SB Financial Group, Inc. Announces Third-Quarter and Nine-Month 2016 Results

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 9/3/2026

1. SNOW
2. AVGO
3. RARE
4. HPE
5. FIVE
6. SPY
7. VRTS
8. NTAP
9. NTSK
10. OLLI

Year-over-year earnings per share growth of 14% and loan growth of 15%

October 20, 2016 4:16 PM EDT

DEFIANCE, Ohio, Oct. 20, 2016 /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 third-quarter and nine-months ended September 30, 2016.

Third-quarter 2016 highlights over prior-year third quarter include:

  • Net income of $2.5 million, an increase of 12.5 percent, or $0.3 million
  • Diluted earnings per share (EPS) of $0.40, an increase of 14.3 percent, or $0.05 per share
  • Loan growth of $78.5 million, or 14.5 percent
  • Deposit growth of $88.6 million, or 15.4 percent
  • Fully Taxable Equivalent (FTE) net interest margin of 3.82 percent, down 5 basis points
  • Mortgage origination volume of $117.2 million, an increase of 34.8 percent, or $30.2 million; servicing portfolio of $868.8 million, up 15.7 percent, or $117.8 million

Nine-months ended September 30, 2016, highlights over prior-year nine months include:

  • Net income of $6.5 million, an increase of 12.5 percent, or $0.7 million
  • Diluted earnings per share of $1.01, an increase of 14.6 percent, or $0.13 per share
  • Return on average assets of 1.10 percent

 

Highlights

Three Months Ended

  Nine Months Ended

($000's except ratios and share data)

Sep. 2016

Sep. 2015

 

% Change

 

Sep. 2016

 

   Sep. 2015

 

% Change

Operating revenue (FTE)

$ 11,772

$ 10,119

16.3%

$  32,227

$29,641

8.7%

Interest income (FTE)

7,585

6,811

11.4

21,799

19,588

11.3

Interest expense

828

644

28.6

2,333

1,938

20.4

Net interest income (FTE)

6,757

6,167

9.6

19,466

17,650

10.3

Noninterest income

5,015

3,952

26.9

12,761

11,991

6.4

Noninterest expense

7,930

6,626

19.7

22,232

20,088

10.7

Net income

2,547

2,264

12.5

6,467

5,751

12.5

Earnings per diluted share

0.40

0.35

14.3

1.01

0.89

14.6

Net interest margin (FTE)

3.82%

3.87%

(1.3)

3.72%

3.78%

(1.6)

Return on average assets

1.28%

1.26%

1.6

1.10%

1.07%

2.8

Return on average equity

11.90%

11.42%

4.2

10.27%

9.84%

4.4

 

"Our third-quarter performance was highlighted by our strongest mortgage origination quarter ever, and included double-digit loan and deposit growth and the resolution of a $3.5 million non-performing credit," said Mark Klein, Chairman, President, and CEO of SB Financial.  "Additionally this quarter, our $0.40 per share earnings represented a meaningful contribution from each of our six primary business lines.  This strong performance further highlights our successful execution of our key strategic initiatives to drive growth for our company and value for our shareholders."

RESULTS OF OPERATIONS

Consolidated Revenue

Total operating revenue, consisting of net interest income (FTE) and noninterest income, was up 16.3 percent from the third quarter of 2015, and up 8.8 percent from the linked quarter.

  • Net interest income (FTE) was up 9.6 percent from the year-ago quarter, and up 3.8 percent from the linked quarter. 
  • Net interest margin (FTE) was down 5 basis points from the year-ago quarter, but up 7 basis points from the linked quarter.
  • Noninterest income was up 26.9 percent from the year-ago quarter, and up 16.4 percent from the linked quarter. 
  • Total revenue (FTE) for the first nine months of 2016 was $32.2 million, compared to $29.6 million for the first nine months of 2015, which is an 8.7 percent increase.

Mortgage Loan Business

Mortgage loan originations for the third quarter of 2016 were $117.2 million, up $30.2 million, or 34.8 percent, from the year-ago quarter.  Total sales of originated loans were $101.1 million, up $31.1 million, or 44.3 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 $2.7 million for the third quarter of 2016, compared to $1.8 million for the year-ago quarter, or a 51.6 percent increase.  The mortgage servicing valuation adjustment for the third-quarter 2016 was a positive $0.1 million, compared to a negative adjustment for the third quarter of 2015 of $0.1 million.  The aggregate servicing valuation impairment ended the quarter at $1.5 million.  The mortgage servicing portfolio at September 30, 2016, was $868.8 million, up $117.8 million, or 15.7 percent, from $751.0 million at September 30, 2015.

Mr. Klein noted, "The entire mortgage production team turned in the best quarter in our history.  We have again maintained a high level of new money production in the quarter, at 88 percent of total volume.  Construction volume has been a key factor in our success this year, and we continue to see momentum in this area."

Mortgage Banking ($000's)

Sep. 2016

Jun. 2016

Mar. 2016

Dec. 2015

Sep. 2015

Mortgage originations

$  117,209

$  110,210

$  71,941

$  67,149

$  86,965

Mortgage sales

101,147

95,150

59,383

56,302

70,081

Mortgage servicing portfolio

868,783

831,781

792,666

772,533

750,958

Mortgage servicing rights

6,887

6,494

6,608

7,152

6,798

Mortgage servicing revenue:

Loan servicing fees

531

505

491

476

459

OMSR amortization

(397)

(309)

(170)

(157)

(223)

Net administrative fees

134

196

321

319

236

OMSR valuation adjustment

71

(469)

(767)

64

(138)

Net loan servicing fees

205

(273)

(446)

383

98

Gain on sale of mortgages

2,503

2,284

1,383

1,372

1,687

Mortgage banking revenue, net

$2,708

$2,011

$937

$1,755

$1,785

 

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 from sales of small business loans (SBA).  Wealth management assets under our management stood at $375.8 million as of September 30, 2016.  For the third quarter of 2016, fee income as a percentage of total revenue was 42.9 percent.  The servicing rights recapture positively impacted the quarter by $0.1 million. 

For the third quarter of 2016, noninterest expense (NIE) of $7.9 million, was up $1.3 million, or 19.7 percent, compared to the same quarter last year.  Total staffing levels were up 7.2 percent, due to our new branch locations and increased support in our compliance and mortgage divisions.  We also had higher commission expenses related to our mortgage loan volume.  Compared to the linked quarter, NIE was up $0.5 million, or 7.1 percent.

Mr. Klein stated, "Once again, total fee income was above 40 percent of total revenue.  Mortgage banking delivered record levels of both origination and sales during the quarter.  We continued to diversify our fee income, with both SBA lending and wealth management turning in strong quarters." 

Fee Income / Noninterest Expense

($000's)

Sep. 2016

Jun. 2016

Mar. 2016

Dec. 2015

Sep. 2015

Fee Income

$ 5,015

$ 4,307

$ 3,439

$ 3,716

$ 3,952

Fee Income / Total Revenue

42.9%

40.1%

36.0%

38.3%

39.4%

Fee Income / Average Assets

2.5%

2.2%

1.8%

2.0%

2.2%

Noninterest Expense

$ 7,930

$ 7,407

$ 6,895

$ 6,839

$ 6,626

Efficiency Ratio

67.8%

69.0%

72.2%

70.2%

65.6%

NIE / Average Assets

4.0%

3.8%

3.6%

3.7%

3.7%

Net Noninterest Expense

(1.5)

(1.6)

(1.8)

(1.7)

(1.5)

 

Balance Sheet

Total assets as of September 30, 2016, were $801.8 million, up $82.6 million, or 11.5 percent, from a year ago.  Total equity as of September  30, 2016, was $86.3 million, up 7.4 percent, from a year ago, and was at 10.8 percent of total assets. 

Total loans held for investment were $619.4 million at September 30, 2016, up $78.5 million, or 14.5 percent, from September 30, 2015.  Commercial real estate loans were up $37.2 million, or 16.1 percent, and accounted for the majority of the total loan growth.  Commercial and Residential real estate loans also rose $17.5 million and $12.9 million, or 20.9 percent and 10.2 percent, respectively.

The investment portfolio, including Federal Reserve Bank and Federal Home Loan Bank stock, of $96.4 million represented 12.0 percent of assets at September 30, 2016, and was down 2.8 percent from the year-ago period.  Deposit balances of $662.1 million at September 30, 2016, increased by $88.6 million, or 15.4 percent, since September 30, 2015.  Growth from the prior year included $23.4 million in checking and $65.2 million in savings and time deposit balances.

Mr. Klein said, "We continued to add high-quality loan volume this quarter, with growth from the linked quarter of $15 million, and from the prior year we are up $79 million.  Our net interest margin came in at 3.82 percent, reflecting that growth, as well as the recapture of interest from the large, non-performing credit that paid off during the quarter." 

Loan Portfolio ($000's)

Sep. 2016

Jun. 2016

Mar. 2016

Dec. 2015

Sep. 2015

Variance YOY

Commercial

$ 101,245

$ 100,651

$  92,086

$  86,586

$  83,741

$ 17,504

% of Total

16.4%

16.6%

16.0%

15.5%

15.5%

20.9%

Commercial RE

268,408

261,923

256,461

242,208

231,249

37,159

% of Total

43.3%

43.3%

44.4%

43.4%

42.8%

16.1%

Agriculture

54,609

52,375

42,467

43,835

46,102

8,507

% of Total

8.8%

8.7%

7.4%

7.9%

8.5%

18.5%

Residential RE

139,757

135,506

132,627

130,806

126,840

12,917

% of Total

22.6%

22.4%

23.0%

23.5%

23.5%

10.2%

Consumer & Other

55,333

54,321

53,493

54,224

52,957

2,376

% of Total

8.9%

9.0%

9.3%

9.7%

9.7%

4.5%

Total Loans

$619,352

$604,776

$577,134

$557,659

$540,889

$ 78,463

Total Growth Percentage

14.5%

 

 

 

Deposit Bal. ($000's)

Sep. 2016

Jun. 2016

Mar. 2016

Dec. 2015

Sep. 2015

Variance YOY

Non-Int DDA

$ 116,976

$ 110,899

$ 112,209

$ 113,113

$ 102,460

$ 14,516

% of Total

17.7%

17.1%

17.6%

19.3%

17.9%

14.2%

Interest DDA

135,729

129,658

138,235

126,443

126,816

8,913

% of Total

20.5%

20.0%

21.7%

21.6%

22.1%

7.0%

Savings

89,265

84,975

86,038

83,447

77,809

11,456

% of Total

13.5%

13.1%

13.5%

14.2%

13.6%

14.7%

Money Market

126,501

134,365

120,672

104,412

107,538

18,963

% of Total

19.1%

20.7%

18.9%

17.8%

18.7%

17.6%

Certificates

193,673

188,403

180,874

159,038

158,945

34,728

% of Total

29.3%

29.1%

28.4%

27.1%

27.7%

21.9%

Total Deposits

$662,144

$648,300

$638,028

$586,453

$573,568

$ 88,576

Total Growth Percentage

15.4%

Asset Quality

SB Financial returned to high-performing peer asset quality during the quarter, reporting non-performing assets of $4.6 million as of September 30, 2016, down $4.0 million, or 46.5 percent, from the year-ago quarter, and down $3.7 million, or 44.7 percent, from the linked quarter.  The decrease from the prior year was the result of an existing delinquent commercial real estate credit that moved through foreclosure with full principal payoff.  SB Financial's 0.6 percent of nonperforming assets to total assets is above the top quartile in its 65-bank peer group.  The coverage of problem loans by the loan loss allowance was at 163.5 percent at September 30, 2016, up from the 85.1 percent at September 30, 2015.

Summary of Nonperforming Assets ($000's)

Nonperforming Category

Sep. 2016

Jun. 2016

Mar. 2016

Dec. 2015

Sep. 2015

Variance YOY

Commercial & Agriculture

$ 151

$ 158

$ 164

$ 196

$ 453

$(302)

% of Total Com./Ag. loans

0.10%

0.12%

0.12%

0.15%

0.35%

(66.7%)

Commercial RE

1,393

5,309

5,218

5,670

5,393

(4,000)

% of Total CRE loans

0.52%

2.02%

2.03%

2.34%

2.33%

(74.2%)

Residential RE

1,152

1,088

1,156

749

795

357

% of Total Res. RE loans

0.82%

0.80%

0.87%

0.57%

0.63%

44.9%

Consumer & Other

193

138

46

32

101

92

% of Total Con./Oth. loans 

0.35%

0.25%

0.09%

0.06%

0.20%

91.1%

Total Nonaccruing Loans

2,889

6,693

6,584

6,646

6,742

(3,853)

% of Total loans

0.47%

1.11%

1.14%

1.19%

1.25%

(57.2%)

Accruing Restructured Loans

1,588

1,381

1,482

1,500

1,576

 

Total Nonaccruing & Restructured Loans

$ 4,477

$ 8,074

$ 8,066

$ 8,146

$ 8,318

$ (3,841)

% of Total loans

0.72%

1.34%

1.40%

1.46%

1.54%

(46.2%)

Foreclosed Assets

73

157

406

286

188

Total Nonperforming Assets

$ 4,550

$ 8,231

$ 8,472

$ 8,432

$ 8,506

$ (3,956)

% of Total assets

0.57%

1.04%

1.09%

1.15%

1.18%

(46.5%)

 

Webcast and Conference Call

The Company will hold a related conference call and webcast on October 21, 2016, 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 DCM. 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 a total of 19 banking centers; 18 in nine Ohio counties and one center in Fort Wayne, Indiana, and 22 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 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)

September

June

March

December

September

($ in Thousands)

2016

2016

2016

2015

2015

ASSETS

Cash and due from banks

$

25,167

29,945

35,529

20,459

18,372

Securities available for sale, at fair value

92,689

92,472

97,990

89,789

95,482

Other securities - FRB and FHLB Stock

3,748

3,748

3,748

3,748

3,748

Total investment securities

96,437

96,220

101,738

93,537

99,230

Loans held for sale

5,865

8,441

6,890

7,516

8,517

Loans, net of unearned income

619,352

604,776

577,134

557,659

540,889

Allowance for loan losses

(7,320)

(7,450)

(7,205)

(6,990)

(7,076)

Net loans

612,032

597,326

569,929

550,669

533,813

Premises, equipment and software, net

18,673

18,806

18,994

19,010

17,619

Cash surrender value of life insurance

13,653

13,581

13,509

13,437

13,364

Goodwill & other intangibles

16,426

16,429

16,432

16,435

16,473

Foreclosed assets held for sale, net

73

157

406

286

188

Mortgage servicing rights

6,887

6,494

6,608

7,152

6,798

Accrued interest receivable

1,641

1,397

1,489

1,260

1,817

Other assets

4,946

4,367

3,296

3,310

3,046

Total assets

$

801,800

793,163

774,820

733,071

719,237

LIABILITIES AND EQUITY

Deposits

Non interest bearing demand

$

116,976

110,899

112,209

113,113

102,460

Interest bearing demand

135,729

129,658

138,235

126,443

126,816

Savings

89,265

84,975

86,038

83,447

77,809

Money market

126,501

134,365

120,672

104,412

107,538

Time deposits

193,673

188,403

180,874

159,038

158,945

Total deposits

662,144

648,300

638,028

586,453

573,568

Advances from Federal Home Loan Bank

23,000

23,000

21,000

35,000

30,000

Repurchase agreements

11,363

17,797

14,524

12,406

16,911

Trust preferred securities

10,310

10,310

10,310

10,310

10,310

Accrued interest payable

427

384

343

264

341

Other liabilities

8,293

8,422

7,564

7,397

7,782

Total liabilities

715,537

708,213

691,769

651,830

638,912

Equity

Preferred stock

13,983

13,983

13,983

13,983

13,983

Common stock 

12,569

12,569

12,569

12,569

12,569

Additional paid-in capital

15,370

15,367

15,365

15,438

15,444

Retained earnings

44,933

42,925

41,199

40,059

38,705

Accumulated other comprehensive income

1,237

1,552

1,296

650

1,157

Treasury stock

(1,829)

(1,446)

(1,361)

(1,458)

(1,533)

Total equity

86,263

84,950

83,051

81,241

80,325

Total liabilities and equity

$

801,800

793,163

774,820

733,071

719,237

 

 

SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)

($ in thousands - except share data)

At and for the Three Months Ended

Nine Months Ended

September

June

March

December

September

September

September

Interest income

2016

2016

2016

2015

2015

2016

2015

Loans

  Taxable 

$

6,954

6,648

6,260

6,086

6,152

19,862

17,606

  Nontaxable

22

24

9

10

10

55

25

Securities

  Taxable 

378

392

402

357

382

1,172

1,149

  Nontaxable

145

149

156

169

173

450

525

Total interest income

7,499

7,213

6,827

6,622

6,717

21,539

19,305

Interest expense

Deposits

677

647

545

492

492

1,869

1,487

Repurchase Agreements & Other

5

4

5

3

5

14

14

Federal Home Loan Bank advances

83

77

106

95

94

266

280

Trust preferred securities

63

62

59

56

53

184

157

Total interest expense

828

790

715

646

644

2,333

1,938

Net interest income

6,671

6,423

6,112

5,976

6,073

19,206

17,367

Provision for loan losses 

-

-

250

150

100

250

950

Net interest income after provision

  for loan losses

6,671

6,423

5,862

5,826

5,973

18,956

16,417

Noninterest income

Wealth Management Fees

695

643

633

645

636

1,971

1,961

Customer service fees

692

680

680

711

734

2,052

2,068

Gain on sale of mtg. loans & OMSR's

2,503

2,284

1,383

1,372

1,687

6,170

4,892

Mortgage loan servicing fees, net

205

(273)

(446)

383

98

(514)

642

Gain on sale of non-mortgage loans

327

151

449

75

296

927

872

Data service fees

223

233

277

273

294

733

917

Net gain on sales of securities

59

92

111

-

-

262

-

Gain/(loss) on sale/disposal of assets

(31)

186

22

38

-

177

(20)

Other income

342

311

330

219

207

983

659

Total non-interest income

5,015

4,307

3,439

3,716

3,952

12,761

11,991

Noninterest expense

Salaries and employee benefits

4,672

4,314

3,779

3,855

3,650

12,765

11,062

Net occupancy expense

523

524

565

479

481

1,612

1,464

Equipment expense

649

639

595

566

568

1,883

1,657

Data processing fees

352

339

305

264

286

996

796

Professional fees

380

326

316

381

416

1,022

1,282

Marketing expense

123

199

171

157

146

493

437

Telephone and communication

101

102

99

103

96

302

284

Postage and delivery expense

154

162

197

168

198

513

633

State, local and other taxes

170

171

99

130

130

440

387

Employee expense

117

128

118

126

126

363

417

Intangible amortization expense

3

3

3

37

54

9

163

Other expenses

686

500

648

573

475

1,834

1,506

Total non-interest expense

7,930

7,407

6,895

6,839

6,626

22,232

20,088

Income before income tax expense

3,756

3,323

2,406

2,703

3,299

9,485

8,320

Income tax expense 

1,209

1,058

751

835

1,035

3,018

2,569

Net income 

$

2,547

2,265

1,655

1,868

2,264

6,467

5,751

Preferred Stock Dividends 

244

244

244

244

244

731

712

Net income available to common shares

2,303

2,021

1,411

1,624

2,020

5,736

5,039

Common share data:

Basic earnings per common share

$

0.47

0.41

0.29

0.33

0.41

1.17

1.03

Diluted earnings per common share

$

0.40

0.35

0.26

0.29

0.35

1.01

0.89

Average shares outstanding ($ in thousands):

Basic:

4,874

4,893

4,896

4,890

4,884

4,888

4,882

Diluted: 

6,376

6,390

6,401

6,396

6,390

6,384

6,422

 

 

SB FINANCIAL GROUP, INC.

                                                  CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)                                               

($ in thousands, except per share data)

At and for the Three Months Ended

Nine Months Ended

September

June

March

December

September

September

September

SUMMARY OF OPERATIONS

2016

2016

2016

2015

2015

2016

2015

   Net interest income 

$

6,671

6,423

6,112

5,976

6,073

19,206

17,367

         Tax-equivalent adjustment

$

86

89

85

92

94

260

283

   Tax-equivalent net interest income 

$

6,757

6,512

6,197

6,068

6,167

19,466

17,650

   Provision for loan loss 

$

-

-

250

150

100

250

950

   Noninterest income

$

5,015

4,307

3,439

3,716

3,952

12,761

11,991

   Total revenue, tax-equivalent

$

11,772

10,819

9,636

9,784

10,119

32,227

29,641

   Noninterest expense

$

7,930

7,407

6,895

6,839

6,626

22,232

20,088

   Pre-tax pre-provision income

$

3,756

3,323

2,656

2,853

3,399

9,735

9,270

   Pretax income

$

3,756

3,323

2,406

2,703

3,299

9,485

8,320

   Net income 

$

2,547

2,265

1,655

1,868

2,264

6,466

5,751

   Income available to common shareholders 

$

2,303

2,021

1,411

1,624

2,020

5,735

5,039

PER SHARE INFORMATION:

   Basic earnings per share

$

0.47

0.41

0.29

0.33

0.41

1.17

1.03

   Diluted earnings per share

$

0.40

0.35

0.26

0.29

0.35

1.01

0.89

   Common dividends

$

0.060

0.060

0.055

0.055

0.050

0.175

0.145

   Book value per common share

$

13.66

13.39

13.07

12.81

12.68

13.66

12.68

   Tangible book value per common share

$

11.49

11.15

10.74

10.39

10.21

11.49

10.21

   Market price per common share

$

12.53

10.87

10.31

11.14

10.27

12.53

10.27

   Market price per preferred share

$

13.50

11.83

11.19

12.65

13.00

13.50

13.00

PERFORMANCE RATIOS:

   Return on average assets (ROAA)

1.28%

1.15%

0.87%

1.02%

1.26%

1.10%

1.07%

   Pre-tax pre-provision ROAA

1.89%

1.69%

1.40%

1.56%

1.89%

1.66%

1.73%

   Return on average equity

11.90%

10.80%

8.03%

9.23%

11.42%

10.27%

9.84%

   Return on average tangible equity

18.45%

16.94%

12.74%

14.80%

18.55%

16.10%

16.20%

   Efficiency ratio 

67.83%

69.00%

72.16%

70.18%

65.56%

69.52%

67.87%

   Earning asset yield

4.29%

4.20%

4.18%

4.17%

4.27%

4.22%

4.20%

   Cost of interest bearing liabilities

0.56%

0.55%

0.51%

0.49%

0.49%

0.54%

0.49%

   Net interest margin

3.77%

3.69%

3.69%

3.71%

3.81%

3.72%

3.72%

   Tax equivalent effect

0.05%

0.06%

0.06%

0.05%

0.06%

0.05%

0.06%

   Net interest margin, tax equivalent 

3.82%

3.75%

3.75%

3.76%

3.87%

3.77%

3.78%

   Non interest income/Average assets

2.52%

2.20%

1.81%

2.03%

2.20%

2.18%

2.23%

   Non interest expense/Average assets

3.98%

3.78%

3.62%

3.74%

3.69%

3.80%

3.74%

   Net noninterest expense/Average assets

1.46%

1.58%

1.82%

1.71%

1.49%

1.62%

1.51%

ASSET QUALITY RATIOS:

   Gross charge-offs

$

136

2

94

241

58

232

711

   Recoveries

$

6

247

59

5

29

312

66

   Net charge-offs

$

130

(245)

35

236

29

(80)

645

   Nonaccruing loans/ Total loans

0.47%

1.11%

1.14%

1.19%

1.25%

0.47%

1.25%

   Nonperforming loans/ Total loans

0.72%

1.34%

1.40%

1.46%

1.54%

0.72%

1.54%

   Nonperforming assets/ Loans & OREO

0.73%

1.36%

1.47%

1.51%

1.57%

0.73%

1.57%

   Nonperforming assets/ Total assets

0.57%

1.04%

1.09%

1.15%

1.18%

0.57%

1.18%

   Allowance for loan loss/ Nonperforming loans

163.50%

92.27%

89.33%

85.81%

85.07%

163.50%

85.07%

   Allowance for loan loss/ Total loans

1.18%

1.23%

1.25%

1.25%

1.31%

1.18%

1.31%

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

0.08%

(0.16%)

0.02%

0.17%

0.02%

(0.02%)

0.15%

   Loan loss provision/ Net charge-offs

0.00%

0.00%

714.29%

63.56%

344.83%

(312.50%)

147.29%

CAPITAL & LIQUIDITY RATIOS:

   Loans/ Deposits

93.54%

93.29%

90.46%

95.09%

94.30%

93.54%

94.30%

   Equity/ Assets

10.76%

10.71%

10.72%

11.08%

11.17%

10.76%

11.17%

   Tangible equity/ Tangible assets

7.11%

7.02%

6.94%

7.09%

7.10%

7.11%

7.10%

   Tangible equity adjusted for conversion

8.89%

8.82%

8.78%

9.04%

9.09%

8.89%

9.09%

END OF PERIOD BALANCES

   Total assets

$

801,800

793,163

774,820

733,071

719,237

801,800

719,237

   Total loans 

$

619,352

604,776

577,134

557,659

540,889

619,352

540,889

   Deposits

$

662,144

648,300

638,028

586,453

573,568

662,144

573,568

   Stockholders equity

$

86,263

84,950

83,051

81,241

80,325

86,263

80,325

   Goodwill & intangibles

$

16,426

16,429

16,432

16,435

16,473

16,426

16,473

   Preferred equity

$

13,983

13,983

13,983

13,983

13,983

13,983

13,983

   Tangible equity

$

55,854

54,538

52,636

50,823

49,869

55,854

49,869

   Mortgage servicing portfolio

$

868,783

831,781

792,666

772,533

750,958

868,783

750,958

   Wealth/Brokerage assets under care

$

375,787

367,223

357,531

353,488

347,136

375,787

347,136

   Total assets under care

$

2,046,370

1,992,167

1,925,017

1,859,092

1,817,331

2,046,370

1,817,331

   Full-time equivalent employees

224

223

218

214

209

224

209

   Period end basic shares outstanding

4,860

4,892

4,900

4,891

4,884

4,860

4,884

   Period end outstanding (Series A Converted)

1,455

1,453

1,452

1,451

1,451

1,455

1,451

AVERAGE BALANCES

   Total assets

$

796,027

784,353

761,143

731,198

718,591

780,583

715,670

   Total earning assets 

$

707,679

694,629

661,891

644,783

638,266

688,139

622,407

   Total loans 

$

614,731

596,724

568,925

549,877

538,646

593,538

525,459

   Deposits

$

650,751

644,429

616,124

585,922

572,801

637,055

572,500

   Stockholders equity

$

85,616

83,894

82,378

80,911

79,301

83,955

77,871

   Intangibles

$

16,427

16,431

16,434

16,450

16,500

16,431

16,555

   Preferred equity

$

13,983

13,983

13,983

13,983

13,983

13,983

13,983

   Tangible equity

$

55,206

53,480

51,961

50,478

48,818

53,541

47,333

   Average basic shares outstanding

4,874

4,893

4,896

4,890

4,884

4,888

4,882

   Average diluted shares outstanding

6,376

6,390

6,401

6,396

6,390

6,384

6,422

 

 

SB FINANCIAL GROUP, INC.

Rate Volume Analysis - (Unaudited)

At and for the Three and Nine Months Ended September 30, 2016 and 2015

($ in Thousands)

Three Months Ended Sep. 30, 2016

Three Months Ended Sep. 30, 2015

Average

Average

Average

Average

Assets

Balance

Interest

Rate

Balance

Interest

Rate

Taxable securities

$

78,174

378

1.93%

$

82,015

382

1.86%

Nontaxable securities

14,774

220

5.95%

17,605

262

5.96%

Loans, net

614,731

6,987

4.55%

538,646

6,167

4.58%

       Total earning assets

707,679

7,585

4.29%

638,266

6,811

4.27%

Cash and due from banks

32,760

27,300

Allowance for loan losses

(7,494)

(7,023)

Premises and equipment

18,921

17,173

Other assets

44,161

42,875

      Total assets

$

796,027

$

718,591

Liabilities

Savings and interest bearing demand

$

348,944

141

0.16%

$

311,337

91

0.12%

Time deposits

188,768

536

1.14%

160,519

401

1.00%

Repurchase agreements & Other

17,046

5

0.12%

17,573

5

0.11%

Advances from Federal Home Loan Bank

23,000

83

1.44%

30,043

94

1.25%

Trust preferred securities

10,310

63

2.44%

10,310

53

2.06%

      Total interest bearing liabilities

588,068

828

0.56%

529,782

644

0.49%

Non interest bearing demand

113,039

-

100,945

-

      Total funding

701,107

0.47%

630,727

0.41%

Other liabilities

9,304

8,563

      Total liabilities

710,411

639,290

Equity

85,616

79,301

      Total liabilities and equity

$

796,027

$

718,591

Net interest income (tax equivalent basis)

$              6,757

$              6,167

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

3.82%

3.87%

Nine Months Ended Sep. 30, 2016

Nine Months Ended Sep. 30, 2015

Average

Average

Average

Average

Assets

Balance

Interest

Rate

Balance

Interest

Rate

Taxable securities

$

78,683

1,172

1.99%

$

79,141

1,149

1.94%

Nontaxable securities

15,918

682

5.71%

17,807

795

5.95%

Loans, net

593,538

19,945

4.48%

525,459

17,644

4.48%

       Total earning assets

688,139

21,799

4.22%

622,407

19,588

4.20%

Cash and due from banks

36,905

41,123

Allowance for loan losses

(7,348)

(6,938)

Premises and equipment

19,172

15,899

Other assets

43,715

43,179

      Total assets

$

780,583

$

715,670

Liabilities

Savings and interest bearing demand

$

343,761

381

0.15%

$

310,542

251

0.11%

Time deposits

180,609

1,488

1.10%

163,076

1,236

1.01%

Repurchase agreements & Other

16,213

14

0.12%

16,160

14

0.12%

Advances from Federal Home Loan Bank

23,379

266

1.52%

30,029

280

1.24%

Trust preferred securities

10,310

184

2.38%

10,310

157

2.03%

      Total interest bearing liabilities

574,272

2,333

0.54%

530,117

1,938

0.49%

Non interest bearing demand

112,685

0.45%

98,882

0.41%

      Total funding

686,957

628,999

Other liabilities

9,671

8,800

      Total liabilities

696,628

637,799

Equity

83,955

77,871

      Total liabilities and equity

$

780,583

$

715,670

Net interest income (tax equivalent basis)

$            19,466

$            17,650

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

3.77%

3.78%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sb-financial-group-inc-announces-third-quarter-and-nine-month-2016-results-300348647.html

SOURCE SB Financial Group, Inc.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, FDIC, Earnings