SYBT earnings analysis
What we found in SYBT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Stock Yards delivered record Q2 net income of $40.057 million and diluted EPS of $1.31, supported by a 20% increase in net interest income and a 31-bp year-over-year NIM expansion to 3.84%. Field & Main materially increased loans, deposits, AUM and capital, though it also drove merger costs and contributed to higher problem-loan balances. The filing does not separately disclose operating margin, gross margin, free cash flow, capex, or cash-flow-statement amounts; no formal numeric earnings guidance was issued.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record earnings and 14% EPS growth
- Q2 net income reached a record $40.057 million, up $6.033 million from $34.024 million a year earlier. Diluted EPS increased $0.16 to $1.31 from $1.15.
- Revenue and NIM expanded sharply
- GAAP revenue was $114.575 million, comprising $87.828 million of net interest income and $26.747 million of non-interest income, versus $97.821 million in the prior-year quarter. Net interest income increased $14.355 million (20%) as FTE NIM expanded 31 bps to 3.84%.
- WM&T fees and AUM accelerated
- WM&T revenue grew $2.080 million, or 20%, to $12.563 million. Total AUM increased to $8.844 billion from $7.635 billion at December 31, 2025, including $890 million attributed to Field & Main.
- Acquisition and organic lending lifted scale
- The May 1 Field & Main acquisition added $839 million of assets, $626 million of net loans and $765 million of deposits. Total loans rose $842 million (12%) from year-end, including $209 million of organic growth, led by CRE and C&I.
- Capital ratios improved
- Capital strengthened despite the acquisition: stockholders' equity increased $170.7 million (16%) to $1.246 billion, and tangible common equity/tangible assets improved to 9.66% from 9.32% at December 31, 2025.
- Quarterly provisioning remained minimal
- Credit-loss expense was favorable in the quarter: no loan-loss provision was recorded and net recoveries were $29,000, while the ACL ended at $109.094 million, or 1.38% of loans.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Nonperforming and delinquent loans increased
- Asset quality weakened during the first half: non-performing loans increased to $24.441 million, or 0.31% of loans, from $13.034 million, or 0.19%, at December 31, 2025. Delinquent loans increased to $47 million from $26 million, with acquired Field & Main loans accounting for $8 million of delinquencies.
- Costs and merger charges pressure efficiency
- The reported efficiency ratio rose to 55.64% from 53.83% year over year as non-interest expense increased $11.106 million (21%) to $63.806 million. The quarter included $2.283 million of merger expense, and management expects additional merger expenses through Q3 and Q4 2026.
- Falling rates would pressure NII
- Management's rate simulation shows a 200-bp immediate rate decline would reduce one-year net interest income by 5.61%, versus a 5.43% increase in a 200-bp rise. It characterizes the balance sheet as asset-sensitive and cautions that competitive loan and deposit pricing could intensify.
- Approaching $10B threshold creates fee risk
- The company ended Q2 above the regulatory threshold at $10.369 billion of assets and plans balance-sheet actions to remain below $10 billion at December 31, 2026. It expects to cross the threshold for regulatory purposes on December 31, 2027, after which debit interchange-fee limitations would apply beginning July 1 of the following year.
- No standalone risk-factor amendments
- No separate Item 1A risk-factor update was included in this 10-Q; the filing refers investors to the 2025 Form 10-K. The most specific newly quantified operating exposure disclosed is $812 million of public-fund deposits at June 30, 2026, alongside $1.49 billion of available FHLB credit.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.31
- Segment
- WM&T: revenue was $12.563 million in Q2 2026, up $2.080 million (20%) from $10.483 million in Q2 2025; AUM was $8.844 billion at June 30, 2026 versus $7.635 billion at December 31, 2025.
- Segment
- Commercial Banking: the filing does not provide standalone segment revenue; company net interest income was $87.828 million, up $14.355 million (20%) year over year.
What they said about what is next.
No formal EPS or revenue guidance was provided in the 10-Q. Management said projections indicate the FRB will likely hold rates steady in the second half of 2026, but noted projections remain volatile; it also anticipates higher funding costs from pricing competition and deposit-mix changes. Management expects to cross the $10 billion regulatory asset threshold on December 31, 2027, while intending to manage below that threshold at December 31, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- Stock Yards Bancorp reported strong Q1 2026 results, with revenues of $103 million, slightly above estimates, and an EPS of $1.24, surpassing analyst expectations. The bank also experienced growth in loans and deposits,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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