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Stock Yards Bancorp (SYBT) investor relations material
Stock Yards Bancorp M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deal rationale and strategic fit
Expands and accelerates presence in Western Kentucky, especially Henderson, and enhances scale in adjacent markets, solidifying leadership as Kentucky's top community banking franchise.
Combines two community-focused banks with similar cultures, emphasizing disciplined growth and high-touch customer service.
Enhances wealth management capabilities by adding $0.8B in assets under management and leveraging Field & Main's scalable franchise.
Minimal market overlap ensures customer continuity and preserves most customer-facing jobs.
Leadership from Field & Main will join the board and senior management, supporting integration and continuity.
Financial terms and conditions
All-stock transaction: Field & Main shareholders receive 0.655 shares of Stock Yards common stock per Field & Main share, with an implied per share price of $44.55 and total value of $105.7 million.
Pro forma ownership: 95% acquirer, 5% acquired.
Price/tangible book value: 1.5x; price/LTM earnings: 10x; price/2026 earnings plus cost savings: 6x.
Transaction expected to be 5.7% accretive to earnings per share in 2027, with tangible book value dilution of 0.9% earned back in under one year.
Pro forma TCE ratio of 9.5% and total risk-based capital ratio of 13.4% at close; post-closing capital ratios projected to remain above “well-capitalized” thresholds.
Synergies and expected cost savings
Cost savings estimated at 34% of Field & Main's non-interest expenses, with about one-third realized in 2026 and full realization in 2027.
No branch closures planned; cost savings phased in post-system conversion in October 2026.
Revenue synergies identified but not included in financial modeling.
Incremental earnings from the transaction expected to offset financial impacts of crossing $10B in assets.
Enhanced operating leverage and expanded capabilities anticipated for customers in Western Kentucky and adjacent markets.
- TimeTickerHeadlineOpen
- 7 FebGICRE
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