# Stock Yards Bancorp, Inc. (SYBT) Informational only - not investment advice. CIK: 0000835324 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=835324 Filing source: https://www.sec.gov/Archives/edgar/data/835324/000143774926005830/sybt20251231_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001437749-26-005830 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000835324.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 467,589,000 USD | 2025 | verified | | Net income | 140,150,000 USD | 2025 | verified | | Assets | 9,536,124,000 USD | 2025 | verified | | Free cash flow | 154,004,000 USD | 2025 | computed | | Net margin | 29.97% | 2025 | computed | | Revenue YoY | +13.25% | 2025 | computed | | ROE | 13.03% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SYBT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 30.0% | 21.9% | 84 | 149 | | Revenue growth | 13.3% | 6.0% | 83 | 148 | | FCF margin | 32.9% | 23.8% | 80 | 133 | | ROE | 13.0% | 9.6% | 84 | 149 | | ROA | 1.5% | 1.1% | 84 | 149 | | Liabilities / equity | 7.87 | 8.04 | 46 | 149 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 467589000 | USD | 2025 | 2026-02-26 | | Net income | 140150000 | USD | 2025 | 2026-02-26 | | Assets | 9536124000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000835324.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 102,207,000 | 110,899,000 | 129,932,000 | 147,892,000 | 147,871,000 | 177,076,000 | 251,652,000 | 346,696,000 | 412,879,000 | 467,589,000 | | Net income | | | | | | | | 107,748,000 | 114,539,000 | 140,150,000 | | Diluted EPS | 1.80 | 1.66 | 2.42 | 2.89 | 2.59 | 2.97 | 3.21 | 3.67 | 3.89 | 4.75 | | Operating cash flow | 63,262,000 | 53,676,000 | 65,889,000 | 58,436,000 | 77,125,000 | 102,100,000 | 108,742,000 | 106,703,000 | 142,868,000 | 166,046,000 | | Capital expenditures | 6,327,000 | 2,786,000 | 7,057,000 | 5,098,000 | 5,458,000 | 4,581,000 | 18,441,000 | 7,731,000 | 9,848,000 | 12,042,000 | | Dividends paid | 16,093,000 | 18,077,000 | 21,766,000 | 23,542,000 | 24,481,000 | 28,198,000 | 33,301,000 | 34,575,000 | 35,835,000 | 37,106,000 | | Share buybacks | 1,918,000 | 2,389,000 | 2,004,000 | 11,817,000 | 2,265,000 | 3,826,000 | 4,806,000 | 2,695,000 | 4,217,000 | 2,091,000 | | Assets | 3,039,481,000 | 3,239,646,000 | 3,302,924,000 | 3,724,197,000 | 4,608,629,000 | 6,646,025,000 | 7,496,261,000 | 8,170,102,000 | 8,863,419,000 | 9,536,124,000 | | Liabilities | 2,725,609,000 | 2,906,002,000 | 2,936,424,000 | 3,317,900,000 | 4,167,928,000 | 5,970,156,000 | 6,735,829,000 | 7,311,999,000 | 7,922,943,000 | 8,460,427,000 | | Stockholders' equity | 313,872,000 | 333,644,000 | 366,500,000 | 406,297,000 | 440,701,000 | 675,869,000 | 760,432,000 | 858,103,000 | 940,476,000 | 1,075,697,000 | | Free cash flow | 56,935,000 | 50,890,000 | 58,832,000 | 53,338,000 | 71,667,000 | 97,519,000 | 90,301,000 | 98,972,000 | 133,020,000 | 154,004,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | 31.08% | 27.74% | 29.97% | | Return on equity | | | | | | | | 12.56% | 12.18% | 13.03% | | Return on assets | | | | | | | | 1.32% | 1.29% | 1.47% | | Liabilities / equity | 8.68 | 8.71 | 8.01 | 8.17 | 9.46 | 8.83 | 8.86 | 8.52 | 8.42 | 7.87 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000835324.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.97 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.99 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.94 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 27,664,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 88,925,000 | | 0.92 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 95,241,000 | 23,944,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 96,545,000 | 25,887,000 | 0.88 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 100,304,000 | 27,598,000 | 0.94 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 105,722,000 | 29,360,000 | 1.00 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 110,308,000 | 31,694,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 111,166,000 | 33,271,000 | 1.13 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 115,000,000 | 34,024,000 | 1.15 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 120,272,000 | 36,241,000 | 1.23 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 121,151,000 | 36,614,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 117,642,000 | 36,595,000 | 1.24 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 128,312,000 | 40,057,000 | 1.31 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SYBT's latest 10-K: [/company/SYBT/business/](/company/SYBT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SYBT's latest 10-K: [/company/SYBT/risk-factors/](/company/SYBT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/835324/000143774926025620/sybt20260630_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Stock Yards Bancorp, Inc. (“Bancorp” or “the Company”), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (“SYB” or “the Bank”). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to “Bancorp” in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation. SYB, established in 1904, is a state-chartered non-member financial institution that provides services throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 81 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions. As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of three unconsolidated Delaware trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings exchanged for subordinated debentures with similar terms to the TPS. Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and accompanying footnotes presented in Part 1 Item 1 “Financial Statements” and other information appearing in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of Bancorp’s future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Cautionary Statement Regarding Forward-Looking Statements This document contains statements relating to future results of Bancorp that are considered “forward-looking” as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are principally, but not exclusively, contained in Part I Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the statement. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or other similar expressions. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements detail management’s expectations regarding the future and are based on information known to management only as of the date the statements are made and management undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date forward-looking statements are made, except as required by applicable regulation. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: [[GREPCENT_TABLE]] [["","\u25cf","Changes in, or forecasts of, future political and economic conditions, inflation or recession and efforts to control related developments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in laws and regulations or the interpretation thereof;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","accuracy of assumptions and estimates used in establishing the ACL for loans, ACL for off-balance sheet credit exposures and other estimates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","impairment of investment securities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","impairment of goodwill, MSRs, other intangible assets and/or DTAs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively navigate an economic slowdown or other economic or market disruptions;"]] [[/GREPCENT_TABLE]] 57 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","changes in fiscal, monetary, and/or regulatory policies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in tax polices including but not limited to changes in federal and state statutory rates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","behavior of securities and capital markets, including changes in interest rates, market volatility and liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively manage capital and liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","long-term and short-term interest rate fluctuations, as well as the shape of the U.S. Treasury yield curve;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the magnitude and frequency of changes to the FFTR implemented by the Federal Open Market Committee of the FRB;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competitive product and pricing pressures;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","projections of revenue, expenses, capital expenditures, losses, EPS, dividends, capital structure, etc.;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","integration of acquired financial institutions, businesses or future acquisitions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the credit quality of Bancorp\u2019s customers and counterparties, deteriorating asset quality and charge-off levels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in technology instituted by Bancorp, its counterparties or competitors;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes to or the effectiveness of Bancorp\u2019s overall internal control environment;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","adequacy of Bancorp\u2019s risk management framework, disclosure controls and procedures and internal control over financial reporting;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in applicable accounting standards, including the introduction of new accounting standards;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in investor sentiment or behavior;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in consumer/business spending or savings behavior;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to appropriately address social, environmental and sustainability concerns that may arise from business activities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, and Bancorp\u2019s ability to deal effectively with disruptions caused by the foregoing;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively defend itself against cyberattacks or other attempts by unauthorized parties to access information of Bancorp, its vendors or its customers or to disrupt systems; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","other risks and uncertainties reported from time-to-time in Bancorp\u2019s filings with the SEC, including Part I Item 1A \u201cRisk Factors\u201d of Bancorp\u2019s Annual Report on Form 10-K for the year ended December 31, 2025."]] [[/GREPCENT_TABLE]] Acquisition of Field & Main Bancorp, Inc. and its Subsidiary Field & Main Bank On May 1, 2026, Bancorp completed its acquisition of Field & Main Bancorp, Inc. and its wholly owned subsidiary, Field & Main Bank, a Henderson, Kentucky-based commercial bank and trust company, which operated 6 retail branches, including three in Henderson County, Kentucky and one each in Lexington, Kentucky, Cynthiana, Kentucky and Evansville, Indiana. At the time of acquisition and including purchase accounting adjustments, FM had $839 million in assets, including $626 million in net loans, $56 million in investment securities, and $765 million in deposits in addition to maintaining a Wealth Management and Trust Department with total assets under management of approximately $825 million. Bancorp acquired all outstanding common stock of Field & Main Bancorp, Inc. in an all-stock transaction that resulted in total consideration paid to Field & Main Bancorp, Inc. shareholders of $112 million. Bancorp recorded goodwill of $44 million and incurred pre-tax merger related expenses totaling $2.3 million for the three months ended June 30, 2026 as a result of the FM acquisition. Further, the FM acquisition served to increase the ACL on loans by $16 million at acquisition date. This increase consisted of $11 million attributed to the acquired PCD loan portfolio and $5 million attributed to the acquired non-PCD portfolio, with the corresponding offset for both recorded to goodwill. Issued but Not Yet Effective Accounting Standards Updates For disclosure regarding the impact to Bancorp’s financial statements of issued-but-not-yet-effective ASUs, see the footnote titled “Summary of Significant Accounting Policies” of Part I Item 1 “Financial Statements.” 58 Table of Contents Business Segment Overview Bancorp is divided into two reportable segments: Commercial Banking and WM&T: Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, treasury management services, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third party broker-dealer in the Commercial Banking segment.  WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/835324/000143774926005830/sybt20251231_10k.htm Complete FY 2025 MD&A: /company/SYBT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7.         Management’s Discussion and Analysis of Financial Condition and Results of Operations.         ’ Stock Yards Bancorp, Inc. (“Bancorp” or “the Company”), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (“SYB” or “the Bank”). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to “Bancorp” in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation. SYB, established in 1904, is a state-chartered non-member financial institution that provides services in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 75 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions. As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of three unconsolidated Delaware trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings exchanged for subordinated debentures with similar terms to the TPS. As a result of its acquisition of Kentucky Bancshares, Inc. on May 31, 2021, Bancorp became the 100% successor owner of a Nevada-based insurance captive taxed under Section 831(b) of the Internal Revenue Code. On April 10, 2023, the IRS issued a proposed regulation that would potentially classify section 831(b) captive activity as a, “listed transaction,” and possibly disallow the related tax benefits, both prospectively and retroactively. The regulation was finalized on January 10, 2025, clarifying what is considered a listed transaction or a transaction of interest. Based on the final regulations, there is no change in the status for the captive insurance structure in place previously, which Bancorp dissolved in 2023. The captive remains classified as a transaction of interest for the open tax years and there is no reserve for an uncertain tax position based on the final regulation. Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and accompanying footnotes presented in Part II Item 8 “Financial Statements and Supplementary Data.” To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of Bancorp’s future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Cautionary Statement Regarding Forward-Looking Statements This document contains statements relating to future results of Bancorp that are considered “forward-looking” as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are principally, but not exclusively, contained in Part II Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part I Item 1A “Risk Factors.” Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the statement. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or other similar expressions. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. 29 Table of Contents Forward-looking statements detail management’s expectations regarding the future and are based on information known to management only as of the date the statements are made and management undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date forward-looking statements are made, except as required by applicable regulation. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: [[GREPCENT_TABLE]] [["","\u25cf","Changes in, or forecasts of, future political and economic conditions, inflation or recession and efforts to control related developments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in laws and regulations or the interpretation thereof;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","accuracy of assumptions and estimates used in establishing the ACL for loans, ACL for off-balance sheet credit exposures and other estimates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","impairment of investment securities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","impairment of goodwill, MSRs, other intangible assets and/or DTAs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively navigate an economic slowdown or other economic or market disruptions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in fiscal, monetary, and/or regulatory policies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in tax polices including but not limited to changes in federal and state statutory rates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","behavior of securities and capital markets, including changes in interest rates, market volatility and liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively manage capital and liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","long-term and short-term interest rate fluctuations, as well as the shape of the U.S. Treasury yield curve;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the magnitude and frequency of changes to the FFTR implemented by the Federal Open Market Committee of the FRB;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competitive product and pricing pressures;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","projections of revenue, expenses, capital expenditures, losses, EPS, dividends, capital structure, etc.;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","integration of acquired financial institutions, businesses or future acquisitions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the credit quality of Bancorp\u2019s customers and counterparties, deteriorating asset quality and charge-off levels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in technology instituted by Bancorp, its counterparties or competitors;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes to or the effectiveness of Bancorp\u2019s overall internal control environment;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","adequacy of Bancorp\u2019s risk management framework, disclosure controls and procedures and internal control over financial reporting;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in applicable accounting standards, including the introduction of new accounting standards;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in investor sentiment or behavior;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in consumer/business spending or savings behavior;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to appropriately address social, environmental and sustainability concerns that may arise from business activities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, and Bancorp\u2019s ability to deal effectively with disruptions caused by the foregoing;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ability to effectively defend itself against cyberattacks or other attempts by unauthorized parties to access information of Bancorp, its vendors or its customers or to disrupt systems; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","other risks and uncertainties reported from time-to-time in Bancorp\u2019s filings with the SEC, including Part I Item 1A \u201cRisk Factors.\u201d"]] [[/GREPCENT_TABLE]] Issued but Not Yet Effective Accounting Standards Updates For disclosure regarding the impact to Bancorp’s financial statements of issued-but-not-yet-effective ASUs, see the footnote titled “Summary of Significant Accounting Policies” of Part II Item 8 “Financial Statements and Supplementary Data.” 30 Table of Contents Critical Accounting Estimates Bancorp’s consolidated financial statements and accompanying footnotes have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Management continually evaluates the accounting estimates that it uses to prepare the consolidated financial statements. In general, management’s estimates and assumptions are based on historical experience, accounting and regulatory guidance, and information obtained from independent third-party professionals. Actual results may differ from those estimates made by management. Critical accounting estimates are those that management believes are the most important to the portrayal of Bancorp’s financial condition and operating results and require management to make estimates that are difficult, subjective and complex. Most accounting estimates are not considered by management to be critical accounting estimates. Several factors are considered in determining whether or not an estimate is critical in the preparation of the financial statements. These factors include, among other things, whether the estimates have a significant impact on the financial statements, the nature of the estimates, the ability to readily validate the estimates with other information including independent third parties or available pricing, sensitivity [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SYBT/mda/fy2025/ All MD&A years: /company/SYBT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SYBT/mda/fy2024/): filed 2025-02-27; accession 0001437749-25-005393 (https://www.sec.gov/Archives/edgar/data/835324/000143774925005393/sybt20241231c_10k.htm) - [FY 2023 MD&A](/company/SYBT/mda/fy2023/): filed 2024-02-27; accession 0001437749-24-005669 (https://www.sec.gov/Archives/edgar/data/835324/000143774924005669/sybt20231231_10k.htm) - [FY 2022 MD&A](/company/SYBT/mda/fy2022/): filed 2023-02-24; accession 0001437749-23-004492 (https://www.sec.gov/Archives/edgar/data/835324/000143774923004492/sybt20221231_10k.htm) - [FY 2021 MD&A](/company/SYBT/mda/fy2021/): filed 2022-02-25; accession 0001437749-22-004415 (https://www.sec.gov/Archives/edgar/data/835324/000143774922004415/sybt20211231_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SYBT.md · JSON record: /company/SYBT.json · verified financials: /company/SYBT/financials.json / /company/SYBT/financials.csv · machine TOC for the whole site: /llms.txt