Company: SYBT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001437749-25-024786
Chunk: 77

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 77
---
30, 2025 compared to the same period of 2024. This increase was driven by reinvesting a portion of lower-yielding maturities at significantly higher rates to satisfy collateral pledging requirements. As a result, the corresponding yield on the portfolio climbed to 2.53% for the six months ended June 30, 2025, compared to 2.06% for the prior year period, the increase being attributed to the maturity of lower-yielding treasury securities.

			●

			Interest income on FFS and interest bearing due from bank balances increased $478,000 for the six months ended June 30, 2025, stemming mainly from rate cuts to the FFTR during the latter part of 2024. The yield on these assets decreased 104 bps to 4.43% for the six months ended June 30, 2025 compared to the same period of 2024.

66

Total average interest bearing liabilities increased $703 million, or 13%, to $6.27 billion for the six month period ended June 30, 2025 compared with the same period in 2024.

			●

			Average interest bearing deposits increased $693 million, or 14%, for the six months ended June 30, 2025 compared to the same period in 2024. Bancorp experienced a $441 million, or 43%, increase in average time deposits and increases of $144 million, or 6%, and $118 million, or 10%, increase in average interest bearing demand and money market deposits, respectively, as a result of depositors seeking higher-yielding deposit products in the current environment.

			●

			Average FHLB advances increased $27 million, or 7%, for the six months ended June 30, 2025 compared to the same period of the prior year. Bancorp utilized overnight borrowings more heavily during the six months ended June 30, 2025 to fund loan growth, largely during the first quarter, as the need for overnight borrowings dissipated in tandem with significant deposit growth generated during the first half of the year. No overnight borrowings were outstanding as of June 30, 2025. Bancorp 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.

			●

			Average SSUAR decreased $12 million, or 8