Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 20

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 20
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			912

			2029

			888

			760

			2030

			576

			608

			2031

			265

			456

			2032

			-

			304

			2033

			-

			152

			Total future expense

			$
			8,406

			$
			6,498

28

			(6)

			Other Assets

A summary of the major components of other assets follows:

			March 31,

			December 31,

			(in thousands)

			2025

			2024

			Cash surrender value of life insurance other than BOLI

			$
			19,718

			$
			19,895

			Net deferred tax asset

			47,351

			51,646

			Investments in tax credit partnerships

			197,011

			185,424

			Swap assets

			5,290

			12,437

			Prepaid assets

			6,071

			6,369

			WM&T fees receivable

			4,768

			4,523

			Mortgage servicing rights

			10,817

			11,333

			Other real estate owned

			85

			10

			Other

			18,758

			17,113

			Total other assets

			$
			309,869

			$
			308,750

Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans.

Bancorp periodically invests in certain partnerships that generate federal income tax credits. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. The investments in such partnerships are recorded in other assets on the consolidated balance sheets, while the corresponding contribution requirements are recorded in other liabilities. For additional information, see the footnote titled “Income Taxes.”

Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at