Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 95

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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ody and safekeeping

			73

			56

			207

			172

			Brokerage and insurance services

			33

			5

			51

			9

			Other

			56

			105

			188

			221

			Total WM&T services income

			$
			10,704

			$
			10,931

			$
			31,834

			$
			32,497

The preceding table demonstrates that WM&T fee revenue is concentrated within investment advisory and personal trust accounts. WM&T fees are predominantly based on AUM and tailored for individual/company accounts and/or relationships with fee structures customized based on account type and other factors, with larger relationships paying a lower percentage of AUM in fees. For example, recurring AUM fee structures are in place for investment management, irrevocable and revocable trusts, personal investment retirement accounts and accounts holding only fixed income securities. WM&T also provides company retirement plan services, which can consist of a one-time conversion fee with recurring AUM fees to follow. While there are also fee structures for estate settlements, income received is typically non-recurring in nature. Fee structures are agreed upon at the time of account opening and any subsequent revisions are communicated in writing to the customer. As previously mentioned, WM&T fees earned are not performance-based nor are they based on investment strategy or transactions. Bancorp also earns management fees on in-house investments funds added through bank acquisitions.

AUM by Account Type:

AUM (not included on balance sheet) increased from $7.07 billion at December 31, 2024 to $7.48 billion at September 30, 2025 as follows:

			September 30, 2025

			December 31, 2024

			(in thousands)

			Managed

			Non-managed (1)

			Total

			Managed

			Non-managed (1)

			Total

			Investment advisory

			$
			2,861,846

			$
			39,072

			$
			2,900,918

			$
			2,645,233

			$
			66,026

			$
			2,711,259

			Personal trust

			1,537,988

			480,603

			2,018