Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 78

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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%, for the six months ended June 30, 2025 compared to the same period of the prior year, representing normal fluctuation.

Total interest expense increased $7.4 million, or 10%, for the six months ended June 30, 2025 compared to the same period of 2024, driven entirely by increased time deposit expense associated with successful CD promotion, which was only partially offset by smaller declines in every other interest-bearing liability category. Despite the increased expense, the cost of interest-bearing deposits was flat at 2.55% and total interest-bearing liability cost declined 6 bps 2.64%, which was attributed to the impact of the FRB’s interest rate reductions enacted in the latter part of 2024.

			●

			Total interest bearing deposit expense increased $8.6 million, or 14%, driven by growth in the time deposit portfolio associated with successful promotional CD products offered through April of this year, which was only partially offset by decreases in interest expense for the other interest-bearing deposit categories. The cost of interest bearing deposits was flat at 2.55% compared to the six months ended June 30, 2024, despite the rate reductions implemented by the FRB in the latter part of 2024 as more expensive time deposits became a larger portion of the total interest-bearing deposit portfolio.

			●

			Interest expense on FHLB borrowings decreased $611,000, or 7%, for the six months ended June 30, 2025, as compared to same period of the prior year despite increased borrowing activity, as overnight borrowing costs declined consistent with the FRB’s previously mentioned rate cuts.

			●

			Interest expense on SSUAR decreased $263,000, or 15%, for the six months ended June 30, 2025, as compared to the same period of the prior year, consistent with the average balance decrease.

67

Average Balance Sheets and Interest Rates (FTE) – Three-Month Comparison

			Three months ended June 30,

			2025

			2024

			Average

			Average

			Average

			Average

			(dollars in thousands)

			Balance

			Interest

			Rate

			Balance

			Interest

			Rate

			Interest earning assets:

			Federal funds sold and interest bearing due from banks

			$
			249,738

			$