Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 69

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 which outpaced growth in non-interest expenses.

			Results of Operations 

Net Interest Income - Overview

As is the case with most banks, Bancorp’s primary revenue sources are net interest income and fee income from various financial services provided to customers. Net interest income is the difference between interest income earned on loans, investment securities and other interest earning assets less interest expense on deposit accounts and other interest bearing liabilities. Loan volume and interest rates earned on those loans are critical to overall profitability. Similarly, deposit volume is crucial to funding loans and rates paid on deposits directly impact profitability. New business volume is influenced by numerous economic factors including market interest rates, business spending, liquidity, consumer confidence and competitive conditions within the marketplace. The discussion that follows is based on FTE net interest income data.

Comparative information regarding net interest income follows:

			(dollars in thousands)

			Variance

			As of and for the three months ended June 30,

			2025

			2024

			$/bp 

			% 

			Net interest income

			$
			73,473

			$
			62,022

			$
			11,451

			18
			%

			Net interest income (FTE)*

			73,560

			62,113

			11,447

			18
			%

			Net interest spread (FTE)*

			2.87
			%

			2.52
			%

			35 bps

			14
			%

			Net interest margin (FTE)*

			3.53
			%

			3.26
			%

			27 bps

			8
			%

			Average interest earning assets

			$
			8,364,263

			$
			7,660,117

			$
			704,146

			9
			%

			Average interest bearing liabilities

			6,285,520

			5,597,548

			687,972

			12
			%

			Five year Treasury note rate at period end

			3.79
			%

			4.33
			%

			(54) bps

			-12
			%

			Average five year Treasury note rate

			3.97
			%