8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported):  April 25, 2018

STOCK YARDS BANCORP, INC.
(Exact name of registrant as specified in its charter)

Kentucky	1-13661	61-1137529
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

1040 East Main Street, Louisville, Kentucky, 40206

(Address of principal executive offices)

(502) 582-2571
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⃞

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⃞

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 25, 2018, Stock Yards Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing earnings for the first quarter ended March 31, 2018.

The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.


ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

D.     Exhibits

         99.1     Press Release dated April 25, 2018

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	April 25, 2018	STOCK YARDS BANCORP, INC.
		By:	/s/ Nancy B. Davis
			Nancy B. Davis, Executive Vice
			President, Treasurer and Chief
			Financial Officer

EX-99.1

Exhibit 99.1

Stock Yards Bancorp Reports Record First Quarter 2018 Earnings of $13.4 Million or $0.58 Per Diluted Share

First Quarter Results Reflected Strong Growth in Interest Income, Driven by Ongoing Momentum in Loan Growth

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 25, 2018--Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported results for the first quarter ended March 31, 2018. Total revenue, comprising net interest income and non-interest income, increased 6% to $38.2 million for the first quarter of 2018 from $35.8 million for the year-earlier quarter. Net income for the first quarter of 2018 totaled $13.4 million or $0.58 per diluted share compared with $10.8 million or $0.47 per diluted share for the first quarter of 2017.

(dollar amounts in thousands, except per share data)	1Q18			4Q17			1Q17
Net interest income	$	27,295		$	27,023		$	25,184
Provision for loan losses		735			900			900
Non-interest income		10,923			11,411			10,644
Non-interest expense		21,027			27,046			20,995
Net income before income taxes		16,456			10,488			13,933
Income tax expense		3,052			5,542			3,142
Net income	$	13,404		$	4,946		$	10,791
Net income per share, diluted	$	0.58		$	0.22		$	0.47
Net interest margin		3.79	%		3.65	%		3.63	%
Efficiency ratio		54.89	%		70.12	%		58.28	%
Common equity Tier 1 capital ratio		12.16	%		12.57	%		12.51	%
Annualized return on average equity		16.15	%		5.80	%		13.78	%
Annualized return on average assets		1.76	%		0.63	%		1.46	%

Key aspects of the Company's performance for the first quarter of 2018 included:

• Exceptional loan growth, which increased the Company's loan portfolio 4% on a sequential-quarter basis and 11% year over year;
• A higher net interest margin, reflecting both increased rate and volume;
• A continuation of historically strong credit quality metrics;
• Strong growth in the Wealth Management and Trust Group;
• The benefit of a lower marginal tax rate; and
• High returns on average equity and assets.

"As our record results for the quarter clearly reflect, Stock Yards Bancorp has made a very solid start to the new year," said David P. Heintzman, Chairman and Chief Executive Officer. "While we expected a boost from tax reform beginning with the first quarter, our net income growth was also driven by higher interest income, which increased $3.1 million or 12% compared with the first quarter of 2017 and reflected the substantial growth of our loan portfolio over the past year as well as the benefit of higher interest rates. At the same time, wealth management and trust registered another solid quarter as its revenue increased $406 thousand or 8% versus the year-earlier period. Considering our strong first quarter performance, we look to the remainder of 2018 with enthusiasm, encouraged by the momentum building in our business and the opportunities we see ahead."

With the Company coming off a strong fourth quarter performance, Heintzman noted that loan production reached a record level in the first quarter of 2018, as did the loan portfolio, both driven by strong growth in commercial and industrial loans – a core lending category – along with other key areas. Importantly, each of the Company's individual markets shared in these record results. Moreover, the Company ended the first quarter with a solid loan pipeline, which positions Stock Yards Bancorp to maintain an attractive growth trend for 2018.

Again, in the first quarter of 2018, non-interest income remained strong, accounting for about 29% of total revenue and helping to diversify the Company's revenue streams for attractive and predictable long-term growth. The Wealth Management and Trust Group, with approximately $2.9 billion of assets under management, continued to be a dominant source of fee income, contributing about one-half of total non-interest income in the first quarter. This growth, which reflected primarily the addition of new customer relationships, was exceptionally strong and ahead of management's expectations for an increase of 5%-6% for the full year. A general slowdown in mortgage banking, as rates have risen and housing inventory remained tight, partially offset the increase in wealth management and trust income.

Heintzman also noted that the Company's first quarter results benefitted from recent tax reform. With the implementation of the Tax Cuts and Jobs Act of 2017, a reduction in the Company's effective tax rate from 22.6% to 18.5% positively affected first quarter earnings.

Concluding, Heintzman said, "Considering the solid footing we enjoy across our markets and our focus on long-term relationship banking, the Company's accomplishments in the first quarter will provide a strong platform as we work to maintain and increase our momentum in 2018. We expect overall loan growth for 2018 to be in the range of mid- to high-single digits. At that pace, the Company remains on course to turn in another notable performance for the year as we continue to cement our position among high-performing community banks nationwide."

First Quarter 2018 Compared with First Quarter 2017 (Unless Otherwise Noted)

Total assets increased $252 million or 8% to $3.29 billion.

• This primarily reflected ongoing growth in the Company's loan portfolio, which rose $239.6 million or 11% to $2.51 billion.
• On a sequential basis, net loans increased $102.8 million or 4% from the fourth quarter of 2017.

Total deposits increased $29 million or 1% to $2.57 billion.

• This reflected growth from both existing and new customers.
• Core deposits, which exclude brokered deposits and time deposits greater than $250,000, were 99% of total deposits.

Asset quality, which has trended within a narrow range over the past several years, remained at historically strong levels.

• Non-performing loans (NPLs) were $12.3 million or 0.49% of total loans outstanding versus $6.1 million or 0.27% of total loans outstanding at March 31, 2017.
• Non-performing assets, which include NPLs along with other real estate owned (OREO) and repossessed assets, were $12.6 million or 0.38% of total assets versus $10.1 million or 0.33% of total assets at March 31, 2017.
• Net charge-offs remained at a reasonably low level relative to average loans outstanding.
• The loan loss provision declined $165 thousand to $735 thousand due to continued strong credit metrics, an ongoing low level of charge-offs, and other qualitative considerations.
• The allowance for loan losses declined 12 basis points to 0.96% of total loans, mainly due to first quarter loan growth and charge-offs that had been previously reserved, and remained adequate to cover potential losses in the loan portfolio, in management's opinion.

The Company remained "well capitalized" – the highest capital rating for financial institutions.

• Total equity to assets was 10.28% and tangible common equity ratio was 10.23% (tangible common equity is a non-GAAP financial measure; see reconciliation of total stockholders' equity to tangible common equity and total assets to tangible assets later in this release).
• Even with its strong capital position, the Company still produces industry-leading returns on equity due to its superior earnings performance.
• Stock Yards Bancorp continues to pursue strategies to enhance stockholder value, including a substantial and sustained dividend payout ratio. In February 2018, Stock Yards Bancorp's Board of Directors increased the Company's quarterly cash dividend to $0.23 per common share. Stock Yards Bancorp has now raised its quarterly dividend rate a total of 10 times since the beginning of 2013, including two increases during each of the past four years, resulting in a cumulative increase of 73% over a five-year period.

Net interest income – the Company's largest source of revenue – increased approximately $2.1 million or 8% to $27.3 million.

• Interest income rose $3.1 million or 12%. The majority of this increase was due to higher rates on interest-earning assets, with higher volume – driven by strong momentum in loan growth – accounting for the remainder.
• Interest expense remained under rate pressure due to rising deposit costs, but the increase was less than expected. Management expects rate pressure to increase over the balance of 2018 as deposit customers become more rate sensitive and competition increases. Given these circumstances, the effect of future prime rate increases could be revenue neutral.
• Net interest margin increased 16 basis points to 3.79%. On a sequential basis, net interest margin increased 14 basis points from the fourth quarter of 2017. These improvements primarily reflected the positive impact of three increases in the prime rate during 2017.
• Approximately 60% of the Company's loans are priced at fixed rates, so future rate increases may begin to benefit this part of the portfolio as existing fixed-rate loans renew and new fixed-rate loans originate at higher rates – with both subject to competitive conditions and prevailing interest rates.

Non-interest income increased $279 thousand or 3% to $10.9 million.

• Fee income from wealth management and trust services rose $406 thousand or 8% to $5.5 million.
• This increase, along with higher fee income from debit and credit cards, offset lower mortgage banking and other smaller categories.

Non-interest expense increased $32 thousand to $21.0 million.

• This increase primarily reflected higher expenses related to technology and communication, compensation, and marketing and business development. These increases were partially offset by a reduction in amortization/impairment of investment in tax credit partnerships due to the sporadic timing of such opportunities, which can cause corresponding expenses and tax benefits to vary widely.

The Company effective tax rate declined to 18.6% from 22.6%.

• The decline reflected lower marginal tax rates resulting from tax reform in December 2017.
• The year-earlier effective tax rate included significantly more tax savings from stock-based compensation deductions and federal income tax credits.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT.

The following table provides a reconciliation of total stockholders' equity, in accordance with US GAAP, to tangible common equity, which is a non-GAAP financial measure. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors to evaluate capital adequacy.

Tangible Common Equity Ratio
(Dollars in thousands)
	March 31,			Dec. 31,			March 31,
	2018			2017			2017
Total stockholders' equity	$	337,702		$	333,644		$	319,687
Less goodwill		(682	)		(682	)		(682	)
Less core deposit intangible		(1,182	)		(1,225	)		(1,358	)
Tangible common equity	$	335,838		$	331,737		$	317,647
Total assets	$	3,285,480		$	3,239,646		$	3,033,343
Less goodwill		(682	)		(682	)		(682	)
Less core deposit intangible		(1,182	)		(1,225	)		(1,358	)
Tangible assets	$	3,238,616		$	3,237,739		$	3,031,303
Total stockholders' equity to total assets		10.28	%		10.30	%		10.54	%
Tangible common equity ratio		10.23	%		10.25	%		10.48	%

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2017.

Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
(In thousands unless otherwise noted)
	Three Months Ended
	March 31,
	2018		2017
Income Statement Data
Net interest income, fully tax equivalent (1)	$	27,388	$	25,382
Interest income:
Loans	$	27,048	$	24,060
Federal funds sold and interest bearing deposits		268		134
Mortgage loans held for sale		35		44
Securities		2,379		2,395
Total interest income		29,730		26,633
Interest expense:
Deposits		2,077		1,163
Securities sold under agreements to repurchase and other short-term borrowings		123		54
Federal Home Loan Bank (FHLB) advances		235		232
Total interest expense		2,435		1,449
Net interest income		27,295		25,184
Provision for loan losses		735		900
Net interest income after provision for loan losses		26,560		24,284
Non-interest income:
Wealth management and trust services		5,500		5,094
Deposit service charges		1,511		1,565
Debit and credit cards		1,508		1,406
Treasury management		947		956
Mortgage banking		576		702
Net investment product sales commissions and fees		404		386
Bank owned life insurance		187		204
Other non-interest income		290		331
Total non-interest income		10,923		10,644
Non-interest expense:
Compensation		10,970		10,669
Employee benefits		2,633		2,742
Net occupancy and equipment		1,818		1,907
Technology and communication		2,196		1,848
Marketing and business development		646		445
Postage, printing, and supplies		391		371
Legal and professional		493		429
FDIC insurance		242		230
Amortization/impairment of investments in tax credit partnerships		-		616
Capital and deposit based taxes		852		764
Other non-interest expenses		786		974
Total non-interest expense		21,027		20,995
Net income before income tax expense		16,456		13,933
Income tax expense		3,052		3,142
Net income	$	13,404	$	10,791
Weighted average shares - basic		22,577		22,492
Weighted average shares - diluted		22,942		23,002
Net income per share, basic	$	0.59	$	0.48
Net income per share, diluted		0.58		0.47
Cash dividend declared per share		0.23		0.19
Balance Sheet Data (at period end)
Total loans	$	2,512,388	$	2,272,778
Allowance for loan losses		24,203		24,481
Total assets		3,285,480		3,033,343
Non-interest bearing deposits		681,936		686,535
Interest bearing deposits		1,891,428		1,857,720
Federal Home Loan Bank advances		49,140		50,755
Stockholders' equity		337,702		319,687
Total shares outstanding		22,730		22,661
Book value per share		14.86		14.11
Market value per share		35.10		40.65

Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
	Three Months Ended
	March 31,
	2018			2017
Average Balance Sheet Data
Federal funds sold and interest bearing deposits	$	71,186		$	65,304
Mortgage loans held for sale		2,098			2,943
Securities available for sale		417,708			486,209
FHLB stock and other securities		7,687			6,347
Loans		2,450,703			2,293,542
Earning assets		2,931,338			2,838,491
Assets		3,090,891			2,998,950
Interest bearing deposits		1,893,256			1,846,579
Total deposits		2,563,184			2,506,880
Securities sold under agreement to repurchase
other short term borrowings		97,535			84,092
Federal Home Loan Bank advances		49,247			50,866
Interest bearing liabilities		2,040,038			1,981,537
Stockholders' equity		336,570			317,682
Performance Ratios
Annualized return on average assets		1.76	%		1.46	%
Annualized return on average equity		16.15	%		13.78	%
Net interest margin, fully tax equivalent		3.79	%		3.63	%
Non-interest income to total revenue, fully tax equivalent		28.51	%		29.55	%
Efficiency ratio		54.89	%		58.28	%
Capital Ratios
Average stockholders' equity to average assets		10.89	%		10.59	%
Common equity tier 1 capital		12.16	%		12.51	%
Tier 1 risk-based capital		12.16	%		12.51	%
Total risk-based capital		13.04	%		13.49	%
Leverage		11.05	%		10.64	%
Loans by Type
Commercial and industrial	$	843,478		$	736,633
Construction and development		235,872			187,039
Real estate mortgage - commercial investment		590,942			546,957
Real estate mortgage - owner occupied commercial		407,733			406,209
Real estate mortgage - 1-4 family residential		272,900			244,349
Home equity - first lien		51,595			51,076
Home equity - junior lien		64,108			65,806
Consumer		45,760			34,709
Total loans	$	2,512,388		$	2,272,778
Asset Quality Data
Allowance for loan losses to total loans		0.96	%		1.08	%
Allowance for loan losses to average loans		0.99	%		1.07	%
Allowance for loan losses to non-performing loans		197.33	%		402.18	%
Nonaccrual loans	$	11,422		$	5,099
Troubled debt restructuring		843			988
Loans - 90 days past due & still accruing		-			-
Total non-performing loans		12,265			6,087
OREO and repossessed assets		360			3,989
Total non-performing assets		12,625			10,076
Non-performing loans to total loans		0.49	%		0.27	%
Non-performing assets to total assets		0.38	%		0.33	%
Net charge-offs to average loans (2)		0.06	%		0.02	%
Net charge-offs	$	1,417		$	426

Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
	Five Quarter Comparison
	3/31/18			12/31/17			9/30/17			6/30/17			3/31/17
Income Statement Data
Net interest income, fully tax equivalent (1)	$	27,388		$	27,217		$	26,363		$	25,434		$	25,382
Net interest income	$	27,295		$	27,023		$	26,164		$	25,232		$	25,184
Provision for loan losses		735			900			150			600			900
Net interest income after provision for loan losses		26,560			26,123			26,014			24,632			24,284
Wealth management and trust services		5,500			5,233			5,025			5,153			5,094
Deposit service charges		1,511			1,679			1,652			1,589			1,565
Debit and credit cards		1,508			1,567			1,492			1,514			1,406
Treasury management		947			1,019			1,000			1,009			956
Mortgage banking		576			841			781			897			702
Gain (loss) on securities available for sale		-			(263	)		31			-			-
Net investment product sales commissions and fees		404			482			404			357			386
Bank owned life insurance		187			195			204			556			204
Other non-interest income		290			658			367			463			331
Total non-interest income		10,923			11,411			10,956			11,538			10,644
Compensation		10,970			10,732			10,614			10,566			10,669
Employee benefits		2,633			2,595			2,368			2,282			2,742
Net occupancy and equipment		1,818			1,767			1,937			1,782			1,907
Technology and communication		2,196			2,083			1,906			2,120			1,848
Marketing and business development		646			973			611			687			445
Postage, printing, and supplies		391			368			354			382			371
Legal and professional		493			751			571			642			429
FDIC insurance		242			244			242			244			230
Amortization/impairment of investment in
tax credit partnerships		-			5,277			616			615			616
Capital and deposit based taxes		852			1,178			732			766			764
Other non-interest expenses		786			1,078			1,219			1,123			974
Total non-interest expense		21,027			27,046			21,170			21,209			20,995
Net income before income tax expense		16,456			10,488			15,800			14,961			13,933
Income tax expense		3,052			5,542			4,096			4,359			3,142
Net income	$	13,404		$	4,946		$	11,704		$	10,602		$	10,791
Weighted average shares - basic		22,577			22,555			22,542			22,538			22,492
Weighted average shares - diluted		22,942			22,993			22,964			22,996			23,002
Net income per share, basic	$	0.59		$	0.22		$	0.52		$	0.47		$	0.48
Net income per share, diluted		0.58			0.22			0.51			0.46			0.47
Cash dividend declared per share		0.23			0.21			0.20			0.20			0.19
Balance Sheet Data (at period end)
Cash and due from banks	$	41,622		$	41,982		$	47,700		$	44,902		$	43,583
Federal funds sold and interest bearing deposits		15,254			97,266			81,378			80,223			45,898
Mortgage loans held for sale		4,239			2,964			5,459			3,055			3,884
Securities available for sale		598,081			574,524			571,522			576,291			556,144
FHLB stock and other securities		8,876			7,646			7,666			7,666			6,347
Total loans		2,512,388			2,409,570			2,335,120			2,309,668			2,272,778
Allowance for loan losses		24,203			24,885			24,948			25,115			24,481
Total assets		3,285,480			3,239,646			3,155,913			3,126,762			3,033,343
Non-interest bearing deposits		681,936			674,697			676,824			696,085			686,535
Interest bearing deposits		1,891,428			1,903,598			1,805,142			1,782,461			1,857,720
Securities sold under agreements to repurchase		67,892			70,473			71,863			65,024			65,701
Federal funds purchased and other short-term borrowings		215,233			161,352			161,961			161,463			10,975
Federal Home Loan Bank advances		49,140			49,458			50,110			50,433			50,755
Stockholders' equity		337,702			333,644			334,255			326,500			319,687
Total shares outstanding		22,730			22,679			22,669			22,662			22,661
Book value per share		14.86			14.71			14.75			14.41			14.11
Market value per share		35.10			37.70			38.00			38.90			40.65
Capital Ratios
Average stockholders' equity to average assets		10.89	%		10.81	%		10.93	%		10.82	%		10.59	%
Common equity tier 1 capital		12.16	%		12.57	%		12.67	%		12.51	%		12.51	%
Tier 1 risk-based capital		12.16	%		12.57	%		12.67	%		12.51	%		12.51	%
Total risk-based capital		13.04	%		13.52	%		13.64	%		13.49	%		13.49	%
Leverage		11.05	%		10.70	%		11.02	%		10.88	%		10.64	%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
First Quarter 2018 Earnings Release
	Five Quarter Comparison
	3/31/18			12/31/17			9/30/17			6/30/17			3/31/17
Average Balance Sheet Data
Average Federal funds sold and interest
bearing deposits	$	71,186		$	159,217		$	120,927		$	105,786		$	65,304
Average mortgage loans held for sale		2,098			3,213			3,515			4,505			2,943
Average investment securities		417,708			455,727			439,601			454,834			486,209
Average loans		2,450,703			2,352,310			2,308,806			2,280,122			2,293,542
Average earning assets		2,931,338			2,959,817			2,861,144			2,830,211			2,838,491
Average assets		3,090,891			3,128,765			3,027,088			2,994,209			2,998,950
Average interest bearing deposits		1,893,256			1,900,650			1,800,653			1,812,290			1,846,579
Average total deposits		2,563,184			2,594,225			2,498,468			2,496,256			2,506,880
Average securities sold under agreement
to repurchase and other short term borrowings		97,535			97,474			101,341			78,787			84,092
Average Federal Home Loan Bank advances		49,247			49,583			50,221			50,543			50,866
Average interest bearing liabilities		2,040,038			2,047,707			1,952,216			1,941,620			1,981,537
Average stockholders' equity		336,570			338,368			330,864			324,014			317,682
Performance Ratios
Annualized return on average assets		1.76	%		0.63	%		1.53	%		1.42	%		1.46	%
Annualized return on average equity		16.15	%		5.80	%		14.03	%		13.12	%		13.78	%
Net interest margin, fully tax equivalent		3.79	%		3.65	%		3.66	%		3.60	%		3.63	%
Non-interest income to total revenue, fully
tax equivalent		28.51	%		29.78	%		29.63	%		31.46	%		29.84	%
Efficiency ratio		54.89	%		70.02	%		56.73	%		57.37	%		58.28	%
Loans by Type
Commercial and industrial	$	843,478		$	779,014		$	750,728		$	749,036		$	736,633
Construction and development		235,872			214,900			195,299			196,619			187,039
Real estate mortgage - commercial investment		590,942			594,902			576,810			547,196			546,957
Real estate mortgage - owner occupied commercial		407,733			398,685			397,804			408,558			406,209
Real estate mortgage - 1-4 family residential		272,900			262,110			261,707			255,939			244,349
Home equity - 1st lien		51,595			57,110			51,925			52,560			51,076
Home equity - junior lien		64,108			63,981			63,416			65,344			65,806
Consumer		45,760			38,868			37,431			34,416			34,709
Total loans	$	2,512,388		$	2,409,570		$	2,335,120		$	2,309,668		$	2,272,778
Asset Quality Data
Allowance for loan losses to total loans		0.96	%		1.03	%		1.07	%		1.09	%		1.08	%
Allowance for loan losses to average loans		0.99	%		1.07	%		1.09	%		1.11	%		1.07	%
Allowance for loan losses to non-performing loans		197.33	%		337.10	%		411.14	%		411.25	%		402.18	%
Nonaccrual loans	$	11,422		$	6,511		$	4,858		$	4,913		$	5,099
Troubled debt restructuring		843			869			949			963			988
Loans - 90 days past due and still accruing		-			2			261			231			-
Total non-performing loans		12,265			7,382			6,068			6,107			6,087
OREO and repossessed assets		360			2,640			2,640			3,185			3,989
Total non-performing assets		12,625			10,022			8,708			9,292			10,076
Non-performing loans to total loans		0.49	%		0.31	%		0.26	%		0.26	%		0.27	%
Non-performing assets to total assets		0.38	%		0.31	%		0.28	%		0.30	%		0.33	%
Net charge-offs to average loans		0.06	%		0.04	%		0.01	%		0.00	%		0.02	%
Net charge-offs (recoveries)	$	1,417		$	963		$	317		$	(34	)	$	426
Other Information
Total assets under management (in millions)	$	2,883		$	2,809		$	2,746		$	2,643		$	2,615
Full-time equivalent employees		589			580			581			585			582
(1) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.
(2) - Interim ratios not annualized

CONTACT:
Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer