# EDGAR Filing Document

**Accession Number:** 0000835324
**File Stem:** 0001171843-25-006747
**Filing Date:** 2025-10
**Character Count:** 65609
**Document Hash:** 22e5271c8e64d1aa36a19074747cb345
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-006747.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001171843-25-006747

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251029

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**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:** 251426853

**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): October 29, 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 October 29, 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 nine months ended September 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 October 29, 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: October 29, 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 Third Quarter Earnings of $36.2 Million or $1.23 Per Diluted Share**

**Results Highlighted by Solid Loan and Deposit Growth**

LOUISVILLE, Ky., Oct. 29, 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 record earnings of $36.2 million, or $1.23 per diluted share, for the third quarter ended September 30, 2025. This compares to net income of $29.4 million, or $1.00 per diluted share, for the third quarter ended September 30, 2024. Solid loan and deposit growth, coupled with strong credit quality metrics, contributed to third quarter 2025 operating results.

---

| | | | |
|:---|:---|:---|:---|
| *(dollar amounts in thousands, except per share data)* | **3Q25** | **2Q25** | **3Q24** |
| Net income | $36241 | $34024 | $29360 |
| Net income per share, diluted | 1.23 | 1.15 | 1.00 |
| Net interest income | $77037 | $73473 | $64979 |
| Provision for credit losses<sup>(1)</sup> | 1975 | 2175 | 4325 |
| Non-interest income | 24476 | 24348 | 24797 |
| Non-interest expenses | 53831 | 52700 | 48452 |
| Net interest margin | 3.56% | 3.53% | 3.33% |
| Efficiency ratio<sup>(2)</sup> | 52.99% | 53.83% | 53.92% |
| Tangible common equity to tangible assets<sup>(3)</sup> | 9.16% | 8.86% | 8.79% |
| Annualized return on average assets<sup>(4)</sup> | 1.56% | 1.52% | 1.39% |
| Annualized return on average equity<sup>(4)</sup> | 14.16% | 13.91% | 12.83% |

---

"We delivered another record quarter, marked by strong loan production and our sixth consecutive quarter of loan growth across all markets," commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. "While elevated loan payoffs tempered overall growth during the quarter, underlying loan demand remains steady. Credit quality continues to be strong and stable, supported by prudent underwriting standards and disciplined portfolio management. Additionally, we are proud to report that just three quarters after our Indianapolis market surpassed $1 billion in total loans, our Cincinnati market reached that same milestone during the third quarter for the first time since entering the market in 2007. These achievements reflect our sustained progress and disciplined growth strategy."

"Our operating performance this quarter was supported by broad-based strength across non-interest revenue streams," Hillebrand continued. "Highlighted by growth in our mortgage and brokerage businesses, our diversified sources of fee income continue to make meaningful contributions. While Wealth Management & Trust (WM&T) income declined compared to the prior-year quarter, assets under management increased for the second consecutive quarter following three quarters of decline. We are encouraged by the growth in net new business during the third quarter and the strength of the teams we have assembled. Recent strategic hires are already contributing to business development ahead of expectations, and we remain confident about the continued trajectory of our WM&T group as they continue to gain traction and help drive future growth."

As of September 30, 2025, the Company had $9.31 billion in assets, $6.93 billion in loans and $7.64 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 expected to be opened by the end of the year, which will expand the Company's footprint into Bardstown, Kentucky and Liberty Township, Ohio, a suburb of Cincinnati.

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

* Total loans increased $651 million, or 10%, over the last 12 months, while growing $79 million, or 1%, on the linked quarter. Broad-based loan growth during the quarter included increases in all markets for the sixth consecutive quarter and was well spread amongst categories. Commercial real estate loan growth of $403 million led all categories, with the C&I, residential real estate and HELOC segments also contributing to year over year growth. The yield earned on total loans ended at 6.19% for the third quarter of 2025, with yield expansion and strong average balance growth driving a 2-basis point increase compared to the same period in 2024.

* Deposit balances expanded $918 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. Interest-bearing deposits grew $837 million, or 16%, led in large part by time deposit growth, while non-interest bearing deposits increased $81 million, or 5%. On the linked quarter, total deposits expanded $137 million, or 2%. Non-interest-bearing demand accounts increased $74 million, or 5%, while total interest-bearing deposit accounts increased $63 million, or 1%, led by time deposit growth.

* Net interest income increased $12.1 million, or 19%, for the third quarter of 2025 compared to the third quarter a year ago. Net interest margin expanded 23 basis points to 3.56% for the third quarter of 2025 compared to the third quarter of the prior year, driven by significant 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 $3.6 million, or 5%, while net interest margin expanded 3 basis points, boosted by continued loan growth and higher yields on interest earning assets, which outpaced a minor increase in the cost of funds.

* Provision for credit loss on loans expense<sup>(1)</sup> of $1.6 million was recorded for the third quarter of 2025, primarily attributed to solid loan growth and minor increases in specific reserve allocations. Traditional credit quality statistics remained strong at quarter-end.

* Non-interest income decreased $321,000, or 1%, over the third quarter of 2024, and increased $128,000, or 1%, on the linked quarter.

* Total non-interest expenses increased $5.4 million, or 11%, during the third quarter of 2025 compared to the third quarter of 2024, and increased $1.1 million, or 2%, on the linked quarter.

* Tangible common equity per share<sup>(3)</sup> was $28.30 on September 30, 2025, compared to $27.06 on June 30, 2025, and $24.58 on September 30, 2024.

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

Net interest income, the Company's largest source of revenue, increased by $12.1 million, or 19%, to $77.0 million. Significant average earning asset balance growth and improved yields led to strong interest income expansion.

* Total interest income increased by $14.6 million, or 14%, to $120 million. Interest income and fees on loans increased $11.5 million, or 12%, over the prior year quarter. Driven by the $699 million, or 11%, increase in average loans in addition to interest rate expansion, the average quarterly yield earned on loans increased 2 basis points over the past 12 months to 6.19%.Interest income on securities increased $123,000, or 2%, compared to the third quarter of 2024. While average securities balances declined $188 million, or 13%, the rate earned on securities improved 35 basis points to 2.42%, as a portion of lower-yielding investment maturities were reinvested at higher short-term rates over the past 12 months. Cash flows from the investment portfolio, including larger, recent scheduled maturities, have been primarily utilized to fund loan growth and provide liquidity consistent with current balance sheet management strategies.Average overnight funds increased $300 million for the third quarter of 2025 compared to the same period of the prior year, driving a $3.1 million, or 157%, increase in corresponding interest income despite rate reductions enacted by the Federal Reserve in mid-September and late 2024. 

* Total interest expense increased $2.5 million, or 6%, to $43.2 million, but the cost of interest-bearing liabilities decreased 18 basis points to 2.66%. Interest expense on deposits increased $5.3 million, or 16% 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 third quarter. The overall cost of interest-bearing deposits decreased to 2.60% for the third quarter of 2025 from 2.68% for the third quarter of 2024.As a result of strong interest-bearing deposit growth over the past 12 months, average FHLB advance balances declined $161 million, or 35%, resulting in a $2.3 million, or 45%, decrease in corresponding interest expense compared to the third quarter of 2024, with the related cost of funds declining 70 basis points to 3.80% over the same period. 

The Company recorded provision for credit losses on loans<sup>(1)</sup> expense of $1.6 million for the third quarter of 2025, consistent with strong loan growth, a slightly improved economic forecast, minor increases specific reserve allocations, and net charge offs of $112,000. Additionally, the Company recorded a $425,000 expense for off balance sheet exposures for the third quarter of 2025 associated with increased availability related to Construction & Land Development lines of credit. For the third quarter of 2024, the Company recorded $4.3 million in provision for credit losses on loans and no provision for credit losses on off balance sheet exposures.

Non-interest income decreased $321,000, or 1%, to $24.5 million compared to the third quarter of 2024.

* WM&T income ended the third quarter of 2025 at $10.7 million, a decrease of $227,000, or 2%, over the third quarter of 2024, which was attributed to a decline in non-recurring estate fees compared to the prior period. However, assets under management increased $163 million, or 2%, compared to the third quarter of 2024. The third quarter of 2025 marked the second consecutive quarter of AUM expansion, driven by positive market returns and the momentum of a reloaded sales team.

* Compared to the third quarter of 2024, treasury management fees decreased $16,000, or 1%, to $2.9 million. While international activity remains below last year's elevated levels, new product sales and broad fee increases that were implemented toward the end of the first quarter have helped treasury management revenue stay in line with the record year experienced in 2024.

* Card income decreased $74,000, or 1%, over the third quarter of 2024, driven by lower transaction volumes. Credit card income benefited from VISA's annual volume and marketing incentives, which are paid in the third quarter of each year and totaled approximately $140,000 in both the third quarter of 2025 and the third quarter of 2024.

* Mortgage banking income increased $140,000, or 13% over the third quarter of 2024.

* Brokerage income grew $197,000, or 22%, to a record $1.1 million, attributed to the addition of a new broker and the benefit of portfolios shifting to more profitable wrap fee-based business.

* Other non-interest income, which primarily includes swap fees, letter of credit fees and OREO activity, decreased $364,000 over the third quarter of 2024. The variance from the third quarter of 2024 was attributed mainly to swap fee income. No swap fee income was recorded during the third quarter of 2025, compared to $380,000 in swap fee income during the third quarter of 2024.

Non-interest expenses increased by $5.4 million, or 11%, to $53.8 million, compared to the third quarter of 2024.

* Compensation expense increased $3.3 million, or 13%, compared to the third 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 $249,000, or 5%, compared to the third quarter of 2024, primarily due to increases in health insurance claims and FICA expense.

* Net occupancy and equipment expenses increased $311,000, or 8%, over the third quarter of 2024, attributed mainly to increased rent and depreciation expense.

* Marketing and business development expense increased $449,000, or 31%, compared to the third quarter of 2024. The quarter over prior year quarter increase relates to elevated advertising expense tied primarily to various bank initiatives in addition to increased customer entertainment and sponsorship expenses.

* Other non-interest expenses increased $437,000, or 23%, compared to the third quarter of 2024, primarily attributed to higher credit card rewards and to a lesser extent, increased insurance costs.

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

Total assets increased $870 million, or 10%, year over year to $9.31 billion.

Total loans increased $651 million, or 10%, to $6.93 billion, with growth spread across segments and markets. Total line of credit usage ended at 47% as of September 30, 2025, compared to 43% as of September 30, 2024. C&I line of credit usage expanded to 37% as of period end, compared to 32% as of September 30, 2024.

Total investment securities decreased $296 million, or 24%, year over year. During the third quarter of 2025, $250 million in short-term Treasury Bills that had previously been utilized for seasonal collateral pledging purposes matured and were not reinvested, providing liquidity and funding for continued loan growth consistent with current balance sheet management strategies.

Total deposits increased $918 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 $837 million, or 16%, led primarily by time deposit growth. Non-interest-bearing demand accounts increased $81 million, or 5%.

Non-performing loans totaled $18.7 million, or 0.27% of total loans outstanding on September 30, 2025, compared to $17.2 million, or 0.27% of total loans outstanding on September 30, 2024. The ratio of allowance for credit losses to loans ended at 1.33% on September 30, 2025, compared to 1.36% on September 30, 2024.

As of September 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 11.19% and the tangible common equity ratio<sup>(</sup><sup>3</sup><sup>)</sup> was 9.16% on September 30, 2025, compared to 11.07% and 8.79% on September 30, 2024, respectively.

In August 2025, the board of directors increased its quarterly cash dividend to $0.32 per common share. The dividend was paid October 1, 2025, to shareholders of record as of September 15, 2025.

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

Net interest margin expanded 3 basis points on the linked quarter to 3.56%, boosted by strong loan growth and higher interest earning asset yields, which more than offset a minor increase in cost of funds.

Net interest income increased $3.6 million, or 5%, over the prior quarter to $77.0 million.

* Total interest income increased $5.3 million, or 5%. Interest income on loans, including fees, increased $4.2 million, or 4%. Average loans increased $127 million, or 2%, and the corresponding yield earned increased to 6.19%. 

* Total interest expense increased $1.7 million, or 4%. Interest expense on deposits increased $1.8 million, or 5%, led by $181 million, or 3%, of average interest-bearing deposit growth. Over half of the average balance growth was attributed to 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 third quarter of 2025, the Company recorded $1.6 million in provision for credit losses on loans<sup>(1)</sup> and a $425,000 provision expense for off balance sheet exposures. During the second quarter of 2025, the Company recorded $2.3 million in provision for credit losses on loans and a $75,000 credit to expense for off balance sheet exposures.

Non-interest income increased $128,000, or 1%, on the linked quarter, to $24.5 million. While increases were seen for most non-interest revenue streams on the linked quarter, non-interest income growth continued to be challenged in the third quarter of 2025. Largely offsetting the increases noted above was a $613,000, or 52%, decline in other non-interest income, as 2Q25 benefitted from non-recurring activity that included $557,000 of swap fees collected and a $74,000 gain on the sale of premises and equipment related mainly to the sale of a property owned by the Bank as a result of a prior acquisition.

Non-interest expenses increased $1.1 million, or 2% on the linked quarter to $53.8 million, largely due to increases in compensation expense related to higher bonus accrual levels tied to strong year-to-date operating results.

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

Total assets increased $98 million, or 1%, on the linked quarter to $9.31 billion.

Total loans expanded $79 million, or 1%, on the linked quarter, with every market contributing to the growth. The CRE segment was the primary driver of growth for the quarter, increasing $38 million, or 1%, while the residential real estate segment grew $26 million, or 2%. Total line of credit usage was 47% as of September 30, 2025, compared to 48% as of June 30, 2025. C&I line of credit usage was 37% as of September 30, 2025, unchanged from June 30, 2025. While C&I line of credit utilization was flat and overall line of credit utilization experienced a slight decline over the linked quarter, utilization trends remain positive and well above the same period of the prior year.

Total deposits increased $137 million, or 2%, on the linked quarter. Non-interest-bearing demand accounts increased $74 million, or 5%, while total interest-bearing deposit accounts increased $63 million, or 1%.

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

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $9.31 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.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |
| **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** |
| *(In thousands unless otherwise noted)* | *(In thousands unless otherwise noted)* | *(In thousands unless otherwise noted)* | *(In thousands unless otherwise noted)* | *(In thousands unless otherwise noted)* |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Income Statement Data** | **2025** | **2024** | **2025** | **2024** |
| Net interest income, fully tax equivalent (5) | $77119 | $65064 | $221315 | $187344 |
| Interest income: |  |  |  |  |
| Loans | $107207 | $95689 | $309816 | $271547 |
| Federal funds sold and interest bearing due from banks | 5003 | 1946 | 9734 | 6199 |
| Mortgage loans held for sale | 74 | 47 | 229 | 152 |
| Federal Home Loan Bank stock | 488 | 663 | 1682 | 1601 |
| Investment securities | 7500 | 7377 | 24977 | 23072 |
| Total interest income | 120272 | 105722 | 346438 | 302571 |
| Interest expense: |  |  |  |  |
| Deposits | 39294 | 33997 | 111386 | 97486 |
| Securities sold under agreements to repurchase | 588 | 937 | 2027 | 2639 |
| Federal funds purchased | 72 | 120 | 214 | 395 |
| Federal Home Loan Bank advances | 2870 | 5209 | 10519 | 13469 |
| Subordinated debentures | 411 | 480 | 1230 | 1511 |
| Total interest expense | 43235 | 40743 | 125376 | 115500 |
| Net interest income | 77037 | 64979 | 221062 | 187071 |
| Provision for credit losses (1) | 1975 | 4325 | 5050 | 7050 |
| Net interest income after provision for credit losses | 75062 | 60654 | 216012 | 180021 |
| Non-interest income: |  |  |  |  |
| Wealth management and trust services | 10704 | 10931 | 31834 | 32497 |
| Deposit service charges | 2281 | 2314 | 6429 | 6630 |
| Debit and credit card income | 5009 | 5083 | 14354 | 14688 |
| Treasury management fees | 2923 | 2939 | 8601 | 8389 |
| Mortgage banking income | 1252 | 1112 | 3263 | 3077 |
| Net investment product sales commissions and fees | 1112 | 915 | 3102 | 2580 |
| Bank owned life insurance | 631 | 634 | 1882 | 1817 |
| Gain on sale of premises and equipment | - | (59) | 74 | (39) |
| Other | 564 | 928 | 2281 | 2084 |
| Total non-interest income | 24476 | 24797 | 71820 | 71723 |
| Non-interest expenses: |  |  |  |  |
| Compensation | 28836 | 25534 | 82047 | 74389 |
| Employee benefits | 4878 | 4629 | 15993 | 15591 |
| Net occupancy and equipment | 4086 | 3775 | 12234 | 11264 |
| Technology and communication | 4837 | 4500 | 14438 | 14463 |
| Debit and credit card processing | 1984 | 1845 | 5711 | 5402 |
| Marketing and business development | 1887 | 1438 | 5353 | 4109 |
| Postage, printing and supplies | 910 | 901 | 2816 | 2740 |
| Legal and professional | 891 | 968 | 2886 | 3268 |
| FDIC insurance | 1198 | 1095 | 3681 | 3368 |
| Capital and deposit based taxes | 1082 | 825 | 2520 | 2128 |
| Intangible amortization | 915 | 1052 | 2744 | 3155 |
| Other | 2327 | 1890 | 7135 | 6645 |
| Total non-interest expenses | 53831 | 48452 | 157558 | 146522 |
| Income before income tax expense | 45707 | 36999 | 130274 | 105222 |
| Income tax expense | 9466 | 7639 | 26738 | 22377 |
| Net income | $36241 | $29360 | $103536 | $82845 |
| Net income per share - Basic | $1.23 | $1.00 | $3.53 | $2.83 |
| Net income per share - Diluted | 1.23 | 1.00 | 3.51 | 2.82 |
| Cash dividend declared per share | 0.32 | 0.31 | 0.94 | 0.91 |
| Weighted average shares - Basic | 29369 | 29299 | 29360 | 29267 |
| Weighted average shares - Diluted | 29526 | 29445 | 29511 | 29372 |
|  |  |  | **September 30,** | **September 30,** |
| **Balance Sheet Data** |  |  | **2025** | **2024** |
| Investment securities |  |  | $940639 | $1236744 |
| Loans |  |  | 6929456 | 6278133 |
| Allowance for credit losses on loans |  |  | 92160 | 85343 |
| Total assets |  |  | 9307376 | 8437280 |
| Non-interest bearing deposits |  |  | 1589159 | 1508203 |
| Interest bearing deposits |  |  | 6054813 | 5217870 |
| Federal Home Loan Bank advances |  |  | 300000 | 325000 |
| Accumulated other comprehensive loss |  |  | (67622) | (75273) |
| Stockholders' equity |  |  | 1041144 | 934094 |
| Total shares outstanding |  |  | 29474 | 29414 |
| Book value per share (3) |  |  | $35.32 | $31.76 |
| Tangible common equity per share (3) |  |  | 28.30 | 24.58 |
| Market value per share |  |  | 69.99 | 61.99 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |
| **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Average Balance Sheet Data** | **2025** | **2024** | **2024** | **2025** | **2024** | **2024** |
| Federal funds sold and interest bearing due from banks | $448969 | $| 148818 | $294033 | $| 153755 |
| Mortgage loans held for sale | 6051 | 4862 | 4862 | 6310 | 5230 | 5230 |
| Investment securities | 1236715 | 1424815 | 1424815 | 1342742 | 1498092 | 1498092 |
| Federal Home Loan Bank stock | 21125 | 31193 | 31193 | 24756 | 27364 | 27364 |
| Loans | 6873559 | 6174309 | 6174309 | 6740318 | 5986366 | 5986366 |
| Total interest earning assets | 8586419 | 7783997 | 7783997 | 8408159 | 7670807 | 7670807 |
| Total assets | 9216803 | 8384605 | 8384605 | 9033780 | 8262017 | 8262017 |
| Non-interest bearing deposits | 1540029 | 1510515 | 1510515 | 1485519 | 1508947 | 1508947 |
| Interest bearing deposits | 6001275 | 5047771 | 5047771 | 5806932 | 5026185 | 5026185 |
| Total deposits | 7541304 | 6558286 | 6558286 | 7292451 | 6535132 | 6535132 |
| Securities sold under agreements to repurchase | 104640 | 156865 | 156865 | 130507 | 156392 | 156392 |
| Federal funds purchased | 6689 | 8480 | 8480 | 6605 | 9585 | 9585 |
| Federal Home Loan Bank advances | 300000 | 461141 | 461141 | 356044 | 392609 | 392609 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26806 | 26802 | 26802 |
| Total interest bearing liabilities | 6439410 | 5701063 | 5701063 | 6326894 | 5611573 | 5611573 |
| Accumulated other comprehensive loss | (75659) | (88362 | (88362) | (82043) | (94560 | (94560) |
| Total stockholders' equity | 1015478 | 910274 | 910274 | 983665 | 883267 | 883267 |
| **Performance Ratios** |  |  |  |  |  |  |
| Annualized return on average assets (4) | 1.56% | 1.39 | 1.39% | 1.53% | 1.34 | 1.34% |
| Annualized return on average equity (4) | 14.16% | 12.83 | 12.83% | 14.07% | 12.53 | 12.53% |
| Net interest margin, fully tax equivalent | 3.56% | 3.33 | 3.33% | 3.52% | 3.26 | 3.26% |
| Non-interest income to total revenue, fully tax equivalent | 24.09% | 27.59 | 27.59% | 24.50% | 27.69 | 27.69% |
| Efficiency ratio, fully tax equivalent (2) | 52.99% | 53.92 | 53.92% | 53.75% | 56.56 | 56.56% |
| **Capital Ratios** |  |  |  |  |  |  |
| Total stockholders' equity to total assets (3) |  |  |  | 11.19% | 11.07 | 11.07% |
| Tangible common equity to tangible assets (3) |  |  |  | 9.16% | 8.79 | 8.79% |
| Average stockholders' equity to average assets |  |  |  | 10.89% | 10.69 | 10.69% |
| Total risk-based capital |  |  |  | 13.17% | 12.73 | 12.73% |
| Common equity tier 1 risk-based capital |  |  |  | 11.59% | 11.16 | 11.16% |
| Tier 1 risk-based capital |  |  |  | 11.92% | 11.52 | 11.52% |
| Leverage |  |  |  | 10.24% | 10.05 | 10.05% |
| **Loan Segmentation** |  |  |  |  |  |  |
| Commercial real estate - non-owner occupied |  |  |  | $1947892 | $| 1686448 |
| Commercial real estate - owner occupied |  |  |  | 1091134 | 949538 | 949538 |
| Commercial and industrial |  |  |  | 1490149 | 1379293 | 1379293 |
| Residential real estate - owner occupied |  |  |  | 873540 | 783337 | 783337 |
| Residential real estate - non-owner occupied |  |  |  | 394429 | 381051 | 381051 |
| Construction and land development |  |  |  | 675052 | 674918 | 674918 |
| Home equity lines of credit |  |  |  | 271017 | 236819 | 236819 |
| Consumer |  |  |  | 142149 | 143684 | 143684 |
| Leases |  |  |  | 18517 | 16760 | 16760 |
| Credit cards |  |  |  | 25577 | 26285 | 26285 |
| Total loans and leases |  |  |  | $6929456 | $| 6278133 |
| **Deposit Segmentation** |  |  |  |  |  |  |
| Interest bearing demand |  |  |  | $2573204 | $| 2361192 |
| Savings |  |  |  | 420614 | 420772 | 420772 |
| Money market |  |  |  | 1341727 | 1259484 | 1259484 |
| Time deposits |  |  |  | 1719268 | 1176422 | 1176422 |
| Non-Interest bearing deposits |  |  |  | 1589159 | 1508203 | 1508203 |
| Total deposits |  |  |  | $7643972 | $| 6726073 |
| **Asset Quality Data** |  |  |  |  |  |  |
| Non-accrual loans |  |  |  | $18559 | $| 16288 |
| Modifications to borrowers experiencing financial difficulty |  |  |  | - | - | - |
| Loans past due 90 days or more and still accruing |  |  |  | 100 | 870 | 870 |
| Total non-performing loans |  |  |  | 18659 | 17158 | 17158 |
| Other real estate owned |  |  |  | 190 | 10 | 10 |
| Total non-performing assets |  |  |  | $18849 | $| 17168 |
| Non-performing loans to total loans |  |  |  | 0.27% | 0.27 | 0.27% |
| Non-performing assets to total assets |  |  |  | 0.20% | 0.20 | 0.20% |
| Allowance for credit losses on loans to total loans |  |  |  | 1.33% | 1.36 | 1.36% |
| Allowance for credit losses on loans to average loans |  |  |  | 1.34% | 1.43 | 1.43% |
| Allowance for credit losses on loans to non-performing loans |  |  |  | 494% | 497 | 497% |
| Net (charge-offs) recoveries | $(112) | $| (1137) | $517 | $| (606) |
| Net (charge-offs) recoveries to average loans (6) | 0.00% | -0.02% | -0.02% | 0.01% | -0.01% | -0.01% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |
| **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Income Statement Data** | **9-30-25** | **6-30-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Net interest income, fully tax equivalent (5) | $77119 | $73560 | $70636 | $70057 | $65064 |
| Net interest income | $77037 | $73473 | $70552 | $69969 | $64979 |
| Provision for credit losses (1) | 1975 | 2175 | 900 | 2675 | 4325 |
| Net interest income after provision for credit losses | 75062 | 71298 | 69652 | 67294 | 60654 |
| Non-interest income: |  |  |  |  |  |
| Wealth management and trust services | 10704 | 10483 | 10647 | 10346 | 10931 |
| Deposit service charges | 2281 | 2069 | 2079 | 2276 | 2314 |
| Debit and credit card income | 5009 | 4837 | 4508 | 5394 | 5083 |
| Treasury management fees | 2923 | 3005 | 2673 | 2675 | 2939 |
| Mortgage banking income | 1252 | 1094 | 917 | 781 | 1112 |
| Net investment product sales commissions and fees | 1112 | 980 | 1010 | 991 | 915 |
| Bank owned life insurance | 631 | 629 | 622 | 626 | 634 |
| Gain (loss) on sale of premises and equipment | - | 74 | - | (61) | (59) |
| Other | 564 | 1177 | 540 | 479 | 928 |
| Total non-interest income | 24476 | 24348 | 22996 | 23507 | 24797 |
| Non-interest expenses: |  |  |  |  |  |
| Compensation | 28836 | 27279 | 25932 | 26453 | 25534 |
| Employee benefits | 4878 | 5330 | 5785 | 4677 | 4629 |
| Net occupancy and equipment | 4086 | 4025 | 4123 | 3929 | 3775 |
| Technology and communication | 4837 | 4773 | 4828 | 4744 | 4500 |
| Debit and credit card processing | 1984 | 1908 | 1819 | 1860 | 1845 |
| Marketing and business development | 1887 | 1951 | 1515 | 2815 | 1438 |
| Postage, printing and supplies | 910 | 937 | 969 | 905 | 901 |
| Legal and professional | 891 | 1088 | 907 | 843 | 968 |
| FDIC insurance | 1198 | 1260 | 1223 | 1171 | 1095 |
| Capital and deposit based taxes | 1082 | 738 | 700 | 653 | 825 |
| Intangible amortization | 915 | 915 | 914 | 1330 | 1052 |
| Other | 2327 | 2496 | 2312 | 2277 | 1890 |
| Total non-interest expenses | 53831 | 52700 | 51027 | 51657 | 48452 |
| Income before income tax expense | 45707 | 42946 | 41621 | 39144 | 36999 |
| Income tax expense | 9466 | 8922 | 8350 | 7450 | 7639 |
| Net income | $36241 | $34024 | $33271 | $31694 | $29360 |
| Net income per share - Basic | $1.23 | $1.16 | $1.13 | $1.08 | $1.00 |
| Net income per share - Diluted | 1.23 | 1.15 | 1.13 | 1.07 | 1.00 |
| Cash dividend declared per share | 0.32 | 0.31 | 0.31 | 0.31 | 0.31 |
| Weighted average shares - Basic | 29369 | 29364 | 29349 | 29319 | 29299 |
| Weighted average shares - Diluted | 29526 | 29505 | 29501 | 29493 | 29445 |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Balance Sheet Data** | **9-30-25** | **6-30-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Cash and due from banks | $84357 | $97606 | $110156 | $78925 | $108825 |
| Federal funds sold and interest bearing due from banks | 671932 | 353806 | 293580 | 212095 | 144241 |
| Mortgage loans held for sale | 6045 | 5014 | 7797 | 6286 | 4822 |
| Investment securities | 940639 | 1221842 | 1246690 | 1360285 | 1236744 |
| Federal Home Loan Bank stock | 20717 | 22839 | 29315 | 21603 | 29419 |
| Loans | 6929456 | 6850273 | 6646360 | 6520402 | 6278133 |
| Allowance for credit losses on loans | 92160 | 90722 | 88814 | 86943 | 85343 |
| Goodwill | 194074 | 194074 | 194074 | 194074 | 194074 |
| Total assets | 9307376 | 9208986 | 8997478 | 8863419 | 8437280 |
| Non-interest bearing deposits | 1589159 | 1514924 | 1499383 | 1456138 | 1508203 |
| Interest bearing deposits | 6054813 | 5991826 | 5794583 | 5710263 | 5217870 |
| Securities sold under agreements to repurchase | 73149 | 126576 | 151424 | 162967 | 149852 |
| Federal funds purchased | 6729 | 6709 | 6540 | 6525 | 6442 |
| Federal Home Loan Bank advances | 300000 | 300000 | 300000 | 300000 | 325000 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26806 | 26806 |
| Accumulated other comprehensive income loss | (67622) | (75311) | (79840) | (91151) | (75273) |
| Stockholders' equity | 1041144 | 1005704 | 975473 | 940476 | 934094 |
| Total shares outstanding | 29474 | 29473 | 29469 | 29431 | 29414 |
| Book value per share (3) | $35.32 | $34.12 | $33.10 | $31.96 | $31.76 |
| Tangible common equity per share (3) | 28.30 | 27.06 | 26.01 | 24.82 | 24.58 |
| Market value per share | 69.99 | 78.98 | 69.09 | 71.61 | 61.99 |
| **Capital Ratios** |  |  |  |  |  |
| Total stockholders' equity to total assets (3) | 11.19% | 10.92% | 10.84% | 10.61% | 11.07% |
| Tangible common equity to tangible assets (3) | 9.16% | 8.86% | 8.72% | 8.44% | 8.79% |
| Average stockholders' equity to average assets | 11.02% | 10.91% | 10.73% | 10.76% | 10.86% |
| Total risk-based capital | 13.17% | 12.91% | 12.85% | 12.73% | 12.73% |
| Common equity tier 1 risk-based capital | 11.59% | 11.32% | 11.25% | 11.17% | 11.16% |
| Tier 1 risk-based capital | 11.92% | 11.66% | 11.60% | 11.52% | 11.52% |
| Leverage | 10.24% | 10.17% | 9.98% | 9.94% | 10.05% |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** | **Stock Yards Bancorp, Inc. Financial Information (unaudited)** |
| **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** | **Third Quarter 2025 Earnings Release** |
|  | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** | **Quarterly Comparison** |
| **Average Balance Sheet Data** | **9-30-25** | **9-30-25** | **6-30-25** | **3-31-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Federal funds sold and interest bearing due from banks | $| 448969 | $249738 | $| 180439 | $251209 | $148818 |
| Mortgage loans held for sale | 6051 | 6051 | 7145 | 5732 | 5732 | 6335 | 4862 |
| Investment securities | 1236715 | 1236715 | 1337994 | 1455926 | 1455926 | 1436748 | 1424815 |
| Federal Home Loan Bank stock | 21125 | 21125 | 22413 | 30838 | 30838 | 23475 | 31193 |
| Loans | 6873559 | 6873559 | 6746973 | 6597388 | 6597388 | 6381869 | 6174309 |
| Total interest earning assets | 8586419 | 8586419 | 8364263 | 8270323 | 8270323 | 8099636 | 7783997 |
| Total assets | 9216803 | 9216803 | 8987084 | 8893907 | 8893907 | 8718416 | 8384605 |
| Non-interest bearing deposits | 1540029 | 1540029 | 1489188 | 1426088 | 1426088 | 1492624 | 1510515 |
| Interest bearing deposits | 6001275 | 6001275 | 5820314 | 5594740 | 5594740 | 5531441 | 5047771 |
| Total deposits | 7541304 | 7541304 | 7309502 | 7020828 | 7020828 | 7024065 | 6558286 |
| Securities sold under agreement to repurchase | 104640 | 104640 | 128493 | 158985 | 158985 | 148414 | 156865 |
| Federal funds purchased | 6689 | 6689 | 6610 | 6514 | 6514 | 6508 | 8480 |
| Federal Home Loan Bank advances | 300000 | 300000 | 303297 | 466667 | 466667 | 300000 | 461141 |
| Subordinated debentures | 26806 | 26806 | 26806 | 26806 | 26806 | 26806 | 26806 |
| Total interest bearing liabilities | 6439410 | 6439410 | 6285520 | 6253712 | 6253712 | 6013169 | 5701063 |
| Accumulated other comprehensive loss | (75659 | (75659) | (83970) | (86622 | (86622) | (81585) | (88362) |
| Total stockholders' equity | 1015478 | 1015478 | 980803 | 954040 | 954040 | 937782 | 910274 |
| **Performance Ratios** |  |  |  |  |  |  |  |
| Annualized return on average assets (4) | 1.56 | 1.56% | 1.52% | 1.52 | 1.52% | 1.45% | 1.39% |
| Annualized return on average equity (4) | 14.16 | 14.16% | 13.91% | 14.14 | 14.14% | 13.45% | 12.83% |
| Net interest margin, fully tax equivalent | 3.56 | 3.56% | 3.53% | 3.46 | 3.46% | 3.44% | 3.33% |
| Non-interest income to total revenue, fully tax equivalent | 24.09 | 24.09% | 24.87% | 24.56 | 24.56% | 25.12% | 27.59% |
| Efficiency ratio, fully tax equivalent (2) | 52.99 | 52.99% | 53.83% | 54.50 | 54.50% | 55.21% | 53.92% |
| **Loans Segmentation** |  |  |  |  |  |  |  |
| Commercial real estate - non-owner occupied | $| 1947892 | $1989982 | $| 1870352 | $1835935 | $1686448 |
| Commercial real estate - owner occupied | 1091134 | 1091134 | 1010692 | 1004774 | 1004774 | 1002853 | 949538 |
| Commercial and industrial | 1490149 | 1490149 | 1491143 | 1463746 | 1463746 | 1438654 | 1379293 |
| Residential real estate - owner occupied | 873540 | 873540 | 851284 | 813823 | 813823 | 805080 | 783337 |
| Residential real estate - non-owner occupied | 394429 | 394429 | 390784 | 381429 | 381429 | 382744 | 381051 |
| Construction and land development | 675052 | 675052 | 671011 | 679345 | 679345 | 623005 | 674918 |
| Home equity lines of credit | 271017 | 271017 | 263826 | 252125 | 252125 | 247433 | 236819 |
| Consumer | 142149 | 142149 | 140715 | 140009 | 140009 | 144644 | 143684 |
| Leases | 18517 | 18517 | 14563 | 14460 | 14460 | 15514 | 16760 |
| Credit cards | 25577 | 25577 | 26273 | 26297 | 26297 | 24540 | 26285 |
| Total loans and leases | $| 6929456 | $6850273 | $| 6646360 | $6520402 | $6278133 |
| **Deposit Segmentation** |  |  |  |  |  |  |  |
| Interest bearing demand | $| 2573204 | $2520405 | $| 2545858 | $2649142 | $2361192 |
| Savings | 420614 | 420614 | 424985 | 429171 | 429171 | 419355 | 420772 |
| Money market | 1341727 | 1341727 | 1385845 | 1343031 | 1343031 | 1403978 | 1259484 |
| Time deposits | 1719268 | 1719268 | 1660591 | 1476523 | 1476523 | 1237788 | 1176422 |
| Non-Interest bearing deposits | 1589159 | 1589159 | 1514924 | 1499383 | 1499383 | 1456138 | 1508203 |
| Total deposits | $| 7643972 | $7506750 | $| 7293966 | $7166401 | $6726073 |
| **Asset Quality Data** |  |  |  |  |  |  |  |
| Non-accrual loans | $| 18559 | $17650 | $| 15865 | $21727 | $16288 |
| Modifications to borrowers experiencing financial difficulty | - | - | - | - | - | - | - |
| Loans past due 90 days or more and still accruing | 100 | 100 | 378 | 283 | 283 | 487 | 870 |
| Total non-performing loans | 18659 | 18659 | 18028 | 16148 | 16148 | 22214 | 17158 |
| Other real estate owned | 190 | 190 | 10 | 85 | 85 | 10 | 10 |
| Total non-performing assets | $| 18849 | $18038 | $| 16233 | $22224 | $17168 |
| Non-performing loans to total loans | 0.27 | 0.27% | 0.26% | 0.24 | 0.24% | 0.34% | 0.27% |
| Non-performing assets to total assets | 0.20 | 0.20% | 0.20% | 0.18 | 0.18% | 0.25% | 0.20% |
| Allowance for credit losses on loans to total loans | 1.33 | 1.33% | 1.32% | 1.34 | 1.34% | 1.33% | 1.36% |
| Allowance for credit losses on loans to average loans | 1.34 | 1.34% | 1.34% | 1.35 | 1.35% | 1.36% | 1.38% |
| Allowance for credit losses on loans to non-performing loans | 494 | 494% | 503% | 550 | 550% | 391% | 497% |
| Net (charge-offs) recoveries | $| (112) | $(342) | $| 971 | $(625) | $(1137) |
| Net (charge-offs) recoveries to average loans (6) | 0.00 | 0.00% | -0.01% | 0.01 | 0.01% | -0.01% | -0.02% |
| **Other Information** |  |  |  |  |  |  |  |
| Total WM&T assets under management (in millions) | $| 7480 | $7193 | $| 6804 | $7066 | $7317 |
| Full-time equivalent employees | 1140 | 1140 | 1118 | 1089 | 1089 | 1080 | 1068 |
| *(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:* | *(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** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(in thousands)* | **9-30-25** | **9-30-25** | **6-30-25** | **3-31-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Provision for credit losses - loans | $| 1550 | $2250 | $| 900 | $2225 | $4325 |
| Provision for credit losses - off balance sheet exposures | 425 | 425 | (75) | - | - | 450 | - |
| Total provision for credit losses | $| 1975 | $2175 | $| 900 | $2675 | $4325 |
| *(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.* | *(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** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(Dollars in thousands)* | **9-30-25** | **9-30-25** | **6-30-25** | **3-31-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Total non-interest expenses (a) | $| 53831 | $52700 | $| 51027 | $51657 | $48452 |
| Total net interest income, fully tax equivalent | $| 77119 | $73560 | $| 70636 | $70057 | $65064 |
| Total non-interest income | 24476 | 24476 | 24348 | 22996 | 22996 | 23507 | 24797 |
| Total revenue - Non-GAAP (b) | 101595 | 101595 | 97908 | 93632 | 93632 | 93564 | 89861 |
| Efficiency ratio - Non-GAAP (a/b) | 52.99 | 52.99% | 53.83% | 54.50 | 54.50% | 55.21% | 53.92% |
| *(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:* | *(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** | **Quarterly Comparison** | **Quarterly Comparison** |
| *(In thousands, except per share data)* | **9-30-25** | **9-30-25** | **6-30-25** | **3-31-25** | **3-31-25** | **12-31-24** | **9-30-24** |
| Total stockholders' equity - GAAP (a) | $| 1041144 | $1005704 | $| 975473 | $940476 | $934094 |
| Less: Goodwill | (194074 | (194074) | (194074) | (194074 | (194074) | (194074) | (194074) |
| Less: Core deposit and other intangibles | (13074 | (13074) | (13989) | (14904 | (14904) | (15818) | (17149) |
| Tangible common equity - Non-GAAP (c) | $| 833996 | $797641 | $| 766495 | $730584 | $722871 |
| Total assets - GAAP (b) | $| 9307376 | $9208986 | $| 8997478 | $8863419 | $8437280 |
| Less: Goodwill | (194074 | (194074) | (194074) | (194074 | (194074) | (194074) | (194074) |
| Less: Core deposit and other intangibles | (13074 | (13074) | (13989) | (14904 | (14904) | (15818) | (17149) |
| Tangible assets - Non-GAAP (d) | $| 9100228 | $9000923 | $| 8788500 | $8653527 | $8226057 |
| Total stockholders' equity to total assets - GAAP (a/b) | 11.19 | 11.19% | 10.92% | 10.84 | 10.84% | 10.61% | 11.07% |
| Tangible common equity to tangible assets - Non-GAAP (c/d) | 9.16 | 9.16% | 8.86% | 8.72 | 8.72% | 8.44% | 8.79% |
| Total shares outstanding (e) | 29474 | 29474 | 29473 | 29469 | 29469 | 29431 | 29414 |
| Book value per share - GAAP (a/e) | $| 35.32 | $34.12 | $| 33.10 | $31.96 | $31.76 |
| Tangible common equity per share - Non-GAAP (c/e) | 28.30 | 28.30 | 27.06 | 26.01 | 26.01 | 24.82 | 24.58 |
| *(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.* | *(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%.* | *(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.* | *(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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Contact:

T. Clay Stinnett

Executive Vice President,

Treasurer and Chief Financial Officer

(502) 625-0890