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 and six months ended
June 30, 2022.
Second quarter 2022 highlights over prior-year
second quarter include:
- Net income of $2.8 million; diluted
earnings per share (“EPS”) of $0.40 or a 23.1 percent decrease
- Adjusted net income, excluding the
impact of the Originated Mortgage Servicing Rights (“OMSR”)
recapture of $0.2 million was $2.6 million, with EPS of $0.37
- Mortgage origination volume of
$95.5 million, reflects a decrease of $69.4 million, or 42.1
percent
Six months ended June 30, 2022, highlights over
prior-year six months include:
- Net income of $5.6 million and diluted EPS of $0.79, compared
to $10.8 million, or $1.49 per share or a 47.0 percent
decrease
- Adjusted net income, excluding the impact of OMSR activity of
$4.8 million, down $4.0 million or 45.9 percent
Second quarter 2022 trailing twelve-month
highlights include:
- Loans excluding Paycheck Protection
Program (“PPP”) loans, increased $79.3 million, or 9.7 percent from
the prior year
- Deposits decreased by $19.3
million, or 1.8 percent to $1.07 billion at quarter end
- Mortgage origination volume of $472.1 million; servicing
portfolio of $1.37 billion, which is up $0.05 billion, or 3.5
percent
Highlights |
Three Months Ended |
|
|
Six Months Ended |
($ in thousands, except per share &
ratios) |
Jun. 2022 |
Jun. 2021 |
% Change |
|
|
Jun. 2022 |
Jun. 2021 |
% Change |
Operating revenue |
$ |
14,266 |
|
$ |
15,694 |
|
-9.1 |
% |
|
|
$ |
28,545 |
|
$ |
36,241 |
|
-21.2 |
% |
Interest income |
|
10,474 |
|
|
10,163 |
|
3.1 |
% |
|
|
|
19,869 |
|
|
20,868 |
|
-4.8 |
% |
Interest expense |
|
881 |
|
|
1,006 |
|
-12.4 |
% |
|
|
|
1,799 |
|
|
2,086 |
|
-13.8 |
% |
Net interest income |
|
9,593 |
|
|
9,157 |
|
4.8 |
% |
|
|
|
18,070 |
|
|
18,782 |
|
-3.8 |
% |
Provision for loan losses |
|
- |
|
|
- |
|
0.0 |
% |
|
|
|
- |
|
|
750 |
|
-100.0 |
% |
Noninterest income |
|
4,673 |
|
|
6,537 |
|
-28.5 |
% |
|
|
|
10,475 |
|
|
17,459 |
|
-40.0 |
% |
Noninterest expense |
|
10,802 |
|
|
11,076 |
|
-2.5 |
% |
|
|
|
21,661 |
|
|
21,985 |
|
-1.5 |
% |
Net income |
|
2,834 |
|
|
3,761 |
|
-24.6 |
% |
|
|
|
5,647 |
|
|
10,842 |
|
-47.9 |
% |
Earnings per diluted share |
|
0.40 |
|
|
0.52 |
|
-23.1 |
% |
|
|
|
0.79 |
|
|
1.49 |
|
-47.0 |
% |
Return on average assets |
|
0.87 |
% |
|
1.13 |
% |
-23.0 |
% |
|
|
|
0.85 |
% |
|
1.66 |
% |
-48.8 |
% |
Return on average equity |
|
8.88 |
% |
|
10.42 |
% |
-14.8 |
% |
|
|
|
8.46 |
% |
|
15.09 |
% |
-43.9 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP Measures |
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
2,643 |
|
$ |
3,840 |
|
-31.2 |
% |
|
|
$ |
4,754 |
|
$ |
8,783 |
|
-45.9 |
% |
Adjusted diluted EPS |
|
0.37 |
|
|
0.53 |
|
-30.2 |
% |
|
|
|
0.67 |
|
|
1.21 |
|
-44.6 |
% |
Adjusted return on average assets |
|
0.81 |
% |
|
1.16 |
% |
-30.2 |
% |
|
|
|
0.78 |
% |
|
1.50 |
% |
-48.0 |
% |
Adjusted pre-tax, pre-provision income |
|
3,223 |
|
|
4,717 |
|
-31.7 |
% |
|
|
|
5,754 |
|
|
10,900 |
|
-47.2 |
% |
|
|
|
|
|
|
|
|
|
“We had very strong loan growth this quarter of
$45 million, which is in addition to the $28 million in growth we
achieved in Q1,” said Mark A. Klein, Chairman, President, and CEO
of SB Financial. “For the first half of 2022 we have grown our loan
balances by 8.9 percent over 2021 year end. This growth was across
all categories and we had positive growth from nearly all of our
regions. The prime rate increases coupled with the loan growth
resulted in interest income increasing over 11 percent from the
linked quarter.”
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, consisting of net
interest income and noninterest income, was down 9.1 percent from
the second quarter of 2021, and flat from the linked quarter.
- Net interest
income was up from the year-ago quarter by 4.8 percent, and up 13.2
percent from the linked quarter.
- Net interest
margin on a fully taxable equivalent basis (FTE) was up from both
year-ago and linked quarters by 23 and 49 basis points,
respectively, as loan balances were up $44.9 million from the
linked quarter. Net of PPP, our net interest margin is higher by 34
basis points compared to the prior year.
- Noninterest income
was down 29 and 19 percent from the year ago and linked quarters,
respectively, due to lower mortgage volume and OMSR
recapture.
Mortgage Loan Business
Mortgage loan originations for the second
quarter of 2022 were $95.5 million, down $69.4 million, or 42.1
percent, from the year-ago quarter; likewise, total sales of
originated loans were $49.9 million, down $69.1 million, or 58.1
percent. For the first six months of 2022, SB Financial
had total volume of $192.8 million, of which $141.4 million (73
percent) was new purchase/construction lending, $33.0 million was
external refinance (17 percent), and the remaining $18.4 million
(10 percent) was internal refinance.
Net mortgage banking revenue, consisting of
gains on the sale of mortgage loans and net loan servicing fees,
was $1.8 million for the second quarter of 2022, compared to $4.0
million for the year-ago quarter. The mortgage servicing valuation
adjustment for the second quarter of 2022 was a positive $0.2
million, compared to a negative adjustment of $0.1 million for the
second quarter of 2021. For the first six months of 2022, the
recapture of servicing rights was $1.1 million compared to a
recapture of $2.6 million for the prior year six months. The
aggregate servicing valuation impairment ended the quarter at $0.3
million. The servicing portfolio at June 30, 2022, was
$1.37 billion, up $0.05 billion, or 3.5 percent, from $1.32 billion
at June 30, 2021.
Mr. Klein noted, “With fixed rate saleable
mortgage rates above 5 percent for most of the quarter, we have
continued to be flexible by originating more portfolio product with
a special emphasis on the Private Client segment. We continue to
look for ways to improve our efficiency in the mortgage business
line and are committed to adding additional originators to capture
market share and balance the entire business-line ecosystem.”
Mortgage Banking |
|
|
|
|
|
($ in thousands) |
Jun. 2022 |
Mar. 2022 |
Dec. 2021 |
Sep. 2021 |
Jun. 2021 |
Mortgage originations |
$ |
95,454 |
|
$ |
97,394 |
|
$ |
126,611 |
|
$ |
152,623 |
|
$ |
164,883 |
|
Mortgage sales |
|
49,915 |
|
|
72,154 |
|
|
110,543 |
|
|
123,083 |
|
|
119,064 |
|
Mortgage servicing portfolio |
|
1,369,732 |
|
|
1,375,554 |
|
|
1,362,962 |
|
|
1,341,439 |
|
|
1,323,804 |
|
Mortgage servicing rights |
|
13,408 |
|
|
13,135 |
|
|
12,034 |
|
|
11,194 |
|
|
10,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing revenue |
|
|
|
|
|
Loan servicing fees |
|
863 |
|
|
861 |
|
|
850 |
|
|
850 |
|
|
830 |
|
OMSR amortization |
|
(496 |
) |
|
(547 |
) |
|
(807 |
) |
|
(943 |
) |
|
(948 |
) |
Net administrative fees |
|
367 |
|
|
314 |
|
|
43 |
|
|
(93 |
) |
|
(118 |
) |
OMSR valuation adjustment |
|
239 |
|
|
890 |
|
|
581 |
|
|
248 |
|
|
(99 |
) |
Net loan servicing fees |
|
606 |
|
|
1,204 |
|
|
624 |
|
|
155 |
|
|
(217 |
) |
Gain on sale of mortgages |
|
1,196 |
|
|
1,676 |
|
|
3,194 |
|
|
3,947 |
|
|
4,255 |
|
Mortgage banking revenue, net |
$ |
1,802 |
|
$ |
2,880 |
|
$ |
3,818 |
|
$ |
4,102 |
|
$ |
4,038 |
|
|
|
|
|
|
|
Noninterest Income and Noninterest
Expense
SB Financial’s noninterest income for the
quarter was down from the prior year and the linked quarter by 29
and 19 percent, respectively. Gain on sale yields on mortgage loan
sales were down over 100 basis points from the prior year and the
total dollars of sales were down over $69 million. Wealth
management revenue was flat from the prior year as our retention
efforts and new sales offset general market declines. SB
Financial’s title agency, Peak Title, continued to transition to
serving all of the Company’s needs by increasing commercial volume
and with our new market expansions; as a result, revenue was up 31
percent compared to the prior year.
For the second quarter of 2022, noninterest
expense of $10.8 million was down $0.3 million or 2.5 percent
compared to the prior year. Decreased mortgage volume has been the
main driver of lower operating expenses.
Mr. Klein stated, “We are committed to lowering
our operating costs in both the Mortgage and Retail business lines
to reflect not only lower volumes but also the change in consumer
behavior of a more robust adoption of digital banking
solutions.”
Noninterest Income / Noninterest Expense |
|
|
|
|
($ in thousands, except ratios) |
Jun. 2022 |
Mar. 2022 |
Dec. 2021 |
Sep. 2021 |
Jun. 2021 |
Noninterest Income (NII) |
$ |
4,673 |
|
$ |
5,802 |
|
$ |
6,589 |
|
$ |
6,649 |
|
$ |
6,537 |
|
NII / Total Revenue |
|
32.8 |
% |
|
40.6 |
% |
|
42.1 |
% |
|
39.9 |
% |
|
41.7 |
% |
NII / Average Assets |
|
1.4 |
% |
|
1.7 |
% |
|
2.0 |
% |
|
2.0 |
% |
|
2.0 |
% |
Total Revenue Growth |
|
-9.1 |
% |
|
-46.9 |
% |
|
-13.7 |
% |
|
-15.3 |
% |
|
-10.3 |
% |
|
|
|
|
|
|
Noninterest Expense (NIE) |
$ |
10,802 |
|
$ |
10,859 |
|
$ |
11,567 |
|
$ |
11,256 |
|
$ |
11,076 |
|
Efficiency Ratio |
|
75.6 |
% |
|
75.9 |
% |
|
73.7 |
% |
|
67.4 |
% |
|
70.5 |
% |
NIE / Average Assets |
|
3.3 |
% |
|
3.2 |
% |
|
3.5 |
% |
|
3.4 |
% |
|
3.3 |
% |
Net Noninterest Expense/Avg. Assets |
|
-1.9 |
% |
|
-1.5 |
% |
|
-1.5 |
% |
|
-1.4 |
% |
|
-1.4 |
% |
Total Expense Growth |
|
-2.5 |
% |
|
-0.5 |
% |
|
8.3 |
% |
|
-0.7 |
% |
|
-5.0 |
% |
|
|
|
|
|
|
Balance Sheet
Total assets as of June 30, 2022, were $1.29
billion, down $0.02 billion, or 1.4 percent, from the year ago
quarter due to declining deposit levels as the consumer began to
put their excess liquidity to use in the economy. Total
shareholders’ equity as of June 30, 2022, was $124.6 million, down
13.5 percent from a year ago due to the valuation adjustment on the
Company’s bond portfolio. Absent that negative impact, equity
increased $3.2 million or 2.3 percent. SB Financial bought back
94,211 shares of our stock in the quarter at an average price of
$18.08 or 122 percent of tangible book value.
Total loans held for investment were $895.6
million at June 30, 2022, up $45.1 million, or 5.3 percent, from
June 30, 2021. Excluding PPP activity from both years, loan
balances were up $79.3 million, or 9.7 percent.
The investment portfolio of $271.5 million,
including shares in the Federal Reserve Bank and Federal Home Loan
Bank, represented 21.0 percent of assets at June 30, 2022, and was
up 25.1 percent from the year-ago period. Deposit balances of $1.07
billion at June 30, 2022, decreased by $0.02 billion, or 1.8
percent, since June 30, 2021.
Mr. Klein continued, “Loan growth from the
linked quarter met and exceeded our expectations and we remain very
positive about the loan pipelines in all of our
markets. The consumer and our small business clients
began to utilize their liquidity as we saw deposit and cash levels
decline this quarter.”
Loan Balances |
|
|
|
|
|
|
($ in thousands, except ratios) |
Jun. 2022 |
Mar. 2022 |
Dec. 2021 |
Sep. 2021 |
Jun. 2021 |
AnnualGrowth |
Commercial |
$ |
127,711 |
|
$ |
124,857 |
|
$ |
122,373 |
|
$ |
138,085 |
|
$ |
149,998 |
|
$ |
(22,287 |
) |
% of Total |
|
14.3 |
% |
|
14.7 |
% |
|
14.9 |
% |
|
16.3 |
% |
|
17.6 |
% |
|
-14.9 |
% |
Commercial RE |
|
404,260 |
|
|
400,101 |
|
|
381,387 |
|
|
387,858 |
|
|
389,287 |
|
|
14,973 |
|
% of Total |
|
45.1 |
% |
|
47.0 |
% |
|
46.4 |
% |
|
45.8 |
% |
|
45.8 |
% |
|
3.8 |
% |
Agriculture |
|
60,586 |
|
|
55,741 |
|
|
57,473 |
|
|
57,374 |
|
|
50,895 |
|
|
9,691 |
|
% of Total |
|
6.8 |
% |
|
6.6 |
% |
|
7.0 |
% |
|
6.8 |
% |
|
6.0 |
% |
|
19.0 |
% |
Residential RE |
|
241,614 |
|
|
214,015 |
|
|
206,324 |
|
|
207,571 |
|
|
203,294 |
|
|
38,320 |
|
% of Total |
|
27.0 |
% |
|
25.2 |
% |
|
25.1 |
% |
|
24.5 |
% |
|
23.9 |
% |
|
18.8 |
% |
Consumer & Other |
|
61,440 |
|
|
55,957 |
|
|
55,157 |
|
|
55,660 |
|
|
57,039 |
|
|
4,401 |
|
% of Total |
|
6.9 |
% |
|
6.6 |
% |
|
6.7 |
% |
|
6.6 |
% |
|
6.7 |
% |
|
7.7 |
% |
Total Loans |
$ |
895,611 |
|
$ |
850,671 |
|
$ |
822,714 |
|
$ |
846,548 |
|
$ |
850,513 |
|
$ |
45,098 |
|
Total Growth Percentage |
|
|
|
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Balances |
|
|
|
|
|
|
($ in thousands, except ratios) |
Jun. 2022 |
Mar. 2022 |
Dec. 2021 |
Sep. 2021 |
Jun. 2021 |
AnnualGrowth |
Non-Int DDA |
$ |
239,676 |
|
$ |
252,273 |
|
$ |
247,044 |
|
$ |
258,857 |
|
$ |
240,572 |
|
$ |
(896 |
) |
% of Total |
|
22.4 |
% |
|
22.2 |
% |
|
22.2 |
% |
|
23.3 |
% |
|
22.0 |
% |
|
-0.4 |
% |
Interest DDA |
|
198,286 |
|
|
211,152 |
|
|
195,464 |
|
|
189,130 |
|
|
187,023 |
|
|
11,263 |
|
% of Total |
|
18.5 |
% |
|
18.6 |
% |
|
17.6 |
% |
|
17.0 |
% |
|
17.1 |
% |
|
6.0 |
% |
Savings |
|
215,285 |
|
|
236,394 |
|
|
237,571 |
|
|
246,414 |
|
|
235,231 |
|
|
(19,946 |
) |
% of Total |
|
20.1 |
% |
|
20.8 |
% |
|
21.3 |
% |
|
22.2 |
% |
|
21.6 |
% |
|
-8.5 |
% |
Money Market |
|
276,274 |
|
|
289,699 |
|
|
276,462 |
|
|
258,741 |
|
|
255,512 |
|
|
20,762 |
|
% of Total |
|
25.8 |
% |
|
25.5 |
% |
|
24.8 |
% |
|
23.3 |
% |
|
23.4 |
% |
|
8.1 |
% |
Time Deposits |
|
142,258 |
|
|
148,553 |
|
|
156,504 |
|
|
158,518 |
|
|
172,696 |
|
|
(30,438 |
) |
% of Total |
|
13.3 |
% |
|
13.1 |
% |
|
14.1 |
% |
|
14.3 |
% |
|
15.8 |
% |
|
-17.6 |
% |
Total Deposits |
$ |
1,071,779 |
|
$ |
1,138,071 |
|
$ |
1,113,045 |
|
$ |
1,111,660 |
|
$ |
1,091,034 |
|
$ |
(19,255 |
) |
Total Growth Percentage |
|
|
|
|
|
-1.8 |
% |
|
|
|
|
|
|
|
Asset Quality
SB Financial reported nonperforming assets of
$5.4 million as of June 30, 2022, down $0.6 million or 9.5 percent
from the year-ago quarter. The Company took minimal charge-offs in
the quarter, and for the year, had just $4,000 in net charge-offs.
The coverage of problem loans by the loan loss allowance was at 290
percent at June 30, 2022.
Nonperforming Assets($ in thousands, except
ratios) |
Jun. 2022 |
Mar. 2022 |
Dec. 2021 |
Sep. 2021 |
Jun. 2021 |
AnnualChange |
Commercial & Agriculture |
$ |
140 |
|
$ |
142 |
|
$ |
143 |
|
$ |
144 |
|
$ |
375 |
|
$ |
(235 |
) |
% of Total Com./Ag. loans |
|
0.07 |
% |
|
0.08 |
% |
|
0.08 |
% |
|
0.07 |
% |
|
0.19 |
% |
|
-62.7 |
% |
Commercial RE |
|
359 |
|
|
544 |
|
|
554 |
|
|
566 |
|
|
1,026 |
|
|
(667 |
) |
% of Total CRE loans |
|
0.09 |
% |
|
0.14 |
% |
|
0.15 |
% |
|
0.15 |
% |
|
0.26 |
% |
|
-65.0 |
% |
Residential RE |
|
3,176 |
|
|
3,198 |
|
|
2,484 |
|
|
2,056 |
|
|
1,751 |
|
|
1,425 |
|
% of Total Res. RE loans |
|
1.31 |
% |
|
1.49 |
% |
|
1.20 |
% |
|
0.99 |
% |
|
0.86 |
% |
|
81.4 |
% |
Consumer & Other |
|
323 |
|
|
409 |
|
|
471 |
|
|
422 |
|
|
463 |
|
|
(140 |
) |
% of Total Con./Oth. loans |
|
0.53 |
% |
|
0.73 |
% |
|
0.85 |
% |
|
0.76 |
% |
|
0.81 |
% |
|
-30.2 |
% |
Total Nonaccruing Loans |
|
3,998 |
|
|
4,293 |
|
|
3,652 |
|
|
3,188 |
|
|
3,615 |
|
|
383 |
|
% of Total loans |
|
0.45 |
% |
|
0.50 |
% |
|
0.44 |
% |
|
0.38 |
% |
|
0.43 |
% |
|
10.6 |
% |
Accruing Restructured Loans |
|
683 |
|
|
762 |
|
|
725 |
|
|
805 |
|
|
758 |
|
|
(75 |
) |
Total Change (%) |
|
|
|
|
|
|
-9.9 |
% |
Total Nonaccruing & Restructured Loans |
|
4,681 |
|
|
5,055 |
|
|
4,377 |
|
|
3,993 |
|
|
4,373 |
|
|
308 |
|
% of Total loans |
|
0.52 |
% |
|
0.59 |
% |
|
0.53 |
% |
|
0.47 |
% |
|
0.51 |
% |
|
7.0 |
% |
Foreclosed Assets and Other Assets |
|
730 |
|
|
527 |
|
|
2,104 |
|
|
1,601 |
|
|
1,603 |
|
|
(873 |
) |
Total Change (%) |
|
|
|
|
|
|
-54.5 |
% |
Total Nonperforming Assets |
$ |
5,411 |
|
$ |
5,582 |
|
$ |
6,481 |
|
$ |
5,594 |
|
$ |
5,976 |
|
$ |
(565 |
) |
% of Total assets |
|
0.42 |
% |
|
0.42 |
% |
|
0.49 |
% |
|
0.42 |
% |
|
0.46 |
% |
|
-9.5 |
% |
|
|
|
|
|
|
|
Webcast and Conference Call
The Company will hold a related conference call
and webcast on July 26, 2022, 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
23 offices; 22 in nine Ohio counties and one in Fort Wayne,
Indiana, and 24 full-service ATMs. State Bank has five loan
production offices located throughout the Tri-State region of Ohio,
Indiana and Michigan. Peak Title provides title insurance and title
opinions throughout the Tri-State region. SB Financial’s common
stock is listed on the NASDAQ Capital Market under the symbol
“SBFG”.
In April 2022, SB Financial was named to the
Keefe, Bruyette & Woods, Inc. “Bank Honor Roll” of superior
performers that consistently reported increases in earnings per
share over the last decade. The honor roll review determined that
just 17 banks in the U.S., including SB Financial, or five percent
of all banks screened, qualified for inclusion.
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, the duration and
scope of the COVID-19 outbreak in the United States and the market
areas in which SB Financial and its subsidiaries operate, including
the impact to the state and local economies of prolonged shelter in
place orders and the pandemic generally, 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 non-GAAP items of OMSR impairment and merger
related costs from net income to report an 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
|
|
($ in thousands) |
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
29,567 |
|
|
$ |
130,003 |
|
|
$ |
149,511 |
|
|
$ |
138,015 |
|
|
$ |
154,993 |
|
|
Interest bearing time deposits |
|
|
1,691 |
|
|
|
1,894 |
|
|
|
2,643 |
|
|
|
2,651 |
|
|
|
2,906 |
|
|
Available-for-sale securities |
|
|
266,162 |
|
|
|
265,311 |
|
|
|
263,259 |
|
|
|
248,815 |
|
|
|
211,756 |
|
|
Loans held for sale |
|
|
4,242 |
|
|
|
4,737 |
|
|
|
7,472 |
|
|
|
10,335 |
|
|
|
8,731 |
|
|
Loans, net of unearned income |
|
|
895,611 |
|
|
|
850,671 |
|
|
|
822,714 |
|
|
|
846,548 |
|
|
|
850,513 |
|
|
Allowance for loan losses |
|
|
(13,801 |
) |
|
|
(13,804 |
) |
|
|
(13,805 |
) |
|
|
(13,812 |
) |
|
|
(13,306 |
) |
|
Premises and equipment, net |
|
|
23,122 |
|
|
|
23,039 |
|
|
|
23,212 |
|
|
|
23,874 |
|
|
|
24,343 |
|
|
Federal Reserve and FHLB Stock, at cost |
|
|
5,303 |
|
|
|
5,303 |
|
|
|
5,303 |
|
|
|
5,303 |
|
|
|
5,303 |
|
|
Foreclosed assets and other assets |
|
|
730 |
|
|
|
527 |
|
|
|
2,104 |
|
|
|
1,601 |
|
|
|
1,603 |
|
|
Interest receivable |
|
|
3,256 |
|
|
|
2,815 |
|
|
|
2,920 |
|
|
|
2,954 |
|
|
|
3,000 |
|
|
Goodwill |
|
|
23,239 |
|
|
|
23,239 |
|
|
|
23,191 |
|
|
|
22,091 |
|
|
|
22,091 |
|
|
Cash value of life insurance |
|
|
28,556 |
|
|
|
17,932 |
|
|
|
17,867 |
|
|
|
17,795 |
|
|
|
17,721 |
|
|
Mortgage servicing rights |
|
|
13,408 |
|
|
|
13,135 |
|
|
|
12,034 |
|
|
|
11,194 |
|
|
|
10,678 |
|
|
Other assets |
|
|
12,886 |
|
|
|
10,328 |
|
|
|
12,430 |
|
|
|
12,361 |
|
|
|
12,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,293,972 |
|
|
$ |
1,335,130 |
|
|
$ |
1,330,855 |
|
|
$ |
1,329,725 |
|
|
$ |
1,312,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Non interest bearing demand |
|
$ |
239,676 |
|
|
$ |
252,273 |
|
|
$ |
247,044 |
|
|
$ |
258,857 |
|
|
$ |
240,572 |
|
|
|
Interest bearing demand |
|
|
198,286 |
|
|
|
211,152 |
|
|
|
195,464 |
|
|
|
189,130 |
|
|
|
187,023 |
|
|
|
Savings |
|
|
215,285 |
|
|
|
236,394 |
|
|
|
237,571 |
|
|
|
246,414 |
|
|
|
235,231 |
|
|
|
Money market |
|
|
276,274 |
|
|
|
289,699 |
|
|
|
276,462 |
|
|
|
258,741 |
|
|
|
255,512 |
|
|
|
Time deposits |
|
|
142,258 |
|
|
|
148,553 |
|
|
|
156,504 |
|
|
|
158,518 |
|
|
|
172,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
1,071,779 |
|
|
|
1,138,071 |
|
|
|
1,113,045 |
|
|
|
1,111,660 |
|
|
|
1,091,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
30,772 |
|
|
|
19,035 |
|
|
|
15,320 |
|
|
|
20,771 |
|
|
|
25,096 |
|
|
Federal Home Loan Bank advances |
|
|
25,000 |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
Trust preferred securities |
|
|
10,310 |
|
|
|
10,310 |
|
|
|
10,310 |
|
|
|
10,310 |
|
|
|
10,310 |
|
|
Subordinated debt net of issuance costs |
|
|
19,570 |
|
|
|
19,558 |
|
|
|
19,546 |
|
|
|
19,534 |
|
|
|
19,522 |
|
|
Interest payable |
|
|
307 |
|
|
|
536 |
|
|
|
299 |
|
|
|
576 |
|
|
|
417 |
|
|
Other liabilities |
|
|
11,678 |
|
|
|
9,483 |
|
|
|
21,906 |
|
|
|
17,082 |
|
|
|
16,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,169,416 |
|
|
|
1,202,493 |
|
|
|
1,185,926 |
|
|
|
1,185,433 |
|
|
|
1,168,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
61,319 |
|
|
|
61,319 |
|
|
|
54,463 |
|
|
|
54,463 |
|
|
|
54,463 |
|
|
|
Additional paid-in capital |
|
|
15,069 |
|
|
|
14,872 |
|
|
|
14,944 |
|
|
|
14,875 |
|
|
|
14,906 |
|
|
|
Retained earnings |
|
|
96,809 |
|
|
|
94,833 |
|
|
|
99,716 |
|
|
|
97,183 |
|
|
|
93,851 |
|
|
|
Accumulated other comprehensive income (loss) |
|
|
(22,210 |
) |
|
|
(13,659 |
) |
|
|
(1,845 |
) |
|
|
(699 |
) |
|
|
499 |
|
|
|
Treasury stock |
|
|
(26,431 |
) |
|
|
(24,728 |
) |
|
|
(22,349 |
) |
|
|
(21,530 |
) |
|
|
(19,702 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
124,556 |
|
|
|
132,637 |
|
|
|
144,929 |
|
|
|
144,292 |
|
|
|
144,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,293,972 |
|
|
$ |
1,335,130 |
|
|
$ |
1,330,855 |
|
|
$ |
1,329,725 |
|
|
$ |
1,312,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB FINANCIAL GROUP, INC. |
CONSOLIDATED STATEMENTS OF INCOME -
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except per share &
ratios) |
|
At and for the Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
June |
|
June |
Interest income |
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
8,880 |
|
|
$ |
8,052 |
|
|
$ |
8,889 |
|
|
$ |
9,948 |
|
|
$ |
9,196 |
|
|
$ |
16,932 |
|
|
$ |
19,122 |
|
|
Tax exempt |
|
|
73 |
|
|
|
61 |
|
|
|
59 |
|
|
|
52 |
|
|
|
47 |
|
|
|
134 |
|
|
|
95 |
|
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,469 |
|
|
|
1,235 |
|
|
|
969 |
|
|
|
939 |
|
|
|
835 |
|
|
|
2,704 |
|
|
|
1,478 |
|
|
Tax exempt |
|
|
52 |
|
|
|
47 |
|
|
|
86 |
|
|
|
94 |
|
|
|
85 |
|
|
|
99 |
|
|
|
173 |
|
|
|
Total interest income |
|
|
10,474 |
|
|
|
9,395 |
|
|
|
10,003 |
|
|
|
11,033 |
|
|
|
10,163 |
|
|
|
19,869 |
|
|
|
20,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
567 |
|
|
|
618 |
|
|
|
640 |
|
|
|
709 |
|
|
|
818 |
|
|
|
1,185 |
|
|
|
1,780 |
|
|
Repurchase agreements & other |
|
|
11 |
|
|
|
13 |
|
|
|
7 |
|
|
|
12 |
|
|
|
12 |
|
|
|
24 |
|
|
|
23 |
|
|
Federal Home Loan Bank advances |
|
38 |
|
|
|
39 |
|
|
|
41 |
|
|
|
40 |
|
|
|
51 |
|
|
|
77 |
|
|
|
107 |
|
|
Trust preferred securities |
|
|
71 |
|
|
|
53 |
|
|
|
49 |
|
|
|
49 |
|
|
|
50 |
|
|
|
124 |
|
|
|
101 |
|
|
Subordinated debt |
|
|
194 |
|
|
|
195 |
|
|
|
188 |
|
|
|
199 |
|
|
|
75 |
|
|
|
389 |
|
|
|
75 |
|
|
|
Total interest expense |
|
|
881 |
|
|
|
918 |
|
|
|
925 |
|
|
|
1,009 |
|
|
|
1,006 |
|
|
|
1,799 |
|
|
|
2,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
9,593 |
|
|
|
8,477 |
|
|
|
9,078 |
|
|
|
10,024 |
|
|
|
9,157 |
|
|
|
18,070 |
|
|
|
18,782 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
|
|
- |
|
|
|
750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
|
9,593 |
|
|
|
8,477 |
|
|
|
9,078 |
|
|
|
9,724 |
|
|
|
9,157 |
|
|
|
18,070 |
|
|
|
18,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management fees |
|
|
936 |
|
|
|
955 |
|
|
|
988 |
|
|
|
959 |
|
|
|
955 |
|
|
|
1,891 |
|
|
|
1,867 |
|
|
Customer service fees |
|
|
860 |
|
|
|
794 |
|
|
|
827 |
|
|
|
812 |
|
|
|
820 |
|
|
|
1,654 |
|
|
|
1,578 |
|
|
Gain on sale of mtg. loans & OMSR |
|
1,196 |
|
|
|
1,676 |
|
|
|
3,194 |
|
|
|
3,947 |
|
|
|
4,255 |
|
|
|
2,872 |
|
|
|
10,114 |
|
|
Mortgage loan servicing fees, net |
|
|
606 |
|
|
|
1,204 |
|
|
|
624 |
|
|
|
155 |
|
|
|
(217 |
) |
|
|
1,810 |
|
|
|
2,161 |
|
|
Gain on sale of non-mortgage loans |
|
167 |
|
|
|
169 |
|
|
|
44 |
|
|
|
52 |
|
|
|
45 |
|
|
|
336 |
|
|
|
62 |
|
|
Title insurance revenue |
|
|
697 |
|
|
|
602 |
|
|
|
528 |
|
|
|
508 |
|
|
|
532 |
|
|
|
1,299 |
|
|
|
1,053 |
|
|
Gain (loss) on sale of assets |
|
|
- |
|
|
|
55 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
55 |
|
|
|
- |
|
|
Other |
|
|
211 |
|
|
|
347 |
|
|
|
383 |
|
|
|
215 |
|
|
|
145 |
|
|
|
558 |
|
|
|
624 |
|
|
|
Total noninterest income |
|
|
4,673 |
|
|
|
5,802 |
|
|
|
6,589 |
|
|
|
6,649 |
|
|
|
6,537 |
|
|
|
10,475 |
|
|
|
17,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,418 |
|
|
|
6,189 |
|
|
|
6,648 |
|
|
|
6,689 |
|
|
|
6,881 |
|
|
|
12,607 |
|
|
|
13,501 |
|
|
Net occupancy expense |
|
|
719 |
|
|
|
742 |
|
|
|
846 |
|
|
|
714 |
|
|
|
748 |
|
|
|
1,461 |
|
|
|
1,488 |
|
|
Equipment expense |
|
|
827 |
|
|
|
854 |
|
|
|
899 |
|
|
|
872 |
|
|
|
778 |
|
|
|
1,681 |
|
|
|
1,510 |
|
|
Data processing fees |
|
|
643 |
|
|
|
576 |
|
|
|
721 |
|
|
|
671 |
|
|
|
653 |
|
|
|
1,219 |
|
|
|
1,187 |
|
|
Professional fees |
|
|
760 |
|
|
|
950 |
|
|
|
872 |
|
|
|
817 |
|
|
|
574 |
|
|
|
1,710 |
|
|
|
1,338 |
|
|
Marketing expense |
|
|
222 |
|
|
|
231 |
|
|
|
228 |
|
|
|
201 |
|
|
|
220 |
|
|
|
453 |
|
|
|
355 |
|
|
Telephone and communication expense |
|
|
105 |
|
|
|
111 |
|
|
|
148 |
|
|
|
140 |
|
|
|
139 |
|
|
|
216 |
|
|
|
293 |
|
|
Postage and delivery expense |
|
|
110 |
|
|
|
116 |
|
|
|
106 |
|
|
|
100 |
|
|
|
97 |
|
|
|
226 |
|
|
|
208 |
|
|
State, local and other taxes |
|
|
277 |
|
|
|
278 |
|
|
|
288 |
|
|
|
286 |
|
|
|
278 |
|
|
|
555 |
|
|
|
601 |
|
|
Employee expense |
|
|
175 |
|
|
|
136 |
|
|
|
163 |
|
|
|
186 |
|
|
|
161 |
|
|
|
311 |
|
|
|
314 |
|
|
Other expenses |
|
|
546 |
|
|
|
676 |
|
|
|
648 |
|
|
|
580 |
|
|
|
547 |
|
|
|
1,222 |
|
|
|
1,190 |
|
|
|
Total noninterest expense |
|
|
10,802 |
|
|
|
10,859 |
|
|
|
11,567 |
|
|
|
11,256 |
|
|
|
11,076 |
|
|
|
21,661 |
|
|
|
21,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
3,464 |
|
|
|
3,420 |
|
|
|
4,100 |
|
|
|
5,117 |
|
|
|
4,618 |
|
|
|
6,884 |
|
|
|
13,506 |
|
|
Income tax expense |
|
|
630 |
|
|
|
607 |
|
|
|
768 |
|
|
|
1,014 |
|
|
|
857 |
|
|
|
1,237 |
|
|
|
2,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,834 |
|
|
$ |
2,813 |
|
|
$ |
3,332 |
|
|
$ |
4,103 |
|
|
$ |
3,761 |
|
|
$ |
5,647 |
|
|
$ |
10,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.49 |
|
|
$ |
0.59 |
|
|
$ |
0.53 |
|
|
$ |
0.80 |
|
|
$ |
1.50 |
|
|
Diluted earnings per common share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.49 |
|
|
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
0.79 |
|
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
7,075 |
|
|
|
7,035 |
|
|
|
6,906 |
|
|
|
6,966 |
|
|
|
7,148 |
|
|
|
7,055 |
|
|
|
7,232 |
|
|
Diluted: |
|
|
7,149 |
|
|
|
7,100 |
|
|
|
6,970 |
|
|
|
7,017 |
|
|
|
7,200 |
|
|
|
7,116 |
|
|
|
7,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB FINANCIAL GROUP, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS -
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except per share &
ratios) |
At and for the Three Months Ended |
|
Six Months Ended |
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
June |
|
June |
SUMMARY OF OPERATIONS |
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
9,593 |
|
|
$ |
8,477 |
|
|
$ |
9,078 |
|
|
$ |
10,024 |
|
|
$ |
9,157 |
|
|
$ |
18,070 |
|
|
$ |
18,782 |
|
Tax-equivalent adjustment |
|
|
33 |
|
|
|
29 |
|
|
|
39 |
|
|
|
39 |
|
|
|
35 |
|
|
|
62 |
|
|
|
71 |
|
Tax-equivalent net interest income |
|
|
9,626 |
|
|
|
8,506 |
|
|
|
9,117 |
|
|
|
10,063 |
|
|
|
9,192 |
|
|
|
18,132 |
|
|
|
18,853 |
|
Provision for loan loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
|
|
- |
|
|
|
750 |
|
Noninterest income |
|
|
4,673 |
|
|
|
5,802 |
|
|
|
6,589 |
|
|
|
6,649 |
|
|
|
6,537 |
|
|
|
10,475 |
|
|
|
17,459 |
|
Total operating revenue |
|
|
14,266 |
|
|
|
14,279 |
|
|
|
15,667 |
|
|
|
16,673 |
|
|
|
15,694 |
|
|
|
28,545 |
|
|
|
36,241 |
|
Noninterest expense |
|
|
10,802 |
|
|
|
10,859 |
|
|
|
11,567 |
|
|
|
11,256 |
|
|
|
11,076 |
|
|
|
21,661 |
|
|
|
21,985 |
|
Pre-tax pre-provision income |
|
|
3,464 |
|
|
|
3,420 |
|
|
|
4,100 |
|
|
|
5,417 |
|
|
|
4,618 |
|
|
|
6,884 |
|
|
|
14,256 |
|
Pretax income |
|
|
3,464 |
|
|
|
3,420 |
|
|
|
4,100 |
|
|
|
5,117 |
|
|
|
4,618 |
|
|
|
6,884 |
|
|
|
13,506 |
|
Net income |
|
|
2,834 |
|
|
|
2,813 |
|
|
|
3,332 |
|
|
|
4,103 |
|
|
|
3,761 |
|
|
|
5,647 |
|
|
|
10,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (EPS) |
|
|
0.40 |
|
|
|
0.40 |
|
|
|
0.49 |
|
|
|
0.59 |
|
|
|
0.53 |
|
|
|
0.80 |
|
|
|
1.50 |
|
Diluted earnings per share |
|
|
0.40 |
|
|
|
0.40 |
|
|
|
0.49 |
|
|
|
0.58 |
|
|
|
0.52 |
|
|
|
0.79 |
|
|
|
1.49 |
|
Common dividends |
|
|
0.120 |
|
|
|
0.115 |
|
|
|
0.115 |
|
|
|
0.110 |
|
|
|
0.110 |
|
|
|
0.235 |
|
|
|
0.215 |
|
Book value per common share |
|
|
17.75 |
|
|
|
18.65 |
|
|
|
21.05 |
|
|
|
20.83 |
|
|
|
20.49 |
|
|
|
17.75 |
|
|
|
20.49 |
|
Tangible book value per common share (TBV) |
|
|
14.36 |
|
|
|
15.31 |
|
|
|
17.60 |
|
|
|
17.55 |
|
|
|
17.25 |
|
|
|
14.36 |
|
|
|
17.25 |
|
Market price per common share |
|
|
17.26 |
|
|
|
19.91 |
|
|
|
19.67 |
|
|
|
18.18 |
|
|
|
18.50 |
|
|
|
17.26 |
|
|
|
18.50 |
|
Market price to TBV |
|
|
120.2 |
% |
|
|
130.1 |
% |
|
|
111.8 |
% |
|
|
103.6 |
% |
|
|
107.2 |
% |
|
|
120.2 |
% |
|
|
107.2 |
% |
Market price to trailing 12 month EPS |
|
|
9.3 |
|
|
|
10.0 |
|
|
|
7.7 |
|
|
|
6.7 |
|
|
|
6.5 |
|
|
|
9.3 |
|
|
|
6.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) |
|
|
0.87 |
% |
|
|
0.83 |
% |
|
|
0.99 |
% |
|
|
1.23 |
% |
|
|
1.13 |
% |
|
|
0.85 |
% |
|
|
1.66 |
% |
Pre-tax pre-provision ROAA |
|
|
1.06 |
% |
|
|
1.01 |
% |
|
|
1.22 |
% |
|
|
1.63 |
% |
|
|
1.39 |
% |
|
|
1.11 |
% |
|
|
2.32 |
% |
Return on average equity |
|
|
8.89 |
% |
|
|
8.08 |
% |
|
|
9.21 |
% |
|
|
11.35 |
% |
|
|
10.42 |
% |
|
|
8.46 |
% |
|
|
15.09 |
% |
Return on average tangible equity |
|
|
10.93 |
% |
|
|
9.75 |
% |
|
|
10.92 |
% |
|
|
13.47 |
% |
|
|
12.37 |
% |
|
|
10.30 |
% |
|
|
17.92 |
% |
Efficiency ratio |
|
|
75.60 |
% |
|
|
75.93 |
% |
|
|
73.72 |
% |
|
|
67.40 |
% |
|
|
70.46 |
% |
|
|
75.76 |
% |
|
|
60.56 |
% |
Earning asset yield |
|
|
3.45 |
% |
|
|
2.96 |
% |
|
|
3.17 |
% |
|
|
3.25 |
% |
|
|
3.56 |
% |
|
|
3.20 |
% |
|
|
3.40 |
% |
Cost of interest bearing liabilities |
|
|
0.39 |
% |
|
|
0.39 |
% |
|
|
0.40 |
% |
|
|
0.44 |
% |
|
|
0.44 |
% |
|
|
0.38 |
% |
|
|
0.47 |
% |
Net interest margin |
|
|
3.15 |
% |
|
|
2.67 |
% |
|
|
2.87 |
% |
|
|
3.20 |
% |
|
|
2.93 |
% |
|
|
2.91 |
% |
|
|
3.06 |
% |
Tax equivalent effect |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Net interest margin, tax equivalent |
|
|
3.16 |
% |
|
|
2.68 |
% |
|
|
2.89 |
% |
|
|
3.21 |
% |
|
|
2.94 |
% |
|
|
2.92 |
% |
|
|
3.07 |
% |
Non interest income/Average assets |
|
|
1.43 |
% |
|
|
1.72 |
% |
|
|
1.96 |
% |
|
|
1.99 |
% |
|
|
1.97 |
% |
|
|
1.58 |
% |
|
|
2.67 |
% |
Non interest expense/Average assets |
|
|
3.31 |
% |
|
|
3.22 |
% |
|
|
3.45 |
% |
|
|
3.38 |
% |
|
|
3.33 |
% |
|
|
3.26 |
% |
|
|
3.37 |
% |
Net noninterest expense/Average assets |
|
|
-1.88 |
% |
|
|
-1.50 |
% |
|
|
-1.48 |
% |
|
|
-1.38 |
% |
|
|
-1.37 |
% |
|
|
-1.68 |
% |
|
|
-0.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
|
|
9 |
|
|
|
9 |
|
|
|
34 |
|
|
|
24 |
|
|
|
26 |
|
|
|
18 |
|
|
|
78 |
|
Recoveries |
|
|
6 |
|
|
|
8 |
|
|
|
27 |
|
|
|
230 |
|
|
|
6 |
|
|
|
14 |
|
|
|
60 |
|
Net charge-offs |
|
|
3 |
|
|
|
1 |
|
|
|
7 |
|
|
|
(206 |
) |
|
|
20 |
|
|
|
4 |
|
|
|
18 |
|
Nonaccruing loans/Total loans |
|
|
0.45 |
% |
|
|
0.50 |
% |
|
|
0.44 |
% |
|
|
0.38 |
% |
|
|
0.43 |
% |
|
|
0.45 |
% |
|
|
0.43 |
% |
Nonperforming loans/Total loans |
|
|
0.52 |
% |
|
|
0.59 |
% |
|
|
0.53 |
% |
|
|
0.47 |
% |
|
|
0.51 |
% |
|
|
0.52 |
% |
|
|
0.51 |
% |
Nonperforming assets/Loans & OREO |
|
|
0.60 |
% |
|
|
0.66 |
% |
|
|
0.79 |
% |
|
|
0.66 |
% |
|
|
0.70 |
% |
|
|
0.60 |
% |
|
|
0.70 |
% |
Nonperforming assets/Total assets |
|
|
0.42 |
% |
|
|
0.42 |
% |
|
|
0.49 |
% |
|
|
0.42 |
% |
|
|
0.46 |
% |
|
|
0.42 |
% |
|
|
0.46 |
% |
Allowance for loan loss/Nonperforming loans |
|
294.83 |
% |
|
|
273.08 |
% |
|
|
315.40 |
% |
|
|
345.91 |
% |
|
|
304.28 |
% |
|
|
294.83 |
% |
|
|
304.28 |
% |
Allowance for loan loss/Total loans |
|
|
1.54 |
% |
|
|
1.62 |
% |
|
|
1.68 |
% |
|
|
1.63 |
% |
|
|
1.56 |
% |
|
|
1.54 |
% |
|
|
1.56 |
% |
Net loan charge-offs/Average loans (ann.) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
(0.10 |
%) |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL & LIQUIDITY RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans/ Deposits |
|
|
83.56 |
% |
|
|
74.75 |
% |
|
|
73.92 |
% |
|
|
76.15 |
% |
|
|
77.95 |
% |
|
|
83.56 |
% |
|
|
77.95 |
% |
Equity/ Assets |
|
|
9.63 |
% |
|
|
9.93 |
% |
|
|
10.89 |
% |
|
|
10.85 |
% |
|
|
10.97 |
% |
|
|
9.63 |
% |
|
|
10.97 |
% |
Tangible equity/Tangible assets |
|
|
7.93 |
% |
|
|
8.30 |
% |
|
|
9.27 |
% |
|
|
9.30 |
% |
|
|
9.41 |
% |
|
|
7.93 |
% |
|
|
9.41 |
% |
Common equity tier 1 ratio (Bank) |
|
|
14.08 |
% |
|
|
13.71 |
% |
|
|
13.94 |
% |
|
|
13.23 |
% |
|
|
13.11 |
% |
|
|
14.08 |
% |
|
|
13.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
1,293,972 |
|
|
|
1,335,130 |
|
|
|
1,330,855 |
|
|
|
1,329,725 |
|
|
|
1,312,507 |
|
|
|
1,293,972 |
|
|
|
1,312,507 |
|
Total loans |
|
|
895,611 |
|
|
|
850,671 |
|
|
|
822,714 |
|
|
|
846,548 |
|
|
|
850,513 |
|
|
|
895,611 |
|
|
|
850,513 |
|
Deposits |
|
|
1,071,779 |
|
|
|
1,138,071 |
|
|
|
1,113,045 |
|
|
|
1,111,660 |
|
|
|
1,091,034 |
|
|
|
1,071,779 |
|
|
|
1,091,034 |
|
Stockholders equity |
|
|
124,556 |
|
|
|
132,637 |
|
|
|
144,929 |
|
|
|
144,292 |
|
|
|
144,017 |
|
|
|
124,556 |
|
|
|
144,017 |
|
Goodwill and intangibles |
|
|
23,804 |
|
|
|
23,804 |
|
|
|
23,774 |
|
|
|
22,692 |
|
|
|
22,710 |
|
|
|
23,804 |
|
|
|
22,710 |
|
Tangible equity |
|
|
100,752 |
|
|
|
108,833 |
|
|
|
121,155 |
|
|
|
121,600 |
|
|
|
121,307 |
|
|
|
100,752 |
|
|
|
121,307 |
|
Mortgage servicing portfolio |
|
|
1,369,732 |
|
|
|
1,375,554 |
|
|
|
1,362,962 |
|
|
|
1,341,439 |
|
|
|
1,323,804 |
|
|
|
1,369,732 |
|
|
|
1,323,804 |
|
Wealth/Brokerage assets under care |
|
|
500,487 |
|
|
|
560,698 |
|
|
|
618,279 |
|
|
|
588,319 |
|
|
|
600,904 |
|
|
|
500,487 |
|
|
|
600,904 |
|
Total assets under care |
|
|
3,164,191 |
|
|
|
3,271,382 |
|
|
|
3,312,096 |
|
|
|
3,259,483 |
|
|
|
3,237,215 |
|
|
|
3,164,191 |
|
|
|
3,237,215 |
|
Full-time equivalent employees |
|
|
267 |
|
|
|
256 |
|
|
|
269 |
|
|
|
264 |
|
|
|
256 |
|
|
|
267 |
|
|
|
256 |
|
Period end common shares outstanding |
|
|
7,017 |
|
|
|
7,111 |
|
|
|
6,884 |
|
|
|
6,927 |
|
|
|
7,027 |
|
|
|
7,017 |
|
|
|
7,027 |
|
Market capitalization (all) |
|
|
121,105 |
|
|
|
141,575 |
|
|
|
135,415 |
|
|
|
125,935 |
|
|
|
130,000 |
|
|
|
121,105 |
|
|
|
130,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
1,305,815 |
|
|
|
1,350,982 |
|
|
|
1,342,202 |
|
|
|
1,333,369 |
|
|
|
1,329,348 |
|
|
|
1,328,216 |
|
|
|
1,306,355 |
|
Total earning assets |
|
|
1,216,124 |
|
|
|
1,270,218 |
|
|
|
1,263,431 |
|
|
|
1,253,722 |
|
|
|
1,251,213 |
|
|
|
1,243,017 |
|
|
|
1,227,359 |
|
Total loans |
|
|
870,439 |
|
|
|
832,825 |
|
|
|
845,078 |
|
|
|
856,486 |
|
|
|
853,794 |
|
|
|
851,736 |
|
|
|
858,321 |
|
Deposits |
|
|
1,108,890 |
|
|
|
1,134,234 |
|
|
|
1,123,843 |
|
|
|
1,109,491 |
|
|
|
1,115,186 |
|
|
|
1,121,373 |
|
|
|
1,094,269 |
|
Stockholders equity |
|
|
127,519 |
|
|
|
139,214 |
|
|
|
144,749 |
|
|
|
144,565 |
|
|
|
144,315 |
|
|
|
133,471 |
|
|
|
143,709 |
|
Goodwill and intangibles |
|
|
23,796 |
|
|
|
23,801 |
|
|
|
22,701 |
|
|
|
22,701 |
|
|
|
22,718 |
|
|
|
23,798 |
|
|
|
22,727 |
|
Tangible equity |
|
|
103,723 |
|
|
|
115,413 |
|
|
|
122,048 |
|
|
|
121,864 |
|
|
|
121,597 |
|
|
|
109,673 |
|
|
|
120,982 |
|
Average basic shares outstanding |
|
|
7,075 |
|
|
|
7,035 |
|
|
|
6,906 |
|
|
|
6,966 |
|
|
|
7,148 |
|
|
|
7,055 |
|
|
|
7,232 |
|
Average diluted shares outstanding |
|
|
7,149 |
|
|
|
7,100 |
|
|
|
6,970 |
|
|
|
7,017 |
|
|
|
7,200 |
|
|
|
7,116 |
|
|
|
7,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB FINANCIAL
GROUP, INC. |
|
|
Rate Volume
Analysis - (Unaudited) |
|
|
For the Three and Six Months Ended June 30, 2022 and
2021 |
|
|
|
|
|
|
|
|
|
|
($
in thousands) |
|
Three Months Ended Jun. 30, 2022 |
|
|
Three Months Ended Jun. 30, 2021 |
|
|
|
|
Average |
|
Average |
|
|
Average |
|
Average |
|
Assets |
|
Balance |
Interest |
Rate |
|
|
Balance |
Interest |
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities/cash |
|
$ |
337,226 |
|
$ |
1,469 |
1.74 |
% |
|
|
$ |
390,036 |
|
$ |
835 |
0.86 |
% |
|
|
Nontaxable
securities |
|
|
8,459 |
|
|
52 |
2.46 |
% |
|
|
|
7,383 |
|
|
85 |
4.61 |
% |
|
|
Loans,
net |
|
|
870,439 |
|
|
8,953 |
4.11 |
% |
|
|
|
853,794 |
|
|
9,243 |
4.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earning assets |
|
|
1,216,124 |
|
|
10,474 |
3.45 |
% |
|
|
|
1,251,213 |
|
|
10,163 |
3.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
|
|
7,177 |
|
|
|
|
|
|
6,992 |
|
|
|
|
|
Allowance
for loan losses |
|
|
(13,803 |
) |
|
|
|
|
|
(13,565 |
) |
|
|
|
|
Premises and
equipment |
|
|
23,741 |
|
|
|
|
|
|
23,988 |
|
|
|
|
|
Other
assets |
|
|
72,576 |
|
|
|
|
|
|
60,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,305,815 |
|
|
|
|
|
$ |
1,329,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Savings, MMDA and interest bearing demand |
$ |
713,367 |
|
$ |
353 |
0.20 |
% |
|
|
$ |
672,803 |
|
$ |
464 |
0.28 |
% |
|
|
Time
deposits |
|
|
145,694 |
|
|
214 |
0.59 |
% |
|
|
|
183,138 |
|
|
354 |
0.77 |
% |
|
|
Repurchase
agreements & other |
|
|
18,671 |
|
|
11 |
0.24 |
% |
|
|
|
23,607 |
|
|
12 |
0.20 |
% |
|
|
Advances
from Federal Home Loan Bank |
|
|
3,989 |
|
|
38 |
3.81 |
% |
|
|
|
7,066 |
|
|
51 |
2.89 |
% |
|
|
Trust
preferred securities |
|
|
10,310 |
|
|
71 |
2.75 |
% |
|
|
|
10,310 |
|
|
50 |
1.94 |
% |
|
|
Subordinated
debt |
|
|
19,564 |
|
|
194 |
3.97 |
% |
|
|
|
9,880 |
|
|
75 |
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities |
|
|
911,595 |
|
|
881 |
0.39 |
% |
|
|
|
906,804 |
|
|
1,006 |
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest
bearing demand |
|
|
249,829 |
|
|
- |
|
|
|
|
259,245 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding |
|
|
1,161,424 |
|
|
0.30 |
% |
|
|
|
1,166,049 |
|
|
0.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities |
|
|
16,872 |
|
|
|
|
|
|
18,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,178,296 |
|
|
|
|
|
|
1,185,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
127,519 |
|
|
|
|
|
|
144,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,305,815 |
|
|
|
|
|
$ |
1,329,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
$ |
9,593 |
|
|
|
|
$ |
9,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income as a percent of average interest-earning assets - GAAP
measure |
|
|
|
3.155 |
% |
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income as a percent of average interest-earning assets
- non GAAP |
3.164 |
% |
|
|
|
|
2.94 |
% |
|
|
- Computed on a fully tax equivalent (FTE) basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended Jun. 30, 2022 |
|
|
Six Months Ended Jun. 30, 2021 |
|
|
|
|
Average |
|
Average |
|
|
Average |
|
Average |
|
Assets |
|
Balance |
Interest |
Rate |
|
|
Balance |
Interest |
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities/cash |
|
$ |
383,272 |
|
$ |
2,704 |
1.41 |
% |
|
|
$ |
361,566 |
|
$ |
1,478 |
0.82 |
% |
|
|
Nontaxable
securities |
|
|
8,009 |
|
|
99 |
2.47 |
% |
|
|
|
7,472 |
|
|
173 |
4.63 |
% |
|
|
Loans,
net |
|
|
851,736 |
|
|
17,066 |
4.01 |
% |
|
|
|
858,321 |
|
|
19,217 |
4.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earning assets |
|
|
1,243,017 |
|
|
19,869 |
3.20 |
% |
|
|
|
1,227,359 |
|
|
20,868 |
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
|
|
7,593 |
|
|
|
|
|
|
7,769 |
|
|
|
|
|
Allowance
for loan losses |
|
|
(13,805 |
) |
|
|
|
|
|
(13,206 |
) |
|
|
|
|
Premises and
equipment |
|
|
24,522 |
|
|
|
|
|
|
23,743 |
|
|
|
|
|
Other
assets |
|
|
66,889 |
|
|
|
|
|
|
60,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,328,216 |
|
|
|
|
|
$ |
1,306,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Savings, MMDA and interest bearing demand |
$ |
723,176 |
|
$ |
751 |
0.21 |
% |
|
|
$ |
643,962 |
|
$ |
972 |
0.30 |
% |
|
|
Time
deposits |
|
|
156,268 |
|
|
435 |
0.56 |
% |
|
|
|
194,955 |
|
|
808 |
0.83 |
% |
|
|
Repurchase
agreements & Other |
|
|
21,876 |
|
|
24 |
0.22 |
% |
|
|
|
23,869 |
|
|
23 |
0.19 |
% |
|
|
Advances
from Federal Home Loan Bank |
|
|
4,740 |
|
|
77 |
3.25 |
% |
|
|
|
7,530 |
|
|
107 |
2.84 |
% |
|
|
Trust
preferred securities |
|
|
10,310 |
|
|
124 |
2.41 |
% |
|
|
|
10,310 |
|
|
101 |
1.96 |
% |
|
|
Subordinated
debt |
|
|
19,558 |
|
|
389 |
3.98 |
% |
|
|
|
5,646 |
|
|
75 |
2.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities |
|
|
935,928 |
|
|
1,799 |
0.38 |
% |
|
|
|
886,272 |
|
|
2,086 |
0.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest
bearing demand |
|
|
241,929 |
|
|
0.31 |
% |
|
|
|
255,352 |
|
|
0.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding |
|
|
1,177,857 |
|
|
|
|
|
|
1,141,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities |
|
|
16,888 |
|
|
|
|
|
|
21,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,194,745 |
|
|
|
|
|
|
1,162,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
133,471 |
|
|
|
|
|
|
143,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,328,216 |
|
|
|
|
|
$ |
1,306,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
$ |
18,070 |
|
|
|
|
$ |
18,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income as a percent of average interest-earning assets - GAAP
measure |
|
|
|
2.91 |
% |
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income as a percent of average interest-earning assets
- non GAAP |
2.92 |
% |
|
|
|
|
3.07 |
% |
|
|
- Computed on a fully tax equivalent (FTE) basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP reconciliation |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
($ in thousands, except per share &
ratios) |
|
Jun. 30, 2022 |
|
Jun. 30, 2021 |
|
Jun. 30, 2022 |
|
Jun. 30, 2021 |
|
|
|
|
|
|
|
|
|
Total Operating Revenue |
|
$ |
14,266 |
|
|
$ |
15,694 |
|
|
$ |
28,545 |
|
|
$ |
36,241 |
|
Adjustment to (deduct)/add OMSR recapture/impairment* |
|
(239 |
) |
|
|
99 |
|
|
|
(1,128 |
) |
|
|
(2,606 |
) |
Adjusted Total Operating Revenue |
|
|
14,027 |
|
|
|
15,793 |
|
|
|
27,417 |
|
|
|
33,635 |
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
|
3,464 |
|
|
|
4,618 |
|
|
|
6,884 |
|
|
|
13,506 |
|
Adjustment for OMSR |
|
|
(239 |
) |
|
|
99 |
|
|
|
(1,128 |
) |
|
|
(2,606 |
) |
Adjusted Income before Income Taxes |
|
|
3,225 |
|
|
|
4,717 |
|
|
|
5,756 |
|
|
|
10,900 |
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes |
|
|
630 |
|
|
|
857 |
|
|
|
1,237 |
|
|
|
2,664 |
|
Adjustment for OMSR ** |
|
|
(50 |
) |
|
|
21 |
|
|
|
(237 |
) |
|
|
(547 |
) |
Adjusted Provision for Income Taxes |
|
|
580 |
|
|
|
878 |
|
|
|
1,000 |
|
|
|
2,118 |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
2,834 |
|
|
|
3,761 |
|
|
|
5,647 |
|
|
|
10,842 |
|
Adjustment for OMSR |
|
|
(189 |
) |
|
|
79 |
|
|
|
(891 |
) |
|
|
(2,059 |
) |
Adjusted Net Income |
|
|
2,645 |
|
|
|
3,840 |
|
|
|
4,756 |
|
|
|
8,783 |
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
|
|
0.40 |
|
|
|
0.52 |
|
|
|
0.79 |
|
|
|
1.49 |
|
Adjustment for OMSR |
|
|
(0.03 |
) |
|
|
0.01 |
|
|
|
(0.13 |
) |
|
|
(0.28 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.37 |
|
|
$ |
0.53 |
|
|
$ |
0.67 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
|
0.87 |
% |
|
|
1.13 |
% |
|
|
0.85 |
% |
|
|
1.66 |
% |
Adjustment for OMSR |
|
|
-0.06 |
% |
|
|
0.02 |
% |
|
|
-0.07 |
% |
|
|
-0.16 |
% |
Adjusted Return on Average Assets |
|
|
0.81 |
% |
|
|
1.15 |
% |
|
|
0.78 |
% |
|
|
1.50 |
% |
|
|
|
|
|
|
|
|
|
*valuation adjustment to the Company's mortgage servicing
rights |
|
|
|
|
|
|
|
|
|
**tax effect is calculated using a 21% statutory federal corporate
income tax rate |
SB Finanical (NASDAQ:SBFG)
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SB Finanical (NASDAQ:SBFG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024