Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 75

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 prior year, representing normal fluctuation.

Total interest expense increased $3.2 million, or 8%, for the three months ended June 30, 2025 compared to the same period of 2024, driven almost entirely by increased time deposit expense associated with successful CD promotion, which was only partially offset by a decline in interest expense on FHLB advances.

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			Total interest bearing deposit expense increased $5.9 million, or 19%, driven by growth in the time deposit portfolio associated with successful promotional campaigns. While each interest bearing deposit category experienced a decline in cost for the three months ended June 30, 2025 compared to the same period of the prior year, total interest bearing cost increased 3 bps to 2.59% as more expensive time deposits become a larger portion of the overall mix.

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			Interest expense on FHLB borrowings decreased $2.4 million, or 45%, for the three months ended June 30, 2025, as compared to same period of the prior year, consistent with the $138 million decrease in average FHLB advances.

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			Interest expense on SSUAR decreased $146,000, or 19%, for the three months ended June 30, 2025, as compared to the same period of the prior year, consistent with the average balance decrease.

Net Interest Income (FTE) – Six months ended June 30, 2025 compared to June 30, 2024:

Net interest spread (FTE) and NIM (FTE) were 2.85% and 3.50%, for the six months ended June 30, 2025, compared to 2.50% and 3.23% for the same period in 2024, respectively.

Net interest income (FTE) increased $21.9 million, or 18%, for the six months ended June 30, 2025 compared to the same period of 2024, as the impact of significant loan growth on interest income far surpassed the increase in interest expense tied to interest bearing deposit growth.

Total average interest earning assets increased $704 million, or 9%, for the six months ended June 30, 2025, as compared to the same period of 2024, attributed to substantial average loan growth that was partially offset by a decline in average investment securities driven by scheduled maturities and normal amortization. The