Slides
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Stock Yards Bancorp Raymond James U.S. Bank Conference September 9, 2026 Chicago
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Cautionary Statement for Investors 2 This presentation contains forward-looking statements about future financial performance, business plans and strategies of Stock Yards Bancorp, Inc. Because forward- l o o k i n gs t a t e m e n t si n v o l v er i s k sa n du n c e r t a i n t i e s ,a c t u a l results may differ materially from those expressed or implied. We caution investors not to place undue reliance on these forward-looking statements and advise them to carefully review the risk factors described in documents that the Company files with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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3 • Founded in 1904 • NASDAQ Global Select – SYBT • Headquartered in Louisville, KY . • 81 locations in Louisville, Central, Eastern, Western and Northern Kentucky, as well as the Indianapolis and Cincinnati MSAs • $10.4 billion in assets at June 30, 2026 • $8.8 billion Wealth Management & Trust AUM at June 30, 2026 Company Profile
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Major Employers by Market Kentucky Market • Amazon • Brown Forman • Ford • GE Appliances • Humana • Lexmark • Toyota • UPS Indianapolis Market • Elevance Health • FedEx • Lilly Cincinnati Market • Cintas • GE Aerospace • Kroger • Proctor & Gamble 4
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Over Three Decades of Growth $1,907 $4,056 $11,592 $21,644 $22,953 $37,187 $58,869 $140,150 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Net income Compound Annual Growth 1991 – 2025 • Net Income = 14% • Earnings per share = 13% 000’s omitted 5
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Three-year Financial Highlights 6 202320242025 $ 247.3$ 257.0$ 300.3Net interest income 39.842.842.8Wealth Management & Trust income 107.7114.5140.2Net income 3.673.894.75Earnings per share (diluted) $ 8,170$ 8,863$ 9,536Total assets 3.39%3.31%3.53%Net interest margin 1.39%1.37%1.53%Return on average assets 13.4%12.8%14.0%Return on average equity Dollars in millions except per share data
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First Six Months Highlights 7 Dollars in millions except per share data June 30, % Change20252026 15%$ 144.0$ 166.2Net interest income 13%$21,130$23,898Wealth Management & Trust Income 14%67.376.7Net income 12%2.282.55Earnings per share (diluted) 7%3.50%3.75%Net interest margin 5%1.52%1.60%Return on average assets 3%14.03%13.56%Return on average equity
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Net Interest Margin Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 3.84%3.65%3.57%3.56%3.53%3.46%3.44%3.33%3.26%Net interest Margin $7,685$7,117$6,971$6,874$6,747$6,597$6,382$6,171$5,974Average Loans $87.9$78.5$79.3$77.1$73.6$70.6$70.1$65.1$62.1 Net Interest Income (FTE) 8 Dollars in millions
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Efficiency Ratio 57.4% 60.8% 58.9% 56.6% 57.4% 60.5% 55.9% 56.1% 54.1% 51.8% 53.6% 55.2% 56.2% 53.4% 53.6% 20.0% 50.0% 80.0% 2012 2014 2016 2018 2020 2022 2024 Q2 2026 Efficiency ratio Consistent investment in technology and branch network expansion 9 *An adjusted efficiency ratio is presented above for Q2 2026, 2022 and 2021 in an effort to provide more comparable ratios for each period presented. These adjusted efficiency ratios eliminate net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of acquired premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses. * * *
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Key Drivers for 2026 and Beyond • Continued attraction and retention of talented people • Commercial banking focus leading to full relationships • Organic business model with sustainable growth in large mature markets complimented by acquisition • Growing core deposit base • Diverse and enviable non-interest income streams 10
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Commercial Banking Leads to Full Relationships • Full-service bank relationships built by introducing our bank partners when their expertise is needed • 31 experienced commercial bankers with average of27 years in banking • 32 business bankers with average of 22 years in banking • 15 commercial real estate bankers with average of31 years in banking • Technology not replacing shoe leather • Experienced credit and administrative infrastructure 11
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$714 $665 $769 $918 $951 $1,191 $1,650 $1,655 $1,500 $1,618 $798 $766 $272 $104 $139 $133 $136 $316 $529 $579 $749 $521 $330 $210 $0 $300 $600 $900 $1,200 $1,500 $1,800 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ytd 2Q 2025 ytd 2Q 2026 Loan production Net loan growth (3) Loan Production vs. Net Loan Growth 1) Excludes $134 million from 2019 acquisition 3) Excludes $630 million from 2022 acquisition 2) Excludes $732 million from 2021 acquisition 4) Excludes $633 million from 2026 acquisition (1) (2) Dollars in millions Excludes all PPP loan production and growth 12 (4)
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$295 $303 $324 $382 $250 $369 $466 $444 $556 $611 $632 $643 $363 $390 $370 $513 $708 $793 $942 $1,110 $1,094 $1,041 $1,080 $1,097 45% 44% 47% 43% 26% 32% 33% 29% 34% 37% 37% 37% $0 $500 $1,000 $1,500 2016 2017 2018 2019 2020 20 21 2022 2023 2024 2025 ytd 2Q 2025 ytd 2Q 2026 line of credit outstanding line of credit available % line utilization $694 $1,652 Commercial & Industrial Line of Credit Availability Dollars in millions 13 $895 $693 $958 $1,162 $1,408 $1,554 $1,650 $658 $1,740$1,712
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Loans Outstanding by Market 78%$1,578Louisville (established 1904) 12%252Indianapolis (established 2003) 10%203Cincinnati (established 2007) --Central Kentucky (established May 2021) --Western Kentucky (established May 2026) 100%$2,033Total loans 51%$4,016 14%1,108 14%1,070 13%1,058 8%632 100%$7,884 Market 2015 June 30, 2026 Dollars in millions 14
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Growing Core Deposit Base Dollars in millions 15 Core deposits are defined as time deposits less than or equal to $250,000, demand, savings and money market accounts and excludes public funds and a nominal amount of brokered deposits. $2,304 $2,335 $2,521 $2,810 $3,539 $5,049 $5,602 $5,778 $6,138 $6,443 $7,083 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q 2026 Savings and money market Demand interest bearing Demand non-interest bearing Time deposits ≤ $250K % core/total deposits 89%91% 91% 90% 90% 87% 88% 87% 86% 83% 84%
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$3,223 $1,752 $1,659 $1,261 $591 Demand interest-bearing - 38% Savings and money market - 21% Demand noninterest bearing - 19% Time deposits ≤$250K - 15% Time deposits > $250K - 7% 0.27% 0.21% 0.17% 0.16% 0.24% 0.51% 0.71% 0.29% 0.15% 0.25% 1.28% 2.01% 2.02% 1.85% 0.00% 0.50% 1.00% 1.50% 2.00% Cost of deposits June 30, 2026 Total deposits - $8.5 billion (000’s) 16 Total core deposits $7,083 84% Deposit Breakdown
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Peer banks $3 - $10 billion per Federal Reserve as of 12-31-2025 $42,808 $19,873 $11,679 $8,732 $4,123 $4,221 $2,515 $2,997 Wealth management Debit and credit cards Treasury management Deposit service charges Mortgage banking Investment products Bank-owned life insurance Other Non-Interest Income 2025 Non-interest income as % of total revenue 24%Stock Yards Bank 19%Peer banks Dollars in thousands 17
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Wealth Management and Trust– an enviable model 18 • $7.6 billion AUM at December 31, 2025 - generated $42.8 million revenue for the year - contributed 45¢ to EPS - represented 11% of company earnings • 44% of company non-interest income attributable to Wealth Management and Trust revenue • 24% of company revenue derives from non-interest income
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Well-Capitalized Regulator Minimum for “Well- Capitalized” Regulator Minimum for “Adequately Capitalized” SYBT Ratio as of 12/31/2025 SYBT Ratio as of 6/30/2026 Ratio 6.50%4.50%11.84%12.07%CET1 Capital Ratio 8.00%6.00%12.17%12.37%Tier 1 Capital Ratio 10.00%8.00%13.42%13.62%Total RBC Ratio 5.00%4.00%10.30%11.05%Leverage Ratio N/AN/A11.28%12.02%Equity/Total Assets N/AN/A9.32%9.66%TCE/Tangible Assets 19
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Earnings and Dividends Per Share 20 Per share information adjusted to reflect stock dividends and splits Dividend payout ratio $0.97 $1.11 $1.65 $2.59 $4.75 $0.30 $0.46 $0.64 $1.08 $1.26 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 2005 2007 2009 2011 2013 20 15 2017 2019 2021 2023 2025 Earnings per share Dividends per share 31% 41% 39% 42% 26%
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Total Return Performance 21 0 100 200 300 400 500 06/30/16 06/30/17 06/30/18 06/30/19 06/30/20 06/30/21 06/30/22 06/30/23 06/30/24 06/30/25 06/30/26 Stock Yards Bancorp, Inc. Russell 2000 Index S&P U.S. BMI Banks - Midwest Region Index KBW NASDAQ Bank Index Index Value Source: S&P Global Market Intelligence Period Ending 6/30/266/30/256/30/246/30/236/30/226/30/216/30/206/30/196/30/186/30/176/30/16Index 340.69345.54213.46190.00245.55204.83158.04137.83141.17140.56100.00Stock Yards Bancorp, Inc. 300.34213.34198.12180.02160.29214.29132.26141.64146.49124.60100.00Russell 2000 Index 265.62202.21165.42125.97155.77176.44108.50146.91150.74141.18100.00S&P U.S. BMI Banks - Midwest Region Index 373.81280.40203.48150.33182.74220.76127.53161.88166.93150.47100.00KBW NASDAQ Bank Index
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Positioned for Continued Success • Largest Bank Headquartered in the State of Kentucky $10.4 billion in total assets Maintaining our focus on the community banking model and full-service customer relationships • Attractive Markets with Good Growth Opportunities Serving Louisville, Central, Eastern and Northern Kentucky in addition to Indianapolis and Cincinnati Recently entered South Central and Western Kentucky Markets, providing more avenues for growth • Diversified Revenue Streams Non-interest income comprised 24% of total revenue in 2025 Largest bank-owned trust company in Kentucky with AUM of $8.8 billion Card income and treasury management fees continue significant contributions to non-interest revenue growth 22
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Acquisition of Field & Main Bancorp, Inc. January 27, 2026 Stock Yards Bancorp, Inc. 23
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Solidifying Position as Kentucky’s Premier Community Banking Franchise Source: Company Documents; S&P Global Market Intelligence. (1) Pro forma does not re flect purchase accounting or merger adjustments. (2) Trust data as of most recent quarter and is based on FDIC Call Report data for banks headquartered in Kentucky. (3) Deposit data as of June 30, 2025, per FDIC Summary of Deposits and is pro forma for pending or recently completed transactio ns. Excludes banks with greater than $200 billion in total assets. Enhancing Scale with a Like-Minded Partner #1 Bank by Total Assets Headquartered in Kentucky $9.5B Assets $0.9B Assets ~$10.4B Assets #1 Wealth & Trust Assets Under Management(2) $7.6B AUM $0.8B AUM ~$8.4B AUM #1 Community Bank by Deposits Located in Kentucky(3) $6.3B Deposits $0.7B Deposits ~$7.0B Deposits Highly complementary Kentucky banking franchise with a strong core deposit franchise, scaled wealth business, and a profitability culture that is aligned with Stock Yards Pro Forma(1) 24
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Expanding the Franchise Into Western Kentucky Source: Company Documents; S&P Global Market Intelligence; 2025 FDIC Summary of Deposits. #1 in Henderson & Opportunity to Scale In Evansville Accelerating the Push Into Western Kentucky ► Diverse employer base anchored by advanced manufacturing, healthcare, higher education, logistics, food & beverage, and agri-business ► Stable population and employment trends with significant investment occurring in the region Western KY & Southern IN: Stable & Employer Rich Region 51% 14% 14% 14% 7% Further Diversifying Stock Yards’ Loans by Market Western Kentucky (to be est. 2026) Louisville (est. 1904) Indianapolis (est. 2003) Cincinnati (est. 2007) Central Kentucky (est. 2021) SYBT (75) F&M (6) Announced Bowling Green Market President December 1, 2025 KENTUCKY Lexington Cynthiana Evansville Henderson Indianapolis Cincinnati Bowling Green INDIANA OHIO Louisville Louisville Indianapolis Cincinnati Central KY Number of Deposits in Market Rank Institution (ST) Branches Market ($M) Share (%) Henderson, KY - MSA 1 Field & Main Bancorp Inc. (KY) 3 501 34 2 Independence Bancshares Inc. (KY) 4 347 24 3 Fifth Third Bancorp (OH) 1 171 12 4 Old National Bancorp (IN) 1 149 10 5 United Community Bcshs Inc (KY) 4 101 7 Evansville, IN - MSA 1 Old National Bancorp (IN) 15 5,456 42 2 Fidelity Federal Bancorp (IN) 7 3,951 30 3 Fifth Third Bancorp (OH) 9 1,782 14 4 German American Bancorp Inc. (IN) 7 555 4 5 First Bancorp of Indiana Inc. (IN) 7 420 3 14 Field & Main Bancorp Inc. (KY) 1 23 0 25
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Transaction Highlights ► Complementary Combination of New & Overlapping Markets − #1 market share in Henderson, KY, opportunity to scale in Evansville, IN, and enhances Lexington & Cynthiana markets ► Accelerates Growth in Long-Desired Western Kentucky Market − Paired with the announcement of Bowling Green market president, this partnership accelerates growth in these markets ► Bolsters Wealth Management Capabilities − Adds $0.8 billion in wealth and trust assets with the opportunity to further scale wealth relationships Strategic Fit Prepared to Cross $10B ► Stock Yards has been preparing to cross $10 billion in assets for a number of years ► Significant investments have been made across people, processes, and technology ► Structure of the balance sheet provides flexibility to stay under $10 billion in assets at 12/31/2026, which will delay Durbin impact to July 2028 ► Incremental earnings from the transaction to help offset the financial impacts of crossing ► Good opportunity to establish Western Kentucky franchise and provide future opportunities for growth to further facilitate crossing $10 billion Operational Fit ► Established Kentucky Banking Franchise − 135+ years of serving Kentucky communities ► Strong and Experienced Leadership − Scott Davis, Chairman & CEO of Field & Main Bank, is expected to join the Stock Yards Board of Directors post closing − Doug Lawson, President & COO of Field & Main Bank, to join Stock Yards as a Senior Market Leader ► Shared Operating Values & Philosophies − Compatible cultures with a client-centric, relationship driven approach ensuring organizational cohesion ► Minimal Overlap − Expected to preserve customer-facing jobs and be minimally disruptive to existing Field & Main customers 26
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27 Supplemental information
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Loan Portfolio Detail $2,150 $1,709 $1,289 $991 $771 $476 $347 $114 $23 $13 CRE-Non-owner occupied - 27% Commercial (C&I) - 22% CRE-Owner occupied - 16% Res RE-owner occupied - 13% Construction & development - 10% Res RE-Non-owner occupied - 6% HELOC - 4% Consumer - 1% Credit cards - < 1% Leases - < 1% Dollars in millions as of June 30, 2026 28
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Asset Quality 0.59% 0.40% 0.55% 0.60% 0.60% 0.18% 0.17% 0.07% 0.07% 0.08% 0.05% 0.16% 0.00% 0.12% 0.02% 0.01% 1.39% 1.60% 1.93%2.01% 1.66% 1.33% 1.10%1.04%1.03%1.00%0.94% 1.74% 1.34% 1.42% 1.38% 1.33% 1.30% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% Net chargeoffs / average loans Allowance for credit losses / total loans (excluding PPP loans) 29 -0.01%
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24% 37% 13% 15% 8% 3% Personal Trust (Fiduciary) Personal Investment Management Institutional Investment Management IRA Employee Benefit Custody Wealth Management Asset Detail 30 Assets Under Management $8.8 billion as of June 30, 2026