# EDGAR Filing Document

**Accession Number:** 0000835324
**File Stem:** 0001171843-25-004628
**Filing Date:** 2025-7
**Character Count:** 63787
**Document Hash:** cc1cddf804a3ba0eb5626180d16cbc6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004628.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001171843-25-004628

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250723

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stock Yards Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0000835324
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 251141616

**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='ASCII'? 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): July 23, 2025
_______________________________

#### 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 July 23, 2025, 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 six months ended June 30, 2025.

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

[99.1](exh_991.htm) [Press release dated July 23, 2025](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: July 23, 2025 | 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 Second Quarter Earnings of $34.0 Million or $1.15 Per Diluted Share**

**Highlighted by Strong Loan Growth and Net Interest Margin Expansion**

LOUISVILLE, Ky., July 23, 2025 (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 earnings of $34.0 million, or $1.15 per diluted share, for the second quarter ended June 30, 2025. This compares to net income of $27.6 million, or $0.94 per diluted share, for the second quarter of 2024. Strong loan and deposit growth contributed to record second quarter 2025 operating results.

---

| | | | |
|:---|:---|:---|:---|
| *(dollar amounts in thousands, except per share data)* | **2Q25** | **1Q25** | **2Q24** |
| Net income | $34024 | $33271 | $27598 |
| Net income per share, diluted | 1.15 | 1.13 | 0.94 |
| Net interest income | $73473 | $70552 | $62022 |
| Provision for credit losses<sup>(</sup><sup>1</sup><sup>)</sup> | 2175 | 900 | 1300 |
| Non-interest income | 24348 | 22996 | 23655 |
| Non-interest expenses | 52700 | 51027 | 49109 |
| Net interest margin | 3.53% | 3.46% | 3.26% |
| Efficiency ratio<sup>(</sup><sup>2</sup><sup>)</sup> | 53.83% | 54.50% | 57.26% |
| Tangible common equity to tangible assets<sup>(</sup><sup>3</sup><sup>)</sup> | 8.86% | 8.72% | 8.42% |
| Annualized return on average assets<sup>(</sup><sup>4</sup><sup>)</sup> | 1.52% | 1.52% | 1.35% |
| Annualized return on average equity<sup>(</sup><sup>4</sup><sup>)</sup> | 13.91% | 14.14% | 12.64% |

---

"We concluded the first half of 2025 with strong momentum, delivering record second quarter earnings that reflect continued exceptional profitability, fueled in large part by robust loan growth and net interest margin expansion," commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. "A key highlight of the quarter was the $779 million, or 13%, year-over-year increase in total loans, with $204 million of that growth occurring in the second quarter. This expansion was broad-based, with nearly every loan category and all markets contributing to the overall growth. Although we initially projected moderate loan growth in light of persistent global economic uncertainties, the second quarter reflected a more resilient environment. Loan production and demand remained steady, and credit quality metrics continued to be strong. In addition to our noteworthy loan growth, net interest margin expanded by 27 basis points year-over-year and 7 basis points from the prior quarter, as we continue to see expanding yields on our earning assets as well as better-than-expected funding costs. This was a powerful combination that drove profitability for the period."

"Non-interest revenue was a strong contributor to our solid operating results in the second quarter of 2025," Hillebrand continued. "Treasury management fees benefited from increased fees and a growing customer base, while mortgage, brokerage, and card income all made meaningful contributions. Although Wealth Management & Trust (WM&T) income declined compared to the prior quarter, assets under management increased at quarter end following three consecutive quarters of decline. Looking ahead, we are encouraged by the traction in net new business and the strength of the teams we have put in place. Recent key hires are already contributing to production, and we are optimistic about the continued momentum in our WM&T group as these individuals further establish themselves and drive new opportunities."

"We continue to successfully expand our deposit base, which grew $938 million, or 14% over the past 12 months, driven in large part by a successful time deposit campaign earlier in the year. We are particularly encouraged with the performance of our non-interest bearing deposits, which continue to represent over 20% of total deposits. Our focus remains on organic growth while strengthening our overall funding position. We expect our net interest margin to remain steady as we anticipate deposit competition to be stronger in the second half of the year," said Hillebrand.

As of June 30, 2025, the Company had $9.21 billion in assets, $6.85 billion in loans and $7.51 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 and economic footprint, including the new Center Grove location that was opened in the Indianapolis metropolitan market at the end of March. Two additional locations are also slated to be opened in 2025, which will expand the Company's footprint into Bardstown, Kentucky and Liberty Township, Ohio, a suburb of Cincinnati.

Key factors contributing to the second quarter of 2025 results included:

* Total loans increased $779 million, or 13%, over the last 12 months, while growing $204 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets for the fifth consecutive quarter and was well spread amongst categories. Commercial real estate loan growth of $405 million led all categories, with C&I, residential real estate and C&D lending segments also contributing to year over year growth. The yield earned on total loans ended at 6.13% for the second quarter of 2025, with yield expansion and strong average balance growth driving a 7-basis point increase compared to the same period in 2024.

* Deposit balances expanded $938 million, or 14%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts increased $32 million, or 2%, while interest-bearing deposits grew $905 million, or 18%, led in large part by time deposit growth. On the linked quarter, total deposits expanded $213 million, or 3%. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%, led by time deposit growth.

* Net interest income increased $11.5 million, or 18%, for the second quarter of 2025 compared to the second quarter a year ago. Net interest margin expanded 27 basis points to 3.53% for the second quarter of 2025 compared to the second quarter a year ago, driven by strong earning asset growth and yield expansion that was coupled with a decline in the cost of funds. On the linked quarter, net interest income increased $2.9 million, or 4%, while net interest margin expanded 7 basis points, boosted by continued loan growth and higher yields on interest earning assets, which outpaced a moderate increase in the cost of funds.

* Provision for credit loss expense<sup>(1)</sup> of $2.2 million was recorded for the second quarter of 2025, primarily attributed to strong loan growth, a slightly deteriorating economic forecast and increased specific reserves. Traditional credit quality statistics remained strong at quarter-end.

* Non-interest income increased $693,000 over the second quarter of 2024. Other non-interest income increased $677,000, driven mainly by $557,000 of swap fees, while treasury management fees grew $180,000, or 6%, over the last 12 months to a record $3.0 million and brokerage income grew $180,000, or 23%. This activity more than offset a $312,000, or 3%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.

* Total non-interest expenses increased $3.6 million, or 7%, during the second quarter of 2025 compared to the second quarter of 2024, and increased $1.7 million, or 3%, on the linked quarter.

* Tangible common equity per share<sup>(3)</sup> was $27.06 on June 30, 2025, compared to $26.01 on March 31, 2025, and $23.22 on June 30, 2024. 

Hillebrand concluded, "In June 2025, we were honored to once again be named a recipient of the 2024 Raymond James Community Bankers Cup—an award that recognizes the top 10% of community banks nationwide based on key measures such as profitability, operational efficiency, and balance sheet strength. This distinction was awarded from a pool of all U.S.-based, exchange-traded banks with assets between $500 million and $10 billion as of December 31, 2024. This achievement highlights not only Stock Yards' strong performance but also our continued commitment to delivering exceptional service to the communities we proudly serve." Stock Yards Bancorp has been awarded the Raymond James Community Bankers Cup a total of 10 times.

**<u>Results of Operations – Second Quarter 2025, Compared with Second Quarter 2024</u>**

Net interest income, the Company's largest source of revenue, increased by $11.5 million, or 18%, to $73.5 million. Significant average earning asset balance growth and improved yields led to strong interest income expansion.

* Total interest income increased by $14.7 million, or 15%, to $115 million. Interest income and fees on loans increased $13.0 million, or 14%, over the prior year quarter. Driven by the $773 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 7 basis points over the past 12 months to 6.13%.Interest income on securities increased $936,000, or 12%, compared to the second quarter of 2024. While average securities balances declined $154 million, or 10%, over the past 12 months, the rate earned on securities improved 52 basis points to 2.57%, as a portion of lower-yielding investment maturities were reinvested at higher short-term rates for balance sheet management strategies. Over the past 12 months, cash flows from investment portfolio maturities and amortization have been primarily utilized to fund loan growth and provide liquidity.Average overnight funds increased $91 million for the second quarter of 2025 compared to the same period of the prior year, driving a $573,000, or 27%, increase in corresponding interest income despite rate reductions enacted by the Federal Reserve in late 2024. 

* Total interest expense increased $3.2 million, or 8%, to $41.5 million, but the cost of interest-bearing liabilities decreased 10 basis points to 2.65%. Interest expense on deposits increased $5.9 million, or 19% over the past 12 months, attributed almost entirely to the time deposit category and consistent with the successful CD promotion that ran through mid-April. Despite ending the promotions early in the second quarter and lowering time deposit rates, the Company continued to experience solid time deposit growth through the end of the quarter. The overall cost of interest-bearing deposits increased to 2.59% for the second quarter of 2025 from 2.56% for the second quarter of 2024.As a result of strong interest-bearing deposit growth over the past 12 months, average FHLB advance balances declined $138 million, or 31%, resulting in a $2.4 million, or 45%, decrease in the corresponding FHLB expense compared to the second quarter of 2024, with the related cost of funds declining 92 basis points to 3.85% over the same period. 

The Company recorded provision for credit losses on loans expense of $2.3 million for the second quarter of 2025, consistent with strong loan growth, a slightly deteriorating economic forecast, increased specific reserves, and net charge offs of $342,000. Additionally, the Company recorded a $75,000 credit to expense for off balance sheet exposures for the second quarter of 2025 due to increased utilization trends. For the second quarter of 2024, the Company recorded $1.1 million in provision for credit losses on loans and $225,000 in provision for credit losses on off balance sheet exposures associated with increased availability related to Construction & Land Development and Commercial & Industrial (C&I) lines of credit.

Non-interest income increased $693,000, or 3%, to $24.3 million compared to the second quarter of 2024.

* WM&T income ended the second quarter of 2025 at $10.5 million, a decrease of $312,000, or 3%, over the second quarter of 2024. Assets under management contracted $286 million, or 4%, compared to the second quarter of 2024.

* Compared to the second quarter of 2024, treasury management fees increased $180,000, or 6%, to a record $3.0 million. Consistent treasury management growth has been driven by fee increases, strong organic growth and new product sales.

* Brokerage income grew $180,000, or 23%, to $980,000, attributed to the addition of a new broker and the benefit of portfolios shifting to more profitable wrap fee-based business.

Non-interest expenses increased by $3.6 million, or 7%, to $52.7 million, compared to the second quarter of 2024.

* Compensation expense increased $2.6 million, or 11%, compared to the second quarter of 2024, consistent with higher bonus accrual levels tied to strong year-to-date results, annual merit-based increases and full-time equivalent employee expansion. Employee benefits increased $244,000, or 5%, compared to the second quarter of 2024, as increases in 401(k) matching expense and payroll tax expenses more than offset lower health insurance expense.

* Net occupancy and equipment expenses increased $206,000, or 5%, over the second quarter of 2024, as the current period included expenses related to increased rent and depreciation expense.

* Marketing and business development expense increased $355,000, or 22%, compared to the second quarter of 2024. The quarter over prior year quarter increase relates to elevated advertising expense tied primarily to time deposit product promotions in addition to increased customer entertainment and sponsorships.

* Other non-interest expenses increased $210,000, or 9%, compared to the second quarter of 2024, primarily attributed to higher credit card rewards and to a lesser extent, increased insurance costs.

**<u>Financial Condition – June 30, 2025, Compared with June 30, 2024</u>**

Total assets increased $894 million, or 11%, year over year to $9.21 billion.

Total loans increased $779 million, or 13%, to $6.85 billion, with growth spread across categories and markets. Total line of credit usage ended at 48% as of June 30, 2025, compared to 41% as of June 30, 2024. C&I line of credit usage expanded to 37% as of period end, representing the highest level of utilization since 2020, however still well below pre-pandemic levels.

Total investment securities decreased $121 million, or 9%, year over year. Over the past 12 months, cash flows from the investment portfolio have been primarily utilized to fund loan growth and provide liquidity, while a portion of lower-yielding maturities have been reinvested at higher short-term rates for balance sheet management strategies.

Total deposits increased $938 million, or 14%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Total interest-bearing deposits grew $905 million, or 18%, led primarily by time deposit growth, and average total interest-bearing deposit accounts increased $849 million, or 17% over the past 12 months. Non-interest-bearing demand accounts increased $32 million, or 2%, however, average non-interest bearing demand accounts declined $27 million, or 2%.

Non-performing loans totaled $18.0 million, or 0.26% of total loans outstanding on June 30, 2025, compared to $17.6 million, or 0.29% of total loans outstanding on June 30, 2024. The ratio of allowance for credit losses to loans ended at 1.32% on June 30, 2025, compared to 1.35% on June 30, 2024.

As of June 30, 2025, the Company continued to be "well-capitalized," the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets<sup>(</sup><sup>3</sup><sup>)</sup> was 10.92% and the tangible common equity ratio<sup>(</sup><sup>3</sup><sup>)</sup> was 8.86% on June 30, 2025, compared to 10.76% and 8.42% on June 30, 2024, respectively.

In May 2025, the board of directors declared a quarterly cash dividend of $0.31 per common share. The dividend was paid July 1, 2025, to shareholders of record as of June 16, 2025.

On July 15, 2025, the Company's Board of Directors adopted a share repurchase plan under which the Company may purchase up to 1 million shares of the Company's common stock. The share repurchase plan expires in two years and replaces the Company's prior repurchase plan, which expired in May 2025. The Company last repurchased shares in 2019.

"Having an active share repurchase authorization in place allows us the flexibility to buy back stock when it aligns with our capital allocation strategy," said Hillebrand.

**<u>Results of Operations – Second Quarter 2025, Compared with First Quarter 2025</u>**

Net interest margin expanded 7 basis points on the linked quarter to 3.53%, boosted by strong loan growth and higher interest earning asset yields, which more than offset a moderate increase in cost of funds.

Net interest income increased $2.9 million, or 4%, over the prior quarter to $73.5 million.

* Total interest income increased $3.8 million, or 3%. Interest income on loans, including fees, increased $3.4 million, or 3%. Average loans increased $150 million, or 2%, and the corresponding yield earned remained flat at 6.13%. However, non-accrual payoff activity provided approximately 4 basis points of benefit to loan yields for the first quarter of 2025. 

* Total interest expense increased $913,000, or 2%. Interest expense on deposits increased $2.9 million, or 8%, led by $265 million, or 20%, of growth in average time deposit balances, which was driven in large part by the success of promotions that ran through mid-April. While the promotions ended early in the second quarter and time deposit rates were cut, the Bank's time deposit offerings remained competitive and continued to see growth through the end of the period, albeit at a slower pace compared to the linked quarter. 

During the second quarter of 2025, the Company recorded $2.3 million in provision for credit losses on loans<sup>(1)</sup> and a $75,000 credit to expense for off balance sheet exposures. During the first quarter of 2025, the Company recorded $900,000 in provision for credit losses on loans and no provision for credit losses on off balance sheet exposures.

Non-interest income increased $1.4 million, or 6%, on the linked quarter, to $24.3 million. Other non-interest income increased $637,000, driven mainly by $557,000 of swap fees collected, while treasury management fees grew $332,000, or 12%, and card income grew $329,000, or 7%. This activity more than offset a $164,000, or 2%, decline in WM&T income. Further, a $74,000 gain on the sale of premises and equipment was recorded during the quarter related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.

Non-interest expenses increased $1.7 million, or 3% on the linked quarter to $52.7 million, due to increases in compensation expense and marketing and business development expenses.

**<u>Financial Condition – June 30, 2025, Compared with March 31, 2025</u>**

Total assets increased $212 million, or 2%, on the linked quarter to $9.21 billion.

Total loans expanded $204 million, or 3%, on the linked quarter, with every market contributing to the growth. The CRE segment was the primary driver of growth for the quarter, increasing $126 million, or 4%, on the linked quarter. The residential real estate segment grew $47 million, or 4%, and C&I loans increased $27 million, or 2%, on the linked quarter. Total line of credit usage increased to 48% as of June 30, 2025, compared to 46% as of March 31, 2025. C&I line of credit usage increased to 37% as of June 30, 2025, from 34% at March 31, 2025.

Total deposits increased $213 million, or 3%, on the linked quarter. Non-interest-bearing demand accounts increased $16 million, or 1%, while total interest-bearing deposit accounts increased $197 million, or 3%.

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

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $9.21 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, 2024, 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.*

Contact: T. Clay StinnettExecutive Vice President,Treasurer and Chief Financial Officer(502) 625-0890 <br>

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|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| *(In thousands unless otherwise noted)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | *(In thousands unless otherwise noted)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | *(In thousands unless otherwise noted)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | *(In thousands unless otherwise noted)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | *(In thousands unless otherwise noted)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Income Statement Data** | **2025** | **2024** | **2025** | **2024** |
| Net interest income, fully tax equivalent (5) | $73560 | $62113 | $144196 | $122279 |
| Interest income: |  |  |  |  |
| Loans | $103009 | $90018 | $202609 | $175858 |
| Federal funds sold and interest bearing due from banks | 2730 | 2157 | 4731 | 4253 |
| Mortgage loans held for sale | 78 | 74 | 155 | 105 |
| Federal Home Loan Bank stock | 662 | 470 | 1194 | 938 |
| Investment securities | 8521 | 7585 | 17477 | 15695 |
| Total interest income | 115000 | 100304 | 226166 | 196849 |
| Interest expense: |  |  |  |  |
| Deposits | 37511 | 31623 | 72092 | 63489 |
| Securities sold under agreements to repurchase | 625 | 771 | 1439 | 1702 |
| Federal funds purchased | 72 | 139 | 142 | 275 |
| Federal Home Loan Bank advances | 2908 | 5263 | 7649 | 8260 |
| Subordinated debentures | 411 | 486 | 819 | 1031 |
| Total interest expense | 41527 | 38282 | 82141 | 74757 |
| Net interest income | 73473 | 62022 | 144025 | 122092 |
| Provision for credit losses (1) | 2175 | 1300 | 3075 | 2725 |
| Net interest income after provision for credit losses | 71298 | 60722 | 140950 | 119367 |
| Non-interest income: |  |  |  |  |
| Wealth management and trust services | 10483 | 10795 | 21130 | 21566 |
| Deposit service charges | 2069 | 2180 | 4148 | 4316 |
| Debit and credit card income | 4837 | 4923 | 9345 | 9605 |
| Treasury management fees | 3005 | 2825 | 5678 | 5450 |
| Mortgage banking income | 1094 | 1017 | 2011 | 1965 |
| Net investment product sales commissions and fees | 980 | 800 | 1990 | 1665 |
| Bank owned life insurance | 629 | 595 | 1251 | 1183 |
| Gain on sale of premises and equipment | 74 | 20 | 74 | 20 |
| Other | 1177 | 500 | 1717 | 1156 |
| Total non-interest income | 24348 | 23655 | 47344 | 46926 |
| Non-interest expenses: |  |  |  |  |
| Compensation | 27279 | 24634 | 53211 | 48855 |
| Employee benefits | 5330 | 5086 | 11115 | 10962 |
| Net occupancy and equipment | 4025 | 3819 | 8148 | 7489 |
| Technology and communication | 4773 | 4894 | 9601 | 9963 |
| Debit and credit card processing | 1908 | 1811 | 3727 | 3557 |
| Marketing and business development | 1951 | 1596 | 3466 | 2671 |
| Postage, printing and supplies | 937 | 913 | 1906 | 1839 |
| Legal and professional | 1088 | 1185 | 1995 | 2300 |
| FDIC insurance | 1260 | 1161 | 2483 | 2273 |
| Capital and deposit based taxes | 738 | 673 | 1438 | 1303 |
| Intangible amortization | 915 | 1051 | 1829 | 2103 |
| Other | 2496 | 2286 | 4808 | 4755 |
| Total non-interest expenses | 52700 | 49109 | 103727 | 98070 |
| Income before income tax expense | 42946 | 35268 | 84567 | 68223 |
| Income tax expense | 8922 | 7670 | 17272 | 14738 |
| Net income | $34024 | $27598 | $67295 | $53485 |
| Net income per share - Basic | $1.16 | $0.94 | $2.29 | $1.83 |
| Net income per share - Diluted | 1.15 | 0.94 | 2.28 | 1.82 |
| Cash dividend declared per share | 0.31 | 0.30 | 0.62 | 0.60 |
| Weighted average shares - Basic | 29364 | 29283 | 29356 | 29267 |
| Weighted average shares - Diluted | 29505 | 29383 | 29503 | 29372 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
| **Balance Sheet Data** | **2025** | **2024** |
| Investment securities | $1221842 | $1342354 |
| Loans | 6850273 | 6070963 |
| Allowance for credit losses on loans | 90722 | 82155 |
| Total assets | 9208986 | 8315325 |
| Non-interest bearing deposits | 1514924 | 1482514 |
| Interest bearing deposits | 5991826 | 5086724 |
| Federal Home Loan Bank advances | 300000 | 400000 |
| Accumulated other comprehensive loss | (75311) | (94980) |
| Stockholders' equity | 1005704 | 894535 |
| Total shares outstanding | 29473 | 29388 |
| Book value per share (3) | $34.12 | $30.44 |
| Tangible common equity per share (3) | 27.06 | 23.22 |
| Market value per share | 78.98 | 49.67 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Average Balance Sheet Data** | **2025** | **2024** | **2025** | **2024** |
| Federal funds sold and interest bearing due from banks | $249738 | $158512 | $215280 | $156251 |
| Mortgage loans held for sale | 7145 | 6204 | 6442 | 5417 |
| Investment securities | 1337994 | 1491865 | 1396634 | 1535132 |
| Federal Home Loan Bank stock | 22413 | 29735 | 26602 | 25428 |
| Loans | 6746973 | 5973801 | 6672594 | 5891363 |
| Total interest earning assets | 8364263 | 7660117 | 8317552 | 7613591 |
| Total assets | 8987084 | 8246735 | 8940750 | 8200049 |
| Non-interest bearing deposits | 1489188 | 1515708 | 1457813 | 1508155 |
| Interest bearing deposits | 5820314 | 4971804 | 5708148 | 5015274 |
| Total deposits | 7309502 | 6487512 | 7165961 | 6523429 |
| Securities sold under agreements to repurchase | 128493 | 147327 | 143655 | 156133 |
| Federal funds purchased | 6610 | 10127 | 6562 | 10144 |
| Federal Home Loan Bank advances | 303297 | 441484 | 384530 | 357967 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26800 |
| Total interest bearing liabilities | 6285520 | 5597548 | 6269701 | 5566338 |
| Accumulated other comprehensive loss | (83970) | (99640) | (85289) | (97693) |
| Total stockholders' equity | 980803 | 878233 | 967495 | 869616 |
| **Performance Ratios** |  |  |  |  |
| Annualized return on average assets (4) | 1.52% | 1.35% | 1.52% | 1.31% |
| Annualized return on average equity (4) | 13.91% | 12.64% | 14.03% | 12.37% |
| Net interest margin, fully tax equivalent | 3.53% | 3.26% | 3.50% | 3.23% |
| Non-interest income to total revenue, fully tax equivalent | 24.87% | 27.58% | 24.72% | 27.73% |
| Efficiency ratio, fully tax equivalent (2) | 53.83% | 57.26% | 54.15% | 57.96% |
| **Capital Ratios** |  |  |  |  |
| Total stockholders' equity to total assets (3) |  |  | 10.92% | 10.76% |
| Tangible common equity to tangible assets (3) |  |  | 8.86% | 8.42% |
| Average stockholders' equity to average assets |  |  | 10.82% | 10.61% |
| Total risk-based capital |  |  | 12.91% | 12.62% |
| Common equity tier 1 risk-based capital |  |  | 11.32% | 11.07% |
| Tier 1 risk-based capital |  |  | 11.66% | 11.43% |
| Leverage |  |  | 10.17% | 9.95% |
| **Loan Segmentation** |  |  |  |  |
| Commercial real estate - non-owner occupied |  |  | $1989982 | $1652614 |
| Commercial real estate - owner occupied |  |  | 1010692 | 943013 |
| Commercial and industrial |  |  | 1491143 | 1356970 |
| Residential real estate - owner occupied |  |  | 851284 | 749870 |
| Residential real estate - non-owner occupied |  |  | 390784 | 365846 |
| Construction and land development |  |  | 671011 | 586820 |
| Home equity lines of credit |  |  | 263826 | 223304 |
| Consumer |  |  | 140715 | 151221 |
| Leases |  |  | 14563 | 17258 |
| Credit cards |  |  | 26273 | 24047 |
| Total loans and leases |  |  | $6850273 | $6070963 |
| **Deposit Segmentation** |  |  |  |  |
| Interest bearing demand |  |  | $2520405 | $2422828 |
| Savings |  |  | 424985 | 429095 |
| Money market |  |  | 1385845 | 1177995 |
| Time deposits |  |  | 1660591 | 1056806 |
| Non-Interest bearing deposits |  |  | 1514924 | 1482514 |
| Total deposits |  |  | $7506750 | $6569238 |
| **Asset Quality Data** |  |  |  |  |
| Non-accrual loans |  |  | $17650 | $17371 |
| Modifications to borrowers experiencing financial difficulty |  |  | - | - |
| Loans past due 90 days or more and still accruing |  |  | 378 | 186 |
| Total non-performing loans |  |  | 18028 | 17557 |
| Other real estate owned |  |  | 10 | 10 |
| Total non-performing assets |  |  | $18038 | $17567 |
| Non-performing loans to total loans |  |  | 0.26% | 0.29% |
| Non-performing assets to total assets |  |  | 0.20% | 0.21% |
| Allowance for credit losses on loans to total loans |  |  | 1.32% | 1.35% |
| Allowance for credit losses on loans to average loans |  |  | 1.34% | 1.39% |
| Allowance for credit losses on loans to non-performing loans |  |  | 503% | 468% |
| Net (charge-offs) recoveries | $(342) | $183 | $629 | $531 |
| Net (charge-offs) recoveries to average loans (6) | -0.01% | 0.00% | 0.01% | 0.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Income Statement Data** | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Net interest income, fully tax equivalent (5) | 73560 | 70636 | 70057 | 65064 | 62113 |
| Net interest income | 73473 | 70552 | 69969 | 64979 | 62022 |
| Provision for credit losses (1) | 2175 | 900 | 2675 | 4325 | 1300 |
| Net interest income after provision for credit losses | 71298 | 69652 | 67294 | 60654 | 60722 |
| Non-interest income: |  |  |  |  |  |
| Wealth management and trust services | 10483 | 10647 | 10346 | 10931 | 10795 |
| Deposit service charges | 2069 | 2079 | 2276 | 2314 | 2180 |
| Debit and credit card income | 4837 | 4508 | 5394 | 5083 | 4923 |
| Treasury management fees | 3005 | 2673 | 2675 | 2939 | 2825 |
| Mortgage banking income | 1094 | 917 | 781 | 1112 | 1017 |
| Net investment product sales commissions and fees | 980 | 1010 | 991 | 915 | 800 |
| Bank owned life insurance | 629 | 622 | 626 | 634 | 595 |
| Gain (loss) on sale of premises and equipment | 74 | - | (61) | (59) | 20 |
| Other | 1177 | 540 | 479 | 928 | 500 |
| Total non-interest income | 24348 | 22996 | 23507 | 24797 | 23655 |
| Non-interest expenses: |  |  |  |  |  |
| Compensation | 27279 | 25932 | 26453 | 25534 | 24634 |
| Employee benefits | 5330 | 5785 | 4677 | 4629 | 5086 |
| Net occupancy and equipment | 4025 | 4123 | 3929 | 3775 | 3819 |
| Technology and communication | 4773 | 4828 | 4744 | 4500 | 4894 |
| Debit and credit card processing | 1908 | 1819 | 1860 | 1845 | 1811 |
| Marketing and business development | 1951 | 1515 | 2815 | 1438 | 1596 |
| Postage, printing and supplies | 937 | 969 | 905 | 901 | 913 |
| Legal and professional | 1088 | 907 | 843 | 968 | 1185 |
| FDIC insurance | 1260 | 1223 | 1171 | 1095 | 1161 |
| Capital and deposit based taxes | 738 | 700 | 653 | 825 | 673 |
| Intangible amortization | 915 | 914 | 1330 | 1052 | 1051 |
| Other | 2496 | 2312 | 2277 | 1890 | 2286 |
| Total non-interest expenses | 52700 | 51027 | 51657 | 48452 | 49109 |
| Income before income tax expense | 42946 | 41621 | 39144 | 36999 | 35268 |
| Income tax expense | 8922 | 8350 | 7450 | 7639 | 7670 |
| Net income | 34024 | 33271 | 31694 | 29360 | 27598 |
| Net income per share - Basic | 1.16 | 1.13 | 1.08 | 1.00 | 0.94 |
| Net income per share - Diluted | 1.15 | 1.13 | 1.07 | 1.00 | 0.94 |
| Cash dividend declared per share | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 |
| Weighted average shares - Basic | 29364 | 29349 | 29319 | 29299 | 29283 |
| Weighted average shares - Diluted | 29505 | 29501 | 29493 | 29445 | 29383 |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Balance Sheet Data** | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Cash and due from banks | 97606 | 110156 | 78925 | 108825 | 85441 |
| Federal funds sold and interest bearing due from banks | 353806 | 293580 | 212095 | 144241 | 118910 |
| Mortgage loans held for sale | 5014 | 7797 | 6286 | 4822 | 6438 |
| Investment securities | 1221842 | 1246690 | 1360285 | 1236744 | 1342354 |
| Federal Home Loan Bank stock | 22839 | 29315 | 21603 | 29419 | 31462 |
| Loans | 6850273 | 6646360 | 6520402 | 6278133 | 6070963 |
| Allowance for credit losses on loans | 90722 | 88814 | 86943 | 85343 | 82155 |
| Goodwill | 194074 | 194074 | 194074 | 194074 | 194074 |
| Total assets | 9208986 | 8997478 | 8863419 | 8437280 | 8315325 |
| Non-interest bearing deposits | 1514924 | 1499383 | 1456138 | 1508203 | 1482514 |
| Interest bearing deposits | 5991826 | 5794583 | 5710263 | 5217870 | 5086724 |
| Securities sold under agreements to repurchase | 126576 | 151424 | 162967 | 149852 | 152948 |
| Federal funds purchased | 6709 | 6540 | 6525 | 6442 | 10029 |
| Federal Home Loan Bank advances | 300000 | 300000 | 300000 | 325000 | 400000 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26806 | 26806 |
| Accumulated other comprehensive income loss | (75311) | (79840) | (91151) | (75273) | (94980) |
| Stockholders' equity | 1005704 | 975473 | 940476 | 934094 | 894535 |
| Total shares outstanding | 29473 | 29469 | 29431 | 29414 | 29388 |
| Book value per share (3) | 34.12 | 33.10 | 31.96 | 31.76 | 30.44 |
| Tangible common equity per share (3) | 27.06 | 26.01 | 24.82 | 24.58 | 23.22 |
| Market value per share | 78.98 | 69.09 | 71.61 | 61.99 | 49.67 |
| **Capital Ratios** |  |  |  |  |  |
| Total stockholders' equity to total assets (3) | 10.92% | 10.84% | 10.61% | 11.07% | 10.76% |
| Tangible common equity to tangible assets (3) | 8.86% | 8.72% | 8.44% | 8.79% | 8.42% |
| Average stockholders' equity to average assets | 10.91% | 10.73% | 10.76% | 10.86% | 10.65% |
| Total risk-based capital | 12.91% | 12.85% | 12.73% | 12.73% | 12.62% |
| Common equity tier 1 risk-based capital | 11.32% | 11.25% | 11.17% | 11.16% | 11.07% |
| Tier 1 risk-based capital | 11.66% | 11.60% | 11.52% | 11.52% | 11.43% |
| Leverage | 10.17% | 9.98% | 9.94% | 10.05% | 9.95% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Stock Yards Bancorp, Inc. Financial Information (unaudited)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Second Quarter 2025 Earnings Release**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Average Balance Sheet Data** | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Federal funds sold and interest bearing due from banks | $249738 | $180439 | $251209 | $148818 | $158512 |
| Mortgage loans held for sale | 7145 | 5732 | 6335 | 4862 | 6204 |
| Investment securities | 1337994 | 1455926 | 1436748 | 1424815 | 1491865 |
| Federal Home Loan Bank stock | 22413 | 30838 | 23475 | 31193 | 29735 |
| Loans | 6746973 | 6597388 | 6381869 | 6174309 | 5973801 |
| Total interest earning assets | 8364263 | 8270323 | 8099636 | 7783997 | 7660117 |
| Total assets | 8987084 | 8893907 | 8718416 | 8384605 | 8246735 |
| Non-interest bearing deposits | 1489188 | 1426088 | 1492624 | 1510515 | 1515708 |
| Interest bearing deposits | 5820314 | 5594740 | 5531441 | 5047771 | 4971804 |
| Total deposits | 7309502 | 7020828 | 7024065 | 6558286 | 6487512 |
| Securities sold under agreement to repurchase | 128493 | 158985 | 148414 | 156865 | 147327 |
| Federal funds purchased | 6610 | 6514 | 6508 | 8480 | 10127 |
| Federal Home Loan Bank advances | 303297 | 466667 | 300000 | 461141 | 441484 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26806 | 26806 |
| Total interest bearing liabilities | 6285520 | 6253712 | 6013169 | 5701063 | 5597548 |
| Accumulated other comprehensive loss | (83970) | (86622) | (81585) | (88362) | (99640) |
| Total stockholders' equity | 980803 | 954040 | 937782 | 910274 | 878233 |
| **Performance Ratios** |  |  |  |  |  |
| Annualized return on average assets (4) | 1.52% | 1.52% | 1.45% | 1.39% | 1.35% |
| Annualized return on average equity (4) | 13.91% | 14.14% | 13.45% | 12.83% | 12.64% |
| Net interest margin, fully tax equivalent | 3.53% | 3.46% | 3.44% | 3.33% | 3.26% |
| Non-interest income to total revenue, fully tax equivalent | 24.87% | 24.56% | 25.12% | 27.59% | 27.58% |
| Efficiency ratio, fully tax equivalent (2) | 53.83% | 54.50% | 55.21% | 53.92% | 57.26% |
| **Loans Segmentation** |  |  |  |  |  |
| Commercial real estate - non-owner occupied | $1989982 | $1870352 | $1835935 | $1686448 | $1652614 |
| Commercial real estate - owner occupied | 1010692 | 1004774 | 1002853 | 949538 | 943013 |
| Commercial and industrial | 1491143 | 1463746 | 1438654 | 1379293 | 1356970 |
| Residential real estate - owner occupied | 851284 | 813823 | 805080 | 783337 | 749870 |
| Residential real estate - non-owner occupied | 390784 | 381429 | 382744 | 381051 | 365846 |
| Construction and land development | 671011 | 679345 | 623005 | 674918 | 586820 |
| Home equity lines of credit | 263826 | 252125 | 247433 | 236819 | 223304 |
| Consumer | 140715 | 140009 | 144644 | 143684 | 151221 |
| Leases | 14563 | 14460 | 15514 | 16760 | 17258 |
| Credit cards | 26273 | 26297 | 24540 | 26285 | 24047 |
| Total loans and leases | $6850273 | $6646360 | $6520402 | $6278133 | $6070963 |
| **Deposit Segmentation** |  |  |  |  |  |
| Interest bearing demand | $2520405 | $2545858 | $2649142 | $2361192 | $2422828 |
| Savings | 424985 | 429171 | 419355 | 420772 | 429095 |
| Money market | 1385845 | 1343031 | 1403978 | 1259484 | 1177995 |
| Time deposits | 1660591 | 1476523 | 1237788 | 1176422 | 1056806 |
| Non-Interest bearing deposits | 1514924 | 1499383 | 1456138 | 1508203 | 1482514 |
| Total deposits | $7506750 | $7293966 | $7166401 | $6726073 | $6569238 |
| **Asset Quality Data** |  |  |  |  |  |
| Non-accrual loans | $17650 | $15865 | $21727 | $16288 | $17371 |
| Modifications to borrowers experiencing financial difficulty | - | - | - | - | - |
| Loans past due 90 days or more and still accruing | 378 | 283 | 487 | 870 | 186 |
| Total non-performing loans | 18028 | 16148 | 22214 | 17158 | 17557 |
| Other real estate owned | 10 | 85 | 10 | 10 | 10 |
| Total non-performing assets | $18038 | $16233 | $22224 | $17168 | $17567 |
| Non-performing loans to total loans | 0.26% | 0.24% | 0.34% | 0.27% | 0.29% |
| Non-performing assets to total assets | 0.20% | 0.18% | 0.25% | 0.20% | 0.21% |
| Allowance for credit losses on loans to total loans | 1.32% | 1.34% | 1.33% | 1.36% | 1.35% |
| Allowance for credit losses on loans to average loans | 1.34% | 1.35% | 1.36% | 1.38% | 1.38% |
| Allowance for credit losses on loans to non-performing loans | 503% | 550% | 391% | 497% | 468% |
| Net (charge-offs) recoveries | $(342) | $971 | $(625) | $(1137) | $183 |
| Net (charge-offs) recoveries to average loans (6) | -0.01% | 0.01% | -0.01% | -0.02% | 0.00% |
| **Other Information** |  |  |  |  |  |
| Total WM&T assets under management (in millions) | $7193 | $6804 | $7066 | $7317 | $7479 |
| Full-time equivalent employees | 1118 | 1089 | 1080 | 1068 | 1051 |
| *(1) - Detail of Provision for credit losses follows:* | *(1) - Detail of Provision for credit losses follows:* | *(1) - Detail of Provision for credit losses follows:* | *(1) - Detail of Provision for credit losses follows:* | *(1) - Detail of Provision for credit losses follows:* | *(1) - Detail of Provision for credit losses follows:* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(in thousands)* | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Provision for credit losses - loans | $2250 | $900 | $2225 | $4325 | $1075 |
| Provision for credit losses - off balance sheet exposures | (75) | - | 450 | - | 225 |
| Total provision for credit losses | $2175 | $900 | $2675 | $4325 | $1300 |
| *(2) - 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.* | *(2) - 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.* | *(2) - 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.* | *(2) - 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.* | *(2) - 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.* | *(2) - 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.* |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(Dollars in thousands)* | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Total non-interest expenses (a) | $52700 | $51027 | $51657 | $48452 | $49109 |
| Total net interest income, fully tax equivalent | $73560 | $70636 | $70057 | $65064 | $62113 |
| Total non-interest income | 24348 | 22996 | 23507 | 24797 | 23655 |
| Total revenue - Non-GAAP (b) | 97908 | 93632 | 93564 | 89861 | 85768 |
| Efficiency ratio - Non-GAAP (a/b) | 53.83% | 54.50% | 55.21% | 53.92% | 57.26% |
| *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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:* | *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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:* | *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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:* | *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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:* | *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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:* | *(3) - The following table provides a reconciliation of total stockholders' equity in accordance with 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)* | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** |
| Total stockholders' equity - GAAP (a) | $1005704 | $975473 | $940476 | $934094 | $894535 |
| Less: Goodwill | (194074) | (194074) | (194074) | (194074) | (194074) |
| Less: Core deposit and other intangibles | (13989) | (14904) | (15818) | (17149) | (18201) |
| Tangible common equity - Non-GAAP (c) | $797641 | $766495 | $730584 | $722871 | $682260 |
| Total assets - GAAP (b) | $9208986 | $8997478 | $8863419 | $8437280 | $8315325 |
| Less: Goodwill | (194074) | (194074) | (194074) | (194074) | (194074) |
| Less: Core deposit and other intangibles | (13989) | (14904) | (15818) | (17149) | (18201) |
| Tangible assets - Non-GAAP (d) | $9000923 | $8788500 | $8653527 | $8226057 | $8103050 |
| Total stockholders' equity to total assets - GAAP (a/b) | 10.92% | 10.84% | 10.61% | 11.07% | 10.76% |
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 8.86% | 8.72% | 8.44% | 8.79% | 8.42% |
| Total shares outstanding (e) | 29473 | 29469 | 29431 | 29414 | 29388 |
| Book value per share - GAAP (a/e) | $34.12 | $33.10 | $31.96 | $31.76 | $30.44 |
| Tangible common equity per share - Non-GAAP (c/e) | 27.06 | 26.01 | 24.82 | 24.58 | 23.22 |
| *(4) - 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.* | *(4) - 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.* | *(4) - 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.* | *(4) - 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.* | *(4) - 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.* | *(4) - 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.* |
| *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* | *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* | *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* | *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* | *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* | *(5) - 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. Interest income, yields and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal corporate income tax rate of 21%.* |
| *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* | *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* | *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* | *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* | *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* | *(6) - Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.* |

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