Stock Yards Bancorp Reports Record Second Quarter Earnings of $34.0 Million or $1.15 Per Diluted Share

LOUISVILLE, Ky., July 23, 2025 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $34.0 million, or $1.15 per diluted share, for the second quarter ended June 30, 2025. This compares to net income of $27.6 million, or $0.94 per diluted share, for the second quarter of 2024. Strong loan and deposit growth contributed to record second quarter 2025 operating results. (dollar amounts in thousands, except per share data)2Q251Q252Q24Net 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 Provision for credit losses(1) 2,175 900 1,300 Non-interest income 24,348 22,996 23,655 Non-interest expenses 52,700 51,027 49,109 Net interest margin 3.53% 3.46% 3.26%Efficiency ratio(2) 53.83% 54.50% 57.26%Tangible common equity to tangible assets(3) 8.86% 8.72% 8.42%Annualized return on average assets(4) 1.52% 1.52% 1.35%Annualized return on average equity(4) 13.91% 14.14% 12.64% “We concluded the first half of 2025 with strong momentum, delivering record second quarter earnings that reflect continued exceptional profitability, fueled in large part by robust loan growth and net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “A key highlight of the quarter was the $779 million, or 13%, year-over-year increase in total loans, with $204 million of that growth occurring in the second quarter. This expansion was broad-based, with nearly every loan category and all markets contributing to the overall growth. Although we initially projected moderate loan growth in light of persistent global economic uncertainties, the second quarter reflected a more resilient environment. Loan production and demand remained steady, and credit quality metrics continued to be strong. In addition to our noteworthy loan growth, net interest margin expanded by 27 basis points year-over-year and 7 basis points from the prior quarter, as we continue to see expanding yields on our earning assets as well as better-than-expected funding costs. This was a powerful combination that drove profitability for the period.” “Non-interest revenue was a strong contributor to our solid operating results in the second quarter of 2025,” Hillebrand continued. “Treasury management fees benefited from increased fees and a growing customer base, while mortgage, brokerage, and card income all made meaningful contributions. Although Wealth Management & Trust (WM&T) income declined compared to the prior quarter, assets under management increased at quarter end following three consecutive quarters of decline. Looking ahead, we are encouraged by the traction in net new business and the strength of the teams we have put in place. Recent key hires are already contributing to production, and we are optimistic about the continued momentum in our WM&T group as these individuals further establish themselves and drive new opportunities.” “We continue to successfully expand our deposit base, which grew $938 million, or 14% over the past 12 months, driven in large part by a successful time deposit campaign earlier in the year. We are particularly encouraged with the performance of our non-interest bearing deposits, which continue to represent over 20% of total deposits. Our focus remains on organic growth while strengthening our overall funding position. We expect our net interest margin to remain steady as we anticipate deposit competition to be stronger in the second half of the year,” said Hillebrand. 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. The Company’s combined enterprise, which encompasses 73 branch offices across three contiguous states, will continue to benefit from a diversified geographic and economic footprint, including the new Center Grove location that was opened in the Indianapolis metropolitan market at the end of March. Two additional locations are also slated to be opened in 2025, which will expand the Company’s footprint into Bardstown, Kentucky and Liberty Township, Ohio, a suburb of Cincinnati. Key factors contributing to the second quarter of 2025 results included: Total loans increased $779 million, or 13%, over the last 12 months, while growing $204 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets for the fifth consecutive quarter and was well spread amongst categories. Commercial real estate loan growth of $405 million led all categories, with C&I, residential real estate and C&D lending segments also contributing to year over year growth. The yield earned on total loans ended at 6.13% for the second quarter of 2025, with yield expansion and strong average balance growth driving a 7-basis point increase compared to the same period in 2024.Deposit balances expanded $938 million, or 14%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts increased $32 million, or 2%, while interest-bearing deposits grew $905 million, or 18%, led in large part by time deposit growth. On the linked quarter, total deposits expanded $213 million, or 3%. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%, led by time deposit growth.Net interest income increased $11.5 million, or 18%, for the second quarter of 2025 compared to the second quarter a year ago. Net interest margin expanded 27 basis points to 3.53% for the second quarter of 2025 compared to the second quarter a year ago, driven by strong earning asset growth and yield expansion that was coupled with a decline in the cost of funds. On the linked quarter, net interest income increased $2.9 million, or 4%, while net interest margin expanded 7 basis points, boosted by continued loan growth and higher yields on interest earning assets, which outpaced a moderate increase in the cost of funds.Provision for credit loss expense(1) of $2.2 million was recorded for the second quarter of 2025, primarily attributed to strong loan growth, a slightly deteriorating economic forecast and increased specific reserves. Traditional credit quality statistics remained strong at quarter-end.Non-interest income increased $693,000 over the second quarter of 2024. Other non-interest income increased $677,000, driven mainly by $557,000 of swap fees, while treasury management fees grew $180,000, or 6%, over the last 12 months to a record $3.0 million and brokerage income grew $180,000, or 23%. This activity more than offset a $312,000, or 3%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.Total non-interest expenses increased $3.6 million, or 7%, during the second quarter of 2025 compared to the second quarter of 2024, and increased $1.7 million, or 3%, on the linked quarter.Tangible common equity per share(3) was $27.06 on June 30, 2025, compared to $26.01 on March 31, 2025, and $23.22 on June 30, 2024. Hillebrand concluded, “In June 2025, we were honored to once again be named a recipient of the 2024 Raymond James Community Bankers Cup—an award that recognizes the top 10% of community banks nationwide based on key measures such as profitability, operational efficiency, and balance sheet strength. This distinction was awarded from a pool of all U.S.-based, exchange-traded banks with assets between $500 million and $10 billion as of December 31, 2024. This achievement highlights not only Stock Yards' strong performance but also our continued commitment to delivering exceptional service to the communities we proudly serve.” Stock Yards Bancorp has been awarded the Raymond James Community Bankers Cup a total of 10 times. Results of Operations – Second Quarter 2025, Compared with Second Quarter 2024 Net interest income, the Company’s largest source of revenue, increased by $11.5 million, or 18%, to $73.5 million. Significant average earning asset balance growth and improved yields led to strong interest income expansion. Total interest income increased by $14.7 million, or 15%, to $115 million. Interest income and fees on loans increased $13.0 million, or 14%, over the prior year quarter. Driven by the $773 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 7 basis points over the past 12 months to 6.13%.Interest income on securities increased $936,000, or 12%, compared to the second quarter of 2024. While average securities balances declined $154 million, or 10%, over the past 12 months, the rate earned on securities improved 52 basis points to 2.57%, as a portion of lower-yielding investment maturities were reinvested at higher short-term rates for balance sheet management strategies. Over the past 12 months, cash flows from investment portfolio maturities and amortization have been primarily utilized to fund loan growth and provide liquidity.Average overnight funds increased $91 million for the second quarter of 2025 compared to the same period of the prior year, driving a $573,000, or 27%, increase in corresponding interest income despite rate reductions enacted by the Federal Reserve in late 2024. Total interest expense increased $3.2 million, or 8%, to $41.5 million, but the cost of interest-bearing liabilities decreased 10 basis points to 2.65%. Interest expense on deposits increased $5.9 million, or 19% over the past 12 months, attributed almost entirely to the time deposit category and consistent with the successful CD promotion that ran through mid-April. Despite ending the promotions early in the second quarter and lowering time deposit rates, the Company continued to experience solid time deposit growth through the end of the quarter. The overall cost of interest-bearing deposits increased to 2.59% for the second quarter of 2025 from 2.56% for the second quarter of 2024.As a result of strong interest-bearing deposit growth over the past 12 months, average FHLB advance balances declined $138 million, or 31%, resulting in a $2.4 million, or 45%, decrease in the corresponding FHLB expense compared to the second quarter of 2024, with the related cost of funds declining 92 basis points to 3.85% over the same period. The Company recorded provision for credit losses on loans expense of $2.3 million for the second quarter of 2025, consistent with strong loan growth, a slightly deteriorating economic forecast, increased specific reserves, and net charge offs of $342,000. Additionally, the Company recorded a $75,000 credit to expense for off balance sheet exposures for the second quarter of 2025 due to increased utilization trends. For the second quarter of 2024, the Company recorded $1.1 million in provision for credit losses on loans and $225,000 in provision for credit losses on off balance sheet exposures associated with increased availability related to Construction & Land Development and Commercial & Industrial (C&I) lines of credit. Non-interest income increased $693,000, or 3%, to $24.3 million compared to the second quarter of 2024. WM&T income ended the second quarter of 2025 at $10.5 million, a decrease of $312,000, or 3%, over the second quarter of 2024. Assets under management contracted $286 million, or 4%, compared to the second quarter of 2024.Compared to the second quarter of 2024, treasury management fees increased $180,000, or 6%, to a record $3.0 million. Consistent treasury management growth has been driven by fee increases, strong organic growth and new product sales.Brokerage income grew $180,000, or 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. Non-interest expenses increased by $3.6 million, or 7%, to $52.7 million, compared to the second quarter of 2024. Compensation expense increased $2.6 million, or 11%, compared to the second quarter of 2024, consistent with higher bonus accrual levels tied to strong year-to-date results, annual merit-based increases and full-time equivalent employee expansion. Employee benefits increased $244,000, or 5%, compared to the second quarter of 2024, as increases in 401(k) matching expense and payroll tax expenses more than offset lower health insurance expense.Net occupancy and equipment expenses increased $206,000, or 5%, over the second quarter of 2024, as the current period included expenses related to increased rent and depreciation expense.Marketing and business development expense increased $355,000, or 22%, compared to the second quarter of 2024. The quarter over prior year quarter increase relates to elevated advertising expense tied primarily to time deposit product promotions in addition to increased customer entertainment and sponsorships.Other non-interest expenses increased $210,000, or 9%, compared to the second quarter of 2024, primarily attributed to higher credit card rewards and to a lesser extent, increased insurance costs. Financial Condition – June 30, 2025, Compared with June 30, 2024 Total assets increased $894 million, or 11%, year over year to $9.21 billion. Total loans increased $779 million, or 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, compared to 41% as of June 30, 2024. C&I line of credit usage expanded to 37% as of period end, representing the highest level of utilization since 2020, however still well below pre-pandemic levels. Total investment securities decreased $121 million, or 9%, year over year. Over the past 12 months, cash flows from the investment portfolio have been primarily utilized to fund loan growth and provide liquidity, while a portion of lower-yielding maturities have been reinvested at higher short-term rates for balance sheet management strategies. Total deposits increased $938 million, or 14%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Total interest-bearing deposits grew $905 million, or 18%, led primarily by time deposit growth, and average total interest-bearing deposit accounts increased $849 million, or 17% over the past 12 months. Non-interest-bearing demand accounts increased $32 million, or 2%, however, average non-interest bearing demand accounts declined $27 million, or 2%. Non-performing loans totaled $18.0 million, or 0.26% of total loans outstanding on June 30, 2025, compared to $17.6 million, or 0.29% of total loans outstanding on June 30, 2024. The ratio of allowance for credit losses to loans ended at 1.32% on June 30, 2025, compared to 1.35% on June 30, 2024. As of June 30, 2025, 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 10.92% and the tangible common equity ratio(3) was 8.86% on June 30, 2025, compared to 10.76% and 8.42% on June 30, 2024, respectively. In May 2025, the board of directors declared a quarterly cash dividend of $0.31 per common share. The dividend was paid July 1, 2025, to shareholders of record as of June 16, 2025. On July 15, 2025, the Company’s Board of Directors adopted a share repurchase plan under which the Company may purchase up to 1 million shares of the Company’s common stock. The share repurchase plan expires in two years and replaces the Company’s prior repurchase plan, which expired in May 2025. The Company last repurchased shares in 2019. “Having an active share repurchase authorization in place allows us the flexibility to buy back stock when it aligns with our capital allocation strategy,” said Hillebrand. Results of Operations – Second Quarter 2025, Compared with First Quarter 2025 Net interest margin expanded 7 basis points on the linked quarter to 3.53%, boosted by strong loan growth and higher interest earning asset yields, which more than offset a moderate increase in cost of funds. Net interest income increased $2.9 million, or 4%, over the prior quarter to $73.5 million. Total interest income increased $3.8 million, or 3%. Interest income on loans, including fees, increased $3.4 million, or 3%. Average loans increased $150 million, or 2%, and the corresponding yield earned remained flat at 6.13%. However, non-accrual payoff activity provided approximately 4 basis points of benefit to loan yields for the first quarter of 2025. Total interest expense increased $913,000, or 2%. Interest expense on deposits increased $2.9 million, or 8%, led by $265 million, or 20%, of growth in average time deposit balances, which was driven in large part by the success of promotions that ran through mid-April. While the promotions ended early in the second quarter and time deposit rates were cut, the Bank’s time deposit offerings remained competitive and continued to see growth through the end of the period, albeit at a slower pace compared to the linked quarter. During the second quarter of 2025, the Company recorded $2.3 million in provision for credit losses on loans(1) and a $75,000 credit to expense for off balance sheet exposures. During the first quarter of 2025, the Company recorded $900,000 in provision for credit losses on loans and no provision for credit losses on off balance sheet exposures. Non-interest income increased $1.4 million, or 6%, on the linked quarter, to $24.3 million. Other non-interest income increased $637,000, driven mainly by $557,000 of swap fees collected, while treasury management fees grew $332,000, or 12%, and card income grew $329,000, or 7%. This activity more than offset a $164,000, or 2%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition. Non-interest expenses increased $1.7 million, or 3% on the linked quarter to $52.7 million, due to increases in compensation expense and marketing and business development expenses. Financial Condition – June 30, 2025, Compared with March 31, 2025 Total assets increased $212 million, or 2%, on the linked quarter to $9.21 billion. Total loans expanded $204 million, or 3%, on the linked quarter, with every market contributing to the growth. The CRE segment was the primary driver of growth for the quarter, increasing $126 million, or 4%, on the linked quarter. The residential real estate segment grew $47 million, or 4%, and C&I loans increased $27 million, or 2%, on the linked quarter. Total line of credit usage increased to 48% as of June 30, 2025, compared to 46% as of March 31, 2025. C&I line of credit usage increased to 37% as of June 30, 2025, from 34% at March 31, 2025. Total deposits increased $213 million, or 3%, on the linked quarter. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%. About the Company Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $9.21 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, 2024, 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. Contact:T. Clay StinnettExecutive Vice President,Treasurer and Chief Financial Officer(502) 625-0890 Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2025 Earnings Release (In thousands unless otherwise noted) Three Months Ended Six Months Ended June 30, June 30, Income Statement Data 2025 2024 2025 2024 Net interest income, fully tax equivalent (5) $73,560 $62,113 $144,196 $122,279 Interest income: Loans $103,009 $90,018 $202,609 $175,858 Federal funds sold and interest bearing due from banks 2,730 2,157 4,731 4,253 Mortgage loans held for sale 78 74 155 105 Federal Home Loan Bank stock 662 470 1,194 938 Investment securities 8,521 7,585 17,477 15,695 Total interest income 115,000 100,304 226,166 196,849 Interest expense: Deposits 37,511 31,623 72,092 63,489 Securities sold under agreements to repurchase 625 771 1,439 1,702 Federal funds purchased 72 139 142 275 Federal Home Loan Bank advances 2,908 5,263 7,649 8,260 Subordinated debentures 411 486 819 1,031 Total interest expense 41,527 38,282 82,141 74,757 Net interest income 73,473 62,022 144,025 122,092 Provision for credit losses (1) 2,175 1,300 3,075 2,725 Net interest income after provision for credit losses 71,298 60,722 140,950 119,367 Non-interest income: Wealth management and trust services 10,483 10,795 21,130 21,566 Deposit service charges 2,069 2,180 4,148 4,316 Debit and credit card income 4,837 4,923 9,345 9,605 Treasury management fees 3,005 2,825 5,678 5,450 Mortgage banking income 1,094 1,017 2,011 1,965 Net investment product sales commissions and fees 980 800 1,990 1,665 Bank owned life insurance 629 595 1,251 1,183 Gain on sale of premises and equipment 74 20 74 20 Other 1,177 500 1,717 1,156 Total non-interest income 24,348 23,655 47,344 46,926 Non-interest expenses: Compensation 27,279 24,634 53,211 48,855 Employee benefits 5,330 5,086 11,115 10,962 Net occupancy and equipment 4,025 3,819 8,148 7,489 Technology and communication 4,773 4,894 9,601 9,963 Debit and credit card processing 1,908 1,811 3,727 3,557 Marketing and business development 1,951 1,596 3,466 2,671 Postage, printing and supplies 937 913 1,906 1,839 Legal and professional 1,088 1,185 1,995 2,300 FDIC insurance 1,260 1,161 2,483 2,273 Capital and deposit based taxes 738 673 1,438 1,303 Intangible amortization 915 1,051 1,829 2,103 Other 2,496 2,286 4,808 4,755 Total non-interest expenses 52,700 49,109 103,727 98,070 Income before income tax expense 42,946 35,268 84,567 68,223 Income tax expense 8,922 7,670 17,272 14,738 Net income $34,024 $27,598 $67,295 $53,485 Net income per share - Basic $1.16 $0.94 $2.29 $1.83 Net income per share - Diluted 1.15 0.94 2.28 1.82 Cash dividend declared per share 0.31 0.30 0.62 0.60 Weighted average shares - Basic 29,364 29,283 29,356 29,267 Weighted average shares - Diluted 29,505 29,383 29,503 29,372 June 30, Balance Sheet Data 2025 2024 Investment securities $1,221,842 $1,342,354 Loans 6,850,273 6,070,963 Allowance for credit losses on loans 90,722 82,155 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 Federal Home Loan Bank advances 300,000 400,000 Accumulated other comprehensive loss (75,311) (94,980) Stockholders' equity 1,005,704 894,535 Total shares outstanding 29,473 29,388 Book value per share (3) $34.12 $30.44 Tangible common equity per share (3) 27.06 23.22 Market value per share 78.98 49.67 Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2025 Earnings Release Three Months Ended Six Months Ended June 30, June 30, Average Balance Sheet Data 2025 2024 2025 2024 Federal funds sold and interest bearing due from banks $249,738 $158,512 $215,280 $156,251 Mortgage loans held for sale 7,145 6,204 6,442 5,417 Investment securities 1,337,994 1,491,865 1,396,634 1,535,132 Federal Home Loan Bank stock 22,413 29,735 26,602 25,428 Loans 6,746,973 5,973,801 6,672,594 5,891,363 Total interest earning assets 8,364,263 7,660,117 8,317,552 7,613,591 Total assets 8,987,084 8,246,735 8,940,750 8,200,049 Non-interest bearing deposits 1,489,188 1,515,708 1,457,813 1,508,155 Interest bearing deposits 5,820,314 4,971,804 5,708,148 5,015,274 Total deposits 7,309,502 6,487,512 7,165,961 6,523,429 Securities sold under agreements to repurchase 128,493 147,327 143,655 156,133 Federal funds purchased 6,610 10,127 6,562 10,144 Federal Home Loan Bank advances 303,297 441,484 384,530 357,967 Subordinated debentures 26,806 26,806 26,806 26,800 Total interest bearing liabilities 6,285,520 5,597,548 6,269,701 5,566,338 Accumulated other comprehensive loss (83,970) (99,640) (85,289) (97,693) Total stockholders' equity 980,803 878,233 967,495 869,616 Performance Ratios Annualized return on average assets (4) 1.52% 1.35% 1.52% 1.31% Annualized return on average equity (4) 13.91% 12.64% 14.03% 12.37% Net interest margin, fully tax equivalent 3.53% 3.26% 3.50% 3.23% Non-interest income to total revenue, fully tax equivalent 24.87% 27.58% 24.72% 27.73% Efficiency ratio, fully tax equivalent (2) 53.83% 57.26% 54.15% 57.96% Capital Ratios Total stockholders' equity to total assets (3) 10.92% 10.76% Tangible common equity to tangible assets (3) 8.86% 8.42% Average stockholders' equity to average assets 10.82% 10.61% 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% Loan Segmentation Commercial real estate - non-owner occupied $1,989,982 $1,652,614 Commercial real estate - owner occupied 1,010,692 943,013 Commercial and industrial 1,491,143 1,356,970 Residential real estate - owner occupied 851,284 749,870 Residential real estate - non-owner occupied 390,784 365,846 Construction and land development 671,011 586,820 Home equity lines of credit 263,826 223,304 Consumer 140,715 151,221 Leases 14,563 17,258 Credit cards 26,273 24,047 Total loans and leases $6,850,273 $6,070,963 Deposit Segmentation Interest bearing demand $2,520,405 $2,422,828 Savings 424,985 429,095 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 Asset Quality Data Non-accrual loans $17,650 $17,371 Modifications to borrowers experiencing financial difficulty - - Loans past due 90 days or more and still accruing 378 186 Total non-performing loans 18,028 17,557 Other real estate owned 10 10 Total non-performing assets $18,038 $17,567 Non-performing loans to total loans 0.26% 0.29% Non-performing assets to total assets 0.20% 0.21% Allowance for credit losses on loans to total loans 1.32% 1.35% Allowance for credit losses on loans to average loans 1.34% 1.39% Allowance for credit losses on loans to non-performing loans 503% 468% Net (charge-offs) recoveries $(342) $183 $629 $531 Net (charge-offs) recoveries to average loans (6) -0.01% 0.00% 0.01% 0.01% Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2025 Earnings Release Quarterly Comparison Income Statement Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 Net interest income, fully tax equivalent (5) $73,560 $70,636 $70,057 $65,064 $62,113 Net interest income $73,473 $70,552 $69,969 $64,979 $62,022 Provision for credit losses (1) 2,175 900 2,675 4,325 1,300 Net interest income after provision for credit losses 71,298 69,652 67,294 60,654 60,722 Non-interest income: Wealth management and trust services 10,483 10,647 10,346 10,931 10,795 Deposit service charges 2,069 2,079 2,276 2,314 2,180 Debit and credit card income 4,837 4,508 5,394 5,083 4,923 Treasury management fees 3,005 2,673 2,675 2,939 2,825 Mortgage banking income 1,094 917 781 1,112 1,017 Net investment product sales commissions and fees 980 1,010 991 915 800 Bank owned life insurance 629 622 626 634 595 Gain (loss) on sale of premises and equipment 74 - (61) (59) 20 Other 1,177 540 479 928 500 Total non-interest income 24,348 22,996 23,507 24,797 23,655 Non-interest expenses: Compensation 27,279 25,932 26,453 25,534 24,634 Employee benefits 5,330 5,785 4,677 4,629 5,086 Net occupancy and equipment 4,025 4,123 3,929 3,775 3,819 Technology and communication 4,773 4,828 4,744 4,500 4,894 Debit and credit card processing 1,908 1,819 1,860 1,845 1,811 Marketing and business development 1,951 1,515 2,815 1,438 1,596 Postage, printing and supplies 937 969 905 901 913 Legal and professional 1,088 907 843 968 1,185 FDIC insurance 1,260 1,223 1,171 1,095 1,161 Capital and deposit based taxes 738 700 653 825 673 Intangible amortization 915 914 1,330 1,052 1,051 Other 2,496 2,312 2,277 1,890 2,286 Total non-interest expenses 52,700 51,027 51,657 48,452 49,109 Income before income tax expense 42,946 41,621 39,144 36,999 35,268 Income tax expense 8,922 8,350 7,450 7,639 7,670 Net income $34,024 $33,271 $31,694 $29,360 $27,598 Net income per share - Basic $1.16 $1.13 $1.08 $1.00 $0.94 Net income per share - Diluted 1.15 1.13 1.07 1.00 0.94 Cash dividend declared per share 0.31 0.31 0.31 0.31 0.30 Weighted average shares - Basic 29,364 29,349 29,319 29,299 29,283 Weighted average shares - Diluted 29,505 29,501 29,493 29,445 29,383 Quarterly Comparison Balance Sheet Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 Cash and due from banks $97,606 $110,156 $78,925 $108,825 $85,441 Federal funds sold and interest bearing due from banks 353,806 293,580 212,095 144,241 118,910 Mortgage loans held for sale 5,014 7,797 6,286 4,822 6,438 Investment securities 1,221,842 1,246,690 1,360,285 1,236,744 1,342,354 Federal Home Loan Bank stock 22,839 29,315 21,603 29,419 31,462 Loans 6,850,273 6,646,360 6,520,402 6,278,133 6,070,963 Allowance for credit losses on loans 90,722 88,814 86,943 85,343 82,155 Goodwill 194,074 194,074 194,074 194,074 194,074 Total assets 9,208,986 8,997,478 8,863,419 8,437,280 8,315,325 Non-interest bearing deposits 1,514,924 1,499,383 1,456,138 1,508,203 1,482,514 Interest bearing deposits 5,991,826 5,794,583 5,710,263 5,217,870 5,086,724 Securities sold under agreements to repurchase 126,576 151,424 162,967 149,852 152,948 Federal funds purchased 6,709 6,540 6,525 6,442 10,029 Federal Home Loan Bank advances 300,000 300,000 300,000 325,000 400,000 Subordinated debentures 26,806 26,806 26,806 26,806 26,806 Accumulated other comprehensive income loss (75,311) (79,840) (91,151) (75,273) (94,980) Stockholders' equity 1,005,704 975,473 940,476 934,094 894,535 Total shares outstanding 29,473 29,469 29,431 29,414 29,388 Book value per share (3) $34.12 $33.10 $31.96 $31.76 $30.44 Tangible common equity per share (3) 27.06 26.01 24.82 24.58 23.22 Market value per share 78.98 69.09 71.61 61.99 49.67 Capital Ratios Total stockholders' equity to total assets (3) 10.92% 10.84% 10.61% 11.07% 10.76% Tangible common equity to tangible assets (3) 8.86% 8.72% 8.44% 8.79% 8.42% Average stockholders' equity to average assets 10.91% 10.73% 10.76% 10.86% 10.65% 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% Stock Yards Bancorp, Inc. Financial Information (unaudited) Second Quarter 2025 Earnings Release Quarterly Comparison Average Balance Sheet Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 Federal funds sold and interest bearing due from banks $249,738 $180,439 $251,209 $148,818 $158,512 Mortgage loans held for sale 7,145 5,732 6,335 4,862 6,204 Investment securities 1,337,994 1,455,926 1,436,748 1,424,815 1,491,865 Federal Home Loan Bank stock 22,413 30,838 23,475 31,193 29,735 Loans 6,746,973 6,597,388 6,381,869 6,174,309 5,973,801 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 Non-interest bearing deposits 1,489,188 1,426,088 1,492,624 1,510,515 1,515,708 Interest bearing deposits 5,820,314 5,594,740 5,531,441 5,047,771 4,971,804 Total deposits 7,309,502 7,020,828 7,024,065 6,558,286 6,487,512 Securities sold under agreement to repurchase 128,493 158,985 148,414 156,865 147,327 Federal funds purchased 6,610 6,514 6,508 8,480 10,127 Federal Home Loan Bank advances 303,297 466,667 300,000 461,141 441,484 Subordinated debentures 26,806 26,806 26,806 26,806 26,806 Total interest bearing liabilities 6,285,520 6,253,712 6,013,169 5,701,063 5,597,548 Accumulated other comprehensive loss (83,970) (86,622) (81,585) (88,362) (99,640) Total stockholders' equity 980,803 954,040 937,782 910,274 878,233 Performance Ratios Annualized return on average assets (4) 1.52% 1.52% 1.45% 1.39% 1.35% Annualized return on average equity (4) 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% Non-interest income to total revenue, fully tax equivalent 24.87% 24.56% 25.12% 27.59% 27.58% Efficiency ratio, fully tax equivalent (2) 53.83% 54.50% 55.21% 53.92% 57.26% Loans Segmentation Commercial real estate - non-owner occupied $1,989,982 $1,870,352 $1,835,935 $1,686,448 $1,652,614 Commercial real estate - owner occupied 1,010,692 1,004,774 1,002,853 949,538 943,013 Commercial and industrial 1,491,143 1,463,746 1,438,654 1,379,293 1,356,970 Residential real estate - owner occupied 851,284 813,823 805,080 783,337 749,870 Residential real estate - non-owner occupied 390,784 381,429 382,744 381,051 365,846 Construction and land development 671,011 679,345 623,005 674,918 586,820 Home equity lines of credit 263,826 252,125 247,433 236,819 223,304 Consumer 140,715 140,009 144,644 143,684 151,221 Leases 14,563 14,460 15,514 16,760 17,258 Credit cards 26,273 26,297 24,540 26,285 24,047 Total loans and leases $6,850,273 $6,646,360 $6,520,402 $6,278,133 $6,070,963 Deposit Segmentation Interest bearing demand $2,520,405 $2,545,858 $2,649,142 $2,361,192 $2,422,828 Savings 424,985 429,171 419,355 420,772 429,095 Money market 1,385,845 1,343,031 1,403,978 1,259,484 1,177,995 Time deposits 1,660,591 1,476,523 1,237,788 1,176,422 1,056,806 Non-Interest bearing deposits 1,514,924 1,499,383 1,456,138 1,508,203 1,482,514 Total deposits $7,506,750 $7,293,966 $7,166,401 $6,726,073 $6,569,238 Asset Quality Data Non-accrual loans $17,650 $15,865 $21,727 $16,288 $17,371 Modifications to borrowers experiencing financial difficulty - - - - - Loans past due 90 days or more and still accruing 378 283 487 870 186 Total non-performing loans 18,028 16,148 22,214 17,158 17,557 Other real estate owned 10 85 10 10 10 Total non-performing assets $18,038 $16,233 $22,224 $17,168 $17,567 Non-performing loans to total loans 0.26% 0.24% 0.34% 0.27% 0.29% Non-performing assets to total assets 0.20% 0.18% 0.25% 0.20% 0.21% Allowance for credit losses on loans to total loans 1.32% 1.34% 1.33% 1.36% 1.35% Allowance for credit losses on loans to average loans 1.34% 1.35% 1.36% 1.38% 1.38% Allowance for credit losses on loans to non-performing loans 503% 550% 391% 497% 468% Net (charge-offs) recoveries $(342) $971 $(625) $(1,137) $183 Net (charge-offs) recoveries to average loans (6) -0.01% 0.01% -0.01% -0.02% 0.00% Other Information 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 (1) - Detail of Provision for credit losses follows: Quarterly Comparison (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) - 450 - 225 Total provision for credit losses $2,175 $900 $2,675 $4,325 $1,300 (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. Quarterly Comparison (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 net interest income, fully tax equivalent $73,560 $70,636 $70,057 $65,064 $62,113 Total non-interest income 24,348 22,996 23,507 24,797 23,655 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% (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) 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 Less: Goodwill (194,074) (194,074) (194,074) (194,074) (194,074) Less: Core deposit and other intangibles (13,989) (14,904) (15,818) (17,149) (18,201) Tangible common equity - Non-GAAP (c) $797,641 $766,495 $730,584 $722,871 $682,260 Total assets - GAAP (b) $9,208,986 $8,997,478 $8,863,419 $8,437,280 $8,315,325 Less: Goodwill (194,074) (194,074) (194,074) (194,074) (194,074) Less: Core deposit and other intangibles (13,989) (14,904) (15,818) (17,149) (18,201) Tangible assets - Non-GAAP (d) $9,000,923 $8,788,500 $8,653,527 $8,226,057 $8,103,050 Total stockholders' equity to total assets - GAAP (a/b) 10.92% 10.84% 10.61% 11.07% 10.76% Tangible common equity to tangible assets - Non-GAAP (c/d) 8.86% 8.72% 8.44% 8.79% 8.42% Total shares outstanding (e) 29,473 29,469 29,431 29,414 29,388 Book value per share - GAAP (a/e) $34.12 $33.10 $31.96 $31.76 $30.44 Tangible common equity per share - Non-GAAP (c/e) 27.06 26.01 24.82 24.58 23.22 (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.

Stock Yards Bancorp Reports Record Second Quarter Earnings of $34.0 Million or $1.15 Per Diluted Share

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