Stock Yards Bancorp, Inc. Fair Value Disclosure
(22) Disclosure of Financial Instruments Not Reported at Fair Value
GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The estimated fair values of Bancorp’s financial instruments not measured at fair value on a recurring or non-recurring basis follows:
|
Carrying |
Fair Value Measurements Using: |
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|
December 31, 2025 (in thousands) |
amount |
Fair value |
Level 1 |
Level 2 |
Level 3 |
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|
Assets |
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|
Cash and cash equivalents |
$ | 886,376 | $ | 886,376 | $ | 886,376 | $ | — | $ | — | ||||||||||
|
HTM debt securities |
198,946 | 181,203 | 1,982 | 179,221 | — | |||||||||||||||
|
Federal Home Loan Bank stock |
20,717 | 20,717 | — | 20,717 | — | |||||||||||||||
|
Loans, net |
6,949,443 | 6,872,537 | — | — | 6,872,537 | |||||||||||||||
|
Accrued interest receivable |
28,783 | 28,783 | 28,783 | — | — | |||||||||||||||
|
Liabilities |
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|
Non-interest bearing deposits |
$ | 1,435,846 | $ | 1,435,846 | $ | 1,435,846 | $ | — | $ | — | ||||||||||
|
Transaction deposits |
4,618,757 | 4,618,757 | — | 4,618,757 | — | |||||||||||||||
|
Time deposits |
1,736,534 | 1,740,161 | — | 1,740,161 | — | |||||||||||||||
|
Securities sold under agreement to repurchase |
112,476 | 112,476 | — | 112,476 | — | |||||||||||||||
|
Federal funds purchased |
7,289 | 7,289 | — | 7,289 | — | |||||||||||||||
|
Subordinated debentures |
26,806 | 26,547 | — | 26,547 | — | |||||||||||||||
|
FHLB advances |
300,000 | 297,101 | — | 297,101 | — | |||||||||||||||
|
Accrued interest payable |
1,740 | 1,740 | 1,740 | — | — | |||||||||||||||
|
Carrying |
Fair Value Measurements Using: |
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|
December 31, 2024 (in thousands) |
Amount |
Fair Value |
Level 1 |
Level 2 |
Level 3 |
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|
Assets |
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|
Cash and cash equivalents |
$ | 291,020 | $ | 291,020 | $ | 291,020 | $ | — | $ | — | ||||||||||
|
HTM debt securities |
370,171 | 341,357 | 153,108 | 188,249 | — | |||||||||||||||
|
Federal Home Loan Bank stock |
21,603 | 21,603 | — | 21,603 | — | |||||||||||||||
|
Loans, net |
6,433,459 | 6,256,752 | — | — | 6,256,752 | |||||||||||||||
|
Accrued interest receivable |
27,697 | 27,697 | 27,697 | — | — | |||||||||||||||
|
Liabilities |
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|
Non-interest bearing deposits |
$ | 1,456,138 | $ | 1,456,138 | $ | 1,456,138 | $ | — | $ | — | ||||||||||
|
Transaction deposits |
4,472,475 | 4,472,475 | — | 4,472,475 | — | |||||||||||||||
|
Time deposits |
1,237,788 | 1,236,463 | — | 1,236,463 | — | |||||||||||||||
|
Securities sold under agreement to repurchase |
162,967 | 162,967 | — | 162,967 | — | |||||||||||||||
|
Federal funds purchased |
6,525 | 6,525 | — | 6,525 | — | |||||||||||||||
|
Subordinated debentures |
26,806 | 26,346 | — | 26,346 | — | |||||||||||||||
|
FHLB advances |
300,000 | 294,848 | — | 294,848 | — | |||||||||||||||
|
Accrued interest payable |
1,912 | 1,912 | 1,912 | — | — | |||||||||||||||
Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no market exists for a significant portion of Bancorp’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly impact estimates.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 13, 2017 | |
| 2015 | Mar 4, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.