Stock Yards Bancorp (SYBT) 8-K S.Y. Bancorp First Quarter Earnings Per Diluted Share Up 11% To $0.40 Versus $0.36 For the Year-Earlier Quarter

Exhibit 99.1

S.Y. Bancorp First Quarter Earnings Per Diluted Share Up 11% To $0.40 Versus $0.36 For the Year-Earlier Quarter

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 20, 2011--S.Y. Bancorp, Inc. (NASDAQ:SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported improved financial results for the first quarter ended March 31, 2011. For the first quarter, net income per diluted share rose 11% compared with the prior-year period, underscoring continued strong results from core banking services. Ongoing loan growth over the past year, along with a year-over-year improvement in net interest margin, provided a 10% increase in net interest income for the first quarter of 2011. The following is a summary of the Company's reported results:

Quarter Ended March 31,		2011		2010	Change
Net income	$	5,491,000	$	4,981,000	10%
Net income per share, diluted	$	0.40	$	0.36	11%
Return on average equity		12.88%		12.76%
Return on average assets		1.17%		1.12%

Commenting on the announcement, David Heintzman, Chairman and Chief Executive Officer, said, "We are pleased to report a solid increase in first quarter earnings, together with continued balance sheet growth. These results demonstrate our strong presence in Louisville as well as the success of our market expansion strategies, through which we have extended our brand to Indianapolis and Cincinnati.

"With sustained growth in Louisville and the benefit of strategic market expansion, our loan portfolio has increased 5% over the past year," Heintzman continued. "At the same time, net interest margin has increased 16 basis points. We also continue to enjoy solid revenue diversification, reflected by higher investment management and trust services income. In our investment management and trust department, total assets under management have increased to almost $1.8 billion."

Concluding, Heintzman said, "While we are pleased to report solid improvements in many areas of our operations for the first quarter of 2011, which translated into higher year-over-year earnings, we know the economy continues to be uncertain, the real estate market remains stressed, and unemployment levels are troubling. Future trends for these economic factors will continue to dictate the overall economic recovery and, thus, will have a bearing on our performance in the year to come."

S.Y. Bancorp's total assets increased $117 million to $1.919 billion at March 31, 2011, from $1.802 billion at March 31, 2010. The Company's loan portfolio increased $77 million to $1.518 billion at March 31, 2011, compared with $1.441 billion at March 31, 2010. Likewise, total deposits increased $81 million to $1.516 billion at March 31, 2011, from $1.435 billion a year ago.

In the first quarter of 2011, capital levels continued to strengthen and remained well ahead of that required to be considered "well-capitalized" under regulatory standards – the highest capital rating for financial institutions. Importantly, this strengthening has occurred concurrently with growth in assets, not as a result of shrinkage of the balance sheet. The Tier 1 leverage ratio, Tier 1 risk-based capital ratio and Total risk-based capital ratio at March 31, 2011, were 10.45%, 12.12% and 13.98%, respectively, all exceeding the required minimums of 5%, 6% and 10%, respectively, necessary to be deemed a well-capitalized institution. The ratio of tangible common equity to total tangible assets (see reconciliation of GAAP/non-GAAP measures later in this release) was 9.00% as of March 31, 2011, up from 8.89% at December 31, 2010, and 8.70% at March 31, 2010. The Company intends to maintain capital ratios at historically high levels at least until the economy demonstrates sustained improvement.

Net interest income – the Company's largest source of revenue – increased $1.5 million in the first quarter of 2011 to $17.3 million from $15.8 million in the year-earlier period. This increase reflected continued growth in net interest-earning assets together with a higher quarter-over-quarter net interest margin. In the first quarter of 2011, net interest margin was 4.00%, up eight basis points from 3.92% in the fourth quarter of 2010, and up 16 basis points from 3.84% in the first quarter of 2010.

Non-performing loans (NPLs) totaled $15.1 million or 0.99% of total loans outstanding at March 31, 2011, down from $19.3 million or 1.28% of total period-end loans at December 31, 2010, but up from $13.5 million or 0.94% of period-end loans at March 31, 2010. The decrease from the fourth quarter of 2010 mainly reflected transfers of NPLs to other real estate owned (OREO). However, non-performing assets (NPAs), which include NPLs, OREO and repossessed assets, decreased slightly to $24.2 million or 1.26% of total assets at March 31, 2011, compared with $24.8 million or 1.30% of total assets at December 31, 2010, and increased from $16.1 million or 0.89% of total assets at March 31, 2010. At current levels, NPLs and NPAs remain at the high end of the Company's historic range for these metrics. Still, while first quarter peer data is not yet available, the Company's credit quality metrics have continued to trend significantly below those of $1-to-$2.5 billion publicly traded banks, which as of December 31, 2010, posted average NPLs and NPAs of 5.08% and 4.26%, respectively, according to a leading industry data service.

Even as the economy continues to show some signs of general improvement, this strengthening is not steady or broad-based, and the prolonged economic downturn experienced by many borrowers continues to affect credit quality. These conditions will likely have an ongoing effect on borrowers until the real estate market and overall business conditions improve. Additionally, should market conditions worsen and foreclosed assets increase significantly, the Company's flexibility to approach collateral sales in an orderly fashion to minimize losses may be reduced and management may be forced to liquidate problem loans more rapidly, thus increasing the loss on these assets.

Net charge-offs in the first quarter of 2011 totaled $1.4 million or 0.09% of average loans – a level more in line with historic results, improving from $2.6 million or 0.17% of average loans in the fourth quarter of 2010. In the first quarter of 2010, net charge-offs totaled $0.9 million or 0.06% of average loans.

The Company's loan loss provision for the first quarter of 2011 was $2.8 million compared with $3.7 million in the fourth quarter of 2010 and $2.7 million in the year-earlier period. Due primarily to a continued high level of NPLs and the Company's assessment of risk in the loan portfolio, the allowance as a percentage of loans continues to grow. The allowance increased to 1.78% of total loans at March 31, 2011, from 1.69% of total loans at December 31, 2010, and 1.51% at March 31, 2010. Since the Company is unable to determine how long business and economic conditions will continue to be depressed or when they will begin to improve meaningfully, S.Y. Bancorp intends to continue with its historically conservative stance toward credit quality, remaining cautious in assessing the potential risk in the loan portfolio. Accordingly, the Company expects the allowance for loan losses to remain at a high level compared with historic amounts, even though charge-offs may continue to moderate, until there are clearer signs of a sustained economic recovery and, thus, a reduction in overall credit risk.

Non-interest income was essentially flat at $8.0 million in the first quarter of 2011 and for the same quarter last year. An 8% increase in investment management and trust services income, along with higher bankcard transaction revenue and brokerage commissions and fees, was largely offset by lower other non-interest income, reflecting a larger increase in the value of a domestic private equity fund in the year-earlier quarter versus the current-year quarter.

Non-interest expense increased $1.0 million to $14.8 million in the first quarter of 2011 versus $13.8 million in the same period last year. The increase primarily reflected write-downs on OREO, office renovation costs, and normal annual salary increases. The Company's first quarter efficiency ratio was 57.66% compared with 57.21% in the first quarter of 2010.

In February 2011, S.Y. Bancorp's Board of Directors declared its regular quarterly cash dividend of $0.18 per share. The latest dividend was distributed on April 1, 2011, to stockholders of record as of March 14, 2011.

Louisville, Kentucky-based S.Y. Bancorp, Inc., with $1.9 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 trust preferred securities of S.Y. Bancorp Capital Trust II also trade on the NASDAQ Global Select Market under the symbol SYBTP.

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.

The following table provides a reconciliation of total stockholders' equity to tangible common equity in accordance with applicable regulatory requirements and GAAP. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.

S.Y. Bancorp, Inc. Tangible Common Equity Ratio (Amounts in thousands)
	March 31, 2011			December 31, 2010			March 31, 2010
Total stockholders' equity (a)	$	173,361		$	169,861		$	157,336
Less goodwill		(682	)		(682	)		(682	)
Tangible common equity (c)	$	172,679		$	169,179		$	156,654
Total assets (b)	$	1,919,323		$	1,902,945		$	1,801,977
Less goodwill		(682	)		(682	)		(682	)
Tangible assets (d)	$	1,918,641		$	1,902,263		$	1,801,295
Total stockholders' equity to total assets (a/b)		9.03	%		8.93	%		8.73	%
Tangible common equity ratio (c/d)		9.00	%		8.89	%		8.70	%

S. Y. Bancorp, Inc. Financial Information
First Quarter 2011 Earnings Release
(In thousands unless otherwise noted)
	Three Months Ended
	March 31,
		2011		2010
Income Statement Data
Net interest income, fully tax equivalent (1)	$	17,709	$	16,071
Interest income
Loans	$	19,600	$	19,214
Federal funds sold		46		25
Mortgage loans held for sale		63		66
Securities		1,579		1,652
Total interest income		21,288		20,957
Interest expense
Deposits		2,671		3,682
Securities sold under agreements to repurchase		67		87
Federal funds purchased		13		9
Other short-term borrowings		-		-
Federal Home Loan Bank advances		361		525
Subordinated debentures		861		860
Total interest expense		3,973		5,163
Net interest income		17,315		15,794
Provision for loan losses		2,800		2,695
Net interest income after provision for loan losses		14,515		13,099
Non-interest income
Investment management and trust income		3,537		3,261
Service charges on deposit accounts		1,924		1,998
Bankcard transaction revenue		877		751
Gains on sales of mortgage loans held for sale		382		385
Gain (loss) on the sale of securities		-		-
Brokerage commissions and fees		513		456
Bank owned life insurance		249		243
Other non-interest income		523		882
Total non-interest income		8,005		7,976
Non-interest expense
Salaries and employee benefits expense		8,400		8,089
Net occupancy expense		1,230		1,276
Data processing expense		1,137		1,137
Furniture and equipment expense		355		314
FDIC insurance expense		621		471
Other non-interest expenses		3,084		2,471
Total non-interest expense		14,827		13,758
Net income before income tax expense		7,693		7,317
Income tax expense		2,202		2,336
Net income	$	5,491	$	4,981
Weighted average shares - basic		13,747		13,645
Weighted average shares - diluted		13,837		13,718
Basic earnings per share	$	0.40	$	0.37
Diluted earnings per share		0.40		0.36
Cash dividend declared per share		0.18		0.17

Balance Sheet Data (at period end)
Total loans	$	1,517,786	$	1,441,196
Allowance for loan losses		26,956		21,811
Total assets		1,919,323		1,801,977
Non-interest bearing deposits		263,166		232,201
Interest bearing deposits		1,253,299		1,202,813
Federal home loan bank advances		60,439		60,450
Subordinated debentures		40,900		40,900
Stockholders' equity		173,361		157,336
Total shares outstanding		13,780		13,683
Book value per share		12.58		11.50
Market value per share		25.16		22.75

S. Y. Bancorp, Inc. Financial Information
First Quarter 2011 Earnings Release
	Three Months Ended
	March 31,
	2011	2010
Average Balance Sheet Data
Average federal funds sold	$ 62,694	$ 54,329
Average investment securities	217,827	198,387
Average loans	1,507,574	1,438,138
Average earning assets	1,793,309	1,695,669
Average assets	1,910,869	1,796,599
Average interest bearing deposits	1,245,660	1,211,468
Average total deposits	1,509,160	1,425,999
Average securities sold under agreement to repurchase	53,756	55,447
Average federal funds purchased	25,052	17,701
Average short-term borrowings	1,209	1,257
Average long-term debt	101,340	101,355
Average interest bearing liabilities	1,427,017	1,387,228
Average stockholders' equity	172,926	158,252
Performance Ratios
Annualized return on average assets	1.17%	1.12%
Annualized return on average equity	12.88%	12.76%
Net interest margin, fully tax equivalent	4.00%	3.84%
Non-interest income to total revenue, fully
tax equivalent	31.13%	33.17%
Efficiency ratio	57.66%	57.21%
Capital Ratios
Average stockholders' equity to average assets	9.05%	8.81%
Tier 1 risk-based capital	12.12%	11.83%
Total risk-based capital	13.98%	13.73%
Leverage	10.45%	10.26%
Loans by Type
Commercial and industrial	$ 345,340	$ 299,878
Construction and development	158,559	200,529
Real estate mortgage - commercial investment	360,425	320,544
Real estate mortgage - owner occupied commercial	334,899	282,258
Real estate mortgage - 1-4 family residential	157,479	159,733
Home equity - first lien	39,781	39,676
Home equity - junior lien	85,870	101,126
Consumer	35,433	37,452
Asset Quality Data
Allowance for loan losses to total loans	1.78%	1.51%
Allowance for loan losses to average loans	1.79%	1.52%
Allowance for loan losses to non-performing loans	178.72%	161.78%
Nonaccrual loans	$ 10,747	$ 9,546
Troubled debt restructuring	2,878	3,574
Loans - 90 days past due & still accruing	1,458	362
Total non-performing loans	15,083	13,482
OREO and repossessed assets	9,138	2,609
Total non-performing assets	24,221	16,091
Non-performing loans to total loans	0.99%	0.94%
Non-performing assets to total assets	1.26%	0.89%
Net charge-offs to average loans (2)	0.09%	0.06%
Net charge-offs	$ 1,387	$ 884
Other Information
Total assets under management (in millions)	$ 1,791	$ 1,574
Full-time equivalent employees	473	471

S. Y. Bancorp, Inc. Financial Information
First Quarter 2011 Earnings Release
	Five Quarter Comparison
		3/31/11		12/31/10		9/30/10		6/30/10		3/31/10
Income Statement Data
Net interest income, fully tax equivalent (1)	$	17,709	$	17,723	$	17,597	$	16,873	$	16,071
Net interest income	$	17,315	$	17,324	$	17,214	$	16,547	$	15,794
Provision for loan losses		2,800		3,695		2,695		2,384		2,695
Net interest income after provision for loan losses		14,515		13,629		14,519		14,163		13,099
Investment management and trust income		3,537		3,722		3,045		3,232		3,261
Service charges on deposit accounts		1,924		2,165		2,250		2,187		1,998
Bankcard transaction revenue		877		862		837		863		751
Gains on sales of mortgage loans held for sale		382		890		601		445		385
Gain (loss) on the sale of securities		-		-		159		-		-
Brokerage commissions and fees		513		652		525		503		456
Bank owned life insurance		249		253		251		248		243
Other non-interest income		523		1,034		594		445		882
Total non-interest income		8,005		9,578		8,262		7,923		7,976
Salaries and employee benefits expense		8,400		8,880		8,197		8,319		8,089
Net occupancy expense		1,230		1,226		1,136		1,296		1,276
Data processing expense		1,137		1,256		1,119		1,322		1,137
Furniture and equipment expense		355		321		316		321		314
FDIC Insurance expense		621		538		498		531		471
Other non-interest expenses		3,084		2,862		2,643		2,592		2,471
Total non-interest expense		14,827		15,083		13,909		14,381		13,758
Net income before income tax expense		7,693		8,124		8,872		7,705		7,317
Income tax expense		2,202		2,073		2,507		2,149		2,336
Net income	$	5,491	$	6,051	$	6,365	$	5,556	$	4,981
Weighted average shares - basic		13,747		13,720		13,701		13,690		13,645
Weighted average shares - diluted		13,837		13,822		13,807		13,790		13,718
Basic earnings per share	$	0.40	$	0.44	$	0.46	$	0.41	$	0.37
Diluted earnings per share		0.40		0.44		0.46		0.40		0.36
Cash dividend declared per share		0.18		0.18		0.17		0.17		0.17
Balance Sheet Data (at period end)
Total loans	$	1,517,786	$	1,508,425	$	1,489,398	$	1,477,304	$	1,441,196
Allowance for loan losses		26,956		25,543		24,433		22,933		21,811
Total assets		1,919,323		1,902,945		1,881,122		1,859,478		1,801,977
Non-interest bearing deposits		263,166		247,465		251,481		250,427		232,201
Interest bearing deposits		1,253,299		1,246,003		1,211,298		1,223,404		1,202,813
Federal home loan bank advances		60,439		60,442		80,445		70,448		60,450
Subordinated debentures		40,900		40,900		40,900		40,900		40,900
Stockholders' equity		173,361		169,861		167,609		162,035		157,336
Total shares outstanding		13,780		13,737		13,707		13,695		13,683
Book value per share		12.58		12.37		12.23		11.83		11.50
Market value per share		25.16		24.55		24.82		22.98		22.75

S. Y. Bancorp, Inc. Financial Information
First Quarter 2011 Earnings Release
	Five Quarter Comparison
		3/31/11			12/31/10			9/30/10			6/30/10			3/31/10
Average Balance Sheet Data
Average loans	$	1,507,574		$	1,492,674		$	1,484,741		$	1,460,147		$	1,438,138
Average assets		1,910,869			1,907,385			1,871,048			1,813,302			1,796,599
Average earning assets		1,793,309			1,794,477			1,760,255			1,703,151			1,695,669
Average total deposits		1,509,160			1,484,224			1,464,119			1,441,865			1,425,999
Average long-term debt		101,340			115,039			117,650			105,964			101,355
Average interest bearing liabilities		1,427,017			1,442,271			1,412,640			1,391,586			1,387,228
Average stockholders' equity		172,926			170,320			165,578			159,983			158,252
Performance Ratios
Annualized return on average assets		1.17	%		1.26	%		1.35	%		1.23	%		1.12	%
Annualized return on average equity		12.88	%		14.10	%		15.25	%		13.93	%		12.76	%
Net interest margin, fully tax equivalent		4.00	%		3.92	%		3.97	%		3.97	%		3.84	%
Non-interest income to total revenue, fully
tax equivalent		31.13	%		35.08	%		31.95	%		31.95	%		33.17	%
Efficiency ratio		57.66	%		55.25	%		53.79	%		58.00	%		57.21	%
Capital Ratios
Average stockholders' equity to average assets		9.05	%		8.93	%		8.85	%		8.82	%		8.81	%
Tier 1 risk-based capital		12.12	%		12.06	%		11.99	%		11.83	%		11.83	%
Total risk-based capital		13.98	%		13.93	%		13.87	%		13.71	%		13.73	%
Leverage		10.45	%		10.31	%		10.29	%		10.36	%		10.26	%
Loans by Type
Commercial and industrial	$	345,340		$	343,956		$	336,594		$	315,462		$	299,878
Construction and development		158,559			159,482			174,546			182,436			200,529
Real estate mortgage - commercial investment		360,425			343,163			333,568			337,830			320,544
Real estate mortgage - owner occupied commercial		334,899			336,032			312,137			304,540			282,258
Real estate mortgage - 1-4 family residential		157,479			157,983			159,604			161,466			159,733
Home equity - 1st lien		39,781			39,449			40,428			41,043			39,676
Home equity - junior lien		85,870			91,813			95,368			98,119			101,126
Consumer		35,433			36,547			37,153			36,408			37,452
Asset Quality Data
Allowance for loan losses to total loans		1.78	%		1.69	%		1.64	%		1.55	%		1.51	%
Allowance for loan losses to average loans		1.79	%		1.71	%		1.65	%		1.57	%		1.52	%
Allowance for loan losses to non-performing loans		178.72	%		132.25	%		195.54	%		166.13	%		161.78	%
Nonaccrual loans	$	10,747		$	14,388		$	8,485		$	9,640		$	9,546
Troubled debt restructuring		2,878			2,882			3,544			3,548			3,574
Loans - 90 days past due & still accruing		1,458			2,044			466			616			362
Total non-performing loans		15,083			19,314			12,495			13,804			13,482
OREO and repossessed assets		9,138			5,445			4,943			2,038			2,609
Total non-performing assets		24,221			24,759			17,438			15,842			16,091
Non-performing loans to total loans		0.99	%		1.28	%		0.84	%		0.93	%		0.94	%
Non-performing assets to total assets		1.26	%		1.30	%		0.93	%		0.85	%		0.89	%
Net charge-offs to average loans (2)		0.09	%		0.17	%		0.08	%		0.09	%		0.06	%
Net charge-offs		1,387		$	2,585		$	1,195		$	1,262		$	884
Other Information
Total assets under management (in millions)	$	1,791		$	1,698		$	1,578		$	1,499		$	1,574
Full-time equivalent employees		473			475			473			474			471
(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
Certain prior-period amounts have been reclassified to conform with current presentation.

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