SB Financial Group Announces First Quarter 2025 Results

DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2025. First Quarter 2025 Highlights Over the First Quarter Prior Year Include: Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent. Earnings HighlightsThree Months Ended($ in thousands, except per share & ratios)Mar. 2025Mar. 2024% ChangeOperating revenue$15,386 $13,131 17.2%Interest income 17,372 15,300 13.5%Interest expense 6,093 6,120 -0.4%Net interest income 11,279 9,180 22.9%Provision for credit losses 387 - N/MNoninterest income 4,107 3,951 3.9%Noninterest expense 12,410 10,282 20.7%Net income 2,158 2,368 -8.9%Merger adjusted Earnings per diluted share 0.42 0.33 27.3%Earnings per diluted share 0.33 0.35 -5.7%Merger adjusted Return on Avg. Assets 0.76% 0.67% 13.4%Return on average assets 0.60% 0.71% -15.5%Merger adjusted Return on Avg. Equity 8.35% 7.26% 15.0%Return on average equity 6.63% 7.72% -14.1% “Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.” Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively. RESULTS OF OPERATIONS Consolidated Revenue In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders. Mortgage Loan Business Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024. Mortgage Banking ($ in thousands)Mar. 2025Dec. 2024Sep. 2024Jun. 2024Mar. 2024Prior Year GrowthMortgage originations$39,775 $72,534 $70,715 $75,110 $42,912 $(3,137)Mortgage sales 39,279 62,301 61,271 55,835 36,623 2,656 Mortgage servicing portfolio 1,432,184 1,427,318 1,406,273 1,389,805 1,371,713 60,471 Mortgage servicing rights 14,965 14,868 14,357 14,548 14,191 774 Revenue Loan servicing fees 894 886 874 862 855 39 OMSR amortization (294) (358) (370) (335) (273) (21)Net administrative fees 600 528 504 527 582 18 OMSR valuation adjustment 11 288 (465) 38 181 (170)Net loan servicing fees 611 816 39 565 763 (152)Gain on sale of mortgages 849 1,196 1,311 1,277 781 68 Mortgage banking revenue, net$ 1,460 $ 2,012 $ 1,350 $ 1,842 $ 1,544 $ (84) Noninterest Income and Noninterest Expense "Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted. Noninterest Income/Noninterest Expense ($ in thousands, except ratios) Mar. 2025Dec. 2024Sep. 2024Jun. 2024Mar. 2024Prior Year GrowthNoninterest Income (NII) $4,107 $4,557 $4,123 $4,386 $3,951 $156 NII / Total Revenue 26.7% 29.5% 28.8% 31.5% 30.1% -3.4% NII / Average Assets 1.1% 1.3% 1.2% 1.3% 1.2% -0.1% Total Revenue Growth 17.2% 2.2% 4.5% -0.6% -6.1% 23.3% Noninterest Expense (NIE) $12,410 $11,003 $11,003 $10,671 $10,282 $2,128 Efficiency Ratio 80.0% 71.1% 76.8% 75.9% 78.2% 1.8% NIE / Average Assets 3.4% 3.2% 3.2% 3.2% 3.1% 0.3% Net Noninterest Expense/Avg. Assets -2.3% -1.9% -2.0% -1.9% -1.9% -0.4% Total Expense Growth 20.7% 6.1% 5.0% 3.2% -4.6% 25.3% Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent. “Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein. Balance Sheet As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio. Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management's commitment to enhancing shareholder value and the Company’s disciplined approach to capital management. During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company's dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth. "As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions," said Mr. Klein, Chairman, President, and CEO. "Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes." Loan Balances ($ in thousands, except ratios)Mar. 2025Dec. 2024Sep. 2024Jun. 2024Mar. 2024Annual GrowthCommercial$125,878 $124,764 $123,821 $123,287 $120,016 $5,862 % of Total 11.6% 11.9% 12.0% 12.3% 12.1% 4.9% Commercial RE 509,518 479,573 459,449 434,967 429,362 80,156 % of Total 46.8% 45.8% 44.6% 43.3% 43.3% 18.7% Agriculture 61,443 64,680 64,887 64,329 62,365 (922)% of Total 5.6% 6.2% 6.3% 6.4% 6.3% -1.5% Residential RE 319,307 308,378 314,010 316,233 314,668 4,639 % of Total 29.3% 29.5% 30.5% 31.5% 31.7% 1.5% Consumer & Other 72,128 69,340 67,788 66,574 65,141 6,987 % of Total 6.6% 6.6% 6.6% 6.6% 6.6% 10.7% Total Loans$ 1,088,274 $ 1,046,735 $ 1,029,955 $ 1,005,390 $ 991,552 $ 96,722 Total Growth Percentage 9.8% Deposit Balances ($ in thousands, except ratios)Mar. 2025Dec. 2024Sep. 2024Jun. 2024Mar. 2024Annual GrowthNon-Int DDA$240,446 $232,155 $222,425 $208,244 $219,395 $21,051 % of Total 18.9% 20.1% 19.2% 18.7% 19.7% 9.6% Interest DDA 208,583 201,085 202,097 190,857 169,171 39,412 % of Total 16.4% 17.4% 17.4% 17.1% 15.2% 23.3% Savings 285,902 237,987 241,761 231,855 244,157 41,745 % of Total 22.5% 20.6% 20.8% 20.8% 21.9% 17.1% Money Market 257,013 222,161 228,182 225,650 221,362 35,651 % of Total 20.2% 19.3% 19.7% 20.2% 19.9% 16.1% Time Deposits 279,276 259,217 265,068 258,582 258,257 21,019 % of Total 22.0% 22.5% 22.9% 23.2% 23.2% 8.1% Total Deposits$ 1,271,220 $ 1,152,605 $ 1,159,533 $ 1,115,188 $ 1,112,342 $ 158,878 Total Growth Percentage 14.3% Asset Quality As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025. The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management. "Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management," stated Mark Klein, Chairman, President, and CEO. "While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth." Nonperforming Assets ($ in thousands, except ratios)Mar. 2025Dec. 2024Sep. 2024Jun. 2024Mar. 2024 Annual ChangeCommercial & Agriculture$3,418 $2,927 $2,899 $2,781 $897 $2,521 % of Total Com./Ag. loans 1.82% 1.55% 1.54% 1.48% 0.49% 281.0% Commercial RE 798 807 813 475 49 749 % of Total CRE loans 0.16% 0.17% 0.18% 0.11% 0.01% 1528.6% Residential RE 1,608 1,539 1,536 1,247 1,295 313 % of Total Res. RE loans 0.50% 0.50% 0.49% 0.39% 0.41% 24.2% Consumer & Other 227 243 270 231 193 34 % of Total Con./Oth. loans 0.31% 0.35% 0.40% 0.35% 0.30% 17.6% Total Nonaccruing Loans 6,051 5,516 5,518 4,734 2,434 3,617 % of Total loans 0.56% 0.53% 0.54% 0.47% 0.25% 148.6% Foreclosed Assets and Other Assets 73 - - 510 510 (437)Total Change (%) -85.7% Total Nonperforming Assets$6,124 $5,516 $5,518 $5,244 $2,944 $3,180 % of Total assets 0.41% 0.40% 0.40% 0.39% 0.22% 108.02% Webcast and Conference Call The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, 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 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 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 and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”. 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 valuation adjustment and any gain on sale of assets 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. KleinChairman, President and Chief Executive OfficerMark.Klein@YourStateBank.com Anthony V. CosentinoExecutive Vice President and Chief Financial OfficerTony.Cosentino@YourStateBank.com SB FINANCIAL GROUP, INC. CONSOLIDATED BALANCE SHEETS - (Unaudited) March December September June March ($ in thousands) 2025 2024 2024 2024 2024 ASSETS Cash and due from banks $105,145 $25,928 $49,348 $21,983 $26,602 Interest bearing time deposits 1,565 1,565 1,706 2,417 2,417 Available-for-sale securities 199,721 201,587 211,511 207,856 213,239 Loans held for sale 4,286 6,770 8,927 7,864 4,730 Loans, net of unearned income 1,088,274 1,046,735 1,029,955 1,005,390 991,552 Allowance for credit losses (15,391) (15,096) (15,278) (15,612) (15,643) Premises and equipment, net 21,875 20,456 20,715 20,860 20,985 Federal Reserve and FHLB Stock, at cost 5,340 5,223 5,223 5,204 6,512 Foreclosed assets and other assets 73 - - 510 510 Interest receivable 5,072 4,908 4,842 4,818 3,706 Goodwill 27,158 23,239 23,239 23,239 23,239 Cash value of life insurance 30,871 30,685 30,488 30,294 30,103 Mortgage servicing rights 14,965 14,868 14,357 14,548 14,191 Other assets 12,048 12,649 8,916 12,815 13,869 Total assets $1,501,002 $1,379,517 $1,393,949 $1,342,186 $1,336,012 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non interest bearing demand $240,446 $232,155 $222,425 $208,244 $219,395 Interest bearing demand 208,583 201,085 202,097 190,857 169,171 Savings 285,902 237,987 241,761 231,855 244,157 Money market 257,013 222,161 228,182 225,650 221,362 Time deposits 279,276 259,217 265,068 258,582 258,257 Total deposits 1,271,220 1,152,605 1,159,533 1,115,188 1,112,342 Short-term borrowings 11,058 10,585 15,240 15,178 12,916 Federal Home Loan Bank advances 35,000 35,000 35,000 35,000 35,000 Trust preferred securities 10,310 10,310 10,310 10,310 10,310 Subordinated debt net of issuance costs 19,702 19,690 19,678 19,666 19,654 Interest payable 2,634 2,351 3,374 2,944 2,772 Other liabilities 19,552 21,468 17,973 18,421 19,295 Total liabilities 1,369,476 1,252,009 1,261,108 1,216,707 1,212,289 Shareholders' Equity Common stock 61,319 61,319 61,319 61,319 61,319 Additional paid-in capital 14,955 15,194 15,090 15,195 14,978 Retained earnings 117,397 116,186 113,515 112,104 109,938 Accumulated other comprehensive loss (26,872) (30,234) (24,870) (31,801) (31,547) Treasury stock (35,273) (34,957) (32,213) (31,338) (30,965) Total shareholders' equity 131,526 127,508 132,841 125,479 123,723 Total liabilities and shareholders' equity$1,501,002 $1,379,517 $1,393,949 $1,342,186 $1,336,012 SB FINANCIAL GROUP, INC.CONSOLIDATED STATEMENTS OF INCOME - (Unaudited) ($ in thousands, except per share & ratios) At and for the Three Months Ended March December September June MarchInterest income 2025 2024 2024 2024 2024 Loans Taxable $15,244 $14,920 $14,513 $13,883 $13,547 Tax exempt 115 122 127 124 123 Securities Taxable 1,169 1,178 1,192 1,226 1,274 Tax exempt 38 35 37 37 37 Other interest income 806 592 679 384 319 Total interest income 17,372 16,847 16,548 15,654 15,300 Interest expense Deposits 5,352 5,169 5,568 5,208 5,090 Repurchase agreements & other 24 41 43 36 34 Federal Home Loan Bank advances 362 369 369 370 613 Trust preferred securities 160 177 187 187 188 Subordinated debt 195 194 195 194 195 Total interest expense 6,093 5,950 6,362 5,995 6,120 Net interest income 11,279 10,897 10,186 9,659 9,180 Provision for credit losses 387 (76) 200 - - Net interest income after provision for loan losses 10,892 10,973 9,986 9,659 9,180 Noninterest income Wealth management fees 864 916 882 848 865 Customer service fees 879 842 870 875 880 Gain on sale of mtg. loans & OMSR 849 1,196 1,311 1,277 781 Mortgage loan servicing fees, net 611 816 39 565 763 Gain on sale of non-mortgage loans 15 10 20 105 10 Title insurance revenue 397 478 485 406 266 Net gain on sales of securities - - - - - Gain (loss) on sale of assets - - 200 - - Other 492 299 316 310 386 Total noninterest income 4,107 4,557 4,123 4,386 3,951 Noninterest expense Salaries and employee benefits 6,237 6,185 6,057 6,009 5,352 Net occupancy expense 893 702 706 707 769 Equipment expense 1,072 1,127 1,069 1,060 1,077 Data processing fees 1,439 821 758 727 769 Professional fees 1,034 895 659 615 758 Marketing expense 165 207 241 176 197 Telephone and communication expense 139 136 128 156 105 Postage and delivery expense 137 116 145 89 97 State, local and other taxes 224 224 208 230 245 Employee expense 174 168 228 159 178 Other expenses 896 422 804 743 735 Total noninterest expense 12,410 11,003 11,003 10,671 10,282 Income before income tax expense 2,589 4,527 3,106 3,374 2,849 Income tax expense 431 892 752 261 481 Net income $2,158 $3,635 $2,354 $3,113 $2,368 Common share data: Basic earnings per common share $0.33 $0.55 $0.35 $0.47 $0.35 Diluted earnings per common share$0.33 $0.55 $0.35 $0.47 $0.35 Average shares outstanding (in thousands): Basic: 6,481 6,575 6,660 6,692 6,715 Diluted: 6,502 6,599 6,675 6,700 6,723 SB FINANCIAL GROUP, INC.CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited) ($ in thousands, except per share & ratios)At and for the Three Months Ended March December September June MarchSUMMARY OF OPERATIONS 2025 2024 2024 2024 2024 Net interest income $11,279 $10,897 $10,186 $9,659 $9,180 Tax-equivalent adjustment 41 42 44 43 43 Tax-equivalent net interest income 11,320 10,939 10,230 9,702 9,223 Provision for credit loss 387 (76) 200 - - Noninterest income 4,107 4,557 4,123 4,386 3,951 Total operating revenue 15,386 15,454 14,309 14,045 13,131 Noninterest expense 12,410 11,003 11,003 10,671 10,282 Pre-tax pre-provision income 2,976 4,451 3,306 3,374 2,849 Net income 2,158 3,635 2,354 3,113 2,368 PER SHARE INFORMATION: Basic earnings per share (EPS) 0.33 0.55 0.35 0.47 0.35 Diluted earnings per share 0.33 0.55 0.35 0.47 0.35 Common dividends 0.145 0.145 0.140 0.140 0.135 Book value per common share 20.29 19.64 20.05 18.80 18.46 Tangible book value per common share (TBV) 15.79 16.00 16.49 15.26 14.93 Market price per common share 20.82 20.91 20.56 14.00 13.78 Market price to TBV 131.8% 130.7% 124.7% 91.8% 92.3%Market price to trailing 12 month EPS 12.2 12.1 11.8 7.9 7.9 PERFORMANCE RATIOS: Return on average assets (ROAA) 0.60% 1.04% 0.68% 0.93% 0.71%Pre-tax pre-provision ROAA 0.83% 1.28% 0.96% 1.01% 0.86%Return on average equity (ROE) 6.63% 11.13% 7.32% 10.16% 7.72%Return on average tangible equity 8.32% 13.58% 8.97% 12.59% 9.55%Efficiency ratio 80.00% 71.09% 76.78% 75.86% 78.17%Earning asset yield 5.23% 5.18% 5.16% 5.02% 4.97%Cost of interest bearing liabilities 2.32% 2.36% 2.53% 2.47% 2.55%Net interest margin 3.40% 3.35% 3.17% 3.10% 2.99%Tax equivalent effect 0.01% 0.01% 0.02% 0.01% 0.01%Net interest margin, tax equivalent 3.41% 3.36% 3.19% 3.11% 3.00%Non interest income/Average assets 1.14% 1.31% 1.20% 1.31% 1.19%Non interest expense/Average assets 3.45% 3.15% 3.20% 3.18% 3.08%Net noninterest expense/Average assets -2.31% -1.85% -2.00% -1.87% -1.90% ASSET QUALITY RATIOS: Gross charge-offs 87 195 29 - 66 Recoveries 2 13 2 16 9 Net charge-offs 85 182 27 (16) 57 Nonperforming loans/Total loans 0.56% 0.53% 0.54% 0.47% 0.25%Nonperforming assets/Loans & OREO 0.56% 0.53% 0.54% 0.52% 0.30%Nonperforming assets/Total assets 0.41% 0.40% 0.40% 0.39% 0.22%Allowance for credit loss/Nonperforming loans 254.35% 273.68% 276.83% 329.78% 642.69%Allowance for credit loss/Total loans 1.41% 1.44% 1.48% 1.55% 1.58%Net loan charge-offs/Average loans (ann.) 0.03% 0.07% 0.01% (0.01%) 0.02% CAPITAL & LIQUIDITY RATIOS: Loans/ Deposits 85.61% 90.81% 88.82% 90.15% 89.14%Equity/ Assets 8.76% 9.24% 9.53% 9.35% 9.26%Tangible equity/Tangible assets 6.96% 7.66% 7.97% 7.72% 7.63%Common equity tier 1 ratio (Bank) 12.35% 13.43% 13.19% 13.98% 13.84% END OF PERIOD BALANCES Total assets 1,501,002 1,379,517 1,393,949 1,342,186 1,336,012 Total loans 1,088,274 1,046,735 1,029,955 1,005,390 991,552 Deposits 1,271,220 1,152,605 1,159,533 1,115,188 1,112,342 Shareholders equity 131,526 127,508 132,841 125,479 123,723 Goodwill and intangibles 29,125 23,597 23,613 23,630 23,646 Tangible equity 102,401 103,911 109,228 101,849 100,077 Mortgage servicing portfolio 1,432,184 1,427,318 1,406,273 1,389,805 1,371,713 Wealth/Brokerage assets under care 519,158 547,697 557,724 525,713 525,517 Total assets under care 3,452,344 3,354,532 3,357,946 3,257,704 3,233,242 Full-time equivalent employees 262 252 248 249 245 Period end common shares outstanding 6,483 6,494 6,624 6,676 6,702 Market capitalization (all) 134,982 135,780 136,189 93,458 92,359 AVERAGE BALANCES Total assets 1,459,896 1,395,473 1,376,849 1,342,847 1,333,236 Total earning assets 1,346,354 1,301,872 1,283,407 1,246,099 1,230,736 Total loans 1,076,328 1,040,580 1,018,262 1,005,018 993,310 Deposits 1,227,449 1,163,531 1,145,964 1,120,367 1,091,803 Shareholders equity 131,944 130,647 128,608 122,510 123,058 Goodwill and intangibles 26,714 23,605 23,621 23,638 23,654 Tangible equity 105,230 107,042 104,987 98,872 99,404 Average basic shares outstanding 6,481 6,575 6,660 6,692 6,715 Average diluted shares outstanding 6,502 6,599 6,675 6,700 6,723 SB FINANCIAL GROUP, INC. Rate Volume Analysis - (Unaudited) For the Three Months Ended Mar. 31, 2025 and 2024 ($ in thousands)Three Months Ended Mar. 31, 2025 Three Months Ended Mar. 31, 2024 Average Average Average AverageAssetsBalanceInterestRate BalanceInterestRate Taxable securities$196,880 $1,2762.63% $210,252 $1,4132.70% Overnight Cash 66,460 6994.27% 20,729 1803.48% Nontaxable securities 6,686 382.30% 6,445 372.30% Loans, net 1,076,328 15,3595.79% 993,310 13,6705.52% Total earning assets 1,346,354 17,3725.23% 1,230,736 15,3004.99% Cash and due from banks 10,339 4,512 Allowance for loan losses (15,238) (15,830) Premises and equipment 21,082 21,281 Other assets 97,359 92,537 Total assets$1,459,896 $1,333,236 Liabilities Savings, MMDA and interest bearing demand$709,324 $2,9591.69% $605,243 $2,5251.67% Time deposits 276,253 2,3933.51% 258,592 2,5653.98% Repurchase agreements & other 13,106 240.74% 15,993 340.85% Advances from Federal Home Loan Bank 35,044 3624.19% 51,030 6134.82% Trust preferred securities 10,310 1606.29% 10,310 1887.31% Subordinated debt 19,694 1954.02% 19,646 1953.98% Total interest bearing liabilities 1,063,731 6,0932.32% 960,814 6,1202.55% Non interest bearing demand 241,872 - 227,968 - Total funding 1,305,603 1.89% 1,188,782 2.06% 44.20% 1 Other liabilities 22,349 21,396 Total liabilities 1,327,952 1,210,178 Equity 131,944 123,058 Total liabilities and equity$1,459,896 $1,333,236 Net interest income $11,279 $9,180 Net interest income as a percent of average interest-earning assets - GAAP measure3.40% 2.99% Net interest income as a percent of average interest-earning assets - non GAAP3.41% 3.00% - Computed on a fully tax equivalent (FTE) basis Non-GAAP reconciliationThree Months Ended ($ in thousands, except per share & ratios)Mar. 31, 2025 Mar. 31, 2024 Total Operating Revenue$15,386 $13,131 Adjustment to (deduct)/add OMSR recapture/impairment * (11) (181) Adjusted Total Operating Revenue 15,375 12,950 Total Operating Expense$12,410 $10,282 Adjustment for merger expenses (726) - Adjusted Total Operating Expense 11,684 10,282 Income before Income Taxes 2,589 2,849 Adjustment for OMSR*/Merger Expenses 715 (181) Adjusted Income before Income Taxes 3,304 2,668 Provision for Income Taxes 431 481 Adjustment for OMSR/Merger Expenses ** 150 (38) Adjusted Provision for Income Taxes 581 443 Net Income 2,158 2,368 Adjustment for OMSR*/Merger Expenses 565 (143) Adjusted Net Income 2,723 2,225 Diluted Earnings per Share 0.33 0.35 Adjustment for OMSR*/Merger Expenses 0.09 (0.02) Adjusted Diluted Earnings per Share$0.42 $0.33 Return on Average Assets 0.60% 0.71%Adjustment for OMSR*/Merger Expenses 0.15% -0.04% Adjusted Return on Average Assets 0.75% 0.67% *valuation adjustment to the Company's mortgage servicing rights **tax effect is calculated using a 21% statutory federal corporate income tax rate

SB Financial Group Announces First Quarter 2025 Results

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