SB Financial Group, Inc. Announces Strong First-Quarter 2018 Earnings

DEFIANCE, Ohio, April 19, 2018

First-quarter 2018 highlights over prior-year first quarter include:

• Total assets increased to $925.6 million, up $78.8 million or 9.3 percent
• Net income of $2.5 million, an increase of 23.1 percent
• Operating revenue of $11.9 million, up $1.6 million or 15.9 percent
• Return on average assets of 1.08 percent, up 12 basis points or 12.5 percent
• Diluted earnings per share (EPS) of $0.35, an increase of $0.04 per share, or 12.9 percent

First-quarter 2018 trailing twelve-month highlights include:

• Loan growth of $80.5 million, or 12.8 percent
• Deposit growth of $35.9 million, or 5.0 percent
• Mortgage origination volume of $58.5 million, an increase of 3.2 percent, or $1.8 million; servicing portfolio of $1.00 billion, up 9.5 percent, or $0.09 billion

Highlights	Three Months Ended
($000's except ratios and share data) ARIVA.DE Börsen-Geflüster Kurse SB FINANCIAL GROUP INC. 12,40 € 0,00% SB Financial Group, Inc. - Depositary Shares each representing a 1/100th interest in a 6.50% Noncumu -   0,00%	Mar. 2018	Mar. 2017	% Change
Operating revenue	$ 11,943	$ 10,308	15.9%
Interest income	8,851	7,414	19.4
Interest expense	1,151	908	26.8
Net interest income	7,700	6,506	18.4
Noninterest income	4,243	3,802	11.6
Noninterest expense	8,627	7,382	16.9
Net income	2,453	1,993	23.1
Earnings per diluted share	0.35	0.31	12.9
Net interest margin (FTE)	3.86%	3.59%	7.5
Return on average assets	1.08%	0.96%	12.5
Return on average equity	9.03%	9.13%	(1.1)

"SB Financial Group's first-quarter diluted EPS was up 13 percent compared to the prior-year quarter. The quarter included not only the impact of the 2017 tax cuts but also the increased number of shares as a result of our capital raise that we completed in February," said Mark A. Klein, Chairman, President and CEO of SB Financial.  Operating results included a strong SBA quarter, 13 percent year-over-year loan growth and improved asset quality metrics."

RESULTS OF OPERATIONS

Consolidated Revenue

Total operating revenue, consisting of net interest income and noninterest income, was up 15.9 percent from the first quarter of 2017, and up 1.7 percent from the linked quarter.

• Net interest income was up 18.3 percent from the year-ago quarter, and up 0.6 percent from the linked quarter.
• Net interest margin (FTE) was up 27 basis points from the year-ago quarter, but down 10 basis points from the linked quarter. The year-over-year increase was due to higher loan volume, and higher earning asset yields.
• Noninterest income was up 11.6 percent from the year-ago quarter, and up 3.7 percent from the linked quarter.

Mortgage Loan Business

Mortgage loan originations for the first quarter of 2018 were $58.5 million, up $1.8 million, or 3.2 percent, from the year-ago quarter.  Total sales of originated loans were $40.6 million, down $9.9 million, or 19.6 percent from the year-ago quarter.

Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $1.6 million for the first quarter of 2018, compared to $1.6 million for the year-ago quarter.  The mortgage servicing valuation adjustment for the first quarter 2018 was a positive $0.09 million, compared to a positive adjustment of $0.03 million for the first quarter of 2017.  The aggregate servicing valuation impairment ended the quarter at $0.2 million.  The mortgage servicing portfolio at March 31, 2018, was $1.00 billion, up $0.09 billion, or 9.5 percent, from $0.92 billion at March 31, 2017.

Mr. Klein noted, "We continue to see the mortgage origination business constrained by limited housing inventory in all of our markets.  We are encouraged, however, by the significant increase in our pipeline late in the quarter."

Mortgage Banking ($000's)
	Mar. 2018	Dec. 2017	Sep. 2017	Jun. 2017	Mar. 2017
Mortgage originations	$  58,485	$  72,102	$  89,217	$  97,804	$  56,667
Mortgage sales	40,589	53,825	76,919	80,038	50,473
Mortgage servicing portfolio	1,004,728	994,915	979,251	952,364	917,435
Mortgage servicing rights	10,195	9,907	9,560	9,217	8,727
Mortgage servicing revenue:
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