Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 27

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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,

			September 30,

			(dollars in thousands)

			2025

			2024

			2025

			2024

			Average outstanding balance during the period

			$
			104,640

			$
			156,865

			$
			130,507

			$
			156,392

			Average interest rate during the period

			2.23
			
			%

			2.38
			
			%

			2.08
			%

			2.25
			%

			Maximum outstanding at any month end during the period

			$
			113,304

			$
			175,211

			$
			151,483

			$
			179,428

34

			(10)

			Subordinated Debentures 

As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier I Capital. The subordinated notes and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. Bancorp chose not to redeem the subordinated notes on October 1, 2025 and carried the notes at the costs noted below at September 30, 2025:

			(dollars in thousands)

			Face Value

			Carrying

			Value

			Origination

			Date

			Maturity

			Date

			Interest Rate

			Commonwealth Statutory Trust III

			$
			3,093

			$
			3,093

			12/19/2003

			1/7/2034

			SOFR + 2.85%

			Commonwealth Statutory Trust IV

			12,372

			12,372

			12/15/2005

			12/30/2035

			SOFR + 1.35%

			Commonwealth Statutory Trust V