Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 63

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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, 2024 and March 31, 2024, respectively. Tangible common equity to tangible assets was 8.72% at March 31, 2025, compared to 8.44% and 8.36% at December 31, 2024 and March 31, 2024, respectively.

			Results of Operations 

Net Interest Income - Overview

As is the case with most banks, Bancorp’s primary revenue sources are net interest income and fee income from various financial services provided to customers. Net interest income is the difference between interest income earned on loans, investment securities and other interest earning assets less interest expense on deposit accounts and other interest bearing liabilities. Loan volume and interest rates earned on those loans are critical to overall profitability. Similarly, deposit volume is crucial to funding loans and rates paid on deposits directly impact profitability. New business volume is influenced by numerous economic factors including market interest rates, business spending, liquidity, consumer confidence and competitive conditions within the marketplace. The discussion that follows is based on FTE net interest income data.

Comparative information regarding net interest income follows:

			(dollars in thousands)

			Variance

			As of and for the three months ended March 31,

			2025

			2024

			$/bp 

			% 

			Net interest income

			$
			70,552

			$
			60,070

			$
			10,482

			17
			%

			Net interest income (FTE)*

			70,636

			60,167

			10,469

			17
			%

			Net interest spread (FTE)*

			2.83
			%

			2.49
			%

			34 bps

			14
			%

			Net interest margin (FTE)*

			3.46
			%

			3.20
			%

			26 bps

			8
			%

			Average interest earning assets

			$
			8,270,323

			$
			7,567,065

			$
			703,258

			9
			%

			Average interest bearing liabilities

			6,253,712

			5,535,128

			718,584

			13
			%

			Five