SB Financial Group Reports Strong Fourth Quarter 2024 Results

SB Financial Group, Inc. (NASDAQ: SBFG) recently announced its financial results for the fourth quarter ended December 31, 2024. The company reported net income of $3.6 million for the quarter, representing a 6.4 percent decrease from the previous year, with diluted earnings per share (EPS) of $0.55. After adjusting for Originated Mortgage Servings Rights (OMSR) and the Visa B share sale from the prior year, diluted EPS would show an increase of $0.07 or 16.7 percent.

Interest income for the quarter reached $16.8 million, showing an 11.4 percent increase from the prior year, while there was a $46.5 million growth in loans, marking the third consecutive quarter of expanding loan growth year over year. The tangible book value per share ended the quarter at $16.00, indicating a 6.8 percent increase from the previous year.

For the twelve months ending December 31, 2024, SB Financial Group reported a slight decrease in net income to $11.5 million, a 5.2 percent decline from the previous year, with diluted EPS at $1.72, down 1.9 percent from $1.75. Adjusted EPS showed a 4.2 percent increase compared to the prior year. Total deposits rose by $82.4 million, or 7.7 percent to $1.15 billion, demonstrating the company’s strength in deposit gathering.

Mark A. Klein, Chairman, President, and CEO of SB Financial Group, expressed satisfaction with the results, showcasing the company’s ability to navigate challenges while delivering growth especially in key areas. The acquisition of Marblehead earlier this month is expected to bring significant liquidity through their low-cost deposit base, expanding SB Financial’s market presence in Northern Ohio.

Asset quality metrics indicate SB Financial Group’s strong position, with nonperforming assets at $5.5 million, representing 0.40 percent of total assets. The allowance for credit losses stood at 1.44 percent of total loans, showing conservative risk management practices. The net loan charge-offs to average loans ratio remained modest at 7 basis points.

SB Financial’s strategic allocation of resources led to total assets of $1.38 billion as of December 31, 2024. Loans increased to $1.05 billion, and total deposits grew to $1.15 billion. Shareholders’ equity ended the year at $127.5 million, reflecting the company’s commitment to enhancing shareholder value and prudent capital management.

The company’s continued focus on driving shareholder value, strategic growth, and maintaining financial stability positions SB Financial Group for sustained performance in the evolving economic landscape.

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.

About SB Financial Group

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.