter of 2025. Non-interest income attributed to the Field & Main acquisition totaled $2.0 million for the third quarter of 2026.
- WM&T income ended the third quarter of 2026 at a record $12.9 million, an increase of $2.2 million, or 20%, over the third quarter of 2025. WM&T revenue attributed to the Field & Main acquisition totaled $1.2 million for the third quarter of 2026. Excluding the impact of the Field & Main merger, legacy WM&T revenue ended at $11.7 million for the third quarter of 2026, aided by market appreciation and customer base expansion.
- Treasury management fees increased $404,000, or 14%, to a record $3.3 million, with organic growth and new product sales driving the increase. Activity related to Field & Main was minimal, totaling $27,000.
- Card income increased $602,000, or 12%, over the third quarter of 2025, with activity attributed to the Field & Main acquisition totaling $413,000.
- Brokerage income grew $104,000, or 9%, compared to the third quarter of the prior year, ending at a record $1.2 million.
- Other non-interest income, which primarily includes swap fees, letter of credit fees and OREO activity, decreased $108,000 compared to the third quarter of 2025, as the prior year period benefitted from swap fee activity.
Non-interest expenses increased by $10.3 million, or 19%, to $64.1 million, compared to the third quarter of 2025. Non-interest expenses related to the Field & Main merger totaled $6.2 million for the third quarter of 2026, $5.5 million of which represents regular operating expenses and $678,000 represents one-time merger-related charges.
- Compensation expense increased $2.7 million, or 9%, compared to the third quarter of 2025, driven primarily by growth in full-time equivalent employees (FTEs), including the impact of the Field & Main acquisition, and annual merit-based salary increases. Approximately 100 employees joined the Company as part of the Field & Main merger.
- Employee benefits expense increased $1.5 million, or 32%, attributed to the previously mentioned FTE growth in addition to higher health insurance claims activity.
- Technology and communication expense increased $1.6 million, or 33%, compared to the third quarter of 2025, attributed to several planned investments, including the development of advanced data analytics capabilities in addition to the impact of the Field & Main acquisition.
- Net occupancy and equipment expenses increased $905,000, or 22%, over the third quarter of 2025, consistent with the impact of the Field & Main acquisition, which added six full-service locations, and organic branch network expansion over the last 12 months in addition to higher rent and depreciation expense.
- Marketing and business development expense increased $84,000, or 4%, compared to the third quarter of 2025, primarily due to the impact of the Field & Main acquisition.
- Intangible asset amortization expense increased $1.0 million, or 110%, which was entirely the result of the core deposit and customer list intangible assets recorded as a result of the Field & Main acquisition.
- Other non-interest expenses increased $1.5 million, or 65%, compared to the third quarter of 2025, driven mainly by the impact of a singular non-recurring credit card fraud loss that totaled $850,000.
The Company recorded income tax expense of $11.7 million for the third quarter of 2026, with an effective tax rate of 21.1%. This compared to income tax expense of $9.5 million in the third quarter of 2025, with an effective tax rate of 20.7%.
Financial Condition – September 30, 2026, Compared with September 30, 2025
Total assets increased by $953 million, or 10%, year over year to $10.26 billion.
Total loans increased $1.06 billion, or 15%, to $7.99 billion, with broad-based growth across segments and markets. As of September 30, 2026, the Field & Main loan portfolio totaled approximately $606 million. Excluding the Field & Main portfolio, organic growth totaled $453 million, or 6%, with the CRE and C&I segments being the primary drivers of the increase. Total line of credit usage ended at 48% as of September 30, 2026, compared to 47% as of September 30, 2025. C&I line of credit usage ended at 36% as of period end, compared to 37% as of September 30, 2025.
Total investment securities decreased $141 million, or 15%, year over year, driven by the maturity of short-term treasury bills over the past 12 months that had previously been utilized for seasonal collateral pledging purposes that were not reinvested, providing liquidity and funding for continued loan growth consistent with current balance sheet management strategies. At acquisition date, Field & Main added approximately $56 million of investment securities (stated at market value), which consisted predominantly of tax-free municipals. The Company immediately sold the majority of the acquired portfolio, and less than $1 million of the acquired investment securities portfolio remained on the balance sheet as of quarter-end.
Total deposits increased $746 million, or 10%, over the past 12 months. As of period end, the Field & Main deposit portfolio totaled $731 million, including $130 million of non-interest bearing deposits. Excluding the Field & Main portfolio, total deposits grew $16 million, or less than 1%.
Non-performing loans totaled $21.9 million, or 0.27% of total loans outstanding on September 30, 2026, compared to $18.7 million, or 0.27% of total loans outstanding on September 30, 2025. The ratio of allowance for credit losses to loans ended at 1.35% on September 30, 2026, compared to 1.33% on September 30, 2025, the increase over the prior year being attributed to the allowance recorded in relation to the loan portfolio acquired from Field & Main.
As of September 30, 2026, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets(3) was 12.35% and the tangible common equity ratio(3) was 9.98% on September 30, 2026, compared to 11.19% and 9.16% on September 30, 2025, respectively. Further, tangible book value per share increased to $32.08 at September 30, 2026, from $28.30 at September 30, 2025, representing an increase of 13% over the prior year.
In August 2026, the board of directors increased its quarterly cash dividend to $0.33 per common share. The dividend was paid October 1, 2026, to shareholders of record as of September 21, 2026.
Results of Operations – Third Quarter 2026, Compared with Second Quarter 2026
Net interest margin expanded 4 basis points on the linked quarter to 3.88%, driven largely by higher earning asset yields and flat overall funding costs. Higher loan yields were attributed to the continued favorable repricing of the legacy portfolio as well as the addition of the higher-yielding Field & Main loan portfolio.
Net interest income increased $4.8 million, or 5%, over the prior quarter. Net interest income attributed to the Field & Main acquisition, which represents a full quarter of activity, totaled $7.8 million.
- Total interest income increased $6.1 million, or 5%.
- Interest income on loans, including fees, increased $5.3 million, or 5%. Average loans increased $244 million, or 3%, and the corresponding yield earned increased to 6.17%.
- Average investment securities balances declined $37 million, or 4%, with related interest income decreasing $230,000, or 4%, as a result of scheduled maturity activity and normal amortization.
- Average interest-bearing cash balances increased $91 million, or 18%, driving a $922,000, or 20%, increase in related interest income during the period.
- Total interest expense increased $1.3 million, or 3%.
- Interest expense on deposits increased $1.5 million, or 4%, which was almost entirely attributed to interest expense associated with the interest-bearing deposit portfolio acquired from Field & Main.
During the third quarter of 2026, the Company recorded $700,000 of provision for credit losses on loans(1) and $250,000 of provision expense for available-for-sale investment securities. During the second quarter of 2026, the Company recorded no provision for credit losses on loans and no provision expense for available-for-sale investment securities.
Non-interest income increased $886,000, or 3%, on the linked quarter, to $27.6 million. The third quarter of 2026 includes $2.0 million in activity related to the Field & Main merger. Excluding this activity, non-interest income for the quarter increased $142,000, or 1%, as increases in card income, treasury management fees and brokerage income were only partially offset by declines in other income, mortgage banking revenue and WM&T fees. The decline in WM&T fees reflected the benefit of seasonal tax-fee revenue in the prior quarter.
Non-interest expenses increased $308,000 on the linked quarter to $64.1 million. Activity related to the Field & Main merger totaled $6.2 million, $5.5 million of which represents normal, recurring expenses and $678,000 represents one-time merger related expenses.
Financial Condition – September 30, 2026, Compared with June 30, 2026
Total assets decreased $108 million, or 1%, on the linked quarter to $10.26 billion.
Total loans expanded $104 million, or 1%, on the linked quarter. Excluding the Field & Main portfolio, organic growth for the quarter was $131 million. This was a notable improvement compared to the prior quarter where organic loan growth was muted due to the impact of several larger loan payoffs. Total line of credit usage was 48% as of September 30, 2026, compared to 50% as of June 30, 2026. C&I line of credit usage was 36% as of September 30, 2026, compared to 37% at June 30, 2026.
Total deposits decreased $96 million, or 1%, on the linked quarter. Total non-interest bearing deposits increased $20 million, or 1%, while total interest-bearing deposit accounts decreased $116 million, or 2%. As of September 30, 2026, the Field & Main deposit portfolio totaled $731 million in total deposits, including $130 million in non-interest bearing deposits. Excluding the Field & Main portfolio, deposits declined $61 million, reflecting contractions within the time deposit portfolio and normal seasonal fluctuations in public fund balances.
About the Company
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $10.26 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The Nasdaq Stock Market under the symbol “SYBT.”
This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2025, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Third Quarter 2026 Earnings Release | ||||||||||||||||||||
| (In thousands unless otherwise noted) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| Income Statement Data | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net interest income, fully tax equivalent (5) | $ | 92,689 | $ | 77,119 | $ | 259,129 | $ | 221,315 | ||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 123,322 | $ | 107,207 | $ | 347,756 | $ | 309,816 | ||||||||||||
| Federal funds sold and interest bearing due from banks | 5,596 | 5,003 | 15,300 | 9,734 | ||||||||||||||||
| Mortgage loans held for sale | 97 | 74 | 260 | 229 | ||||||||||||||||
| Federal Home Loan Bank stock | 434 | 488 | 1,231 | 1,682 | ||||||||||||||||
| Investment securities | 4,935 | 7,500 | 15,791 | 24,977 | ||||||||||||||||
| Total interest income | 134,384 | 120,272 | 380,338 | 346,438 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 38,223 | 39,294 | 110,456 | 111,386 | ||||||||||||||||
| Securities sold under agreements to repurchase | 462 | 588 | 1,207 | 2,027 | ||||||||||||||||
| Federal funds purchased | 68 | 72 | 199 | 214 | ||||||||||||||||
| Federal Home Loan Bank advances | 2,654 | 2,870 | 8,515 | 10,519 | ||||||||||||||||
| Subordinated debentures | 373 | 411 | 1,108 | 1,230 | ||||||||||||||||
| Total interest expense | 41,780 | 43,235 | 121,485 | 125,376 | ||||||||||||||||
| Net interest income | 92,604 | 77,037 | 258,853 | 221,062 | ||||||||||||||||
| Provision for credit losses (1) | 950 | 1,975 | 2,575 | 5,050 | ||||||||||||||||
| Net interest income after provision for credit losses | 91,654 | 75,062 | 256,278 | 216,012 | ||||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management and trust services | 12,863 | 10,704 | 36,761 | 31,834 | ||||||||||||||||
| Deposit service charges | 2,555 | 2,281 | 7,079 | 6,429 | ||||||||||||||||
| Debit and credit card income | 5,611 | 5,009 | 15,393 | 14,354 | ||||||||||||||||
| Treasury management fees | 3,327 | 2,923 | 9,490 | 8,601 | ||||||||||||||||
| Mortgage banking income | 876 | 1,252 | 2,819 | 3,263 | ||||||||||||||||
| Net investment product sales commissions and fees | 1,216 | 1,112 | 3,351 | 3,102 | ||||||||||||||||
| Bank owned life insurance | 729 | 631 | 2,052 | 1,882 | ||||||||||||||||
| Gain on sale of premises and equipment | – | – | 445 | 74 | ||||||||||||||||
| Other | 456 | 564 | 1,584 | 2,281 | ||||||||||||||||
| Total non-interest income | 27,633 | 24,476 | 78,974 | 71,820 | ||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation | 31,573 | 28,836 | 91,692 | 82,047 | ||||||||||||||||
| Employee benefits | 6,422 | 4,878 | 18,774 | 15,993 | ||||||||||||||||
| Net occupancy and equipment | 4,991 | 4,086 | 14,056 | 12,234 | ||||||||||||||||
| Technology and communication | 6,416 | 4,837 | 18,173 | 14,438 | ||||||||||||||||
| Debit and credit card processing | 2,367 | 1,984 | 6,415 | 5,711 | ||||||||||||||||
| Marketing and business development | 1,971 | 1,887 | 5,486 | 5,353 | ||||||||||||||||
| Postage, printing and supplies | 957 | 910 | 2,895 | 2,816 | ||||||||||||||||
| Legal and professional | 1,043 | 891 | 3,278 | 2,886 | ||||||||||||||||
| FDIC insurance | 1,073 | 1,198 | 3,328 | 3,681 | ||||||||||||||||
| Capital and deposit based taxes | 852 | 1,082 | 2,706 | 2,520 | ||||||||||||||||
| Merger expenses | 678 | – | 2,961 | – | ||||||||||||||||
| Intangible amortization | 1,920 | 915 | 4,265 | 2,744 | ||||||||||||||||
| Other | 3,851 | 2,327 | 9,133 | 7,135 | ||||||||||||||||
| Total non-interest expenses | 64,114 | 53,831 | 183,162 | 157,558 | ||||||||||||||||
| Income before income tax expense | 55,173 | 45,707 | 152,090 | 130,274 | ||||||||||||||||
| Income tax expense | 11,665 | 9,466 | 31,930 | 26,738 | ||||||||||||||||
| Net income | $ | 43,508 | $ | 36,241 | $ | 120,160 | $ | 103,536 | ||||||||||||
| Net income per share – Basic | $ | 1.41 | $ | 1.23 | $ | 3.97 | $ | 3.53 | ||||||||||||
| Net income per share – Diluted | 1.40 | 1.23 | 3.95 | 3.51 | ||||||||||||||||
| Cash dividend declared per share | 0.33 | 0.32 | 0.97 | 0.94 | ||||||||||||||||
| Weighted average shares – Basic | 30,956 | 29,369 | 30,267 | 29,360 | ||||||||||||||||
| Weighted average shares – Diluted | 31,118 | 29,526 | 30,402 | 29,511 | ||||||||||||||||
| September 30, | ||||||||||||||||||||
| Balance Sheet Data | 2026 | 2025 | ||||||||||||||||||
| Investment securities | $ | 799,422 | $ | 940,639 | ||||||||||||||||
| Loans | 7,987,664 | 6,929,456 | ||||||||||||||||||
| Allowance for credit losses on loans | 107,855 | 92,160 | ||||||||||||||||||
| Total assets | 10,260,130 | 9,307,376 | ||||||||||||||||||
| Non-interest bearing deposits | 1,679,364 | 1,589,159 | ||||||||||||||||||
| Interest bearing deposits | 6,710,461 | 6,054,813 | ||||||||||||||||||
| Federal Home Loan Bank advances | 250,000 | 300,000 | ||||||||||||||||||
| Accumulated other comprehensive loss | (74,737 | ) | (67,622 | ) | ||||||||||||||||
| Stockholders’ equity | 1,267,270 | 1,041,144 | ||||||||||||||||||
| Total shares outstanding | 31,066 | 29,474 | ||||||||||||||||||
| Book value per share (3) | $ | 40.79 | $ | 35.32 | ||||||||||||||||
| Tangible common equity per share (3) | 32.08 | 28.30 | ||||||||||||||||||
| Market value per share | 77.09 | 69.99 | ||||||||||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Third Quarter 2026 Earnings Release | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| Average Balance Sheet Data | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Federal funds sold and interest bearing due from banks | $ | 589,179 | $ | 448,969 | $ | 548,363 | $ | 294,033 | ||||||||||||
| Mortgage loans held for sale | 7,975 | 6,051 | 6,946 | 6,310 | ||||||||||||||||
| Investment securities | 923,445 | 1,236,715 | 972,122 | 1,342,742 | ||||||||||||||||
| Federal Home Loan Bank stock | 24,583 | 21,125 | 22,960 | 24,756 | ||||||||||||||||
| Loans | 7,929,249 | 6,873,559 | 7,580,225 | 6,740,318 | ||||||||||||||||
| Total interest earning assets | 9,474,431 | 8,586,419 | 9,130,616 | 8,408,159 | ||||||||||||||||
| Total assets | 10,217,117 | 9,216,803 | 9,832,634 | 9,033,780 | ||||||||||||||||
| Non-interest bearing deposits | 1,673,942 | 1,540,029 | 1,564,339 | 1,485,519 | ||||||||||||||||
| Interest bearing deposits | 6,662,359 | 6,001,275 | 6,462,566 | 5,806,932 | ||||||||||||||||
| Total deposits | 8,336,301 | 7,541,304 | 8,026,905 | 7,292,451 | ||||||||||||||||
| Securities sold under agreements to repurchase | 98,741 | 104,640 | 90,635 | 130,507 | ||||||||||||||||
| Federal funds purchased | 7,438 | 6,689 | 7,377 | 6,605 | ||||||||||||||||
| Federal Home Loan Bank advances | 269,565 | 300,000 | 289,744 | 356,044 | ||||||||||||||||
| Subordinated debentures | 26,806 | 26,806 | 26,806 | 26,806 | ||||||||||||||||
| Total interest bearing liabilities | 7,064,909 | 6,439,410 | 6,877,128 | 6,326,894 | ||||||||||||||||
| Accumulated other comprehensive loss | (62,919 | ) | (75,659 | ) | (60,923 | ) | (82,043 | ) | ||||||||||||
| Total stockholders’ equity | 1,258,026 | 1,015,478 | 1,179,790 | 983,665 | ||||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets (4) | 1.69 | % | 1.56 | % | 1.63 | % | 1.53 | % | ||||||||||||
| Annualized return on average equity (4) | 13.72 | % | 14.16 | % | 13.62 | % | 14.07 | % | ||||||||||||
| Net interest margin, fully tax equivalent | 3.88 | % | 3.56 | % | 3.79 | % | 3.52 | % | ||||||||||||
| Non-interest income to total revenue, fully tax equivalent | 22.97 | % | 24.09 | % | 23.36 | % | 24.50 | % | ||||||||||||
| Efficiency ratio, fully tax equivalent (2) | 53.29 | % | 52.99 | % | 54.17 | % | 53.75 | % | ||||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total stockholders’ equity to total assets (3) | 12.35 | % | 11.19 | % | ||||||||||||||||
| Tangible common equity to tangible assets (3) | 9.98 | % | 9.16 | % | ||||||||||||||||
| Average stockholders’ equity to average assets | 12.00 | % | 10.89 | % | ||||||||||||||||
| Total risk-based capital | 13.73 | % | 13.17 | % | ||||||||||||||||
| Common equity tier 1 risk-based capital | 12.19 | % | 11.59 | % | ||||||||||||||||
| Tier 1 risk-based capital | 12.48 | % | 11.92 | % | ||||||||||||||||
| Leverage | 11.02 | % | 10.24 | % | ||||||||||||||||
| Loan Segmentation | ||||||||||||||||||||
| Commercial real estate – non-owner occupied | $ | 2,167,416 | $ | 1,947,892 | ||||||||||||||||
| Commercial real estate – owner occupied | 1,290,241 | 1,091,134 | ||||||||||||||||||
| Commercial and industrial | 1,771,758 | 1,490,149 | ||||||||||||||||||
| Residential real estate – owner occupied | 1,002,144 | 873,540 | ||||||||||||||||||
| Residential real estate – non-owner occupied | 478,244 | 394,429 | ||||||||||||||||||
| Construction and land development | 769,628 | 675,052 | ||||||||||||||||||
| Home equity lines of credit | 355,934 | 271,017 | ||||||||||||||||||
| Consumer | 113,937 | 142,149 | ||||||||||||||||||
| Leases | 11,256 | 18,517 | ||||||||||||||||||
| Credit cards | 27,106 | 25,577 | ||||||||||||||||||
| Total loans and leases | $ | 7,987,664 | $ | 6,929,456 | ||||||||||||||||
| Deposit Segmentation | ||||||||||||||||||||
| Interest bearing demand | $ | 3,161,774 | $ | 2,573,204 | ||||||||||||||||
| Savings | 475,700 | 420,614 | ||||||||||||||||||
| Money market | 1,272,970 | 1,341,727 | ||||||||||||||||||
| Time deposits | 1,800,017 | 1,719,268 | ||||||||||||||||||
| Non-Interest bearing deposits | 1,679,364 | 1,589,159 | ||||||||||||||||||
| Total deposits | $ | 8,389,825 | $ | 7,643,972 | ||||||||||||||||
| Asset Quality Data | ||||||||||||||||||||
| Non-accrual loans | $ | 20,014 | $ | 18,559 | ||||||||||||||||
| Modifications to borrowers experiencing financial difficulty | – | – | ||||||||||||||||||
| Loans past due 90 days or more and still accruing | 1,877 | 100 | ||||||||||||||||||
| Total non-performing loans | 21,891 | 18,659 | ||||||||||||||||||
| Other real estate owned | 406 | 190 | ||||||||||||||||||
| Total non-performing assets | $ | 22,297 | $ | 18,849 | ||||||||||||||||
| Non-performing loans to total loans | 0.27 | % | 0.27 | % | ||||||||||||||||
| Non-performing assets to total assets | 0.22 | % | 0.20 | % | ||||||||||||||||
| Allowance for credit losses on loans to total loans | 1.35 | % | 1.33 | % | ||||||||||||||||
| Allowance for credit losses on loans to average loans | 1.42 | % | 1.34 | % | ||||||||||||||||
| Allowance for credit losses on loans to non-performing loans | 493 | % | 494 | % | ||||||||||||||||
| Net (charge-offs) recoveries | $ | (3,952 | ) | $ | (112 | ) | $ | (3,877 | ) | $ | 517 | |||||||||
| Net (charge-offs) recoveries to average loans (6) | -0.05% | -0.01% | -0.05% | 0.01 | % | |||||||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Third Quarter 2026 Earnings Release | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Income Statement Data | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Net interest income, fully tax equivalent (5) | $ | 92,689 | $ | 87,925 | $ | 78,516 | $ | 79,339 | $ | 77,119 | ||||||||||
| Net interest income | $ | 92,604 | $ | 87,828 | $ | 78,421 | $ | 79,250 | $ | 77,037 | ||||||||||
| Provision for credit losses (1) | 950 | – | 1,625 | 1,650 | 1,975 | |||||||||||||||
| Net interest income after provision for credit losses | 91,654 | 87,828 | 76,796 | 77,600 | 75,062 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Wealth management and trust services | 12,863 | 12,563 | 11,335 | 10,974 | 10,704 | |||||||||||||||
| Deposit service charges | 2,555 | 2,368 | 2,156 | 2,303 | 2,281 | |||||||||||||||
| Debit and credit card income | 5,611 | 5,144 | 4,638 | 5,519 | 5,009 | |||||||||||||||
| Treasury management fees | 3,327 | 3,175 | 2,988 | 3,078 | 2,923 | |||||||||||||||
| Mortgage banking income | 876 | 1,013 | 930 | 860 | 1,252 | |||||||||||||||
| Net investment product sales commissions and fees | 1,216 | 1,074 | 1,061 | 1,119 | 1,112 | |||||||||||||||
| Bank owned life insurance | 729 | 691 | 632 | 633 | 631 | |||||||||||||||
| Gain (loss) on sale of premises and equipment | – | (34 | ) | 479 | (2 | ) | – | |||||||||||||
| Other | 456 | 753 | 375 | 644 | 564 | |||||||||||||||
| Total non-interest income | 27,633 | 26,747 | 24,594 | 25,128 | 24,476 | |||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation | 31,573 | 30,953 | 29,166 | 28,510 | 28,836 | |||||||||||||||
| Employee benefits | 6,422 | 6,183 | 6,169 | 5,267 | 4,878 | |||||||||||||||
| Net occupancy and equipment | 4,991 | 4,745 | 4,320 | 4,299 | 4,086 | |||||||||||||||
| Technology and communication | 6,416 | 6,422 | 5,335 | 4,857 | 4,837 | |||||||||||||||
| Debit and credit card processing | 2,367 | 2,126 | 1,922 | 1,902 | 1,984 | |||||||||||||||
| Marketing and business development | 1,971 | 2,237 | 1,278 | 2,173 | 1,887 | |||||||||||||||
| Postage, printing and supplies | 957 | 1,025 | 913 | 930 | 910 | |||||||||||||||
| Legal and professional | 1,043 | 1,359 | 876 | 1,329 | 891 | |||||||||||||||
| FDIC insurance | 1,073 | 1,109 | 1,146 | 1,124 | 1,198 | |||||||||||||||
| Capital and deposit based taxes | 852 | 976 | 878 | 895 | 1,082 | |||||||||||||||
| Merger expenses | 678 | 2,283 | – | – | – | |||||||||||||||
| Intangible amortization | 1,920 | 1,546 | 799 | 914 | 915 | |||||||||||||||
| Other | 3,851 | 2,842 | 2,440 | 2,606 | 2,327 | |||||||||||||||
| Total non-interest expenses | 64,114 | 63,806 | 55,242 | 54,806 | 53,831 | |||||||||||||||
| Income before income tax expense | 55,173 | 50,769 | 46,148 | 47,922 | 45,707 | |||||||||||||||
| Income tax expense | 11,665 | 10,712 | 9,553 | 11,308 | 9,466 | |||||||||||||||
| Net income | $ | 43,508 | $ | 40,057 | $ | 36,595 | $ | 36,614 | $ | 36,241 | ||||||||||
| Net income per share – Basic | $ | 1.41 | $ | 1.32 | $ | 1.25 | $ | 1.25 | $ | 1.23 | ||||||||||
| Net income per share – Diluted | 1.40 | 1.31 | 1.24 | 1.24 | 1.23 | |||||||||||||||
| Cash dividend declared per share | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 | |||||||||||||||
| Weighted average shares – Basic | 30,956 | 30,442 | 29,387 | 29,370 | 29,369 | |||||||||||||||
| Weighted average shares – Diluted | 31,118 | 30,568 | 29,502 | 29,495 | 29,526 | |||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Balance Sheet Data | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Cash and due from banks | $ | 78,128 | $ | 89,258 | $ | 85,596 | $ | 70,061 | $ | 84,357 | ||||||||||
| Federal funds sold and interest bearing due from banks | 595,265 | 753,573 | 581,123 | 816,315 | 671,932 | |||||||||||||||
| Mortgage loans held for sale | 9,100 | 8,262 | 5,758 | 6,247 | 6,045 | |||||||||||||||
| Investment securities | 799,422 | 852,158 | 885,754 | 921,057 | 940,639 | |||||||||||||||
| Federal Home Loan Bank stock | 23,777 | 24,934 | 20,717 | 20,717 | 20,717 | |||||||||||||||
| Loans | 7,987,664 | 7,883,749 | 7,226,429 | 7,041,310 | 6,929,456 | |||||||||||||||
| Allowance for credit losses on loans | 107,855 | 109,094 | 93,596 | 91,867 | 92,160 | |||||||||||||||
| Goodwill | 239,862 | 238,337 | 194,074 | 194,074 | 194,074 | |||||||||||||||
| Total assets | 10,260,130 | 10,368,564 | 9,466,856 | 9,536,124 | 9,307,376 | |||||||||||||||
| Non-interest bearing deposits | 1,679,364 | 1,659,007 | 1,456,324 | 1,435,846 | 1,589,159 | |||||||||||||||
| Interest bearing deposits | 6,710,461 | 6,827,090 | 6,300,912 | 6,355,291 | 6,054,813 | |||||||||||||||
| Securities sold under agreements to repurchase | 83,647 | 102,695 | 87,513 | 112,476 | 73,149 | |||||||||||||||
| Federal funds purchased | 7,528 | 7,385 | 7,345 | 7,289 | 6,729 | |||||||||||||||
| Federal Home Loan Bank advances | 250,000 | 300,000 | 300,000 | 300,000 | 300,000 | |||||||||||||||
| Subordinated debentures | 26,806 | 26,806 | 26,806 | 26,806 | 26,806 | |||||||||||||||
| Accumulated other comprehensive income loss | (74,737 | ) | (61,131 | ) | (61,200 | ) | (61,275 | ) | (67,622 | ) | ||||||||||
| Stockholders’ equity | 1,267,270 | 1,246,392 | 1,102,935 | 1,075,697 | 1,041,144 | |||||||||||||||
| Total shares outstanding | 31,066 | 31,068 | 29,516 | 29,476 | 29,474 | |||||||||||||||
| Book value per share (3) | $ | 40.79 | $ | 40.12 | $ | 37.37 | $ | 36.49 | $ | 35.32 | ||||||||||
| Tangible common equity per share (3) | 32.08 | 31.39 | 30.41 | 29.50 | 28.30 | |||||||||||||||
| Market value per share | 77.09 | 76.47 | 66.29 | 64.95 | 69.99 | |||||||||||||||
| Capital Ratios | ||||||||||||||||||||
| Total stockholders’ equity to total assets (3) | 12.35 | % | 12.02 | % | 11.65 | % | 11.28 | % | 11.19 | % | ||||||||||
| Tangible common equity to tangible assets (3) | 9.98 | % | 9.66 | % | 9.69 | % | 9.32 | % | 9.16 | % | ||||||||||
| Average stockholders’ equity to average assets | 12.31 | % | 12.05 | % | 11.60 | % | 11.15 | % | 11.02 | % | ||||||||||
| Total risk-based capital | 13.73 | % | 13.62 | % | 13.53 | % | 13.42 | % | 13.17 | % | ||||||||||
| Common equity tier 1 risk-based capital | 12.19 | % | 12.07 | % | 11.95 | % | 11.84 | % | 11.59 | % | ||||||||||
| Tier 1 risk-based capital | 12.48 | % | 12.37 | % | 12.28 | % | 12.17 | % | 11.92 | % | ||||||||||
| Leverage | 11.02 | % | 11.05 | % | 10.68 | % | 10.30 | % | 10.24 | % | ||||||||||
| Stock Yards Bancorp, Inc. Financial Information (unaudited) | ||||||||||||||||||||
| Third Quarter 2026 Earnings Release | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| Average Balance Sheet Data | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Federal funds sold and interest bearing due from banks | $ | 589,179 | $ | 498,198 | $ | 557,364 | $ | 742,895 | $ | 448,969 | ||||||||||
| Mortgage loans held for sale | 7,975 | 7,467 | 5,365 | 7,751 | 6,051 | |||||||||||||||
| Investment securities | 923,445 | 960,194 | 1,033,940 | 1,066,621 | 1,236,715 | |||||||||||||||
| Federal Home Loan Bank stock | 24,583 | 23,538 | 20,717 | 20,717 | 21,125 | |||||||||||||||
| Loans | 7,929,249 | 7,685,360 | 7,117,141 | 6,971,307 | 6,873,559 | |||||||||||||||
| Total interest earning assets | 9,474,431 | 9,174,757 | 8,734,527 | 8,809,291 | 8,586,419 | |||||||||||||||
| Total assets | 10,217,117 | 9,882,847 | 9,388,841 | 9,456,699 | 9,216,803 | |||||||||||||||
| Non-interest bearing deposits | 1,673,942 | 1,587,131 | 1,429,253 | 1,542,735 | 1,540,029 | |||||||||||||||
| Interest bearing deposits | 6,662,359 | 6,499,583 | 6,220,903 | 6,218,760 | 6,001,275 | |||||||||||||||
| Total deposits | 8,336,301 | 8,086,714 | 7,650,156 | 7,761,495 | 7,541,304 | |||||||||||||||
| Securities sold under agreement to repurchase | 98,741 | 80,061 | 93,040 | 84,802 | 104,640 | |||||||||||||||
| Federal funds purchased | 7,438 | 7,405 | 7,287 | 7,088 | 6,689 | |||||||||||||||
| Federal Home Loan Bank advances | 269,565 | 300,000 | 300,000 | 300,000 | 300,000 | |||||||||||||||
| Subordinated debentures | 26,806 | 26,806 | 26,806 | 26,806 | 26,806 | |||||||||||||||
| Total interest bearing liabilities | 7,064,909 | 6,913,855 | 6,648,036 | 6,637,456 | 6,439,410 | |||||||||||||||
| Accumulated other comprehensive loss | (62,919 | ) | (60,666 | ) | (59,143 | ) | (65,786 | ) | (75,659 | ) | ||||||||||
| Total stockholders’ equity | 1,258,026 | 1,190,463 | 1,089,025 | 1,054,117 | 1,015,478 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets (4) | 1.69 | % | 1.63 | % | 1.58 | % | 1.54 | % | 1.56 | % | ||||||||||
| Annualized return on average equity (4) | 13.72 | % | 13.50 | % | 13.63 | % | 13.78 | % | 14.16 | % | ||||||||||
| Net interest margin, fully tax equivalent | 3.88 | % | 3.84 | % | 3.65 | % | 3.57 | % | 3.56 | % | ||||||||||
| Non-interest income to total revenue, fully tax equivalent | 22.97 | % | 23.32 | % | 23.85 | % | 24.05 | % | 24.09 | % | ||||||||||
| Efficiency ratio, fully tax equivalent (2) | 53.29 | % | 55.64 | % | 53.58 | % | 52.46 | % | 52.99 | % | ||||||||||
| Loans Segmentation | ||||||||||||||||||||
| Commercial real estate – non-owner occupied | $ | 2,167,416 | $ | 2,150,290 | $ | 1,964,589 | $ | 1,915,252 | $ | 1,947,892 | ||||||||||
| Commercial real estate – owner occupied | 1,290,241 | 1,288,855 | 1,176,570 | 1,121,896 | 1,091,134 | |||||||||||||||
| Commercial and industrial | 1,771,758 | 1,708,911 | 1,592,578 | 1,509,489 | 1,490,149 | |||||||||||||||
| Residential real estate – owner occupied | 1,002,144 | 990,825 | 888,721 | 881,865 | 873,540 | |||||||||||||||
| Residential real estate – non-owner occupied | 478,244 | 476,119 | 387,652 | 391,216 | 394,429 | |||||||||||||||
| Construction and land development | 769,628 | 771,069 | 742,243 | 751,897 | 675,052 | |||||||||||||||
| Home equity lines of credit | 355,934 | 347,187 | 290,766 | 285,115 | 271,017 | |||||||||||||||
| Consumer | 113,937 | 114,354 | 142,897 | 142,425 | 142,149 | |||||||||||||||
| Leases | 11,256 | 12,665 | 15,493 | 16,912 | 18,517 | |||||||||||||||
| Credit cards | 27,106 | 23,474 | 24,920 | 25,243 | 25,577 | |||||||||||||||
| Total loans and leases | $ | 7,987,664 | $ | 7,883,749 | $ | 7,226,429 | $ | 7,041,310 | $ | 6,929,456 | ||||||||||
| Deposit Segmentation | ||||||||||||||||||||
| Interest bearing demand | $ | 3,161,774 | $ | 3,223,367 | $ | 2,834,034 | $ | 2,886,406 | $ | 2,573,204 | ||||||||||
| Savings | 475,700 | 478,559 | 433,559 | 420,382 | 420,614 | |||||||||||||||
| Money market | 1,272,970 | 1,273,593 | 1,289,806 | 1,311,969 | 1,341,727 | |||||||||||||||
| Time deposits | 1,800,017 | 1,851,571 | 1,743,513 | 1,736,534 | 1,719,268 | |||||||||||||||
| Non-Interest bearing deposits | 1,679,364 | 1,659,007 | 1,456,324 | 1,435,846 | 1,589,159 | |||||||||||||||
| Total deposits | $ | 8,389,825 | $ | 8,486,097 | $ | 7,757,236 | $ | 7,791,137 | $ | 7,643,972 | ||||||||||
| Asset Quality Data | ||||||||||||||||||||
| Non-accrual loans | $ | 20,014 | $ | 19,509 | $ | 10,519 | $ | 12,585 | $ | 18,559 | ||||||||||
| Modifications to borrowers experiencing financial difficulty | – | – | – | – | – | |||||||||||||||
| Loans past due 90 days or more and still accruing | 1,877 | 4,932 | 927 | 449 | 100 | |||||||||||||||
| Total non-performing loans | 21,891 | 24,441 | 11,446 | 13,034 | 18,659 | |||||||||||||||
| Other real estate owned | 406 | 440 | 190 | 190 | 190 | |||||||||||||||
| Total non-performing assets | $ | 22,297 | $ | 24,881 | $ | 11,636 | $ | 13,224 | $ | 18,849 | ||||||||||
| Non-performing loans to total loans | 0.27 | % | 0.31 | % | 0.16 | % | 0.19 | % | 0.27 | % | ||||||||||
| Non-performing assets to total assets | 0.22 | % | 0.24 | % | 0.12 | % | 0.14 | % | 0.20 | % | ||||||||||
| Allowance for credit losses on loans to total loans | 1.35 | % | 1.38 | % | 1.30 | % | 1.30 | % | 1.33 | % | ||||||||||
| Allowance for credit losses on loans to average loans | 1.36 | % | 1.42 | % | 1.32 | % | 1.32 | % | 1.34 | % | ||||||||||
| Allowance for credit losses on loans to non-performing loans | 493 | % | 446 | % | 818 | % | 705 | % | 494 | % | ||||||||||
| Net (charge-offs) recoveries | $ | (3,952 | ) | $ | (29 | ) | $ | 104 | $ | (1,143 | ) | $ | (112 | ) | ||||||
| Net (charge-offs) recoveries to average loans (6) | -0.05 | % | -0.00 | % | 0.00 | % | -0.02 | % | -0.00 | % | ||||||||||
| Other Information | ||||||||||||||||||||
| Total WM&T assets under management (in millions) | $ | 8,949 | $ | 8,844 | $ | 7,596 | $ | 7,635 | $ | 7,480 | ||||||||||
| Full-time equivalent employees | 1,270 | 1,270 | 1,144 | 1,123 | 1,140 | |||||||||||||||
| (1) – Detail of Provision for credit losses follows: | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (in thousands) | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Provision for credit losses – loans | $ | 700 | $ | – | $ | 1,625 | $ | 850 | $ | 1,550 | ||||||||||
| Provision for credit losses – off balance sheet exposures | – | – | – | 800 | 425 | |||||||||||||||
| Provision for credit losses – AFS investment securities | 250 | – | – | – | – | |||||||||||||||
| Total provision for credit losses | $ | 950 | $ | – | $ | 1,625 | $ | 1,650 | $ | 1,975 | ||||||||||
| (2) – The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities, if applicable. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses. | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (Dollars in thousands) | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Total non-interest expenses (a) | $ | 64,114 | $ | 63,806 | $ | 55,242 | $ | 54,806 | $ | 53,831 | ||||||||||
| Less: Non-recurring merger expenses | (678 | ) | (2,283 | ) | – | – | – | |||||||||||||
| Total non-interest expenses – Non-GAAP (c) | $ | 63,436 | $ | 61,523 | $ | 55,242 | $ | 54,806 | $ | 53,831 | ||||||||||
| Total net interest income, fully tax equivalent | $ | 92,689 | $ | 87,925 | $ | 78,516 | $ | 79,339 | $ | 77,119 | ||||||||||
| Total non-interest income | 27,633 | 26,747 | 24,594 | 25,128 | 24,476 | |||||||||||||||
| Total revenue – Non-GAAP (b) | $ | 120,322 | $ | 114,672 | $ | 103,110 | $ | 104,467 | $ | 101,595 | ||||||||||
| Less: Gain/loss on sale of premises and equipment | – | 34 | (479 | ) | 2 | – | ||||||||||||||
| Total adjusted revenue – Non-GAAP (d) | $ | 120,322 | $ | 114,706 | $ | 102,631 | $ | 104,469 | $ | 101,595 | ||||||||||
| Efficiency ratio – Non-GAAP (a/b) | 53.29 | % | 55.64 | % | 53.58 | % | 52.46 | % | 52.99 | % | ||||||||||
| Adjusted efficiency ratio – Non-GAAP (c/d) | 52.72 | % | 53.64 | % | 53.83 | % | 52.46 | % | 52.99 | % | ||||||||||
| (3) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy: | ||||||||||||||||||||
| Quarterly Comparison | ||||||||||||||||||||
| (In thousands, except per share data) | 9/30/26 | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |||||||||||||||
| Total stockholders’ equity – GAAP (a) | $ | 1,267,270 | $ | 1,246,392 | $ | 1,102,935 | $ | 1,075,697 | $ | 1,041,144 | ||||||||||
| Less: Goodwill | (239,862 | ) | (238,337 | ) | (194,074 | ) | (194,074 | ) | (194,074 | ) | ||||||||||
| Less: Core deposit and other intangibles | (30,770 | ) | (32,690 | ) | (11,361 | ) | (12,160 | ) | (13,074 | ) | ||||||||||
| Tangible common equity – Non-GAAP (c) | $ | 996,638 | $ | 975,365 | $ | 897,500 | $ | 869,463 | $ | 833,996 | ||||||||||
| Total assets – GAAP (b) | $ | 10,260,130 | $ | 10,368,564 | $ | 9,466,856 | $ | 9,536,124 | $ | 9,307,376 | ||||||||||
| Less: Goodwill | (239,862 | ) | (238,337 | ) | (194,074 | ) | (194,074 | ) | (194,074 | ) | ||||||||||
| Less: Core deposit and other intangibles | (30,770 | ) | (32,690 | ) | (11,361 | ) | (12,160 | ) | (13,074 | ) | ||||||||||
| Tangible assets – Non-GAAP (d) | $ | 9,989,498 | $ | 10,097,537 | $ | 9,261,421 | $ | 9,329,890 | $ | 9,100,228 | ||||||||||
| Total stockholders’ equity to total assets – GAAP (a/b) | 12.35 | % | 12.02 | % | 11.65 | % | 11.28 | % | 11.19 | % | ||||||||||
| Tangible common equity to tangible assets – Non-GAAP (c/d) | 9.98 | % | 9.66 | % | 9.69 | % | 9.32 | % | 9.16 | % | ||||||||||
| Total shares outstanding (e) | 31,066 | 31,068 | 29,516 | 29,476 | 29,474 | |||||||||||||||
| Book value per share – GAAP (a/e) | $ | 40.79 | $ | 40.12 | $ | 37.37 | $ | 36.49 | $ | 35.32 | ||||||||||
| Tangible common equity per share – Non-GAAP (c/e) | 32.08 | 31.39 | 30.41 | 29.50 | 28.30 | |||||||||||||||
| (4) – Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. | ||||||||||||||||||||
| (5) – Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%. | ||||||||||||||||||||
| (6) – Quarterly net (charge-offs) recoveries to average loans ratios are not annualized. | ||||||||||||||||||||
| Contact: | T. Clay Stinnett Executive Vice President, Treasurer and Chief Financial Officer (502) 625-0890 |
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