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

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 25
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 subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier I Capital. The subordinated notes and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. Bancorp chose not to redeem the subordinated notes on April 1, 2025 and carried the notes at the costs noted below at March 31, 2025:

			(dollars in thousands)

			Face Value

			Carrying 

			Value

			Origination 

			Date

			Maturity

			Date

			Interest Rate

			Commonwealth Statutory Trust III

			$
			3,093

			$
			3,093

			12/19/2003

			1/7/2034

			SOFR + 2.85%

			Commonwealth Statutory Trust IV

			12,372

			12,372

			12/15/2005

			12/30/2035

			SOFR + 1.35%

			Commonwealth Statutory Trust V

			11,341

			11,341

			6/28/2007

			9/15/2037

			SOFR + 1.40%

			Total

			$
			26,806

			$
			26,806

As part of the purchase accounting adjustments associated with the CB acquisition, the carrying values of the subordinated notes were adjusted to fair value at acquisition date. The related discounts on the subordinated notes have been amortized and recognized as a component of interest expense in Bancorp’s consolidated financial statements. The discounts became fully amortized during the first quarter of 2024.

			(11)

			FHLB Advances and Other Borrowings

FHLB advances outstanding at March 31, 2025 consist of a rolling $300 million three-month advance that matures in May 2025, which Bancorp utilizes in conjunction with interest rate swaps in an effort to hedge cash flows. FHLB advances outstanding at December 31, 2024 consisted of a rolling $300 million three-month advance that matured in February 2025, which was also utilized in conjunction with the previously mentioned interest rate swaps.

For the three month period ended March 31, 2025, gross proceeds