From GlobeNewswire: 2025-01-23 16:15:00

SB Financial Group, Inc. reported earnings for the fourth quarter of 2024, with net income of $3.6 million, down 6.4% from the previous year. Interest income increased by 11.4% to $16.8 million, and loans grew by $46.5 million. Deposits rose to $1.15 billion, with tangible book value per share reaching $16.00, up 6.8% from the prior year.

For the twelve months ended December 31, 2024, net income decreased slightly to $11.5 million, with diluted EPS at $1.72. Deposits increased by 7.7% to $1.15 billion, while total interest income grew by 10.7%. Net interest income improved slightly to $39.9 million, or 1.7%.

SB Financial Group’s mortgage banking operations showed strong results, with mortgage originations increasing by 83.3% year-over-year to $72.5 million. The mortgage servicing portfolio also expanded to $1.43 billion, strengthening recurring revenue streams. Net mortgage banking revenue for the quarter was $2.0 million, up 18.1% from 2023.

Noninterest income for the fourth quarter was $4.6 million, with gains in net mortgage loan servicing fees and wealth management fees. Noninterest expense remained unchanged at $11.0 million compared to the previous quarter. The efficiency ratio improved to 71.09%, showcasing strategic cost management.

SB Financial Group’s balance sheet showed total assets of $1.38 billion as of December 31, 2024, driven by loan portfolio growth and increased deposits. The company repurchased 130,465 shares during the quarter. Chairman and CEO Mark A. Klein highlighted the commitment to disciplined growth and enhancing shareholder value.

Asset quality metrics remained strong, with nonperforming assets at $5.5 million, or 0.40% of total assets. The allowance for credit losses stood at 1.44% of total loans, providing coverage of 273.7% for nonperforming loans. Net loan charge-offs remained modest at 7 basis points.

SB Financial Group will hold a conference call on January 24, 2025, to discuss their fourth quarter earnings. The company’s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SBFG.” Forward-looking statements and non-GAAP financial measures were also disclosed in the report to provide a comprehensive overview of the company’s financial performance.



Read more at GlobeNewswire:: SB Financial Group Announces Fourth Quarter 2024 Results