Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 46

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 46
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 of these PSUs is estimated based upon the market value of the underlying shares on the date of grant, adjusted for non-payment of dividends. Grants require a one-year post-vesting holding period and therefore the fair value of such grants incorporates a liquidity discount related to the holding period of 5.5% and 5.8% for 2025 and 2024.

RSU Grants – RSUs are only granted to non-employee directors, are time-based and vest 12 months after grant date. Because grantees are entitled to deferred dividend payments at the end of the vesting period, therefore the fair value of the RSUs equals market value of underlying shares on the date of grant.

In the first quarters of 2025 and 2024, Bancorp awarded 7,670 and 9,550 RSUs to non-employee directors of Bancorp with a grant date fair value of $539,000 and $500,000, respectively.

Bancorp utilized cash of $344,000 and $203,000 during the first nine months of 2025 and 2024, respectively, for the purchase of shares upon the vesting of RSUs.

46

Bancorp has recognized stock-based compensation expense for SARs, RSAs and PSUs within compensation expense and RSUs for directors within other non-interest expense, as follows:

			Three months ended September 30, 2025

			(in thousands)

			Stock 

			Appreciation 

			Rights

			Restricted

			Stock Awards

			Restricted

			Stock Units

			Performance

			Stock Units

			Total

			Expense

			$
			113

			$
			494

			$
			122

			$
			384

			$
			1,113

			Deferred tax benefit

			(24
			)

			(104
			)

			(26
			)

			(80
			)

			(234
			)

			Total net expense

			$
			89

			$
			390

			$
			96

			$
			304

			$
			879

			Three months ended September 30, 2024

			(in thousands)

			Stock 

			Appreciation

			Rights

			Restricted

			Stock Awards