Stock Yards Bancorp NASDAQ: SYBT held its 2026 annual meeting of shareholders in a virtual format on April 23, with Chairman and Chief Executive Officer James A. Hillebrand highlighting record 2025 results, continued organic growth, and progress on expansion efforts in Kentucky.
Shareholder votes and meeting business
Hillebrand opened the polls at 10:03 a.m. ET and outlined three proposals set forth in the company’s proxy materials: the election of nine directors for a one-year term, ratification of BDO USA, P.C. as independent registered public accounting firm for 2026, and an advisory “say on pay” vote on executive compensation.
General Counsel and Corporate Secretary Nathan Berger reported that 25,370,545 common shares, or 85.96% of outstanding common stock, were represented at the meeting by proxy. Berger said preliminary tabulations indicated that shareholders approved all three items, including electing each of the nine director nominees and ratifying BDO as auditor. The company said detailed voting results will be filed in a Form 8-K within four business days of the meeting.
Leadership and strategic focus
Hillebrand thanked the company’s “1,100-plus employees” and emphasized what he described as a “one-company, one-purpose culture” focused on customer needs. He also cited the bank’s intent to “stay at the front of technology” to support relationship managers and maintain a community banking service model.
He identified executive leaders participating on the call, including President Phil Poindexter, Chief Financial Officer Clay Stinnett, Chief Lending Officer Michael Rehm, Director of Wealth Management & Trust Shannon Budnick, Director of Retail Banking Mike Croce, and Chief Credit Officer Bill Otten. Hillebrand also introduced the director nominees and noted that representatives from BDO USA, P.C. attended remotely.
2025 results: record earnings and higher dividend
In prepared remarks after the formal business concluded, Hillebrand said 2025 was “the best year in the company’s history,” delivering “record earnings for the fifth consecutive year” and increasing the dividend “for the 18th time since 2012.” He attributed performance to “organic growth, full service customer relationships, and our proven community banking model.”
Hillebrand presented several 2025 financial highlights, including:
- Net income: $140 million, with diluted EPS of $4.75
- Total revenue: $398 million, comprising net interest income and non-interest income
- Total loans: over $7 billion at year-end, supported by what he described as strong organic loan growth
- Net interest income: over $300 million
- Total non-interest income: $97 million, including “record treasury management fees and record brokerage income”
- Tangible book value: $29.50, up 19% year over year
- Net interest margin: 3.53%, up 22 basis points from the prior year, which he attributed to higher earning asset yields and a decline in the cost of interest-bearing liabilities
First-quarter 2026: loan and deposit growth, higher net income
Turning to first-quarter 2026 results released the prior day, Hillebrand said the company posted net income of $36.6 million, or $1.24 per diluted share, compared with $33.3 million, or $1.13 per diluted share, in the first quarter of 2025. He said increases were “driven largely by strong organic growth experienced over the last 12 months.”
As of March 31, 2026, Hillebrand reported:
- Total loans: $7.2 billion, up $580 million or 9%
- Total deposits: $7.8 billion, up $463 million or 6%
He noted the yield on the loan portfolio declined slightly due to Federal Reserve rate reductions in late 2025, but said balance growth drove a $6.5 million, or 6%, increase in interest income. He also said deposit growth and investment portfolio maturities helped fund loan growth and reduced reliance on “more expensive overnight borrowings,” contributing to a $1.4 million, or 3%, decrease in total interest expense. Hillebrand said net interest income rose $7.8 million, or 11%, from the prior-year quarter.
Expansion, markets, and balance sheet metrics
Hillebrand said the company laid groundwork for future growth in 2025 by announcing expansion into South Central and Western Kentucky. He referenced the appointment of a new market president in Bowling Green, Kentucky, and an agreement to acquire Field & Main Bancorp, headquartered in Henderson, Kentucky. He described both as extensions of the company’s footprint in Kentucky and aligned with its strategic plan. He added that the company was focused on opportunities as it “welcome[s] Field & Main to the Stock Yards family.”
On credit and capital, Hillebrand said credit quality remained solid and described the portfolio as well-diversified with “relatively low concentration of classified and delinquent loans,” noting delinquent loans were 0.19% of the total portfolio as of Dec. 31. He said credit loss reserves to total loans were 1.3% at year-end. He also said the company remained well-capitalized, with increases in all regulatory capital ratios compared with the first quarter of last year, and cited tangible common equity to tangible assets of 9.69% at March 31, 2026, up from 8.72% a year earlier.
Hillebrand highlighted growth across the company’s footprint, noting Cincinnati surpassed $1 billion in total loans in 2025 and Central Kentucky crossed $1 billion during the first quarter of 2026. He also discussed commercial and industrial line commitments, saying they rose from $895 million in 2019 to $1.7 billion “today,” with utilization at 37% compared with a five-year pre-pandemic average of 44%.
On fee income, Hillebrand said non-interest income represented 24% of total revenue versus 19% for the company’s peer group, describing wealth management and trust as a key differentiator. He also pointed to an efficiency ratio of 53.4% in 2025 and said management would continue balancing growth investments—including technology and new locations—with “conservative cost management and a focus on operational efficiency.”
No shareholder questions were submitted during the Q&A portion of the virtual meeting, and the session concluded shortly after management’s remarks.
About Stock Yards Bancorp NASDAQ: SYBT
Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.
The bank's core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.
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