Announcement • 4h
Stock Yards Bancorp, Inc. announces Quarterly dividend, payable on October 01, 2026 Stock Yards Bancorp, Inc. announced Quarterly dividend of USD 0.3300 per share payable on October 01, 2026, ex-date on September 21, 2026 and record date on September 21, 2026. New Risk • Aug 05
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €586k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Aug 04
Insider recently sold €511k worth of stock On the 30th of July, Laura Wells sold around 7k shares on-market at roughly €74.95 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €877k more than they bought in the last 12 months. Reported Earnings • Jul 30
Second quarter 2026 earnings released: EPS: US$1.32 (vs US$1.16 in 2Q 2025) Second quarter 2026 results: EPS: US$1.32 (up from US$1.16 in 2Q 2025). Revenue: US$114.6m (up 20% from 2Q 2025). Net income: US$40.1m (up 18% from 2Q 2025). Profit margin: 35% (in line with 2Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.6%). Declared Dividend • May 25
First quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 15th June 2026 Payment date: 1st July 2026 Dividend yield will be 1.9%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
Stock Yards Bancorp, Inc. announces Quarterly dividend, payable on July 01, 2026 Stock Yards Bancorp, Inc. announced Quarterly dividend of USD 0.3200 per share payable on July 01, 2026, ex-date on June 15, 2026 and record date on June 15, 2026. Announcement • Mar 13
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 23, 2026 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 23, 2026. Announcement • Feb 25
Stock Yards Bancorp Declares Quarterly Cash Dividend of Common Share, Payable on April 1, 2026 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.32 per common share. The dividend will be paid on April 1, 2026, to stockholders of record as of March 16, 2026. Announcement • Dec 09
Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company Announces Executive Changes Stock Yards Bancorp, Inc. announced that William J. Otten will be promoted to Executive Vice President and Chief Credit Officer of Stock Yards Bancorp and Stock Yards Bank & Trust Company, effective April 1, 2026. This promotion follows William M. Dishman's decision to transition from his current role as Executive Vice President and Chief Credit Officer to Senior Credit Advisor on April 1, 2026, before retiring completely on October 15, 2026. Otten brings over 35 years of banking experience to his new role as Chief Credit Officer. He joined Stock Yards Bank in 2007 and has served as Director of Commercial Banking since 2014, driving commercial growth across the Company's regional footprint. Previously, he held leadership positions at Fifth Third Bank from 1987 to 2004 and Old National Bank from 2004 to 2007, including roles as Commercial Team Lead and Vice President and Senior Vice President of Commercial Banking. The Company also announced that John Hanks has been promoted to Director of Commercial Lending at Stock Yards Bank & Trust Company, bringing more than 35 years of banking experience to the role. He began his career in the management training program at Liberty National Bank and continued with its successor, Chase Bank, for nearly 15 years before joining Stock Yards Bank in 2004 as a Commercial Loan Officer. In 2017, Hanks was promoted to Division Manager in the Commercial Lending Department. A graduate of the University of Louisville, Hanks earned both a Bachelor of Science in Business Administration in 1989 and an MBA in 1994. William M. Dishman will transition from his role as Executive Vice President and Chief Credit Officer to Senior Credit Advisor on April 1, 2026, and retire on October 15, 2026. The Company also announced that John Hanks has been promoted to Director of Commercial Lending at Stock Yards Bank & Trust Company, bringing more than 35 years of banking experience to the role. He began his career in the management training program at Liberty National Bank and continued with its successor, Chase Bank, for nearly 15 years before joining Stock Yards Bank in 2004 as a Commercial Loan Officer. In 2017, Hanks was promoted to Division Manager in the Commercial Lending Department. A graduate of the University of Louisville, Hanks earned both a Bachelor of Science in Business Administration (1989) and an MBA (1994). Announcement • Dec 02
Stock Yards Bancorp, Inc. Appoints Rick Seadler as Bowling Green Market President Stock Yards Bancorp, Inc. has appointed Rick Seadler as Bowling Green Market President for company. With more than 35 years of banking experience, he has also held leadership roles in Louisville, Ky. and Nashville, Tenn. at Commerce Bank and National City Bank (PNC). Committed to the Bowling Green community, he has held leadership positions with the Bowling Green Area Chamber of Commerce, the WKU Foundation, the Hilltopper Athletic Foundation, Leadership Bowling Green 2000 class and the Capital Arts Alliance. A native of Louisville, Seadler holds a Bachelor of Science in Business Administration from Bellarmine University. Announcement • Nov 19
Stock Yards Bancorp Declares Quarterly Cash Dividend of Common Share, Payable on December 31, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.32 per common share. The dividend will be paid on December 31, 2025, to stockholders of record as of December 15, 2025. Announcement • Sep 03
Stock Yards Bancorp, Inc. Appoints Michael W. Woods as Principal Accounting Officer, Effective September 3, 2025 Stock Yards Bancorp, Inc. announced that Michael W. Woods has joined the Company as Principal Accounting Officer effective September 3, 2025. Michael Woods is a Certified Public Accountant with over 25 years of experience in financial reporting, internal control, and strategic planning. Before joining the Company, Mr. Woods served as SVP and Corporate Controller at Old National Bancorp starting in 2017, and held the role of Principal Accounting Officer of Old National Bancorp from 2017 to 2022. Before joining Old National Bancorp, Mr. Woods served in various financial and accounting roles at FirstMerit Corporation, KeyCorp, and other financial institutions, including as Co-Acting Corporate Controller of FirstMerit. Mr. Woods holds a bachelor’s degree in business administration from The Ohio State University, and earned his CPA in 1993. Announcement • Aug 22
Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company Appoint David L. Hardy to its Boards of Directors, Effective October 21, 2025 Stock Yards Bancorp, Inc., parent company of Stock Yards Bank & Trust Company on August 22, 2025 announced that David L. Hardy has been appointed to the Boards of Directors for both the Company and the Bank, effective October 21, 2025. Mr. Hardy has been the Managing Director for CBRE’s Kentucky operations since 2005 while also serving as a producer and team leader for the office properties division. Mr. Hardy has been brokering office properties and advising clients in the Louisville market since 1988. He has handled the sale and leasing of several office buildings in the region and has represented many of Louisville’s prominent companies in real estate transactions. Mr. Hardy currently serves as Vice Chairman of the Board of Trustees for St. Xavier High School and is a member of the Board of Governors for Louisville Country Club. In addition, he previously served as Chairman of the Board of Trustees of the Leadership Louisville Center, was former Vice Chairman of the Board of Trustees of Sacred Heart Schools and previously served as a member of the Board of Trustees of Greater Louisville, Inc. (GLI). He formerly served as President of the Kentucky CCIM (Certified Commercial Investment Member) Chapter and as President of the Greater Louisville Association of Realtors Commercial Division. Announcement • Aug 20
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on October 1, 2025 Stock Yards Bancorp, Inc. announced that its board of directors increased its quarterly cash dividend to $0.32 per common share. The dividend will be paid on October 1, 2025, to stockholders of record as of September 15, 2025. Announcement • Jun 13
Stock Yards Bancorp, Inc. Announces Intent to Retire of David P. Heintzman as an Independent Member of the Board of Directors Stock Yards Bancorp, Inc. announced that On June 10, 2025, David P. Heintzman, an independent member of the Board of Directors, notified the Board of his intent to retire as a director of the Company, effective upon the conclusion of the Board’s next regularly scheduled meeting on July 15, 2025. Mr. Heintzman joined Stock Yards Bank & Trust Company in 1985 and held a series of executive positions, including Chief Financial Officer, Executive Vice President and President. Mr. Heintzman served as Chief Executive Officer from 2005 until his retirement from that role in 2018. Mr. Heintzman has served as a director of the Company since 1992, including service as Chairman of the Board. The Company and the Board express their gratitude and appreciation for Mr. Heintzman’s 40 years of dedicated service and invaluable contributions. Announcement • May 21
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on July 1, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on July 1, 2025, to stockholders of record as of June 16, 2025. Announcement • Mar 20
Stock Yards Bancorp, Inc. Announces Executive Changes On March 14, 2025, Stock Yards Bancorp, Inc., the holding company for Stock Yards Bank & Trust Company, appointed T. Clay Stinnett as the Company’s principal accounting officer, effective as of March 14, 2025. Mr. Stinnett, age 51, has served as the Executive Vice President, Treasurer and Chief Financial Officer of the Company and the Bank since 2019. Mr. Stinnett will continue to be responsible for overseeing a range of areas, including general accounting; SEC, regulatory and internal management reporting; the Bank’s treasury function; and budgeting. Mr. Stinnett previously served as Executive Vice President and Chief Strategic Officer of the Company and the Bank from 2011 to 2019, and Senior Vice President and Chief Strategic Officer of the Bank from 2005 to 2011. Mr. Stinnett joined the Bank in 2000 as Vice President-Finance. The appointment of Mr. Stinnett was made in connection with the departure of Michael B. Newton, who notified the Company of his resignation as Senior Vice President and Principal Accounting Officer, effective March 14, 2025. Mr. Newton’s departure is not due to any disagreement on any matter relating to the Company’s financial statements, internal control over financial reporting, operations, policies, or practices. Announcement • Mar 01
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 24, 2025 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 24, 2025. Announcement • Feb 19
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on April 1, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on April 1, 2025, to stockholders of record as of March 17, 2025. Announcement • Nov 20
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on December 31, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on December 31, 2024, to stockholders of record as of December 16, 2024. Recent Insider Transactions • Nov 15
Independent Director recently sold €579k worth of stock On the 12th of November, David Heintzman sold around 8k shares on-market at roughly €72.34 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €610k. Insiders have been net sellers, collectively disposing of €2.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €71.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €112 per share. Recent Insider Transactions • Oct 30
Independent Director recently sold €610k worth of stock On the 28th of October, David Heintzman sold around 10k shares on-market at roughly €60.97 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: US$1.00 (vs US$0.93 in 3Q 2023) Third quarter 2024 results: EPS: US$1.00 (up from US$0.93 in 3Q 2023). Revenue: US$85.5m (up 5.3% from 3Q 2023). Net income: US$29.4m (up 8.4% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 09
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.6%). Declared Dividend • Aug 26
Second quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 16th September 2024 Payment date: 1st October 2024 Dividend yield will be 2.1%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.1% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
Stock Yards Bancorp, Inc. Announces Dividend, Payable on October 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors increased its cash dividend to $0.31 per common share. The dividend will be paid on October 1, 2024, to stockholders of record as of September 16, 2024. Recent Insider Transactions • Aug 01
Independent Director recently sold €344k worth of stock On the 26th of July, David Heintzman sold around 6k shares on-market at roughly €57.36 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$0.94 (vs US$0.95 in 2Q 2023) Second quarter 2024 results: EPS: US$0.94 (down from US$0.95 in 2Q 2023). Revenue: US$84.4m (up 4.0% from 2Q 2023). Net income: US$27.6m (flat on 2Q 2023). Profit margin: 33% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €51.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €86.22 per share. Announcement • Jul 03
Stock Yards Bancorp, Inc.(NasdaqGS:SYBT) dropped from Russell 2000 Growth-Defensive Index Stock Yards Bancorp, Inc.(NasdaqGS:SYBT) dropped from Russell 2000 Growth-Defensive Index Upcoming Dividend • Jun 10
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.4%). Declared Dividend • May 27
First quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 17th June 2024 Payment date: 1st July 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on July 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on July 1, 2024, to stockholders of record as of June 17, 2024. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$0.89 (vs US$1.00 in 1Q 2023) First quarter 2024 results: EPS: US$0.89 (down from US$1.00 in 1Q 2023). Revenue: US$81.9m (flat on 1Q 2023). Net income: US$25.9m (down 11% from 1Q 2023). Profit margin: 32% (down from 35% in 1Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Mar 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Allison Donovan was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 15
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 25, 2024 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 25, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect directors to serve until the next annual meeting of shareholders and until their respective successors are duly elected and qualified; to ratify the selection of FORVIS, LLP as the independent registered public accounting firm for Stock Yards Bancorp, Inc. for the year ending December 31, 2024; to approve a non-binding resolution to approve the compensation of Stock Yards Bancorp’s named executive officers; to approve the amendment and restatement of the 2015 Omnibus Equity Compensation Plan, including an increase in the number of shares of Common Stock reserved and available for issuance thereunder; and to consider other business matters. Upcoming Dividend • Mar 08
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 01 April 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.7%). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: US$3.69 (vs US$3.24 in FY 2022) Full year 2023 results: EPS: US$3.69 (up from US$3.24 in FY 2022). Revenue: US$324.5m (up 4.3% from FY 2022). Net income: US$107.7m (up 16% from FY 2022). Profit margin: 33% (up from 30% in FY 2022). Net interest margin (NIM): 3.39% (up from 3.35% in FY 2022). Cost-to-income ratio: 54.8% (up from 53.6% in FY 2022). Non-performing loans: 0.33% (up from 0.29% in FY 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Fourth quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 15th March 2024 Payment date: 1st April 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 4.3% over the next 2 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 21
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on April 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend will be paid on April 1, 2024, to stockholders of record as of March 18, 2024. Reported Earnings • Jan 25
Full year 2023 earnings released: EPS: US$3.69 (vs US$3.24 in FY 2022) Full year 2023 results: EPS: US$3.69 (up from US$3.24 in FY 2022). Revenue: US$648.9m (up 109% from FY 2022). Net income: US$215.5m (up 132% from FY 2022). Profit margin: 33% (up from 30% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 33% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
Stock Yards Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 Stock Yards Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2023. For the quarter, the company reported net loan charge-offs of $4,472,000 compared to $152,000 a year ago. Recent Insider Transactions • Dec 19
CEO & Chairman of the Board recently sold €261k worth of stock On the 15th of December, James Hillebrand sold around 6k shares on-market at roughly €46.86 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.30 per share at 2.5% yield Eligible shareholders must have bought the stock before 15 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.2%). Announcement • Nov 23
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on December 29, 2023 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend will be paid on December 29, 2023, to stockholders of record as of December 18, 2023. Recent Insider Transactions • Nov 17
Senior Executive VP & Director recently sold €209k worth of stock On the 15th of November, Kathy Thompson sold around 5k shares on-market at roughly €43.63 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €394k more than they bought in the last 12 months. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.93 (vs US$0.98 in 3Q 2022) Third quarter 2023 results: EPS: US$0.93 (down from US$0.98 in 3Q 2022). Revenue: US$81.1m (down 1.5% from 3Q 2022). Net income: US$27.1m (down 4.8% from 3Q 2022). Profit margin: 33% (down from 35% in 3Q 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.30 per share at 2.7% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.3%). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.95 (vs US$0.92 in 2Q 2022) Second quarter 2023 results: EPS: US$0.95 (up from US$0.92 in 2Q 2022). Revenue: US$81.3m (up 2.9% from 2Q 2022). Net income: US$27.7m (up 3.2% from 2Q 2022). Profit margin: 34% (in line with 2Q 2022). Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 27
Stock Yards Bancorp, Inc. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2023 Stock Yards Bancorp, Inc. reported net charge-offs for the second quarter ended June 30, 2023. During the second quarter of 2023, the Company recorded net loan charge-offs of $113,000, compared to net loan charge-offs of $5,000 in the second quarter of 2022. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.29 per share at 2.4% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €45.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €73.60 per share. Announcement • May 18
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on July 3, 2023 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on July 3, 2023, to stockholders of record as of June 20, 2023. Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: US$1.00 (vs US$0.29 in 1Q 2022) First quarter 2023 results: EPS: US$1.00 (up from US$0.29 in 1Q 2022). Revenue: US$82.2m (up 25% from 1Q 2022). Net income: US$29.0m (up 266% from 1Q 2022). Profit margin: 35% (up from 12% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Banks industry in Europe. Upcoming Dividend • Mar 10
Upcoming dividend of US$0.29 per share at 2.2% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.5%). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$3.24 (vs US$3.00 in FY 2021) Full year 2022 results: EPS: US$3.24 (up from US$3.00 in FY 2021). Revenue: US$311.1m (up 31% from FY 2021). Net income: US$93.0m (up 25% from FY 2021). Profit margin: 30% (down from 32% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.35% (up from 3.22% in FY 2021). Cost-to-income ratio: 53.6% (up from 51.8% in FY 2021). Non-performing loans: 0.29% (up from 0.18% in FY 2021). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in Europe. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$3.24 (vs US$3.00 in FY 2021) Full year 2022 results: EPS: US$3.24 (up from US$3.00 in FY 2021). Revenue: US$311.9m (up 32% from FY 2021). Net income: US$93.0m (up 25% from FY 2021). Profit margin: 30% (down from 32% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Buying Opportunity • Dec 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be €82.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Upcoming Dividend • Dec 09
Upcoming dividend of US$0.29 per share Eligible shareholders must have bought the stock before 16 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.3%). Recent Insider Transactions • Dec 09
Independent Director recently bought €61k worth of stock On the 6th of December, Richard Lechleiter bought around 906 shares on-market at roughly €67.86 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.9m more in shares than they bought in the last 12 months. Announcement • Nov 17
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on December 30, 2022 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per common share. The dividend will be paid on December 30, 2022, to stockholders of record as of December 19, 2022. Recent Insider Transactions • Nov 16
Director recently sold €128k worth of stock On the 10th of November, Kathy Thompson sold around 2k shares on-market at roughly €74.48 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €211k. Insiders have been net sellers, collectively disposing of €2.1m more than they bought in the last 12 months. Announcement • Nov 09
Stock Yards Bancorp Names Allison J. Donovan to the Boards of Directors of the Company and Stock Yards Bank & Trust Stock Yards Bancorp, Inc., 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, announced that Allison J. Donovan has joined the Boards of Directors for both the Company and the Bank. The addition of Ms. Donovan, which expands both Boards to 14 directors, continues the Company's recent focus on board succession planning and promoting leadership continuity in view of an upcoming mandatory retirement. Ms. Donovan is a member of Stoll Keenon Ogden (SKO), a regional law firm with approximately 180 attorneys practicing out of five cities in Kentucky and Indiana. Ms. Donovan has been with the firm since 2006 upon graduating from the University of Kentucky College of Law and concentrates primarily on Corporate, Securities, Mergers & Acquisitions, and Banking matters. She has been active in firm management and recently served on the firm’s Board of Directors and Executive Committee. She is a director and the immediate past President of the Kentucky Bar Foundation, and has previously served on other community nonprofit boards, including the American Heart Association and the John W. Rowe Foundation, Inc.Ms. Donovan has previously participated in Leadership Central Kentucky and the Leadership Council on Legal Diversity Fellows program. Among other recognitions, Ms. Donovan has the distinction of being honored as a Rising Star by Kentucky Super Lawyers® and is listed in the Best Lawyers in America®. She will serve as a member of the Risk Committee and Nominating and Corporate Governance Committee of the Company’s board of directors. Buying Opportunity • Nov 03
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €95.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Recent Insider Transactions • Nov 02
Independent Director recently sold €78k worth of stock On the 28th of October, Carl Herde sold around 1k shares on-market at roughly €78.35 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €213k. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$0.98 (vs US$0.88 in 3Q 2021) Third quarter 2022 results: EPS: US$0.98 (up from US$0.88 in 3Q 2021). Revenue: US$82.3m (up 28% from 3Q 2021). Net income: US$28.5m (up 23% from 3Q 2021). Profit margin: 35% (down from 36% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Upcoming Dividend • Sep 09
Upcoming dividend of US$0.29 per share Eligible shareholders must have bought the stock before 16 September 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.5%). Announcement • Aug 18
Stock Yards Bancorp, Inc. Announces Quarterly Cash Dividend, Payable on October 3, 2022 Stock Yards Bancorp, Inc. announced that its board of directors increased its quarterly cash dividend to $0.29 per common share. The dividend will be paid on October 3, 2022, to stockholders of record as of September 19, 2022. Recent Insider Transactions • Aug 11
Director recently sold €67k worth of stock On the 9th of August, David Heintzman sold around 1k shares on-market at roughly €67.36 per share. In the last 3 months, there was an even bigger sale from another insider worth €388k. Insiders have been net sellers, collectively disposing of €3.1m more than they bought in the last 12 months. Recent Insider Transactions • Aug 02
Director recently sold €366k worth of stock On the 29th of July, Kathy Thompson sold around 5k shares on-market at roughly €67.65 per share. In the last 3 months, they made an even bigger sale worth €388k. Insiders have been net sellers, collectively disposing of €3.0m more than they bought in the last 12 months. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.92 (vs US$0.17 in 2Q 2021) Second quarter 2022 results: EPS: US$0.92 (up from US$0.17 in 2Q 2021). Revenue: US$79.0m (up 49% from 2Q 2021). Net income: US$26.8m (up US$22.6m from 2Q 2021). Profit margin: 34% (up from 7.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 20% growth forecast for the industry in Germany. Recent Insider Transactions • Jun 29
President & Director recently sold €180k worth of stock On the 27th of June, Philip Poindexter sold around 3k shares on-market at roughly €55.77 per share. In the last 3 months, there was an even bigger sale from another insider worth €388k. Philip has been a seller over the last 12 months, reducing personal holdings by €344k. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (6.3%). Recent Insider Transactions • Jun 07
Director recently sold €280k worth of stock On the 3rd of June, Kathy Thompson sold around 5k shares on-market at roughly €56.56 per share. In the last 3 months, they made an even bigger sale worth €388k. Insiders have been net sellers, collectively disposing of €2.4m more than they bought in the last 12 months. Recent Insider Transactions • May 27
Director recently sold €388k worth of stock On the 25th of May, Kathy Thompson sold around 7k shares on-market at roughly €53.58 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.1m more than they bought in the last 12 months. Announcement • May 21
Stock Yards Bancorp, Inc. Elects Laura L. Wells to the Boards of Directors Stock Yards Bancorp, Inc. announced that Laura L. Wells, a former director of Commonwealth, is the initial mutually acceptable director. The Company’s board of directors has formally elected Ms. Wells to the boards of directors of the Company and its wholly-owned banking subsidiary, Stock Yards Bank & Trust Company (the “Bank”), effective May 17, 2022. Ms. Wells, 47, has served as a freelance reporter covering the Near and Middle East for various U.S. and international media outlets since September 2009. She previously worked in institutional research and sales for Merrill Lynch & Co. Additionally, Ms. Wells was the co-founder and CEO of the Turkish office of an international online startup company from December 2010 to February 2012. She was first elected to the Commonwealth board of directors in 2016. She will serve as a member of the Risk Committee of the Company’s board of directors and the Trust Committee of the Bank’s board of directors. Announcement • May 19
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on July 1, 2022 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on July 1, 2022, to stockholders of record as of June 20, 2022. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$0.29 (vs US$1.00 in 1Q 2021) First quarter 2022 results: EPS: US$0.29 (down from US$1.00 in 1Q 2021). Revenue: US$65.6m (up 24% from 1Q 2021). Net income: US$7.91m (down 65% from 1Q 2021). Profit margin: 12% (down from 43% in 1Q 2021). Over the next year, revenue is forecast to grow 26%, compared to a 8.7% growth forecast for the industry in Germany. Upcoming Dividend • Mar 11
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.5%). Lower than average of industry peers (6.2%). Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.00 (up from US$2.61 in FY 2020). Revenue: US$236.8m (up 42% from FY 2020). Net income: US$74.6m (up 27% from FY 2020). Profit margin: 32% (down from 35% in FY 2020). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.22% (down from 3.39% in FY 2020). Cost-to-income ratio: 51.8% (down from 52.4% in FY 2020). Non-performing loans: 0.18% (down from 0.37% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 29%, compared to a 9.7% growth forecast for the banks industry in Germany. Announcement • Mar 01
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 28, 2022 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 28, 2022, at 10:00 US Eastern Standard Time. Announcement • Feb 17
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on April 1, 2022 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on April 1, 2022, to stockholders of record as of March 21, 2022. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.00 (up from US$2.61 in FY 2020). Revenue: US$237.3m (up 41% from FY 2020). Net income: US$74.6m (up 27% from FY 2020). Profit margin: 32% (down from 35% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 29%, compared to a 11% growth forecast for the banks industry in Germany. Recent Insider Transactions • Nov 23
Senior EVP & Director recently sold €92k worth of stock On the 18th of November, Kathy Thompson sold around 2k shares on-market at roughly €57.60 per share. In the last 3 months, there was an even bigger sale from another insider worth €569k. Insiders have been net sellers, collectively disposing of €2.6m more than they bought in the last 12 months. Recent Insider Transactions • Nov 11
Director recently sold €569k worth of stock On the 9th of November, David Heintzman sold around 10k shares on-market at roughly €56.89 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.6m more than they bought in the last 12 months. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.87 (vs US$0.64 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$64.6m (up 53% from 3Q 2020). Net income: US$23.2m (up 59% from 3Q 2020). Profit margin: 36% (up from 34% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.87 (vs US$0.64 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$64.6m (up 53% from 3Q 2020). Net income: US$23.2m (up 59% from 3Q 2020). Profit margin: 36% (up from 34% in 3Q 2020). The increase in margin was driven by higher revenue. Recent Insider Transactions • Sep 17
Director recently sold €231k worth of stock On the 15th of September, David Heintzman sold around 5k shares on-market at roughly €46.15 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.3m more than they bought in the last 12 months. Recent Insider Transactions • Aug 25
President recently sold €165k worth of stock On the 20th of August, Philip Poindexter sold around 4k shares on-market at roughly €43.98 per share. This was the largest sale by an insider in the last 3 months. This was Philip's only on-market trade for the last 12 months. Announcement • Aug 05
Stock Yards Bancorp, Inc. (NasdaqGS:SYBT) signed an agreement to acquire Commonwealth Bancshares, Inc. for approximately $150 million. Stock Yards Bancorp, Inc. (NasdaqGS:SYBT) signed an agreement to acquire Commonwealth Bancshares, Inc. for approximately $150 million on August 3, 2021. Commonwealth shareholders will have the right to receive 0.9267 shares of Stock Yards common stock and $11.20 in cash for each share of Commonwealth common stock with total consideration to consist of approximately 80% stock and 20% cash. Based upon the closing price of Stock Yards common stock of $47.64 on July 30, 2021, the implied per share purchase price is $55.35. First full year earnings (2023) per share accretion is estimated at approximately 12% and the tangible book value per share dilution is expected to be earned back in less than two years under the crossover method including Current Expected Credit Loss (CECL) “Day 2” accounting treatment. In addition, Laura Wells, who currently serves on Commonwealth’s Board of Directors, will be added to the Stock Yards Board following completion of the transaction. Commonwealth reported $1.26 billion as total assets, approximately $700 million in loans, $1.1 billion in deposits, net income as $14.7 million and $86 million in tangible common equity as on June 30, 2021. Commonwealth also maintains a Wealth Management and Trust Department with total assets under management of $2.6 billion at June 30, 2021. The transaction is subject to approval of Commonwealth shareholders and completion of customary regulatory approval and closing conditions and is expected to close during the fourth quarter 2021. Edward Michael Rosinus and Brian Branson of Stephens Inc. acted as financial advisor and Frost Brown Todd LLC acted as legal advisor to Stock Yards. Keefe, Bruyette, & Woods, Inc. acted as financial advisor and Squire Patton Boggs (US) LLP acted as legal advisor to Commonwealth. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.17 (vs US$0.59 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$53.0m (up 31% from 2Q 2020). Net income: US$4.18m (down 69% from 2Q 2020). Profit margin: 7.9% (down from 33% in 2Q 2020). 
