Company News: Page (1) of 1 - 04/20/17

SB Financial Group, Inc. Announces Strong First-Quarter 2017 Results

Year-over-year earnings per share growth of 19% and loan growth of 9%

April 20, 2017 --

DEFIANCE, Ohio, April 20, 2017 /PRNewswire/ -- 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, item and statement processing services, today reported earnings for the first-quarter ended March 31, 2017.

First-quarter 2017 highlights over prior-year first quarter include:

  • Net income of $2.0 million, an increase of 20.4 percent, or $0.3 million
  • Return on average assets of 0.96 percent, up 10.3 percent, or 9 basis points
  • Diluted earnings per share (EPS) of $0.31, an increase of 19.2 percent, or $0.05 per share
  • Loan growth of $49.6 million, or 8.6 percent
  • Deposit growth of $74.9 million, or 11.7 percent
  • Mortgage origination volume of $56.7 million, a decrease of 21.2 percent, or $15.3 million; servicing portfolio of $917.4 million, up 15.7 percent, or $124.7 million

 


Highlights

Three Months Ended


($000's except ratios and share data)

Mar. 2017

Mar. 2016

 

% Change

Operating revenue

$ 10,308

$ 9,551

7.9%

Interest income

7,414

6,827

8.6

Interest expense

908

715

27.0

Net interest income

6,506

6,112

6.4

Noninterest income

3,802

3,439

10.6

Noninterest expense

7,382

6,895

7.1

Net income

1,993

1,655

20.4

Earnings per diluted share

0.31

0.26

19.2

Net interest margin (FTE)

3.59%

3.75%

(4.3)

Return on average assets

0.96%

0.87%

10.3

Return on average equity

9.13%

8.03%

13.7













"SB Financial Group's first-quarter diluted EPS was up 19 percent compared to the prior-year quarter, due to strong SBA loan sales offsetting a softer mortgage origination quarter," said Mark A. Klein, Chairman, President and CEO of SB Financial.  "We were encouraged to see asset quality metrics continue to improve, with non-performing assets ending the quarter at just 56 basis points."

RESULTS OF OPERATIONS

Consolidated Revenue

Total operating revenue, consisting of net interest income and noninterest income, was up 7.9 percent from the first quarter of 2016, and down 12.5 percent from the linked quarter.

  • Net interest income was up 6.4 percent from the year-ago quarter, and down 2.1 percent from the linked quarter. 
  • Net interest margin (FTE) was down 14 basis points from the year-ago quarter, and down 10 basis points from the linked quarter.   The year-over-year decline was due to lower loan volume, decreased mortgage loan fees and higher deposit funding costs.
  • Noninterest income was up 10.6 percent from the year-ago quarter, and down 25.9 percent from the linked quarter. 

Mortgage Loan Business

Mortgage loan originations for the first quarter of 2017 were $56.7 million, down $15.3 million, or 21.2 percent, from the year-ago quarter.  Total sales of originated loans were $50.5 million, down $8.9 million, or 15.0 percent from the year-ago quarter.

Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $1.6 million for the first quarter of 2017, compared to $0.9 million for the year-ago quarter, or a 74.5 percent increase.  The mortgage servicing valuation adjustment for the first quarter 2017 was a positive $0.03 million, compared to a negative adjustment of $0.8 million for the first quarter of 2016.  The aggregate servicing valuation impairment ended the quarter at $0.2 million.  The mortgage servicing portfolio at March 31, 2017, was $917.4 million, up $124.7 million, or 15.7 percent, from $792.7 million at March 31, 2016.

Mr. Klein noted, "The rise in rates impacted our mortgage production as we saw volume decline 15 percent compared to the prior year.  Refinance activity has slowed significantly, but our purchase volume hit a high level of 93 percent of total volume for the quarter."

 

Mortgage Banking ($000's)



Mar. 2017

Dec. 2016

Sep. 2016

Jun. 2016

Mar. 2016

Mortgage originations

$  56,667

$  83,469

$  117,209

$  110,210

$  71,941

Mortgage sales

50,473

81,689

101,147

95,150

59,383

Mortgage servicing portfolio

917,435

899,710

868,783

831,781

792,666

Mortgage servicing rights

8,927

8,422

6,887

6,494

6,608







Mortgage servicing revenue:






Loan servicing fees

566

553

531

505

491

OMSR amortization

(218)

(462)

(397)

(309)

(170)

Net administrative fees

348

91

134

196

321

OMSR valuation adjustment

35

1,233

71

(469)

(767)

Net loan servicing fees

383

1,324

205

(273)

(446)

Gain on sale of mortgages

1,250

2,002

2,503

2,284

1,383

Mortgage banking revenue, net

$1,633

$3,326

$2,708

$2,011

$937

 

Noninterest Income and Noninterest Expense

SB Financial's noninterest income includes revenue from a diverse group of services, such as wealth management, deposit fees and from the sale of small business loans (SBA).  SBA activity for the quarter was brisk, with total loan volume of $4.6 million and gains of $0.4 million.  Wealth management assets under our care stood at $404.3 million as of March 31, 2017.  For the first quarter of 2017, noninterest income as a percentage of total revenue was 36.9 percent.  The recapture of servicing rights positively impacted the quarter by $0.03 million

For the first quarter of 2017, noninterest expense (NIE) of $7.4 million, was up $0.5 million, or 7.1 percent, compared to the same quarter last year.  The increase was due mainly to increases in staffing in our mortgage, wealth management and SBA divisions.  Compared to the linked quarter, NIE was down $0.5 million, or 6.1 percent.

Mr. Klein stated, "Since we recommitted to SBA lending in 2014, we have achieved steady growth as our gains for the first quarter of 2017 were double the gains we experienced over the entire calendar year of 2014.  Our pipeline continues to build in every region.  The equity markets and expanded production resulted in total wealth assets under our care eclipsing the $400 million mark at March 31." 

 

Noninterest Income / Noninterest Expense

($000's)


Mar. 2017

Dec. 2016

Sep. 2016

Jun. 2016

Mar. 2016

Noninterest Income (NII)

$ 3,802

$ 5,128

$ 5,015

$ 4,307

$ 3,439

NII / Total Revenue

36.9%

43.6%

42.9%

40.1%

36.0%

NII / Average Assets

1.8%

2.5%

2.5%

2.2%

1.8%







Noninterest Expense (NIE)

$ 7,382

$ 7,859

$ 7,930

$ 7,407

$ 6,895

Efficiency Ratio

71.6%

66.7%

67.8%

69.0%

72.2%

NIE / Average Assets

3.6%

3.9%

4.0%

3.8%

3.6%

Net Noninterest Expense

(1.8)

(1.3)

(1.5)

(1.6)

(1.8)

 

Balance Sheet

Total assets as of March 31, 2017, were $846.8 million, up $72.0 million, or 9.3 percent, from a year ago.  Total equity as of March 31, 2017, was $88.0 million, up 6.0 percent, from a year ago, and was at 10.4 percent of total assets. 

Total loans held for investment were $626.7 million at March 31, 2017, up $49.6 million, or 8.6 percent, from March 31, 2016.  Commercial real estate loans were up $26.5 million, or 10.3 percent, and accounted for the majority of the total loan growth, Commercial (C & I) also rose $10.3 million or 11.2 percent.

The investment portfolio of $111.7 million, including Federal Reserve Bank and Federal Home Loan Bank stock, represented 13.2 percent of assets at March 31, 2017, and was up 9.8 percent from the year-ago period.  Deposit balances of $712.9 million at March 31, 2017, increased by $74.9 million, or 11.7 percent, since March 31, 2016.  Growth from the prior year included $7.6 million in checking and $67.3 million in savings and time deposit balances.

"Loan volume was lower than our expectations for the quarter, as we experienced some unanticipated pay-offs and delays in the timing of expected closings," said Mr. Klein.  However, our regional leaders are engaged in their markets and our pipelines are expanding.  The quarter saw further improvement in our top-quartile asset quality metrics, as net charge-offs were just three basis points and our level of non-performing assets is now down to 56 basis points." 

 

Loan Portfolio ($000's)

Mar. 2017

Dec. 2016

Sep. 2016

Jun. 2016

Mar. 2016

Variance
YOY

Commercial

$ 102,392

$ 109,087

$ 101,245

$ 100,651

$  92,086

$ 10,306

% of Total

16.4%

16.9%

16.4%

16.6%

16.0%

11.2%

Commercial RE

282,951

284,084

268,408

261,923

256,461

26,490

% of Total

45.1%

44.1%

43.3%

43.3%

44.4%

10.3%

Agriculture

47,580

52,475

54,609

52,375

42,467

5,113

% of Total

7.6%

8.2%

8.8%

8.7%

7.4%

12.0%

Residential RE

136,762

142,452

139,757

135,506

132,627

4,135

% of Total

21.8%

22.1%

22.6%

22.4%

23.0%

3.1%

Consumer & Other

57,037

56,335

55,333

54,321

53,493

3,545

% of Total

9.1%

8.7%

8.9%

9.0%

9.3%

6.6%








Total Loans

$626,722

$644,433

$619,352

$604,776

$577,134

$ 49,588

Total Growth Percentage






8.6%

 

 

 

Deposit Bal. ($000's)

Mar. 2017

Dec. 2016

Sep. 2016

Jun. 2016

Mar. 2016

Variance
YOY

Non-Int DDA

$ 124,664

$ 125,189

$ 116,976

$ 110,899

$ 112,209

$ 12,455

% of Total

17.5%

18.6%

17.7%

17.1%

17.6%

11.1%

Interest DDA

133,388

131,598

135,729

129,658

138,235

(4,847)

% of Total

18.7%

19.5%

20.5%

20.0%

21.7%

(3.5%)

Savings

103,901

95,594

89,265

84,975

86,038

17,863

% of Total

14.6%

14.2%

13.5%

13.1%

13.5%

20.8%

Money Market

138,915

122,976

126,501

134,365

120,672

18,243

% of Total

19.5%

18.3%

19.1%

20.7%

18.9%

15.1%

Certificates

212,047

197,716

193,673

188,403

180,874

31,173

% of Total

29.7%

29.4%

29.3%

29.1%

28.4%

17.2%








Total Deposits

$712,915

$673,073

$662,144

$648,300

$638,028

$ 74,887

Total Growth Percentage






11.7%











 

Asset Quality

SB Financial maintained its high-performing peer asset quality level during the quarter, reporting non-performing assets of $4.7 million as of March 31, 2017, down $3.8 million, or 44.3 percent, from the year-ago quarter.  The decrease from the prior year resulted from the full principal payoff of an existing delinquent commercial real estate credit that moved through foreclosure without loss.  SB Financial's nonperforming assets to total assets of 0.56 percent is in the top quartile of its 65-bank peer group.  The coverage of problem loans by the loan loss allowance was at 204.0 percent at March 31, 2017, up from the 89.3 percent at March 31, 2016.

 

Summary of Nonperforming Assets ($000's)









Nonperforming Category

Mar. 2017

Dec. 2016

Sep. 2016

Jun. 2016

Mar. 2016

Variance
YOY

Commercial & Agriculture

$ 187

$ 194

$ 151

$ 158

$ 164

$23

% of Total Com./Ag. loans

0.13%

0.12%

0.10%

0.12%

0.12%

14.0%

Commercial RE

939

1,194

1,393

5,309

5,218

(4,279)

% of Total CRE loans

0.33%

0.42%

0.52%

2.02%

2.03%

(82.0%)

Residential RE

1,126

1,162

1,152

1,088

1,156

(30)

% of Total Res. RE loans

0.82%

0.82%

0.82%

0.80%

0.87%

(2.6%)

Consumer & Other

130

187

193

138

46

84

% of Total Con./Oth. loans 

0.23%

0.33%

0.35%

0.25%

0.09%

N/M

Total Nonaccruing Loans

2,382

2,737

2,889

6,693

6,584

(4,202)

% of Total loans

0.38%

0.43%

0.47%

1.11%

1.14%

(63.8%)

Accruing Restructured Loans

1,383

1,590

1,588

1,381

1,482


 

Total Nonaccruing & Restructured Loans

$ 3,765

$ 4,327

$ 4,477

$ 8,074

$ 8,066

$ (4,301)

% of Total loans

0.60%

0.67%

0.72%

1.34%

1.40%

(53.3%)

Foreclosed Assets

950

994

73

157

406


 

Total Nonperforming Assets

$ 4,715

$ 5,321

$ 4,550

$ 8,231

$ 8,472

$ (3,757)

% of Total assets

0.56%

0.65%

0.57%

1.04%

1.09%

(44.3%)

 

Webcast and Conference Call

The Company will hold a related conference call and webcast on April 21, 2017, 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 http://www.yoursbfinancial.com/investorrelations.html.  An audio replay of the call will be available on the SB Financial website.

About SB Financial Group                                                                          

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company with two operating subsidiaries: State Bank and Diverse Computer Marketers (DCM). 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 19 banking centers; 18 in nine Ohio counties and one center in Fort Wayne, Indiana, and 24 full-service ATMs.  The Company has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan.  DCM provides item processing and statement production services to community banks located primarily in the Midwest.  SB Financial's common stock is listed on the NASDAQ Capital Market under the symbol "SBFG".  SB Financial's preferred stock is listed on the NASDAQ Capital Market under the symbol "SBFGP".  

In May 2016, SB Financial was ranked #160 on the American Banker Magazine's list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity ("ROE").

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

In addition to results presented in accordance with GAAP, this release contains certain non-GAAP financial measures. Management believes that including certain non-GAAP financial measures will provide investors with information useful in understanding the Company's financial performance, its performance trends and financial position. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results.

 

SB FINANCIAL GROUP, INC.  

CONSOLIDATED BALANCE SHEETS - (Unaudited)





















March


December


September


June


March





($ in Thousands)


2017


2016


2016


2016


2016

















ASSETS













Cash and due from banks

$

45,740


17,012


25,167


29,945


35,529


















Securities available for sale, at fair value


107,937


90,129


92,689


92,472


97,990



Other securities - FRB and FHLB Stock


3,748


3,748


3,748


3,748


3,748



















Total investment securities


111,685


93,877


96,437


96,220


101,738


















Loans held for sale


5,104


4,434


5,865


8,441


6,890


















Loans, net of unearned income


626,722


644,433


619,352


604,776


577,134



Allowance for loan losses


(7,679)


(7,725)


(7,320)


(7,450)


(7,205)



















Net loans


619,043


636,708


612,032


597,326


569,929


















Premises, equipment and software, net


19,909


19,129


18,673


18,806


18,994



Cash surrender value of life insurance


13,791


13,725


13,653


13,581


13,509



Goodwill & other intangibles


16,419


16,422


16,426


16,429


16,432



Foreclosed assets held for sale, net


950


994


73


157


406



Mortgage servicing rights


8,727


8,422


6,887


6,494


6,608



Accrued interest receivable


1,462


1,512


1,641


1,397


1,489



Other assets


4,018


3,770


4,946


4,367


3,296




















Total assets

$

846,848


816,005


801,800


793,163


774,820















































LIABILITIES AND EQUITY













Deposits














Non interest bearing demand

$

124,664


125,189


116,976


110,899


112,209




Interest bearing demand


133,388


131,598


135,729


129,658


138,235




Savings deposits


103,901


95,594


89,265


84,975


86,038




Money market deposits


138,915


122,976


126,501


134,365


120,672




Time deposits


212,047


197,716


193,673


188,403


180,874




















Total deposits


712,915


673,073


662,144


648,300


638,028


















Advances from Federal Home Loan Bank


15,500


26,500


23,000


23,000


21,000



Repurchase agreements


11,796


10,532


11,363


17,797


14,524



Trust preferred securities


10,310


10,310


10,310


10,310


10,310



Accrued interest payable


450


408


427


384


343



Other liabilities


7,849


8,634


8,293


8,422


7,564




















Total liabilities


758,820


729,457


715,537


708,213


691,769


















Equity














Preferred shares


13,983


13,983


13,983


13,983


13,983




Common shares


12,569


12,569


12,569


12,569


12,569




Additional paid-in capital


15,224


15,362


15,370


15,367


15,365




Retained earnings


48,118


46,688


44,933


42,925


41,199




Accumulated other comprehensive income


136


51


1,237


1,552


1,296




Treasury shares


(2,002)


(2,105)


(1,829)


(1,446)


(1,361)




















Total equity


88,028


86,548


86,263


84,950


83,051




















Total liabilities and equity

$

846,848


816,005


801,800


793,163


774,820


 

 

SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)















($ in thousands - except share data)


At and for the Three Months Ended




















March


December


September


June


March


Interest income



2017


2016


2016


2016


2016



Loans













  Taxable 

$

6,800


6,984


6,954


6,648


6,260



  Nontaxable


20


20


22


24


9



Securities













  Taxable 


461


364


378


392


402



  Nontaxable


133


144


145


149


156


















Total interest income


7,414


7,512


7,499


7,213


6,827
















Interest expense














Deposits


748


709


677


647


545



Repurchase Agreements & Other


4


2


5


4


5



Federal Home Loan Bank advances


86


86


83


77


106



Trust preferred securities


70


68


63


62


59


















Total interest expense


908


865


828


790


715






























Net interest income


6,506


6,647


6,671


6,423


6,112

















Provision for loan losses 


-


500


-


-


250
















Net interest income after provision












  for loan losses



6,506


6,147


6,671


6,423


5,862
















Noninterest income














Wealth Management Fees


667


657


695


643


633



Customer service fees


640


653


692


680


680



Gain on sale of mtg. loans & OMSR's

1,250


2,002


2,503


2,284


1,383



Mortgage loan servicing fees, net


383


1,324


205


(273)


(446)



Gain on sale of non-mortgage loans


430


52


327


151


449



Data service fees


193


184


223


233


277



Net gain on sales of securities


-


-


59


92


111



Gain/(loss) on sale/disposal of assets

-


-


(31)


186


22



Other income


239


256


342


311


330


















Total non-interest income


3,802


5,128


5,015


4,307


3,439
















Noninterest expense













Salaries and employee benefits


4,386


4,656


4,672


4,314


3,779



Net occupancy expense


560


533


523


524


565



Equipment expense


641


735


649


639


595



Data processing fees


370


384


352


339


305



Professional fees


363


404


380


326


316



Marketing expense


195


154


123


199


171



Telephone and communication


116


111


101


102


99



Postage and delivery expense


174


148


154


162


197



State, local and other taxes


167


154


170


171


99



Employee expense


145


182


117


128


118



Other expenses


265


398


689


503


651


















Total non-interest expense


7,382


7,859


7,930


7,407


6,895






























Income before income tax expense


2,926


3,416


3,756


3,323


2,406

















Income tax expense 


933


1,098


1,209


1,058


751
















Net income 



$

1,993


2,317


2,547


2,265


1,655
















Preferred Share Dividends 


244


244


244


244


244
















Net income available to common shares


1,749


2,073


2,303


2,021


1,411
















Common share data:













Basic earnings per common share

$

0.36


0.43


0.47


0.41


0.29

















Diluted earnings per common share

$

0.31


0.37


0.40


0.35


0.26
















Average shares outstanding ($ in thousands):













Basic:


4,859


4,846


4,874


4,893


4,896



Diluted: 


6,387


6,359


6,376


6,390


6,401


 

SB FINANCIAL GROUP, INC.

                                                  CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)                                               












($ in thousands, except per share data)


At and for the Three Months Ended














March


December


September


June


March

SUMMARY OF OPERATIONS


2017


2016


2016


2016


2016












   Net interest income 

$

6,506


6,647


6,671


6,423


6,112

         Tax-equivalent adjustment

$

79


84


86


89


85

   Tax-equivalent net interest income 

$

6,585


6,731


6,757


6,512


6,197

   Provision for loan loss 

$

-


500


-


-


250

   Noninterest income

$

3,802


5,128


5,015


4,307


3,439

   Total operating revenue

$

10,308


11,775


11,686


10,730


9,551

   Noninterest expense

$

7,382


7,859


7,930


7,407


6,895

   Pre-tax pre-provision income

$

2,926


3,916


3,756


3,323


2,656

   Pretax income

$

2,926


3,416


3,756


3,323


2,406

   Net income 

$

1,993


2,317


2,547


2,265


1,655

   Income available to common shareholders 

$

1,749


2,073


2,303


2,021


1,411












PER SHARE INFORMATION:











   Basic earnings per share

$

0.36


0.43


0.47


0.41


0.29

   Diluted earnings per share

$

0.31


0.37


0.40


0.35


0.26

   Common dividends

$

0.065


0.065


0.060


0.060


0.055

   Book value per common share

$

13.92


13.75


13.67


13.39


13.07

   Tangible book value per common share

$

11.83


11.59


11.49


11.15


10.74

   Market price per common share

$

16.72


16.05


12.53


10.87


10.31

   Market price per preferred share

$

16.85


15.85


13.50


11.83


11.19












PERFORMANCE RATIOS:











   Return on average assets (ROAA)


0.96%


1.14%


1.28%


1.15%


0.87%

   Pre-tax pre-provision ROAA


1.41%


1.92%


1.89%


1.69%


1.40%

   Return on average equity


9.13%


10.72%


11.90%


10.80%


8.03%

   Return on average tangible equity


14.00%


16.54%


18.45%


16.94%


12.74%

   Efficiency ratio 


71.59%


66.71%


67.83%


69.00%


72.16%

   Earning asset yield


4.08%


4.17%


4.29%


4.20%


4.18%

   Cost of interest bearing liabilities


0.60%


0.58%


0.56%


0.55%


0.51%

   Net interest margin


3.55%


3.64%


3.77%


3.69%


3.69%

   Tax equivalent effect


0.04%


0.05%


0.05%


0.06%


0.06%

   Net interest margin, tax equivalent 


3.59%


3.69%


3.82%


3.75%


3.75%

   Non interest income/Average assets


1.84%


2.52%


2.52%


2.20%


1.81%

   Non interest expense/Average assets


3.57%


3.86%


3.98%


3.78%


3.62%

   Net noninterest expense/Average assets


1.73%


1.34%


1.46%


1.58%


1.82%












ASSET QUALITY RATIOS:











   Gross charge-offs

$

51


269


136


2


94

   Recoveries

$

5


175


6


247


59

   Net charge-offs

$

46


95


130


(245)


35

   Nonaccruing loans/ Total loans


0.38%


0.42%


0.47%


1.11%


1.14%

   Nonperforming loans/ Total loans


0.60%


0.67%


0.72%


1.34%


1.40%

   Nonperforming assets/ Loans & OREO


0.75%


0.82%


0.73%


1.36%


1.47%

   Nonperforming assets/ Total assets


0.56%


0.65%


0.57%


1.04%


1.09%

   Allowance for loan loss/ Nonperforming loans


203.96%


178.53%


163.50%


92.27%


89.33%

   Allowance for loan loss/ Total loans


1.23%


1.20%


1.18%


1.23%


1.25%

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


0.03%


0.06%


0.08%


(0.16%)


0.02%

   Loan loss provision/ Net charge-offs


0.00%


526.32%


0.00%


0.00%


714.29%












CAPITAL & LIQUIDITY RATIOS:











   Loans/ Deposits


87.91%


95.74%


93.54%


93.29%


90.46%

   Equity/ Assets


10.39%


10.61%


10.76%


10.71%


10.72%

   Tangible equity/ Tangible assets


6.94%


7.02%


7.11%


7.02%


6.94%

   Tangible equity adjusted for conversion


8.62%


8.77%


8.89%


8.82%


8.78%












END OF PERIOD BALANCES











   Total assets

$

846,848


816,005


801,800


793,163


774,820

   Total loans 

$

626,722


644,433


619,352


604,776


577,134

   Deposits

$

712,915


673,073


662,144


648,300


638,028

   Stockholders equity

$

88,028


86,548


86,263


84,950


83,051

   Goodwill & intangibles

$

16,419


16,422


16,426


16,429


16,432

   Preferred equity

$

13,983


13,983


13,983


13,983


13,983

   Tangible equity

$

57,626


56,143


55,854


54,538


52,636

   Mortgage servicing portfolio

$

917,435


899,710


868,783


831,781


792,666

   Wealth/Brokerage assets under care

$

404,290


378,131


375,787


367,223


357,531

   Total assets under care

$

2,168,573


2,093,846


2,046,370


1,992,167


1,925,017

   Full-time equivalent employees


231


227


224


223


218

   Period end basic shares outstanding


4,873


4,844


4,860


4,892


4,900

   Period end outstanding (Series A Converted)


1,452


1,452


1,452


1,452


1,452












AVERAGE BALANCES











   Total assets

$

827,514


814,423


796,027


784,353


761,143

   Total earning assets 

$

734,378


729,525


707,679


694,629


661,891

   Total loans 

$

637,490


634,664


614,731


596,724


568,925

   Deposits

$

683,639


672,226


650,751


644,429


616,124

   Stockholders equity

$

87,344


86,433


85,616


83,894


82,378

   Intangibles

$

16,421


16,424


16,427


16,431


16,434

   Preferred equity

$

13,983


13,983


13,983


13,983


13,983

   Tangible equity

$

56,940


56,026


55,206


53,480


51,961

   Average basic shares outstanding


4,859


4,846


4,874


4,893


4,896

   Average diluted shares outstanding


6,387


6,359


6,376


6,390


6,401

 

 

SB FINANCIAL GROUP, INC.


Rate Volume Analysis - (Unaudited)


At and for the Three Months Ended March 31, 2017 and 2016









($ in Thousands)


Three Months Ended Mar. 31, 2017



Three Months Ended Mar. 31, 2016




Average


Average



Average


Average

Assets


Balance

Interest

Rate



Balance

Interest

Rate













Taxable securities

$

82,727

461

2.23%


$

76,617

402

2.10%


Nontaxable securities


14,161

202

5.69%



16,349

236

5.77%


Loans, net


637,490

6,830

4.29%



568,925

6,274

4.41%













       Total earning assets


734,378

7,493

4.08%



661,891

6,912

4.18%













Cash and due from banks


35,827





43,297




Allowance for loan losses


(7,800)





(7,120)




Premises and equipment


20,594





19,407




Other assets


44,515





43,668















      Total assets

$

827,514




$

761,143














Liabilities











Savings and interest bearing demand

$

358,542

172

0.19%


$

336,864

113

0.13%


Time deposits


203,113

576

1.13%



167,296

432

1.03%


Repurchase agreements & Other


13,801

4

0.12%



16,519

5

0.12%


Advances from Federal Home Loan Bank


22,972

86

1.50%



27,049

106

1.57%


Trust preferred securities


10,310

70

2.72%



10,310

59

2.29%













      Total interest bearing liabilities


608,738

908

0.60%



558,038

715

0.51%













Non interest bearing demand


121,984

-




111,964















      Total funding


730,722


0.50%



670,002


0.43%













Other liabilities


9,448





8,763















      Total liabilities


740,170





678,765















Equity


87,344





82,378















      Total liabilities and equity

$

827,514




$

761,143















Net interest income (tax equivalent basis)



$              6,585





$              6,197














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


3.59%





3.75%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sb-financial-group-inc-announces-strong-first-quarter-2017-results-300442966.html

SOURCE SB Financial Group, Inc.

Copyright 2014 PR Newswire. All Rights Reserved

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