SB Financial Group, Inc. Hosts Q3 2024 Financial Results Conference Call and Webcast

SB Financial Group, Inc. recently hosted a conference call and webcast to discuss its financial results for the third quarter ending on September 30, 2024. The transcript of the event has been furnished by the company as Exhibit 99.1 in an 8-K filing.

During the call, SB Financial Group reported a net income of $2.7 million for the quarter, with adjusted net income standing at $2.4 million after accounting for servicing rights impairment. Diluted earnings per share as adjusted increased to $0.41, reflecting a 3.3% rise from the prior year. Tangible book value per share also rose to $16.49, marking a 26% increase from the previous year.

Net interest income registered at $10.2 million, showing a 6.8% uptick from the same period in the previous year. Loan portfolios increased to $1.03 billion, recording a $41 million surge from the prior year. Mortgage originations for the quarter totaled $71 million, with expectations of reaching $188 million on a year-to-date basis.

SB Financial Group discussed their commitment to revenue diversity, focusing on enhancing fee-based revenue alongside traditional margin revenue. The company highlighted its aim to drive fee-based revenue to 35%, positioning them in the upper quartile of their peer group.

Alongside robust loan portfolio growth, the company emphasized its strategic initiatives aiming at revenue diversification, organic expansion, deepening client relationships, operational excellence, and ensuring stable asset quality metrics. SB Financial Group particularly mentioned their steady progress in the mortgage business line.

Mark Klein, Chairman, President, and CEO of SB Financial Group, expressed optimism about future growth prospects, buoyed by the company’s diversified business model, strong client relationships, and proactive risk management strategies.

SB Financial Group also announced a hike in dividends to $0.145 per share, reflecting a nearly 35% payout ratio. Furthermore, the company remains positive about the upcoming acquisition of Marblehead, expecting a favorable impact on earnings and franchise value.

The company plans to close the Marblehead acquisition in late January or early February 2025, pending necessary approvals. This development is anticipated to significantly bolster liquidity and contribute to margin expansion.

SB Financial Group is strategically positioned for continued growth supported by its robust financial performance and focused growth initiatives. The company remains confident about leveraging opportunities for sustained success heading into 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SB Financial Group’s 8K filing here.

SB Financial Group Company Profile

SB Financial Group, Inc operates as the financial holding company for the State Bank and Trust Company that provides a range of commercial banking and wealth management services to individual and corporate customers primarily in Ohio, Indiana, and Michigan. It offers checking, savings, money market accounts, as well as time certificates of deposit; and commercial, consumer, agricultural, and residential mortgage loans.