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Sb Financial Group Inc
SB Financial Group Announces Third Quarter 2025 Results
Business
Oct 30 2025
18 min read

SB Financial Group Announces Third Quarter 2025 Results

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DEFIANCE, Ohio, Oct. 30, 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 third quarter ended September 30, 2025.

Third Quarter 2025 Highlights compared to the third quarter of the prior year include:

  • GAAP net income and Diluted Earnings per Share (“DEPS”) were $4.0 million, or $0.64 per DEPS, well above the $2.4 million, or $0.35 per DEPS in the prior year quarter. Net Income, adjusted for Originated Mortgage Servicing Rights (“OMSR”), was $4.3 million, up 57.4 percent compared to $2.7 million for the prior-year period. Adjusted DEPS of $0.68 was also up 65.3 percent, from the prior year.

  • Net interest income of $12.3 million increased by 21.1 percent from $10.2 million reported in the prior-year quarter.

  • Loan growth of $80.6 million, or 7.8 percent from the prior-year quarter, with growth from the linked quarter of $15.8 million, or 1.4 percent. This marks six consecutive quarters of sequential loan growth. Loan growth adjusted for the Marblehead acquisition was $62.7 and $15.9 million, from the prior year and linked quarters, respectively.

  • Deposit growth of $103 million, or 8.9 percent from the prior-year quarter, with an increase from the linked quarter of $12.7 million, or 1.0 percent. Adjusted for the Marblehead acquisition, total deposits increased $52.1 million from the prior year.

  • Tangible book value (“TBV”) per share ended the quarter at $17.21 up $0.72 per share or 4.4 percent from the prior year quarter.

Nine months ended September 30, 2025 Highlights compared to the same period of the prior year:

  • Mortgage Banking Revenue increased to $5.1 million, up by 7.8 percent from $4.7 million.

  • Net interest income rose to $35.7 million, representing a year-over-year improvement of 23.1 percent from $29.0 million for the nine months ending September 30, 2024.

  • Total interest expense came in at $18.9 million, up slightly by 2.3 percent from $18.5 million in the prior year period.

Earnings Highlights

Three Months Ended

 

 

Nine Months Ended

($ in thousands, except per share & ratios)

Sep. 2025

Sep. 2024

% Change

 

 

Sep. 2025

Sep. 2024

% Change

Operating revenue

$

16,578

 

$

14,309

 

15.9

%

 

 

$

49,140

 

$

41,485

 

18.5

%

Interest income

 

18,809

 

 

16,548

 

13.7

%

 

 

 

54,648

 

 

47,502

 

15.0

%

Interest expense

 

6,475

 

 

6,362

 

1.8

%

 

 

 

18,907

 

 

18,477

 

2.3

%

Net interest income

 

12,334

 

 

10,186

 

21.1

%

 

 

 

35,741

 

 

29,025

 

23.1

%

Provision for credit losses

 

124

 

 

200

 

-38.0

%

 

 

 

1,108

 

 

200

 

454.0

%

Noninterest income

 

4,244

 

 

4,123

 

2.9

%

 

 

 

13,399

 

 

12,460

 

7.5

%

Noninterest expense

 

11,498

 

 

11,003

 

4.5

%

 

 

 

35,760

 

 

31,956

 

11.9

%

Net income

 

4,046

 

 

2,354

 

71.9

%

 

 

 

10,056

 

 

7,835

 

28.3

%

Adjusted Earnings per diluted share

 

0.68

 

 

0.41

 

65.9

%

 

 

 

1.67

 

 

1.20

 

39.2

%

Earnings per diluted share

 

0.64

 

 

0.35

 

82.9

%

 

 

 

1.56

 

 

1.17

 

33.3

%

Adjusted Return on Avg. Assets

 

1.13

%

 

0.79

%

43.0

%

 

 

 

0.96

%

 

0.79

%

21.5

%

Return on average assets

 

1.07

%

 

0.68

%

57.4

%

 

 

 

0.90

%

 

0.77

%

16.9

%

Adjusted Return on Avg. Equity

 

12.79

%

 

8.42

%

51.9

%

 

 

 

10.84

%

 

8.62

%

25.8

%

Return on average equity

 

12.08

%

 

7.28

%

65.9

%

 

 

 

10.15

%

 

8.41

%

20.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Net income for the third quarter was $4.0 million, a 71.9 percent increase from the prior-year quarter, with the GAAP DEPS of $0.64 up 82.9 percent from the prior year,” said Mark A. Klein, Chairman, President, and CEO. This marks our 59th consecutive quarter of profitability, which also included the second full quarter of contribution from the Marblehead acquisition, which strengthened our liquidity profile and further extended our market presence in Northern Ohio.

Net interest income for the quarter grew by $2.1 million to $12.3 million compared to the previous year, driven by sustained loan growth and stabilization of funding costs. Total loans increased by $80.6 million, compared to the prior year, and by $15.8 million from the linked quarter. On an organic basis, excluding the Marblehead acquisition, loan balances increased $62.7 million from the prior year. Deposits rose $103.0 million, or 8.9 percent, to $1.26 billion, reflecting both acquired balances and solid client retention. Excluding acquired deposits, organic growth totaled $52.1 million, underscoring the strength of our client relationships and the resiliency of our franchise.”

RESULTS OF OPERATIONS

In the third quarter of 2025, total operating revenue increased to $16.6 million, a 15.9 percent rise from $14.3 million in the prior year and a 3.5 percent decrease from the linked quarter. The year-over-year increase reflected higher net interest income and continued growth in non-interest income. Net interest income reached $12.3 million, a strong 21 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.9 million to $16.6 million along with a marginal increase in interest expense of $113,000 to $6.5 million. Deposit costs increased by 2.7 percent to $5.7 million but were partially offset by decreases in interest expenses on other funding sources, resulting in a 1.8 percent increase in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 32 basis points year-over-year to 3.48 percent, reflecting disciplined balance sheet management and moderation in funding cost pressures. Noninterest income for the quarter increased by 2.9 percent year-over-year to $4.2 million due primarily to improvements in wealth management fees, mortgage loan servicing fees, title insurance, other non-interest income fees as well as modest increases in customer service fees and gain on sale of mortgage loans. These fees were partially offset by decreases in gain on sales of non-mortgage loans and loss on sale of assets. “We remain focused on executing a balanced growth strategy, maintaining diversified sources of revenue, and exercising disciplined expense management,” said Mr. Klein.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $1.5 million, up $136,000 from the prior-year quarter. Loan servicing fees added $914,000 to revenue, reflecting an increase of $40,000 from the prior-year quarter. The OMSR net valuation adjustment for the third quarter of 2025 was a negative $301,000 compared to a negative $465,000 in the third quarter of 2024.

Mortgage Banking

($ in thousands)

Sep. 2025

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

 

Prior Year Growth

Mortgage originations

$

67,609

 

$

97,901

 

$

39,775

 

$

72,534

 

$

70,715

 

 

$

(3,106

)

Mortgage sales

 

66,408

 

 

74,313

 

 

39,279

 

 

62,301

 

 

61,271

 

 

 

5,137

 

Mortgage servicing portfolio

 

1,470,360

 

 

1,456,374

 

 

1,432,184

 

 

1,427,318

 

 

1,406,273

 

 

 

64,087

 

Mortgage servicing rights

 

15,347

 

 

15,458

 

 

14,965

 

 

14,868

 

 

14,357

 

 

 

990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

Loan servicing fees

 

914

 

 

904

 

 

894

 

 

886

 

 

874

 

 

 

40

 

OMSR amortization

 

(455

)

 

(469

)

 

(294

)

 

(358

)

 

(370

)

 

 

(85

)

Net administrative fees

 

459

 

 

435

 

 

600

 

 

528

 

 

504

 

 

 

(45

)

OMSR valuation adjustment

 

(301

)

 

159

 

 

11

 

 

288

 

 

(465

)

 

 

164

 

Net loan servicing fees

 

158

 

 

594

 

 

611

 

 

816

 

 

39

 

 

 

119

 

Gain on sale of mortgages

 

1,328

 

 

1,565

 

 

849

 

 

1,196

 

 

1,311

 

 

 

17

 

Mortgage banking revenue, net

$

1,486

 

$

2,159

 

$

1,460

 

$

2,012

 

$

1,350

 

 

$

136

 

 

 

 

 

 

 

 

 

Noninterest Income and Noninterest Expense

"Noninterest income for the third quarter of 2025 totaled $4.2 million, up $121,000 or 2.9 percent from the prior-year quarter, primarily due to increased mortgage loan servicing fees and other noninterest income fees, underscoring the continued strength of our fee-based businesses. Compared to the prior-year quarter, mortgage loan services fees, improved by $119,000 year over year, and other noninterest income fees added $91,000, reflecting the benefits of our diversified revenue base,” Mr. Klein noted.

Noninterest Income/Noninterest Expense

 

 

 

 

 

 

 

 

($ in thousands, except ratios)

 

Sep. 2025

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

 

Prior Year Growth

Noninterest Income (NII)

 

$

4,244

 

$

5,048

 

$

4,107

 

$

4,557

 

$

4,123

 

 

$

121

 

NII / Total Revenue

 

 

25.6

%

 

29.4

%

 

26.7

%

 

29.5

%

 

28.8

%

 

 

-3.2

%

NII / Average Assets

 

 

1.1

%

 

1.4

%

 

1.1

%

 

1.3

%

 

1.2

%

 

 

-0.1

%

Total Revenue Growth

 

 

15.9

%

 

22.3

%

 

17.2

%

 

2.2

%

 

4.5

%

 

 

11.4

%

 

 

 

 

 

 

 

 

 

Noninterest Expense (NIE)

 

$

11,498

 

$

11,852

 

$

12,410

 

$

11,003

 

$

11,003

 

 

$

495

 

Efficiency Ratio

 

 

69.0

%

 

68.9

%

 

80.0

%

 

71.1

%

 

76.8

%

 

 

-7.8

%

NIE / Average Assets

 

 

3.0

%

 

3.2

%

 

3.4

%

 

3.2

%

 

3.2

%

 

 

-0.2

%

Net Noninterest Expense/Avg. Assets

 

 

-1.9

%

 

-1.8

%

 

-2.3

%

 

-1.8

%

 

-2.0

%

 

 

0.1

%

Total Expense Growth

 

 

4.5

%

 

11.1

%

 

20.7

%

 

6.1

%

 

5.0

%

 

 

-0.5

%

 

 

 

 

 

 

 

 

 

Noninterest expense for the third quarter of 2025 was $11.5 million, up 4.5 percent from the prior year, driven primarily by increased salary and benefit expenses, equipment expenses and professional fees.

“Our efficiency ratio in the third quarter of 2025 was 69.0 percent highlighting our commitment to disciplined expense management and balanced revenue growth,” stated Mr. Klein.

Balance Sheet

As of September 30, 2025, SB Financial reported total assets of $1.50 billion, higher than the linked quarter and the previous year. Year-over-year growth was primarily driven by a robust increase in the loan portfolio, which reached $1.11 billion, marking an $80.6 million or 7.8 percent increase year over year. Loan growth also included $18.0 million in loans added with the completion of the Marblehead acquisition. Cash increased by $35.7 million from the prior year, driven by investment portfolio runoff and deposit growth. Key metrics this quarter included our loan-to-deposit ratio of 88 percent and our loan to asset ratio of 74 percent, both of which were in the upper range of our target levels.

Total deposits increased to $1.26 billion, growing $103.0 million or 8.9 percent year over year, including $50.9 million in low-cost deposits from the acquisition and $52.1 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 $137.0 million, representing a $4.1 million increase from the prior year. The increase highlights management’s consistent efforts to deliver sustainable growth and enhance shareholder returns.

During the third quarter, SB Financial repurchased approximately 101,000 shares, a slight decrease from the prior quarter, reflecting management’s disciplined and opportunistic approach to capital deployment when the share price trades below the target range. This activity demonstrates the Company’s balanced approach to capital management, prioritizing shareholder returns through dividends and share repurchases while maintaining sufficient capital to fund future growth.

"As we progress through the fourth quarter of 2025, the Company’s solid balance sheet and prudent capital management provide a strong foundation to navigate the current environment and support future growth," said Mr. Klein. "We were pleased to achieve our sixth consecutive quarter of sequential loan growth, supported by sound credit quality and consistent execution across our markets, with total loan balances rising $80.6 million from the prior year, including $62.7 million of organic loan growth. This continued trajectory reflects the depth of our client relationships, the resiliency of our business model, and the disciplined manner in which we deploy capital across our markets. Our strong asset quality metrics and top-tier reserve coverage remain central to our financial strength and position us well to navigate the current operating environment. As we look ahead, we remain focused on driving organic growth, maintaining disciplined expense management, and delivering long-term value for our shareholders.”

Loan Balances

 

 

 

 

 

 

($ in thousands, except ratios)

Sep. 2025

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Annual
Growth

Commercial

$

117,581

 

$

118,984

 

$

125,878

 

$

124,764

 

$

123,821

 

$

(6,240

)

% of Total

 

10.6

%

 

10.9

%

 

11.6

%

 

11.9

%

 

12.0

%

 

-5.0

%

Commercial RE

 

535,307

 

 

525,671

 

 

509,518

 

 

479,573

 

 

459,449

 

 

75,858

 

% of Total

 

48.2

%

 

48.0

%

 

46.8

%

 

45.8

%

 

44.6

%

 

16.5

%

Agriculture

 

65,150

 

 

60,924

 

 

61,443

 

 

64,680

 

 

64,887

 

 

263

 

% of Total

 

5.9

%

 

5.6

%

 

5.6

%

 

6.2

%

 

6.3

%

 

0.4

%

Residential RE

 

309,140

 

 

310,126

 

 

319,307

 

 

308,378

 

 

314,010

 

 

(4,870

)

% of Total

 

27.8

%

 

28.3

%

 

29.3

%

 

29.5

%

 

30.5

%

 

-1.6

%

Consumer & Other

 

83,367

 

 

79,014

 

 

72,128

 

 

69,340

 

 

67,788

 

 

15,579

 

% of Total

 

7.5

%

 

7.2

%

 

6.6

%

 

6.6

%

 

6.6

%

 

23.0

%

Total Loans

$

1,110,545

 

$

1,094,719

 

$

1,088,274

 

$

1,046,735

 

$

1,029,955

 

$

80,590

 

Total Growth Percentage

 

 

 

 

 

 

7.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Balances

 

 

 

 

 

 

($ in thousands, except ratios)

Sep. 2025

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Annual
Growth

Non-Int DDA

$

246,725

 

$

241,245

 

$

240,446

 

$

232,155

 

$

222,425

 

$

24,300

 

% of Total

 

19.5

%

 

19.3

%

 

18.9

%

 

20.1

%

 

19.2

%

 

10.9

%

Interest DDA

 

194,420

 

 

205,581

 

 

208,583

 

 

201,085

 

 

202,097

 

 

(7,677

)

% of Total

 

15.4

%

 

16.4

%

 

16.4

%

 

17.4

%

 

17.4

%

 

-3.8

%

Savings

 

290,111

 

 

282,311

 

 

285,902

 

 

237,987

 

 

241,761

 

 

48,350

 

% of Total

 

23.0

%

 

22.6

%

 

22.5

%

 

20.6

%

 

20.8

%

 

20.0

%

Money Market

 

261,953

 

 

249,536

 

 

257,013

 

 

222,161

 

 

228,182

 

 

33,771

 

% of Total

 

20.7

%

 

20.0

%

 

20.2

%

 

19.3

%

 

19.7

%

 

14.8

%

Time Deposits

 

269,313

 

 

271,149

 

 

279,276

 

 

259,217

 

 

265,068

 

 

4,245

 

% of Total

 

21.3

%

 

21.7

%

 

22.0

%

 

22.5

%

 

22.9

%

 

1.6

%

Total Deposits

$

1,262,522

 

$

1,249,822

 

$

1,271,220

 

$

1,152,605

 

$

1,159,533

 

$

102,989

 

Total Growth Percentage

 

 

 

 

 

 

8.9

%

 

 

 

 

 

 

 

Asset Quality

As of September 30, 2025, SB Financial continued to focus on strong asset quality metrics. Nonperforming assets totaled $4.9 million, representing 0.32 percent of total assets, a decrease of $665,000 compared to $5.5 million or 0.40 percent of total assets reported in the prior year, and a continued improvement from linked quarter balance of $6.2 million, representing 0.41 percent of total assets.

The allowance for credit losses remained strong at 1.44 percent of total loans, providing 345.4 percent coverage of non-performing 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 0 basis points, declining from 2 basis points in the linked quarter and 1 basis point recorded in the prior year. These metrics reflect our continued focus on disciplined credit practices and effective collateral management.

"Our asset quality metrics continue to reflect the strength of our portfolio and disciplined approach to risk management”, stated Mr. Klein. “We were especially pleased with the improvement in non-performing loans, which were the result of our determined efforts to resolve several longer-term problem credits. We remain focused on maintaining conservative credit practices while supporting prudent growth and delivering long-term value for our shareholders.”

Nonperforming Assets

 

 

 

 

 

Annual
Change

($ in thousands, except ratios)

Sep. 2025

Jun. 2025

Mar. 2025

Dec. 2024

Sep. 2024

Commercial & Agriculture

$

2,243

 

$

3,274

 

$

3,418

 

$

2,927

 

$

2,899

 

$

(656

)

% of Total Com./Ag. loans

 

1.23

%

 

1.82

%

 

1.82

%

 

1.55

%

 

1.54

%

 

-22.6

%

Commercial RE

 

778

 

 

816

 

 

798

 

 

807

 

 

813

 

 

(35

)

% of Total CRE loans

 

0.15

%

 

0.16

%

 

0.16

%

 

0.17

%

 

0.18

%

 

-4.3

%

Residential RE

 

1,400

 

 

1,577

 

 

1,608

 

 

1,539

 

 

1,536

 

 

(136

)

% of Total Res. RE loans

 

0.45

%

 

0.51

%

 

0.50

%

 

0.50

%

 

0.49

%

 

-8.9

%

Consumer & Other

 

195

 

 

205

 

 

227

 

 

243

 

 

270

 

 

(75

)

% of Total Con./Oth. loans

 

0.23

%

 

0.26

%

 

0.31

%

 

0.35

%

 

0.40

%

 

-27.8

%

Total Nonaccruing Loans

 

4,616

 

 

5,872

 

 

6,051

 

 

5,516

 

 

5,518

 

 

(902

)

% of Total loans

 

0.42

%

 

0.54

%

 

0.56

%

 

0.53

%

 

0.54

%

 

-16.3

%

Foreclosed Assets and Other Assets

 

237

 

 

284

 

 

73

 

 

-

 

 

-

 

 

237

 

Total Change (%)

 

 

 

 

 

N/M

Total Nonperforming Assets

$

4,853

 

$

6,156

 

$

6,124

 

$

5,516

 

$

5,518

 

$

(665

)

% of Total assets

 

0.32

%

 

0.41

%

 

0.41

%

 

0.40

%

 

0.40

%

 

-12.05

%

 

 

 

 

 

 

 

Webcast and Conference Call

The Company will hold the third quarter 2025 earnings conference call and webcast on October 31, 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 four loan production offices located throughout the Tri-State region of Ohio and Indiana. 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September

 

June

 

March

 

December

 

September

 

 

 

($ in thousands)

 

 

2025

 

 

 

2025

 

 

 

2025

 

 

 

2024

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

85,025

 

 

$

79,463

 

 

$

105,145

 

 

$

25,928

 

 

$

49,348

 

 

Interest bearing time deposits

 

 

2,025

 

 

 

1,565

 

 

 

1,565

 

 

 

1,565

 

 

 

1,706

 

 

Available-for-sale securities

 

 

193,190

 

 

 

195,955

 

 

 

199,721

 

 

 

201,587

 

 

 

211,511

 

 

Loans held for sale

 

 

4,736

 

 

 

12,774

 

 

 

4,286

 

 

 

6,770

 

 

 

8,927

 

 

Loans, net of unearned income

 

 

1,110,545

 

 

 

1,094,719

 

 

 

1,088,274

 

 

 

1,046,735

 

 

 

1,029,955

 

 

Allowance for credit losses

 

 

(15,943

)

 

 

(15,645

)

 

 

(15,391

)

 

 

(15,096

)

 

 

(15,278

)

 

Premises and equipment, net

 

 

21,764

 

 

 

21,857

 

 

 

21,875

 

 

 

20,456

 

 

 

20,715

 

 

Federal Reserve and FHLB Stock, at cost

 

 

5,466

 

 

 

5,466

 

 

 

5,340

 

 

 

5,223

 

 

 

5,223

 

 

Foreclosed assets

 

 

237

 

 

 

284

 

 

 

73

 

 

 

-

 

 

 

-

 

 

Interest receivable

 

 

5,455

 

 

 

5,299

 

 

 

5,072

 

 

 

4,908

 

 

 

4,842

 

 

Goodwill

 

 

27,158

 

 

 

27,158

 

 

 

27,158

 

 

 

23,239

 

 

 

23,239

 

 

Cash value of life insurance

 

 

32,004

 

 

 

31,060

 

 

 

30,871

 

 

 

30,685

 

 

 

30,488

 

 

Mortgage servicing rights

 

 

15,347

 

 

 

15,458

 

 

 

14,965

 

 

 

14,868

 

 

 

14,357

 

 

Other assets

 

 

9,254

 

 

 

10,888

 

 

 

12,048

 

 

 

12,649

 

 

 

8,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,496,263

 

 

$

1,486,301

 

 

$

1,501,002

 

 

$

1,379,517

 

 

$

1,393,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

$

246,725

 

 

$

241,245

 

 

$

240,446

 

 

$

232,155

 

 

$

222,425

 

 

 

Interest bearing demand

 

 

194,420

 

 

 

205,581

 

 

 

208,583

 

 

 

201,085

 

 

 

202,097

 

 

 

Savings

 

 

290,111

 

 

 

282,311

 

 

 

285,902

 

 

 

237,987

 

 

 

241,761

 

 

 

Money market

 

 

261,953

 

 

 

249,536

 

 

 

257,013

 

 

 

222,161

 

 

 

228,182

 

 

 

Time deposits

 

 

269,313

 

 

 

271,149

 

 

 

279,276

 

 

 

259,217

 

 

 

265,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits

 

 

1,262,522

 

 

 

1,249,822

 

 

 

1,271,220

 

 

 

1,152,605

 

 

 

1,159,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

10,976

 

 

 

15,640

 

 

 

11,058

 

 

 

10,585

 

 

 

15,240

 

 

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

 

 

19,726

 

 

 

19,715

 

 

 

19,702

 

 

 

19,690

 

 

 

19,678

 

 

Interest payable

 

 

2,739

 

 

 

2,258

 

 

 

2,634

 

 

 

2,351

 

 

 

3,374

 

 

Other liabilities

 

 

18,051

 

 

 

19,908

 

 

 

19,552

 

 

 

21,468

 

 

 

17,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,359,324

 

 

 

1,352,653

 

 

 

1,369,476

 

 

 

1,252,009

 

 

 

1,261,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

61,319

 

 

 

Additional paid-in capital

 

 

15,086

 

 

 

15,139

 

 

 

14,955

 

 

 

15,194

 

 

 

15,090

 

 

 

Retained earnings

 

 

123,370

 

 

 

120,273

 

 

 

117,397

 

 

 

116,186

 

 

 

113,515

 

 

 

Accumulated other comprehensive loss

 

 

(23,412

)

 

 

(25,492

)

 

 

(26,872

)

 

 

(30,234

)

 

 

(24,870

)

 

 

Treasury stock

 

 

(39,424

)

 

 

(37,591

)

 

 

(35,273

)

 

 

(34,957

)

 

 

(32,213

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

 

136,939

 

 

 

133,648

 

 

 

131,526

 

 

 

127,508

 

 

 

132,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

1,496,263

 

 

$

1,486,301

 

 

$

1,501,002

 

 

$

1,379,517

 

 

$

1,393,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

 

 

 

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

 

At and for the Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September

 

June

 

March

 

December

 

September

 

September

 

September

Interest income

 

2025

 

2025

 

 

2025

 

 

2024

 

2024

 

2025

 

2024

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

16,449

 

$

16,059

 

 

$

15,244

 

 

$

14,920

 

 

$

14,513

 

$

47,752

 

$

41,943

 

Tax exempt

 

 

117

 

 

116

 

 

 

115

 

 

 

122

 

 

 

127

 

 

348

 

 

374

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,097

 

 

1,133

 

 

 

1,169

 

 

 

1,178

 

 

 

1,192

 

 

3,399

 

 

3,692

 

Tax exempt

 

 

35

 

 

35

 

 

 

38

 

 

 

35

 

 

 

37

 

 

108

 

 

111

 

Other interest income

 

 

1,111

 

 

1,124

 

 

 

806

 

 

 

592

 

 

 

679

 

 

3,041

 

 

1,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

 

18,809

 

 

18,467

 

 

 

17,372

 

 

 

16,847

 

 

 

16,548

 

 

54,648

 

 

47,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,721

 

 

5,597

 

 

 

5,352

 

 

 

5,169

 

 

 

5,568

 

 

16,670

 

 

15,866

 

Repurchase agreements & other

 

 

28

 

 

21

 

 

 

24

 

 

 

41

 

 

 

43

 

 

73

 

 

113

 

Federal Home Loan Bank advances

 

369

 

 

366

 

 

 

362

 

 

 

369

 

 

 

369

 

 

1,097

 

 

1,352

 

Trust preferred securities

 

 

162

 

 

161

 

 

 

160

 

 

 

177

 

 

 

187

 

 

483

 

 

562

 

Subordinated debt

 

 

195

 

 

194

 

 

 

195

 

 

 

194

 

 

 

195

 

 

584

 

 

584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

 

 

6,475

 

 

6,339

 

 

 

6,093

 

 

 

5,950

 

 

 

6,362

 

 

18,907

 

 

18,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

12,334

 

 

12,128

 

 

 

11,279

 

 

 

10,897

 

 

 

10,186

 

 

35,741

 

 

29,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

124

 

 

597

 

 

 

387

 

 

 

(76

)

 

 

200

 

 

1,108

 

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

 

12,210

 

 

11,531

 

 

 

10,892

 

 

 

10,973

 

 

 

9,986

 

 

34,633

 

 

28,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

 

912

 

 

859

 

 

 

864

 

 

 

916

 

 

 

882

 

 

2,635

 

 

2,595

 

Customer service fees

 

 

887

 

 

886

 

 

 

879

 

 

 

842

 

 

 

870

 

 

2,652

 

 

2,625

 

Gain on sale of mtg. loans & OMSR

 

1,328

 

 

1,566

 

 

 

849

 

 

 

1,196

 

 

 

1,311

 

 

3,743

 

 

3,369

 

Mortgage loan servicing fees, net

 

 

158

 

 

594

 

 

 

611

 

 

 

816

 

 

 

39

 

 

1,363

 

 

1,367

 

Gain on sale of non-mortgage loans

 

8

 

 

82

 

 

 

15

 

 

 

10

 

 

 

20

 

 

105

 

 

135

 

Title insurance revenue

 

 

544

 

 

582

 

 

 

397

 

 

 

478

 

 

 

485

 

 

1,523

 

 

1,157

 

Net gain on sales of securities

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

-

 

 

-

 

Gain (loss) on sale of assets

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

200

 

 

-

 

 

200

 

Other

 

 

407

 

 

479

 

 

 

492

 

 

 

299

 

 

 

316

 

 

1,378

 

 

1,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income

 

 

4,244

 

 

5,048

 

 

 

4,107

 

 

 

4,557

 

 

 

4,123

 

 

13,399

 

 

12,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,198

 

 

6,595

 

 

 

6,237

 

 

 

6,185

 

 

 

6,057

 

 

19,030

 

 

17,418

 

Net occupancy expense

 

 

801

 

 

793

 

 

 

893

 

 

 

702

 

 

 

706

 

 

2,487

 

 

2,182

 

Equipment expense

 

 

1,188

 

 

1,121

 

 

 

1,072

 

 

 

1,127

 

 

 

1,069

 

 

3,381

 

 

3,206

 

Data processing fees

 

 

723

 

 

888

 

 

 

1,439

 

 

 

821

 

 

 

758

 

 

3,050

 

 

2,254

 

Professional fees

 

 

863

 

 

892

 

 

 

1,034

 

 

 

895

 

 

 

659

 

 

2,789

 

 

2,032

 

Marketing expense

 

 

174

 

 

190

 

 

 

165

 

 

 

207

 

 

 

241

 

 

529

 

 

614

 

Telephone and communication expense

 

 

123

 

 

125

 

 

 

139

 

 

 

136

 

 

 

128

 

 

387

 

 

389

 

Postage and delivery expense

 

 

157

 

 

107

 

 

 

137

 

 

 

116

 

 

 

145

 

 

401

 

 

331

 

State, local and other taxes

 

 

268

 

 

268

 

 

 

224

 

 

 

224

 

 

 

208

 

 

760

 

 

683

 

Employee expense

 

 

255

 

 

176

 

 

 

174

 

 

 

168

 

 

 

228

 

 

605

 

 

565

 

Other expenses

 

 

748

 

 

697

 

 

 

896

 

 

 

422

 

 

 

804

 

 

2,341

 

 

2,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

 

 

11,498

 

 

11,852

 

 

 

12,410

 

 

 

11,003

 

 

 

11,003

 

 

35,760

 

 

31,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

4,956

 

 

4,727

 

 

 

2,589

 

 

 

4,527

 

 

 

3,106

 

 

12,272

 

 

9,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

910

 

 

875

 

 

 

431

 

 

 

892

 

 

 

752

 

 

2,216

 

 

1,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

4,046

 

$

3,852

 

 

$

2,158

 

 

$

3,635

 

 

$

2,354

 

$

10,056

 

$

7,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.64

 

$

0.60

 

 

$

0.33

 

 

$

0.55

 

 

$

0.35

 

$

1.57

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.64

 

$

0.60

 

 

$

0.33

 

 

$

0.55

 

 

$

0.35

 

$

1.56

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

6,297

 

 

6,448

 

 

 

6,481

 

 

 

6,575

 

 

 

6,660

 

 

6,408

 

 

6,689

 

Diluted:

 

 

6,311

 

 

6,459

 

 

 

6,502

 

 

 

6,599

 

 

 

6,675

 

 

6,427

 

 

6,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

 

 

 

CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

At and for the Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUMMARY OF

 

September

 

June

 

March

 

December

 

September

 

September

 

September

OPERATIONS

 

 

2025

 

 

 

2025

 

 

 

2025

 

 

 

2024

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

12,334

 

 

$

12,128

 

 

$

11,279

 

 

$

10,897

 

 

$

10,186

 

 

$

35,741

 

 

$

29,025

 

Tax-equivalent adjustment

 

 

40

 

 

 

40

 

 

 

41

 

 

 

42

 

 

 

44

 

 

 

121

 

 

 

129

 

Tax-equivalent net interest income

 

 

12,374

 

 

 

12,168

 

 

 

11,320

 

 

 

10,939

 

 

 

10,230

 

 

 

35,862

 

 

 

29,154

 

Provision for credit loss

 

 

124

 

 

 

597

 

 

 

387

 

 

 

(76

)

 

 

200

 

 

 

1,108

 

 

 

200

 

Noninterest income

 

 

4,244

 

 

 

5,048

 

 

 

4,107

 

 

 

4,557

 

 

 

4,123

 

 

 

13,399

 

 

 

12,460

 

Total operating revenue

 

 

16,578

 

 

 

17,176

 

 

 

15,386

 

 

 

15,454

 

 

 

14,309

 

 

 

49,140

 

 

 

41,485

 

Noninterest expense

 

 

11,498

 

 

 

11,852

 

 

 

12,410

 

 

 

11,003

 

 

 

11,003

 

 

 

35,760

 

 

 

31,956

 

Pre-tax pre-provision income

 

 

5,080

 

 

 

5,324

 

 

 

2,976

 

 

 

4,451

 

 

 

3,306

 

 

 

13,380

 

 

 

9,529

 

Net income

 

 

4,046

 

 

 

3,852

 

 

 

2,158

 

 

 

3,635

 

 

 

2,354

 

 

 

10,056

 

 

 

7,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share (EPS)

 

 

0.64

 

 

 

0.60

 

 

 

0.33

 

 

 

0.55

 

 

 

0.35

 

 

 

1.57

 

 

 

1.17

 

Diluted earnings per share

 

 

0.64

 

 

 

0.60

 

 

 

0.33

 

 

 

0.55

 

 

 

0.35

 

 

 

1.56

 

 

 

1.17

 

Common dividends

 

 

0.150

 

 

 

0.150

 

 

 

0.145

 

 

 

0.145

 

 

 

0.140

 

 

 

0.445

 

 

 

0.415

 

Book value per common share

 

 

21.85

 

 

 

21.02

 

 

 

20.29

 

 

 

19.64

 

 

 

20.05

 

 

 

21.85

 

 

 

20.05

 

Tangible book value per common share (TBV)

 

 

17.21

 

 

 

16.44

 

 

 

15.79

 

 

 

16.00

 

 

 

16.49

 

 

 

17.21

 

 

 

16.49

 

Market price per common share

 

 

19.29

 

 

 

19.10

 

 

 

20.82

 

 

 

20.91

 

 

 

20.56

 

 

 

19.29

 

 

 

20.56

 

Market price to TBV

 

 

112.1

%

 

 

116.2

%

 

 

131.8

%

 

 

130.7

%

 

 

124.7

%

 

 

112.1

%

 

 

124.7

%

Market price to trailing 12 month EPS

 

 

9.1

 

 

 

10.4

 

 

 

12.2

 

 

 

12.1

 

 

 

11.8

 

 

 

9.1

 

 

 

11.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROAA)

 

 

1.07

%

 

 

1.03

%

 

 

0.60

%

 

 

1.04

%

 

 

0.68

%

 

 

0.90

%

 

 

0.77

%

Pre-tax pre-provision ROAA

 

 

1.34

%

 

 

1.42

%

 

 

0.83

%

 

 

1.27

%

 

 

0.96

%

 

 

1.29

%

 

 

1.01

%

Return on average equity (ROE)

 

 

12.08

%

 

 

11.67

%

 

 

6.63

%

 

 

11.07

%

 

 

7.28

%

 

 

10.15

%

 

 

8.41

%

Return on average tangible equity

 

 

15.47

%

 

 

14.97

%

 

 

8.32

%

 

 

13.51

%

 

 

8.92

%

 

 

12.89

%

 

 

10.39

%

Efficiency ratio

 

 

69.00

%

 

 

68.90

%

 

 

80.00

%

 

 

71.09

%

 

 

76.78

%

 

 

72.41

%

 

 

76.91

%

Earning asset yield

 

 

5.31

%

 

 

5.29

%

 

 

5.23

%

 

 

5.18

%

 

 

5.16

%

 

 

5.27

%

 

 

5.05

%

Cost of interest bearing liabilities

 

 

2.33

%

 

 

2.33

%

 

 

2.32

%

 

 

2.36

%

 

 

2.53

%

 

 

2.33

%

 

 

2.52

%

Net interest margin

 

 

3.48

%

 

 

3.48

%

 

 

3.40

%

 

 

3.35

%

 

 

3.16

%

 

 

3.44

%

 

 

3.08

%

Tax equivalent effect

 

 

0.02

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

 

 

0.02

%

 

 

0.02

%

Net interest margin, tax equivalent

 

 

3.50

%

 

 

3.49

%

 

 

3.41

%

 

 

3.36

%

 

 

3.17

%

 

 

3.46

%

 

 

3.10

%

Non interest income/Average assets

 

 

1.12

%

 

 

1.35

%

 

 

1.14

%

 

 

1.30

%

 

 

1.19

%

 

 

1.20

%

 

 

1.23

%

Non interest expense/Average assets

 

 

3.04

%

 

 

3.17

%

 

 

3.45

%

 

 

3.14

%

 

 

3.18

%

 

 

3.21

%

 

 

3.16

%

Net noninterest expense/Average assets

 

 

-1.92

%

 

 

-1.82

%

 

 

-2.31

%

 

 

-1.84

%

 

 

-1.99

%

 

 

-2.01

%

 

 

-1.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

 

 

11

 

 

 

49

 

 

 

86

 

 

 

195

 

 

 

29

 

 

 

146

 

 

 

95

 

Recoveries

 

 

9

 

 

 

3

 

 

 

2

 

 

 

13

 

 

 

2

 

 

 

14

 

 

 

27

 

Net charge-offs

 

 

2

 

 

 

46

 

 

 

84

 

 

 

182

 

 

 

27

 

 

 

132

 

 

 

68

 

Nonperforming loans/Total loans

 

 

0.42

%

 

 

0.54

%

 

 

0.56

%

 

 

0.53

%

 

 

0.54

%

 

 

0.42

%

 

 

0.54

%

Nonperforming assets/Loans & OREO

 

 

0.44

%

 

 

0.56

%

 

 

0.56

%

 

 

0.53

%

 

 

0.54

%

 

 

0.44

%

 

 

0.54

%

Nonperforming assets/Total assets

 

 

0.32

%

 

 

0.41

%

 

 

0.41

%

 

 

0.40

%

 

 

0.40

%

 

 

0.32

%

 

 

0.40

%

Allowance for credit loss/Nonperforming loans

 

 

345.39

%

 

 

266.43

%

 

 

254.35

%

 

 

273.68

%

 

 

276.83

%

 

 

345.39

%

 

 

276.83

%

Allowance for credit loss/Total loans

 

 

1.44

%

 

 

1.43

%

 

 

1.41

%

 

 

1.44

%

 

 

1.48

%

 

 

1.44

%

 

 

1.48

%

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

 

 

0.00

%

 

 

0.02

%

 

 

0.03

%

 

 

0.07

%

 

 

0.01

%

 

 

0.02

%

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans/ Deposits

 

 

87.96

%

 

 

87.59

%

 

 

85.61

%

 

 

90.81

%

 

 

88.82

%

 

 

87.96

%

 

 

88.82

%

Equity/ Assets

 

 

9.15

%

 

 

8.99

%

 

 

8.76

%

 

 

9.24

%

 

 

9.53

%

 

 

9.15

%

 

 

9.53

%

Tangible equity/Tangible assets

 

 

7.35

%

 

 

7.17

%

 

 

6.96

%

 

 

7.66

%

 

 

7.97

%

 

 

7.35

%

 

 

7.97

%

Common equity tier 1 ratio (Bank)

 

 

12.33

%

 

 

12.53

%

 

 

12.35

%

 

 

13.43

%

 

 

13.19

%

 

 

12.33

%

 

 

13.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

END OF PERIOD BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,496,263

 

 

 

1,486,301

 

 

 

1,501,002

 

 

 

1,379,517

 

 

 

1,393,949

 

 

 

1,496,263

 

 

 

1,393,949

 

Total loans

 

 

1,110,545

 

 

 

1,094,719

 

 

 

1,088,274

 

 

 

1,046,735

 

 

 

1,029,955

 

 

 

1,110,545

 

 

 

1,029,955

 

Deposits

 

 

1,262,522

 

 

 

1,249,822

 

 

 

1,271,220

 

 

 

1,152,605

 

 

 

1,159,533

 

 

 

1,262,522

 

 

 

1,159,533

 

Shareholders equity

 

 

136,939

 

 

 

133,648

 

 

 

131,526

 

 

 

127,508

 

 

 

132,841

 

 

 

136,939

 

 

 

132,841

 

Goodwill and intangibles

 

 

29,048

 

 

 

29,107

 

 

 

29,125

 

 

 

23,597

 

 

 

23,613

 

 

 

29,048

 

 

 

23,613

 

Tangible equity

 

 

107,891

 

 

 

104,541

 

 

 

102,401

 

 

 

103,911

 

 

 

109,228

 

 

 

107,891

 

 

 

109,228

 

Mortgage servicing portfolio

 

 

1,470,360

 

 

 

1,456,374

 

 

 

1,432,184

 

 

 

1,427,318

 

 

 

1,406,273

 

 

 

1,470,360

 

 

 

1,406,273

 

Wealth/Brokerage assets under care

 

 

563,036

 

 

 

536,836

 

 

 

519,158

 

 

 

547,697

 

 

 

557,724

 

 

 

563,036

 

 

 

557,724

 

Total assets under care

 

 

3,529,659

 

 

 

3,479,511

 

 

 

3,452,344

 

 

 

3,354,532

 

 

 

3,357,946

 

 

 

3,529,659

 

 

 

3,357,946

 

Full-time equivalent employees

 

 

253

 

 

 

256

 

 

 

262

 

 

 

252

 

 

 

248

 

 

 

253

 

 

 

248

 

Period end common shares outstanding

 

 

6,268

 

 

 

6,359

 

 

 

6,483

 

 

 

6,494

 

 

 

6,624

 

 

 

6,268

 

 

 

6,624

 

Market capitalization (all)

 

 

120,907

 

 

 

121,453

 

 

 

134,982

 

 

 

135,780

 

 

 

136,189

 

 

 

120,907

 

 

 

136,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,502,389

 

 

 

1,498,756

 

 

 

1,459,896

 

 

 

1,395,473

 

 

 

1,376,849

 

 

 

1,487,251

 

 

 

1,350,580

 

Total earning assets

 

 

1,404,330

 

 

 

1,399,485

 

 

 

1,346,354

 

 

 

1,301,872

 

 

 

1,283,407

 

 

 

1,387,258

 

 

 

1,255,335

 

Total loans

 

 

1,104,175

 

 

 

1,076,328

 

 

 

1,076,328

 

 

 

1,040,580

 

 

 

1,018,262

 

 

 

1,091,670

 

 

 

1,005,577

 

Deposits

 

 

1,270,783

 

 

 

1,270,798

 

 

 

1,227,449

 

 

 

1,163,531

 

 

 

1,145,964

 

 

 

1,256,732

 

 

 

1,119,276

 

Shareholders equity

 

 

132,866

 

 

 

132,353

 

 

 

131,944

 

 

 

130,647

 

 

 

128,608

 

 

 

132,426

 

 

 

124,218

 

Goodwill and intangibles

 

 

29,077

 

 

 

29,116

 

 

 

26,714

 

 

 

23,605

 

 

 

23,621

 

 

 

28,140

 

 

 

23,720

 

Tangible equity

 

 

103,789

 

 

 

103,237

 

 

 

105,230

 

 

 

107,042

 

 

 

104,987

 

 

 

104,286

 

 

 

100,498

 

Average basic shares outstanding

 

 

6,297

 

 

 

6,448

 

 

 

6,481

 

 

 

6,575

 

 

 

6,660

 

 

 

6,408

 

 

 

6,689

 

Average diluted shares outstanding

 

 

6,311

 

 

 

6,459

 

 

 

6,502

 

 

 

6,599

 

 

 

6,675

 

 

 

6,427

 

 

 

6,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


SB FINANCIAL GROUP, INC.

 

Rate Volume Analysis - (Unaudited)

 

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

 

 

 

 

 

 

 

 

($ in thousands)

 

Three Months Ended Sep. 30, 2025

 

 

Three Months Ended Sep. 30, 2024

 

 

 

Average

 

Average

 

 

Average

 

Average

Assets

 

Balance

Interest

Rate

 

 

Balance

Interest

Rate

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

$

193,893

 

$

1,097

2.24

%

 

 

$

208,081

 

$

1,192

2.28

%

 

Overnight Cash

 

 

100,164

 

 

1,111

4.40

%

 

 

 

51,578

 

 

679

5.24

%

 

Nontaxable securities

 

 

6,098

 

 

35

2.28

%

 

 

 

6,402

 

 

37

2.30

%

 

Loans, net

 

 

1,104,175

 

 

16,566

5.95

%

 

 

 

1,018,262

 

 

14,640

5.72

%

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

 

1,404,330

 

 

18,809

5.31

%

 

 

 

1,284,323

 

 

16,548

5.13

%

 

 

 

 

 

 

 

 

 

 

 

 

Cash on hand

 

 

5,044

 

 

 

 

 

 

4,334

 

 

 

 

Allowance for loan losses

 

 

(15,750

)

 

 

 

 

 

(15,601

)

 

 

 

Premises and equipment

 

 

21,854

 

 

 

 

 

 

20,820

 

 

 

 

Other assets

 

 

86,911

 

 

 

 

 

 

82,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,502,389

 

 

 

 

 

$

1,376,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Savings, MMDA and interest bearing demand

 

$

753,639

 

$

3,442

1.81

%

 

 

$

659,879

 

$

2,969

1.79

%

 

Time deposits

 

 

267,984

 

 

2,279

3.37

%

 

 

 

264,188

 

 

2,599

3.91

%

 

Repurchase agreements & other

 

 

14,015

 

 

28

0.79

%

 

 

 

16,240

 

 

43

1.05

%

 

Advances from Federal Home Loan Bank

 

 

35,000

 

 

369

4.18

%

 

 

 

35,054

 

 

369

4.19

%

 

Trust preferred securities

 

 

10,310

 

 

162

6.23

%

 

 

 

10,310

 

 

187

7.22

%

 

Subordinated debt

 

 

19,719

 

 

195

3.92

%

 

 

 

19,670

 

 

195

3.94

%

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing liabilities

 

 

1,100,667

 

 

6,475

2.33

%

 

 

 

1,005,341

 

 

6,362

2.52

%

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

 

249,160

 

 

-

 

 

 

 

221,897

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Total funding

 

 

1,349,827

 

 

1.90

%

 

 

 

1,227,238

 

 

2.06

%

 

 

 

 

 

44.20

%

 

 

 

 

1

 

 

Other liabilities

 

 

19,696

 

 

 

 

 

 

21,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,369,523

 

 

 

 

 

 

1,248,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

132,866

 

 

 

 

 

 

128,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,502,389

 

 

 

 

 

$

1,376,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

12,334

 

 

 

 

$

10,186

 

 

 

 

 

 

 

 

 

 

 

 

 

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

3.48

%

 

 

 

 

3.16

%

 

 

 

 

 

 

 

 

 

 

 

 

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

3.50

%

 

 

 

 

3.17

%

 

- Computed on a fully tax equivalent (FTE) basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended Sep. 30, 2025

 

 

Nine Months Ended Sep. 30, 2024

 

 

 

Average

 

Average

 

 

Average

 

Average

Assets

 

Balance

Interest

Rate

 

 

Balance

Interest

Rate

 

 

 

 

 

 

 

 

 

 

 

 

Taxable securities

 

$

198,463

 

$

3,399

2.29

%

 

 

$

210,992

 

$

3,692

2.34

%

 

Overnight Cash

 

 

90,829

 

 

3,041

4.48

%

 

 

 

33,855

 

 

1,382

5.45

%

 

Nontaxable securities

 

 

6,296

 

 

108

2.29

%

 

 

 

6,423

 

 

111

2.31

%

 

Loans, net

 

 

1,091,670

 

 

48,100

5.89

%

 

 

 

1,005,577

 

 

42,317

5.62

%

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

 

1,387,258

 

 

54,648

5.27

%

 

 

 

1,256,847

 

 

47,502

5.05

%

 

 

 

 

 

 

 

 

 

 

 

 

Cash on hand

 

 

4,880

 

 

 

 

 

 

4,431

 

 

 

 

Allowance for loan losses

 

 

(15,492

)

 

 

 

 

 

(15,693

)

 

 

 

Premises and equipment

 

 

21,555

 

 

 

 

 

 

21,026

 

 

 

 

Other assets

 

 

89,050

 

 

 

 

 

 

83,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,487,251

 

 

 

 

 

$

1,350,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Savings, MMDA and interest bearing demand

 

$

734,938

 

$

9,624

1.75

%

 

 

$

634,122

 

$

8,270

1.74

%

 

Time deposits

 

 

273,508

 

 

7,046

3.44

%

 

 

 

260,061

 

 

7,596

3.90

%

 

Repurchase agreements & Other

 

 

12,549

 

 

73

0.78

%

 

 

 

14,708

 

 

113

1.03

%

 

Advances from Federal Home Loan Bank

 

 

35,015

 

 

1,097

4.19

%

 

 

 

40,466

 

 

1,352

4.46

%

 

Trust preferred securities

 

 

10,310

 

 

483

6.26

%

 

 

 

10,310

 

 

562

7.28

%

 

Subordinated debt

 

 

19,707

 

 

584

3.96

%

 

 

 

19,658

 

 

584

3.97

%

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing liabilities

 

 

1,086,027

 

 

18,907

2.33

%

 

 

 

979,325

 

 

18,477

2.52

%

 

 

 

 

 

 

 

 

 

 

 

 

Non interest bearing demand

 

 

248,286

 

 

1.89

%

 

 

 

225,093

 

 

2.05

%

 

 

 

 

 

 

 

 

 

 

 

 

Total funding

 

 

1,334,313

 

 

 

 

 

 

1,204,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

20,512

 

 

 

 

 

 

21,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,354,825

 

 

 

 

 

 

1,226,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

132,426

 

 

 

 

 

 

124,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,487,251

 

 

 

 

 

$

1,350,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

35,741

 

 

 

 

$

29,025

 

 

 

 

 

 

 

 

 

 

 

 

 

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

3.44

%

 

 

 

 

3.08

%

 

 

 

 

 

 

 

 

 

 

 

 

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

3.46

%

 

 

 

 

3.10

%

 

- Computed on a fully tax equivalent (FTE) basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Non-GAAP reconciliation

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

($ in thousands, except per share & ratios)

 

Sep. 30, 2025

 

Sep. 30, 2024

 

Sep. 30, 2025

 

Sep. 30, 2024

 

 

 

 

 

 

 

 

 

Total Operating Revenue

 

$

16,578

 

 

$

14,309

 

 

$

49,140

 

 

$

41,485

 

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

 

 

301

 

 

 

465

 

 

 

131

 

 

 

246

 

 

 

 

 

 

 

 

 

 

Adjusted Total Operating Revenue

 

 

16,879

 

 

 

14,774

 

 

 

49,271

 

 

 

41,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expense

 

$

11,498

 

 

$

10,481

 

 

$

35,760

 

 

$

31,956

 

Adjustment for merger expenses

 

 

-

 

 

 

-

 

 

 

(726

)

 

 

-

 

 

 

 

 

 

 

 

 

 

Adjusted Total Operating Expense

 

 

11,498

 

 

 

10,481

 

 

 

35,034

 

 

 

31,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before Income Taxes

 

 

4,956

 

 

 

3,106

 

 

 

12,272

 

 

 

9,329

 

Adjustment for OMSR*/Merger Expenses

 

 

301

 

 

 

465

 

 

 

857

 

 

 

246

 

 

 

 

 

 

 

 

 

 

Adjusted Income before Income Taxes

 

 

5,257

 

 

 

3,571

 

 

 

13,129

 

 

 

9,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

910

 

 

 

752

 

 

 

2,216

 

 

 

1,494

 

Adjustment for OMSR/Merger Expenses **

 

 

63

 

 

 

98

 

 

 

180

 

 

 

52

 

 

 

 

 

 

 

 

 

 

Adjusted Provision for Income Taxes

 

 

973

 

 

 

850

 

 

 

2,396

 

 

 

1,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

4,046

 

 

 

2,354

 

 

 

10,056

 

 

 

7,835

 

Adjustment for OMSR*/Merger Expenses

 

 

238

 

 

 

367

 

 

 

677

 

 

 

194

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income

 

 

4,284

 

 

 

2,721

 

 

 

10,733

 

 

 

8,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

 

0.64

 

 

 

0.35

 

 

 

1.56

 

 

 

1.17

 

Adjustment for OMSR*/Merger Expenses

 

 

0.04

 

 

 

0.06

 

 

 

0.11

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

Adjusted Diluted Earnings per Share

 

$

0.68

 

 

$

0.41

 

 

$

1.67

 

 

$

1.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

1.07

%

 

 

0.68

%

 

 

0.90

%

 

 

0.77

%

Adjustment for OMSR*/Merger Expenses

 

 

0.06

%

 

 

0.11

%

 

 

0.06

%

 

 

0.01

%

 

 

 

 

 

 

 

 

 

Adjusted Return on Average Assets

 

 

1.13

%

 

 

0.79

%

 

 

0.96

%

 

 

0.79

%

 

 

 

 

 

 

 

 

 

*valuation adjustment to the Company's mortgage servicing rights

 

 

 

 

 

 

 

 

 

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