Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 61

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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			%

			24 bps

			19
			%

			ROE

			14.14
			%

			12.09
			%

			205 bps

			17
			%

Additional discussion follows under the section titled “Results of Operations.”

General highlights for the three months ended March 31, 2025 compared to March 31, 2024:

			●

			Net income totaled $33.3 million for the three months ended March 31, 2025, resulting in diluted EPS of $1.13, compared to net income of $25.9 million for the three months ended March 31, 2024, which resulted in diluted EPS of $0.88.

			●

			Total loans increased $797 million, or 14%, compared to March 31, 2024, driven by growth that was well spread amongst the loan portfolio segments over the past 12 months. Average loans increased $789 million, or 14%, for the three months ended March 31, 2025 compared to the same period of the prior year.

			●

			Bancorp’s ACL on loans increased $8 million, or 10%, compared to March 31, 2024. The increase over the past 12 months was attributed to significant loan growth, increased specific reserves, and slight deterioration within the unemployment forecast, which were partially offset by annual CECL model updates.

			o

			Provision for credit losses on loans totaled $900,000 for the three months ended March 31, 2025, compared to $1.2 million for the three months ended March 31, 2024.

			●

			Deposit balances increased $685 million, or 13%, compared to March 31, 2024, driven in large part by growth in time deposits tied to the success of promotional rate offerings.

			●

			Net interest income (FTE) totaled $70.6 million for the three months ended March 31, 2025, representing an increase of $10.5 million, or 17%, compared to the three months ended March 31, 2024.

			o

			Interest income experienced a $14.6 million, or 15%, increase over this period associated with the benefits of higher rates and average earning asset growth, far surpassing the $4.1 million, or 11