Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 21

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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 fair value. For additional information, see the footnote titled “Derivative Financial Instruments.”

For additional information related to MSRs, see the footnote titled “Mortgage Banking Activities.”

29

			(7)

			Income Taxes

Components of income tax expense from operations follows:

			Three months ended

			March 31,

			(in thousands)

			2025

			2024

			Current income tax expense:

			Federal

			$
			6,398

			$
			5,116

			State

			1,368

			1,198

			Total current income tax expense

			7,766

			6,314

			Deferred income tax expense:

			Federal

			456

			587

			State

			128

			167

			Total deferred income tax expense

			584

			754

			Change in valuation allowance

			-

			-

			Total income tax expense

			$
			8,350

			$
			7,068

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

			Three months ended

			March 31,

			2025

			2024

			U.S. federal statutory income tax rate

			21.00
			
			%

			21.00
			
			%

			State income taxes, net of federal benefit

			2.84

			3.27

			Excess tax benefit from stock-based compensation arrangements

			(0.65
			)

			0.32

			Change in cash surrender value of life insurance

			(0.22
			)

			(0.96
			)

			Tax Credits

			(2.70
			)

			(0.69
			)

			Tax exempt interest income

			(0.34
			)

			(0.49
			)

			Adoption of ASU 2023-02

			-

			(1.28
			)

			Other, net

			0.13

			0.28

			Effective tax rate

			20.06
			
			%

			21.45
			
			%

Current state income tax expense for 2025 and 2024