Stock Yards Bancorp appoints Michael W. Woods as principal accounting officer

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced on Wednesday the appointment of Michael W. Woods as Senior Vice President and Principal Accounting Officer of both the company and its subsidiary, Stock Yards Bank & Trust Company. The appointment is effective immediately, according to a statement included in a press release filed with the Securities and Exchange Commission.

Mr. Woods, age 58, is a Certified Public Accountant with more than 25 years of experience in financial reporting, internal control, and strategic planning. Prior to joining Stock Yards Bancorp, he served as Senior Vice President and Corporate Controller at Old National Bancorp beginning in 2017 and was Principal Accounting Officer there from 2017 to 2022. His earlier roles included financial and accounting positions at FirstMerit Corporation, KeyCorp, and other financial institutions, including serving as Co-Acting Corporate Controller at FirstMerit. Mr. Woods holds a bachelor’s degree in business administration from The Ohio State University and has been a CPA since 1993. He joins a company that has demonstrated strong financial performance, with revenue growth of 11.32% and five analysts recently revising earnings estimates upward, as reported by InvestingPro.

In his new position, Mr. Woods will oversee general accounting, SEC and regulatory reporting, internal management reporting, treasury functions, and budgeting for the company and the bank.

The company disclosed that Mr. Woods was not selected pursuant to any arrangement or understanding with any other person and has no familial relationships with any director or executive officer. There are no transactions between Mr. Woods and the company requiring disclosure under applicable regulations.

Mr. Woods will receive an annual base salary of $240,000, eligibility for an annual cash incentive bonus of up to 30% of base salary, and stock awards of up to 20% of base salary, each subject to company performance. He will also receive an initial grant of 1,000 shares of restricted stock vesting over five years. Under a double trigger change in control severance agreement, Mr. Woods is eligible for a payment equal to one times his base salary plus his historic bonus in the event of a change in control.

The appointment follows the transition of T. Clay Stinnett, who previously served as Principal Accounting Officer and will continue as Executive Vice President and Chief Financial Officer of the company and the bank.

This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.

In other recent news, Stock Yards Bancorp has announced several notable developments. The company reported impressive second-quarter results, which led Piper Sandler to raise its price target for Stock Yards Bancorp to $86, citing strong profitability metrics, including a return on assets of 1.5% and a return on tangible common equity of 20.4%. Additionally, Stock Yards Bancorp’s Board of Directors approved an increase in its quarterly cash dividend to $0.32 per share, payable on October 1, 2025. The company has also authorized a new stock repurchase program for up to one million shares, replacing a previous plan that expired in May 2025. In leadership changes, Michael W. Woods has been appointed as the Principal Accounting Officer, bringing over 25 years of experience to the role. Furthermore, David L. Hardy will join the company’s board of directors effective October 21, 2025, adding his extensive commercial real estate expertise. These developments reflect Stock Yards Bancorp’s strategic initiatives and financial performance.

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