Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 32

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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 securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Bancorp’s U.S. Treasury securities are based on quoted market prices (Level 1 inputs).

Mortgage loans held for sale - The fair value of mortgage loans held for sale is determined using quoted secondary market prices (Level 2 inputs).

Mortgage banking derivatives – Mortgage banking derivatives used in the ordinary course of business consist primarily of interest rate lock loan commitments and mandatory forward sales contracts. The fair value of the Bancorp’s derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. The pricing is derived from observable market inputs that can generally be verified and do not typically involve significant judgement by Bancorp (Level 2 inputs).

Interest rate swap agreements – Interest rate swaps are valued using valuations received from the relevant dealer counterparty. These valuations consider multiple observable market inputs, including interest rate yield curves, time value and volatility factors (Level 2 inputs).

37

Carrying values of assets measured at fair value on a recurring basis follows:

			Fair Value Measurements Using:

			Total

			September 30, 2025 (in thousands)

			Level 1

			Level 2

			Level 3

			Fair Value

			Assets:

			Available for sale debt securities:

			Government sponsored enterprise obligations

			$
			—

			$
			74,686

			$
			—

			$
			74,686

			Mortgage backed securities - government agencies

			—

			548,284

			—

			548,284

			Obligations of states and political subdivisions

			—

			113,997

			—

			113,997

			Other

			—

			553

			—

			553

			Total available for sale debt securities

			$
			—

			737,520

			—

			737,520

			Mortgage loans held for sale

			—

			6,045

			—

			6,045

			Rate lock loan commitments

			—

			479

			—

			479

			Mandatory forward contracts

			—

			13

			—

			13

			Interest rate swap assets

			—

			619

			—

			619