Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 74

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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FTE) on the portfolio for the three months ended June 30, 2025 compared to the same period of 2024. This increase was driven by reinvesting a portion of lower-yielding maturities at significantly higher rates to satisfy collateral pledging requirements. As a result, the corresponding yield on the portfolio grew to 2.57% for the three months ended June 30, 2025, compared to 2.05% for the prior year period.

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			Interest income on FFS and interest bearing due from bank balances increased $573,000 for the three months ended June 30, 2025, consistent with the increase in corresponding average balances. The yield on these assets decreased 109 bps to 4.38% for the three months ended June 30, 2025 compared to the same period of 2024 due to the FRB’s rate cuts enacted over the latter part of 2024.

Total average interest bearing liabilities increased $688 million, or 12%, to $6.29 billion for the three month period ended June 30, 2025 compared with the same period in 2024.

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			Average interest bearing deposits increased $849 million, or 17%, for the three months ended June 30, 2025 compared to the same period in 2024. Bancorp experienced a $564 million, or 55%, increase in average time deposits and increases of $158 million, or 7%, and $134 million, or 11%, increase in average interest bearing demand and money market deposits, respectively, as a result of depositors seeking higher-yielding deposit products in the current environment.

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			Average FHLB advances decreased $138 million, or 31%, for the three months ended June 30, 2025 compared to the same period of the prior year, as significant interest-bearing deposit growth largely eliminated the need for more expensive overnight borrowings through the FHLB during the second quarter of 2025. No overnight borrowings were outstanding as of June 30, 2025. Bancorp currently utilizes a $300 million term advance in conjunction with four separate interest rate swaps of varying maturities in an effort to secure longer-term funding at more favorable rates.

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			Average SSUAR decreased $19 million, or 13%, for the three months ended June 30, 2025 compared to the same period of the