Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 51

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 financial results by operating segment, including significant expense categories provided to the chief operating decision maker, help measure the profitability of a particular segment and identify trends, evaluate each segment and its impact on consolidated earnings, and enhance decision making processes related to the allocation of Bancorp’s resources.

The majority of the net assets of Bancorp are associated with in the Commercial Banking segment. As of March 31, 2025, goodwill totaling $194 million was recorded on Bancorp’s consolidated balance sheets, of which $172 million is attributed to the commercial banking segment and $22 million is attributed to WM&T. The portion of total goodwill attributed to WM&T relates entirely to the CB acquisition, which generated $67 million in total goodwill, $8.5 million of which was subsequently written off as a result of Bancorp selling its interest in LFA effective December 31, 2022. With the exception of goodwill attributed to WM&T through the CB acquisition, assets assigned to WM&T consist primarily of a CLI asset associated with the WM&T business added through the CB acquisition, net premises and equipment and a receivable related to fees earned that have not been collected.

WM&T AUM, which are the primary driver of WM&T revenue, are not included on the consolidated balance sheets of Bancorp. WM&T AUM totaled $6.80 billion and $7.07 billion as of March 31, 2025 and December 31, 2024, respectively.

51

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are detailed below:

			Three months ended March 31, 2025

			Three months ended March 31, 2024

			Commercial 

			Commercial 

			(in thousands)

			Banking 

			WM&T

			Total 

			Banking 

			WM&T

			Total 

			Net interest income

			$
			70,273

			$
			279

			$
			70,552

			$
			59,794

			$
			276

			$
			60,070

			Provision for credit losses

			900

			—

			900

			1,425

			—

			1,425

			Net interest income after provision expense

			69,373

			279

			69,652

			58,369

			276

			58