Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 77

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 77
---
 currently utilizes a $300 million term advance in conjunction with four separate interest rate swaps of varying maturities in an effort to secure longer-term funding at more favorable rates. This advance represents the only outstanding FHLB borrowing as of September 30, 2025.

			●

			Average SSUAR decreased $52 million, or 33%, for the three months ended September 30, 2025 compared to the same period of the prior year, attributed largely to a number of clients moving into other deposit products. 

Total interest expense increased $2.5 million, or 6%, for the three months ended September 30, 2025 compared to the same period of 2024, driven almost entirely by increased time deposit expense associated with successful CD promotion, which was only partially offset by a decline in interest expense on FHLB advances.

64

			●

			Total interest bearing deposit expense increased $5.3 million, or 16%, driven by growth in the time deposit portfolio associated with successful promotional campaigns. However, each interest bearing deposit category experienced a decline in cost for the three months ended September 30, 2025 compared to the same period of the prior year, which was driven by Bancorp’s ability to reduce deposit rates consistent with rate reductions enacted by the FRB. Total interest-bearing deposit cost decreased 8 bps to 2.60%.

			●

			Interest expense on FHLB borrowings decreased $2.3 million, or 45%, for the three months ended September 30, 2025, as compared to same period of the prior year, consistent with the $161 million decrease in average FHLB advances.

			●

			Interest expense on SSUAR decreased $349,000, or 37%, for the three months ended September 30, 2025, as compared to the same period of the prior year, consistent with the average balance decrease.

Net Interest Income (FTE) – Nine months ended September 30, 2025 compared to September 30, 2024:

Net interest spread (FTE) and NIM (FTE) were 2.86% and 3.52%, for the nine months ended September 30, 2025, compared to 2.52% and 3.26% for the same period in 2024, respectively.

Net interest income (FTE) increased $34.0 million, or 18%, for