Business
SB Financial Group Announces Third Quarter 2021 Results
DEFIANCE, Ohio, Oct. 28, 2021 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial" or the "Company"), a diversified financial services
About this update from Sb Financial Group, Inc.
[{"type":"text","content":"DEFIANCE, Ohio, Oct. 28, 2021 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) (\"SB Financial\" or the \"Company\"), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the third quarter and nine months ended September 30, 2021. \nThird quarter 2021 highlights over prior-year third quarter include:\nNet income of $4.1 million; diluted earnings per share (\"EPS\") of $0.58 or a 15.9 percent decrease Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights (\"OMSR\") impairment of $250,000 was $3.9 million, with EPS of $0.56 Mortgage origination volume of $152.6 million, reflects a decrease of $47.5 million, or 23.8 percentThird quarter 2021 highlights over the linked quarter include:\nNet income up $342,000 with EPS increasing $0.06 or 11.5 percent Loan growth excluding the impact of Paycheck Protection Program (\"PPP\") was up $20.6 million or 10 percent annualizedNine months ended September 30, 2021, highlights over prior-year nine months include:\nNet income of $14.9 million and diluted EPS of $2.08, compared to $9.6 million, or $1.25 per share or a 66.4 percent increase Adjusted net income, excluding the impact of OMSR activity and merger costs, was $12.7 million, down $227,000 or 1.8 percent with EPS of $1.76, up $0.09 or 5.4 percentThird quarter 2021 trailing twelve-month highlights include:\nLoans, excluding the impact of PPP loan balances from both years of $10.2 and $82.1 million, respectively, increased $32.6 million, or 4.1 percent from the prior year Deposits grew by $97.7 million, or 9.6 percent to $1.11 billion at quarter end Mortgage origination volume of $642.3 million; servicing portfolio of $1.34 billion, which is up $48.4 million, or 3.7 percentHighlights\nThree Months Ended\nNine Months Ended\n($ in thousands, except per share & ratios)\nSep. 2021\nSep. 2020\n% Change\nSep. 2021\nSep. 2020\n% Change\nOperating revenue \n$ 16,673\n$ 19,677\n-15.3%\n$ 52,914\n$ 47,873\n10.5%\nInterest income \n11,033\n10,807\n2.1%\n31,901\n32,046\n-0.5%\nInterest expense\n1,009\n1,548\n-34.8%\n3,095\n5,367\n-42.3%\nNet interest income \n10,024\n9,259\n8.3%\n28,806\n26,679\n8.0%\nProvision for loan losses\n300\n1,800\n-83.3%\n1,050\n3,700\n-71.6%\nNoninter...