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SB Financial Group, Inc. Announces Fourth-Quarter and Twelve-Month 2019 Earnings
DEFIANCE, Ohio, Jan. 23, 2020 /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, Jan. 23, 2020 /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 fourth-quarter and twelve months ended December 31, 2019. \nFourth-quarter, 2019 highlights over prior-year fourth quarter, include:\nTotal assets increased to $1.04 billion, up $51.7 million, or 5.2 percent GAAP Net income of $3.4 million, up $0.4 million, or 13.4 percent, and diluted earnings per share (EPS) of $0.42 Net income of $3.1 million, adjusted for the mortgage servicing rights recapture, which is up $0.1 million, or 3.5 percent Adjusted diluted (EPS) of $0.39, up $0.01 per share, or 2.6 percent Fully converted tangible book value (TBV) per common share increased 6.5 percent to $15.23 per share Total market capitalization rose to $152.9 million with the conversion of our preferred shares on 12/26/19Twelve month 2019 highlights over prior-year twelve months include:\nGAAP Net income of $12.0 million up $0.3 million, or 2.9 percent, and diluted EPS of $1.51 Net income of $12.8 million, adjusted for the mortgage servicing rights impairment, which is up $1.2 million, or 9.8 percent Adjusted diluted EPS of $1.62, which is up $0.10 per share, or 6.6 percent \nHighlights\nThree Months Ended\nTwelve Months Ended\n($ in thousands, except per share & ratios)\nDec. 2019\nDec. 2018\n% Change\nDec. 2019\nDec. 2018\n% Change\nOperating revenue \n$ 14,555\n$ 12,544\n16.0%\n$ 52,842\n$ 49,891\n5.9%\nInterest income \n11,205\n10,638\n5.3%\n44,400\n39,479\n12.5%\nInterest expense\n2,609\n2,024\n28.9%\n9,574\n6,212\n54.1%\nNet interest income \n8,596\n8,614\n-0.2%\n34,826\n33,267\n4.7%\nProvision for loan losses\n300\n-\nN/A\n800\n600\n33.3%\nNoninterest income\n5,959\n3,930\n51.6%\n18,016\n16,624\n8.4%\nNoninterest expense\n10,176\n8,852\n15.0%\n37,410\n34,847\n7.4%\nNet income \n3,358\n2,960\n13.4%\n11,973\n11,638\n2.9%\nEarnings per diluted share\n0.42\n0.37\n13.5%\n1.51\n1.51\n0.0%\nReturn on average assets\n1.28%\n1.19%\n7.6%\n1.16%\n1.23%\n-5.7%\nReturn on average equity\n9.93%\n9.21%\n7.8%\n8.99%\n9.61%\n-6.5%\nNon-GAAP Measures\nAdjusted net income\n$ 3,119\n$ 3,014\n3.5%\n$ 12,837\n$ 11,686\n9.8%\nAdjusted dilut...