Analogy 1: It's like the PNC Bank for the Kentucky, Indiana, and Ohio region.

Analogy 2: A regional bank similar to a smaller U.S. Bank, providing comprehensive traditional banking and wealth management services.

• Deposit Services: Accepting checking, savings, money market, and certificate of deposit accounts from individuals and businesses.
• Lending Services: Providing a range of loans including commercial, commercial real estate, residential mortgage, and consumer loans.
• Wealth Management and Trust Services: Offering investment management, financial planning, and trust and estate administration.
• Treasury Management Services: Delivering cash management, payment processing, and fraud prevention solutions for businesses.

Stock Yards Bancorp (SYBT) is a financial services company, primarily operating as a bank holding company offering banking, wealth management, and trust services. As a financial institution, it serves a broad and diverse customer base rather than having a few "major customers" in the traditional sense of a supplier-customer relationship. Its services are provided to various categories of clients, primarily individuals and businesses within its operational footprint.

The primary categories of customers served by Stock Yards Bancorp are:

• Individuals/Retail Customers: This category includes consumers seeking traditional banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), personal loans, residential mortgages, credit cards, and various digital banking solutions.
• Businesses/Commercial Customers: This category encompasses small to medium-sized businesses, professional practices, and corporations. They utilize services like business checking and savings accounts, commercial loans (e.g., real estate, equipment, lines of credit), treasury management services, and business credit cards.
• Wealth Management and Trust Clients: This segment focuses on high-net-worth individuals, families, and institutional clients (e.g., foundations, endowments). These clients require sophisticated financial planning, investment management, trust administration, and estate planning services.

• Fiserv, Inc. (FI)
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James A. Hillebrand, CEO & Chairman of the Board

Mr. Hillebrand has served as Chairman of Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company since January 1, 2021, and as Chief Executive Officer since October 1, 2018. He was previously President of both entities from 2008 until October 1, 2018. Mr. Hillebrand also served as Executive Vice President, where he was responsible for Private Banking and the expansion into the Indianapolis and Cincinnati markets. He joined Stock Yards Bank & Trust Company in 1996 and began his banking career with PNC Bank in 1988. He is a graduate of Bellarmine University.

T. Clay Stinnett, Executive VP, Treasurer & CFO

Mr. Stinnett has been the Chief Financial Officer of Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company since May 1, 2019. Prior to this, he served as an Executive Vice President from 2011 to May 1, 2019, and as Chief Strategic Officer from 2005 to May 1, 2019. Mr. Stinnett joined Stock Yards Bank & Trust Company in 2000 as Vice President of Finance, where he was primarily responsible for financial reporting, budgeting, and asset and liability management. He is a Certified Public Accountant and a graduate of Transylvania University.

Philip S. Poindexter, President

Mr. Poindexter has served as President of Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company since October 1, 2018. He previously held the role of Chief Lending Officer for Stock Yards Bank & Trust Company from 2008 until October 1, 2018, and Director of Commercial Lending from 2004 to 2008. Mr. Poindexter began his banking career in 1989 as a Commercial Lender for NCNB Bank (now Bank of America) in South Florida, and later joined PNC Bank in Louisville as a Corporate Banker in 1992.

Shannon B. Budnick, Executive VP, Wealth Management & Trust

Ms. Budnick is the Executive VP of Wealth Management & Trust. She holds a Bachelor of Arts degree in Business from the College of William and Mary. Her professional development includes graduating from the Florida Trust School, Florida Graduate Trust School, National Trust School, and National Graduate Trust School. Ms. Budnick is also a Certified Trust & Fiduciary Advisor and a CERTIFIED FINANCIAL PLANNER™ professional.

Michael J. Croce, Executive VP & Director of Retail Banking

Mr. Croce has been the Executive Vice President and Director of Retail Banking at Stock Yards Bank & Trust Company since June 2014. During his tenure, he has overseen a significant expansion of the retail branch network, growing from 35 offices in 2014 to 72 in 2025. He is also responsible for the Investment Services, Retail Lending, and Community Outreach and Engagement divisions of the bank. Mr. Croce joined Stock Yards in 2004 as Senior Vice President and Division Manager of Business Banking.

• Increased competition from digital-first financial technology (fintech) companies and larger national banks, which offer more advanced digital experiences, specialized financial products, and competitive pricing, potentially attracting away tech-savvy customers and certain market segments from traditional regional banks.
• Intensified competition for deposits driven by the current interest rate environment, where customers are actively seeking higher yields from money market funds, online-only banks, and other high-yield alternatives, compelling SYBT to either increase its cost of funding or risk deposit outflows, thereby impacting its net interest margin.

Stock Yards Bancorp (SYBT) operates in two primary segments: Commercial Banking and Wealth Management & Trust.

Commercial Banking Market Sizes:

• Ohio: The market size of the Commercial Banking industry in Ohio is projected to be $63.8 billion in 2025. Total deposits across all banks in Ohio were approximately $537 billion in 2024. New home loans booked in Ohio totaled $25.6 billion in 2024, and small business loans amounted to $18.4 billion.
• Indiana: The market size of the Commercial Banking industry in Indiana is projected to be $14.4 billion in 2025.
• Kentucky: Total assets held by Kentucky banks amounted to approximately $81.849 billion in Q2 2025.

Wealth Management & Trust Services Market Sizes:

Specific addressable market sizes for Wealth Management & Trust services within Stock Yards Bancorp's operating regions (Kentucky, Indiana, and Ohio) are not available.

Here are the expected drivers of future revenue growth for Stock Yards Bancorp (SYBT) over the next 2-3 years:

1. Continued Loan Growth: Stock Yards Bancorp has consistently demonstrated strong loan growth across various categories and markets. Commercial real estate has been a particularly strong performer, leading overall loan expansion. This broad-based growth in its loan portfolio is expected to continue driving increases in net interest income.
2. Net Interest Margin (NIM) Expansion: The company has shown an improved net interest margin, reflecting effective asset and liability management, alongside robust earning asset growth and yield expansion. While potential interest rate cuts could pose a challenge, the company's ability to expand its NIM has been a significant contributor to increased profitability and is anticipated to continue.
3. Growth in Deposit Base: Expansion of the deposit base, supported by initiatives such as time deposits, is crucial for funding loan growth and managing the cost of funds. Continued success in attracting and retaining deposits will be a key driver for sustainable revenue.
4. Expansion of Wealth Management and Trust Services: Stock Yards Bancorp's Wealth Management Group is a significant contributor to its diversified non-interest income streams. The group has experienced strong growth in account openings and ranks highly among trust companies by revenue, indicating an ongoing opportunity for revenue expansion from these services.

Share Repurchases

• Stock Yards Bancorp authorized a new stock repurchase program on July 15, 2025, for up to one million shares of its common stock, representing approximately 3.4% of its outstanding shares.
• This new program replaced a previous repurchase plan that expired in May 2025.
• The company last repurchased shares in 2019 under the prior program.

Share Issuance

• Between 2024 and 2025, the number of common shares issued and outstanding increased from 29,431,000 to 29,474,000, indicating a net issuance of 43,000 shares.
• Based on an approximate average share price of $70 during 2025, the estimated dollar amount of this issuance would be around $3.01 million.
• Institutional investors and insiders have actively bought shares on the open market, indicating increased holdings, though this is not direct issuance by the company.

Outbound Investments

• The company's business model is described as having "organic business model with sustainable growth in large mature markets complimented by acquisition," suggesting that acquisitions are a part of their strategy.
• A gain on the sale of premises and equipment was recorded in Q2 2025 due to the sale of property owned by the Bank as a result of a prior acquisition, implying past outbound investments.
• No specific new outbound investments in other companies with detailed dollar amounts or targets within the last 3-5 years were explicitly identified in the search results.

Capital Expenditures

• Specific dollar values for capital expenditures are not readily available in the provided information.
• Non-interest expenses have increased, partly due to higher technology expenses, which can be related to capital expenditures for infrastructure and systems.