Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 21

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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:

			Federal

			$
			8,640

			$
			7,096

			$
			15,038

			$
			12,212

			State

			1,796

			1,658

			3,164

			2,856

			Total current income tax expense

			10,436

			8,754

			18,202

			15,068

			Deferred income tax benefit:

			Federal

			(1,248
			)

			(857
			)

			(792
			)

			(270
			)

			State

			(266
			)

			(227
			)

			(138
			)

			(60
			)

			Total deferred income tax benefit

			(1,514
			)

			(1,084
			)

			(930
			)

			(330
			)

			Change in valuation allowance

			-

			-

			-

			-

			Total income tax expense

			$
			8,922

			$
			7,670

			$
			17,272

			$
			14,738

An analysis of the difference between the statutory and ETRs from operations follows:

			Three months ended

			Six months ended

			June 30,

			June 30,

			2025

			2024

			2025

			2024

			U.S. federal statutory income tax rate

			21.00
			
			%

			21.00
			
			%

			21.00
			%

			21.00
			%

			State income taxes, net of federal benefit

			2.81

			3.21

			2.83

			3.20

			Excess tax benefit from stock-based compensation arrangements

			(0.24
			)

			0.09

			(0.44
			)

			0.20

			Change in cash surrender value of life insurance

			(0.90
			)

			(0.45
			)

			(0.56