Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 103

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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AAP (c)

			$
			766,495

			$
			730,584

			Total assets - GAAP (b)

			$
			8,997,478

			$
			8,863,419

			Less: Goodwill

			(194,074
			)

			(194,074
			)

			Less: Core deposit and other intangibles

			(14,904
			)

			(15,818
			)

			Tangible assets - Non-GAAP (d)

			$
			8,788,500

			$
			8,653,527

			Total stockholders' equity to total assets - GAAP (a/b)

			10.84
			%

			10.61
			%

			Tangible common equity to tangible assets - Non-GAAP (c/d)

			8.72
			%

			8.44
			%

			Total shares outstanding (e)

			29,469

			29,431

			Book value per share - GAAP (a/e)

			$
			33.10

			$
			31.96

			Tangible common equity per share - Non-GAAP (c/e)

			26.01

			24.82

The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio. Bancorp believes it is important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses, if applicable.

			Three months ended March 31, 

			(dollars in thousands)

			2025

			2024

			Total non-interest expenses (a)

			$
			51,027

			$
			48,961

			Total net interest income, FTE

			$
			70,636

			$
			60,167

			Total non