Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 19

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 19
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4, 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.

27

			(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

			March 31,

			(in thousands)

			2025

			2024

			Balance at beginning of period

			$
			8,978

			$
			11,944

			Amortization

			(572
			)

			(672
			)

			Balance at end of period

			$
			8,406

			$
			11,272

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

			March 31,

			(in thousands)

			2025

			2024

			Balance at beginning of period

			$
			6,840

			$
			8,360

			Amortization

			(342
			)

			(380
			)

			Balance at end of period

			$
			6,498

			$
			7,980

Future CDI and CLI amortization expense is estimated as follows:

			(in thousands)

			CDI

			CLI

			Remainder of 2025

			$
			1,719

			$
			1,026

			2026

			1,979

			1,216

			2027

			1,668

			1,064

			2028

			1,311