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Sb Financial Group Inc
SB Financial Group Announces Second Quarter 2025 Results
Business
Jul 24 2025
18 min read

SB Financial Group Announces Second Quarter 2025 Results

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DEFIANCE, Ohio, July 24, 2025 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2025.

Second Quarter 2025 Highlights compared to the second quarter of the prior year include:

  • GAAP net income and Diluted Earnings per Share (“DEPS”) were $3.9 million, or $0.60 per DEPS, well above the $3.1 million, or $0.47 per DEPS in the prior year quarter. Net Income, adjusted for Originated Mortgage Servicing Rights (“OMSR”), was $3.7 million, up 20.9 percent compared to $3.1 million for the prior-year period. Adjusted DEPS of $0.58 was also up 25.4 percent, from the prior year.

  • Net interest income of $12.1 million increased by 25.6 percent from $9.7 million reported in the prior-year quarter.

  • Loan growth of $89.3 million, or 8.9 percent from the prior-year quarter, with growth from the linked quarter of $6.4 million, or 0.6 percent. This marks five consecutive quarters of sequential loan growth. Loan growth adjusted for the Marblehead acquisition, was $71.3 and $7.0 million, from the prior year and linked quarters, respectively.

  • Deposit growth of $134.6 million, or 12.1 percent from the prior-year quarter, with a decline from the linked quarter of $21.4 million, or 1.7 percent. Adjusted for the Marblehead acquisition, total deposits increased $83.8 million from the prior year.

  • Tangible book value (“TBV”) per share ended the quarter at $16.44 up $1.18 per share or 7.7 percent from the prior year quarter.  

Six months ended June 30, 2025 Highlights compared to the same period of the prior year:

  • Mortgage banking revenue totaled $3.6 million for the first half of 2025, reflecting an increase of 6.9 percent compared to $3.4 million for the first half of 2024.

  • Net interest income rose to $23.4 million, representing a year-over-year improvement of 24.3 percent from $18.8 million for the six months ending June 30,2024.

  • Total interest expense came in at $12.4 million, up slightly by 2.6 percent from $12.1 million in the prior year period.

Earnings Highlights

Three Months Ended

 

 

Six Months Ended

($ in thousands, except per share & ratios)

Jun. 2025

Jun. 2024

% Change

 

 

Jun. 2025

Jun. 2024

% Change

Operating revenue

$

17,176

 

$

14,045

 

22.3

%

 

 

$

32,562

 

$

27,176

 

19.8

%

Interest income

 

18,467

 

 

15,654

 

18.0

%

 

 

 

35,840

 

 

30,954

 

15.8

%

Interest expense

 

6,339

 

 

5,995

 

5.7

%

 

 

 

12,432

 

 

12,115

 

2.6

%

Net interest income

 

12,128

 

 

9,659

 

25.6

%

 

 

 

23,408

 

 

18,839

 

24.3

%

Provision for credit losses

 

597

 

 

-

 

N/M

 

 

 

984

 

 

-

 

N/M

Noninterest income

 

5,048

 

 

4,386

 

15.1

%

 

 

 

9,154

 

 

8,337

 

9.8

%

Noninterest expense

 

11,852

 

 

10,671

 

11.1

%

 

 

 

24,262

 

 

20,953

 

15.8

%

Net income

 

3,852

 

 

3,113

 

23.7

%

 

 

 

6,010

 

 

5,481

 

9.7

%

Adjusted Earnings per diluted share

 

0.58

 

 

0.46

 

26.1

%

 

 

 

1.00

 

 

0.79

 

26.6

%

Earnings per diluted share

 

0.60

 

 

0.47

 

27.7

%

 

 

 

0.93

 

 

0.82

 

13.4

%

Adjusted Return on Avg. Assets

 

1.00

%

 

0.92

%

8.7

%

 

 

 

0.85

%

 

0.81

%

4.9

%

Return on average assets

 

1.03

%

 

0.93

%

10.8

%

 

 

 

0.82

%

 

0.82

%

0.0

%

Adjusted Return on Avg. Equity

 

11.29

%

 

10.12

%

11.5

%

 

 

 

10.54

%

 

8.45

%

24.7

%

Return on average equity

 

11.67

%

 

10.22

%

14.2

%

 

 

 

9.19

%

 

9.02

%

1.9

%

 

 

 

 

 

 

 

 

 

“Our second quarter results highlight the execution of our growth strategy and disciplined operational management, and their positive impact on our results,” said Mark A. Klein, Chairman, President, and CEO. “Net income for the quarter was $3.9 million, a 23.7 percent increase from the prior-year quarter, with the GAAP DEPS of $0.60 up 27.7 percent from the prior year. Our solid second quarter performance reflects the first full quarter of contribution from the Marblehead acquisition which strengthened our liquidity position and further expanded our market presence in Northern Ohio.”

Net interest income for the quarter grew by 25.6 percent to $12.1 million compared to the previous year, driven by continued strong loan growth and stabilization of funding costs. Total loans increased by $89.3 million, compared to the prior year, and by $6.4 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $71.3. Deposits rose $134.6 million, or 12.1 percent, to $1.25 billion, reflecting the impact of the acquisition and the strength of our new and existing client relationships. Adjusted for the acquisition, deposits increased $83.8 million from the prior year.

RESULTS OF OPERATIONS

In the second quarter of 2025, total operating revenue increased to $17.2 million, a 22.3 percent rise from $14.0 million in the prior year and an 11.6 percent increase from the linked quarter, driven by continued growth in both net interest income and noninterest income. Net interest income reached $12.1 million, a strong 25.6 percent year-over-year increase, reflecting higher interest income on loans, which rose by $2.2 million to $16.2 million. Deposit costs increased by 7.5 percent to $5.6 million but were partially offset by decreases in interest expense on other funding sources, resulting in a 5.7 percent increase in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 36 basis points year-over-year to 3.48 percent, reflecting the continued strength of our interest-earning assets and stabilization of funding costs. Noninterest income for the quarter increased by 15.1 percent year-over-year to $5.0 million due primarily to improvements in gain on sale of mortgage loans and title insurance as well as modest increases in wealth management, mortgage loan servicing and customer service fees. These fees were partially offset by decreases in gain on sales of non-mortgage loans. “We continue to focus on maintaining a balanced growth strategy and diversified revenue stream coupled with effective cost management,” said Mr. Klein.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $2.2 million, up $317,000 from the prior-year quarter. Loan servicing fees added $904,000 to revenue, reflecting an increase of $42,000 from the prior-year quarter. The OMSR net valuation adjustment for the second quarter of 2025 was a positive $159,000 compared to a positive $38,000 in the second quarter of 2024.

Mortgage Banking

 

 

 

 

 

 

 

($ in thousands)

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Jun. 2024

 

Prior Year
Growth

Mortgage originations

$

97,901

 

$

39,775

 

$

72,534

 

$

70,715

 

$

75,110

 

 

$

22,791

 

Mortgage sales

 

74,313

 

 

39,279

 

 

62,301

 

 

61,271

 

 

55,835

 

 

 

18,478

 

Mortgage servicing portfolio

 

1,456,374

 

 

1,432,184

 

 

1,427,318

 

 

1,406,273

 

 

1,389,805

 

 

 

66,569

 

Mortgage servicing rights

 

15,896

 

 

14,965

 

 

14,868

 

 

14,357

 

 

14,548

 

 

 

1,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

Loan servicing fees

 

904

 

 

894

 

 

886

 

 

874

 

 

862

 

 

 

42

 

OMSR amortization

 

(469

)

 

(294

)

 

(358

)

 

(370

)

 

(335

)

 

 

(134

)

Net administrative fees

 

435

 

 

600

 

 

528

 

 

504

 

 

527

 

 

 

(92

)

OMSR valuation adjustment

 

159

 

 

11

 

 

288

 

 

(465

)

 

38

 

 

 

121

 

Net loan servicing fees

 

594

 

 

611

 

 

816

 

 

39

 

 

565

 

 

 

29

 

Gain on sale of mortgages

 

1,565

 

 

849

 

 

1,196

 

 

1,311

 

 

1,277

 

 

 

288

 

Mortgage banking revenue, net

$

2,159

 

$

1,460

 

$

2,012

 

$

1,350

 

$

1,842

 

 

$

317

 

 

 

 

 

 

 

 

 

Noninterest Income and Noninterest Expense

"Noninterest income for the second quarter of 2025 totaled $5.0 million, up $661,000 or 15.1 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $289,000 year over year, and title insurance revenue added $176,000, reflecting our revenue diversification strategy,” Mr. Klein noted.

Noninterest Income/Noninterest Expense

 

 

 

 

 

 

($ in thousands, except ratios)

 

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Jun. 2024

 

Prior Year
Growth

Noninterest Income (NII)

 

$

5,048

 

$

4,107

 

$

4,557

 

$

4,123

 

$

4,386

 

 

$

662

 

NII / Total Revenue

 

 

29.4

%

 

26.7

%

 

29.5

%

 

28.8

%

 

31.5

%

 

 

-2.1

%

NII / Average Assets

 

 

1.4

%

 

1.1

%

 

1.3

%

 

1.2

%

 

1.3

%

 

 

0.1

%

Total Revenue Growth

 

 

22.3

%

 

17.2

%

 

2.2

%

 

4.5

%

 

-0.6

%

 

 

22.9

%

 

 

 

 

 

 

 

 

 

Noninterest Expense (NIE)

 

$

11,852

 

$

12,410

 

$

11,003

 

$

11,003

 

$

10,671

 

 

$

1,181

 

Efficiency Ratio

 

 

68.9

%

 

80.0

%

 

71.1

%

 

76.8

%

 

75.9

%

 

 

-7.0

%

NIE / Average Assets

 

 

3.2

%

 

3.4

%

 

3.2

%

 

3.2

%

 

3.2

%

 

 

0.0

%

Net Noninterest Expense/Avg. Assets

 

-1.8

%

 

-2.3

%

 

-1.8

%

 

-2.0

%

 

-1.9

%

 

 

0.1

%

Total Expense Growth

 

 

11.1

%

 

20.7

%

 

6.1

%

 

5.0

%

 

3.2

%

 

 

7.9

%

 

 

 

 

 

 

 

 

 

Noninterest expense for the second quarter of 2025 was $11.9 million, up 11.1 percent from the prior year, driven primarily by increased salary and benefit expenses, data processing and professional fees.

“Our efficiency ratio in the second quarter of 2025 was 68.9 percent marking a solid improvement compared to the linked quarter and the prior year,” stated Mr. Klein.

Balance Sheet

As of June 30, 2025, SB Financial reported total assets of $1.49 billion, down slightly from the linked quarter but higher than the previous year. Year-over-year growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $89.3 million or 8.9 percent increase year over year. Loan growth also included $18.0 million in loans added with the completion of the acquisition. Cash increased by $57.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

Total deposits increased to $1.25 billion, growing $134.6 million or 12.1 percent year over year, including $50.9 million in low-cost deposits from the acquisition and $83.8 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement within dynamic markets. Shareholders’ equity ended the quarter at $133.6 million, representing an $8.2 million increase from the prior year. This growth reflects management's ongoing commitment to enhancing shareholder value through solid earnings performance.

During the second quarter, SB Financial repurchased 124,000 shares, more than in the previous quarters as the Company made opportunistic purchases below our target range. This reflects the Company's commitment to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

"As we progress through the second half of 2025, our balance sheet strength and strategic management of resources form a foundation to support our long-term strategic growth ambitions," said Mr. Klein. "Even in the current uncertain rate environment, we achieved our fifth consecutive quarter of sequential loan growth, with balances increasing by $89.3 million from the previous year, which included $71.3 million of organic loan growth. This performance underscores the strength of our deep client relationships and our sustained competitiveness in local markets as we pursue an innovative, “hybrid” office operating strategy. Our strong asset quality, supported by top-decile coverage ratios, remains a key component of our financial stability, which will enable us to take advantage of emerging opportunities while continuing to pursue operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economy evolves and stabilizes."

Loan Balances

 

 

 

 

 

 

($ in thousands, except ratios)

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Jun. 2024

Annual
Growth

Commercial

$

118,984

 

$

125,878

 

$

124,764

 

$

123,821

 

$

123,287

 

$

(4,303

)

% of Total

 

10.9

%

 

11.6

%

 

11.9

%

 

12.0

%

 

12.3

%

 

-3.5

%

Commercial RE

 

525,671

 

 

509,518

 

 

479,573

 

 

459,449

 

 

434,967

 

 

90,704

 

% of Total

 

48.0

%

 

46.8

%

 

45.8

%

 

44.6

%

 

43.3

%

 

20.9

%

Agriculture

 

60,924

 

 

61,443

 

 

64,680

 

 

64,887

 

 

64,329

 

 

(3,405

)

% of Total

 

5.6

%

 

5.6

%

 

6.2

%

 

6.3

%

 

6.4

%

 

-5.3

%

Residential RE

 

310,126

 

 

319,307

 

 

308,378

 

 

314,010

 

 

316,233

 

 

(6,107

)

% of Total

 

28.3

%

 

29.3

%

 

29.5

%

 

30.5

%

 

31.5

%

 

-1.9

%

Consumer & Other

 

79,014

 

 

72,128

 

 

69,340

 

 

67,788

 

 

66,574

 

 

12,440

 

% of Total

 

7.2

%

 

6.6

%

 

6.6

%

 

6.6

%

 

6.6

%

 

18.7

%

Total Loans

$

1,094,719

 

$

1,088,274

 

$

1,046,735

 

$

1,029,955

 

$

1,005,390

 

$

89,329

 

Total Growth Percentage

 

 

 

 

 

 

 

 

8.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Balances

 

 

 

 

 

 

($ in thousands, except ratios)

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Jun. 2024

Annual
Growth

Non-Int DDA

$

241,245

 

$

240,446

 

$

232,155

 

$

222,425

 

$

208,244

 

$

33,001

 

% of Total

 

19.3

%

 

18.9

%

 

20.1

%

 

19.2

%

 

18.7

%

 

15.8

%

Interest DDA

 

205,581

 

 

208,583

 

 

201,085

 

 

202,097

 

 

190,857

 

 

14,724

 

% of Total

 

16.4

%

 

16.4

%

 

17.4

%

 

17.4

%

 

17.1

%

 

7.7

%

Savings

 

282,311

 

 

285,902

 

 

237,987

 

 

241,761

 

 

231,855

 

 

50,456

 

% of Total

 

22.6

%

 

22.5

%

 

20.6

%

 

20.8

%

 

20.8

%

 

21.8

%

Money Market

 

249,536

 

 

257,013

 

 

222,161

 

 

228,182

 

 

225,650

 

 

23,886

 

% of Total

 

20.0

%

 

20.2

%

 

19.3

%

 

19.7

%

 

20.2

%

 

10.6

%

Time Deposits

 

271,149

 

 

279,276

 

 

259,217

 

 

265,068

 

 

258,582

 

 

12,567

 

% of Total

 

21.7

%

 

22.0

%

 

22.5

%

 

22.9

%

 

23.2

%

 

4.9

%

Total Deposits

$

1,249,822

 

$

1,271,220

 

$

1,152,605

 

$

1,159,533

 

$

1,115,188

 

$

134,634

 

Total Growth Percentage

 

 

 

 

 

 

 

 

12.1

%

 

 

 

 

 

 

 

Asset Quality

As of June 30, 2025, SB Financial continued to focus on strong asset quality metrics. Nonperforming assets totaled $6.2 million, representing 0.42 percent of total assets, an increase of $944,000 compared to $5.2 million or 0.39 percent of total assets reported in the prior year, but relatively stable compared to the linked quarter balance of $6.1 million, representing 0.41 percent of total assets.

The allowance for credit losses remained strong at 1.43 percent of total loans, providing 265.0 percent coverage of nonperforming loans, a level consistent with the linked quarter and reflective of our conservative approach to risk management. The net loan charge-offs to average loans ratio remained modest at 2 basis points, declining from 3 basis points in the linked quarter but up from the 1 basis point net recoveries recorded in the prior year. These metrics reflect disciplined credit practices and effective collateral management.

"Our asset quality metrics embody our approach and commitment to disciplined risk management within a dynamic economic environment," stated Mr. Klein. "While we observed an uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio and the strength of our lending relationships. We are committed to balancing our conservative approach in managing credit risk with the need to effectively manage our growth to enhance shareholder returns."

Nonperforming Assets

 

 

 

 

 

Annual
Change

($ in thousands, except ratios)

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Jun. 2024

Commercial & Agriculture

$

3,306

 

$

3,418

 

$

2,927

 

$

2,899

 

$

2,781

 

$

525

 

% of Total Com./Ag. loans

 

1.84

%

 

1.82

%

 

1.55

%

 

1.54

%

 

1.48

%

 

18.9

%

Commercial RE

 

816

 

 

798

 

 

807

 

 

813

 

 

475

 

 

341

 

% of Total CRE loans

 

0.16

%

 

0.16

%

 

0.17

%

 

0.18

%

 

0.11

%

 

71.8

%

Residential RE

 

1,577

 

 

1,608

 

 

1,539

 

 

1,536

 

 

1,247

 

 

330

 

% of Total Res. RE loans

 

0.51

%

 

0.50

%

 

0.50

%

 

0.49

%

 

0.39

%

 

26.5

%

Consumer & Other

 

205

 

 

227

 

 

243

 

 

270

 

 

231

 

 

(26

)

% of Total Con./Oth. loans

 

0.26

%

 

0.31

%

 

0.35

%

 

0.40

%

 

0.35

%

 

-11.3

%

Total Nonaccruing Loans

 

5,904

 

 

6,051

 

 

5,516

 

 

5,518

 

 

4,734

 

 

1,170

 

% of Total loans

 

0.54

%

 

0.56

%

 

0.53

%

 

0.54

%

 

0.47

%

 

24.7

%

Foreclosed Assets and Other Assets

 

284

 

 

73

 

 

-

 

 

-

 

 

510

 

 

(226

)

Total Change (%)

 

 

 

 

 

 

-44.3

%

Total Nonperforming Assets

$

6,188

 

$

6,124

 

$

5,516

 

$

5,518

 

$

5,244

 

$

944

 

% of Total assets

 

0.42

%

 

0.41

%

 

0.40

%

 

0.40

%

 

0.39

%

 

18.00

%

 

 

 

 

 

 

 

Webcast and Conference Call

The Company will hold the second quarter 2025 earnings conference call and webcast on July 25, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

 

 

SB FINANCIAL GROUP, INC.

 

 

 

CONSOLIDATED BALANCE SHEETS - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June

 

March

 

December

 

September

 

June

 

 

 

 

($ in thousands)

 

 

2025

 

 

 

2025

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

79,463

 

 

$

105,145

 

 

$

25,928

 

 

$

49,348

 

 

$

21,983

 

 

 

Interest bearing time deposits

 

 

1,565

 

 

 

1,565

 

 

 

1,565

 

 

 

1,706

 

 

 

2,417

 

 

 

Available-for-sale securities

 

 

195,955

 

 

 

199,721

 

 

 

201,587

 

 

 

211,511

 

 

 

207,856

 

 

 

Loans held for sale

 

 

12,774

 

 

 

4,286

 

 

 

6,770

 

 

 

8,927

 

 

 

7,864

 

 

 

Loans, net of unearned income

 

 

1,094,719

 

 

 

1,088,274

 

 

 

1,046,735

 

 

 

1,029,955

 

 

 

1,005,390

 

 

 

Allowance for credit losses

 

 

(15,645

)

 

 

(15,391

)

 

 

(15,096

)

 

 

(15,278

)

 

 

(15,612

)

 

 

Premises and equipment, net

 

 

21,857

 

 

 

21,875

 

 

 

20,456

 

 

 

20,715

 

 

 

20,860

 

 

 

Federal Reserve and FHLB Stock, at cost

 

 

5,466

 

 

 

5,340

 

 

 

5,223

 

 

 

5,223

 

 

 

5,204

 

 

 

Foreclosed assets

 

 

284

 

 

 

73

 

 

 

-

 

 

 

-

 

 

 

510

 

 

 

Interest receivable

 

 

5,299

 

 

 

5,072

 

 

 

4,908

 

 

 

4,842

 

 

 

4,818

 

 

 

Goodwill

 

 

27,158

 

 

 

27,158

 

 

 

23,239

 

 

 

23,239

 

 

 

23,239

 

 

 

Cash value of life insurance

 

 

31,060

 

 

 

30,871

 

 

 

30,685

 

 

 

30,488

 

 

 

30,294

 

 

 

Mortgage servicing rights

 

 

15,458

 

 

 

14,965

 

 

 

14,868

 

 

 

14,357

 

 

 

14,548

 

 

 

Other assets

 

 

10,888

 

 

 

12,048

 

 

 

12,649

 

 

 

8,916

 

 

 

12,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,486,301

 

 

$

1,501,002

 

 

$

1,379,517

 

 

$

1,393,949

 

 

$

1,342,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

$

241,245

 

 

$

240,446

 

 

$

232,155

 

 

$

222,425

 

 

$

208,244

 

 

 

 

Interest bearing demand

 

 

205,581

 

 

 

208,583

 

 

 

201,085

 

 

 

202,097

 

 

 

190,857

 

 

 

 

Savings

 

 

282,311

 

 

 

285,902

 

 

 

237,987

 

 

 

241,761

 

 

 

231,855

 

 

 

 

Money market

 

 

249,536

 

 

 

257,013

 

 

 

222,161

 

 

 

228,182

 

 

 

225,650

 

 

 

 

Time deposits

 

 

271,149

 

 

 

279,276

 

 

 

259,217

 

 

 

265,068

 

 

 

258,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits

 

 

1,249,822

 

 

 

1,271,220

 

 

 

1,152,605

 

 

 

1,159,533

 

 

 

1,115,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

15,640

 

 

 

11,058

 

 

 

10,585

 

 

 

15,240

 

 

 

15,178

 

 

 

Federal Home Loan Bank advances

 

 

35,000

 

 

 

35,000

 

 

 

35,000

 

 

 

35,000

 

 

 

35,000

 

 

 

Trust preferred securities

 

 

10,310

 

 

 

10,310

 

 

 

10,310

 

 

 

10,310

 

 

 

10,310

 

 

 

Subordinated debt net of issuance costs

 

 

19,715

 

 

 

19,702

 

 

 

19,690

 

 

 

19,678

 

 

 

19,666

 

 

 

Interest payable

 

 

2,258

 

 

 

2,634

 

 

 

2,351

 

 

 

3,374

 

 

 

2,944

 

 

 

Other liabilities

 

 

19,908

 

 

 

19,552

 

 

 

21,468

 

 

 

17,973

 

 

 

18,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,352,653

 

 

 

1,369,476

 

 

 

1,252,009

 

 

 

1,261,108

 

 

 

1,216,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

 

Additional paid-in capital

 

 

15,139

 

 

 

14,955

 

 

 

15,194

 

 

 

15,090

 

 

 

15,195

 

 

 

 

Retained earnings

 

 

120,273

 

 

 

117,397

 

 

 

116,186

 

 

 

113,515

 

 

 

112,104

 

 

 

 

Accumulated other comprehensive loss

 

 

(25,492

)

 

 

(26,872

)

 

 

(30,234

)

 

 

(24,870

)

 

 

(31,801

)

 

 

 

Treasury stock

 

 

(37,591

)

 

 

(35,273

)

 

 

(34,957

)

 

 

(32,213

)

 

 

(31,338

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

 

133,648

 

 

 

131,526

 

 

 

127,508

 

 

 

132,841

 

 

 

125,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

1,486,301

 

 

$

1,501,002

 

 

$

1,379,517

 

 

$

1,393,949

 

 

$

1,342,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

 

At and for the Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June

 

March

 

December

 

September

 

June

 

June

 

June

Interest income

 

2025

 

2025

 

 

2024

 

 

2024

 

 

2024

 

 

2025

 

2024

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

16,059

 

$

15,244

 

$

14,920

 

 

$

14,513

 

$

13,883

 

 

$

31,303

 

$

27,430

 

Tax exempt

 

 

116

 

 

115

 

 

122

 

 

 

127

 

 

124

 

 

 

231

 

 

247

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,133

 

 

1,169

 

 

1,178

 

 

 

1,192

 

 

1,226

 

 

 

2,302

 

 

2,500

 

Tax exempt

 

 

35

 

 

38

 

 

35

 

 

 

37

 

 

37

 

 

 

73

 

 

74

 

Other interest income

 

 

1,124

 

 

806

 

 

592

 

 

 

679

 

 

384

 

 

 

1,930

 

 

703

 

Total interest income

 

 

18,467

 

 

17,372

 

 

16,847

 

 

 

16,548

 

 

15,654

 

 

 

35,839

 

 

30,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,597

 

 

5,352

 

 

5,169

 

 

 

5,568

 

 

5,208

 

 

 

10,949

 

 

10,298

 

Repurchase agreements & other

 

 

21

 

 

24

 

 

41

 

 

 

43

 

 

36

 

 

 

45

 

 

70

 

Federal Home Loan Bank advances

 

366

 

 

362

 

 

369

 

 

 

369

 

 

370

 

 

 

728

 

 

983

 

Trust preferred securities

 

 

161

 

 

160

 

 

177

 

 

 

187

 

 

187

 

 

 

321

 

 

375

 

Subordinated debt

 

 

194

 

 

195

 

 

194

 

 

 

195

 

 

194

 

 

 

389

 

 

389

 

Total interest expense

 

 

6,339

 

 

6,093

 

 

5,950

 

 

 

6,362

 

 

5,995

 

 

 

12,432

 

 

12,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

12,128

 

 

11,279

 

 

10,897

 

 

 

10,186

 

 

9,659

 

 

 

23,407

 

 

18,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

597

 

 

387

 

 

(76

)

 

 

200

 

 

-

 

 

 

984

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  for loan losses

 

 

11,531

 

 

10,892

 

 

10,973

 

 

 

9,986

 

 

9,659

 

 

 

22,423

 

 

18,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

 

859

 

 

864

 

 

916

 

 

 

882

 

 

848

 

 

 

1,723

 

 

1,713

 

Customer service fees

 

 

886

 

 

879

 

 

842

 

 

 

870

 

 

875

 

 

 

1,765

 

 

1,755

 

Gain on sale of mtg. loans & OMSR

 

1,566

 

 

849

 

 

1,196

 

 

 

1,311

 

 

1,277

 

 

 

2,415

 

 

2,058

 

Mortgage loan servicing fees, net

 

 

594

 

 

611

 

 

816

 

 

 

39

 

 

565

 

 

 

1,205

 

 

1,328

 

Gain on sale of non-mortgage loans

 

82

 

 

15

 

 

10

 

 

 

20

 

 

105

 

 

 

97

 

 

115

 

Title insurance revenue

 

 

582

 

 

397

 

 

478

 

 

 

485

 

 

406

 

 

 

979

 

 

672

 

Net gain on sales of securities

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

-

 

Gain (loss) on sale of assets

 

 

-

 

 

-

 

 

-

 

 

 

200

 

 

-

 

 

 

-

 

 

-

 

Other

 

 

479

 

 

492

 

 

299

 

 

 

316

 

 

310

 

 

 

971

 

 

696

 

Total noninterest income

 

 

5,048

 

 

4,107

 

 

4,557

 

 

 

4,123

 

 

4,386

 

 

 

9,155

 

 

8,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,595

 

 

6,237

 

 

6,185

 

 

 

6,057

 

 

6,009

 

 

 

12,832

 

 

11,361

 

Net occupancy expense

 

 

793

 

 

893

 

 

702

 

 

 

706

 

 

707

 

 

 

1,686

 

 

1,476

 

Equipment expense

 

 

1,121

 

 

1,072

 

 

1,127

 

 

 

1,069

 

 

1,060

 

 

 

2,193

 

 

2,137

 

Data processing fees

 

 

888

 

 

1,439

 

 

821

 

 

 

758

 

 

727

 

 

 

2,327

 

 

1,496

 

Professional fees

 

 

892

 

 

1,034

 

 

895

 

 

 

659

 

 

615

 

 

 

1,926

 

 

1,373

 

Marketing expense

 

 

190

 

 

165

 

 

207

 

 

 

241

 

 

176

 

 

 

355

 

 

373

 

Telephone and communication expense

 

 

125

 

 

139

 

 

136

 

 

 

128

 

 

156

 

 

 

264

 

 

261

 

Postage and delivery expense

 

 

107

 

 

137

 

 

116

 

 

 

145

 

 

89

 

 

 

244

 

 

186

 

State, local and other taxes

 

 

268

 

 

224

 

 

224

 

 

 

208

 

 

230

 

 

 

492

 

 

475

 

Employee expense

 

 

176

 

 

174

 

 

168

 

 

 

228

 

 

159

 

 

 

350

 

 

337

 

Other expenses

 

 

697

 

 

896

 

 

422

 

 

 

804

 

 

743

 

 

 

1,593

 

 

1,478

 

Total noninterest expense

 

 

11,852

 

 

12,410

 

 

11,003

 

 

 

11,003

 

 

10,671

 

 

 

24,262

 

 

20,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

4,727

 

 

2,589

 

 

4,527

 

 

 

3,106

 

 

3,374

 

 

 

7,316

 

 

6,223

 

Income tax expense

 

 

875

 

 

431

 

 

892

 

 

 

752

 

 

261

 

 

 

1,306

 

 

742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

3,852

 

$

2,158

 

$

3,635

 

 

$

2,354

 

$

3,113

 

 

$

6,010

 

$

5,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.60

 

$

0.33

 

$

0.55

 

 

$

0.35

 

$

0.47

 

 

$

0.93

 

$

0.82

 

Diluted earnings per common share

$

0.60

 

$

0.33

 

$

0.55

 

 

$

0.35

 

$

0.47

 

 

$

0.93

 

$

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

6,448

 

 

6,481

 

 

6,575

 

 

 

6,660

 

 

6,692

 

 

 

6,464

 

 

6,703

 

Diluted:

 

 

6,459

 

 

6,502

 

 

6,599

 

 

 

6,675

 

 

6,700

 

 

 

6,483

 

 

6,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

At and for the Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June

 

March

 

December

 

September

 

June

 

June

 

June

SUMMARY OF OPERATIONS

 

 

2025

 

 

 

2025

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

12,128

 

 

$

11,279

 

 

$

10,897

 

 

$

10,186

 

 

$

9,659

 

 

$

23,407

 

 

$

18,839

 

Tax-equivalent adjustment

 

 

40

 

 

 

41

 

 

 

42

 

 

 

44

 

 

 

43

 

 

 

81

 

 

 

85

 

Tax-equivalent net interest income

 

 

12,168

 

 

 

11,320

 

 

 

10,939

 

 

 

10,230

 

 

 

9,702

 

 

 

23,488

 

 

 

18,924

 

Provision for credit loss

 

 

597

 

 

 

387

 

 

 

(76

)

 

 

200

 

 

 

-

 

 

 

984

 

 

 

-

 

Noninterest income

 

 

5,048

 

 

 

4,107

 

 

 

4,557

 

 

 

4,123

 

 

 

4,386

 

 

 

9,155

 

 

 

8,337

 

Total operating revenue

 

 

17,176

 

 

 

15,386

 

 

 

15,454

 

 

 

14,309

 

 

 

14,045

 

 

 

32,562

 

 

 

27,176

 

Noninterest expense

 

 

11,852

 

 

 

12,410

 

 

 

11,003

 

 

 

11,003

 

 

 

10,671

 

 

 

24,262

 

 

 

20,953

 

Pre-tax pre-provision income

 

 

5,324

 

 

 

2,976

 

 

 

4,451

 

 

 

3,306

 

 

 

3,374

 

 

 

8,300

 

 

 

6,223

 

Net income

 

 

3,852

 

 

 

2,158

 

 

 

3,635

 

 

 

2,354

 

 

 

3,113

 

 

 

6,010

 

 

 

5,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share (EPS)

 

 

0.60

 

 

 

0.33

 

 

 

0.55

 

 

 

0.35

 

 

 

0.47

 

 

 

0.93

 

 

 

0.82

 

Diluted earnings per share

 

 

0.60

 

 

 

0.33

 

 

 

0.55

 

 

 

0.35

 

 

 

0.47

 

 

 

0.93

 

 

 

0.82

 

Common dividends

 

 

0.150

 

 

 

0.145

 

 

 

0.145

 

 

 

0.140

 

 

 

0.140

 

 

 

0.295

 

 

 

0.275

 

Book value per common share

 

 

21.02

 

 

 

20.29

 

 

 

19.64

 

 

 

20.05

 

 

 

18.80

 

 

 

21.02

 

 

 

18.80

 

Tangible book value per common share (TBV)

 

 

16.44

 

 

 

15.79

 

 

 

16.00

 

 

 

16.49

 

 

 

15.26

 

 

 

16.44

 

 

 

15.26

 

Market price per common share

 

 

19.10

 

 

 

20.82

 

 

 

20.91

 

 

 

20.56

 

 

 

14.00

 

 

 

19.10

 

 

 

14.00

 

Market price to TBV

 

 

116.2

%

 

 

131.8

%

 

 

130.7

%

 

 

124.7

%

 

 

91.8

%

 

 

116.2

%

 

 

0.92

 

Market price to trailing 12 month EPS

 

 

10.4

 

 

 

12.2

 

 

 

12.1

 

 

 

11.8

 

 

 

7.9

 

 

 

10.4

 

 

 

7.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROAA)

 

 

1.03

%

 

 

0.60

%

 

 

1.04

%

 

 

0.68

%

 

 

0.93

%

 

 

0.82

%

 

 

0.82

%

Pre-tax pre-provision ROAA

 

 

1.42

%

 

 

0.83

%

 

 

1.27

%

 

 

0.96

%

 

 

1.01

%

 

 

0.88

%

 

 

1.00

%

Return on average equity (ROE)

 

 

11.67

%

 

 

6.63

%

 

 

11.07

%

 

 

7.28

%

 

 

10.22

%

 

 

9.19

%

 

 

9.02

%

Return on average tangible equity

 

 

14.97

%

 

 

8.32

%

 

 

13.51

%

 

 

8.92

%

 

 

12.66

%

 

 

11.64

%

 

 

11.21

%

Efficiency ratio

 

 

68.90

%

 

 

80.00

%

 

 

71.09

%

 

 

76.78

%

 

 

75.86

%

 

 

74.14

%

 

 

76.98

%

Earning asset yield

 

 

5.29

%

 

 

5.23

%

 

 

5.18

%

 

 

5.16

%

 

 

5.02

%

 

 

5.25

%

 

 

4.96

%

Cost of interest bearing liabilities

 

 

2.33

%

 

 

2.32

%

 

 

2.36

%

 

 

2.53

%

 

 

2.47

%

 

 

2.30

%

 

 

2.51

%

Net interest margin

 

 

3.48

%

 

 

3.40

%

 

 

3.35

%

 

 

3.17

%

 

 

3.12

%

 

 

3.43

%

 

 

3.04

%

Tax equivalent effect

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

 

 

0.02

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

Net interest margin, tax equivalent

 

 

3.49

%

 

 

3.41

%

 

 

3.36

%

 

 

3.19

%

 

 

3.13

%

 

 

3.44

%

 

 

3.05

%

Non interest income/Average assets

 

 

1.35

%

 

 

1.14

%

 

 

1.30

%

 

 

1.19

%

 

 

1.31

%

 

 

1.25

%

 

 

1.25

%

Non interest expense/Average assets

 

 

3.17

%

 

 

3.45

%

 

 

3.14

%

 

 

3.18

%

 

 

3.20

%

 

 

3.31

%

 

 

3.15

%

Net noninterest expense/Average assets

 

 

-1.82

%

 

 

-2.31

%

 

 

-1.84

%

 

 

-1.99

%

 

 

-1.88

%

 

 

-2.06

%

 

 

-1.90

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

 

 

49

 

 

 

86

 

 

 

195

 

 

 

29

 

 

 

-

 

 

 

135

 

 

 

66

 

Recoveries

 

 

3

 

 

 

2

 

 

 

13

 

 

 

2

 

 

 

16

 

 

 

5

 

 

 

25

 

Net charge-offs

 

 

46

 

 

 

84

 

 

 

182

 

 

 

27

 

 

 

(16

)

 

 

130

 

 

 

41

 

Nonperforming loans/Total loans

 

 

0.54

%

 

 

0.56

%

 

 

0.53

%

 

 

0.54

%

 

 

0.47

%

 

 

0.54

%

 

 

0.47

%

Nonperforming assets/Loans & OREO

 

 

0.57

%

 

 

0.56

%

 

 

0.53

%

 

 

0.54

%

 

 

0.52

%

 

 

0.57

%

 

 

0.52

%

Nonperforming assets/Total assets

 

 

0.42

%

 

 

0.41

%

 

 

0.40

%

 

 

0.40

%

 

 

0.39

%

 

 

0.42

%

 

 

0.39

%

Allowance for credit loss/Nonperforming loans

 

 

264.99

%

 

 

254.35

%

 

 

273.68

%

 

 

276.83

%

 

 

329.78

%

 

 

264.99

%

 

 

329.78

%

Allowance for credit loss/Total loans

 

 

1.43

%

 

 

1.41

%

 

 

1.44

%

 

 

1.48

%

 

 

1.55

%

 

 

1.43

%

 

 

1.55

%

Net loan charge-offs/Average loans (ann.)

 

 

0.02

%

 

 

0.03

%

 

 

0.07

%

 

 

0.01

%

 

 

(0.01

%)

 

 

0.02

%

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans/ Deposits

 

 

87.59

%

 

 

85.61

%

 

 

90.81

%

 

 

88.82

%

 

 

90.15

%

 

 

87.59

%

 

 

90.15

%

Equity/ Assets

 

 

8.99

%

 

 

8.76

%

 

 

9.24

%

 

 

9.53

%

 

 

9.35

%

 

 

8.99

%

 

 

9.35

%

Tangible equity/Tangible assets

 

 

7.17

%

 

 

6.96

%

 

 

7.66

%

 

 

7.97

%

 

 

7.72

%

 

 

7.17

%

 

 

7.72

%

Common equity tier 1 ratio (Bank)

 

 

12.53

%

 

 

12.35

%

 

 

13.43

%

 

 

13.19

%

 

 

13.98

%

 

 

12.53

%

 

 

13.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

END OF PERIOD BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,486,301

 

 

 

1,501,002

 

 

 

1,379,517

 

 

 

1,393,949

 

 

 

1,342,186

 

 

 

1,486,301

 

 

 

1,342,186

 

Total loans

 

 

1,094,719

 

 

 

1,088,274

 

 

 

1,046,735

 

 

 

1,029,955

 

 

 

1,005,390

 

 

 

1,094,719

 

 

 

1,005,390

 

Deposits

 

 

1,249,822

 

 

 

1,271,220

 

 

 

1,152,605

 

 

 

1,159,533

 

 

 

1,115,188

 

 

 

1,249,822

 

 

 

1,115,188

 

Shareholders equity

 

 

133,648

 

 

 

131,526

 

 

 

127,508

 

 

 

132,841

 

 

 

125,479

 

 

 

133,648

 

 

 

125,479

 

Goodwill and intangibles

 

 

29,107

 

 

 

29,125

 

 

 

23,597

 

 

 

23,613

 

 

 

23,630

 

 

 

29,107

 

 

 

23,630

 

Tangible equity

 

 

104,541

 

 

 

102,401

 

 

 

103,911

 

 

 

109,228

 

 

 

101,849

 

 

 

104,541

 

 

 

101,849

 

Mortgage servicing portfolio

 

 

1,456,374

 

 

 

1,432,184

 

 

 

1,427,318

 

 

 

1,406,273

 

 

 

1,389,805

 

 

 

1,456,374

 

 

 

1,389,805

 

Wealth/Brokerage assets under care

 

 

536,836

 

 

 

519,158

 

 

 

547,697

 

 

 

557,724

 

 

 

525,713

 

 

 

536,836

 

 

 

525,713

 

Total assets under care

 

 

3,479,511

 

 

 

3,452,344

 

 

 

3,354,532

 

 

 

3,357,946

 

 

 

3,257,704

 

 

 

3,479,511

 

 

 

3,257,704

 

Full-time equivalent employees

 

 

256

 

 

 

262

 

 

 

252

 

 

 

248

 

 

 

249

 

 

 

256

 

 

 

249

 

Period end common shares outstanding

 

 

6,359

 

 

 

6,483

 

 

 

6,494

 

 

 

6,624

 

 

 

6,676

 

 

 

6,359

 

 

 

6,676

 

Market capitalization (all)

 

 

121,453

 

 

 

134,982

 

 

 

135,780

 

 

 

136,189

 

 

 

93,458

 

 

 

121,453

 

 

 

93,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,498,756

 

 

 

1,459,896

 

 

 

1,395,473

 

 

 

1,376,849

 

 

 

1,342,847

 

 

 

1,479,613

 

 

 

1,337,244

 

Total earning assets

 

 

1,399,485

 

 

 

1,346,354

 

 

 

1,301,872

 

 

 

1,283,407

 

 

 

1,246,099

 

 

 

1,377,780

 

 

 

1,246,956

 

Total loans

 

 

1,094,199

 

 

 

1,076,328

 

 

 

1,040,580

 

 

 

1,018,262

 

 

 

1,005,018

 

 

 

1,085,313

 

 

 

999,164

 

Deposits

 

 

1,270,798

 

 

 

1,227,449

 

 

 

1,163,531

 

 

 

1,145,964

 

 

 

1,120,367

 

 

 

1,249,885

 

 

 

1,106,633

 

Shareholders equity

 

 

132,353

 

 

 

131,944

 

 

 

130,647

 

 

 

128,608

 

 

 

122,510

 

 

 

131,849

 

 

 

121,474

 

Goodwill and intangibles

 

 

29,116

 

 

 

26,714

 

 

 

23,605

 

 

 

23,621

 

 

 

23,638

 

 

 

27,742

 

 

 

23,646

 

Tangible equity

 

 

103,237

 

 

 

105,230

 

 

 

107,042

 

 

 

104,987

 

 

 

98,872

 

 

 

104,107

 

 

 

97,828

 

Average basic shares outstanding

 

 

6,448

 

 

 

6,481

 

 

 

6,575

 

 

 

6,660

 

 

 

6,692

 

 

 

6,464

 

 

 

6,703

 

Average diluted shares outstanding

 

 

6,459

 

 

 

6,502

 

 

 

6,599

 

 

 

6,675

 

 

 

6,700

 

 

 

6,483

 

 

 

6,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

 

 

Rate Volume Analysis - (Unaudited)

 

 

For the Three Months Ended Jun. 30, 2025 and 2024

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Three Months Ended Jun. 30, 2025

 

 

Three Months Ended Jun. 30, 2024

 

 

 

 

Average

 

Average

 

 

Average

 

Average

 

Assets

 

Balance

Interest

Rate

 

 

Balance

Interest

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

$

198,558

 

$

1,133

2.29

%

 

 

$

209,347

 

$

1,226

2.36

%

 

 

Overnight Cash

 

 

101,964

 

 

1,124

4.42

%

 

 

 

27,885

 

 

384

5.54

%

 

 

Nontaxable securities

 

 

4,764

 

 

35

2.95

%

 

 

 

4,761

 

 

37

3.13

%

 

 

Loans, net

 

 

1,094,199

 

 

16,175

5.93

%

 

 

 

1,005,018

 

 

14,007

5.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

 

1,399,485

 

 

18,467

5.29

%

 

 

 

1,247,011

 

 

15,654

5.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash on hand

 

 

4,951

 

 

 

 

 

 

4,448

 

 

 

 

 

Allowance for loan losses

 

 

(15,483

)

 

 

 

 

 

(15,647

)

 

 

 

 

Premises and equipment

 

 

21,719

 

 

 

 

 

 

20,978

 

 

 

 

 

Other assets

 

 

88,084

 

 

 

 

 

 

86,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,498,756

 

 

 

 

 

$

1,343,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Savings, MMDA and interest bearing demand

$

740,677

 

$

3,223

1.75

%

 

 

$

637,561

 

$

2,776

1.75

%

 

 

Time deposits

 

 

276,376

 

 

2,374

3.44

%

 

 

 

257,359

 

 

2,432

3.80

%

 

 

Repurchase agreements & other

 

 

10,518

 

 

21

0.80

%

 

 

 

12,050

 

 

36

1.20

%

 

 

Advances from Federal Home Loan Bank

 

 

35,000

 

 

366

4.19

%

 

 

 

35,374

 

 

370

4.21

%

 

 

Trust preferred securities

 

 

10,310

 

 

161

6.26

%

 

 

 

10,310

 

 

187

7.29

%

 

 

Subordinated debt

 

 

19,707

 

 

194

3.95

%

 

 

 

19,658

 

 

194

3.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing liabilities

 

 

1,092,588

 

 

6,339

2.33

%

 

 

 

972,312

 

 

5,995

2.48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

 

253,745

 

 

-

 

 

 

 

225,447

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total funding

 

 

1,346,333

 

 

1.89

%

 

 

 

1,197,759

 

 

2.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

20,070

 

 

 

 

 

 

22,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,366,403

 

 

 

 

 

 

1,220,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

132,353

 

 

 

 

 

 

122,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,498,756

 

 

 

 

 

$

1,342,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

12,128

 

 

 

 

$

9,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income as a percent of average interest-earning assets - GAAP measure

 

 

 

3.48

%

 

 

 

 

3.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income as a percent of average interest-earning assets - non GAAP

3.49

%

 

 

 

 

3.13

%

 

 

- Computed on a fully tax equivalent (FTE) basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended Jun. 30, 2025

 

 

Six Months Ended Jun. 30, 2024

 

 

 

 

Average

 

Average

 

 

Average

 

Average

 

Assets

 

Balance

Interest

Rate

 

 

Balance

Interest

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

$

200,968

 

$

2,302

2.31

%

 

 

$

214,418

 

$

2,500

2.34

%

 

 

Overnight Cash

 

$

86,379

 

 

1,930

4.51

%

 

 

 

25,744

 

 

703

5.49

%

 

 

Nontaxable securities

 

 

5,120

 

 

73

2.88

%

 

 

 

4,760

 

 

74

3.13

%

 

 

Loans, net

 

 

1,085,313

 

 

31,534

5.86

%

 

 

 

999,164

 

 

27,677

5.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

 

1,377,780

 

 

35,839

5.25

%

 

 

 

1,244,086

 

 

30,954

5.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash on hand

 

 

4,796

 

 

 

 

 

 

4,479

 

 

 

 

 

Allowance for loan losses

 

 

(15,361

)

 

 

 

 

 

(15,739

)

 

 

 

 

Premises and equipment

 

 

21,403

 

 

 

 

 

 

21,130

 

 

 

 

 

Other assets

 

 

90,995

 

 

 

 

 

 

80,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,479,613

 

 

 

 

 

$

1,334,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Savings, MMDA and interest bearing demand

$

725,729

 

$

6,182

1.72

%

 

 

$

621,950

 

$

5,301

1.71

%

 

 

Time deposits

 

 

276,315

 

 

4,767

3.48

%

 

 

 

257,975

 

 

4,997

3.90

%

 

 

Repurchase agreements & Other

 

 

11,805

 

 

45

0.77

%

 

 

 

14,021

 

 

70

1.00

%

 

 

Advances from Federal Home Loan Bank

 

 

35,022

 

 

728

4.19

%

 

 

 

43,202

 

 

983

4.58

%

 

 

Trust preferred securities

 

 

19,701

 

 

321

3.29

%

 

 

 

10,310

 

 

375

7.31

%

 

 

Subordinated debt

 

 

19,665

 

 

389

3.99

%

 

 

 

19,652

 

 

389

3.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing liabilities

 

 

1,088,237

 

 

12,432

2.30

%

 

 

 

967,110

 

 

12,115

2.52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

 

247,841

 

 

1.88

%

 

 

 

226,708

 

 

2.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total funding

 

 

1,336,078

 

 

 

 

 

 

1,193,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

11,686

 

 

 

 

 

 

21,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,347,764

 

 

 

 

 

 

1,215,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

131,849

 

 

 

 

 

 

121,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,479,613

 

 

 

 

 

$

1,337,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

23,407

 

 

 

 

$

18,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income as a percent of average interest-earning assets - GAAP measure

 

 

 

3.43

%

 

 

 

 

3.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income as a percent of average interest-earning assets - non GAAP

3.44

%

 

 

 

 

3.06

%

 

 

- Computed on a fully tax equivalent (FTE) basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Non-GAAP reconciliation

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

 

Jun. 30, 2025

 

Jun. 30, 2024

 

Jun. 30, 2025

 

Jun. 30, 2024

 

 

 

 

 

 

 

 

 

 

 

Total Operating Revenue

 

$

17,176

 

 

$

14,045

 

 

$

32,562

 

 

$

27,176

 

 

Adjustment to (deduct)/add OMSR recapture/impairment *

 

(159

)

 

 

(38

)

 

 

(170

)

 

 

(219

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted Total Operating Revenue

 

 

17,017

 

 

 

14,007

 

 

 

32,392

 

 

 

26,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expense

 

$

11,852

 

 

$

10,671

 

 

$

24,262

 

 

$

20,953

 

 

Adjustment for merger expenses

 

 

-

 

 

 

-

 

 

 

(726

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Total Operating Expense

 

 

11,852

 

 

 

10,671

 

 

 

23,536

 

 

 

20,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before Income Taxes

 

 

4,727

 

 

 

3,374

 

 

 

7,316

 

 

 

6,223

 

 

Adjustment for OMSR*/Merger Expenses

 

 

(159

)

 

 

(38

)

 

 

556

 

 

 

(219

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted Income before Income Taxes

 

 

4,568

 

 

 

3,336

 

 

 

7,872

 

 

 

6,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

875

 

 

 

281

 

 

 

1,306

 

 

 

742

 

 

Adjustment for OMSR/Merger Expenses **

 

 

(33

)

 

 

(8

)

 

 

117

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted Provision for Income Taxes

 

 

842

 

 

 

273

 

 

 

1,423

 

 

 

696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

3,852

 

 

 

3,113

 

 

 

6,010

 

 

 

5,481

 

 

Adjustment for OMSR*/Merger Expenses

 

 

(126

)

 

 

(30

)

 

 

439

 

 

 

(173

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

3,726

 

 

 

3,083

 

 

 

6,449

 

 

 

5,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

 

0.60

 

 

 

0.47

 

 

 

0.93

 

 

 

0.82

 

 

Adjustment for OMSR*/Merger Expenses

 

 

(0.02

)

 

 

(0.01

)

 

 

0.07

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

Adjusted Diluted Earnings per Share

 

$

0.58

 

 

$

0.46

 

 

$

0.99

 

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

1.03

%

 

 

0.93

%

 

 

0.82

%

 

 

0.82

%

 

Adjustment for OMSR*/Merger Expenses

 

 

-0.03

%

 

 

-0.01

%

 

 

0.03

%

 

 

-0.01

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Average Assets

 

 

1.00

%

 

 

0.92

%

 

 

0.85

%

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

*valuation adjustment to the Company's mortgage servicing rights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**tax effect is calculated using a 21% statutory federal corporate income tax rate