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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 26, 2024
(January 25, 2024)
SB FINANCIAL GROUP, INC
(Exact name of registrant as specified in its
charter)
Ohio |
|
0-13507 |
|
34-1395608 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
401 Clinton Street, Defiance, OH |
|
43512 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code (419) 783-8950
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registererd |
Common Shares, No Par Value 6,763,126 Outstanding at January 26, 2024 |
|
SBFG |
|
The NASDAQ Stock Market, LLC
(NASDAQ Capital Market) |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On January 25, 2024, SB Financial Group, Inc. (the
“Company”) issued a news release reporting financial results for the fourth quarter 2023. A copy of the January 25, 2024 news
release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit
99.1 furnished herewith, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall such information
be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the
Exchange Act, except as otherwise stated in such filing.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Not Applicable
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
SB FINANCIAL GROUP, INC. |
|
|
|
Dated: January 26, 2024 |
By: |
/s/ Anthony V. Cosentino |
|
|
Anthony V. Cosentino |
|
|
Chief Financial Officer |
INDEX TO EXHIBITS
Current Report on Form
8-K
Dated January 26, 2024
SB Financial Group,
Inc.
Exhibit 99.1
SB
Financial Group Announces Fourth Quarter and Full Year 2023
Results
DEFIANCE, OH, January 25, 2024 -- 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, 2023.
Fourth Quarter 2023 Highlights Over the Fourth
Quarter Prior Year Include:
| ● | Net
income of $3.9 million increased by 9.9 percent compared to the prior year with diluted Earnings
Per Share (“EPS”) of $0.57 and increased 44.5 percent compared to the linked
quarter. |
| ● | Interest
income of $15.1 million increased by 16.9 percent from the prior year. |
| ● | Loan
growth of $38.1 million, or 4.0 percent from the prior year quarter, marks the eighth consecutive
quarter of expanding loans. |
| ● | Strong
asset quality with nonperforming assets decreasing to 25 basis points of total assets, a
marked improvement from 33 basis points in the same quarter of the previous year. Delinquency
levels for loans 30 days or more past due ended the year at 15 basis points of total loans. |
Twelve Months Ended December 31, 2023 Highlights
Over the Prior Year Include:
| ● | Net
income decreased slightly to $12.1 million, a 3.4 percent drop from the prior year’s $12.5
million, and diluted EPS was $1.75, down 1.13 percent from $1.77. Adjusted EPS were up by
$0.12 per share or 7.4 percent. |
| ● | Deposits
decreased by $16.5 million, or 1.5 percent to $1.07 billion. |
| ● | Mortgage origination volume was $215.5 million
for the trailing twelve months, with a servicing portfolio of $1.37 billion. |
Earnings Highlights | |
Three Months Ended | | |
Twelve Months Ended | |
($ in thousands, except per share & ratios) | |
Dec. 2023 | | |
Dec. 2022 | | |
% Change | | |
Dec. 2023 | | |
Dec. 2022 | | |
% Change | |
Operating revenue | |
$ | 15,115 | | |
$ | 14,613 | | |
| 3.4 | % | |
$ | 56,994 | | |
$ | 57,630 | | |
| -1.1 | % |
Interest income | |
| 15,126 | | |
| 12,937 | | |
| 16.9 | % | |
| 58,152 | | |
| 44,569 | | |
| 30.5 | % |
Interest expense | |
| 5,542 | | |
| 2,037 | | |
| 172.1 | % | |
| 18,879 | | |
| 5,170 | | |
| 265.2 | % |
Net interest income | |
| 9,584 | | |
| 10,900 | | |
| -12.1 | % | |
| 39,273 | | |
| 39,399 | | |
| -0.3 | % |
Provision for credit losses | |
| (74 | ) | |
| - | | |
| 0.0 | % | |
| 315 | | |
| - | | |
| 0.0 | % |
Noninterest income | |
| 5,531 | | |
| 3,713 | | |
| 49.0 | % | |
| 17,721 | | |
| 18,231 | | |
| -2.8 | % |
Noninterest expense | |
| 10,369 | | |
| 10,269 | | |
| 1.0 | % | |
| 41,962 | | |
| 42,314 | | |
| -0.8 | % |
Net income | |
| 3,883 | | |
| 3,533 | | |
| 9.9 | % | |
| 12,095 | | |
| 12,521 | | |
| -3.4 | % |
Earnings per diluted share | |
| 0.57 | | |
| 0.50 | | |
| 14.0 | % | |
| 1.75 | | |
| 1.77 | | |
| -1.1 | % |
Return on average assets | |
| 1.17 | % | |
| 1.08 | % | |
| 8.3 | % | |
| 0.91 | % | |
| 0.95 | % | |
| -4.2 | % |
Return on average equity | |
| 13.23 | % | |
| 12.17 | % | |
| 8.7 | % | |
| 10.22 | % | |
| 9.86 | % | |
| 3.7 | % |
“We demonstrated our resilience and operational
strength throughout the fourth quarter of 2023,” stated Mark A. Klein, Chairman, President, and CEO. “In doing so, we achieved
a 9.9 percent increase in net income over the prior year, underpinned by robust growth in our loan portfolio, which eclipsed the $1 billion
mark for the first time in our history. This marks our eighth successive quarter of loan expansion, underscoring our commitment to disciplined
and consistent growth in our loan portfolio. While we navigate the economic headwinds, these milestones underscore our capability to adapt
and broaden our revenue base. Looking to the future, we remain dedicated to reinforcing our solid financial foundation and delivering
outstanding value to our clients and shareholders.”
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, which includes both net
interest income and noninterest income, showed a notable increase of 10.3 percent compared to the linked quarter and a 3.4 percent increase
over the same quarter last year. Specifically, net interest income rose by 0.5 percent from the linked quarter, although it decreased
by 12.1 percent from the year-ago quarter. The net interest margin saw a slight increase of 2 basis points from the linked quarter but
experienced a decrease of 50 basis points when compared to the prior-year quarter. These changes in net interest income and margin primarily
resulted from higher costs associated with deposits and funding.
In
terms of noninterest income, we observed significant growth, increasing by 32.9 percent from the linked quarter and by 49.0 percent from
the prior year quarter, largely due to our opportunistic decision to sell equity securities,
resulting in a $1.5 million gain. Mortgage servicing revenue and gain on sale from residential loans were stable in the quarter compared
to the prior year with SBA gains of $177 thousand. Conversely, income from wealth management and customer service fees, along with title
insurance revenue, showed a decrease compared to the figures from the previous year’s corresponding quarter.
Mortgage Loan Business
Mortgage loan originations for the fourth quarter
of 2023 stood at $39.6 million, a decrease of $11.7 million, or 22.8 percent, from the year-ago quarter. This decline reflects the cooling
housing market, which aligns with broader economic trends. However, it’s noteworthy that the total sales of originated loans reached $33.4
million, marking an increase of $9.8 million, or 41.4 percent from the prior year quarter. This increase underscores an effective sales
strategy in the purchase market and indicates our commitment to emphasizing our traditional model of generation and sale.
For the full year of 2023, SB Financial reported
mortgage originations totaling $215.5 million. Our originations reflected the changes in the market, with new purchase/construction lending
constituting 92 percent of the business, up from 80 percent for all of 2022.
Net mortgage banking revenue for the quarter was
$1.3 million, reflecting a steady performance with a marginal increase from the $1.2 million reported in the fourth quarter of 2022. Mortgage
servicing operations demonstrated commendable stability, with a valuation adjustment resulting in a positive valuation adjustment of $12
thousand in the fourth quarter of 2023, a significant improvement from the $0.1 million decrease experienced in the same quarter of the
prior year. The year 2023 concluded with a favorable adjustment, recapturing $0.1 million in servicing rights, in stark contrast to the
previous year’s $1.3 million impairment of these rights. The mortgage servicing portfolio experienced growth, closing at $1.37 billion
as of December 31, 2023, an increase of $14.7 million, or 1.1 percent from the prior year.
“In a year marked by fluctuating interest
rates and heightened market sensitivity, our mortgage loan business has showcased remarkable resilience,” said Mr. Klein. “The
increase in total sales of originated loans by over 40 percent compared to the same period last year, when originations faced significant
headwinds, speaks to the agility, expertise and presence of our team. The steady net mortgage banking revenue and the growth of our servicing
portfolio affirm our strategic focus and our dedication to delivering exceptional service and value to our clients.”
Mortgage Banking | |
| | |
| | |
| | |
| | |
| | |
Prior Year | |
($ in thousands) | |
Dec. 2023 | | |
Sep. 2023 | | |
Jun. 2023 | | |
Mar. 2023 | | |
Dec. 2022 | | |
Growth | |
Mortgage originations | |
$ | 39,566 | | |
$ | 61,200 | | |
$ | 65,387 | | |
$ | 49,366 | | |
$ | 51,219 | | |
$ | (11,653 | ) |
Mortgage sales | |
| 33,362 | | |
| 54,085 | | |
| 47,933 | | |
| 25,803 | | |
| 23,590 | | |
| 9,772 | |
Mortgage servicing portfolio | |
| 1,366,667 | | |
| 1,367,209 | | |
| 1,353,904 | | |
| 1,344,158 | | |
| 1,352,016 | | |
| 14,651 | |
Mortgage servicing rights | |
| 13,906 | | |
| 13,893 | | |
| 13,723 | | |
| 13,548 | | |
| 13,503 | | |
| 403 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loan servicing fees | |
| 855 | | |
| 850 | | |
| 844 | | |
| 844 | | |
| 851 | | |
| 4 | |
OMSR amortization | |
| (282 | ) | |
| (334 | ) | |
| (334 | ) | |
| (292 | ) | |
| (310 | ) | |
| 28 | |
Net administrative fees | |
| 573 | | |
| 516 | | |
| 510 | | |
| 552 | | |
| 541 | | |
| 32 | |
OMSR valuation adjustment | |
| (12 | ) | |
| (78 | ) | |
| (16 | ) | |
| 56 | | |
| 86 | | |
| (98 | ) |
Net loan servicing fees | |
| 561 | | |
| 438 | | |
| 494 | | |
| 608 | | |
| 627 | | |
| (66 | ) |
Gain on sale of mortgages | |
| 747 | | |
| 1,207 | | |
| 1,056 | | |
| 599 | | |
| 550 | | |
| 197 | |
Mortgage banking revenue, net | |
$ | 1,308 | | |
$ | 1,645 | | |
$ | 1,550 | | |
$ | 1,207 | | |
$ | 1,177 | | |
$ | 131 | |
Noninterest Income and Noninterest Expense
Noninterest income for the quarter increased from
the prior year quarter by 49.0 percent and increased by 32.9 percent from the linked quarter, reflective of the equity sale discussed
earlier. Gain-on-sale yields on mortgage loans increased $0.2 million, or 35.8 percent from the prior year. Similarly, gain-on-sale yields
of non-mortgage loans also saw a notable increase from both the prior year and the linked quarter, primarily driven by favorable market
conditions and our focused efforts to capitalize on emerging lending opportunities.
For the fourth quarter of 2023, SB Financial reported
a noninterest expense of $10.4 million, reflecting a slight increase from the prior year but a decrease from the linked quarter. The increase
over the prior year was the direct result of a $0.2 million increase in professional fees and an increase of $0.1 million in data processing
fees. These increases were partially offset by a $0.1 million decrease in marketing expenses and a marginal decrease of $25 thousand in
salaries and employee benefits. As a result, total headcount for the Company is down over 6 percent compared to the prior year.
“Our noninterest income, always one of our
strengths, was up over the same period last year and compared to the linked quarter,” Mr. Klein noted. “Significant contributions
came from our gain-on-sale yields, which saw a substantial increase in both mortgage and non-mortgage loans compared to the same quarter
of the previous year. On the expense side, we’ve maintained a disciplined approach, with noninterest expenses witnessing a modest year-over-year
increase due to targeted investments in professional and data processing services. These investments are critical in supporting our growth
and enhancing our operational efficiency. Even with these necessary expenditures, we’ve managed to realize savings in marketing and personnel
costs, underscoring our commitment to control costs and improve our efficiency.”
Noninterest Income/Noninterest Expense | |
| | |
| | |
| | |
| | |
| | |
Prior Year | |
($ in thousands, except ratios) | |
Dec. 2023 | | |
Sep. 2023 | | |
Jun. 2023 | | |
Mar. 2023 | | |
Dec. 2022 | | |
Growth | |
Noninterest Income (NII) | |
$ | 5,531 | | |
$ | 4,163 | | |
$ | 4,361 | | |
$ | 3,666 | | |
$ | 3,713 | | |
$ | 1,818 | |
NII / Total Revenue | |
| 36.6 | % | |
| 30.4 | % | |
| 30.7 | % | |
| 26.2 | % | |
| 25.4 | % | |
| 11.2 | % |
NII / Average Assets | |
| 1.7 | % | |
| 1.2 | % | |
| 1.3 | % | |
| 1.1 | % | |
| 1.1 | % | |
| 0.6 | % |
Total Revenue Growth | |
| 3.4 | % | |
| -5.3 | % | |
| -0.5 | % | |
| -2.0 | % | |
| -6.7 | % | |
| 3.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest Expense (NIE) | |
$ | 10,369 | | |
$ | 10,481 | | |
$ | 10,339 | | |
$ | 10,773 | | |
$ | 10,269 | | |
$ | 100 | |
Efficiency Ratio | |
| 68.4 | % | |
| 76.4 | % | |
| 72.7 | % | |
| 76.9 | % | |
| 70.2 | % | |
| -1.8 | % |
NIE / Average Assets | |
| 3.1 | % | |
| 3.1 | % | |
| 3.1 | % | |
| 3.2 | % | |
| 3.1 | % | |
| 0.0 | % |
Net Noninterest Expense/Avg. Assets | |
| -1.4 | % | |
| -1.9 | % | |
| -1.8 | % | |
| -2.1 | % | |
| -2.0 | % | |
| 0.6 | % |
Total Expense Growth | |
| 1.0 | % | |
| 0.9 | % | |
| -4.3 | % | |
| -0.8 | % | |
| -11.2 | % | |
| 1.0 | % |
Balance Sheet
As of December 31, 2023, SB Financial reported
total assets of $1.34 billion, reflecting a growth of 1.2 percent from the linked quarter and an increase of 0.5 percent from the previous
year. The growth in assets is primarily attributed to the increase in the loan portfolio, which has reached $1 billion, marking a historic
milestone, with a $38.1 million or 4.0 percent increase over the year. The strategic reallocation of liquidity, reflected in a decrease
in cash and investments, has been instrumental in this growth, demonstrating the ability to prudently manage resources to maximize shareholder
returns while maintaining a solid financial position.
Total shareholders’ equity increased to
$124.3 million, up $5.9 million from the prior-year quarter. This increase is a direct reflection of our commitment to enhancing shareholder
value and management’s confidence in the Company’s long-term strategy. The active capital management approach, including the repurchase
of 53,000 shares in the fourth quarter, as part of the ongoing buyback program, reflects SB Financial’s dedication to delivering
returns to its shareholders.
“As we cap off 2023, our commitment to disciplined
growth and robust asset quality has once again proven effective,” said Mr. Klein. “The fourth quarter saw our loan balances
grow by $38.1 million, securing a full year of continuous quarterly loan growth. Our dynamic approach to build strong lending relationships
has borne fruit, despite commercial pipelines feeling the squeeze in a fairly competitive landscape. Our asset quality remains a cornerstone
of our operations, with top decile coverage ratios, reinforcing the bank’s financial health. Over the year, we’ve generated an increase
in our loan portfolio, demonstrating our capacity to drive organic growth amidst fluctuating interest rates and a challenging economic
environment. This growth represents our deepening relationships with our customers and our ability to meet their evolving needs. Looking
forward, we remain committed to leveraging our strong asset base while we maintain our focus on strategic initiatives that enhance shareholder
value and position us for continued success in the coming years.”
Loan Balances | |
| | |
| | |
| | |
| | |
| | |
Annual | |
($ in thousands, except ratios) | |
Dec. 2023 | | |
Sep. 2023 | | |
Jun. 2023 | | |
Mar. 2023 | | |
Dec. 2022 | | |
Growth | |
Commercial | |
$ | 126,718 | | |
$ | 120,325 | | |
$ | 123,226 | | |
$ | 126,066 | | |
$ | 128,393 | | |
$ | (1,675 | ) |
% of Total | |
| 12.7 | % | |
| 12.2 | % | |
| 12.5 | % | |
| 12.9 | % | |
| 13.3 | % | |
| -1.3 | % |
Commercial RE | |
| 424,041 | | |
| 421,736 | | |
| 417,412 | | |
| 419,024 | | |
| 412,809 | | |
| 11,232 | |
% of Total | |
| 42.4 | % | |
| 42.6 | % | |
| 42.4 | % | |
| 42.9 | % | |
| 42.9 | % | |
| 2.7 | % |
Agriculture | |
| 65,657 | | |
| 60,928 | | |
| 58,222 | | |
| 57,761 | | |
| 64,505 | | |
| 1,152 | |
% of Total | |
| 6.6 | % | |
| 6.2 | % | |
| 5.9 | % | |
| 5.9 | % | |
| 6.7 | % | |
| 1.8 | % |
Residential RE | |
| 318,123 | | |
| 320,306 | | |
| 321,365 | | |
| 309,684 | | |
| 291,368 | | |
| 26,755 | |
% of Total | |
| 31.8 | % | |
| 32.4 | % | |
| 32.6 | % | |
| 31.7 | % | |
| 30.3 | % | |
| 9.2 | % |
Consumer & Other | |
| 65,673 | | |
| 65,726 | | |
| 64,599 | | |
| 63,777 | | |
| 65,000 | | |
| 673 | |
% of Total | |
| 6.6 | % | |
| 6.6 | % | |
| 6.6 | % | |
| 6.5 | % | |
| 6.8 | % | |
| 1.0 | % |
Total Loans | |
$ | 1,000,212 | | |
$ | 989,021 | | |
$ | 984,824 | | |
$ | 976,312 | | |
$ | 962,075 | | |
$ | 38,137 | |
Total Growth Percentage | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 4.0 | % |
Deposit Balances | |
| | |
| | |
| | |
| | |
| | |
Annual | |
($ in thousands, except ratios) | |
Dec. 2023 | | |
Sep. 2023 | | |
Jun. 2023 | | |
Mar. 2023 | | |
Dec. 2022 | | |
Growth | |
Non-Int DDA | |
$ | 228,713 | | |
$ | 224,182 | | |
$ | 218,411 | | |
$ | 237,175 | | |
$ | 256,799 | | |
$ | (28,086 | ) |
% of Total | |
| 21.4 | % | |
| 20.7 | % | |
| 20.4 | % | |
| 21.4 | % | |
| 23.6 | % | |
| -10.9 | % |
Interest DDA | |
| 166,413 | | |
| 174,729 | | |
| 170,282 | | |
| 188,497 | | |
| 191,719 | | |
| (25,306 | ) |
% of Total | |
| 15.5 | % | |
| 16.1 | % | |
| 15.9 | % | |
| 17.0 | % | |
| 17.6 | % | |
| -13.2 | % |
Savings | |
| 216,965 | | |
| 226,077 | | |
| 225,065 | | |
| 227,974 | | |
| 191,272 | | |
| 25,693 | |
% of Total | |
| 20.3 | % | |
| 20.8 | % | |
| 21.0 | % | |
| 20.5 | % | |
| 17.6 | % | |
| 13.4 | % |
Money Market | |
| 202,605 | | |
| 216,565 | | |
| 217,681 | | |
| 222,203 | | |
| 255,995 | | |
| (53,390 | ) |
% of Total | |
| 18.9 | % | |
| 20.0 | % | |
| 20.3 | % | |
| 20.0 | % | |
| 23.6 | % | |
| -20.9 | % |
Time Deposits | |
| 255,509 | | |
| 243,766 | | |
| 239,717 | | |
| 234,295 | | |
| 190,880 | | |
| 64,629 | |
% of Total | |
| 23.9 | % | |
| 22.5 | % | |
| 22.4 | % | |
| 21.1 | % | |
| 17.6 | % | |
| 33.9 | % |
Total Deposits | |
$ | 1,070,205 | | |
$ | 1,085,319 | | |
$ | 1,071,156 | | |
$ | 1,110,144 | | |
$ | 1,086,665 | | |
$ | (16,460 | ) |
Total Growth Percentage | |
| | | |
| | | |
| | | |
| | | |
| | | |
| -1.5 | % |
Asset Quality
SB Financial has demonstrated a strong commitment
to maintaining high standards of asset quality. As of December 31, 2023, SB Financial reported nonperforming assets totaling $3.3 million,
a significant decrease of $1.1 million or 25.3 percent from the same quarter last year, driven primarily by a decline in Residential Real
Estate. This notable reduction in nonperforming assets is a clear indicator of the effectiveness of our risk management strategies and
the overall health of the loan portfolio.
Furthermore, the coverage ratio for problem loans
has seen a remarkable improvement, up by 185 basis points from the previous year to 560 percent. This improvement in the coverage ratio
is a direct result of proactive measures in asset quality management. It includes the expansion of the allowance for credit losses, which
followed a Current Expected Credit Loss (CECL) adjustment of $1.4 million. Additionally, this improvement coincides with a concurrent
reduction in problem loans, underscoring our focused efforts on maintaining a robust and healthy loan portfolio.
Nonperforming Assets | |
| | |
| | |
| | |
| | |
| | |
Annual | |
($ in thousands, except ratios) | |
Dec. 2023 | | |
Sep. 2023 | | |
Jun. 2023 | | |
Mar. 2023 | | |
Dec. 2022 | | |
Change | |
Commercial & Agriculture | |
$ | 748 | | |
$ | 717 | | |
$ | 170 | | |
$ | 185 | | |
$ | 114 | | |
$ | 634 | |
% of Total Com./Ag. loans | |
| 0.39 | % | |
| 0.40 | % | |
| 0.09 | % | |
| 0.10 | % | |
| 0.06 | % | |
| 556.1 | % |
Commercial RE | |
| 168 | | |
| 222 | | |
| 192 | | |
| 199 | | |
| 210 | | |
| (42 | ) |
% of Total CRE loans | |
| 0.04 | % | |
| 0.05 | % | |
| 0.05 | % | |
| 0.05 | % | |
| 0.05 | % | |
| -20.0 | % |
Residential RE | |
| 1,690 | | |
| 2,182 | | |
| 2,266 | | |
| 2,742 | | |
| 3,020 | | |
| (1,330 | ) |
% of Total Res. RE loans | |
| 0.53 | % | |
| 0.68 | % | |
| 0.71 | % | |
| 0.89 | % | |
| 1.04 | % | |
| -44.0 | % |
Consumer & Other | |
| 212 | | |
| 208 | | |
| 282 | | |
| 270 | | |
| 338 | | |
| (126 | ) |
% of Total Con./Oth. loans | |
| 0.32 | % | |
| 0.32 | % | |
| 0.44 | % | |
| 0.42 | % | |
| 0.52 | % | |
| -37.3 | % |
Total Nonaccruing Loans | |
| 2,818 | | |
| 3,329 | | |
| 2,910 | | |
| 3,396 | | |
| 3,682 | | |
| (864 | ) |
% of Total loans | |
| 0.28 | % | |
| 0.34 | % | |
| 0.30 | % | |
| 0.35 | % | |
| 0.38 | % | |
| -23.5 | % |
Foreclosed Assets and Other Assets | |
| 511 | | |
| 629 | | |
| 625 | | |
| 650 | | |
| 777 | | |
| (266 | ) |
Total Change (%) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| -34.2 | % |
Total Nonperforming Assets | |
$ | 3,329 | | |
$ | 3,958 | | |
$ | 3,535 | | |
$ | 4,046 | | |
$ | 4,459 | | |
$ | (1,130 | ) |
% of Total assets | |
| 0.25 | % | |
| 0.30 | % | |
| 0.26 | % | |
| 0.30 | % | |
| 0.33 | % | |
| -25.34 | % |
Webcast and Conference Call
The Company will hold the fourth quarter 2023
earnings conference call and webcast on January 26, 2024, 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 23 ATMs. State Bank has six 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 with the ticker symbol “SBFG”.
In May 2023, SB Financial was valued #163 on the
American Banker Magazine’s list of top 200 publicly traded Community Bank and Thrifts based on three-year average return on equity.
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 impairment 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)
| |
December | | |
September | | |
June | | |
March | | |
December | |
($ in thousands) | |
2023 | | |
2023 | | |
2023 | | |
2023 | | |
2022 | |
ASSETS | |
| | |
| | |
| | |
| | |
| |
Cash and due from banks | |
$ | 22,965 | | |
$ | 19,049 | | |
$ | 20,993 | | |
$ | 21,625 | | |
$ | 27,817 | |
Interest bearing time deposits | |
| 1,535 | | |
| 1,180 | | |
| 1,180 | | |
| 1,380 | | |
| 2,131 | |
Available-for-sale securities | |
| 219,708 | | |
| 212,768 | | |
| 227,996 | | |
| 237,607 | | |
| 238,780 | |
Loans held for sale | |
| 2,525 | | |
| 3,206 | | |
| 5,684 | | |
| 5,592 | | |
| 2,073 | |
Loans, net of unearned income | |
| 1,000,212 | | |
| 989,021 | | |
| 984,824 | | |
| 976,312 | | |
| 962,075 | |
Allowance for credit losses | |
| (15,786 | ) | |
| (15,790 | ) | |
| (15,795 | ) | |
| (15,442 | ) | |
| (13,818 | ) |
Premises and equipment, net | |
| 21,378 | | |
| 21,934 | | |
| 22,230 | | |
| 22,621 | | |
| 22,829 | |
Federal Reserve and FHLB Stock, at cost | |
| 7,279 | | |
| 6,261 | | |
| 7,634 | | |
| 6,054 | | |
| 6,326 | |
Foreclosed assets and other assets | |
| 511 | | |
| 629 | | |
| 625 | | |
| 650 | | |
| 777 | |
Interest receivable | |
| 4,657 | | |
| 4,457 | | |
| 4,079 | | |
| 3,926 | | |
| 4,091 | |
Goodwill | |
| 23,239 | | |
| 23,239 | | |
| 23,239 | | |
| 23,239 | | |
| 23,239 | |
Cash value of life insurance | |
| 29,121 | | |
| 29,291 | | |
| 29,183 | | |
| 29,024 | | |
| 28,870 | |
Mortgage servicing rights | |
| 13,906 | | |
| 13,893 | | |
| 13,723 | | |
| 13,548 | | |
| 13,503 | |
Other assets | |
| 11,137 | | |
| 17,336 | | |
| 15,840 | | |
| 15,157 | | |
| 16,940 | |
Total assets | |
$ | 1,342,387 | | |
$ | 1,326,474 | | |
$ | 1,341,435 | | |
$ | 1,341,293 | | |
$ | 1,335,633 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| | | |
| | | |
| | | |
| | | |
| | |
Non interest bearing demand | |
$ | 228,713 | | |
$ | 224,182 | | |
$ | 218,411 | | |
$ | 237,175 | | |
$ | 256,799 | |
Interest bearing demand | |
| 166,413 | | |
| 174,729 | | |
| 170,282 | | |
| 188,497 | | |
| 191,719 | |
Savings | |
| 216,965 | | |
| 226,077 | | |
| 225,065 | | |
| 227,974 | | |
| 191,272 | |
Money market | |
| 202,605 | | |
| 216,565 | | |
| 217,681 | | |
| 222,203 | | |
| 255,995 | |
Time deposits | |
| 255,509 | | |
| 243,766 | | |
| 239,717 | | |
| 234,295 | | |
| 190,880 | |
Total deposits | |
| 1,070,205 | | |
| 1,085,319 | | |
| 1,071,156 | | |
| 1,110,144 | | |
| 1,086,665 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Short-term borrowings | |
| 13,387 | | |
| 16,519 | | |
| 21,118 | | |
| 15,998 | | |
| 14,923 | |
Federal Home Loan Bank advances | |
| 83,600 | | |
| 59,500 | | |
| 81,300 | | |
| 44,500 | | |
| 60,000 | |
Trust preferred securities | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | | |
| 10,310 | |
Subordinated debt net of issuance costs | |
| 19,642 | | |
| 19,630 | | |
| 19,618 | | |
| 19,606 | | |
| 19,594 | |
Interest payable | |
| 2,443 | | |
| 2,216 | | |
| 1,866 | | |
| 1,441 | | |
| 769 | |
Other liabilities | |
| 18,458 | | |
| 20,632 | | |
| 18,401 | | |
| 19,535 | | |
| 24,944 | |
Total liabilities | |
| 1,218,045 | | |
| 1,214,126 | | |
| 1,223,769 | | |
| 1,221,534 | | |
| 1,217,205 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders’ Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock | |
| 61,319 | | |
| 61,319 | | |
| 61,319 | | |
| 61,319 | | |
| 61,319 | |
Additional paid-in capital | |
| 15,124 | | |
| 15,037 | | |
| 15,154 | | |
| 14,953 | | |
| 15,087 | |
Retained earnings | |
| 108,486 | | |
| 105,521 | | |
| 103,725 | | |
| 101,548 | | |
| 101,966 | |
Accumulated other comprehensive loss | |
| (29,831 | ) | |
| (39,517 | ) | |
| (32,894 | ) | |
| (29,671 | ) | |
| (32,120 | ) |
Treasury stock | |
| (30,756 | ) | |
| (30,012 | ) | |
| (29,638 | ) | |
| (28,390 | ) | |
| (27,824 | ) |
Total shareholders’ equity | |
| 124,342 | | |
| 112,348 | | |
| 117,666 | | |
| 119,759 | | |
| 118,428 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 1,342,387 | | |
$ | 1,326,474 | | |
$ | 1,341,435 | | |
$ | 1,341,293 | | |
$ | 1,335,633 | |
SB FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)
($ in thousands, except per share & ratios) | |
| At
and for the Three Months Ended
| | |
| Twelve Months Ended
| |
| |
| December | | |
| September | | |
| June | | |
| March | | |
| December | | |
| December | | |
| December | |
| |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Taxable | |
$ | 13,438 | | |
$ | 13,128 | | |
$ | 12,715 | | |
$ | 12,126 | | |
$ | 11,222 | | |
$ | 51,407 | | |
$ | 38,238 | |
Tax exempt | |
| 124 | | |
| 122 | | |
| 121 | | |
| 116 | | |
| 109 | | |
| 483 | | |
| 335 | |
Securities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Taxable | |
| 1,526 | | |
| 1,507 | | |
| 1,524 | | |
| 1,535 | | |
| 1,559 | | |
| 6,092 | | |
| 5,798 | |
Tax exempt | |
| 38 | | |
| 39 | | |
| 46 | | |
| 47 | | |
| 47 | | |
| 170 | | |
| 198 | |
Total interest income | |
| 15,126 | | |
| 14,796 | | |
| 14,406 | | |
| 13,824 | | |
| 12,937 | | |
| 58,152 | | |
| 44,569 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 4,398 | | |
| 4,194 | | |
| 3,538 | | |
| 2,578 | | |
| 1,440 | | |
| 14,708 | | |
| 3,477 | |
Repurchase agreements & other | |
| 39 | | |
| 16 | | |
| 9 | | |
| 10 | | |
| 7 | | |
| 74 | | |
| 39 | |
Federal Home Loan Bank advances | |
| 720 | | |
| 666 | | |
| 664 | | |
| 553 | | |
| 258 | | |
| 2,603 | | |
| 515 | |
Trust preferred securities | |
| 191 | | |
| 189 | | |
| 172 | | |
| 164 | | |
| 138 | | |
| 716 | | |
| 361 | |
Subordinated debt | |
| 194 | | |
| 195 | | |
| 194 | | |
| 195 | | |
| 194 | | |
| 778 | | |
| 778 | |
Total interest expense | |
| 5,542 | | |
| 5,260 | | |
| 4,577 | | |
| 3,500 | | |
| 2,037 | | |
| 18,879 | | |
| 5,170 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| 9,584 | | |
| 9,536 | | |
| 9,829 | | |
| 10,324 | | |
| 10,900 | | |
| 39,273 | | |
| 39,399 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for credit losses | |
| (74 | ) | |
| (6 | ) | |
| 145 | | |
| 250 | | |
| - | | |
| 315 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income after provision
for loan losses | |
| 9,658 | | |
| 9,542 | | |
| 9,684 | | |
| 10,074 | | |
| 10,900 | | |
| 38,958 | | |
| 39,399 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Wealth management fees | |
| 838 | | |
| 837 | | |
| 940 | | |
| 917 | | |
| 907 | | |
| 3,532 | | |
| 3,728 | |
Customer service fees | |
| 844 | | |
| 863 | | |
| 871 | | |
| 825 | | |
| 880 | | |
| 3,403 | | |
| 3,378 | |
Gain on sale of mtg. loans & OMSR | |
| 747 | | |
| 1,207 | | |
| 1,056 | | |
| 599 | | |
| 550 | | |
| 3,609 | | |
| 4,298 | |
Mortgage loan servicing fees, net | |
| 561 | | |
| 438 | | |
| 494 | | |
| 608 | | |
| 627 | | |
| 2,101 | | |
| 2,964 | |
Gain on sale of non-mortgage loans | |
| 177 | | |
| 10 | | |
| 218 | | |
| 24 | | |
| 105 | | |
| 429 | | |
| 566 | |
Title insurance revenue | |
| 378 | | |
| 429 | | |
| 455 | | |
| 373 | | |
| 454 | | |
| 1,635 | | |
| 2,229 | |
Net gain on sales of securities | |
| 1,453 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,453 | | |
| - | |
Gain (loss) on sale of assets | |
| 16 | | |
| - | | |
| 15 | | |
| (11 | ) | |
| 18 | | |
| 20 | | |
| 61 | |
Other | |
| 517 | | |
| 379 | | |
| 312 | | |
| 331 | | |
| 172 | | |
| 1,539 | | |
| 1,007 | |
Total noninterest income | |
| 5,531 | | |
| 4,163 | | |
| 4,361 | | |
| 3,666 | | |
| 3,713 | | |
| 17,721 | | |
| 18,231 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 5,652 | | |
| 5,491 | | |
| 5,721 | | |
| 5,913 | | |
| 5,677 | | |
| 22,777 | | |
| 24,142 | |
Net occupancy expense | |
| 746 | | |
| 764 | | |
| 802 | | |
| 784 | | |
| 763 | | |
| 3,096 | | |
| 2,993 | |
Equipment expense | |
| 1,027 | | |
| 1,068 | | |
| 1,002 | | |
| 981 | | |
| 1,017 | | |
| 4,078 | | |
| 3,616 | |
Data processing fees | |
| 680 | | |
| 648 | | |
| 685 | | |
| 646 | | |
| 627 | | |
| 2,659 | | |
| 2,510 | |
Professional fees | |
| 926 | | |
| 623 | | |
| 612 | | |
| 863 | | |
| 738 | | |
| 3,024 | | |
| 3,214 | |
Marketing expense | |
| 182 | | |
| 189 | | |
| 213 | | |
| 198 | | |
| 258 | | |
| 782 | | |
| 911 | |
Telephone and communication expense | |
| 132 | | |
| 124 | | |
| 124 | | |
| 121 | | |
| 124 | | |
| 501 | | |
| 474 | |
Postage and delivery expense | |
| 167 | | |
| 100 | | |
| 78 | | |
| 87 | | |
| 121 | | |
| 432 | | |
| 422 | |
State, local and other taxes | |
| 285 | | |
| 218 | | |
| 218 | | |
| 228 | | |
| 277 | | |
| 949 | | |
| 1,082 | |
Employee expense | |
| 146 | | |
| 141 | | |
| 156 | | |
| 188 | | |
| 157 | | |
| 631 | | |
| 613 | |
Other expenses | |
| 426 | | |
| 1,115 | | |
| 728 | | |
| 764 | | |
| 510 | | |
| 3,033 | | |
| 2,337 | |
Total noninterest expense | |
| 10,369 | | |
| 10,481 | | |
| 10,339 | | |
| 10,773 | | |
| 10,269 | | |
| 41,962 | | |
| 42,314 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income before income tax expense | |
| 4,820 | | |
| 3,224 | | |
| 3,706 | | |
| 2,967 | | |
| 4,345 | | |
| 14,717 | | |
| 15,315 | |
Income tax expense | |
| 937 | | |
| 537 | | |
| 631 | | |
| 517 | | |
| 812 | | |
| 2,622 | | |
| 2,794 | |
Net income | |
$ | 3,883 | | |
$ | 2,687 | | |
$ | 3,075 | | |
$ | 2,450 | | |
$ | 3,533 | | |
$ | 12,095 | | |
$ | 12,521 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common share data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic earnings per common share | |
$ | 0.58 | | |
$ | 0.40 | | |
$ | 0.45 | | |
$ | 0.35 | | |
$ | 0.51 | | |
$ | 1.77 | | |
$ | 1.79 | |
Diluted earnings per common share | |
$ | 0.57 | | |
$ | 0.39 | | |
$ | 0.44 | | |
$ | 0.35 | | |
$ | 0.50 | | |
$ | 1.75 | | |
$ | 1.77 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average shares outstanding (in thousands): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic: | |
| 6,748 | | |
| 6,791 | | |
| 6,847 | | |
| 6,933 | | |
| 6,945 | | |
| 6,829 | | |
| 7,005 | |
Diluted: | |
| 6,851 | | |
| 6,878 | | |
| 6,910 | | |
| 7,008 | | |
| 7,021 | | |
| 6,917 | | |
| 7,078 | |
SB FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)
($ in thousands, except
per share & ratios) | |
| At
and for the Three Months Ended | | |
| Twelve
Months Ended | |
| |
| December | | |
| September | | |
| June | | |
| March | | |
| December | | |
| December | | |
| December | |
SUMMARY OF OPERATIONS | |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Net interest income | |
$ | 9,584 | | |
$ | 9,536 | | |
$ | 9,829 | | |
$ | 10,324 | | |
$ | 10,900 | | |
$ | 39,273 | | |
$ | 39,399 | |
Tax-equivalent adjustment | |
| 43 | | |
| 43 | | |
| 44 | | |
| 43 | | |
| 41 | | |
| 174 | | |
| 142 | |
Tax-equivalent net interest income | |
| 9,627 | | |
| 9,579 | | |
| 9,873 | | |
| 10,367 | | |
| 10,941 | | |
| 39,447 | | |
| 39,541 | |
Provision for credit loss | |
| (74 | ) | |
| (6 | ) | |
| 145 | | |
| 250 | | |
| - | | |
| 315 | | |
| - | |
Noninterest income | |
| 5,531 | | |
| 4,163 | | |
| 4,361 | | |
| 3,666 | | |
| 3,713 | | |
| 17,721 | | |
| 18,231 | |
Total operating revenue | |
| 15,115 | | |
| 13,699 | | |
| 14,190 | | |
| 13,990 | | |
| 14,613 | | |
| 56,994 | | |
| 57,630 | |
Noninterest expense | |
| 10,369 | | |
| 10,481 | | |
| 10,339 | | |
| 10,773 | | |
| 10,269 | | |
| 41,962 | | |
| 42,314 | |
Pre-tax pre-provision income | |
| 4,746 | | |
| 3,218 | | |
| 3,851 | | |
| 3,217 | | |
| 4,344 | | |
| 15,032 | | |
| 15,316 | |
Pretax income | |
| 4,820 | | |
| 3,224 | | |
| 3,706 | | |
| 2,967 | | |
| 4,344 | | |
| 14,717 | | |
| 15,316 | |
Net income | |
| 3,883 | | |
| 2,687 | | |
| 3,075 | | |
| 2,450 | | |
| 3,533 | | |
| 12,095 | | |
| 12,521 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PER SHARE INFORMATION: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic earnings per share (EPS) | |
| 0.58 | | |
| 0.40 | | |
| 0.45 | | |
| 0.35 | | |
| 0.51 | | |
| 1.77 | | |
| 1.79 | |
Diluted earnings per share | |
| 0.57 | | |
| 0.39 | | |
| 0.44 | | |
| 0.35 | | |
| 0.50 | | |
| 1.75 | | |
| 1.77 | |
Common dividends | |
| 0.135 | | |
| 0.130 | | |
| 0.130 | | |
| 0.125 | | |
| 0.125 | | |
| 0.520 | | |
| 0.480 | |
Book value per common share | |
| 18.50 | | |
| 16.59 | | |
| 17.30 | | |
| 17.37 | | |
| 17.08 | | |
| 18.50 | | |
| 17.08 | |
Tangible book value per common share (TBV) | |
| 14.98 | | |
| 13.09 | | |
| 13.81 | | |
| 13.93 | | |
| 13.65 | | |
| 14.98 | | |
| 13.65 | |
Market price per common share | |
| 15.35 | | |
| 13.50 | | |
| 12.62 | | |
| 14.13 | | |
| 16.95 | | |
| 15.35 | | |
| 16.95 | |
Market price to TBV | |
| 102.5 | % | |
| 103.1 | % | |
| 91.4 | % | |
| 101.4 | % | |
| 124.2 | % | |
| 102.5 | % | |
| 124.2 | % |
Market price to trailing 12 month EPS | |
| 8.8 | | |
| 8.0 | | |
| 7.1 | | |
| 8.2 | | |
| 9.6 | | |
| 8.8 | | |
| 9.6 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PERFORMANCE RATIOS: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average assets (ROAA) | |
| 1.17 | % | |
| 0.80 | % | |
| 0.91 | % | |
| 0.73 | % | |
| 1.07 | % | |
| 0.91 | % | |
| 0.95 | % |
Pre-tax pre-provision ROAA | |
| 1.43 | % | |
| 0.96 | % | |
| 1.14 | % | |
| 0.96 | % | |
| 1.32 | % | |
| 1.21 | % | |
| 1.25 | % |
Return on average equity | |
| 13.23 | % | |
| 9.25 | % | |
| 10.32 | % | |
| 8.22 | % | |
| 12.17 | % | |
| 10.22 | % | |
| 9.86 | % |
Return on average tangible equity | |
| 16.57 | % | |
| 11.62 | % | |
| 12.89 | % | |
| 10.26 | % | |
| 15.30 | % | |
| 12.78 | % | |
| 12.14 | % |
Efficiency ratio | |
| 68.44 | % | |
| 76.34 | % | |
| 72.71 | % | |
| 76.85 | % | |
| 70.16 | % | |
| 73.47 | % | |
| 73.31 | % |
Earning asset yield | |
| 4.89 | % | |
| 4.78 | % | |
| 4.61 | % | |
| 4.49 | % | |
| 4.27 | % | |
| 4.67 | % | |
| 3.63 | % |
Cost of interest bearing liabilities | |
| 2.33 | % | |
| 2.18 | % | |
| 1.90 | % | |
| 1.46 | % | |
| 0.90 | % | |
| 1.97 | % | |
| 0.56 | % |
Net interest margin | |
| 3.10 | % | |
| 3.08 | % | |
| 3.15 | % | |
| 3.35 | % | |
| 3.60 | % | |
| 3.15 | % | |
| 3.21 | % |
Tax equivalent effect | |
| 0.01 | % | |
| 0.01 | % | |
| 0.01 | % | |
| 0.02 | % | |
| 0.01 | % | |
| 0.01 | % | |
| 0.01 | % |
Net interest margin, tax equivalent | |
| 3.11 | % | |
| 3.09 | % | |
| 3.16 | % | |
| 3.37 | % | |
| 3.61 | % | |
| 3.16 | % | |
| 3.22 | % |
Non interest income/Average assets | |
| 1.67 | % | |
| 1.24 | % | |
| 1.30 | % | |
| 1.10 | % | |
| 1.13 | % | |
| 1.33 | % | |
| 1.38 | % |
Non interest expense/Average assets | |
| 3.12 | % | |
| 3.13 | % | |
| 3.07 | % | |
| 3.23 | % | |
| 3.13 | % | |
| 3.14 | % | |
| 3.21 | % |
Net noninterest expense/Average assets | |
| -1.46 | % | |
| -1.89 | % | |
| -1.78 | % | |
| -2.13 | % | |
| -2.00 | % | |
| -1.82 | % | |
| -1.83 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
ASSET QUALITY RATIOS: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross charge-offs | |
| 5 | | |
| 12 | | |
| 32 | | |
| 69 | | |
| 7 | | |
| 118 | | |
| 34 | |
Recoveries | |
| 1 | | |
| 7 | | |
| 10 | | |
| 8 | | |
| 1 | | |
| 26 | | |
| 47 | |
Net charge-offs | |
| 4 | | |
| 5 | | |
| 22 | | |
| 61 | | |
| 6 | | |
| 92 | | |
| (13 | ) |
Nonperforming loans/Total loans | |
| 0.28 | % | |
| 0.34 | % | |
| 0.30 | % | |
| 0.35 | % | |
| 0.38 | % | |
| 0.28 | % | |
| 0.38 | % |
Nonperforming assets/Loans & OREO | |
| 0.33 | % | |
| 0.40 | % | |
| 0.36 | % | |
| 0.41 | % | |
| 0.46 | % | |
| 0.33 | % | |
| 0.46 | % |
Nonperforming assets/Total assets | |
| 0.25 | % | |
| 0.30 | % | |
| 0.26 | % | |
| 0.30 | % | |
| 0.33 | % | |
| 0.25 | % | |
| 0.33 | % |
Allowance for credit loss/Nonperforming loans | |
| 560.18 | % | |
| 474.32 | % | |
| 542.78 | % | |
| 454.71 | % | |
| 375.29 | % | |
| 560.18 | % | |
| 375.29 | % |
Allowance for credit loss/Total loans | |
| 1.58 | % | |
| 1.60 | % | |
| 1.60 | % | |
| 1.58 | % | |
| 1.44 | % | |
| 1.58 | % | |
| 1.44 | % |
Net loan charge-offs/Average loans (ann.) | |
| 0.00 | % | |
| 0.00 | % | |
| 0.01 | % | |
| 0.03 | % | |
| 0.00 | % | |
| 0.01 | % | |
| (0.00) | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
CAPITAL & LIQUIDITY RATIOS: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans/ Deposits | |
| 93.46 | % | |
| 91.13 | % | |
| 91.94 | % | |
| 87.94 | % | |
| 88.53 | % | |
| 93.46 | % | |
| 88.53 | % |
Equity/ Assets | |
| 9.26 | % | |
| 8.47 | % | |
| 8.77 | % | |
| 8.93 | % | |
| 8.87 | % | |
| 9.26 | % | |
| 8.87 | % |
Tangible equity/Tangible assets | |
| 7.63 | % | |
| 6.81 | % | |
| 7.13 | % | |
| 7.29 | % | |
| 7.22 | % | |
| 7.63 | % | |
| 7.22 | % |
Common equity tier 1 ratio (Bank) | |
| 13.42 | % | |
| 13.56 | % | |
| 13.18 | % | |
| 13.44 | % | |
| 13.42 | % | |
| 13.42 | % | |
| 13.42 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
END OF PERIOD BALANCES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 1,342,387 | | |
| 1,326,474 | | |
| 1,341,435 | | |
| 1,341,293 | | |
| 1,335,633 | | |
| 1,342,387 | | |
| 1,335,633 | |
Total loans | |
| 1,000,212 | | |
| 989,021 | | |
| 984,824 | | |
| 976,312 | | |
| 962,075 | | |
| 1,000,212 | | |
| 962,075 | |
Deposits | |
| 1,070,205 | | |
| 1,085,319 | | |
| 1,071,156 | | |
| 1,110,144 | | |
| 1,086,665 | | |
| 1,070,205 | | |
| 1,086,665 | |
Shareholders equity | |
| 124,342 | | |
| 112,348 | | |
| 117,666 | | |
| 119,759 | | |
| 118,428 | | |
| 124,342 | | |
| 118,428 | |
Goodwill and intangibles | |
| 23,662 | | |
| 23,687 | | |
| 23,710 | | |
| 23,732 | | |
| 23,753 | | |
| 23,662 | | |
| 23,753 | |
Tangible equity | |
| 100,680 | | |
| 88,661 | | |
| 93,956 | | |
| 96,027 | | |
| 94,675 | | |
| 100,680 | | |
| 94,675 | |
Mortgage servicing portfolio | |
| 1,366,667 | | |
| 1,367,209 | | |
| 1,353,904 | | |
| 1,344,158 | | |
| 1,352,016 | | |
| 1,366,667 | | |
| 1,352,016 | |
Wealth/Brokerage assets under care | |
| 501,829 | | |
| 478,236 | | |
| 499,255 | | |
| 518,009 | | |
| 507,093 | | |
| 501,829 | | |
| 507,093 | |
Total assets under care | |
| 3,210,883 | | |
| 3,171,919 | | |
| 3,194,594 | | |
| 3,203,460 | | |
| 3,194,742 | | |
| 3,210,883 | | |
| 3,194,742 | |
Full-time equivalent employees | |
| 251 | | |
| 252 | | |
| 253 | | |
| 255 | | |
| 268 | | |
| 251 | | |
| 268 | |
Period end common shares outstanding | |
| 6,720 | | |
| 6,773 | | |
| 6,803 | | |
| 6,894 | | |
| 6,935 | | |
| 6,720 | | |
| 6,935 | |
Market capitalization (all) | |
| 103,147 | | |
| 91,437 | | |
| 85,857 | | |
| 97,419 | | |
| 117,556 | | |
| 103,147 | | |
| 117,556 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
AVERAGE BALANCES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 1,327,415 | | |
| 1,339,870 | | |
| 1,346,010 | | |
| 1,335,056 | | |
| 1,314,419 | | |
| 1,334,644 | | |
| 1,318,781 | |
Total earning assets | |
| 1,236,165 | | |
| 1,239,145 | | |
| 1,248,813 | | |
| 1,232,018 | | |
| 1,211,674 | | |
| 1,246,531 | | |
| 1,226,771 | |
Total loans | |
| 992,337 | | |
| 989,089 | | |
| 988,348 | | |
| 970,813 | | |
| 937,898 | | |
| 985,217 | | |
| 888,116 | |
Deposits | |
| 1,084,939 | | |
| 1,095,414 | | |
| 1,100,344 | | |
| 1,098,935 | | |
| 1,094,491 | | |
| 1,094,547 | | |
| 1,105,571 | |
Shareholders equity | |
| 117,397 | | |
| 116,165 | | |
| 119,177 | | |
| 119,237 | | |
| 116,114 | | |
| 118,315 | | |
| 126,963 | |
Goodwill and intangibles | |
| 23,675 | | |
| 23,698 | | |
| 23,721 | | |
| 23,743 | | |
| 23,761 | | |
| 23,709 | | |
| 23,783 | |
Tangible equity | |
| 93,722 | | |
| 92,467 | | |
| 95,456 | | |
| 95,494 | | |
| 92,353 | | |
| 94,606 | | |
| 103,180 | |
Average basic shares outstanding | |
| 6,748 | | |
| 6,791 | | |
| 6,847 | | |
| 6,933 | | |
| 6,945 | | |
| 6,829 | | |
| 7,005 | |
Average diluted shares outstanding | |
| 6,851 | | |
| 6,878 | | |
| 6,910 | | |
| 7,008 | | |
| 7,021 | | |
| 6,917 | | |
| 7,078 | |
SB FINANCIAL GROUP, INC.
Rate Volume Analysis - (Unaudited)
For the Three & Twelve Months Ended Dec. 31, 2023 and 2022
($ in thousands) | |
Three Months Ended Dec. 31, 2023 | | |
Three Months Ended Dec. 31, 2022 | |
| |
Average | | |
| | |
Average | | |
Average | | |
| | |
Average | |
| |
Balance | | |
Interest | | |
Rate | | |
Balance | | |
Interest | | |
Rate | |
Assets | |
| | |
| | |
| | |
| | |
| | |
| |
Taxable securities/cash | |
$ | 237,203 | | |
$ | 1,526 | | |
| 2.57 | % | |
$ | 265,711 | | |
$ | 1,559 | | |
| 2.35 | % |
Nontaxable securities | |
| 6,625 | | |
| 38 | | |
| 2.29 | % | |
| 8,065 | | |
| 47 | | |
| 2.33 | % |
Loans, net | |
| 992,337 | | |
| 13,562 | | |
| 5.47 | % | |
| 937,898 | | |
| 11,331 | | |
| 4.83 | % |
Total earning assets | |
| 1,236,165 | | |
| 15,126 | | |
| 4.89 | % | |
| 1,211,674 | | |
| 12,937 | | |
| 4.27 | % |
Cash and due from banks | |
| 4,077 | | |
| | | |
| | | |
| 7,052 | | |
| | | |
| | |
Allowance for loan losses | |
| (15,787 | ) | |
| | | |
| | | |
| (13,820 | ) | |
| | | |
| | |
Premises and equipment | |
| 22,205 | | |
| | | |
| | | |
| 23,757 | | |
| | | |
| | |
Other assets | |
| 80,755 | | |
| | | |
| | | |
| 85,756 | | |
| | | |
| | |
Total assets | |
$ | 1,327,415 | | |
| | | |
| | | |
$ | 1,314,419 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Savings, MMDA and interest bearing demand | |
$ | 601,034 | | |
$ | 2,232 | | |
| 1.49 | % | |
$ | 646,498 | | |
$ | 965 | | |
| 0.60 | % |
Time deposits | |
| 247,382 | | |
| 2,166 | | |
| 3.50 | % | |
| 180,678 | | |
| 475 | | |
| 1.05 | % |
Repurchase agreements & other | |
| 13,359 | | |
| 39 | | |
| 1.17 | % | |
| 18,058 | | |
| 7 | | |
| 0.16 | % |
Advances from Federal Home Loan Bank | |
| 58,330 | | |
| 720 | | |
| 4.94 | % | |
| 29,078 | | |
| 258 | | |
| 3.55 | % |
Trust preferred securities | |
| 10,310 | | |
| 191 | | |
| 7.41 | % | |
| 10,310 | | |
| 138 | | |
| 5.35 | % |
Subordinated debt | |
| 19,634 | | |
| 194 | | |
| 3.95 | % | |
| 19,588 | | |
| 194 | | |
| 3.96 | % |
Total interest bearing liabilities | |
| 950,049 | | |
| 5,542 | | |
| 2.33 | % | |
| 904,210 | | |
| 2,037 | | |
| 0.90 | % |
Non interest bearing demand | |
| 236,523 | | |
| - | | |
| | | |
| 267,315 | | |
| - | | |
| | |
Total funding | |
| 1,186,572 | | |
| | | |
| 1.87 | % | |
| 1,171,525 | | |
| | | |
| 0.70 | % |
Other liabilities | |
| 23,446 | | |
| | | |
| | | |
| 26,780 | | |
| | | |
| | |
Total liabilities | |
| 1,210,018 | | |
| | | |
| | | |
| 1,198,305 | | |
| | | |
| | |
Equity | |
| 117,397 | | |
| | | |
| | | |
| 116,114 | | |
| | | |
| | |
Total liabilities and equity | |
$ | 1,327,415 | | |
| | | |
| | | |
$ | 1,314,419 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| | | |
$ | 9,584 | | |
| | | |
| | | |
$ | 10,900 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income as a percent of average interest-earning assets - GAAP measure
| | 3.10 | % | |
| | | |
| | | |
| 3.60 | % |
|
| | | |
| | | |
| | | |
| | |
Net interest
income as a percent of average interest-earning assets - non GAAP - Computed on a fully tax equivalent (FTE) basis |
| 3.11 | % | |
| | | |
| | | |
| 3.61 | % |
| |
Twelve Months Ended Dec. 31, 2023 | | |
Twelve Months Ended Dec. 31, 2022 | |
| |
Average | | |
| | |
Average | | |
Average | | |
| | |
Average | |
| |
Balance | | |
Interest | | |
Rate | | |
Balance | | |
Interest | | |
Rate | |
Assets | |
| | |
| | |
| | |
| | |
| | |
| |
Taxable securities/cash | |
$ | 254,133 | | |
$ | 6,092 | | |
| 2.40 | % | |
$ | 330,549 | | |
$ | 5,798 | | |
| 1.75 | % |
Nontaxable securities | |
| 7,181 | | |
| 170 | | |
| 2.37 | % | |
| 8,106 | | |
| 198 | | |
| 2.44 | % |
Loans, net | |
| 985,217 | | |
| 51,890 | | |
| 5.27 | % | |
| 888,116 | | |
| 38,573 | | |
| 4.34 | % |
Total earning assets | |
| 1,246,531 | | |
| 58,152 | | |
| 4.67 | % | |
| 1,226,771 | | |
| 44,569 | | |
| 3.63 | % |
Cash and due from banks | |
| 4,035 | | |
| | | |
| | | |
| 7,296 | | |
| | | |
| | |
Allowance for loan losses | |
| (15,478 | ) | |
| | | |
| | | |
| (13,808 | ) | |
| | | |
| | |
Premises and equipment | |
| 22,990 | | |
| | | |
| | | |
| 24,137 | | |
| | | |
| | |
Other assets | |
| 76,566 | | |
| | | |
| | | |
| 74,385 | | |
| | | |
| | |
Total assets | |
$ | 1,334,644 | | |
| | | |
| | | |
$ | 1,318,781 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Savings, MMDA and interest bearing demand | |
$ | 619,906 | | |
$ | 7,599 | | |
| 1.23 | % | |
$ | 693,271 | | |
$ | 2,258 | | |
| 0.33 | % |
Time deposits | |
| 236,665 | | |
| 7,109 | | |
| 3.00 | % | |
| 159,401 | | |
| 1,219 | | |
| 0.76 | % |
Repurchase agreements & Other | |
| 15,765 | | |
| 74 | | |
| 0.47 | % | |
| 20,481 | | |
| 39 | | |
| 0.19 | % |
Advances from Federal Home Loan Bank | |
| 55,044 | | |
| 2,603 | | |
| 4.73 | % | |
| 16,420 | | |
| 515 | | |
| 3.14 | % |
Trust preferred securities | |
| 10,310 | | |
| 716 | | |
| 6.94 | % | |
| 10,310 | | |
| 361 | | |
| 3.50 | % |
Subordinated debt | |
| 19,616 | | |
| 778 | | |
| 3.97 | % | |
| 19,570 | | |
| 778 | | |
| 3.98 | % |
Total interest bearing liabilities | |
| 957,306 | | |
| 18,879 | | |
| 1.97 | % | |
| 919,453 | | |
| 5,169 | | |
| 0.56 | % |
Non interest bearing demand | |
| 237,976 | | |
| | | |
| 1.58 | % | |
| 252,899 | | |
| | | |
| 0.44 | % |
Total funding | |
| 1,195,282 | | |
| | | |
| | | |
| 1,172,352 | | |
| | | |
| | |
Other liabilities | |
| 21,047 | | |
| | | |
| | | |
| 19,466 | | |
| | | |
| | |
Total liabilities | |
| 1,216,329 | | |
| | | |
| | | |
| 1,191,818 | | |
| | | |
| | |
Equity | |
| 118,315 | | |
| | | |
| | | |
| 126,963 | | |
| | | |
| | |
Total liabilities and equity | |
$ | 1,334,644 | | |
| | | |
| | | |
$ | 1,318,781 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| | | |
$ | 39,273 | | |
| | | |
| | | |
$ | 39,400 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
interest income as a percent of average interest-earning assets - GAAP measure |
| 3.15 | % | |
| | | |
| | | |
| 3.21 | % |
|
| | | |
| | | |
| | | |
| | |
Net
interest income as a percent of average interest-earning assets - non GAAP - Computed on a fully tax equivalent (FTE)
basis |
| 3.16 | % | |
| | | |
| | | |
| 3.22 | % |
Non-GAAP reconciliation | |
Three Months Ended | | |
Twelve Months Ended | |
($ in thousands, except per share & ratios) | |
Dec. 31, 2023 | | |
Dec. 31, 2022 | | |
Dec. 31, 2023 | | |
Dec. 31, 2022 | |
| |
| | |
| | |
| | |
| |
Total Operating Revenue | |
$ | 15,115 | | |
$ | 14,613 | | |
$ | 56,994 | | |
$ | 57,630 | |
Adjustment to (deduct)/add OMSR recapture/impairment * | |
| 12 | | |
| (86 | ) | |
| 51 | | |
| (1,279 | ) |
Adjusted Total Operating Revenue | |
| 15,127 | | |
| 14,527 | | |
| 57,045 | | |
| 56,351 | |
| |
| | | |
| | | |
| | | |
| | |
Income before Income Taxes | |
| 4,820 | | |
| 4,345 | | |
| 14,717 | | |
| 15,316 | |
Adjustment for OMSR * | |
| 12 | | |
| (86 | ) | |
| 51 | | |
| (1,279 | ) |
Adjusted Income before Income Taxes | |
| 4,832 | | |
| 4,259 | | |
| 14,768 | | |
| 14,037 | |
| |
| | | |
| | | |
| | | |
| | |
Provision for Income Taxes | |
| 937 | | |
| 812 | | |
| 2,622 | | |
| 2,795 | |
Adjustment for OMSR ** | |
| 3 | | |
| (18 | ) | |
| 11 | | |
| (269 | ) |
Adjusted Provision for Income Taxes | |
| 940 | | |
| 794 | | |
| 2,633 | | |
| 2,527 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| 3,883 | | |
| 3,533 | | |
| 12,095 | | |
| 12,521 | |
Adjustment for OMSR * | |
| 9 | | |
| (68 | ) | |
| 40 | | |
| (1,010 | ) |
Adjusted Net Income | |
| 3,892 | | |
| 3,465 | | |
| 12,135 | | |
| 11,511 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted Earnings per Share | |
| 0.57 | | |
| 0.50 | | |
| 1.75 | | |
| 1.77 | |
Adjustment for OMSR * | |
| 0.00 | | |
| (0.01 | ) | |
| 0.01 | | |
| (0.14 | ) |
Adjusted Diluted Earnings per Share | |
$ | 0.57 | | |
$ | 0.49 | | |
$ | 1.75 | | |
$ | 1.63 | |
| |
| | | |
| | | |
| | | |
| | |
Return on Average Assets | |
| 1.17 | % | |
| 1.08 | % | |
| 0.91 | % | |
| 0.95 | % |
Adjustment for OMSR * | |
| 0.00 | % | |
| -0.02 | % | |
| 0.00 | % | |
| -0.08 | % |
Adjusted Return on Average Assets | |
| 1.17 | % | |
| 1.05 | % | |
| 0.91 | % | |
| 0.87 | % |
* | valuation adjustment to the Company’s mortgage servicing
rights |
** | tax effect is calculated using a 21% statutory federal corporate
income tax rate |
v3.23.4
Cover
|
Jan. 25, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 25, 2024
|
Entity File Number |
0-13507
|
Entity Registrant Name |
SB FINANCIAL GROUP, INC
|
Entity Central Index Key |
0000767405
|
Entity Tax Identification Number |
34-1395608
|
Entity Incorporation, State or Country Code |
OH
|
Entity Address, Address Line One |
401 Clinton Street
|
Entity Address, City or Town |
Defiance
|
Entity Address, State or Province |
OH
|
Entity Address, Postal Zip Code |
43512
|
City Area Code |
419
|
Local Phone Number |
783-8950
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Shares, No Par Value 6,763,126 Outstanding at January 26, 2024
|
Trading Symbol |
SBFG
|
Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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SB Finanical (NASDAQ:SBFG)
過去 株価チャート
から 5 2024 まで 6 2024
SB Finanical (NASDAQ:SBFG)
過去 株価チャート
から 6 2023 まで 6 2024