Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 111

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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 totaling $1.7 million and $2.3 million was recorded on Bancorp’s consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. The decrease during the first six months of 2025 was attributed to the sale of a former administrative building owned through a prior acquisition during the second quarter. Premises held for sale consisted of three vacant parcels of land and one former branch location as of June 30, 2025.

BOLI

Bank-owned life insurance assets increased to $91 million at June 30, 2025, compared to $89 million at December 31, 2024, due to general appreciation of the cash surrender values within the policy plans experienced during the six months ended June 30, 2025.

Goodwill

At June 30, 2025 and December 31, 2024, Bancorp had $194 million in goodwill recorded on its balance sheet. Goodwill of $58 million and $123 million is attributed to the acquisitions of CB and KB in 2022 and 2021, respectively. Additionally, goodwill totaling $12 million and $682,000 is attributed to the acquisitions of KSB and Austin State Bank in 2019 and 1996, respectively. The acquisition of TBOC in 2013 resulted in a bargain purchase gain.

Events that may trigger goodwill impairment include deterioration in economic conditions, a decline in market-dependent multiples or metrics (i.e. stock price declining below tangible book value), negative trends in overall financial performance and regulatory actions. At September 30, 2024, Bancorp performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

Core Deposit and Customer List Intangibles

CDIs and CLIs arising from business acquisitions are initially measured at fair value and are then amortized on an accelerated method based on their useful lives. As of June 30, 2025 and December 31, 2024, Bancorp’s CDI assets totaled $7.8 million and $9.0 million, respectively. As of June 30, 2025 and December 31, 2024, Bancorp’s CLI assets were $6.2 million and $6.8 million, respectively, and attributed entirely to the WM&T