Business
SB Financial Group, Inc. Announces First Quarter 2019 Results
DEFIANCE, Ohio, April 18, 2019 /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":"\n \n \n DEFIANCE, Ohio, April 18, 2019 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) (\"SB Financial\" or the \"Company\"), a diversified financial services company providing full-service community banking, mortgage banking and wealth management, today reported earnings for the first quarter ended March 31, 2019. \nFirst quarter 2019 highlights over prior year first quarter include:\nNet income of $2.2 million; adjusted net income of $2.8 million, up $0.3 million or 13.6 percent Diluted EPS of $0.28; adjusted diluted EPS of $0.35, flat to the prior year Mortgage origination volume of $51.4 million, a decrease of $7.1 million, or 12.1 percentFirst quarter 2019 trailing twelve-month highlights include:\nLoan growth of $75.3 million, or 10.6 percent Deposit growth of $78.9 million, or 10.5 percent Mortgage origination volume of $335.0 million, an increase of $17.4 million, or 5.5 percent; servicing portfolio of $1.09 billion, up $89.3 million, or 8.9 percent \n\n \n\"SB Financial's first quarter GAAP results were impacted by the inversion of the rate curve, resulting in an impairment to our mortgage servicing rights. Adjusting for that temporary event, net income was up over 13 percent,\" said Mark A. Klein, Chairman, President, and CEO of SB Financial. \"Organic balance sheet loan and deposit growth of $11 and $25 million, respectively, offset a softer mortgage origination quarter.\" \nRESULTS OF OPERATIONS\nConsolidated Revenue\nTotal operating revenue, consisting of net interest income and noninterest income, was down 5.0 percent from the first quarter of 2018, and down 9.6 percent to the linked quarter. However, when adjusting for the Originated Mortgage Servicing Rights (OMSR) temporary impairment, total revenue was up 0.9 percent from the prior year.\nNet interest income was up 8.3 percent from the year-ago quarter, but down 3.1 percent from the linked quarter. Net interest margin (FTE) was down 5 basis point from the year-ago quarter and down 15 basis points from the linked quarter. Noninterest income for the quarter was down from both year ago and linked quarter by 29 and 24 percent, respectively. Adjusting for the temporary OMSR impairment, noninterest income would be down 13 and 6 percent, respectively. Mortgage Loan Business\nMortgage loan originations for the first quarter of 2019 were $51.4 million, down $7....