A regional bank with a community focus, similar to a smaller **Fifth Third Bank** or **Huntington Bank**, serving customers primarily in Kentucky, Indiana, and Ohio.

Like a full-service regional bank such as **PNC Bank**, providing everything from personal checking and commercial loans to robust wealth management and trust services.

• Lending Services: Provides a range of loans including retail, commercial, commercial real estate, mortgages, and leasing services to individuals and businesses.
• Deposit Services: Offers various deposit products such as checking, savings, and money market accounts for personal and business use.
• Wealth Management & Trust Services: Delivers investment management, financial and retirement planning, and trust and estate services to clients.
• Business Banking Solutions: Includes specialized services for businesses such as treasury management, merchant services, international banking, and correspondent banking.
• Digital Banking Services: Provides convenient online, mobile, and private banking options for managing accounts and accessing services.
• Securities Brokerage Services: Offers securities trading services through an arrangement with a third-party broker-dealer.

Stock Yards Bancorp (SYBT) is a financial institution that provides a diversified range of banking products and services, primarily serving a broad customer base rather than a few "major customers" in the traditional sense of a product-oriented company. Its customers are primarily individuals and various types of businesses.

The company sells primarily to individuals and a wide array of businesses. Its customers can be categorized as follows:

1. Individual Consumers: This category includes customers who utilize the bank's retail banking services (such as deposit accounts, online and mobile banking), mortgage banking, private banking, and wealth management services (investment management, financial and retirement planning, and trust and estate services).
2. Commercial Businesses: This category encompasses small to medium-sized businesses and corporations that leverage the bank's commercial lending services, leasing, treasury management, merchant services, international banking, and retirement plan management for their employees.
3. Commercial Real Estate Investors and Developers: Specifically targeted by the bank's commercial real estate lending services, this segment includes individuals and entities involved in the acquisition, development, and management of commercial properties.

James A. Hillebrand, Chairman of the Board and Chief Executive Officer

James A. Hillebrand was appointed Chief Executive Officer in October 2018 and Chairman of the Board in January 2021. Prior to these roles, he served as President of Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company from 2008 to 2018. His earlier positions included Executive Vice President, where he was responsible for Private Banking and the company's expansion efforts into the Indianapolis and Cincinnati markets. Mr. Hillebrand joined Stock Yards Bank & Trust Company in 1996, having started his banking career with PNC Bank in 1988. He is a graduate of Bellarmine University. Under his leadership, Stock Yards Bank has strategically expanded through acquisitions, including Kentucky Bank and Commonwealth Bank & Trust.

T. Clay Stinnett, Executive Vice President, Treasurer and Chief Financial Officer

T. Clay Stinnett assumed the role of Chief Financial Officer for Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company on May 1, 2019. Before becoming CFO, he served as Executive Vice President from 2011 to 2019 and as Chief Strategic Officer from 2005 to 2019. Mr. Stinnett joined Stock Yards Bank & Trust Company in 2000 as Vice President of Finance. In this capacity, he was primarily responsible for financial reporting, budgeting, and asset and liability management. A Certified Public Accountant, he is a graduate of Transylvania University and previously worked in public accounting with an international firm.

Philip S. Poindexter, President

Philip S. Poindexter was appointed President of Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company on October 1, 2018. His tenure at the company includes serving as Chief Lending Officer from 2008 to 2018 and Director of Commercial Lending from 2004 to 2008. Mr. Poindexter's banking career began in 1989 as a Commercial Lender for NCNB Bank (now Bank of America), and he subsequently held positions at PNC Bank and Jefferson Bank Banking Co. (the predecessor of BB&T). He is a graduate of Indiana University.

Shannon B. Budnick, Executive Vice President, Wealth Management & Trust

Shannon B. Budnick was promoted to Executive Vice President, Director of Wealth Management & Trust Group in January 2024.

Michael V. Rehm, Executive Vice President and Chief Lending Officer

Michael V. Rehm has served as Executive Vice President and Chief Lending Officer of Stock Yards Bank & Trust Company since October 1, 2018. He joined the company in 2005 as Division Manager for Commercial Lending and is responsible for managing all commercial lending teams and overseeing 100 lenders across five units. Mr. Rehm is a graduate of Centre College.

Here are the key risks to Stock Yards Bancorp (SYBT):

1. Commercial Real Estate (CRE) Exposure and Credit Risk: As a regional bank, Stock Yards Bancorp faces significant exposure to commercial real estate loans, a sector currently under pressure from elevated interest rates and declining property values. This situation increases the potential for loan defaults, higher loan loss provisions, and reduced profitability for the bank. Many regional banks face disproportionate exposure to vulnerable CRE markets, and a substantial portion of CRE and office loans are in negative equity and face refinancing challenges.

2. Interest Rate Volatility: Fluctuations in interest rates directly impact Stock Yards Bancorp's profitability, primarily through its net interest income. Rapid changes in interest rates can reduce the value of the bank's assets and affect its net interest margin. The ongoing environment of "higher for longer" interest rates could exacerbate net interest margin pressure.

3. Intense Competition, Technological Adaptation, and Cybersecurity Risks: Stock Yards Bancorp operates in a highly competitive financial landscape, contending with various local and regional banks, credit unions, and increasingly, online banking institutions. This competitive pressure necessitates continuous investment in technological advancements to meet evolving customer demands and maintain market share. However, this reliance on technology introduces significant cybersecurity risks, including data breaches and operational disruptions. Furthermore, as the company approaches $10 billion in assets, it faces increased regulatory scrutiny and associated compliance costs, adding another layer of operational and strategic challenge.

The rise of digital-first banking competitors, including neobanks and specialized fintech lending platforms, poses a clear emerging threat to Stock Yards Bancorp's Commercial Banking segment by offering streamlined, often lower-cost alternatives for deposits, payments, and certain types of loans.

The proliferation of robo-advisors and online wealth management platforms represents a clear emerging threat to SYBT's WM&T segment, providing automated, lower-cost investment and financial planning solutions that could draw clients away from traditional, human-advised services.

Commercial Banking Segment

• Deposits:
  • Kentucky: $116 billion (2024).
  • Louisville/Jefferson County, KY-IN: $44.986 billion (2025).
  • Indiana: $209 billion (2024).
  • Indianapolis: $45 billion (June 30, 2016).
  • Ohio: $537 billion.
  • Cincinnati, OH-KY-IN: $191.589 billion (2025).
• Commercial Lending:
  • Indiana Commercial Real Estate Lending Volume: $5.7 billion (2024).
  • Ohio Commercial Banking Industry Market Size: $63.8 billion (2026).
• Mortgage Banking:
  • Ohio Mortgage Origination Volume: $38.9 billion (2024).
  • Kentucky Home Sales Volume: $999.48 million (December 2024).
• Leasing (Commercial):
  • Ohio Commercial Leasing Industry Market Size: $6.8 billion (2026).

Stock Yards Bancorp (SYBT) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic expansion and organic growth in its core banking and wealth management operations. These drivers include:

1. Strategic Acquisitions: The recent acquisition of Field & Main Bancorp is a significant driver, projected to be accretive to earnings per share by 5.7% in 2027 and expanding the company's footprint, particularly in Western Kentucky, and increasing its assets under management. This acquisition is expected to boost the combined entity's assets to approximately $10.4 billion.
2. Organic Loan and Deposit Growth: The company has demonstrated consistent broad-based loan growth across all markets for several consecutive quarters, with total loans increasing by 8% in 2025. Similarly, the deposit base expanded by 9% in 2025, driven by strong demand and successful campaigns.
3. Expansion of Wealth Management & Trust (WM&T) Services: The WM&T division achieved record results in 2025, with both revenue and assets under management reaching all-time highs. The acquisition of Field & Main Bancorp is also expected to enhance wealth management capabilities by adding approximately $0.8 billion in assets under management.
4. Strategic Branch Network Expansion: Stock Yards Bancorp continues to expand its physical presence, having opened new branches in Bardstown, Kentucky, and Liberty Township, Ohio, during the fourth quarter of 2025, and appointed a Bowling Green Market President to further extend its reach into south central Kentucky. The combined organization post-acquisition will operate an 81-branch network.
5. Enhanced Net Interest Income: The company's net interest income increased by 13% to $79.3 million in Q4 2025, primarily fueled by strong loan and deposit growth and an expansion in its net interest margin to 3.57%. This effective management and growth of interest-earning assets will continue to be a key component of revenue generation.