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

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

April 20, 2017 4:15 PM EDT

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.


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