Company: SYBT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001437749-25-014698
Chunk: 82

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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. Net investment product sales commissions and fees increased $145,000, or 17%, for the three month period ended March 31, 2025 compared to the same period of 2024, attributed to the addition of a new broker and a general shift towards more wrap fee-based business.

BOLI assets represent the cash surrender value of life insurance policies on certain active and non-active employees who have provided consent for Bancorp to be the beneficiary for a portion of such policies. The related change in cash surrender value and any death benefits received under the policies are recorded as non-interest income and serves to offset the cost of various employee benefits. BOLI income increased $34,000, or 6%, for the three month period ending March 31, 2025 compared to the same period of the prior year, which was attributed to generally higher yields within the policy plans compared to the prior year.

Other non-interest income decreased $116,000, or 18%, for the three months ended March 31, 2025 compared with the same period of 2024, which was attributed mainly to a decline in revenue generated by insurance policies outside of traditional BOLI policies as a result of the general equity and fixed income market depreciation experienced during the first quarter.

Non-interest Expenses

			Three months ended March 31, 

			(dollars in thousands)

			2025

			2024

			$ Variance

			% Variance

			Compensation

			$
			25,932

			$
			24,221

			$
			1,711

			7
			%

			Employee benefits

			5,785

			5,876

			(91
			)

			(2
			)

			Net occupancy and equipment

			4,123

			3,670

			453

			12

			Technology and communication

			4,828

			5,069

			(241
			)

			(5
			)

			Debit and credit card processing

			1,819

			1,746

			73

			4

			Marketing and business development

			1,515

			1,075

			440

			41

			Postage, printing and supplies

			969

			926

			43