Company: SYBT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033206
Chunk: 94

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 in nature and the timing of these revenues corresponds with the related administrative activities. For this reason, such fees are subject to greater period over period fluctuation. Total non-recurring fees decreased $403,000, or 59%, and $369,000, or 28%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024 due to the prior year periods experiencing particularly strong estate fee revenue.

72

AUM, stated at market value, totaled $7.48 billion at September 30, 2025 compared with $7.07 billion at December 31, 2024 and $7.32 billion at September 30, 2024. The increase in AUM between September 30, 2024 and September 30, 2025 was attributed to appreciation within the equity and fixed income markets over the past 12 months in addition to positive net new business through the first nine months of 2025. After experiencing 4 consecutive quarters of contraction beginning in the third quarter of 2024, AUM expanded during both the second and third quarters of 2025, as general market appreciation has aided positive net new business trends in recent months.

Contracts between WM&T and their customers do not permit performance-based fees and accordingly, none of the WM&T revenue is performance based. Management believes the WM&T department will continue to factor significantly in Bancorp’s financial results and provide strategic diversity to revenue streams.

Detail of WM&T Service Income by Account Type:

			Three months ended September 30,

			Nine months ended September 30,

			(in thousands)

			2025

			2024

			2025

			2024

			Investment advisory

			$
			4,561

			$
			4,240

			$
			13,132

			$
			12,726

			Personal trust

			3,142

			3,815

			9,938

			11,465

			Personal investment retirement

			2,085

			1,955

			6,092

			5,661

			Company retirement

			419

			416

			1,228

			1,240

			Foundation and endowment

			335

			339

			998

			1,003

			Cust