Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 102

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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2 million, or 30%, for the three and nine month periods ending September 30, 2025, as compared to the same periods of 2024, which was primarily the result of higher advertising expense tied to deposit product promotions in addition to various Bank initiatives, sponsorships and ad campaigns.

Postage, printing and supplies expense increased $9,000, or 1% and $76,000, or 3%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024, consistent with the previously mentioned deposit product promotions and other initiatives.

Legal and professional fees decreased $77,000, or 8%, and $382,000, or 12%, for the three and nine month periods ended September 30, 2025 compared to the same periods of the prior year, driven primarily by lower compliance-related consulting expense associated with Bancorp approaching $10 billion in total assets in addition to generally lower legal expenses, including collections-related expenses.

FDIC insurance expense increased $103,000, or 9%, and $313,000, or 9%, for the three and nine month periods ended September 30, 2025, as compared to the same periods of 2024, consistent with Bancorp’s growth in addition to changes in loan mix, as higher assessments are levied on C&D lending concentrations, a segment which has grown as a percentage of total loans.

Capital and deposit based taxes, which consist primarily of capital-based local income taxes and franchise taxes, increased $257,000, or 31%, and $392,000, or 18%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024. Bancorp’s capital and deposit based tax expense is based on deposits held within various local taxing districts, as well as gross revenues generated within/appropriated to the state of Ohio, which is the only state Bancorp operates in with a capital-based deposit tax. The increases for the current year periods stem mainly from the substantial deposit growth experienced over the last 12 months.

Intangible amortization expense consists of amortization associated with the CDI of acquired deposit portfolios, as well as an intangible related to customer list of the WM&T business line added through a past acquisition. The intangibles are amortized on an accelerated basis over a period of approximately ten years. Intangible amortization expense decreased $137,000, or 13%, and $411,