Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 42

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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 of the vesting period, therefore the fair value of the RSUs equals market value of underlying shares on the date of grant.

In the first quarters of 2025 and 2024, Bancorp awarded 7,670 and 9,550 RSUs to non-employee directors of Bancorp with a grant date fair value of $539,000 and $500,000, respectively.

Bancorp utilized cash of $344,000 and $203,000 during the first three months of 2025 and 2024, respectively, for the purchase of shares upon the vesting of RSUs.

44

Bancorp has recognized stock-based compensation expense for SARs, RSAs and PSUs within compensation expense and RSUs for directors within other non-interest expense, as follows:

			Three months ended March 31, 2025

			(in thousands)

			Stock

			Appreciation 

			Rights

			Restricted 

			Stock Awards

			Restricted

			Stock Units

			Performance

			Stock Units

			Total

			Expense

			$
			103

			$
			450

			$
			131

			$
			469

			$
			1,153

			Deferred tax benefit

			(22
			)

			(95
			)

			(28
			)

			(99
			)

			(244
			)

			Total net expense

			$
			81

			$
			355

			$
			103

			$
			370

			$
			909

			Three months ended March 31, 2024

			(in thousands)

			Stock 

			Appreciation

			Rights

			Restricted

			Stock Awards

			Restricted

			Stock Units

			Performance 

			Stock Units

			Total

			Expense

			$
			69

			$
			420

			$
			124

			$
			329

			$
			942

			Deferred tax benefit

			(14
			)

			(88
			)

			(26
			)

			(69
			)

			(197
			)

			Total net expense

			$