Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 23

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 23
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 and December 31, 2024, respectively, and are included in other assets on the condensed consolidated balance sheets.

As of March 31, 2025, Bancorp’s expected payments for unfunded contributions related to investments in tax credit partnerships, which are accrued and included in other liabilities on the condensed consolidated balance sheets, were as follows:

			(dollars in thousands)

			March 31, 2025

			Remainder of 2025

			$
			73,146

			2026

			52,979

			2027

			15,625

			2028

			1,160

			2029

			1,324

			Thereafter

			7,248

			Total unfunded contributions

			$
			151,482

The following table presents tax credits and other tax benefits recognized in addition to amortization expense related to Bancorp’s investment in tax credit partnerships for the three month periods ended March 31, 2025 and 2024:

			Three months ended

			March 31,

			(in thousands)

			2025

			2024

			Proportional amortization method:

			Tax credits and other tax benefits recognized

			$
			5,692

			$
			3,551

			Amortization expense in provision for income taxes

			4,399

			2,853

			Amortization expense in other non-interest expense

			-

			-

There were no impairment losses related to Bancorp’s investments in tax credit partnerships during the three month periods ended March 31, 2025 and 2024.

31

			(8)

			Deposits

The composition of deposits follows:

			(in thousands)

			March 31, 2025

			December 31, 2024

			Non-interest bearing demand deposits

			$
			1,499,383

			$
			1,456,138

			Interest bearing deposits:

			Interest bearing demand

			2,545,857

			2,649,142

			Savings

			429,172

			419,355

			Money market

			1,343,031

			1,403,978

			Time deposits of $250 thousand or more