SB FINANCIAL GROUP, INC. Files Quarterly Report (10-Q) for Period Ended March 31, 2024

TL;DR

<b>SB FINANCIAL GROUP, INC. has filed its quarterly report for the period ending March 31, 2024, detailing its financial status and operational information.</b>

AI Summary

SB FINANCIAL GROUP, INC. (SBFG) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. SB FINANCIAL GROUP, INC. filed a Form 10-Q for the quarterly period ended March 31, 2024. The company's common shares trade under the symbol SBFG on The NASDAQ Stock Market, LLC. As of May 9, 2024, there were 6,763,697 outstanding common shares. SB FINANCIAL GROUP, INC. is incorporated in Ohio and its principal executive offices are located in Defiance, Ohio. The filing indicates the company is a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking SB FINANCIAL GROUP, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of SB FINANCIAL GROUP, INC.'s financial performance and position as of the end of the first quarter of 2024. The classification as a smaller reporting company and non-accelerated filer may influence the level of detail and regulatory scrutiny compared to larger filers.

Risk Assessment

Risk Level: low — SB FINANCIAL GROUP, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Monitor future filings for detailed financial performance metrics and any changes in the company's filer status.

Key Numbers

• 6,763,697 — Outstanding Common Shares (As of May 9, 2024)
• 2024-03-31 — Quarterly Period End Date (Form 10-Q filing)
• 2024-05-09 — Filing Date (Form 10-Q filing)

Key Players & Entities

• SB FINANCIAL GROUP, INC. (company) — Registrant name
• SBFG (company) — Trading Symbol
• NASDAQ Capital Market (company) — Exchange where common shares are registered
• Ohio (company) — State of incorporation and location of principal executive offices
• RURBAN FINANCIAL CORP (company) — Former company name
• March 31, 2024 (date) — Quarterly period ended date
• May 9, 2024 (date) — Date of outstanding shares count
• 6,763,697 (dollar_amount) — Number of outstanding common shares

FAQ

Industry Context

SB FINANCIAL GROUP, INC. operates within the commercial banking sector, as indicated by its SIC code 6022.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports (Form 10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Track SBFG's stock performance on the NASDAQ Capital Market.
3. Compare SB FINANCIAL GROUP, INC.'s financial metrics against industry peers.

Key Dates

• 2024-03-31: Quarterly period ended — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Filing Documents

• ea0205421-10q_sbfinancial.htm (10-Q) — 1814KB
• ea020542101ex31-1_sbfinan.htm (EX-31.1) — 10KB
• ea020542101ex31-2_sbfinan.htm (EX-31.2) — 10KB
• ea020542101ex32-1_sbfinan.htm (EX-32.1) — 5KB
• ea020542101ex32-2_sbfinan.htm (EX-32.2) — 4KB
• 0001213900-24-041207.txt (&nbsp;) — 11150KB
• sbfg-20240331.xsd (EX-101.SCH) — 94KB
• sbfg-20240331_cal.xml (EX-101.CAL) — 61KB
• sbfg-20240331_def.xml (EX-101.DEF) — 361KB
• sbfg-20240331_lab.xml (EX-101.LAB) — 684KB
• sbfg-20240331_pre.xml (EX-101.PRE) — 367KB
• ea0205421-10q_sbfinancial_htm.xml (XML) — 2653KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SB Financial Group, Inc. Condensed Consolidated Balance Sheets ($ in thousands) March 2024 (unaudited) December 2023 Assets Cash and due from banks $ 26,602 $ 22,965 Interest bearing time deposits 2,417 1,535 Available-for-sale securities 213,239 219,708 Loans held for sale 4,730 2,525 Loans, net of unearned income 991,552 1,000,212 Allowance for credit losses ( 15,643 ) ( 15,786 ) Premises and equipment, net 20,985 21,378 Federal Reserve and Federal Home Loan Bank Stock, at cost 6,512 7,279 Foreclosed assets and other assets held for sale, net 510 511 Interest receivable 4,584 4,657 Goodwill 23,239 23,239 Cash value of life insurance 30,103 29,121 Mortgage servicing rights 14,191 13,906 Other assets 12,991 11,999 Total assets $ 1,336,012 $ 1,343,249 Liabilities and shareholders' equity Liabilities Deposits Non interest bearing demand $ 219,395 $ 228,713 Interest bearing demand 169,171 166,413 Savings 244,157 216,965 Money market 221,362 202,605 Time deposits 258,257 255,509 Total deposits 1,112,342 1,070,205 Repurchase agreements 12,916 13,387 Federal Home Loan Bank advances 35,000 83,600 Trust preferred securities 10,310 10,310 Subordinated debt net of issuance costs 19,654 19,642 Interest payable 2,772 2,443 Other liabilities 19,295 19,320 Total liabilities 1,212,289 1,218,907 Commitments & Contingent Liabilities Shareholders' Equity Preferred stock, no par value; authorized 200,000 shares; 2024 - 0 shares outstanding, 2023 - 0 shares outstanding - - Common stock, no par value; 2024 - 10,500,000 shares authorized, 8,525,375 shares issued; 2023 - 10,500,000 shares authorized, 8,525,375 shares issued 61,319 61,319 Additional paid-in capital 14,978 15,124 Retained earnings 109,937 108,486 Accumulated other comprehensive loss ( 31,547 ) ( 29,831 ) Treasury stock, at cost; (2024 - 1,756,

financial statements

financial statements. ASU No. 2016-13: Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments On January 1, 2023, the Company adopted ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") ("ASC 326") as amended. The new accounting guidance in this ASU replaces the incurred loss methodology with an expected loss methodology, which is referred to as the current expected credit loss ("CECL") methodology. The CECL methodology is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to-maturity ("HTM") debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments that are noncancellable), and net investments in leases recognized by a lessor. The CECL methodology requires an entity to estimate credit losses over the life of an asset or off-balance sheet credit exposure. In addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities if management determines that the Company does not intend to sell and it is more likely than not, that the Company will not be required to sell the securities. 6 The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning on or after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The transition adjustment of the CECL adoption included an increase in the allowance for credit losses ("ACL") of $ 1.4 milli

View Full Filing

View this 10-Q filing on SEC EDGAR