Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 66

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 $693,000, or 3%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, as swap fees and growth in treasury management revenue and investment product sales helped overcome declines in WM&T revenue, deposit service charges and card income.

			●

			Non-interest expenses increased $3.6 million, or 7%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, driven mainly by higher compensation expenses associated with increased bonus accrual levels as well as higher marketing and business development expenses.

			●

			Bancorp’s efficiency ratio (FTE) for the three months ended June 30, 2025 was 53.83% compared to 57.26% for the three months ended June 30, 2024. This improvement is attributed to strong net interest income growth, which outpaced growth in non-interest expenses.

			●

			As of June 30, 2025, Bancorp continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with capital ratios experiencing growth compared to both December 31, 2024 and June 30, 2024. Total stockholders’ equity to total assets was 10.92% as of June 30, 2025, compared to 10.61% and 10.76% at December 31, 2024 and June 30, 2024, respectively. Tangible common equity to tangible assets was 8.86% at June 30, 2025, compared to 8.44% and 8.42% at December 31, 2024 and June 30, 2024, respectively.

The following table presents an overview of Bancorp’s financial performance for the six months ended June 30, 2025 and 2024:

			(dollars in thousands, except per share data)

			Variance

			Six months ended June 30,

			2025

			2024

			$/bp 

			%

			Net income

			$
			67,295

			$
			53,485

			$
			13,810

			26
			%

			Diluted earnings per share

			$
			2.28

			$