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:

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.

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