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28.04.2022 16:15
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SB Financial Group Announces First Quarter 2022 Results
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PR Newswire
DEFIANCE, Ohio, April 28, 2022
DEFIANCE, Ohio, April 28, 2022 /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, private client and title insurance services today reported earnings for the first quarter ended March 31, 2022.
First quarter 2022 highlights over the prior-year first quarter include:
- Net income of $2.8 million; diluted earnings per share ("EPS") of $0.40 reflecting a 58.8 percent decrease year over year
- Adjusted net income, excluding the positive impact of the Originated Mortgage Servicing Rights ("OMSR") recovery of $890,000 was $2.1 million, with EPS of $0.30
- Mortgage origination volume of $97.4 million, reflects a decrease of $58.4 million, or 37.5 percent
The twelve months ended March 31, 2022 over the prior-year twelve months include:
- Loans increased $56.1 million, or 7.1 percent year over year excluding the impact of Paycheck Protection Program ("PPP") loan balances in 2022 and 2021 of $0.8 and $54.4 million, respectively
- Deposits increased by $17.9 million, or 1.6 percent to $1.14 billion
| Highlights | Three Months Ended | ||
| ($ in thousands, except per share & ratios) | Mar. 2022 | Mar. 2021 | % Change |
| Operating revenue | $ 14,279 | $ 20,547 | -30.5% |
| Interest income | 9,395 | 10,705 | -12.2% |
| Interest expense | 918 | 1,080 | -15.0% |
| Net interest income | 8,477 | 9,625 | -11.9% |
| Provision for loan losses | - | 750 | -100.0% |
| Noninterest income | 5,802 | 10,922 | -46.9% |
| Noninterest expense | 10,859 | 10,909 | -0.5% |
| Net income | 2,813 | 7,081 | -60.3% |
| Earnings per diluted share | 0.40 | 0.97 | -58.8% |
| Return on average assets | 0.83% | 2.21% | -62.4% |
| Return on average equity | 8.08% | 19.78% | -59.2% |
| | | | |
| Non-GAAP Measures | | | |
| Adjusted net income | $ 2,110 | $ 4,943 | -57.3% |
| Adjusted diluted EPS | 0.30 | 0.68 | -55.9% |
"We had a solid start to the year, with positive loan growth and meaningful mortgage volume considering the rate headwinds" said Mark A. Klein, Chairman, President, and CEO of SB Financial. "Asset quality remained strong with minimal net charge-offs in the quarter and the completion of the sale of the large OREO property."
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, consisting of net interest income and noninterest income, of $14.3 million was down 30.5 percent from the first quarter of 2021, and down 8.9 percent from the linked quarter.
- Net interest income was down from the year-ago quarter by 11.9 percent, and down 6.6 percent from the linked quarter as the impact of PPP forgiveness declined.
- Net interest margin on a fully taxable equivalent ("FTE") basis was down from the year-ago and linked quarter by 53 and 21 basis points respectively, as cash balances continued to be higher than normal, and PPP balances were down to $792,000 at March 31, 2022.
- Noninterest income was down 46.9 percent from the year ago quarter due to lower mortgage volume and gain on sale yields. The year over year impact of the OMSR recapture decreased $1.8 million.
Mortgage Loan Business
Mortgage loan originations for the first quarter of 2022 were $97.4 million, down $58.4 million, or 37.5 percent, from the year-ago quarter. Total sales of originated loans were $72.2 million, down $64.6 million, or 47.2 percent, from the year-ago quarter. The Company's mix of origination continued to move away from refinance in the quarter, as new purchase and construction lending was $61.5 million (63 percent) of volume, with external refinance at $22.1 million (23 percent) and internal refinance at $13.8 million (14 percent).
Net mortgage banking revenue, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $2.9 million for the first quarter of 2022, compared to $8.2 million for the year-ago quarter. The mortgage servicing valuation adjustment for the first quarter of 2022 was a positive $890,000, compared to a positive adjustment of $2.7 million for the first quarter of 2021. The aggregate servicing valuation impairment ended the quarter at $566,000. The servicing portfolio at March 31, 2022, was $1.38 billion, up $71.5 million, or 5.5 percent, from $1.30 billion at March 31, 2021.
Mr. Klein noted, "Mortgage originations of $97 million reflected the decline in refinance volume, which was down from the linked quarter and the prior year. We recaptured nearly $900,000 on our service rights impairment in the quarter due to the sharp increase in rates. We remain committed to the residential mortgage business line as it continues to be a gateway into more households, and an opportunity to deepen our level of services to existing ones."
| Mortgage Banking | | | | | |
| ($ in thousands) | Mar. 2022 | Dec. 2021 | Sep. 2021 | Jun. 2021 | Mar. 2021 |
| Mortgage originations | $ 97,394 | $ 126,611 | $ 152,623 | $ 164,883 | $ 155,836 |
| Mortgage sales | 72,154 | 110,543 | 123,083 | 119,064 | 136,708 |
| Mortgage servicing portfolio | 1,375,554 | 1,362,962 | 1,341,439 | 1,323,804 | 1,304,097 |
| Mortgage servicing rights | 13,135 | 12,034 | 11,194 | 10,678 | 10,490 Werbung Mehr Nachrichten zur SB FINANCIAL GROUP INC. Aktie kostenlos abonnieren
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