Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 100

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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 various local taxing districts, as well as gross revenues generated within/appropriated to the state of Ohio, which is the only state Bancorp operates in with a capital-based deposit tax.

Intangible amortization expense consists of amortization associated with the CDI of acquired deposit portfolios, as well as an intangible related to customer list of the WM&T business line added through a past acquisition. The intangibles are amortized on an accelerated basis over a period of approximately ten years. Intangible amortization expense decreased $136,000, or 13%, and $274,000, or 13%, for the three and six month periods ended June 30, 2025 compared to the same period of the prior year, which is attributed to the accelerated depreciation method for which intangible assets are amortized.

Other non-interest expenses increased $210,000, or 9%, and $53,000, or 1%, for the three and six month periods ended June 30, 2025, as compared to the same periods of 2024. The increases over the prior year stemmed mainly from higher credit card rewards, increases in premiums for insurance policies related to general bank liabilities and fluctuations in the level of check and card losses.

77

Income Tax Expense

A comparison of income tax expense and ETR follows:

			Three months ended June 30,

			Six months ended June 30,

			(dollars in thousands)

			2025

			2024

			$/bp Variance

			% Variance

			2025

			2024

			$ Variance

			% Variance

			Income before income tax expense

			$
			42,946

			$
			35,268

			$
			7,678

			22
			%
			 
			$
			84,567

			$
			68,223

			$
			16,344

			24
			%

			Income tax expense

			8,922

			7,670

			1,252

			16

			17,272

			14,738

			2,534

			17

			Effective tax rate

			20.77
			%

			21.75
			%

			(98) bps

			(5
			)

			20.42