Stock Yards Bancorp, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with net income rising to $140.2 million, a 22% increase from $114.5 million in 2024. This growth translated to diluted earnings per share of $4.75, up from $3.89 in the previous year. Total revenue reached a record $397.6 million, surpassing the prior record of $352.6 million in 2024, driven by strong loan growth and a favorable interest rate environment. The net interest margin (NIM) also improved, increasing by 22 basis points to 3.53%, attributed to higher yields on earning assets and a decline in the cost of interest-bearing liabilities.
The company experienced solid loan growth of $521 million, or 8%, leading to total loans of $7.04 billion as of December 31, 2025. This growth was primarily driven by increases in commercial real estate and construction loans. Additionally, total deposits rose by $625 million, or 9%, to $7.79 billion, with interest-bearing deposits increasing significantly due to competitive time deposit offerings. The allowance for credit losses (ACL) on loans increased to $91.9 million, reflecting the company's proactive approach to managing credit risk amid a changing economic landscape.
Strategically, Stock Yards Bancorp expanded its branch network by opening new locations in Bardstown, Kentucky, and Liberty Township, Ohio, while also appointing a new market president in Bowling Green, Kentucky, to facilitate organic growth in south-central Kentucky. The company is also preparing for the acquisition of Field & Main Bancorp, expected to close in the second quarter of 2026, which will further enhance its market presence and service offerings.
Operationally, the company maintained a workforce of 1,123 full-time equivalent employees, with approximately 70% based in Louisville, Kentucky. The efficiency ratio improved to 53.41%, down from 56.20% in 2024, indicating better cost management relative to revenue growth. Looking ahead, Bancorp anticipates challenges in 2026, including potential pricing pressure on loans and deposits, as well as the need to navigate regulatory requirements associated with crossing the $10 billion asset threshold. The company remains focused on sustaining loan growth and expanding its footprint while managing costs effectively.
About Stock Yards Bancorp, Inc.
Stock Yards Bancorp, Inc. is a regional bank holding company based in Louisville, Kentucky, operating through its subsidiary, Stock Yards Bank & Trust. It provides retail and commercial banking services, including loans, deposits, and treasury management, alongside wealth management, investment, and trust services. The company focuses on community relationships, diversified revenue streams, and operational efficiency in markets across Kentucky, Indiana, and Ohio.
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