Business
SB Financial Group Announces Second Quarter 2023 Results
DEFIANCE, Ohio, July 27, 2023 (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 27, 2023 (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, 2023. Second quarter 2023 highlights over prior-year, second quarter include: Net income of $3.1 million increased 8.5 percent with diluted earnings per share (“EPS”) of $0.44Adjusted for Mortgage Servicing Rights recapture (“OMSR”), net income is higher by 16.7 percentNoninterest expense of $10.3 million declined 4.3 percentImproved asset quality with nonperforming assets declining from 37 to 26 basis points Six months ended June 30, 2023, highlights over prior-year six months include: Net income of $5.5 million, down 2.2 percentAdjusted for OMSR recapture, net income is higher by 15.5 percentNoninterest expense of $21.1 million declined 2.5 percent Second quarter 2023 trailing twelve-month highlights include: Loan growth of $89.2 million, or 10.0 percentDeposit decline of $0.6 million, or 0.1 percent Earnings HighlightsThree Months Ended Six Months Ended($ in thousands, except per share & ratios)Jun. 2023Jun. 2022% Change Jun. 2023Jun. 2022% ChangeOperating revenue$14,190 $14,266 -0.5% $28,180 $28,545 -1.3%Interest income 14,406 10,474 37.5% 28,230 19,869 42.1%Interest expense 4,577 881 419.5% 8,077 1,799 349.0%Net interest income 9,829 9,593 2.5% 20,153 18,070 11.5%Provision for credit losses 145 - 0.0% 395 - 0.0%Noninterest income 4,361 4,673 -6.7% 8,027 10,475 -23.4%Noninterest expense 10,339 10,802 -4.3% 21,112 21,661 -2.5%Net income 3,075 2,834 8.5% 5,525 5,647 -2.2%Earnings per diluted share 0.44 0.40 10.0% 0.79 0.79 0.0%Return on average assets 0.91% 0.87%4.6% 0.82% 0.85%-3.5%Return on average equity 10.01% 8.89%12.6% 9.01% 8.46%6.5% “We were pleased with the positive momentum we experienced this quarter in what is a difficult and volatile operating environment for Community Banks,” said Mark A. Klein, Chairman, President, and CEO of SB Financial. “We had linked quarter growth in loans and mortgage originations and deposits were down just 3.5 percent. Liquidity concerns and deposit rate competition continued to be our most significant challenge as our funding beta’s exceeded ...