Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 67

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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Additional discussion follows under the section titled “Results of Operations.”

General highlights for the three months ended September 30, 2025 compared to September 30, 2024:

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			Net income totaled $36.2 million for the three months ended September 30, 2025, resulting in diluted EPS of $1.23, compared to net income of $29.4 million for the three months ended September 30, 2024, which resulted in diluted EPS of $1.00.

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			Total loans increased $651 million, or 10%, compared to September 30, 2024, attributed largely to growth in the CRE segment, with the residential real estate, C&I lines of credit and C&D segments also experiencing solid growth. Average loans increased $699 million, or 11%, for the three months ended September 30, 2025 compared to the same period of the prior year.

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			Bancorp’s ACL on loans increased $6.8 million, or 8%, compared to September 30, 2024. The increase over the past 12 months was attributed to significant loan growth, changes within the FRB’s national unemployment forecast and increased specific reserves, which were only partially offset by annual CECL model updates.

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			Provision for credit losses on loans totaled $1.6 million for the three months ended September 30, 2025, compared to $4.3 million for the three months ended September 30, 2024.

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			Deposit balances increased $918 million, or 14%, compared to September 30, 2024, driven most notably by growth in time deposits tied to the success of competitive CD offerings.

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			Net interest income (FTE) totaled $77.1 million for the three months ended September 30, 2025, representing an increase of $12.1 million, or 19%, compared to the three months ended September 30, 2024.

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			Interest income experienced a $14.5 million, or 14%, increase over this period as a result of significant average earning asset growth, far surpassing the $2.5 million, or 6%, increase in interest expense driven entirely by interest-bearing deposit growth.

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			However, despite higher interest expense, the overall cost of interest-bearing liabilities declined