The strong beat and margin expansion are positive, but management flagged that NIM appears near a peak and organic loan growth was muted. Monitor Q3 for margin trajectory and whether the Field & Main acquisition continues to deliver accretion. The elevated NPL ratio (0.31% vs 0.26% YoY) bears watching for credit quality trends.
Price Chart
Executive Summary
Stock Yards Bancorp reported record Q2 2026 earnings of $40.1M ($1.31/diluted share), beating consensus estimates of $1.24 by 5.6%. Results were driven by the completed Field & Main acquisition, net interest margin expansion to 3.84%, and record non-interest income of $26.7M. The beat was supported by strong credit quality (zero provision) and margin expansion, though organic loan growth was muted and non-performing loans rose to 0.31% from 0.26% a year ago.
Key Financial Metrics
Key Facts
- Record net income of $40.1M, or $1.31 per diluted share, vs $1.24 consensus (6.1% beat)
- Net interest margin expanded 31 bps YoY to 3.84%, near peak per management
- Completed Field & Main acquisition on May 1, adding $633M in loans and $765M in deposits
- Zero provision for credit losses vs $2.2M in year-ago quarter
- Non-interest income hit record $26.7M, up 10% YoY, led by WM&T income of $12.6M
- Tangible book value per share rose 16% YoY to $31.39
- Non-performing loans increased to 0.31% of total loans from 0.26% a year ago
- Organic loan growth was only $24M in Q2, muted by large payoffs
Financial Impact
EPS beat consensus by $0.07 (6.1%); net interest income up 20% YoY to $87.8M; non-interest income up 10% YoY to $26.7M
Risk Factors
- Net interest margin appears near a peak as favorable fixed-rate loan repricing may be offset by higher funding costs
- Organic loan growth was only $24M in Q2, suggesting potential demand softness
- Non-performing loans rose to 0.31% of total loans from 0.26% a year ago
- Remaining merger-related expenses expected in H2 2026 could pressure near-term earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-004978 |
| Document: f8k_072826.htm | 0001171843-26-004978 |
| Document: 0001171843-26-004978-index-headers.html | 0001171843-26-004978 |
| Document: 0001171843-26-004978-index.html | 0001171843-26-004978 |
| Document: 0001171843-26-004978.txt | 0001171843-26-004978 |
| 8-K Data (Synthetic) | 0001171843-26-004978 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 9w ago | 8-K | $81.94 | awaiting T+60 | — | $78.39 (−4.33%) |
Jul 29, 2026 12w ago | 8-K | $88.03 $78.56 | ▼ −10.76% | ▼ −15.49% | $78.39 (−10.95%) |
May 20, 2026 22w ago | Press Release | $71.02 $85.06 | ▲ +19.77% | ▲ +14.77% | $78.39 (+10.38%) |
May 1, 2026 25w ago | Press Release | $71.86 $85.42 | ▲ +18.87% | ▲ +15.80% | $78.39 (+9.09%) |
Apr 22, 2026 26w ago | 8-K | $70.50 $81.14 | ▲ +15.09% | ▲ +10.31% | $78.39 (+11.20%) |
Apr 22, 2026 26w ago | Press Release | $70.50 $81.14 | ▲ +15.09% | ▲ +10.31% | $78.39 (+11.20%) |
Mar 25, 2026 30w ago | EFFECT | $64.36 $73.53 | ▲ +14.25% | ▲ +0.79% | $78.39 (+21.81%) |
US Market Status
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