# EDGAR Filing Document

**Accession Number:** 0000835324
**File Stem:** 0001171843-23-000451
**Filing Date:** 2023-1
**Character Count:** 68304
**Document Hash:** dea25cbd11cc0d270b1ad159284a87e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-23-000451.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001171843-23-000451

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stock Yards Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0000835324
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 611137529
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13661
- **FILM NUMBER:** 23549771

**BUSINESS ADDRESS:**
- **STREET 1:** 1040 E MAIN ST
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40206
- **BUSINESS PHONE:** 5025822571

**MAIL ADDRESS:**
- **STREET 1:** 1040 EAST MAIN STREET
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** S Y BANCORP INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 25, 2023
_______________________________

#### Stock Yards Bancorp, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Kentucky** | **001-13661** | **61-1137529** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 1040 East Main Street,

#### Louisville, Kentucky 40206
(Address of Principal Executive Offices) (Zip Code)

(502) 582-2571

(Registrant's telephone number, including area code)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, no par value | SYBT | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On January 25, 2023, Stock Yards Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing earnings for the three and twelve month periods ended December 31, 2022.

The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(D) Exhibits

<br> [99.1](exh_991.htm) [Press release dated January 25, 2023](exh_991.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Stock Yards Bancorp, Inc.** | **Stock Yards Bancorp, Inc.** |
| Date: January 25, 2023 | By: | <u>/s/ T. Clay Stinnett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | T. Clay Stinnett |
|  |  | Executive Vice President, Treasurer and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Stock Yards Bancorp Reports Record 2022 Earnings and Strong Fourth Quarter Earnings of $29.8 Million or $1.01 Per Diluted Share**

**Results Highlighted by Continued Strong Organic Loan Growth and Net Interest Margin Expansion**

LOUISVILLE, Ky., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported record earnings for the fourth quarter ended December 31, 2022, of $29.8 million, or $1.01 per diluted share. This compares to net income of $24.6 million, or $0.92 per diluted share, for the fourth quarter of 2021. Organic loan growth across all markets and expanded net interest margin (NIM) contributed to strong fourth quarter 2022 operating results.

---

| | | | |
|:---|:---|:---|:---|
| *(dollar amounts in thousands, except per share data)* | **4Q22** | **3Q22** | **4Q21** |
| Net income | $29817 | $28455 | $24589 |
| Net income per share, diluted | 1.01 | 0.97 | 0.92 |
| Net interest income | $65263 | $62376 | $46182 |
| Provision for credit loss expense<sup>(6)</sup> | 3375 | 4803 | (1900) |
| Non-interest income | 23142 | 24864 | 18604 |
| Non-interest expenses | 45946 | 44873 | 34572 |
| Net interest margin | 3.64% | 3.46% | 3.07% |
| Efficiency ratio<sup>(4)</sup> | 51.85% | 51.30% | 53.24% |
| Tangible common equity to tangible assets<sup>(1)</sup> | 7.44% | 6.78% | 8.22% |
| Annualized return on average equity<sup>(7)</sup> | 15.99% | 14.85% | 14.60% |
| Annualized return on average assets<sup>(7)</sup> | 1.56% | 1.47% | 1.52% |

---

"We delivered excellent fourth quarter and full year 2022 results, highlighted by strong loan growth, NIM expansion and improving capital levels since our merger earlier this past year," said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. "Strong fourth quarter net loan growth (excluding PPP loans) of $134 million was well diversified within loan categories and across all of our markets. While we generated the strongest annual organic loan growth year in our history, we anticipate overall growth moderating towards historical averages in 2023. On the linked quarter, total deposits declined $110 million, primarily due to the contraction in non-interest bearing demand deposit balances. While we are not seeing fallout within our customer base, we anticipate deposit pricing to be a challenge to future NIM expansion."

"Non-interest income for the fourth quarter aligned with the prior quarter, and significantly exceeded the same period of the prior year. Solid wealth management and trust fees along with record treasury management and card income served to cap off a strong fee income year for us," continued Hillebrand. "Similar to the prior quarter, we executed several cost saving measures related to our first quarter Commonwealth Bancshares acquisition and disposed of certain overlapping properties, resulting in a non-recurring pre-tax gain of $1.3 million. Additionally, we sold our interest in an investment advisor subsidiary that we acquired from Commonwealth, resulting in a non-recurring pre-tax loss of $870,000. This line of business was not within our geographic footprint and did not ultimately align with our long-term strategic model."

At December 31, 2022, the Company had $7.50 billion in assets, $5.21 billion in loans and $6.39 billion in total deposits. The Company's combined enterprise, which encompasses 73 branch offices across three contiguous states, will continue to benefit from a diversified geographic footprint and provide significant growth opportunities in both the banking and wealth management arenas.

Key factors contributing to the fourth quarter of 2022 results included:

* Total loans, excluding PPP loans, grew $134 million, or 3%, on a linked quarter basis. Total loan production remained strong for the fourth consecutive quarter.

* Deposit balances declined $110 million, or 2%, on a linked quarter basis, as non-interest bearing demand deposit balances contracted $250 million offset by increases in interest bearing demand deposits.

* Net interest income increased $19.1 million, or 41%, for the fourth quarter of 2022 compared to the fourth quarter a year ago, consistent with the $1.14 billion, or 19%, increase in average earning assets and the increase in spread. Higher loan yields and volume more than offset significantly lower fee income recognition from the declining PPP loan portfolio.

* NIM improved for the fourth consecutive quarter, increasing 18 basis points on a linked quarter basis to 3.64%.

* Current credit quality remains solid; however, consistent with strong loan growth and the increase in the projected unemployment rate forecast used in modeling, $3.4 million of net credit loss expense<sup>(6)</sup> was recorded for the fourth quarter of 2022. Included in credit loss expense for the fourth quarter of 2022 was a $1.6 million specific reserve for a commercial real estate loan.

* Non-interest income increased by $4.5 million, or 24%, over the fourth quarter of 2021, as customer expansion and recent acquisitions once again drove record quarterly card income and treasury management fees. Also, as previously mentioned, the Company disposed of certain overlapping acquired properties, resulting in a non-recurring pre-tax gain of $1.3 million.

* Net new business growth and market improvement in both the fixed income and equity markets drove linked quarter improvements in wealth management and trust income, as well as growth in assets under management.

* The Company sold its partial interest in an investment advisor subsidiary that was acquired from Commonwealth Bancshares in March of 2022, realizing a non-recurring pre-tax loss of $870,000 during the quarter.

* Total non-interest expenses remained controlled and consistent with management expectations, generating an efficiency ratio of 51.85%<sup>(4</sup><sup>)</sup> for the fourth quarter of 2022.

* Tangible book value per share was $18.50<sup>(1)</sup> at December 31, 2022, compared to $16.98<sup>(1)</sup> at September 30, 2022, and $20.09<sup>(1)</sup> at December 31, 2021. During 2022, tangible common equity and tangible book value have been significantly impacted by the marked increase in interest rates and the related negative impact on accumulated other comprehensive income/loss, leading to a $108 million reduction in equity, primarily as a result of unrealized losses in the available for sale debt securities portfolio. These securities, which management has the ability and intent to hold to maturity, are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses.

Highlights for the year ended December 31, 2022:

* Nine months of activity generated by the Commonwealth Bancshares merger exceeded management expectations and boosted overall operating results.

* Loans (excluding PPP) grew $1.16 billion, or 29%, over the past 12 months with $630 million of the growth attributed to the acquisition.

* Excluding the acquisition, organic loan growth totaled $529 million, or 13%, over the past 12 months.

* Inclusive of the first quarter acquisition, deposit balances grew by $604 million, or 10%, over the past 12 months. Non-interest bearing deposits and interest bearing demand deposits represented $194 million and $410 million of the growth, respectively.

* Higher loan yield expansion accompanied with a reduction in excess balance sheet liquidity led to NIM expanding 13 basis points in 2022 over 2021.

* Wealth management and trust income reached and surpassed record levels during the year, increasing $8.5 million, or 31%, over the past 12 months, with net new business more than offsetting the current market volatility.

* Customer expansion and transaction growth have led to record 2022 card and treasury management income.

Hillebrand said, "In November, we were once again nationally recognized by *American Banker Magazine* as one of the Best Banks to Work for in 2022. The Best Banks to Work For program identifies and honors U.S. banks for outstanding employee satisfaction. In addition, in September, we were one of 35 banks in the U.S. to be named a "Sm-All Star" in Piper Sandler's annual list of top-performing small-cap banks. This elite annual list reflects the top 10% of the industry across a number of metrics including growth, profitability, credit quality and capital strength. We have now been named a Sm-All Star five times - 2008, 2011, 2019, 2020 and 2022. These recognitions are an honor and a testament to the dedication of our employees, who continue to work purposefully to support our communities."

"During the fourth quarter of 2022, we published our inaugural Environmental, Social and Governance ("ESG") Corporate Responsibility Report," Hillebrand continued. "While ESG reporting is not mandatory, we believe it provides important information on our operations and management priorities. This report identifies ongoing practices and recent accomplishments in the areas of environmental risk and impact management, social responsibility, including diversity, equity and inclusion, and governance. We hold a strong commitment to developing and maintaining a solid ESG program, and this report allows us to give our stakeholders an even more transparent look into our best practices."

To learn more about the Bank's ESG efforts and view the report, please visit the ESG report tab under Resources at www.syb.com.

**<u>Results of Operations – Fourth Quarter 2022 Compared with Fourth Quarter 2021</u>**

Net interest income, the Company's largest source of revenue, increased 41%, or $19.1 million, to $65.3 million, primarily due to average earning asset growth and rate increases. Organic growth, and to a greater extent the recent acquisitions, have boosted net interest income over the past 12 months.

* Total interest income increased by $27.6 million, or 58%, to $75.2 million. Interest income on loans increased $20.4 million, or 47%, over the prior year quarter. Consistent with the $1.07 billion increase in average non-PPP loans, and interest rate increases, the average quarterly yield earned on non-PPP loans increased 103 basis points over the past 12 months to 5.00%. PPP interest and fee income totaled $118,000 and $3.7 million for the fourth quarters of 2022 and 2021, respectively.Interest income on debt securities increased $5.5 million compared to the fourth quarter of 2021, driven by average balance growth of $687 million and significantly improved yields on recent purchases stemming from rising rates.Interest income on overnight funds increased $1.9 million over the prior year quarter. The FRB has increased the rate paid on reserve balances meaningfully during 2022, which has significantly benefitted interest income. 

* Total interest expense increased $8.6 million to $9.9 million, as the cost of interest bearing liabilities increased 72 basis points to 0.86%.

* NIM expanded 57 basis points to 3.64% for the fourth quarter of 2022, from 3.07% for the fourth quarter a year ago, primarily due to higher loan yields and volume, which more than offset significantly lower fee income recognition from the declining PPP loan portfolio.

The Company recorded $3.4 million in provision for credit losses<sup>(6)</sup> during the fourth quarter of 2022, which included a $3.6 million provision for credit losses on loans and a $225,000 benefit to credit loss expense for off-balance sheet exposures. Significant loan growth during the quarter and the increase in the unemployment projection drove additional provision expense within the CECL allowance model. In addition, the Bank recorded a $1.6 million specific reserve for a commercial real estate loan during the fourth quarter of 2022. This was the primary driver of the increase in non-performing loans for the quarter.

Non-interest income increased $4.5 million, or 24%, to $23.1 million, with the recent acquisitions contributing significantly to revenue growth.

* Wealth management and trust income ended the fourth quarter of 2022 at $9.2 million, increasing $1.8 million, or 25%, over the fourth quarter of 2021. Net new business growth and market improvement in both fixed income and equity markets drove the linked quarter improvement in assets under management and asset-based fees.

* Card income increased $1.0 million, or 26%, over the fourth quarter of 2021, as card activity continues to benefit from generally strong spending trends and customer expansion.

* Treasury management fees increased $407,000, or 22%, driven by increased transaction volume, expanded foreign exchange income, new product sales and both organic and acquisition-related customer base expansion. Continued calling efforts and the Company's ability to generate new fee income has been the catalyst for this growth trend.

* Mortgage banking income, which primarily consists of gain on sale of loans, net servicing income and mortgage servicing rights amortization, totaled $209,000 for the fourth quarter of 2022, down significantly compared to the fourth quarter a year ago. Overall volume in 2022 has cooled dramatically consistent with rising interest rates.

* Consistent with the third quarter of 2022, the Company disposed of certain overlapping properties acquired from the March Commonwealth acquisition, resulting in a non-recurring pre-tax gain of $1.3 million during the fourth quarter of 2022.

Non-interest expenses increased $11.4 million, or 33%, compared to the fourth quarter of 2021, to $45.9 million.

* Compensation and employee benefits expense increased $6.3 million, or 36%, primarily due to the increase in full time equivalent employees associated with the recent acquisitions. Consistent with organic and acquisition related expansion, full time equivalent employees increased to 1,040 at December 31, 2022 from 820 at December 31, 2021.

* Net occupancy and equipment expenses increased $1.2 million, or 44%, compared to the fourth quarter a year ago. In connection with the recent acquisition, a total of ten branches were added in addition to operational buildings.

* Technology and communication expenses, which includes computer software amortization, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources, increased $791,000, or 27%, consistent with an increase in customer accounts and core system upgrades.

* Intangible amortization expense increased $1.3 million consistent with the increase in customer intangible assets related to the first quarter acquisition.

* The Company sold its partial interest in an investment adviser subsidiary that was acquired from Commonwealth Bancshares in March of 2022, realizing a non-recurring pre-tax loss of $870,000 during the quarter.

* Other non-interest expenses increased $606,000, or 25%, primarily due to increased credit card rewards expense, and fraud losses.

**<u>Financial Condition – December 31, 2022 Compared with December 31, 2021</u>**

Total assets increased $850 million, or 13%, year over year to $7.50 billion, boosted by stellar organic growth and the recent acquisition.

Total loans increased $1.04 billion year over year, or 25%, to $5.21 billion. Excluding the PPP loan portfolio, total loans increased $1.2 billion, or 29%, over the past 12 months, with approximately $630 million of the growth attributable to the first quarter acquisition.

Total investment securities have increased $438 million, or 37%, year over prior year, as the Company added $247 million in securities in the first quarter Commonwealth acquisition and deployed a significant amount of excess cash into securities during the first part of the year.

Inclusive of the Commonwealth acquisition, total deposits increased $604 million, or 10%, over the past 12 months.

Asset quality, which has trended within a narrow range over the past several years, has remained solid. During the fourth quarter of 2022, the Company recorded net loan charge-offs of $152,000, compared to $1.5 million in the fourth quarter of 2021. Non-performing loans totaled $15.1 million, or 0.29% of total loans outstanding compared to $7.4 million, or 0.18% of total loans outstanding at December 31, 2021. The ratio of allowance for credit losses to loans (excluding PPP) ended at 1.42%<sup>(2)</sup> at December 31, 2022 compared to 1.34%<sup>(2)</sup> at December 31, 2021.

At December 31, 2022, the Company continued to be "well-capitalized," the highest regulatory capital rating for financial institutions, with all capital ratios remaining strong. Total equity to assets was 10.14%<sup>(1)</sup> and the tangible common equity ratio was 7.44%<sup>(1)</sup> at December 31, 2022, compared to 10.17%<sup>(1)</sup> and 8.22%<sup>(1)</sup> at December 31, 2021, respectively. The increase in interest rates during 2022 have led to outsized unrealized losses within the available for sale debt securities portfolio, with the decline in accumulated other comprehensive income/loss driving down the tangible common equity ratio.

In November 2022, the board of directors declared a quarterly cash dividend of $0.29 per common share. The dividend was paid December 30, 2022, to shareholders of record as of December 19, 2022.

No shares were repurchased in 2022 or 2021 and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2023.

**<u>Results of Operations – Fourth Quarter 2022 Compared with Third Quarter 2022</u>**

Net interest income increased $2.9 million, or 5%, over the prior quarter to $65.3 million, led by the increase in earning assets and rising rates. NIM improved for the fourth consecutive quarter, increasing 18 basis points on a linked quarter basis to 3.64%.

The Company recorded $3.4 million in provision for credit losses<sup>(6)</sup> during the fourth quarter of 2022, which included a $3.6 million provision for credit losses on loans and a $225,000 benefit to credit loss expense for off-balance sheet exposures. Solid loan growth during the quarter and the increase in the unemployment projection drove provision expense within the CECL allowance model. In addition, the Bank recorded a $1.6 million specific reserve for a commercial real estate loan. During the third quarter of 2022, the Company recorded $4.8 million in provision for credit loss expense, which included a $4.1 million provision for credit losses on loans and a $700,000 provision for credit loss expense for off-balance sheet exposures.

Non-interest income decreased $1.7 million, or 7%, to $23.1 million on the linked quarter. As previously mentioned, the Company disposed of certain overlapping acquired properties, resulting in a non-recurring pre-tax gain of $1.3 million during the fourth quarter of 2022 compared to a $3.1 million similar gain during the third quarter of 2022. While mortgage banking income declined $494,000 on the linked quarter, card income and wealth management and trust income increased $336,000 and $69,000, respectively.

Non-interest expenses increased $1.1 million to $45.9 million led by the previously mentioned loss recorded on the disposition of the Company's interest in an investment advisor subsidiary.

**<u>Financial Condition – December 31, 2022 Compared with September 30, 2022</u>**

Total assets decreased $58 million, or 1%, on a linked quarter basis to $7.50 billion.

Total loans (excluding PPP) increased $134 million, or 3%, on a linked quarter basis, with meaningful increases across the Commercial & Industrial, Construction & Land Development and Residential Real Estate portfolios. Total line of credit usage reached its highest level in two years, increasing to 42% as of December 31, 2022, compared to 40% as of September 30, 2022. Commercial and industrial line usage increased to 33% as of December 31, 2022, compared to 30% as of September 30, 2022.

Total deposits decreased $110 million, or 2%, on a linked quarter basis, with non-interest bearing demand deposit balances contracting $250 million. Total interest bearing deposits increased $140 million, on a linked quarter basis, led by a $203 million increase in interest bearing demand deposit accounts offset by contraction in savings, money market and time deposits.

**<u>About the Company</u>**

*Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $7.50 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on The NASDAQ Stock Market under the symbol "SYBT."*

*This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company's customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards' Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | | | | | |
| **Fourth Quarter 2022 Earnings Release** | | | | | |
| *(In thousands unless otherwise noted)* |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |  |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
| **Income Statement Data** | **2022** | **2021** | **2022** | **2021** |  |
| Net interest income, fully tax equivalent (3) | $65469 | $46328 | $234267 | $171508 |  |
| Interest income: |  |  |  |  |  |
| Loans | $64033 | $43671 | $216138 | $164073 |  |
| Federal funds sold and interest bearing due from banks | 2173 | 287 | 6018 | 645 |  |
| Mortgage loans held for sale | 13 | 74 | 190 | 249 |  |
| Securities | 8931 | 3476 | 29306 | 12109 |  |
| Total interest income | 75150 | 47508 | 251652 | 177076 |  |
| Interest expense: |  |  |  |  |  |
| Deposits | 9022 | 1279 | 16412 | 5627 |  |
| Securities sold under agreements to repurchase and |  |  |  |  |  |
| &nbsp;&nbsp;other short-term borrowings | 399 | 11 | 721 | 38 |  |
| Federal Home Loan Bank advances | 12 | 36 | 12 | 337 |  |
| Subordinated debentures | 454 | - | 1124 | - |  |
| Total interest expense | 9887 | 1326 | 18269 | 6002 |  |
| Net interest income | 65263 | 46182 | 233383 | 171074 |  |
| Provision for credit losses (6) | 3375 | (1900) | 10257 | (753) |  |
| Net interest income after provision for credit losses | 61888 | 48082 | 223126 | 171827 |  |
| Non-interest income: |  |  |  |  |  |
| Wealth management and trust services | 9221 | 7379 | 36111 | 27613 |  |
| Deposit service charges | 2183 | 1907 | 8286 | 5852 |  |
| Debit and credit card income | 5046 | 4012 | 18623 | 13456 |  |
| Treasury management fees | 2278 | 1871 | 8590 | 6912 |  |
| Mortgage banking income | 209 | 1062 | 3210 | 4724 |  |
| Net investment product sales commissions and fees | 833 | 764 | 3063 | 2553 |  |
| Bank owned life insurance | 545 | 272 | 1597 | 914 |  |
| Gain (Loss) on sale of premises and equipment | 1295 | (37) | 4369 | (78) |  |
| Other | 1532 | 1374 | 5300 | 3904 |  |
| Total non-interest income | 23142 | 18604 | 89149 | 65850 |  |
| Non-interest expenses: |  |  |  |  |  |
| Compensation | 23398 | 17146 | 86640 | 63034 |  |
| Employee benefits | 3421 | 3189 | 16568 | 13479 |  |
| Net occupancy and equipment | 3843 | 2667 | 14298 | 9688 |  |
| Technology and communication | 3747 | 2956 | 14897 | 11145 |  |
| Debit and credit card processing | 1470 | 1334 | 5909 | 4494 |  |
| Marketing and business development | 1544 | 1793 | 5005 | 4150 |  |
| Postage, printing and supplies | 893 | 714 | 3354 | 2213 |  |
| Legal and professional | 492 | 755 | 2943 | 2583 |  |
| FDIC Insurance | 730 | 706 | 2758 | 1847 |  |
| Amortization of investments in tax credit partnerships | 88 | 52 | 353 | 367 |  |
| Capital and deposit based taxes | 799 | 549 | 2621 | 2090 |  |
| Merger expenses | - | - | 19500 | 19025 |  |
| Federal Home Loan Bank early termination penalty | - | - | - | 474 |  |
| Intangible amortization | 1610 | 276 | 5544 | 770 |  |
| Loss on disposition of Landmark Financial Advisors | 870 | - | 870 | - |  |
| Other | 3041 | 2435 | 10531 | 6921 |  |
| Total non-interest expenses | 45946 | 34572 | 191791 | 142280 |  |
| Income before income tax expense | 39084 | 32114 | 120484 | 95397 |  |
| Income tax expense | 9174 | 7525 | 27190 | 20752 |  |
| Net income | 29910 | 24589 | 93294 | 74645 |  |
| Less: income attributed to non-controlling interest | 93 | - | 322 | - |  |
| Net income available to stockholders | $29817 | $24589 | $92972 | $74645 |  |
| Net income per share - Basic | $1.02 | $0.93 | $3.24 | $3.00 |  |
| Net income per share - Diluted | 1.01 | 0.92 | 3.21 | 2.97 |  |
| Cash dividend declared per share | 0.29 | 0.28 | 1.14 | 1.10 |  |
| Weighted average shares - Basic | 29157 | 26492 | 28672 | 24898 |  |
| Weighted average shares - Diluted | 29428 | 26800 | 28922 | 25156 |  |
|  |  |  | **December 31,** | **December 31,** |  |
| **Balance Sheet Data** |  |  | **2022** | **2021** |  |
| Investment securities |  |  | $1617834 | $1180298 |  |
| Loans |  |  | 5205918 | 4169303 |  |
| Allowance for credit losses on loans |  |  | 73531 | 53898 |  |
| Total assets |  |  | 7496261 | 6646025 |  |
| Non-interest bearing deposits |  |  | 1950198 | 1755754 |  |
| Interest bearing deposits |  |  | 4441054 | 4031760 |  |
| Federal Home Loan Bank advances |  |  | 50000 | - |  |
| Subordinated debentures |  |  | 26343 | - |  |
| Stockholders' equity |  |  | 760432 | 675869 |  |
| Total shares outstanding |  |  | 29259 | 26596 |  |
| Book value per share (1) |  |  | $25.99 | $25.41 |  |
| Tangible common equity per share (1) |  |  | 18.50 | 20.09 |  |
| Market value per share |  |  | 64.98 | 63.88 |  |
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |  |  |  |  |  |
| **Fourth Quarter 2022 Earnings Release** |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |  |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
| **Average Balance Sheet Data** | **2022** | **2021** | **2022** | **2021** |  |
| Federal funds sold and interest bearing due from banks | $235448 | $699222 | $477341 | $446783 |  |
| Mortgage loans held for sale | 6735 | 12556 | 8835 | 11170 |  |
| Investment securities | 1786383 | 1099235 | 1670324 | 898934 |  |
| Federal Home Loan Bank stock | 10928 | 9376 | 11741 | 10824 |  |
| Loans | 5094356 | 4172676 | 4819124 | 3951257 |  |
| Total interest earning assets | 7133850 | 5993065 | 6987365 | 5318968 |  |
| Total assets | 7559260 | 5935146 | 7438880 | 5626886 |  |
| Interest bearing deposits | 4428582 | 3798666 | 4385393 | 3302262 |  |
| Total deposits | 6526440 | 5559577 | 6438606 | 4881057 |  |
| Securities sold under agreement to repurchase and other short term borrowings | 117138 | 86911 | 122154 | 73130 |  |
| Federal Home Loan Bank advances | 1087 | 7174 | 274 | 16317 |  |
| Subordinated debentures | 26309 | - | 21733 | - |  |
| Total interest bearing liabilities | 4582005 | 3892751 | 4538911 | 3391709 |  |
| Total stockholders' equity | 740007 | 668287 | 738798 | 573261 |  |
| **Performance Ratios** |  |  |  |  |  |
| Annualized return on average assets (7) | 1.56% | 1.52% | 1.25% | 1.33% |  |
| Annualized return on average equity (7) | 15.99% | 14.60% | 12.58% | 13.02% |  |
| Net interest margin, fully tax equivalent | 3.64% | 3.07% | 3.35% | 3.22% |  |
| Non-interest income to total revenue, fully tax equivalent | 27.56% | 28.65% | 26.12% | 27.74% |  |
| Efficiency ratio, fully tax equivalent (4) | 51.85% | 53.24% | 59.30% | 59.94% |  |
| **Capital Ratios** |  |  |  |  |  |
| Total stockholders' equity to total assets (1) |  |  | 10.14% | 10.17% |  |
| Tangible common equity to tangible assets (1) |  |  | 7.44% | 8.22% |  |
| Average stockholders' equity to average assets |  |  | 9.93% | 10.19% |  |
| Total risk-based capital |  |  | 12.54% | 12.79% |  |
| Common equity tier 1 risk-based capital |  |  | 11.47% | 11.94% |  |
| Tier 1 risk-based capital |  |  | 11.04% | 11.94% |  |
| Leverage |  |  | 9.33% | 8.86% |  |
| **Loan Segmentation** |  |  |  |  |  |
| Commercial real estate - non-owner occupied |  |  | $1397346 | $1128244 |  |
| Commercial real estate - owner occupied |  |  | 834629 | 678405 |  |
| Commercial and industrial |  |  | 1230976 | 967022 |  |
| Commercial and industrial - PPP |  |  | 18593 | 140734 |  |
| Residential real estate - owner occupied |  |  | 591515 | 400695 |  |
| Residential real estate - non-owner occupied |  |  | 313248 | 281018 |  |
| Construction and land development |  |  | 445690 | 299206 |  |
| Home equity lines of credit |  |  | 200725 | 138976 |  |
| Consumer |  |  | 139461 | 104294 |  |
| Leases |  |  | 13322 | 13622 |  |
| Credit cards |  |  | 20413 | 17087 |  |
| Total loans and leases |  |  | $5205918 | $4169303 |  |
| **Asset Quality Data** |  |  |  |  |  |
| Non-accrual loans |  |  | $14242 | $6712 |  |
| Troubled debt restructurings |  |  | - | 12 |  |
| Loans past due 90 days or more and still accruing |  |  | 892 | 684 |  |
| Total non-performing loans |  |  | 15134 | 7408 |  |
| Other real estate owned |  |  | 677 | 7212 |  |
| Total non-performing assets |  |  | $15811 | $14620 |  |
| Non-performing loans to total loans (2) |  |  | 0.29% | 0.18% |  |
| Non-performing assets to total assets |  |  | 0.21% | 0.22% |  |
| Allowance for credit losses on loans to total loans (2) |  |  | 1.41% | 1.29% |  |
| Allowance for credit losses on loans to average loans |  |  | 1.53% | 1.36% |  |
| Allowance for credit losses on loans to non-performing loans |  |  | 486% | 728% |  |
| Net (charge-offs) recoveries | $(152) | $(1535) | $1 | $(6176) |  |
| Net (charge-offs) recoveries to average loans (5) | 0.00% | -0.04% | 0.00% | -0.16% |  |
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |  |  |  |  |  |
| **Fourth Quarter 2022 Earnings Release** |  |  |  |  |  |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Income Statement Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Net interest income, fully tax equivalent (3) | $65469 | $62608 | $57244 | $48944 | $46328 |
| Net interest income | $65263 | $62376 | $56984 | $48760 | $46182 |
| Provision for credit losses (6) | 3375 | 4803 | (200) | 2279 | (1900) |
| Net interest income after provision for credit losses | 61888 | 57573 | 57184 | 46481 | 48082 |
| Non-interest income: |  |  |  |  |  |
| Wealth management and trust services | 9221 | 9152 | 9495 | 8243 | 7379 |
| Deposit service charges | 2183 | 2179 | 2061 | 1863 | 1907 |
| Debit and credit card income | 5046 | 4710 | 4748 | 4119 | 4012 |
| Treasury management fees | 2278 | 2221 | 2187 | 1904 | 1871 |
| Mortgage banking income | 209 | 703 | 1295 | 1003 | 1062 |
| Net investment product sales commissions and fees | 833 | 892 | 731 | 607 | 764 |
| Bank owned life insurance | 545 | 516 | 270 | 266 | 272 |
| Gain (Loss) on sale of premises and equipment | 1295 | 3074 | - | - | (37) |
| Other | 1532 | 1417 | 1153 | 1198 | 1374 |
| Total non-interest income | 23142 | 24864 | 21940 | 19203 | 18604 |
| Non-interest expenses: |  |  |  |  |  |
| Compensation | 23398 | 23069 | 22204 | 17969 | 17146 |
| Employee benefits | 3421 | 4179 | 4429 | 4539 | 3189 |
| Net occupancy and equipment | 3843 | 3767 | 3663 | 3025 | 2667 |
| Technology and communication | 3747 | 3747 | 3984 | 3419 | 2956 |
| Debit and credit card processing | 1470 | 1437 | 1665 | 1337 | 1334 |
| Marketing and business development | 1544 | 1244 | 1445 | 772 | 1793 |
| Postage, printing and supplies | 893 | 903 | 825 | 733 | 714 |
| Legal and professional | 492 | 774 | 1027 | 650 | 755 |
| FDIC Insurance | 730 | 847 | 536 | 645 | 706 |
| Amortization of investments in tax credit partnerships | 88 | 88 | 89 | 88 | 52 |
| Capital and deposit based taxes | 799 | 722 | 582 | 518 | 549 |
| Merger expenses | - | - | - | 19500 | - |
| Intangible amortization | 1610 | 1610 | 1611 | 713 | 275 |
| Loss on disposition of Landmark Financial Advisors | 870 | - | - | - | - |
| Other | 3041 | 2486 | 2615 | 2389 | 2436 |
| Total non-interest expenses | 45946 | 44873 | 44675 | 56297 | 34572 |
| Income before income tax expense | 39084 | 37564 | 34449 | 9387 | 32114 |
| Income tax expense | 9174 | 9024 | 7547 | 1445 | 7525 |
| Net income | 29910 | 28540 | 26902 | 7942 | 24589 |
| Less: income attributed to non-controlling interest | 93 | 85 | 108 | 36 | - |
| Net income available to stockholders | $29817 | $28455 | $26794 | $7906 | $24589 |
| Net income per share - Basic | $1.02 | $0.98 | $0.92 | $0.29 | $0.93 |
| Net income per share - Diluted | 1.01 | 0.97 | 0.91 | 0.29 | 0.92 |
| Cash dividend declared per share | 0.29 | 0.29 | 0.28 | 0.28 | 0.28 |
| Weighted average shares - Basic | 29157 | 29144 | 29131 | 27230 | 26492 |
| Weighted average shares - Diluted | 29428 | 29404 | 29346 | 27485 | 26800 |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Balance Sheet Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Cash and due from banks | $82515 | $93948 | $88422 | $109799 | $62304 |
| Federal funds sold and interest bearing due from banks | 84852 | 235973 | 485447 | 641892 | 898888 |
| Mortgage loans held for sale | 2606 | 5230 | 10045 | 9323 | 8614 |
| Investment securities | 1617834 | 1627298 | 1625488 | 1698546 | 1180298 |
| Federal Home Loan Bank stock | 10928 | 10928 | 13811 | 13811 | 9376 |
| Loans | 5205918 | 5072877 | 4877324 | 4847683 | 4169303 |
| Allowance for credit losses on loans | 73531 | 70083 | 66362 | 67067 | 53898 |
| Goodwill | 194074 | 202524 | 202524 | 202524 | 135830 |
| Total assets | 7496261 | 7554210 | 7583105 | 7777152 | 6646025 |
| Non-interest bearing deposits | 1950198 | 2200041 | 2121304 | 2089072 | 1755754 |
| Interest bearing deposits | 4441054 | 4300732 | 4427826 | 4656419 | 4031760 |
| Securities sold under agreements to repurchase | 133342 | 124567 | 161512 | 142146 | 75466 |
| Federal funds purchased | 8789 | 8970 | 8771 | 8920 | 10374 |
| Federal Home Loan Bank advances | 50000 | - | - | - | - |
| Subordinated debentures | 26343 | 26244 | 26144 | 26045 | - |
| Stockholders' equity | 760432 | 727754 | 747131 | 758143 | 675869 |
| Total shares outstanding | 29259 | 29242 | 29243 | 29220 | 26596 |
| Book value per share (1) | 25.99 | $24.89 | $25.55 | $25.95 | $25.41 |
| Tangible common equity per share (1) | 18.50 | 16.98 | 17.59 | 17.92 | 20.09 |
| Market value per share | 64.98 | 68.01 | 59.82 | 52.90 | 63.88 |
| **Capital Ratios** |  |  |  |  |  |
| Total stockholders' equity to total assets (1) | 10.14% | 9.63% | 9.85% | 9.75% | 10.17% |
| Tangible common equity to tangible assets (1) | 7.44% | 6.78% | 7.00% | 6.94% | 8.22% |
| Average stockholders' equity to average assets | 9.79% | 9.92% | 9.79% | 10.24% | 10.43% |
| Total risk-based capital | 12.54% | 12.16% | 12.27% | 12.14% | 12.79% |
| Common equity tier 1 risk-based capital | 11.47% | 10.69% | 10.81% | 10.66% | 11.94% |
| Tier 1 risk-based capital | 11.04% | 11.13% | 11.26% | 11.12% | 11.94% |
| Leverage | 9.33% | 8.85% | 8.58% | 9.34% | 8.86% |
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |  |  |  |  |  |
| **Fourth Quarter 2022 Earnings Release** |  |  |  |  |  |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Average Balance Sheet Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Federal funds sold and interest bearing due from banks | $235448 | $442880 | $561101 | $671263 | $699222 |
| Mortgage loans held for sale | 6735 | 8694 | 11303 | 8629 | 12556 |
| Investment securities | 1786383 | 1769597 | 1741844 | 1321551 | 1099235 |
| Loans | 5094356 | 4948898 | 4846013 | 4377930 | 4172676 |
| Total interest earning assets | 7133850 | 7181781 | 7174072 | 6389882 | 5993065 |
| Total assets | 7559260 | 7661720 | 7651332 | 6872273 | 6406612 |
| Interest bearing deposits | 4428582 | 4444983 | 4515563 | 4148716 | 3798666 |
| Total deposits | 6526440 | 6614263 | 6639458 | 5966178 | 5559577 |
| Securities sold under agreement to repurchase and federal funds purchased | 117138 | 148734 | 149747 | 101075 | 86911 |
| Federal Home Loan Bank advances | 1087 | - | - | - | 7174 |
| Subordinated debentures | 26309 | 26210 | 26111 | 8052 | - |
| Total interest bearing liabilities | 4582005 | 4619927 | 4691421 | 4257843 | 3892751 |
| Total stockholders' equity | 740007 | 760322 | 749445 | 703929 | 668287 |
| **Performance Ratios** |  |  |  |  |  |
| Annualized return on average assets (7) | 1.56% | 1.47% | 1.40% | 0.47% | 1.52% |
| Annualized return on average equity (7) | 15.99% | 14.85% | 14.34% | 4.55% | 14.60% |
| Net interest margin, fully tax equivalent | 3.64% | 3.46% | 3.20% | 3.11% | 3.07% |
| Non-interest income to total revenue, fully tax equivalent | 27.56% | 28.43% | 27.71% | 28.18% | 28.65% |
| Efficiency ratio, fully tax equivalent (4) | 51.85% | 51.30% | 56.42% | 82.61% | 53.24% |
| **Loans Segmentation** |  |  |  |  |  |
| Commercial real estate - non-owner occupied | $1397346 | $1415180 | $1397330 | $1397633 | $1128244 |
| Commercial real estate - owner occupied | 834629 | 819727 | 787559 | 803181 | 678405 |
| Commercial and industrial | 1230976 | 1170241 | 1090404 | 1083980 | 967022 |
| Commercial and industrial - PPP | 18593 | 19469 | 36767 | 71361 | 140734 |
| Residential real estate - owner occupied | 591515 | 557638 | 533577 | 492123 | 400695 |
| Residential real estate - non-owner occupied | 313248 | 302936 | 293852 | 297127 | 281018 |
| Construction and land development | 445690 | 414632 | 372197 | 346372 | 299206 |
| Home equity lines of credit | 200725 | 199485 | 192102 | 186024 | 138976 |
| Consumer | 139461 | 138843 | 137278 | 135198 | 104294 |
| Leases | 13322 | 13959 | 14611 | 13952 | 13622 |
| Credit cards | 20413 | 20767 | 21647 | 20732 | 17087 |
| Total loans and leases | $5205918 | $5072877 | $4877324 | $4847683 | $4169303 |
| **Asset Quality Data** |  |  |  |  |  |
| Non-accrual loans | $14242 | $10580 | $7827 | $12494 | $6712 |
| Troubled debt restructurings | - | - | - | 10 | 12 |
| Loans past due 90 days or more and still accruing | 892 | 32 | 1176 | 300 | 684 |
| Total non-performing loans | 15134 | 10612 | 9003 | 12804 | 7408 |
| Other real estate owned | 677 | 996 | 7601 | 7156 | 7212 |
| Total non-performing assets | $15811 | $11608 | $16604 | $19960 | $14620 |
| Non-performing loans to total loans (2) | 0.29% | 0.21% | 0.18% | 0.26% | 0.18% |
| Non-performing assets to total assets | 0.21% | 0.15% | 0.22% | 0.26% | 0.22% |
| Allowance for credit losses on loans to total loans (2) | 1.41% | 1.38% | 1.36% | 1.38% | 1.29% |
| Allowance for credit losses on loans to average loans | 1.44% | 1.42% | 1.37% | 1.53% | 1.29% |
| Allowance for credit losses on loans to non-performing loans | 486% | 660% | 737% | 524% | 728% |
| Net (charge-offs) recoveries | $(152) | $(382) | $(5) | $540 | $(1535) |
| Net (charge-offs) recoveries to average loans (5) | 0.00% | -0.01% | 0.00% | 0.01% | -0.04% |
| **Other Information** |  |  |  |  |  |
| Total assets under management (in millions) | $6585 | $6293 | $6555 | $7305 | $4801 |
| Full-time equivalent employees | 1040 | 1028 | 1018 | 997 | 820 |
| *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* | *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* | *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* | *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* | *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* | *(1) - The following table provides a reconciliation of total stockholders' equity in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to tangible stockholders' equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(In thousands, except per share data)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Total stockholders' equity - GAAP (a) | $760432 | $727754 | $747131 | $758143 | $675869 |
| &nbsp;&nbsp;Less: Goodwill | (194074) | (202524) | (202524) | (202524) | (135830) |
| &nbsp;&nbsp;Less: Core deposit and other intangibles | (24990) | (28747) | (30357) | (31968) | (5596) |
| Tangible common equity - Non-GAAP (c) | $541368 | $496483 | $514250 | $523651 | $534443 |
| Total assets - GAAP (b) | $7496261 | $7554210 | $7583105 | $7777152 | $6646025 |
| Less: Goodwill | (194074) | (202524) | (202524) | (202524) | (135830) |
| Less: Core deposit and other intangibles | (24990) | (28747) | (30357) | (31968) | (5596) |
| Tangible assets - Non-GAAP (d) | $7277197 | $7322939 | $7350224 | $7542660 | $6504599 |
| Total stockholders' equity to total assets - GAAP (a/b) | 10.14% | 9.63% | 9.85% | 9.75% | 10.17% |
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 7.44% | 6.78% | 7.00% | 6.94% | 8.22% |
| Total shares outstanding (e) | 29259 | 29242 | 29243 | 29220 | 26596 |
| Book value per share - GAAP (a/e) | $25.99 | $24.89 | $25.55 | $25.95 | $25.41 |
| Tangible common equity per share - Non-GAAP (c/e) | 18.50 | 16.98 | 17.59 | 17.92 | 20.09 |
| *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* | *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* | *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* | *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* | *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* | *(2) - Allowance for credit losses on loans to total non-PPP loans represents the allowance for credit losses on loans, divided by total loans less PPP loans. Non-performing loans to total non-PPP loans represents non-performing loans, divided by total loans less PPP loans. Bancorp believes these non-GAAP disclosures are important because they provide a comparable ratio after eliminating the PPP loans, which are fully guaranteed by the U.S. SBA and have not been allocated for within the allowance for credit losses on loans and are not at risk of non-performance.* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(Dollars in thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Total Loans - GAAP (a) | $5205918 | $5072877 | $4877324 | $4847683 | $4169303 |
| &nbsp;&nbsp;Less: PPP loans | (18593) | (19469) | (36767) | (71361) | (140734) |
| Total non-PPP Loans - Non-GAAP (b) | $5187325 | $5053408 | $4840557 | $4776322 | $4028569 |
| Allowance for credit losses on loans (c) | $73531 | $70083 | $66362 | $67067 | $53898 |
| Total non-performing loans (d) | 15134 | 10612 | 9003 | 12804 | 7408 |
| Allowance for credit losses on loans to total loans - GAAP (c/a) | 1.41% | 1.38% | 1.36% | 1.38% | 1.29% |
| Allowance for credit losses on loans to total loans - Non-GAAP (c/b) | 1.42% | 1.39% | 1.37% | 1.40% | 1.34% |
| Non-performing loans to total loans - GAAP (d/a) | 0.29% | 0.21% | 0.18% | 0.26% | 0.18% |
| Non-performing loans to total loans - Non-GAAP (d/b) | 0.29% | 0.21% | 0.19% | 0.27% | 0.18% |
| *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* | *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* | *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* | *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* | *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* | *(3) - Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.* |
| *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* | *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* | *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* | *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* | *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* | *(4) - The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio to be important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses.* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(Dollars in thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Total non-interest expenses (a) | $45946 | $44873 | $44675 | $56297 | $34572 |
| &nbsp;&nbsp;Less: Non-recurring merger expenses | - | - | - | (19500) | - |
| &nbsp;&nbsp;Less: Loss on disposition of Landmark Financial Advisors | (870) | - | - | - | - |
| &nbsp;&nbsp;Less: Amortization of investments in tax credit partnerships | (88) | (88) | (89) | (88) | (52) |
| Total non-interest expenses - Non-GAAP (c) | $44988 | $44785 | $44586 | $36709 | $34520 |
| Total net interest income, fully tax equivalent | $65469 | $62608 | $57244 | $48944 | $46328 |
| Total non-interest income | 23142 | 24864 | 21940 | 19203 | 18604 |
| Total revenue - Non-GAAP (b) | 88611 | 87472 | 79184 | 68147 | 64932 |
| &nbsp;&nbsp;Less: Gain/loss on sale of acquired premises and equipment | (1295) | (3074) | - | - | - |
| &nbsp;&nbsp;Less: Gain/loss on sale of securities | - | - | - | - | - |
| Total adjusted revenue - Non-GAAP (d) | $87316 | $84398 | $79184 | $68147 | $64932 |
| Efficiency ratio - Non-GAAP (a/b) | 51.85% | 51.30% | 56.42% | 82.61% | 53.24% |
| Adjusted efficiency ratio - Non-GAAP (c/d) | 51.52% | 53.06% | 56.31% | 53.87% | 53.16% |
| *(5) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* |  |  |  |  |  |
| *(6) - Detail of Provision for credit losses follows:* | *(6) - Detail of Provision for credit losses follows:* | *(6) - Detail of Provision for credit losses follows:* | *(6) - Detail of Provision for credit losses follows:* | *(6) - Detail of Provision for credit losses follows:* | *(6) - Detail of Provision for credit losses follows:* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(in thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Provision for credit losses - loans | $3600 | $4103 | $(700) | $2679 | $(1100) |
| Provision for credit losses - off balance sheet exposures | (225) | 700 | 500 | (400) | (800) |
| Total provision for credit losses | $3375 | $4803 | $(200) | $2279 | $(1900) |
| *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* | *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* | *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* | *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* | *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* | *(7) - Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity. As a result of the substantial impact of non-recurring items related to the Commonwealth Bancshares and Kentucky Bancshares acquisitions, Bancorp considers adjusted return on average assets and return on average equity ratios important, as they reflect performance after removing certain merger-related sales of premises and equipment, expenses and purchase accounting adjustments.* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(Dollars in thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Net income attributable to stockholders - GAAP (a) | $29817 | $28455 | $26794 | $7906 | $24589 |
| &nbsp;&nbsp;Add: Non-recurring merger expenses | - | - | - | 19500 | - |
| &nbsp;&nbsp;Add: Provision for credit losses on acquired loans | - | - | - | 4429 | - |
| &nbsp;&nbsp;Add: Loss on disposition of Landmark Financial Advisors | 870 | - | - | - | - |
| &nbsp;&nbsp;Less: Gain/loss on sale of premises and equipment | (1295) | (3074) | - | - | - |
| &nbsp;&nbsp;Less: Tax effect of adjustments to net income | 100 | 738 | - | (3717) | - |
| Total net income - Non-GAAP (b) | $29492 | $26119 | $26794 | $28118 | $24589 |
| Total average assets (c) | $7559260 | $7661720 | $7651332 | $6872273 | $6406612 |
| Total average stockholder equity (d) | 740007 | 760322 | 749445 | 703929 | 668287 |
| Return on average assets - GAAP (a/c) | 1.56% | 1.47% | 1.40% | 0.47% | 1.52% |
| Return on average assets - Non-GAAP (b/c) | 1.55% | 1.35% | 1.40% | 1.66% | 1.52% |
| Return on average equity - GAAP (a/d) | 15.99% | 14.85% | 14.34% | 4.55% | 14.60% |
| Return on average equity - Non-GAAP (b/d) | 15.81% | 13.63% | 14.34% | 16.20% | 14.60% |

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|:---|:---|
| Contact: | T. Clay Stinnett |
|  | Executive Vice President, |
|  | Treasurer and Chief Financial Officer |
|  | (502) 625-0890 |

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