SB Financial Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SB Financial Group, Inc. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

SB FINANCIAL GROUP, INC. (SBFG) filed a Annual Report (10-K) with the SEC on March 8, 2024. SB Financial Group, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Ohio and its fiscal year ends on December 31. Its principal executive offices are located at 401 Clinton Street, Defiance, Ohio. SB Financial Group, Inc. is registered with the SEC under file number 001-36785. The company's common shares trade on The NASDAQ Stock Market, LLC under the ticker symbol SBFG.

Why It Matters

For investors and stakeholders tracking SB FINANCIAL GROUP, INC., this filing contains several important signals. This filing provides a comprehensive overview of SB Financial Group's financial health and strategic direction for the past fiscal year, crucial for investors assessing its performance. As a publicly traded entity, the 10-K filing is a mandatory disclosure that offers transparency into the company's operations, risks, and financial standing.

Risk Assessment

Risk Level: low — SB FINANCIAL GROUP, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or positive developments beyond routine disclosures.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to understand SB Financial Group's performance and outlook.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year ended December 31, 2023)
• SBFG — Trading Symbol (Common Shares, No Par Value trading symbol)
• 001-36785 — SEC File Number (Commission File Number)
• 401 Clinton Street, Defiance, Ohio 43512 — Principal Executive Offices (Address of principal executive offices)
• 34-1395608 — IRS Number (I.R.S. Employer Identification No.)
• OH — State of Incorporation (State of incorporation)

Key Players & Entities

• SB FINANCIAL GROUP, INC. (company) — Registrant name
• SBFG (company) — Trading Symbol
• The NASDAQ Stock Market, LLC (company) — Exchange where common shares are traded
• Ohio (regulator) — State of incorporation
• 401 Clinton Street, Defiance, Ohio 43512 (company) — Business address
• 20231231 (date) — Fiscal year end
• 20240308 (date) — Filing date
• 001-36785 (regulator) — SEC File Number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $1,000 — Securities with a liquidation amount of $1,000 per security. The proceeds of the offer
• $250 billion — e with consolidated assets in excess of $250 billion). Bank holding companies with consolida
• $100 b — s with consolidated assets of less than $100 billion, including the Company, are no lo
• $50 billion — s with consolidated assets in excess of $50 billion and so did not apply to the Company eve
• $30.3 million — s. At December 31, 2023, State Bank had $30.3 million of excess earnings over the preceding t
• $284.45 billion — he HHSB Act renewed the PPP, allocating $284.45 billion for both new first-time PPP loans under
• $10.0 billion — ganizations with assets approaching the $10.0 billion asset threshold and that would otherwis

Filing Documents

• ea0200906-10k_sbfin.htm (10-K) — 2810KB
• ea020090601ex4-6_sbfin.htm (EX-4.6) — 5KB
• ea020090601ex10-17_sbfin.htm (EX-10.17) — 67KB
• ea020090601ex21_sbfin.htm (EX-21) — 6KB
• ea020090601ex23_sbfin.htm (EX-23) — 2KB
• ea020090601ex31-1_sbfin.htm (EX-31.1) — 9KB
• ea020090601ex31-2_sbfin.htm (EX-31.2) — 9KB
• ea020090601ex32-1_sbfin.htm (EX-32.1) — 5KB
• ea020090601ex97_sbfin.htm (EX-97.) — 35KB
• image_001.jpg (GRAPHIC) — 14KB
• image_002.jpg (GRAPHIC) — 38KB
• ex4-6_001.jpg (GRAPHIC) — 32KB
• 0001213900-24-021013.txt (&nbsp;) — 14637KB
• sbfg-20231231.xsd (EX-101.SCH) — 124KB
• sbfg-20231231_cal.xml (EX-101.CAL) — 76KB
• sbfg-20231231_def.xml (EX-101.DEF) — 518KB
• sbfg-20231231_lab.xml (EX-101.LAB) — 926KB
• sbfg-20231231_pre.xml (EX-101.PRE) — 531KB
• ea0200906-10k_sbfin_htm.xml (XML) — 2814KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 Supplemental Item: Information about our Executive Officers 30 PART II 31 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 48 Item 9A.

Controls and Procedures

Controls and Procedures 48 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III 50 Item 10. Directors, Executive Officers and Corporate Governance 50 Item 11.

Executive Compensation

Executive Compensation 50 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accountant Fees and Services 51 PART IV 52 Item 15. Exhibits and Financial Statement Schedules 52 Item 16. Form 10-K Summary 52

Signatures

Signatures 57 i PART I Item 1. Business . Certain statements contained in this Annual Report on Form 10-K which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See "Cautionary Statement Regarding Forward-Looking Information" under Item 1A. Risk Factors on page 14 of this Annual Report on Form 10-K. General SB Financial Group, Inc., an Ohio corporation (the "SB Financial"), is a financial holding company subject to regulation under the Bank Holding Company Act of 1956, as amended, and to inspection, examination and supervision by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board" or the "FRB"). SB Financial was organized in 1983. The executive offices of the SB Financial are located at 401 Clinton Street, Defiance, Ohio 43512. Through its direct and indirect subsidiaries, the SB Financial is engaged in a variety of financial activities, including commercial banking, and wealth management services, as explained in more detail below. As used in this Annual Report on Form 10-K, the "Company" refers to SB Financial and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to the registrant, SB Financial. The State Bank and Trust Company ("State Bank") is an Ohio state-chartered bank and wholly owned subsidiary of the Company. State Bank offers a full range of commercial banking services, including checking accounts, savings accounts, money market accounts and time certificates of deposit; automatic teller machines ("ATMs"); commercial, consumer, agricultural and residential mortgage loans; personal and corporate trust services; commercial leasing; bank credit card services; safe deposit box rentals; internet banking; private client group services; and other personalized banking services. The trust and financial services division of State Bank

View Full Filing

View this 10-K filing on SEC EDGAR