SB Financial Group (SBFG) Tops Q2 EPS by 29c, Revenues Beat

SB Financial Group (NASDAQ: SBFG) reported Q2 EPS of $0.71, $0.29 better than the analyst estimate of $0.42. Revenue for the quarter came in at $17.49 million versus the consensus estimate of $8.9 million.

Second quarter 2020 highlights over prior-year second quarter include:

• Net income of $3.7 million; diluted earnings per share ("EPS") of $0.47
• Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights ("OMSR") impairment of $1.1 million and Edon merger costs of $1.2 million with a combined after-tax impact of $1.8 million, was $5.5 million, with EPS of $0.71
• Mortgage origination volume of $223.7 million, an increase of $125.2 million, or 127.2 percent

"SB Financial's second quarter results reflect the efforts of our staff working at full capacity to best serve our residential mortgage and small business clients and to integrate the Edon acquisition. Despite an OMSR impairment of $1.1 million and merger costs of $1.2 million, our GAAP diluted EPS were up 42 percent from the prior year. Adjusting for those events, EPS of $0.71 were up 78 percent from $0.40 in the prior year, reflecting the success of our balance sheet growth and revenue diversity strategies" said Mark A. Klein, Chairman, President, and CEO of SB Financial. "Our offices are back open and we remain committed to serving all of our clients in a safe and productive manner as we monitor the COVID-19 situation."

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

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