Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 20

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 20
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 be amortized, but instead be tested for impairment at least annually. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Bancorp’s annual goodwill impairment test is conducted as of September 30 of each year or more often as situations dictate.

At September 30, 2025, 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.

29

			(5)

			Core Deposit and Customer List Intangible Assets

Bancorp recorded initial CDI assets of $13 million, $4 million, $2 million and $3 million in association with the acquisitions of CB in 2022, KB in 2021, KSB in 2019 and TBOC in 2013, respectively.

Changes in the net carrying amount of CDIs follows:

			Three months ended

			Nine months ended

			September 30,

			September 30,

			(in thousands)

			2025

			2024

			2025

			2024

			Balance at beginning of period

			$
			7,833

			$
			10,601

			$
			8,978

			$
			11,944

			Amortization

			(573
			)

			(672
			)

			(1,718
			)

			(2,015
			)

			Balance at end of period

			$
			7,260

			$
			9,929

			$
			7,260

			$
			9,929

As a result of the CB acquisition, Bancorp also recorded initial intangible assets totaling $14 million associated with the customer list of the acquired WM&T business. Similar to CDI assets, this intangible asset also amortizes over its estimated useful life.

Changes in the net carrying amount of the CLI follows:

			Three months ended

			Nine months ended

			September 30,

			September 30,

			(in thousands)

			2025

			2024

			2025

			2024

			Balance at beginning of period