Donnerstag, 27.01.2022 16:15 von PR Newswire | Aufrufe: 83

SB Financial Group Announces Fourth Quarter Results and Record Full Year 2021 earnings

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PR Newswire

DEFIANCE, Ohio, Jan. 27, 2022

DEFIANCE, Ohio, Jan. 27, 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 fourth quarter and twelve months ended December 31, 2021.

Fourth quarter 2021 highlights for the fourth quarter include:

Net income of $3.3 million; diluted earnings per share ("EPS") of $0.49 or a 31.0 percent decrease year over year
Adjusted net income, excluding the positive impact of the Originated Mortgage Servicing Rights ("OMSR") recovery of $581,000 was $2.9 million, with EPS of $0.42
Mortgage origination volume of $126.7 million, reflects a decrease of $42.3 million, or 25.0 percent

Full year 2021 highlights over the prior year include:

Net income of $18.3 million, which is the highest in history for the Company, with EPS of $2.56 or a 30.6 percent increase
Loans increased $18.5 million, or 2.3 percent year over year excluding the impact of Paycheck Protection Program ("PPP") loan balances in 2020 and 2021 of $2.0 and $70.6 million, respectively
Deposits increased by $64.0 million, or 6.1 percent to $1.11 billion
Mortgage origination volume of $600.0 million, was a decline of $94.2 million or 13.6 percent with the mortgage servicing portfolio increasing by $63.3 million to $1.36 billion, or 4.9 percent
Provision expense of $1.1 million declined 76.7 percent from the year ago period, with net recoveries of $181,000 in 2021, compared to net charge offs of $681,000 in 2020

Highlights

Three Months Ended

Twelve Months Ended

ARIVA.DE Börsen-Geflüster

Kurse

SB FINANCIAL GROUP INC.

13,71 $

-1,30%

($ in thousands, except per share & ratios)

Dec. 2021

Dec. 2020

% Change

Dec. 2021

Dec. 2020

% Change

Operating revenue

$ 15,667

$ 18,153

-13.7%

$ 68,581

$ 66,026

3.9%

Interest income

10,003

10,589

-5.5%

41,904

42,635

-1.7%

Interest expense

925

1,338

-30.9%

4,020

6,705

-40.0%

Net interest income

9,078

9,251

-1.9%

37,884

35,930

5.4%

Provision for loan losses

800

-100.0%

1,050

4,500

-76.7%

Noninterest income

6,589

8,902

-26.0%

30,697

30,096

2.0%

Noninterest expense

11,567

10,684

8.3%

44,808

43,087

4.0%

Net income

3,332

5,358

-37.8%

18,277

14,944

22.3%

Earnings per diluted share

0.49

0.71

-31.0%

2.56

1.96

30.6%

Return on average assets

0.99%

1.73%

-42.8%

1.38%

1.29%

7.0%

Return on average equity

9.21%

15.05%

-38.8%

12.67%

10.74%

18.0%

Non-GAAP Measures

Adjusted net income

$ 2,873

$ 5,841

-50.8%

$ 15,563

$ 18,757

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