Regional banking company Stock Yards Bancorp (NASDAQ:SYBT) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 17.2% year on year to $114.7 million. Its non-GAAP profit of $1.37 per share was 10.9% above analysts’ consensus estimates.
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Stock Yards Bank (SYBT) Q2 CY2026 Highlights:
- Net Interest Income: $87.83 million vs analyst estimates of $85.33 million (19.5% year-on-year growth, 2.9% beat)
- Net Interest Margin: 3.8% vs analyst estimates of 3.7% (16.3 basis point beat)
- Revenue: $114.7 million vs analyst estimates of $111.8 million (17.2% year-on-year growth, 2.6% beat)
- Efficiency Ratio: 55.6% vs analyst estimates of 54% (164 basis point miss)
- Adjusted EPS: $1.37 vs analyst estimates of $1.24 (10.9% beat)
- Tangible Book Value per Share: $30.48 vs analyst estimates of $31.05 (12.6% year-on-year growth, 1.8% miss)
- Market Capitalization: $2.65 billion
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
Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Over the last five years, Stock Yards Bank grew its revenue at an impressive 15.5% 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.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Stock Yards Bank’s annualized revenue growth of 11.6% over the last two years is below its five-year trend, but we still think the results were respectable. 
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 17.2%, and its $114.7 million of revenue exceeded Wall Street’s estimates by 2.6%.
Net interest income made up 73.6% 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)
The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.
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. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.
Stock Yards Bank’s TBVPS grew at an exceptional 9.7% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 14.6% annually over the last two years from $23.22 to $30.48 per share.
Over the next 12 months, Consensus estimates call for Stock Yards Bank’s TBVPS to grow by 15.3% to $35.16, solid growth rate.
Key Takeaways from Stock Yards Bank’s Q2 Results
We enjoyed seeing Stock Yards Bank beat analysts’ net interest income expectations this quarter. We were also glad its revenue outperformed Wall Street’s estimates. On the other hand, its tangible book value per share missed. Overall, we think this was a decent quarter with some key metrics above expectations. The stock remained flat at $87.81 immediately after reporting.
Stock Yards Bank may have had a good quarter, but does that mean you should invest right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
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