Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 103

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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000, or 13%, for the three and nine month periods ended September 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.

76

Other non-interest expenses increased $437,000, or 23%, and $490,000, or 7%, for the three and nine month periods ended September 30, 2025, as compared to the same periods of 2024. The increases over the prior year stemmed mainly from higher credit card rewards and increases in premiums for insurance policies related to general bank liabilities.

Income Tax Expense

A comparison of income tax expense and ETR follows:

			Three months ended September 30,

			Nine months ended September 30,

			(dollars in thousands)

			2025

			2024

			$/bp Variance

			% Variance

			2025

			2024

			$ Variance

			% Variance

			Income before income tax expense

			$
			45,707

			$
			36,999

			$
			8,708

			24
			%
			 
			$
			130,274

			$
			105,222

			$
			25,052

			24
			%

			Income tax expense

			9,466

			7,639

			1,827

			24

			26,738

			22,377

			4,361

			19

			Effective tax rate

			20.71
			%

			20.65
			%

			6 bps

			0

			20.52
			%

			21.27
			%

			(75) bps

			(4
			)

Fluctuations in the ETR are primarily attributed to the following:

			●

			The impact of state income taxes, net of federal benefit, serves to increase the overall ETR and fluctuates consistent with the level of pre-tax income that is taxable at the state level. The ETR was increased by 2.93% for the nine months ended September 30, 2025, compared to an increase of 3.12% for the same period of 2024. The impact to