Donnerstag, 28.10.2021 16:15 von PR Newswire | Aufrufe: 24

SB Financial Group Announces Third Quarter 2021 Results

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PR Newswire

DEFIANCE, Ohio, Oct. 28, 2021

DEFIANCE, Ohio, Oct. 28, 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 third quarter and nine months ended September 30, 2021.

Third quarter 2021 highlights over prior-year third quarter include:

Net income of $4.1 million; diluted earnings per share ("EPS") of $0.58 or a 15.9 percent decrease
Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights ("OMSR") impairment of $250,000 was $3.9 million, with EPS of $0.56
Mortgage origination volume of $152.6 million, reflects a decrease of $47.5 million, or 23.8 percent

Third quarter 2021 highlights over the linked quarter include:

Net income up $342,000 with EPS increasing $0.06 or 11.5 percent
Loan growth excluding the impact of Paycheck Protection Program ("PPP") was up $20.6 million or 10 percent annualized

Nine months ended September 30, 2021, highlights over prior-year nine months include:

Net income of $14.9 million and diluted EPS of $2.08, compared to $9.6 million, or $1.25 per share or a 66.4 percent increase
Adjusted net income, excluding the impact of OMSR activity and merger costs, was $12.7 million, down $227,000 or 1.8 percent with EPS of $1.76, up $0.09 or 5.4 percent

Third quarter 2021 trailing twelve-month highlights include:

Loans, excluding the impact of PPP loan balances from both years of $10.2 and $82.1 million, respectively, increased $32.6 million, or 4.1 percent from the prior year
Deposits grew by $97.7 million, or 9.6 percent to $1.11 billion at quarter end
Mortgage origination volume of $642.3 million; servicing portfolio of $1.34 billion, which is up $48.4 million, or 3.7 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. 2021

Sep. 2020

% Change

Sep. 2021

Sep. 2020

% Change

Operating revenue

$ 16,673

$ 19,677

-15.3%

$ 52,914

$ 47,873

10.5%

Interest income

11,033

10,807

2.1%

31,901

32,046

-0.5%

Interest expense

1,009

1,548

-34.8%

3,095

5,367

-42.3%

Net interest income

10,024

9,259

8.3%

28,806

26,679

8.0%

Provision for loan losses

300

1,800

-83.3%

1,050

3,700

-71.6%

Noninterest income

6,649

10,418

-36.2%

24,108

21,194

13.7%

Noninterest expense

11,256

11,335

-0.7%

33,241

32,403

2.6%

Net income

4,103

5,250

-21.8%

14,945

9,586

55.9%

Earnings per diluted share

0.58

0.69

-15.9%

2.08

1.25

66.4%

Return on average assets

1.23%

1.73%

-28.9%

1.51%

1.12%

34.8%

Return on average equity

11.35%

15.01%

-24.4%

13.84%

9.74%

42.1%

Non-GAAP Measures

Adjusted net income

$ 3,907

$ 4,992

-21.7%

$ 12,690

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