Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 23

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 23
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			State

			(218
			)

			(332
			)

			(356
			)

			(392
			)

			Total deferred income tax benefit

			(1,296
			)

			(1,892
			)

			(2,226
			)

			(2,222
			)

			Change in valuation allowance

			-

			-

			-

			-

			Total income tax expense

			$
			9,466

			$
			7,639

			$
			26,738

			$
			22,377

An analysis of the difference between the statutory and ETRs from operations follows:

			Three months ended

			Nine months ended

			September 30,

			September 30,

			2025

			2024

			2025

			2024

			U.S. federal statutory income tax rate

			21.00
			
			%

			21.00
			
			%

			21.00
			%

			21.00
			%

			State income taxes, net of federal benefit

			3.12

			2.91

			2.93

			3.12

			Excess tax benefit from stock-based compensation arrangements

			(0.09
			)

			(1.38
			)

			(0.32
			)

			(0.36
			)

			Change in cash surrender value of life insurance

			(0.64
			)

			(0.79
			)

			(0.59
			)

			(0.73
			)

			Tax Credits

			(2.37
			)

			(0.52
			)

			(2.54
			)

			(0.90
			)

			Tax exempt interest income

			(0.30
			)

			(0.42
			)

			(0.32
			)

			(0.45
			)

			Other, net

			(0.01
			)

			(0.15
			)

			0.36