Regional banking company Stock Yards Bancorp (NASDAQ: SYBT) met Wall Street’s revenue expectations in Q1 CY2026, with sales up 10% year on year to $103 million. Its non-GAAP profit of $1.24 per share was 5.1% above analysts’ consensus estimates.
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Stock Yards Bank (SYBT) Q1 CY2026 Highlights:
- Net Interest Income: $78.42 million vs analyst estimates of $78.24 million (11.2% year-on-year growth, in line)
- Net Interest Margin: 3.7% vs analyst estimates of 3.6% (8.2 basis point beat)
- Revenue: $103 million vs analyst estimates of $102.9 million (10% year-on-year growth, in line)
- Efficiency Ratio: 53.6% vs analyst estimates of 53.9% (36 basis point beat)
- Adjusted EPS: $1.24 vs analyst estimates of $1.18 (5.1% beat)
- Tangible Book Value per Share: $30.41 vs analyst estimates of $30.38 (16.9% year-on-year growth, in line)
- Market Capitalization: $2.08 billion
“We entered 2026 with strong momentum coming off the best year in the Company’s history, and our first quarter operating results reflect that,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer.
Company Overview
Founded in 1904 in Louisville and named after the city's historic livestock market district, Stock Yards Bancorp (NASDAQ: SYBT) operates a regional bank providing commercial banking, wealth management, and trust services across Kentucky, Indiana, and Ohio.
Sales Growth
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Over the last five years, Stock Yards Bank grew its revenue at an impressive 15.9% compounded annual growth rate. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Stock Yards Bank’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 9.7% over the last two years was well below its five-year trend. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Stock Yards Bank’s year-on-year revenue growth was 10%, and its $103 million of revenue was in line with Wall Street’s estimates.
Net interest income made up 73.4% of the company’s total revenue during the last five years, meaning lending operations are Stock Yards Bank’s largest source of revenue.
Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.
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Tangible Book Value Per Share (TBVPS)
Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.
This explains why tangible book value per share (TBVPS) stands as the premier banking metric. TBVPS strips away questionable intangible assets, revealing concrete per-share net worth that investors can trust. On the other hand, EPS is often distorted by mergers and flexible loan loss accounting. TBVPS provides clearer performance insights.
Stock Yards Bank’s TBVPS grew at an incredible 10.1% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 16.3% annually over the last two years from $22.50 to $30.41 per share.
Over the next 12 months, Consensus estimates call for Stock Yards Bank’s TBVPS to grow by 12.6% to $34.23, decent growth rate.
Key Takeaways from Stock Yards Bank’s Q1 Results
We struggled to find many positives in these results. Zooming out, we think this was a mixed quarter. The stock remained flat at $70.42 immediately after reporting.
Is Stock Yards Bank an attractive investment opportunity at the current price? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
