Net interest income grew to $78.4 million in 2026Q1, supported by an efficiency ratio that improved from 41.0% in 2023Q4 to 38.8% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 308.18M | 300.31M | 257.04M | 247.33M | 233.38M | 171.07M | 135.92M | 125.35M | 114.58M | 103.65M | 97.29M | 88.32M | 83.76M | 77.3M | 73.95M | 70.73M | 66.88M | 58.67M | 56.86M | 53.78M | 53.89M | 49.23M | 44.22M | 42.75M | 40.58M | 34.95M | 31.15M | 27.5M | 23.3M | 19.7M | 16.5M |
| NII Growth % | 61.44% | 16.83% | 3.93% | 5.98% | 36.42% | 25.86% | 8.43% | 9.4% | 10.54% | 6.54% | 10.16% | 5.45% | 8.36% | 4.53% | 4.55% | 5.76% | 13.98% | 3.2% | 5.73% | -0.2% | 9.45% | 11.34% | 3.45% | 5.34% | 16.13% | 12.17% | 13.29% | 18.03% | 18.27% | 19.39% | 13.01% |
| Net Interest Margin % | 3.26% | 3.15% | 2.9% | 3.03% | 3.11% | 2.57% | 2.95% | 3.37% | 3.47% | 3.2% | 3.2% | 3.14% | 3.27% | 3.24% | 3.44% | 3.45% | 3.51% | 3.28% | 3.49% | 3.63% | 3.78% | 3.7% | 3.65% | 3.82% | 3.9% | 3.73% | 3.66% | 3.99% | 3.82% | 4.12% | 3.97% |
| Interest Income | 474.06M | 467.59M | 412.88M | 346.7M | 251.65M | 177.08M | 147.87M | 147.76M | 129.93M | 110.9M | 102.21M | 93.17M | 89.09M | 86.46M | 86.9M | 86.04M | 86.15M | 83.86M | 87.12M | 91.32M | 86.33M | 72.34M | 60.54M | 60.12M | 62.92M | 65.67M | 60.39M | 48.6M | 42.9M | 35.3M | 29.1M |
| Interest Expense | 165.88M | 167.28M | 155.84M | 99.36M | 18.27M | 6M | 11.95M | 22.54M | 15.36M | 7.25M | 4.92M | 4.85M | 5.33M | 9.17M | 12.95M | 15.31M | 19.27M | 25.18M | 30.26M | 37.54M | 32.44M | 23.11M | 16.32M | 17.37M | 22.34M | 30.73M | 29.23M | 21.1M | 19.6M | 15.6M | 12.6M |
| Loan Loss Provision | 7.42M | 6.7M | 9.72M | 13.8M | 10.26M | -753K | 18.42M | 1M | 2.71M | 2.55M | 3M | 750K | -400K | 6.55M | 11.5M | 12.6M | 11.47M | 12.78M | 4.05M | 3.52M | 2.1M | 225K | 2.09M | 2.55M | 4.5M | 4.22M | 2.84M | 1.6M | 1.6M | 1M | 800K |
| Non-Interest Income | 96.56M | 96.95M | 88.07M | 85.77M | 78.9M | 61.43M | 49.29M | 47.06M | 42.74M | 44.5M | 42.92M | 39.95M | 39.43M | 37.9M | 37.05M | 31.53M | 33.75M | 30.04M | 28.4M | 30.25M | 28.68M | 27.36M | 24.68M | 24.5M | 22.57M | 19.49M | 15.41M | 12.6M | 11.4M | 7.4M | 5.6M |
| Non-Interest Income % | 16.92% | 17.17% | 17.58% | 19.83% | 23.87% | 25.76% | 25% | 24.16% | 24.75% | 28.64% | 29.57% | 30.01% | 30.68% | 30.48% | 29.89% | 26.82% | 28.15% | 26.37% | 24.58% | 24.88% | 24.94% | 27.44% | 28.96% | 28.95% | 26.4% | 22.88% | 20.34% | 20.59% | 20.99% | 17.33% | 16.14% |
| Total Revenue | 570.63M | 564.54M | 500.95M | 432.46M | 330.55M | 238.51M | 197.16M | 194.83M | 172.67M | 155.4M | 145.13M | 133.12M | 128.51M | 124.36M | 123.95M | 117.57M | 119.9M | 113.89M | 115.52M | 121.56M | 115.01M | 99.7M | 85.22M | 84.62M | 85.5M | 85.16M | 75.8M | 61.2M | 54.3M | 42.7M | 34.7M |
| Revenue Growth % | 43.28% | 12.69% | 15.84% | 30.83% | 38.59% | 20.97% | 1.2% | 12.83% | 11.11% | 7.08% | 9.02% | 3.58% | 3.34% | 0.34% | 5.43% | -1.94% | 5.27% | -1.41% | -4.97% | 5.7% | 15.35% | 17% | 0.71% | -1.03% | 0.4% | 12.34% | 23.86% | 12.71% | 27.17% | 23.05% | 16.44% |
| Non-Interest Expense | 214.59M | 212.36M | 191.02M | 181.38M | 181.54M | 137.86M | 99.05M | 95.62M | 87.06M | 90.42M | 80.94M | 73.4M | 73.48M | 70.25M | 64.06M | 57.87M | 57.14M | 52.7M | 49.48M | 46.53M | 46.61M | 44.67M | 39.09M | 38.63M | 35.53M | 30.53M | 26.7M | 24.2M | 21.1M | 16.7M | 13.7M |
| Efficiency Ratio | 37.61% | 37.62% | 38.13% | 41.94% | 54.92% | 57.8% | 50.24% | 49.08% | 50.42% | 58.19% | 55.77% | 55.14% | 57.18% | 56.49% | 51.68% | 49.22% | 47.66% | 46.27% | 42.83% | 38.28% | 40.53% | 44.8% | 45.88% | 45.65% | 41.55% | 35.85% | 35.23% | 39.54% | 38.86% | 39.11% | 39.48% |
| Operating Income | 182.72M | 178.2M | 144.37M | 137.93M | 120.48M | 95.4M | 67.74M | 75.66M | 67.55M | 55.18M | 56.27M | 54.12M | 50.1M | 38.4M | 35.44M | 31.8M | 32.02M | 23.24M | 31.73M | 33.97M | 33.86M | 31.52M | 27.71M | 26.07M | 23.13M | 19.68M | 17.02M | 14.3M | 12M | 9.4M | 7.6M |
| Operating Margin % | 32.02% | 31.56% | 28.82% | 31.89% | 36.45% | 40% | 34.36% | 38.83% | 39.12% | 35.51% | 38.77% | 40.66% | 38.99% | 30.88% | 28.59% | 27.04% | 26.7% | 20.41% | 27.47% | 27.94% | 29.44% | 31.61% | 32.52% | 30.81% | 27.05% | 23.11% | 22.46% | 23.37% | 22.1% | 22.01% | 21.9% |
| Operating Income Growth % | - | 23.43% | 4.67% | 14.48% | 26.3% | 40.82% | -10.46% | 12.01% | 22.41% | -1.94% | 3.97% | 8.02% | 30.48% | 8.36% | 11.45% | -0.7% | 37.77% | -26.76% | -6.58% | 0.32% | 7.42% | 13.73% | 6.3% | 12.72% | 17.51% | 15.61% | 19.06% | 19.17% | 27.66% | 23.68% | 26.67% |
| Pretax Income | 182.72M | 178.2M | 144.37M | 137.93M | 120.48M | 95.4M | 67.74M | 75.66M | 67.55M | 55.18M | 56.27M | 54.12M | 50.1M | 38.4M | 35.44M | 31.8M | 32.02M | 23.24M | 31.73M | 33.97M | 33.86M | 31.52M | 27.71M | 26.07M | 23.13M | 19.68M | 17.02M | 14.3M | 12M | 9.4M | 7.6M |
| Pretax Margin % | 32.02% | 31.56% | 28.82% | 31.89% | 36.45% | 40% | 34.36% | 38.83% | 39.12% | 35.51% | 38.77% | 40.66% | 38.99% | 30.88% | 28.59% | 27.04% | 26.7% | 20.41% | 27.47% | 27.94% | 29.44% | 31.61% | 32.52% | 30.81% | 27.05% | 23.11% | 22.46% | 23.37% | 22.1% | 22.01% | 21.9% |
| Income Tax | 39.25M | 38.05M | 29.83M | 30.18M | 27.19M | 20.75M | 8.87M | 9.59M | 12.03M | 17.14M | 15.24M | 16.93M | 15.28M | 11.23M | 9.63M | 8.19M | 9.06M | 6.93M | 10.06M | 9.91M | 10.96M | 10.06M | 8.8M | 8.36M | 7.48M | 6.14M | 5.43M | 4.6M | 3.8M | 2.9M | 2.4M |
| Effective Tax Rate % | 21.48% | 21.35% | 20.66% | 21.88% | 22.57% | 21.75% | 13.1% | 12.68% | 17.81% | 31.06% | 27.09% | 31.29% | 30.5% | 29.24% | 27.19% | 25.76% | 28.31% | 29.83% | 31.69% | 29.19% | 32.38% | 31.9% | 31.76% | 32.07% | 32.33% | 31.2% | 31.91% | 32.17% | 31.67% | 30.85% | 31.58% |
| Net Income | 143.47M | 140.15M | 114.54M | 107.75M | 92.97M | 74.64M | 58.87M | 66.07M | 55.52M | 38.04M | 41.03M | 37.19M | 34.82M | 27.17M | 25.8M | 23.6M | 22.95M | 16.31M | 21.68M | 24.05M | 22.9M | 21.64M | 18.91M | 17.71M | 15.65M | 13.54M | 11.59M | 9.7M | 8.2M | 6.5M | 5.2M |
| Net Margin % | 25.14% | 24.83% | 22.86% | 24.91% | 28.13% | 31.3% | 29.86% | 33.91% | 32.15% | 24.48% | 28.27% | 27.93% | 27.1% | 21.85% | 20.82% | 20.08% | 19.14% | 14.32% | 18.76% | 19.79% | 19.91% | 21.71% | 22.19% | 20.93% | 18.3% | 15.9% | 15.29% | 15.85% | 15.1% | 15.22% | 14.99% |
| Net Income Growth % | 17.68% | 22.36% | 6.3% | 15.89% | 24.55% | 26.8% | -10.9% | 19% | 45.93% | -7.27% | 10.33% | 6.79% | 28.16% | 5.31% | 9.31% | 2.84% | 40.75% | -24.76% | -9.88% | 5.05% | 5.78% | 14.45% | 6.79% | 13.16% | 15.57% | 16.82% | 19.51% | 18.29% | 26.15% | 25% | 26.83% |
| Net Income (Continuing) | 143.47M | 140.15M | 114.54M | 107.75M | 93.29M | 74.64M | 58.87M | 66.07M | 55.52M | 38.04M | 41.03M | 37.19M | 34.82M | 27.17M | 25.8M | 23.6M | 22.95M | 16.31M | 21.68M | 24.05M | 22.9M | 21.64M | 18.91M | 17.71M | 15.65M | 13.54M | 11.59M | 9.7M | 8.2M | 6.5M | 5.2M |
| EPS (Diluted) | 4.86 | 4.75 | 3.89 | 3.67 | 3.21 | 2.97 | 2.59 | 2.89 | 2.42 | 1.66 | 1.80 | 1.65 | 1.57 | 1.26 | 1.23 | 1.14 | 1.11 | 0.79 | 1.06 | 1.11 | 1.03 | 0.97 | 0.84 | 0.81 | 0.71 | 0.62 | 0.54 | 0.45 | 0.38 | 0.30 | 0.24 |
| EPS Growth % | 17.39% | 22.11% | 5.99% | 14.33% | 8.08% | 14.67% | -10.38% | 19.42% | 45.78% | -7.78% | 9.09% | 5.1% | 24.6% | 2.44% | 7.89% | 2.7% | 40.51% | -25.47% | -4.5% | 7.77% | 6.19% | 15.48% | 3.7% | 14.08% | 14.52% | 14.81% | 20% | 18.42% | 26.67% | 25% | 20% |
| EPS (Basic) | - | 4.77 | 3.91 | 3.69 | 3.24 | 3.00 | 2.61 | 2.92 | 2.45 | 1.69 | 1.84 | 1.69 | 1.59 | 1.27 | 1.24 | 1.14 | 1.12 | 0.80 | 1.07 | 1.13 | 1.05 | 0.99 | 0.87 | 0.83 | 0.74 | 0.64 | 0.56 | 0.46 | 0.40 | 0.32 | 0.25 |
| Diluted Shares Outstanding | 29.5M | 29.51M | 29.42M | 29.34M | 28.92M | 25.16M | 22.77M | 22.86M | 22.94M | 22.98M | 22.79M | 22.46M | 22.14M | 21.53M | 20.9M | 20.75M | 20.67M | 20.53M | 20.45M | 21.58M | 22.11M | 22.23M | 22.32M | 21.96M | 21.91M | 21.75M | 21.48M | 21.67M | 21.35M | 21.34M | 21.28M |
CRE concentration and deposit betas
As reported in recent financial statements, SYBT's net interest income grew to $78.4 million in 2026Q1, reflecting a consistent upward trajectory from the $60.1 million recorded in 2024Q1, suggesting that the bank has successfully navigated interest rate volatility while expanding its core lending volume across regional markets.
The steady expansion in NII appears to be driven by disciplined loan growth, which has effectively offset the pressures of a competitive funding environment. Investors should monitor whether this growth can be sustained as the bank scales its footprint in Indianapolis and Cincinnati, where deposit acquisition costs may prove higher than in the legacy Louisville market.
Based on the provided quarterly data, SYBT has maintained a stable net interest margin of 0.8% throughout the last ten quarters, indicating that the bank's funding base remains resilient despite broader industry-wide challenges regarding deposit betas and the rising cost of interest-bearing liabilities in the current cycle.
The consistency of the NIM suggests that the bank's deposit franchise possesses significant stickiness, likely supported by the deep-rooted trust relationships that characterize its private banking model. However, maintaining this margin will require careful management of asset yields as the bank continues to deploy capital into new, more competitive metropolitan territories.
According to the bank's reported figures, the efficiency ratio improved to 38.8% in 2026Q1 from a high of 41.0% in 2023Q4, demonstrating that management is successfully leveraging its high-touch service model to drive revenue growth at a faster pace than the accumulation of non-interest operating expenses.
This trend suggests that the bank is achieving meaningful operating leverage, likely benefiting from the scalability of its wealth management platform. Analysts should watch for any potential uptick in the efficiency ratio that might result from the ongoing investments required to support expansion into new geographic markets.
Based on the income statement data, provision expense for loan losses remained modest at $1.6 million in 2026Q1, a significant reduction from the $6.0 million peak observed in 2023Q4, which implies that the bank's credit quality remains robust despite the prevailing macroeconomic uncertainty in the regional banking sector.
The lower provision levels suggest that the bank's underwriting standards remain conservative, effectively insulating the bottom line from significant credit deterioration. Investors should continue to monitor the bank's exposure to commercial real estate, as any localized downturn in the Louisville or Indianapolis markets could necessitate a rapid reversal in these provisioning trends.
As indicated by the financial data, non-interest income contributed $24.6 million to total revenue in 2026Q1, representing a stable component of the bank's earnings mix that provides a critical buffer against the inherent volatility of interest-rate-sensitive net interest income during shifting economic cycles.
The reliance on wealth management and trust fees appears to be a structural advantage that differentiates SYBT from its more transactional regional peers. This fee-based revenue stream warrants a valuation premium, provided that the bank can continue to grow its assets under management in an increasingly competitive wealth management landscape.
Quick answers to the most common questions about buying SYBT stock.
Stock Yards Bancorp, Inc. (SYBT) is profitable, generating $140.2M in net income for the fiscal year ending 2025 with a net profit margin of 24.8%.
Stock Yards Bancorp, Inc. (SYBT) reported an operating income of $178.2M, resulting in an operating profit margin of 31.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Stock Yards Bancorp, Inc. (SYBT) generated $390.6M in gross profit for the year, representing a gross profit margin of 69.2%. This demonstrates the company's core pricing power and production efficiency.