SB Financial Group, Inc. Announces First-Quarter 2015 Results

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6.2% year-over-year loan growth and 53% year-over-year earnings growth

April 27, 2015 4:15 PM EDT

DEFIANCE, Ohio, April 27, 2015 /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 and item processing services, today reported earnings for the first quarter ended March 31, 2015.

First-quarter highlights include:

  • Net income of $1.5 million for the first quarter represented a 52.7 percent increase over the prior year first quarter
  • Loan growth up $29.9 million, or 6.2 percent, from the prior year
  • Fully tax equivalent (FTE) revenue up 23.2 percent from the prior year
  • Net interest margin (FTE) of 3.71 percent for the quarter was up 25 basis points from the prior year
  • Asset quality remained strong for the quarter, with the nonperforming asset ratio at 0.86 percent at March 31, 2015
  • Positive operating leverage for the Company, as expenses were up 9.3 percent from the prior year

Highlights*

Three Months Ended

(in $000's except ratios and per share data)

Mar. 2015

Mar. 2014

% Change

Operating revenue (FTE)

$9,221

$7,482

23.2%

Interest income (FTE)

6,268

5,839

7.4

Interest expense

643

916

(29.8)

Net interest income (FTE)

5,625

4,923

14.3

Noninterest income

3,596

2,559

40.5

Noninterest expense

6,644

6,079

9.3

Net income

1,496

980

52.7

Earnings per diluted share

0.23

0.20

15.0

Net interest margin (FTE)

3.71%

3.46%

7.2

Return on assets

0.84%

0.61%

37.7

Return on equity

7.82%

6.88%

13.7

*Consolidated earnings for SB Financial include the results of the Company's Banking Group, consisting primarily of The State Bank and Trust Company ("State Bank" or the "Bank"), and the Company's data services subsidiary, Rurbanc Data Services, Inc. (dba RDSI Banking Systems) ("RDSI").

 

"We are pleased with our solid first-quarter results," said Mark Klein, President and Chief Executive Officer of SB Financial.  "We are especially pleased with our revenue growth for the quarter, which outpaced expense growth by 2.5 times." 

Klein continued, "Our mortgage volume of $75 million for the quarter exceeded  our expectations, and our secondary market sales for the quarter were the highest since the second quarter of 2013.  Our gains in Small Business Administration (SBA) loan sales  this quarter resulted from our concentrated calling efforts over the past year.  In addition to our robust financial results, we opened our 17th banking center on March 23, 2015, in Findlay, Ohio."

RESULTS OF OPERATIONS

Consolidated Revenue

Total revenue, consisting of net interest income on a fully tax equivalent (FTE) basis and noninterest income, was up 23.2 percent from the first quarter of 2014, and up 5.2 percent from the linked quarter.

  • Net interest income (FTE) was up 14.3 percent for the first quarter, and up 0.5 percent compared to the linked quarter.
  • Net interest margin (FTE) was up 25 basis points for the first quarter, but down 2 basis points from the linked quarter.
  • Net interest margin was impacted by the payoff of our fixed rate trust preferred securities late in the third quarter of 2014. For the first quarter, this early payoff increased margin by 18 basis points.
  • Noninterest income was up 40.5 percent for the first quarter, and up 13.7 percent from the linked quarter.

Mortgage Loan Business

Mortgage loan originations for the first quarter of 2015 were $75.0 million, up $41.4 million, or 123.1 percent, from the year-ago first quarter.  

Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $1.46 million for the first quarter of 2015, compared to $0.82 million for the year-ago quarter.  The mortgage servicing valuation adjustment for the first-quarter 2015 was a negative $0.08 million.  Our servicing valuation impairment ended the quarter at $0.49 million.  The mortgage servicing portfolio at March 31, 2015, was $687.4 million, up $77.9 million, or 12.8 percent, from $609.4 million at March 31, 2014.

Mr. Klein noted, "Our mortgage origination and sales volumes for the quarter increased substantially from the prior year.  We experienced a higher level of refinance volume this quarter, 25 percent of total volume, as the sustained low rates impacted customer behavior.  Further, we are pleased by the immediate impact that our new Findlay team had in our success this quarter.  The mortgage pipeline in all of our markets remains quite strong."

Mortgage Banking ($000's)

Mar. 2015

Dec. 2014

Sep. 2014

Jun. 2014

Mar. 2014

Mortgage originations

$  74,955

$  52,058

$  67,502

$  66,563

$  33,602

Mortgage sales

64,360

43,542

60,982

49,091

27,961

Mortgage servicing portfolio

687,361

665,710

649,669

627,215

609,419

Mortgage servicing rights

5,860

5,704

5,720

5,375

5,228

Mortgage servicing revenue:

Loan servicing fees

420

410

400

387

380

OMSR amortization

(282)

(174)

(175)

(147)

(117)

Net administrative fees

138

236

225

240

263

OMSR valuation adjustment

(80)

(193)

62

(83)

(18)

Net loan servicing fees

58

43

287

156

245

Gain on sale of mortgages

1,400

1,003

1,442

1,211

572

Mortgage banking revenue, net

1,458

1,046

$1,729

$1,368

$817

Fee Income and Noninterest Expense

SB Financial's fee income includes revenue from a diverse group of services, such as wealth management, deposit fees and income from bank-owned life insurance.  Wealth management assets under management stood at $332.0 million as of March 31, 2015.  For the first quarter of 2015, fee income as a percentage of total revenue was 39.4 percent, up from the prior year level of 34.7 percent.  

For the first quarter of 2015, noninterest expense (NIE) was up $0.6 million, or 9.3 percent, compared to the first quarter of 2014.  Compared to the linked quarter, NIE was up $0.3 million or 4.4 percent.  The growth in expenses resulted from increased mortgage and SBA commissions and higher marketing costs related to customer and account acquisitions.

"Our fee income continues to be a competitive strength," Mr. Klein stated.  "Mortgage volume this quarter was enhanced by a number of SBA and Farm Service Agency (FSA) loan sale gains.  We feel very confident about our SBA pipeline, as our lenders have been striving to find and deliver SBA qualified prospects.  Wealth management put a number of structural changes in place over the past several months, and this line of business will be a key factor in our 2015 results." 

Fee Income / Noninterest Expense

(000's)

Mar. 2015

Dec. 2014

Sep. 2014

Jun. 2014

Mar. 2014

Fee Income

$ 3,596

$ 3,164

$ 3,809

$ 3,295

$ 2,559

Fee Income / Total Revenue

39.4%

36.5%

41.6%

38.6%

34.7%

Fee Income / Average Assets

2.0%

1.8%

2.3%

2.0%

1.6%

Noninterest Expense

$ 6,644

$ 6,364

$ 6,888

$ 6,627

$ 6,079

Efficiency Ratio

72.2%

72.8%

74.6%

76.0%

80.6%

NIE / Average Assets

3.7%

3.7%

4.1%

4.0%

3.8%

Balance Sheet

Total assets as of March 31, 2015, were $717.6 million, up 11.0 percent from a year ago.  Total equity as of March 31, 2015, was $77.1 million, up 34.2 percent from a year ago.  Equity balances included the net impact of our capital raise completed in the fourth quarter of 2014, which added $14.0 million to total equity through the public offering of depository shares, each representing a 1/100th interest in our 6.50 percent Noncumulative Convertible Preferred Shares, Series A.

Total loans held for investment were $511.8 million at March 31, 2015, up $29.9 million, or 6.2 percent, from March 31, 2014.  Residential real estate loans accounted for the majority of growth, up $16.8 million, or 17.2 percent.  Commercial real estate and agricultural loans rose $5.1 million, or 2.4 percent, and $5.2 million, or 13.4 percent, respectively.

The investment portfolio, including Federal Reserve Bank and Federal Home Loan Bank stock, of $97.8 million represented 13.6 percent of assets at March 31, 2015, and was up slightly from a year ago.  Deposit balances of $578.3 million at March 31, 2015, increased by $27.4 million, or 5.0 percent since December 31, 2014.  Growth from December 31, 2014, included $10.9 million in checking and $16.5 million in savings and time deposit balances.

Mr. Klein said, "We continued to see solid growth of loans and deposits in our markets with the improving economy.  While we had some anticipated loan payoffs this quarter that held balances flat to the linked quarter, our pipeline is improving and we expect to show positive growth in the near term.  Nonperforming assets were down from the prior year by 9.0 percent, and our 86 basis point level of nonperforming assets is certainly in the top quartile."

Loan Portfolio ($000's)

  Mar. 2015

Dec. 2014

Sep. 2014

Jun. 2014

Mar. 2014

Variance YOY

Commercial

$  85,022

$  88,329

$  90,407

$  92,424

$  85,701

$ (679)

% of Total

16.6%

17.1%

17.9%

18.3%

17.8%

(0.8%)

Commercial RE

217,610

217,030

212,964

215,824

212,502

5,108

% of Total

42.5%

42.0%

42.1%

42.6%

44.1%

2.4%

Agriculture

44,266

46,217

44,162

43,475

39,028

5,238

% of Total

8.7%

9.0%

8.7%

8.6%

8.1%

13.4%

Residential RE

114,702

113,214

107,712

105,054

97,857

16,845

% of Total

22.4%

21.9%

21.3%

20.8%

20.3%

17.2%

Consumer & Other

50,184

51,546

50,679

49,350

46,836

3,348

% of Total

9.8%

10.0%

10.0%

9.7%

9.7%

7.2%

Total Loans

$511,784

$516,336

$505,924

$506,127

$481,924

$ 29,860

Total Growth Percentage

6.2%

Deposit Bal. ($000's)

  Mar. 2015

Dec. 2014

Sep. 2014

Jun. 2014

Mar. 2014

Variance YOY

Non-Int DDA

$  96,638

$  97,853

$  90,261

$  87,706

$  84,265

$ 12,373

% of Total

16.7%

17.8%

16.9%

16.7%

15.8%

14.7%

Interest DDA

133,145

121,043

119,805

116,765

126,520

6,625

% of Total

23.0%

22.0%

22.4%

22.3%

23.8%

5.2%

Savings

75,445

64,107

61,770

63,199

64,306

11,139

% of Total

13.1%

11.6%

11.5%

12.1%

12.1%

17.3%

Money Market

106,325

104,602

96,506

80,288

85,731

20,594

% of Total

18.4%

19.0%

18.0%

15.3%

16.1%

24.0%

Certificates

166,730

163,301

166,919

176,109

171,897

(5,167)

% of Total

28.8%

29.6%

31.2%

33.6%

32.2%

(3.0%)

Total Deposits

$578,283

$550,906

$535,261

$524,067

$532,719

$ 45,564

Total Growth Percentage

8.6%

Asset Quality

SB Financial continues to maintain top-quartile asset quality, reporting nonperforming assets of $6.2 million as of March 31, 2015, down $0.6 million, or 9.3 percent, from the year-ago quarter.  Already trending better than our peers' key metrics, our 0.86 percent of nonperforming assets to total assets remains in the top quartile of our peer group.  Our coverage of problem loans by the loan loss allowance was 114.3 percent at March 31, 2015, up from the 108.5 percent at March 31, 2014.

Summary of Nonperforming Assets ($000's)

Nonperforming Loan Category

Mar. 2015

Dec. 2014

Sep. 2014

Jun. 2014

Mar. 2014

Commercial

$ 1,413

$ 1,566

$    1,397

$    1,485

$    1,818

% of Total Commercial loans

1.66%

1.77%

1.55%

1.61%

2.12%

Commercial RE

1,932

2,092

616

699

753

% of Total CRE loans

0.89%

0.96%

0.29%

0.32%

0.35%

Residential RE

967

992

1,015

1,534

1,555

% of Total Res. RE loans

0.84%

0.88%

0.94%

1.46%

1.59%

Consumer & Other

138

138

174

288

280

% of Total Cons. & Other loans

0.27%

0.27%

0.34%

0.58%

0.60%

Total Nonaccruing Loans

4,450

4,787

3,202

4,006

4,406

% of Total Loans

0.87%

0.93%

0.63%

0.79%

0.91%

Accruing Restructured Loans

1,524

1,206

1,620

1,665

1,793

Total Nonaccruing & Restructured Loans

$ 5,974

$ 5,993

$  4,822

$  5,671

$  6,199

% of Total Loans

1.17%

1.16%

0.95%

1.12%

1.29%

OREO & Repossessed Vehicles

207

285

540

516

615

Total Nonperforming Assets

$ 6,181

$ 6,278

$  5,362

$  6,187

$  6,814

% of Total Assets

0.86%

0.92%

0.81%

0.93%

1.05%

Capitalization

Improving capital ratios remains an important focus of management.  The tangible equity ratio improved by 20 basis points over the past year and stood at 6.6 percent as of March 31, 2015.  All bank and holding company regulatory ratios remain in excess of "well-capitalized" levels.  At March 31, 2015, SB Financial's Total Risk-Based Capital was estimated to be $75.3 million, with a ratio level of 14.0 percent.

Webcast and Conference Call

The Company will hold a related conference call and webcast on April 28, 2015, at 3:00 p.m. ET.  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 wholly-owned operating subsidiaries: State Bank and RDSI. State Bank provides a full range of financial services for consumers and small businesses, including wealth management, mortgage banking and commercial and agricultural lending, operating through 16 banking centers in eight northwestern Ohio counties and one center in Fort Wayne, Indiana, as well as two loan production offices located in Columbus, Ohio, and one in Angola, Indiana. RDSI provides item processing 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 depository shares, each representing a 1/100th interest in our preferred shares, Series A are listed on the NASDAQ Capital Market under the symbol "SBFGP".  

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 providing certain non-GAAP financial measures provides 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)

2015

2014

2014

2014

2014

ASSETS

Cash and due from banks

$

49,765

$

28,197

$

21,870

$

13,778

$

14,860

Securities available for sale, at fair value

94,056

85,240

81,148

85,586

93,305

Other securities - FRB and FHLB Stock

3,748

3,748

3,748

3,748

3,748

Total investment securities

97,804

88,988

84,896

89,334

97,053

Loans held for sale

8,667

5,168

6,736

8,290

7,165

Loans, net of unearned income

511,784

516,336

505,924

506,127

481,924

Allowance for loan losses

(6,830)

(6,771)

(6,713)

(6,568)

(6,726)

Net loans

504,954

509,565

499,211

499,559

475,198

Premises and equipment, net

15,407

13,604

13,256

13,281

13,414

Cash surrender value of life insurance

13,219

13,148

13,074

13,059

12,982

Goodwill

16,353

16,353

16,353

16,353

16,353

Core deposits and other intangibles

229

283

338

393

524

Foreclosed assets held for sale, net

207

285

540

516

615

Mortgage servicing rights

5,860

5,704

5,720

5,375

5,228

Accrued interest receivable

1,554

1,346

1,853

1,456

1,423

Other assets

3,536

1,587

709

1,106

1,487

Total assets

$

717,555

$

684,228

$

664,556

$

662,500

$

646,302

LIABILITIES AND EQUITY

Deposits

Non interest bearing demand

$

96,638

$

97,853

$

90,261

$

87,706

$

84,265

Interest bearing demand

133,145

121,043

119,805

116,765

126,520

Savings

75,445

64,107

61,770

63,199

64,306

Money market

106,325

104,602

96,506

80,288

85,731

Time deposits

166,730

163,301

166,919

176,109

171,897

Total deposits

578,283

550,906

535,261

524,067

532,719

Notes payable

-

-

7,000

-

-

Advances from Federal Home Loan Bank

30,000

30,000

30,000

37,000

14,000

Repurchase agreements

14,648

12,740

17,902

17,246

16,905

Trust preferred securities

10,310

10,310

10,310

20,620

20,620

Accrued interest payable

334

264

355

655

425

Other liabilities

6,880

4,325

3,462

3,902

4,198

Total liabilities

640,455

608,545

604,290

603,490

588,867

Equity

Preferred stock

13,983

13,983

-

-

-

Common stock 

12,569

12,569

12,569

12,569

12,569

Additional paid-in capital

15,413

15,461

15,418

15,403

15,391

Retained earnings

35,429

34,379

33,075

31,757

30,708

Accumulated other comprehensive income

1,264

918

831

908

407

Treasury stock

(1,558)

(1,627)

(1,627)

(1,627)

(1,640)

Total equity

77,100

75,683

60,266

59,010

57,435

Total liabilities and equity

$

717,555

$

684,228

$

664,556

$

662,500

$

646,302

 

 

SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)

($ in thousands, except share data)

Three Months Ended

March

December

September

June

March

Interest income

2015

2014

2014

2014

2014

Loans

  Taxable 

$

5,619

$

5,707

$

5,855

$

5,654

$

5,241

  Nontaxable

6

6

9

13

16

Securities

  Taxable 

372

300

279

310

309

  Nontaxable

177

177

178

179

175

Total interest income

6,174

6,190

6,321

6,156

5,741

Interest expense

Deposits

495

483

500

503

498

Repurchase Agreements & Other

5

53

23

4

11

Federal Home Loan Bank advances

92

95

94

71

74

Trust preferred securities

51

54

354

330

333

Total interest expense

643

685

971

908

916

Net interest income

5,531

5,505

5,350

5,248

4,825

Provision for loan losses 

350

150

150

150

-

Net interest income after provision for loan losses

5,181

5,355

5,200

5,098

4,825

Noninterest income

Wealth Management Fees

659

679

670

649

632

Customer service fees

632

686

730

665

610

Gain on sale of mtg. loans & OMSR's

1,400

1,003

1,442

1,211

572

Mortgage loan servicing fees, net

58

43

287

156

245

Gain on sale of non-mortgage loans

254

143

71

84

23

Data service fees

317

324

337

322

306

Net gain on sales of securities

-

104

-

56

-

Gain/(loss) on sale/disposal of assets

(19)

(15)

(15)

(15)

(34)

Other income

295

197

287

167

205

Total non-interest income

3,596

3,164

3,809

3,295

2,559

Noninterest expense

Salaries and employee benefits

3,477

3,179

3,435

3,451

3,120

Net occupancy expense

503

521

508

485

573

Equipment expense

565

625

616

645

639

Data processing fees

263

230

238

249

211

Professional fees

440

465

435

465

338

Marketing expense

149

166

105

170

123

Telephone and communication

90

91

94

107

112

Postage and delivery expense

234

197

195

187

204

State, local and other taxes

129

94

89

95

92

Employee expense

153

111

122

140

115

Intangible amortization expense

54

55

55

131

131

OREO Impairment

 . 

-

-

-

-

Other expenses

587

630

996

502

421

Total non-interest expense

6,644

6,364

6,888

6,627

6,079

Income before income tax expense

2,133

2,155

2,121

1,767

1,306

Income tax expense 

637

631

607

521

326

Net income 

$

1,496

$

1,524

$

1,513

$

1,246

$

980

Preferred Stock Dividends 

225

-

-

-

-

Net income available to common

1,271

1,524

1,513

1,246

980

Common share data:

Basic earnings per common share

$

0.26

$

0.31

$

0.31

$

0.26

$

0.20

Diluted earnings per common share

$

0.23

$

0.30

$

0.31

$

0.25

$

0.20

Average shares outstanding ($ in thousands):

Basic:

4,879

4,875

4,875

4,874

4,871

Diluted: 

6,379

5,044

4,900

4,893

4,894

 

 

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

2015

2014

2014

2014

2014

   Net interest income 

$

5,531

5,505

5,350

5,248

4,825

         Tax-equivalent adjustment

$

94

94

96

99

98

   Tax-equivalent net interest income 

$

5,625

5,599

5,446

5,347

4,923

   Provision for loan loss 

$

350

150

150

150

-

   Noninterest income

$

3,596

3,164

3,809

3,295

2,559

   Total revenue, tax-equivalent

$

9,221

8,763

9,255

8,642

7,482

   Noninterest expense

$

6,644

6,364

6,888

6,627

6,079

   Pre provision pretax income

$

2,483

2,305

2,271

1,917

1,306

   Pretax income

$

2,133

2,155

2,121

1,767

1,306

   Net income 

$

1,496

1,524

1,513

1,246

980

   Income available to common shareholders 

$

1,271

1,524

1,513

1,246

980

PER SHARE INFORMATION:

   Basic earnings per share

$

0.26

0.31

0.31

0.26

0.20

   Diluted earnings per share

$

0.23

0.30

0.31

0.25

0.20

   Common dividends

$

0.045

0.045

0.040

0.040

0.035

   Book value per common share

$

12.18

11.96

12.36

12.10

11.78

   Tangible book value per common share

$

9.53

9.24

8.94

8.67

8.32

   Market price per common share

$

10.55

9.40

9.05

8.37

8.35

PERFORMANCE RATIOS:

   Return on average assets 

0.84%

0.89%

0.90%

0.76%

0.61%

   Return on average common equity

7.82%

9.40%

10.14%

8.55%

6.88%

   Return on avg. tangible common equity

13.03%

13.03%

14.09%

12.01%

9.89%

   Efficiency ratio 

72.20%

72.78%

74.60%

76.03%

80.55%

   Earning asset yield

4.14%

4.18%

4.29%

4.16%

4.10%

   Cost of interest bearing liabilities

0.49%

0.53%

0.76%

0.72%

0.74%

   Net interest margin

3.64%

3.66%

3.58%

3.53%

3.39%

   Tax equivalent effect

0.07%

0.07%

0.06%

0.07%

0.07%

   Net interest margin - fully tax equivalent basis 

3.71%

3.73%

3.64%

3.60%

3.46%

ASSET QUALITY RATIOS:

   Gross charge-offs

$

303

101

94

330

323

   Recoveries

$

11

9

90

21

85

   Net charge-offs

$

292

92

4

309

238

   Nonaccruing loans/ Total loans

0.87%

0.93%

0.63%

0.79%

0.91%

   Nonperforming loans/ Total loans

1.17%

1.16%

0.95%

1.12%

1.29%

   Nonperforming assets/ Loans & OREO

1.21%

1.22%

1.06%

1.22%

1.41%

   Nonperforming assets/ Total assets

0.86%

0.92%

0.81%

0.93%

1.05%

   Allowance for loan loss/ Nonperforming loans

114.33%

112.98%

139.22%

115.82%

108.50%

   Allowance for loan loss/ Total loans

1.33%

1.31%

1.33%

1.30%

1.40%

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

0.23%

0.07%

N/M

0.25%

0.20%

   Loan loss provision/ Net charge-offs

119.86%

163.04%

N/M

48.54%

0.00%

CAPITAL & LIQUIDITY RATIOS:

   Loans/ Deposits

88.50%

93.72%

94.52%

96.58%

90.46%

   Equity/ Assets

10.74%

11.06%

9.07%

8.91%

8.89%

   Tangible equity/ Tangible assets

6.64%

6.75%

6.73%

6.54%

6.44%

END OF PERIOD BALANCES

   Total loans 

$

511,784

516,336

505,924

506,127

481,924

   Total assets

$

717,555

684,228

664,556

662,500

646,302

   Deposits

$

578,283

550,906

535,261

524,067

532,719

   Stockholders equity

$

77,100

75,683

60,266

59,010

57,435

   Intangibles

$

16,582

16,636

16,691

16,746

16,877

   Preferred equity

$

13,983

13,983

-

-

-

   Tangible equity

$

46,535

45,064

43,575

42,264

40,558

   Full-time equivalent employees

198

190

195

193

197

   Period end basic shares outstanding

4,881

4,875

4,875

4,875

4,874

   Period end outstanding (Series A Converted)

1,451

1,451

-

-

-

AVERAGE BALANCES

   Total loans 

$

516,004

516,517

512,151

500,167

476,553

   Total earning assets 

$

605,956

600,851

598,223

594,256

569,524

   Total assets

$

711,100

687,674

673,213

658,108

646,864

   Deposits

$

568,885

551,906

534,841

531,786

524,145

   Stockholders equity

$

76,534

64,846

59,684

58,276

56,977

   Intangibles

$

16,609

16,664

16,719

16,811

17,347

   Preferred equity

$

13,983

1,398

-

-

-

   Tangible equity

$

45,942

46,784

42,965

41,465

39,630

   Average diluted shares outstanding

6,379

5,044

4,900

4,893

4,894

 

 

SB FINANCIAL GROUP, INC.

Rate Volume Analysis - (Unaudited)

For the Three Months Ended March 31, 2015 and 2014

($ in Thousands)

Three Months Ended March 31, 2015

Three Months Ended March 31, 2014

Average

Average

Average

Average

Assets

Balance

Interest

Rate

Balance

Interest

Rate

Taxable securities

$

71,884

372

2.07%

$

75,686

309

1.63%

Nontaxable securities

18,068

268

5.94%

17,285

265

6.14%

Federal funds sold

-

-

     N/A

-

-

     N/A

Loans, net

516,004

5,628

4.36%

476,553

5,265

4.42%

       Total earning assets

605,956

6,268

4.14%

569,524

5,839

4.10%

Cash and due from banks

53,781

26,880

Allowance for loan losses

(6,845)

(6,984)

Premises and equipment

14,399

13,547

Other assets

43,809

43,897

      Total assets

$

711,100

$

646,864

Liabilities

Savings and interest bearing demand

$

308,023

77

0.10%

$

266,158

19

0.03%

Time deposits

163,903

418

1.02%

173,753

479

1.10%

Repurchase agreements & Other

16,644

5

0.12%

18,725

11

0.23%

Advances from Federal Home Loan Bank

30,000

92

1.23%

15,289

74

1.94%

Trust preferred securities

10,310

51

1.98%

20,620

333

6.46%

      Total interest bearing liabilities

528,880

643

0.49%

494,545

916

0.74%

Non interest bearing demand

96,959

0.41%

84,234

0.63%

Other liabilities

8,727

11,108

      Total liabilities

634,566

589,887

Equity

76,534

56,977

      Total liabilities and equity

$

711,100

$

646,864

Net interest income (tax equivalent basis)

$              5,625

$              4,923

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

3.71%

3.46%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sb-financial-group-inc-announces-first-quarter-2015-results-300072430.html

SOURCE SB Financial Group, Inc.


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