Company: SYBT
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001437749-25-007118
Chunk: 44

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 44
---
 maintained its commitment to linking executive performance with shareholder sentiment through our annual equity grant process. For each executive, 75% of the annual grant is linked to three-year performance against key two key metrics, cumulative diluted EPS and return on average assets (“ROAA”) while the remaining 25% of the grant are in the form of stock appreciation rights (“SARs”) which only provide value if the price of shares of our common stock increase over the price on the SARs grant date. |

2024 Select Business Results

We have a long-term track record of performing at the top of our peer group on key profitability measures such as ROAA and return on average equity (“ROAE”), which are common metrics within the banking industry, and which allow us to directly compare performance against similarly sized and situated banking institutions. In 2024, our profitability results were positively impacted by strong loan growth and non-interest income generation. In 2023, our profitability results were negatively impacted by significant net interest margin compression compared to the prior year and a large loan charge-off related to an isolated single loan relationship.

Our ROAA for 2024 totaled 1.37%, a decline from 1.39% reported in 2023. Compared to the compensation peer group, we ranked in the 82 percentile for 2024.

Our ROAE of 12.77% for 2024 ranked in the 90 percentile of the compensation peer group and represented a decline from 13.44% in 2023.

|                     |     | ROAA |      |   |     | ROAE |       |   |
| 25th percentile     |     |      | 0.52 | % |     |      |  5.84 | % |
| 50th percentile     |     |      | 0.96 | % |     |      |  8.85 | % |
| 75th percentile     |     |      | 1.20 | % |     |      | 11.03 | % |
| 90th percentile     |     |      | 1.53 | % |     |      | 12.65 | % |
| Stock Yards Bancorp |     |      | 1.37 | % |     |      | 12.77 | % |

<div align='center'>30

Financial Results</div>

Net income increased 6% to $114.5 million, or $3.89 per diluted share, in 2024 compared