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Donnerstag, 29.10.2020 21:20 von PR Newswire | Aufrufe: 31

SB Financial Group Announces Third Quarter 2020 Results

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PR Newswire

DEFIANCE, Ohio, Oct. 29, 2020

DEFIANCE, Ohio, Oct. 29, 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 third quarter and nine months ended September 30, 2020.

Third quarter 2020 highlights over prior-year third quarter include:

Net income of $5.3 million up $1.5 million or 39.6 percent; diluted earnings per share ("EPS") of $0.69 up $0.21 per share or 43.8 percent
Adjusted net income, excluding for the impact of the Originated Mortgage Servicing Rights ("OMSR") recapture of $0.3 million, of $5.0 million, with adjusted EPS of $0.65
Mortgage origination volume of $200.2 million, an increase of $42.2 million, or 26.7 percent
Pre-tax, pre-provision income of $8.3 million up $2.5 million or 43.2 percent

The nine months ended September 30, 2020, highlights over the prior-year nine months include:

Net income of $9.6 million; diluted EPS of $1.25
Adjusted net income, excluding the impact of OMSR and merger costs of $3.3 million after- tax, rose to $12.9 million, up $3.2 million or 32.9 percent, with adjusted EPS of $1.67
Return on Average Assets ("ROA") of 1.12 percent; adjusted ROA of 1.41 percent

Third quarter 2020 trailing twelve-month highlights include:

Loan growth of $62.5 million, or 7.6 percent, which includes Paycheck Protection Program ("PPP") loan balances of $82.1 million and loans acquired in the Edon acquisition of $15.7 million.
Deposit growth of $166.1 million, or 19.6 percent, driven by PPP balances and the Edon acquisition
Mortgage origination volume of $662.7 million; servicing portfolio of $1.29 billion, which is up $140.0 million, or 12.1 percent

Highlights

Three Months Ended

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Kurse

SB FINANCIAL GROUP INC.

13,71 $

-1,30%

Nine Months Ended

($ in thousands, except per share & ratios)

Sep. 2020

Sep. 2019

% Change

Sep. 2020

Sep. 2019

% Change

Operating revenue

$ 19,677

$ 14,424

36.4%

$ 47,873

$ 38,287

25.0%

Interest income

10,807

11,546

-6.4%

32,046

33,195

-3.5%

Interest expense

1,548

2,488

-37.8%

5,367

6,965

-22.9%

Net interest income

9,259

9,058

2.2%

26,679

26,230

1.7%

Provision for loan losses

1,800

300

500.0%

3,700

500

640.0%

Noninterest income

10,418

5,366

94.1%

21,194

12,057

75.8%

Noninterest expense

11,335

9,500

19.3%

32,403

27,234

19.0%

Net income

5,250

3,762

39.6%

9,586

8,615

11.3%

Earnings per diluted share

0.69

0.48

43.8%

1.25

1.08

15.7%

Return on average assets

1.73%

1.44%

20.1%

1.12%

1.13%

-0.9%

Return on average equity

15.01%

11.24%

33.5%

9.74%

8.67%

12.3%

Non-GAAP Measures

Adjusted net income

$ 4,992

$ 3,762

32.7%

$ 12,916

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