Stock Yards Bancorp Inc.'s board declared a quarterly cash dividend of 26 cents per common share, a 4% increase from the previous payout of 25 cents.

The dividend will be paid July 1 to stockholders of record as of June 17.

In addition, the board approved a stock buyback plan authorizing the repurchase of 1 million shares or about 4% of the Louisville, Ky.-based company's total common shares outstanding.

The plan will expire in two years unless extended or completed at an earlier date.