Business
SB Financial Group Announces Second Quarter 2022 Results
DEFIANCE, Ohio, July 25, 2022 (GLOBE NEWSWIRE) -- 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, July 25, 2022 (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 and six months ended June 30, 2022. Second quarter 2022 highlights over prior-year second quarter include: Net income of $2.8 million; diluted earnings per share (“EPS”) of $0.40 or a 23.1 percent decreaseAdjusted net income, excluding the impact of the Originated Mortgage Servicing Rights (“OMSR”) recapture of $0.2 million was $2.6 million, with EPS of $0.37Mortgage origination volume of $95.5 million, reflects a decrease of $69.4 million, or 42.1 percent Six months ended June 30, 2022, highlights over prior-year six months include: Net income of $5.6 million and diluted EPS of $0.79, compared to $10.8 million, or $1.49 per share or a 47.0 percent decreaseAdjusted net income, excluding the impact of OMSR activity of $4.8 million, down $4.0 million or 45.9 percent Second quarter 2022 trailing twelve-month highlights include: Loans excluding Paycheck Protection Program (“PPP”) loans, increased $79.3 million, or 9.7 percent from the prior yearDeposits decreased by $19.3 million, or 1.8 percent to $1.07 billion at quarter endMortgage origination volume of $472.1 million; servicing portfolio of $1.37 billion, which is up $0.05 billion, or 3.5 percent HighlightsThree Months Ended Six Months Ended($ in thousands, except per share & ratios)Jun. 2022Jun. 2021% Change Jun. 2022Jun. 2021% ChangeOperating revenue$14,266 $15,694 -9.1% $28,545 $36,241 -21.2%Interest income 10,474 10,163 3.1% 19,869 20,868 -4.8%Interest expense 881 1,006 -12.4% 1,799 2,086 -13.8%Net interest income 9,593 9,157 4.8% 18,070 18,782 -3.8%Provision for loan losses - - 0.0% - 750 -100.0%Noninterest income 4,673 6,537 -28.5% 10,475 17,459 -40.0%Noninterest expense 10,802 11,076 -2.5% 21,661 21,985 -1.5%Net income 2,834 3,761 -24.6% 5,647 10,842 -47.9%Earnings per diluted share 0.40 0.52 -23.1% 0.79 1.49 -47.0%Return on average assets 0.87% 1.13%-23.0% 0.85% 1.66%-48.8%Return on average equity 8.88% 10.42%-14.8% 8.46% 15.09%-43.9% Non-GAAP Measures Adjusted net income$2,643 $3,840 -31.2% $4,754 $8,783 -45.9%Adjusted diluted EPS 0.37 0.53...