Regional banking company Stock Yards Bancorp (NASDAQ: SYBT) reported revenue ahead of Wall Street’s expectations in Q3 2026, with revenue up 18.3% year on year to $120.2 million. Its non-GAAP profit of $1.42 per share was 4.8% above analysts’ consensus estimates.
For more on Stock Yards Bank, read our full research report, available free.
Stock Yards Bank (SYBT) Q3 2026 highlights:
- Net interest income $92.6 million vs analysts’ consensus estimates of $92.22 million (20.2% year-on-year growth, in line)
- Net interest margin 3.9% vs analysts’ consensus estimates of 3.9% (3 basis point beat)
- Revenue $120.2 million vs analysts’ consensus estimates of $119.3 million, according to S&P (18.3% year-on-year growth, 0.8% beat)
- Efficiency ratio 53.3% vs analysts’ consensus estimates of 52.4% (89 basis point miss)
- Adjusted EPS $1.42 vs analysts’ consensus estimates of $1.35, according to S&P (4.8% beat)
- Tangible book value per share $32.08 vs analysts’ consensus estimates of $32.38 (13.4% year-on-year growth, 0.9% miss)
- Market capitalization $2.44 billion
Revenue growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investment banking and trading fees. Stock Yards Bank’s 14.7% annualized revenue growth over the last five years was impressive. Its growth beat the average banking company and shows its offerings resonate with customers.
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 annualized revenue growth of 13.1% over the last two years is below its five-year trend, but the results still suggest healthy demand. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Stock Yards Bank reported year-on-year revenue growth of 18.3%, and its $120.2 million of revenue exceeded Wall Street’s consensus estimates by 0.8%.
Net interest income made up 73.9% of the company’s total revenue during the last five years, meaning lending operations are Stock Yards Bank’s largest source of revenue.
Markets consistently prioritize net interest income growth over fee-based revenue, recognizing its superior quality and recurring nature compared to the more unpredictable non-interest income streams.
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.
When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. 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 a strong 10.3% annual rate over the last five years. TBVPS growth has also accelerated recently, growing by 14.3% annually over the last two years from $24.58 to $32.08 per share.
Over the next 12 months, consensus estimates call for Stock Yards Bank’s TBVPS to grow by 14.6% to $36.77, a decent growth rate.
Key takeaways from Stock Yards Bank’s Q3 results
Stock Yards Bank delivered mixed Q3 results: Revenue narrowly topped analysts’ consensus estimates, but tangible book value per share fell slightly short of expectations. Shares remained flat at $76.87 immediately after the report.
When deciding whether to invest in Stock Yards Bank at its current price, the latest quarter matters, but not as much as longer-term business quality and valuation. Read the full research report here (it’s free).
