Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 36

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 36
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39

			(15)

			Mortgage Banking Activities

Mortgage banking activities primarily include residential mortgage originations and servicing. Mortgages originated and intended for sale in the secondary market are carried at fair value, as determined by outstanding commitments from investors.

Activity for mortgage loans held for sale, at fair value, was as follows:

			Three months ended

			March 31,

			(in thousands)

			2025

			2024

			Balance, beginning of period:

			$
			6,286

			$
			6,056

			Origination of mortgage loans held for sale

			29,997

			22,617

			Proceeds from the sale of mortgage loans held for sale

			(29,040
			)

			(22,552
			)

			Net gain realized on sale of mortgage loans held for sale

			554

			341

			Balance, end of period

			$
			7,797

			$
			6,462

The following table represents the components of Mortgage banking income:

			Three months ended

			March 31,

			(in thousands)

			2025

			2024

			Net gain realized on sale of mortgage loans held for sale

			$
			554

			$
			341

			Net change in fair value recognized on loans held for sale

			68

			33

			Net change in fair value recognized on rate lock loan commitments

			355

			257

			Net change in fair value recognized on forward contracts

			(211
			)

			28

			Net gain recognized

			766

			659

			Net loan servicing income

			817

			960

			Amortization of mortgage servicing rights

			(732
			)

			(738
			)

			Change in mortgage servicing rights valuation allowance

			-

			-

			Net servicing income recognized

			85

			222

			Other mortgage banking income

			66

			67

			Total mortgage banking income

			$
			917

			$
			948

Activity for capitalized mortgage servicing rights was as follows:

			Three months ended

			March 31,

			(in thousands)