Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 102

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 30, 2025 and 2024, respectively.

On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill (“the Act”). Bancorp is currently evaluating income tax implications of the Act, but does not expect the Act to have a material impact on the financial statements.

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			Financial Condition – June 30, 2025 Compared to December 31, 2024

Overview

Total assets increased $346 million, or 4%, to $9.21 billion at June 30, 2025 from $8.86 billion at December 31, 2024. The increase for the first six months of 2025 was attributed to strong loan growth of $330 million, or 5%, and a $160 million, or 55%, increase in cash and cash equivalents, which was partially offset by a decline of $138 million, or 10%, in the investment securities portfolio attributed mainly to scheduled maturity activity.

Total liabilities increased $280 million, or 4%, to $8.20 billion at June 30, 2025 from $7.92 billion at December 31, 2024, with total deposits growth of $340 million, or 5%, driven mainly by successful deposit promotions offset partially by smaller declines in SSURA and other liabilities.

Stockholders’ equity increased $65 million, or 7%, to $1.01 billion at June 30, 2025 from $940 million at December 31, 2024, as net income of $67.3 million and a $15.8 million improvement in AOCI was offset by $18.3 million of cash dividends declared during the first six months of 2025. The improvement in AOCI was associated with changes in the interest rate environment and the corresponding impact on the valuation of the AFS debt securities portfolio and cash flow hedging derivatives.

Cash and Cash Equivalents

Cash and cash equivalents increased $160 million, or 55%, ending at $451 million at June 30, 2025 compared to $291 million at December 31, 2024, which was attributed largely to the previously mentioned deposit growth and maturity activity within the investment securities portfolio.

Investment Securities

The primary purpose of the investment securities portfolio is to provide another source of interest income, as well as a