Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 83

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 83
---
			5

			Legal and professional

			907

			1,115

			(208
			)

			(19
			)

			FDIC insurance

			1,223

			1,112

			111

			10

			Capital and deposit based taxes

			700

			630

			70

			11

			Intangible amortization

			914

			1,052

			(138
			)

			(13
			)

			Other

			2,312

			2,469

			(157
			)

			(6
			)

			Total non-interest expenses

			$
			51,027

			$
			48,961

			$
			2,066

			4
			%

Total non-interest expenses increased $2.1 million, or 4%, for the three month period ended March 31, 2025 compared to the same period of 2024. Compensation and employee benefits comprised 62.2% of Bancorp’s total non-interest expenses for the three period ended March 31, 2025, compared to 61.5% for the same period of 2024.

Compensation, which includes salaries, incentives, bonuses and stock based compensation, increased $1.7 million, or 7%, for the three month period ended March 31, 2025, as compared with the same period of 2024, the increase attributed primarily to annual merit-based salary increases and growth in full time equivalent employees. Net full time equivalent employees totaled 1,089 at March 31, 2025 compared to 1,080 at December 31, 2024 and 1,062 at March 31, 2024.

Employee benefits consists of all personnel-related expense not included in compensation, with the most significant items being health insurance, payroll taxes and employee retirement plan contributions. Employee benefits decreased $91,000, or 2%, for the three month period ended March 31, 2025, as compared with the same period of 2024, driven mainly by lower health insurance claims activity.

68

Net occupancy and equipment expenses primarily include depreciation, rent, property taxes, utilities and maintenance. Costs of capital asset additions flow through the statement of income over the lives of the assets in the form of depreciation expense. Net