Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 100

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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			2,520

			2,128

			392

			18

			Intangible amortization

			915

			1,052

			(137
			)

			(13
			)

			2,744

			3,155

			(411
			)

			(13
			)

			Other

			2,327

			1,890

			437

			23

			7,135

			6,645

			490

			7

			Total non-interest expenses

			$
			53,831

			$
			48,452

			$
			5,379

			11
			%
			 
			$
			157,558

			$
			146,522

			$
			11,036

			8
			%

Total non-interest expenses increased $5.4 million, or 11%, and $11.0 million, or 8%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024. Compensation and employee benefits comprised 62.6% and 62.2% of Bancorp’s total non-interest expenses for the three and nine month periods ended September 30, 2025, compared to 62.3% and 61.4% for the same periods of 2024.

Compensation, which includes salaries, incentives, bonuses and stock based compensation, increased $3.3 million, or 13%, and $7.7 million, or 10%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. The increases were attributed primarily to higher bonus accrual levels associated with the strong performance experienced this year and growth in full time equivalent employees. Net full time equivalent employees totaled 1,140 at September 30, 2025 compared to 1,080 at December 31, 2024 and 1,068 at September 30, 2024.

75

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 increased $249,000, or 5%, and $402,000, or 3%, for the three and nine month