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SB Financial Group Announces Record First Quarter 2021 Results
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PR Newswire
DEFIANCE, Ohio, April 30, 2021
DEFIANCE, Ohio, April 30, 2021 /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, 2021.
First quarter 2021 highlights over prior-year first quarter include:
- Net income of $7.1 million up $6.4 million or 939.6 percent; diluted earnings per share ("EPS") of $0.97, up $0.88 per share or 977.8 percent, which was the highest quarterly earnings in Company history
- Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights ("OMSR") recapture, was $4.9 million, which yields a decrease in adjusted EPS of $0.29 to $0.68. Adjusted EPS was up $0.37, or 119.4, percent from adjusted EPS in the prior-year quarter
- Mortgage origination volume of $155.8 million, an increase of $54.5 million, or 53.7 percent
- Pre-tax, pre-provision income of $9.6 million, up $8.3 million or 639.7 percent
The twelve months ended March 31, 2021, highlights over the prior-year twelve months include:
- Loan growth of $17.4 million, or 2.1 percent, which includes Paycheck Protection Program ("PPP") loan balances and loans acquired in the Edon acquisition
- Deposit growth of $256.3 million, or 29.7 percent, driven by consumer and small business liquidity and the Edon acquisition
- Mortgage origination volume of $748.7 million; servicing portfolio of $1.3 billion, which is up $87.8 million, or 7.2 percent
| Highlights | Three Months Ended | ||
| ($ in thousands, except per share & ratios) | Mar. 2021 | Mar. 2020 | % Change |
| Operating revenue | $ 20,547 | $ 10,709 | 91.9% |
| Interest income | 10,705 | 10,644 | 0.6% |
| Interest expense | 1,080 | 2,096 | -48.5% |
| Net interest income | 9,625 | 8,548 | 12.6% |
| Provision for loan losses | 750 | 600 | 25.0% |
| Noninterest income | 10,922 | 2,161 | 405.4% |
| Noninterest expense | 10,909 | 9,406 | 16.0% |
| Net income | 7,081 | 681 | 939.8% |
| Earnings per diluted share | 0.97 | 0.09 | 977.8% |
| Return on average assets | 2.21% | 0.26% | 750.0% |
| Return on average equity | 19.78% | 1.99% | 894.0% |
| | | | |
| Non-GAAP Measures | | | |
| Adjusted net income | $ 4,943 | $ 2,428 | 103.6% |
| Adjusted diluted EPS | 0.68 | 0.31 | 119.4% |
| Adjusted return on average assets | 1.54% | 0.92% | 67.4% |
| Adjusted pre-tax, pre-provision income | 6,932 | 3,514 | 97.3% |
"The first quarter marks a record quarter in earnings for our Company. We earned $0.97 per share in the quarter up significantly from the prior year as we recaptured servicing rights impairment and continued to deliver higher mortgage and PPP volume," said Mark A. Klein, Chairman, President, and CEO of SB Financial. "Our Residential Mortgage group originated strong volume of $156 million, and we processed nearly $40 million of PPP forgiveness from the first phase, while originating over $22 million in the second phase."
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, consisting of net interest income and noninterest income, was up 91.9 percent from the first quarter of 2020.
- Net interest income was up 12.6 percent from the year-ago quarter, and up 4.0 percent from the linked quarter.
- Net interest margin on a fully taxable equivalent basis (FTE) was down from the year-ago quarter by 27 basis points but was flat to the linked quarter due to higher transactional cash balances, PPP forgiveness realization and mortgage volume. Loan yields were down 12 basis points in total from the prior year as the decline in loan pricing was offset by PPP forgiveness.
- Noninterest income was up 405.4 percent year over year and up 22.7 percent from the linked quarter, due to servicing rights recapture and mortgage volume.
Mortgage Loan Business
Mortgage loan originations for the first quarter of 2021 were $155.8 million, up $54.5 million, or 53.7 percent, from the year-ago quarter. Total sales of originated loans were $136.7 million, up $52.2 million, or 61.8 percent. For the trailing twelve months, SB Financial had total volume of $694.2 million, of which $290.9 million (42 percent) was new purchase/construction lending, $217.0 million (31 percent) was internal refinance, and the remaining $186.3 million (27 percent) was new customer refinance volume.
Net mortgage banking revenue, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $8.2 million for the first quarter of 2021, compared to a loss of $0.1 million for the year-ago quarter. The mortgage servicing valuation adjustment for the first quarter of 2021 was a positive $2.7 million, compared to a negative adjustment of $2.2 million for the first quarter of 2020. The aggregate servicing valuation impairment ended the quarter at $2.2 million. The servicing portfolio at March 31, 2021, was $1.3 billion up $87.8 million or 7.2 percent, from $1.2 billion at March 31, 2020. Normal amortization was up 99 percent from the prior year due to higher refinance activity.
Mr. Klein noted, "Carrying the momentum from a record breaking 2020, we originated $156 million in residential mortgages in the quarter. Gain on sale yields remained robust and our hedge allowed us to manage the volatility of the rate fluctuations throughout the quarter. We did see more competitive pricing in the quarter and the availability of homes for purchase in several of our markets continues to be a strain on activity. Refinance volume also maintained a strong pace in the quarter at over 62 percent of our total volume."
| Mortgage Banking | | | | | |
| ($ in thousands) | Mar. 2021 | Dec. 2020 | Sep. 2020 | Jun. 2020 | Mar. 2020 |
| Mortgage originations | $ 155,836 | $ 168,997 | $ 200,158 | $ 223,671 | $ 101,365 |
| Mortgage sales | 136,708 | 143,151 | 166,201 Werbung Mehr Nachrichten zur SB FINANCIAL GROUP INC. Aktie kostenlos abonnieren
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