Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 124

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 124
---
: Goodwill

			(194,074
			)

			(194,074
			)

			Less: Core deposit and other intangibles

			(13,074
			)

			(15,818
			)

			Tangible assets - Non-GAAP (d)

			$
			9,100,228

			$
			8,653,527

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

			11.19
			%

			10.61
			%

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

			9.16
			%

			8.44
			%

			Total shares outstanding (e)

			29,474

			29,431

			Book value per share - GAAP (a/e)

			$
			35.32

			$
			31.96

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

			28.30

			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 September 30, 

			Nine months ended September 30, 

			(dollars in thousands)

			2025

			2024

			2025

			2024

			Total non-interest expenses (a)

			$
			53,831

			$
			48,452

			$
			157,558

			$
			146,522

			Total net interest income, FTE

			$
			77,119

			$
			65,064

			$
			221,315

			$
			187,344

			Total non-interest