Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 68

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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 18 bps for the three months ended September 30, 2025 compared to the same period of the prior year. The lower cost was driven by both rate reductions enacted by the FRB over the last 12 months as well as interest-bearing deposit growth that eliminated the need for more expensive overnight borrowings through the FHLB.

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			NIM increased 23 bps to 3.56% for the three months ended September 30, 2025, compared to the same period of the prior year, driven by improved earning asset yields and decline in the cost of total interest bearing liabilities.

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			Non-interest income decreased $321,000, or 1%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, attributed largely to declines in WM&T revenue and other income.

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			Non-interest expenses increased $5.4 million, or 11%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, driven mainly by higher compensation expenses associated with increased bonus accrual levels in addition to broad expense increases attributed to the Company’s growth over the past 12 months.

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			Bancorp’s efficiency ratio (FTE) for the three months ended September 30, 2025 was 52.99% compared to 53.92% for the three months ended September 30, 2024. This improvement is attributed to strong net interest income growth, which outpaced growth in non-interest expenses.

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			As of September 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 September 30, 2025. Total stockholders’ equity to total assets was 11.19% as of September 30, 2025, compared to 10.61% and 11.07% at December 31, 2024 and September 30, 2024, respectively. Tangible common equity to tangible assets was 9.16% at September 30, 2025, compared to 8.44% and 8.79% at December 31, 2024 and September 30, 2024, respectively.