Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 70

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 totaled $4.7 million for the nine months ended September 30, 2025, compared to $6.6 million for the nine months ended September 30, 2024.

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			Deposit balances increased $918 million, or 14%, compared to September 30, 2024, most notably by growth in time deposits tied to the success of competitive CD offerings.

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			Net interest income (FTE) totaled $221.3 million for the nine months ended September 30, 2025, representing an increase of $34.0 million, or 18%, compared to the nine months ended September 30, 2024.

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			Interest income experienced a $43.8 million, or 14%, increase as a result of significant average earning asset growth, far surpassing the $9.9 million, or 9%, increase in interest expense driven by growth in interest-bearing liabilities. Interest income for the nine months ended September 30, 2025 also benefitted from the payoff of two non-accrual relationships, including interest income, during the year.

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			However, despite higher interest expense, the overall cost of interest-bearing liabilities declined 10 bps for the nine months ended September 30, 2025 compared to the same period of the prior year. The lower cost was driven by both rate reductions enacted by the FRB over the last 12 months as well as interest-bearing deposit growth that eliminated the need for more expensive overnight borrowings through the FHLB.

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			NIM increased 26 bps to 3.52% for the nine months ended September 30, 2025, compared to the same period of the prior year, driven by improved earning asset yields and a decline in the cost of interest-bearing liabilities.

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			Non-interest income increased $97,000, or less than 1%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, as fluctuations within non-interest revenue streams were largely offsetting.

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			Non-interest expenses increased $11.0 million, or 8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven mainly by higher compensation expenses associated with increased bonus accrual levels in addition to