Stock Yards Bancorp (SYBT) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $36.6 million, or $1.24 per diluted share, up 10% year-over-year from $33.3 million and $1.13 per share in Q1 2025.

• Strong loan growth, net interest margin expansion, and excellent credit quality drove results.

• Deposit balances increased 6% year-over-year, driven by interest-bearing demand and time deposits.

• Record net new business in Wealth Management & Trust and robust non-interest income contributions.

• Announced and completed acquisition of Field & Main Bancorp, expanding presence in Western Kentucky and adding $860–$861 million in assets.

Financial highlights

• Net interest income rose 11% year-over-year to $78.5 million, with net interest margin expanding to 3.65%.

• Non-interest income increased 7% to $24.6 million; non-interest expenses rose 8% to $55.2 million.

• Provision for credit losses on loans was $1.6 million, up from $900,000 in Q1 2025.

• Efficiency ratio improved to 53.58% from 54.50% year-over-year.

• Tangible common equity per share increased 17% year-over-year to $30.41.

Outlook and guidance

• Management expects interest rate volatility to persist in 2026, with the Federal Reserve likely to pause further rate reductions.

• Acquisition of Field & Main Bancorp set to close May 1, 2026, expected to enhance market penetration and operating leverage.

• Continued focus on disciplined loan growth, deposit mix management, profitability, and technology investments.

• Asset-sensitive interest rate risk profile indicates net interest income would benefit from rising rates.