• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

SB Financial Group, Inc. Announces Second-Quarter and Six-Month 2014 Results

Near double-digit loan growth and 27 percent linked-quarter earnings growth


News provided by

SB Financial Group, Inc.

Jul 28, 2014, 08:30 ET

Share this article

Share this article


DEFIANCE, Ohio, July 28, 2014 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG), a diversified financial services company providing full-service community banking, mortgage banking, wealth management and item processing services, today reported earnings for the second quarter and six months ended June 30, 2014.

  • Second-quarter earnings of $1.2 million, a 27 percent increase over the linked quarter
  • Loan growth of 9.1 percent, up $42.1 million from the prior year, up $24.2 million from the linked quarter
  • Nonperforming assets at 0.93 percent of total assets
  • Operating expenses declined 6.4 percent from the prior year

Highlights*

Three Months Ended

Six Months Ended

(in $000's except ratios and per share data)

Jun. 2014

Jun. 2013

Jun. 2014

Jun. 2013

Net interest income (FTE)

$ 5,347

$ 5,448

$ 10,270

$ 10,840

Noninterest income

3,295

3,820

5,854

7,387

Noninterest expense

6,627

7,080

12,705

13,750

Net income

1,245

1,319

2,225

2,637

Earnings per diluted share

0.25

0.27

0.46

0.54

Net interest margin (FTE)

3.60%

3.86%

3.51%

3.86%

Return on assets

0.76%

0.82%

0.67%

0.82%

Return on equity

8.55%

9.70%

7.72%

9.76%

*Consolidated earnings for SB Financial include the results of the Company's Banking Group, consisting primarily of The State Bank and Trust Company ("State Bank" or the "Bank"), and the Company's data services subsidiary, Rurbanc Data Services, Inc. (dba "RDSI Banking Systems" or "RDSI").

"This was a very encouraging quarter for our Company. Improved economic conditions led to a more stable housing environment and lower unemployment. We saw increased loan demand in our traditional markets, as well as our low-share markets of Toledo and Columbus. Our growth this quarter reflects the improved market conditions and optimism of our customers," said Mark Klein, President and Chief Executive Officer of SB Financial Group. 

RESULTS OF OPERATIONS

Consolidated Revenue

Total revenue, consisting of net interest income on a fully tax equivalent (FTE) basis and noninterest income, was down 6.8 percent from the second quarter of 2013, but up 15.5 percent from the linked quarter.

  • Net interest income (FTE) was down 1.9 percent for the second quarter, but up 8.6 percent compared to the linked quarter
  • Net interest margin (FTE) was down 26 basis points for the second quarter, but up 14 basis points to the linked quarter
  • Noninterest income was down $0.5 million, or 13.7 percent, for the second quarter, but up $0.7 million, or 28.8 percent, for the linked quarter
  • Total revenue, consisting of net interest income on a fully tax equivalent basis and noninterest income, for the first six months of 2014 was $16.1 million, compared to $18.2 million for the first six months of 2013. The change was due primarily to lower mortgage volume and continued compression of net interest margin.

Mortgage Loan Business

For the second quarter of 2014, mortgage loan originations were $66.6 million, down $15.4 million, or 18.8 percent, from the year-ago second quarter, but up $33.0 million, or 98.1 percent, from the linked quarter. For the first six months of 2014, mortgage loan originations were $100.2 million, from $153.9 million in the first six-months of 2013.

Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $1.4 million for the second quarter of 2014, compared to $1.9 million for the year-ago quarter. The mortgage servicing valuation adjustment for the second-quarter 2014 was a negative $0.08 million, slightly worse than the linked quarter. The mortgage servicing portfolio at June 30, 2014, was $627.2 million, up $52.1 million, or 9.1 percent, from June 30, 2013.

Mr. Klein noted, "Mortgage volume returned to more normalized levels for our bank this quarter. The purchase market continued to dominate our production, contributing 96 percent of our $67 million in new originations in the quarter. We continue to add originators and take market share in all of our markets."

Mortgage Banking ($000's)

Three Months Ended


Jun. 2014

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Mortgage originations

$  66,563

$  33,602

$  39,679

$  55,192

$  81,945

Mortgage sales

49,091

27,961

33,921

58,101

67,050

Mortgage servicing portfolio

627,215

609,419

605,993

597,030

575,091

Mortgage servicing rights

5,375

5,228

5,180

5,076

4,613







Mortgage servicing revenue:






Loan servicing fees

387

380

388

367

350

OMSR amortization

(147)

(117)

(126)

(164)

(205)

Net administrative fees

240

263

262

203

145

OMSR valuation adjustment

(83)

(18)

(21)

205

273

Net loan servicing fees

156

245

241

408

418

Gain on sale of mortgages

1,211

572

776

1,356

1,450

Mortgage banking revenue, net

$1,368

$817

$1,017

$1,764

$1,868

Fee Income and Noninterest Expense

SB Financial's fee income includes revenue from a diverse group of services, such as wealth management, deposit fees and income from bank-owned life insurance. Wealth management assets under management stood at $332.3 million as of the second quarter of 2014. For the quarter, fee income as a percent of total revenue was 38.6 percent, down slightly from the prior year. For the first six months, fee income as a percentage of total revenue was 36.8 percent.

For the second quarter of 2014, noninterest expense (NIE) was down $0.5 million, or 6.4 percent, compared to the second quarter of 2013. For the first six months of 2014, operating expenses are down $1.0 million, or 7.6 percent, compared to the prior year first six months. While volume related costs were up slightly this quarter, we continue to see reductions in credit costs, employee benefits, and the reduction in state tax due to Ohio's new financial institution tax.

"Our fee income continues to be a competitive strength, particularly in the current interest-rate environment." Mr. Klein noted. "We are especially pleased that our fee income as a percentage of total revenue for the second-quarter 2014 was 38.6 percent, which is approaching the 40 percent level we target to achieve. We continue to manage our operating expenses, down over $1.0 million from the prior year." 

Fee Income / Noninterest Expense

(000's)


Jun. 2014

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Fee Income

$ 3,295

$ 2,559

$ 2,949

$ 3,710

$ 3,820

Fee Income / Total Revenue

38.6%

34.7%

37.1%

41.8%

41.7%

Fee Income / Average Assets

2.0%

1.6%

1.8%

2.3%

2.4%







Noninterest Expense

$ 6,627

$ 6,079

$ 6,199

$ 6,562

$ 7,080

Efficiency Ratio

76.0%

80.6%

76.4%

72.4%

75.5%

NIE / Average Assets

4.0%

3.8%

3.8%

4.1%

4.4%

Balance Sheet

Total assets as of June 30, 2014, were $662.5 million, up 4.9 percent from the year-ago quarter. Total equity as of June 30, 2014, was $59.0 million, up 8.5 percent from the year-ago quarter.

Total loans held for investment (HFI) were $506.1 million at June 30, 2014, up $42.1 million, or 9.1 percent, from the year-ago quarter. Commercial real estate loans accounted for the majority of growth, up $16.0 million, or 8.0 percent. Commercial and residential real estate loans rose $7.7 million and $11.8 million, respectively. Consumer loans included the growth in our branded credit card portfolio, with $1.0 million in balances and $6.4 million in available credit lines.

The investment portfolio of $89.3 million represented 13.5 percent of assets at June 30, 2014, which was down slightly from the prior year. Deposit balances of $524.1 million at June 30, 2014, increased by $12.7 million since June 30, 2013. Growth from the prior year included $9.2 million in checking and $3.5 million in time deposit balances.

Mr. Klein stated, "We saw broad and diverse growth in our loan portfolio this quarter compared to the year-ago quarter. All of our markets contributed to the higher loan volume, especially our lower market-share regions of Columbus and Toledo."

Loan Portfolio ($000's)

Jun. 2014

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Variance
YOY

Commercial

$  92,424

$  85,701

$  85,368

$  81,571

$  84,766

$   7,658

     % of Total

18.3%

17.8%

17.9%

17.2%

18.3%

9.0%

Commercial RE

215,824

212,502

205,301

209,739

199,795

16,029

     % of Total

42.6%

44.1%

43.0%

44.1%

43.1%

8.0%

Agriculture

43,475

39,028

39,210

39,636

38,552

4,923

     % of Total

8.6%

8.1%

8.2%

8.3%

8.3%

12.8%

Residential RE

105,054

97,857

99,620

96,477

93,292

11,762

     % of Total

20.8%

20.3%

20.9%

20.3%

20.1%

12.6%

Consumer & Other

49,350

46,836

47,804

47,810

47,630

1,720

     % of Total

9.7%

9.7%

10.0%

10.1%

10.3%

3.6%








Total Loans

$506,127

$481,924

$477,303

$475,233

$464,035

$ 42,092

Total Growth Percentage






9.1%











Asset Quality

SB Financial continues to improve its asset quality, reporting nonperforming assets of $6.2 million as of June 30, 2014, down $1.4 million, or 18.6 percent, from the year-ago quarter. Our 0.93 percent level of nonperforming to total assets was the lowest since the first quarter of 2007. Coverage of problem loans by the loan loss allowance was 116 percent at June 30, 2014.

"Our total past due loans declined to 58 basis points at quarter end, and our nonperforming asset percentage reached a seven-year low. The wide diversity in our markets provides a unique balance, which drives growth in higher quality assets," stated Mr. Klein. "Achieving and maintaining top-quartile asset quality continues to be a primary focus for us."

Summary of Nonperforming Assets ($000's)







Nonperforming Loan Category

Jun. 2014

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Commercial

$    1,485

$    1,818

$    2,316

$    2,738

$    982

     % of Total Commercial loans

1.6%

2.1%

2.7%

3.4%

1.2%

Commercial RE loans

699

753

532

642

519

     % of Total CRE loans

0.3%

0.4%

0.3%

0.3%

0.3%

Residential RE

1,534

1,555

1,651

1,837

2,285

     % of Total Res. RE loans

1.5%

1.6%

1.7%

1.9%

2.5%

Consumer & Other

288

280

345

363

600

     % of Consumer & Other loans

0.6%

0.6%

0.7%

0.8%

1.3%

Total Nonaccruing Loans

4,006

4,406

4,844

5,580

4,386

     % of Total Loans

0.8%

0.9%

1.0%

1.2%

1.0%

Accruing Restructured Loans

1,665

1,793

1,739

1,756

1,262

Total Nonaccruing & Restructured

$  5,671

$  6,199

$  6,583

$  7,336

$  5,648

     % of Total Loans

1.1%

1.3%

1.4%

1.5%

1.2%

OREO & Repossessed Vehicles

516

615

651

1,430

1,955

Total Nonperforming Assets

$  6,187

$  6,814

$  7,233

$  8,766

$  7,603

     % of Total Assets

0.9%

1.1%

1.1%

1.4%

1.2%

Capitalization

Improving capital ratios remains an important focus of management. The tangible equity ratio improved by 50 basis points over the past year and stood at 6.5 percent as of June 30, 2014. All bank regulatory ratios remain in excess of "well-capitalized" levels. At June 30, 2014, State Bank's Total Risk-Based Capital was estimated to be $61.6 million, $21.9 million above the "well-capitalized" level. The Total Risk-Based Capital Ratio is estimated at 12.4 percent.

The company will hold a related conference call and webcast today at 3:00 p.m. EDT. Interested parties may access the conference call by dialing 1-888-317-6016. The webcast can be accessed at http://www.yoursbfinancial.com/investorrelations.html. An audio replay of the call will be available on the SB Financial Group website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial Group, Inc. is a diversified financial services holding company with two wholly-owned operating subsidiaries: State Bank and RDSI Banking Systems (RDSI). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, mortgage banking and commercial and agricultural lending, operating through 17 banking centers in seven northwestern Ohio counties and one center in Fort Wayne, Indiana, as well as three loan production offices located in Columbus, Ohio, and Angola, Indiana. RDSI provides item processing services to community banks located primarily in the Midwest. SB Financial Group, Inc.'s common stock is listed on the NASDAQ Global Market under the 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, insurance and mortgage industries, competitive factors specific to markets in which SB Financial Group and its subsidiaries operate, future interest rate levels, legislative and regulatory actions, capital market conditions, general economic conditions, geopolitical events, the loss of key personnel and other factors. Additional factors that could cause results to differ from those described above can be found in the Company's Annual Report on Form 10-K and documents subsequently filed by SB Financial Group with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date on which they are made, and SB Financial Group 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 Group or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this release contains certain non-GAAP financial measures. Management believes that providing certain non-GAAP financial measures provides investors with information useful in understanding the Company's financial performance, its performance trends and financial position. Specifically, SB Financial Group provides measures based on "core operating earnings," which excludes merger, integration and restructuring expenses that are not reflective of on-going operations or not expected to recur. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results.

SB FINANCIAL GROUP, INC.  & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - (Unaudited)




















June


March


December


September


June




($ in Thousands)


2014


2014


2013


2013


2013















ASSETS












Cash and due from banks

$

13,778

$

14,860

$

13,137

$

19,016

$

10,750
















Securities available for sale, at fair value


85,586


93,305


89,793


86,620


95,379


Other securities - FRB and FHLB Stock


3,748


3,748


3,748


3,748


3,748

















Total investment securities


89,334


97,053


93,541


90,368


99,127
















Loans held for sale


8,290


7,165


3,366


2,407


10,715
















Loans, net of unearned income


506,127


481,924


477,303


475,233


464,035


Allowance for loan losses


(6,568)


(6,726)


(6,964)


(7,120)


(7,013)

















Net loans


499,559


475,198


470,339


468,113


457,022
















Premises and equipment, net


13,281


13,414


12,607


12,719


12,772


Cash surrender value of life insurance


13,059


12,982


12,906


12,826


12,742


Goodwill


16,353


16,353


16,353


16,353


16,353


Core deposits and other intangibles


393


524


655


784


913


Foreclosed assets held for sale, net


516


615


651


1,430


1,955


Mortgage servicing rights


5,375


5,228


5,180


5,076


4,613


Accrued interest receivable


1,456


1,423


1,281


1,694


1,575


Other assets


1,106


1,487


1,738


2,626


2,955


















Total assets

$

662,500

$

646,302

$

631,754

$

633,412

$

631,492











































LIABILITIES AND EQUITY












Deposits













Non interest bearing demand

$

87,706

$

84,265

$

81,570

$

78,217

$

76,355



Interest bearing demand


116,765


126,520


119,551


124,860


118,957



Savings


63,199


64,306


61,652


61,899


61,513



Money market


80,288


85,731


79,902


78,406


78,487



Time deposits


176,109


171,897


175,559


178,161


176,066


















Total deposits


524,067


532,719


518,234


521,543


511,378
















Notes payable


-


-


589


680


1,148


Advances from Federal Home Loan Bank


37,000


14,000


16,000


16,000


30,000


Repurchase agreements


17,246


16,905


14,696


14,836


9,314


Trust preferred securities


20,620


20,620


20,620


20,620


20,620


Accrued interest payable


655


425


639


448


715


Other liabilities


3,902


4,198


4,707


3,748


3,930


















Total liabilities


603,490


588,867


575,485


577,875


577,105
















Equity













Preferred stock


-


-


-


-


-



Common stock 


12,569


12,569


12,569


12,569


12,569



Additional paid-in capital


15,403


15,391


15,412


15,399


15,392



Retained earnings


31,757


30,708


29,899


28,846


27,648



Accumulated other comprehensive income


908


407


74


415


496



Treasury stock


(1,627)


(1,640)


(1,685)


(1,692)


(1,718)


















Total equity


59,010


57,435


56,269


55,537


54,387


















Total liabilities and equity

$

662,500

$

646,302

$

631,754

$

633,412

$

631,492





























SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)



















($ in thousands, except share data)


Three Months Ended



Six Months Ended























June


March


December


September


June



June


June

Interest income


2014


2014


2013


2013


2013



2014


2013


Loans

















  Taxable 

$

5,654

$

5,241

$

5,428

$

5,649

$

5,874


$

10,895

$

11,757


  Nontaxable


13


16


13


14


16



29


40


Securities

















  Taxable 


310


309


313


305


296



619


626


  Nontaxable


179


175


181


178


174



354


344





















Total interest income


6,156


5,741


5,935


6,146


6,360



11,897


12,767



















Interest expense

















Deposits


503


498


513


539


573



1,001


1,179


Repurchase Agreements & Other


4


11


14


13


15



15


31


Federal Home Loan Bank advances


71


74


82


83


84



145


174


Trust preferred securities


330


333


330


336


338



663


741





















Total interest expense


908


916


939


971


1,010



1,824


2,125





































Net interest income


5,248


4,825


4,996


5,175


5,350



10,073


10,642




















Provision for loan losses 


150


-


-


401


200



150


499



















Net interest income after provision
















  for loan losses


5,098


4,825


4,996


4,774


5,150



9,923


10,143



















Noninterest income

















Wealth Management Fees


649


632


689


669


652



1,281


1,295


Customer service fees


665


610


673


659


639



1,275


1,255


Gain on sale of mtg. loans & OMSR's


1,211


572


776


1,356


1,450



1,783


2,934


Mortgage loan servicing fees, net


156


245


241


408


418



401


597


Gain on sale of non-mortgage loans


84


23


303


44


82



107


238


Data service fees


322


306


295


333


458



628


872


Net gain on sales of securities


56


-


-


28


-



56


20


Gain/(loss) on sale/disposal of assets


(15)


(34)


(265)


15


(129)



(49)


(234)


Other income


167


205


237


198


250



372


410





















Total non-interest income


3,295


2,559


2,949


3,710


3,820



5,854


7,387





































Noninterest expense

















Salaries and employee benefits


3,451


3,120


3,027


3,343


3,688



6,571


7,127


Net occupancy expense


485


573


494


507


513



1,058


1,054


Equipment expense


645


639


651


701


703



1,284


1,458


Data processing fees


249


211


254


189


194



460


271


Professional fees


465


338


443


456


499



803


928


Marketing expense


170


123


136


135


92



293


200


Telephone and communication


107


112


110


156


158



219


316


Postage and delivery expense


187


204


173


199


209



391


424


State, local and other taxes


95


92


138


140


138



187


272


Employee expense


140


115


154


125


126



255


278


Intangible amortization expense


131


131


129


129


153



262


306


OREO Impairment


-


-


-


-


-



-


33


Other expenses


502


421


490


482


607



922


1,083





















Total non-interest expense


6,627


6,079


6,199


6,562


7,080



12,705


13,750





































Income before income tax expense


1,766


1,306


1,746


1,922


1,890



3,072


3,780




















Income tax expense 


521


326


522


578


571



847


1,143



















Net income 

$

1,245

$

980

$

1,224

$

1,344

$

1,319


$

2,225

$

2,637



















Common share data:

















Basic earnings per common share

$

0.26

$

0.20

$

0.25

$

0.28

$

0.27


$

0.46

$

0.54




















Diluted earnings per common share

$

0.25

$

0.20

$

0.25

$

0.28

$

0.27


$

0.46

$

0.54



















Average shares outstanding ($ in thousands):















Basic:


4,875


4,871


4,870


4,867


4,866



4,873


4,863


Diluted: 


4,893


4,894


4,882


4,881


4,870



4,894


4,870



























































































SB FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)

















($ in thousands, except per share data)


Three Months Ended



Six Months Ended

















SUMMARY OF OPERATIONS


June
2014


March
2014


December
2013


September
2013


June
2013



June
2014


June
2013


















Net interest income

$

5,248


4,825


4,996


5,175


5,350



10,073


10,642



Tax-equivalent adjustment

$

99


98


100


99


98



197


198


Tax-equivalent net interest income

$

5,347


4,923


5,096


5,274


5,448



10,270


10,840


Provision for loan loss

$

150


-


-


401


200



150


499


Noninterest income

$

3,295


2,559


2,949


3,710


3,820



5,854


7,387


Total revenue, tax-equivalent

$

8,642


7,482


8,045


8,984


9,268



16,124


18,227


Noninterest expense

$

6,627


6,079


6,199


6,562


7,080



12,705


13,750


Pre provision pretax income

$

1,917


1,306


1,746


2,323


2,090



3,222


4,279


Pretax income

$

1,766


1,306


1,746


1,922


1,890



3,072


3,780


 Net income

$

1,245


980


1,224


1,344


1,319



2,225


2,637

































PER SHARE INFORMATION:

















Basic earnings per share

$

0.26


0.20


0.25


0.28


0.27



0.46


0.54


Diluted earnings per share

$

0.25


0.20


0.25


0.28


0.27



0.46


0.54


Common dividends

$

0.040


0.035


0.035


0.03


0.055



0.075


0.055


Book value per common share

$

12.10


11.78


11.55


11.42


11.17



12.10


11.17


Tangible book value per common share

$

8.67


8.32


8.06


7.89


7.63



8.67


7.63

































PERFORMANCE RATIOS:

















Return on average assets


0.76%


0.61%


0.76%


0.84%


0.82%



0.67%


0.82%


 Return on average common equity


8.55%


6.88%


8.75%


9.82%


9.70%



7.72%


9.76%


Return on avg. tangible common equity


12.01%


9.89%


12.71%


14.43%


14.35%



10.91%


14.42%


Efficiency ratio


76.03%


80.55%


76.40%


72.40%


75.54%



78.13%


74.57%


Earning asset yield


4.16%


4.10%


4.31%


4.40%


4.58%



4.07%


4.62%


Cost of interest bearing liabilities


0.72%


0.74%


0.76%


0.79%


0.81%



0.73%


0.85%


Net interest margin


3.53%


3.39%


3.50%


3.65%


3.79%



3.45%


3.79%


Tax equivalent effect


0.07%


0.07%


0.07%


0.07%


0.07%



0.06%


0.07%


Net interest margin - fully tax equivalent basis


3.60%


3.46%


3.57%


3.72%


3.86%



3.51%


3.86%

































ASSET QUALITY RATIOS:

















Gross charge-offs

$

330


323


163


307


213



653


349


Recoveries

$

21


85


7


13


34



106


52


Net charge-offs

$

309


238


156


294


179



547


297


Nonaccruing loans/ Total loans


0.79%


0.91%


1.01%


1.14%


0.95%



0.79%


0.95%


Nonperforming loans/ Total loans


1.12%


1.29%


1.38%


1.51%


1.22%



1.12%


1.22%


Nonperforming assets/ Loans & OREO


1.22%


1.41%


1.51%


1.80%


1.63%



1.22%


1.63%


Nonperforming assets/ Total assets


0.93%


1.05%


1.14%


1.36%


1.20%



0.93%


1.20%


Allowance for loan loss/ Nonperforming loans


115.8%


108.5%


105.8%


99.4%


124.2%



115.82%


124.2%


Allowance for loan loss/ Total loans


1.30%


1.40%


1.46%


1.50%


1.51%



1.30%


1.51%


Net loan charge-offs/ Average loans (ann.)


0.25%


0.20%


0.13%


0.25%


0.15%



0.22%


0.13%


Loan loss provision/ Net charge-offs


48.54%


0.00%


0.00%


136.39%


111.73%



27.42%


168.01%

































CAPITAL & LIQUIDITY RATIOS:

















Loans/ Deposits


96.58%


90.46%


92.10%


91.12%


90.74%



96.58%


90.74%


Equity/ Assets


8.91%


8.89%


8.91%


8.77%


8.61%



8.91%


8.61%


Tangible equity/ Tangible assets


6.54%


6.44%


6.39%


6.23%


6.04%



6.54%


6.04%

















END OF PERIOD BALANCES

















Total loans

$

506,127


481,924


477,303


475,233


464,035



506,127


464,035


Total assets

$

662,500


646,302


631,754


633,412


631,492



662,500


631,492


Deposits

$

524,067


532,719


518,234


521,543


511,378



524,067


511,378


Stockholders equity

$

59,010


57,435


56,269


55,537


54,387



59,010


54,387


Intangibles

$

16,746


16,877


17,008


17,137


17,266



16,746


17,266


Tangible equity

$

42,264


40,558


39,261


38,400


37,121



42,264


37,121


Full-time equivalent employees


193


197


200


196


198



193


198


Period end basic shares outstanding


4,875


4,874


4,870


4,864


4,867



4,875


4,867

































AVERAGE BALANCES

















Total loans

$

500,167


476,553


479,701


474,349


464,105



488,425


462,058


Total earning assets

$

594,256


569,524


571,332


567,787


564,050



584,632


561,665


Total assets

$

658,108


646,864


645,148


636,437


640,382



659,187


639,698


Deposits

$

531,786


524,145


525,334


516,669


520,259



527,956


522,585


Stockholders equity

$

58,276


56,977


55,925


54,758


54,398



57,654


54,020


Intangibles

$

16,811


17,347


17,404


17,504


17,633



16,877


17,437


Tangible equity

$

41,465


39,630


38,521


37,254


36,765



40,777


36,583

SB FINANCIAL GROUP, INC.


Rate Volume Analysis - (Unaudited)


For the Three & Six Months Ended June 30, 2014 and 2013









($ in Thousands)


Three Months Ended June 30, 2014



Three Months Ended June 30, 2013




Average


Average



Average


Average

Assets


Balance

Interest

Rate



Balance

Interest

Rate













Taxable securities

$

76,271

310

1.63%


$

83,152

296

1.43%


Nontaxable securities


17,818

271

6.09%



16,793

264

6.28%


Federal funds sold


-

-

     N/A



-

-

     N/A


Loans, net


500,167

5,674

4.54%



464,105

5,898

5.08%













       Total earning assets


594,256

6,255

4.21%



564,050

6,458

4.58%













Cash and due from banks


12,767





21,248




Allowance for loan losses


(6,780)





(6,960)




Premises and equipment


13,872





15,162




Other assets


43,993





46,882















      Total assets

$

658,108




$

640,382














Liabilities











Savings and interest bearing demand

$

272,189

19

0.03%


$

264,530

18

0.03%


Time deposits


173,809

484

1.11%



178,162

555

1.25%


Repurchase agreements & Other


15,594

4

0.10%



11,774

15

0.51%


Advances from Federal Home Loan Bank


21,663

71

1.31%



21,571

84

1.56%


Trust preferred securities


20,620

330

6.40%



20,620

338

6.56%













      Total interest bearing liabilities


503,875

908

0.72%



496,657

1,010

0.81%













Non interest bearing demand


85,788





77,567




Other liabilities


10,169





11,760















      Total liabilities


599,832





585,984















Equity


58,276





54,398















      Total liabilities and equity

$

658,108




$

640,382















Net interest income (tax equivalent basis)



$              5,347





$              5,448














Net interest income as a percent of average interest-earning assets


3.60%





3.86%















Six Months Ended June 30, 2014



Six Months Ended June 30, 2013




Average


Average



Average


Average

Assets


Balance

Interest

Rate



Balance

Interest

Rate













Taxable securities

$

76,883

619

1.61%


$

83,336

626

1.50%


Nontaxable securities


19,324

536

5.55%



16,271

521

6.40%


Federal funds sold


-

-

     N/A



-

-

     N/A


Loans, net


488,425

10,939

4.48%



462,058

11,818

5.12%













       Total earning assets


584,632

12,094

4.14%



561,665

12,965

4.62%













Cash and due from banks


19,784





22,867




Allowance for loan losses


(6,881)





(6,912)




Premises and equipment


13,711





15,142




Other assets


47,941





46,936















      Total assets

$

659,187




$

639,698














Liabilities











Savings and interest bearing demand

$

269,190

136

0.10%


$

262,183

39

0.03%


Time deposits


173,781

865

1.00%



183,151

1,140

1.24%


Repurchase agreements & Other


17,009

15

0.18%



11,625

31

0.53%


Advances from Federal Home Loan Bank


18,493

145

1.57%



19,599

174

1.78%


Trust preferred securities


20,620

663

6.43%



20,620

741

7.19%













      Total interest bearing liabilities


499,093

1,824

0.73%



497,178

2,125

0.85%













Non interest bearing demand


84,985





77,251




Other liabilities


17,455





11,249















      Total liabilities


601,533





585,678















Equity


57,654





54,020















      Total liabilities and equity

$

659,187




$

639,698















Net interest income (tax equivalent basis)



$            10,270





$            10,840

























Net interest income as a percent of average interest-earning assets


3.51%





3.86%












SOURCE SB Financial Group, Inc.

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.