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Montag, 27.07.2020 22:20 von PR Newswire | Aufrufe: 84

SB Financial Group Announces Second Quarter 2020 Results

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PR Newswire

DEFIANCE, Ohio, July 27, 2020

DEFIANCE, Ohio, July 27, 2020 /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 second quarter and six months ended June 30, 2020.

Second quarter 2020 highlights over prior-year second quarter include:

Net income of $3.7 million; diluted earnings per share ("EPS") of $0.47
Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights ("OMSR") impairment of $1.1 million and Edon merger costs of $1.2 million with a combined after-tax impact of $1.8 million, was $5.5 million, with EPS of $0.71
Mortgage origination volume of $223.7 million, an increase of $125.2 million, or 127.2 percent

Six months ended June 30, 2020, highlights over prior-year six months include:

Net income of $4.3 million; adjusted for OMSR and merger costs of $3.6 million after-tax net income rises to $7.9 million, which was up $2.0 million, or 33.0 percent
Diluted EPS of $0.56; adjusted EPS of $1.03
Return on Average Assets ("ROA") of 0.78 percent; adjusted ROA of 1.42 percent

Second quarter 2020 trailing twelve-month highlights include:

Loan growth of $87.0 million, or 10.7 percent, which includes Paycheck Protection Program ("PPP") loan balances of $82.9 million and loans acquired in the Edon acquisition of $16.3 million.
Deposit growth of $151.2 million, or 18.0 percent, driven by PPP balances and the Edon acquisition
Mortgage origination volume of $620.5 million; servicing portfolio of $1.26 billion, which is up $0.15 billion, or 13.4 percent

Highlights

Three Months Ended

Six Months Ended

ARIVA.DE Börsen-Geflüster

Kurse

SB FINANCIAL GROUP INC.

13,71 $

-1,30%

($ in thousands, except per share & ratios)

Jun. 2020

Jun. 2019

% Change

Jun. 2020

Jun. 2019

% Change

Operating revenue

$ 17,487

$ 12,523

39.6%

$ 28,196

$ 23,863

18.2%

Interest income

10,595

11,151

-5.0%

21,239

21,649

-1.9%

Interest expense

1,723

2,319

-25.7%

3,819

4,477

-14.7%

Net interest income

8,872

8,832

0.5%

17,420

17,172

1.4%

Provision for loan losses

1,300

200

550.0%

1,900

200

850.0%

Noninterest income

8,615

3,691

133.4%

10,776

6,691

61.1%

Noninterest expense

11,662

9,108

28.0%

21,068

17,734

18.8%

Net income

3,655

2,627

39.1%

4,336

4,853

-10.7%

Earnings per diluted share

0.47

0.33

42.4%

0.56

0.61

-8.2%

Return on average assets

1.25%

1.03%

21.4%

0.78%

0.96%

-18.8%

Return on average equity

10.31%

7.92%

30.2%

6.22%

7.36%

-15.5%

Non-GAAP Measures

Adjusted net income

$ 5,495

$ 3,172

73.2%

$ 7,923

$ 5,958

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