Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 28

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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			11,341

			11,341

			6/28/2007

			9/15/2037

			SOFR + 1.40%

			Total

			$
			26,806

			$
			26,806

As part of the purchase accounting adjustments associated with the CB acquisition, the carrying values of the subordinated notes were adjusted to fair value at acquisition date. The related discounts on the subordinated notes have been amortized and recognized as a component of interest expense in Bancorp’s consolidated financial statements. The discounts became fully amortized during the first quarter of 2024.

			(11)

			FHLB Advances and Other Borrowings

FHLB advances outstanding at September 30, 2025 consist of a rolling $300 million three-month advance that matures in August 2025, which Bancorp utilizes in conjunction with interest rate swaps in an effort to hedge cash flows. FHLB advances outstanding at December 31, 2024 consisted of a rolling $300 million three-month advance that matured in February 2025, which was also utilized in conjunction with the previously mentioned interest rate swaps.

For the nine month period ended September 30, 2025, gross proceeds and repayments related to FHLB advances totaled $1.43 billion and $1.43 billion, respectively. Net proceeds and repayments related to FHLB advances (excluding those with maturities of 90 days or less) totaled $900 million and $900 million for the three months ended September 30, 2025. For the nine month period ended September 30, 2024, gross proceeds and repayments totaled $2.50 billion and $2.38 billion, respectively. Net proceeds and repayments (excluding those with maturities of 90 days or less) for the nine month period ended September 30, 2024 totaled $725 million and $600 million.

Information regarding FHLB advances follows. The average interest rate information provided includes the benefit associated with the related interest rate swaps:

			(dollars in thousands)

			September 30, 2025

			December 31, 2024

			Outstanding balance at end of period

			$
			300,000

			$
			300,000

			Weighted average interest rate at end of period

			3.71
			
			%

			3.