Stock Yards Bancorp reported first-quarter 2026 net income of $36.6 million, or $1.24 per diluted share, up from $33.3 million, or $1.13 per diluted share, a year earlier.
Net interest income rose to $78.4 million from $70.6 million, an increase of $7.9 million, or 11%. Net interest margin widened to 3.65% from 3.46% in the first quarter of 2025 and improved from 3.57% in the fourth quarter of 2025.
Total loans reached $7.23 billion at March 31, 2026, up $580 million, or 9%, from a year earlier and up $185 million, or 3%, from the linked quarter. Commercial real estate loans increased $266 million over the past 12 months, while commercial and industrial loans rose $129 million.
Deposits climbed to $7.76 billion, up $463 million, or 6%, from March 31, 2025. Interest-bearing deposits increased $506 million, or 9%, while non-interest-bearing deposits fell $43 million, or 3% year over year. On a linked-quarter basis, total deposits slipped $34 million, or less than 1%.
The company’s provision for credit losses was $1.6 million, compared with $900,000 in the year-ago quarter. Non-interest income increased to $24.6 million from $23.0 million, led by a record $11.3 million from wealth management and trust, up $688,000, or 6%. Treasury management fees rose $315,000, or 12%, to $3.0 million, while card income increased $130,000, or 3%.
Non-interest expense climbed to $55.2 million from $51.0 million, an increase of $4.2 million, or 8%. Compensation expense rose $3.2 million, or 12%, and employee benefits increased $384,000, or 7%.
At March 31, 2026, total assets were $9.47 billion, up $469 million, or 5%, from a year earlier. Investment securities declined to $888 million from $1.25 billion, a drop of $361 million, or 29%.
Tangible common equity to tangible assets improved to 9.69% from 8.72% a year ago, while tangible common equity per share rose to $30.41 from $26.01. Annualized return on assets increased to 1.58% from 1.52%, while annualized return on equity eased to 13.63% from 14.14%.
The company also said it signed a definitive agreement to acquire Field & Main Bancorp. Field & Main reported $861 million in assets, $652 million in loans and $781 million in deposits as of Dec. 31, 2025. The market has reacted to these announcements by moving the company's shares 1.65% to a price of $65.42. For the full picture, make sure to review Stock Yards Bancorp's 8-K report.
