Business
SB Financial Group Announces Fourth Quarter 2020 Results
DEFIANCE, Ohio, Jan. 28, 2021 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial" or the "Company"), a diversified financial services
About this update from Sb Financial Group, Inc.
[{"type":"text","content":"DEFIANCE, Ohio, Jan. 28, 2021 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) (\"SB Financial\" or the \"Company\"), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the fourth quarter and twelve months ended December 31, 2020. \nFourth quarter 2020 highlights over prior-year fourth quarter include:\nNet income of $5.4 million up $2.0 million or 59.6 percent; diluted earnings per share (\"EPS\") of $0.71, up $0.29 per share or 69.0 percent Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights (\"OMSR\") recapture, was $5.8 million, which yields an increase in adjusted EPS of $0.06 to $0.77 Mortgage origination volume of $169.0 million, an increase of $31.5 million, or 22.9 percent Pre-tax, pre-provision income of $7.5 million, up $3.1 million or 70.6 percentThe twelve months ended December 31, 2020, highlights over the prior-year twelve months include:\nNet income of $14.9 million; diluted EPS of $1.96 Adjusted net income, excluding the impact of OMSR and Edon merger costs, rose to $18.8 million, up $5.9 million, or 46.1 percent, with adjusted EPS of $2.44 Return on Average Assets (\"ROAA\") of 1.29 percent; adjusted ROAA of 1.61 percent Loan growth of $47.2 million, or 5.7 percent, which includes Paycheck Protection Program (\"PPP\") loan balances and loans acquired in the Edon acquisition. Deposit growth of $213.9 million, or 25.4 percent, driven by PPP balances and the Edon acquisition Mortgage origination volume of $694.2 million; servicing portfolio of $1.3 billion, which is up $101 million, or 8.4 percentHighlights\nThree Months Ended\nTwelve Months Ended\n($ in thousands, except per share & ratios)\nDec. 2020\nDec. 2019\n% Change\nDec. 2020\nDec. 2019\n% Change\nOperating revenue \n$ 18,153\n$ 14,555\n24.7%\n$ 66,026\n$ 52,842\n24.9%\nInterest income \n10,589\n11,205\n-5.5%\n42,635\n44,400\n-4.0%\nInterest expense\n1,338\n2,609\n-48.7%\n6,705\n9,574\n-30.0%\nNet interest income \n9,251\n8,596\n7.6%\n35,930\n34,826\n3.2%\nProvision for loan losses\n800\n300\n166.7%\n4,500\n800\n462.5%\nNoninterest income\n8,902\n5,959\n49.4%\n30,096\n18,016\n67.1%\nNoninterest expense\n10,684\n10,176\n5.0%\n43,087\n37,410\n15.2%\nNet income \n5,358\n3,358\n59....