SB Financial Group (SBFG) Reports Q3 EPS of $0.48, Revenues Beat

SB Financial Group (NASDAQ: SBFG) reported Q3 EPS of $0.48, versus $0.40 reported last year. Revenue for the quarter came in at $14.42 million versus the consensus estimate of $8.7 million.

Third-quarter 2019 highlights over prior-year third quarter include:

• Total assets increased to $1.04 billion, up $63.6 million, or 6.5 percent
• Net income of $3.8 million, up $0.7 million, or 20.7 percent
• Diluted earnings per share (EPS) of $0.48, up $0.09 per share, or 23.1 percent
• Tangible book value (TBV) per share increased 9.1 percent to $16.23 per share

Consolidated Revenue

Total operating revenue, consisting of net interest income and noninterest income, was up 13.3 percent from the third quarter of 2018, and up 15.2 percent from the linked quarter.

• Net interest income was up 6.2 percent from the year-ago quarter, and up 2.6 percent from the linked quarter.
• Net interest margin (FTE) was down 3 basis points from the year-ago quarter, but up 5 basis points from the linked quarter.
• Noninterest income was up 27.7 percent from the year-ago quarter, and up 45.4 percent from the linked quarter.

Funding costs, primarily from retail deposits have increased from the prior year and from the linked quarter. Deposit cost of funds for the most recent quarter of 1.06 percent are up from 0.77 percent in the prior-year quarter. From the linked quarter, deposit cost of funds are up five basis points from 1.01 percent.

"This quarter, we delivered record core quarterly earnings of $0.48 per diluted share, which is up 23 percent from the prior year," said Mark A. Klein, Chairman, President and CEO of SB Financial. "We originated $158 million in residential mortgage loans, also a quarter record, while growing our loan portfolio nearly $9 million."

For earnings history and earnings-related data on SB Financial Group (SBFG) click here.

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