SB Financial Group Files Q3 2024 10-Q

TL;DR

SB Financial Group filed its Q3 10-Q on Nov 7, 2024. Details on bank performance inside.

AI Summary

SB Financial Group, Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Ohio with its principal executive offices in Defiance, Ohio, operates under the SIC code 6022 for State Commercial Banks. The filing was made on November 7, 2024, under SEC file number 1-36785.

Why It Matters

This filing provides investors with the latest financial performance and operational details of SB Financial Group, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 20240930 — Quarter End Date (The report covers the period ending on this date.)
• 20241107 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SB FINANCIAL GROUP, INC. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• November 7, 2024 (date) — Filing date
• Ohio (location) — State of incorporation
• Defiance, Ohio (location) — Principal executive offices
• 6022 (number) — Standard Industrial Classification code for State Commercial Banks
• 1-36785 (number) — SEC file number

FAQ

Filing Documents

• ea0219847-10q_sbfinan.htm (10-Q) — 2431KB
• ea021984701ex31-1_sbfinan.htm (EX-31.1) — 16KB
• ea021984701ex31-2_sbfinan.htm (EX-31.2) — 16KB
• ea021984701ex32-1_sbfinan.htm (EX-32.1) — 6KB
• ea021984701ex32-2_sbfinan.htm (EX-32.2) — 5KB
• 0001213900-24-095338.txt ( ) — 12632KB
• sbfg-20240930.xsd (EX-101.SCH) — 77KB
• sbfg-20240930_cal.xml (EX-101.CAL) — 63KB
• sbfg-20240930_def.xml (EX-101.DEF) — 352KB
• sbfg-20240930_lab.xml (EX-101.LAB) — 638KB
• sbfg-20240930_pre.xml (EX-101.PRE) — 370KB
• ea0219847-10q_sbfinan_htm.xml (XML) — 3031KB

Signatures

Signatures 44 i PART I – FINANCIAL INFORMATION Item 1. Financial Statements SB Financial Group, Inc. Condensed Consolidated Balance Sheets ($ in thousands) September 2024 (unaudited) December 2023 Assets Cash and due from banks $ 49,348 $ 22,965 Interest bearing time deposits 1,706 1,535 Available-for-sale securities 211,511 219,708 Loans held for sale 8,927 2,525 Loans, net of unearned income 1,029,955 1,000,212 Allowance for credit losses ( 15,278 ) ( 15,786 ) Premises and equipment, net 20,715 21,378 Federal Reserve and Federal Home Loan Bank Stock, at cost 5,223 7,279 Foreclosed assets and other assets held for sale, net - 511 Interest receivable 4,842 4,657 Goodwill 23,239 23,239 Cash value of life insurance 30,488 29,121 Mortgage servicing rights 14,357 13,906 Other assets 8,916 11,999 Total assets $ 1,393,949 $ 1,343,249 Liabilities and shareholders' equity Liabilities Deposits Non interest bearing demand $ 222,425 $ 228,713 Interest bearing demand 202,097 166,413 Savings 241,761 216,965 Money market 228,182 202,605 Time deposits 265,068 255,509 Total deposits 1,159,533 1,070,205 Repurchase agreements 15,240 13,387 Federal Home Loan Bank advances 35,000 83,600 Trust preferred securities 10,310 10,310 Subordinated debt net of issuance costs 19,678 19,642 Interest payable 3,374 2,443 Other liabilities 17,973 19,320 Total liabilities 1,261,108 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 15,090 15,124 Retained earnings 113,515 108,486 Accumulated other comprehensive loss ( 24,87

financial statements

financial statements. NOTE 2 – EARNINGS PER SHARE Earnings per share ("EPS") have been computed based on the weighted average number of common shares outstanding during the periods presented. The average number of common shares used in the computation of basic and diluted earnings per share are set forth in the table below. There were no anti-dilutive shares in 2024 or 2023. Participating securities in the table reflect nonvested restricted shares that participate in dividends declared and paid by the Company on its common shares prior to vesting of the restricted shares. Three Months Ended Sep. 30, ($ and outstanding shares in thousands - except per share data) 2024 2023 Distributed earnings allocated to common shares $ 943 $ 891 Undistributed earnings allocated to common shares 1,403 1,789 Net earnings allocated to common shares 2,346 2,680 Net earnings allocated to participating securities 8 7 Net Income allocated to common shares and participating securities $ 2,354 $ 2,687 Weighted average shares outstanding for basic earnings per share 6,660 6,791 Dilutive effect of stock compensation 15 87 Weighted average shares outstanding for diluted earnings per share 6,675 6,878 Basic earnings per common share $ 0.35 $ 0.40 Diluted earnings per common share $ 0.35 $ 0.39 Nine Months Ended Sep. 30, ($ and outstanding shares in thousands - except per share data) 2024 2023 Distributed earnings allocated to common shares $ 2,805 $ 2,666 Undistributed earnings allocated to common shares 5,004 5,523 Net earnings allocated to common shares 7,809 8,189 Net earnings allocated to participating securities 26 23 Net Income allocated to common shares and participating securities $ 7,835 $ 8,212 Weighted average shares outstanding for basic earnings per share 6,689 6,857 Dilutive effect of stock compensation 15 87 Weighted average shares outstanding for diluted earnings per share 6,704 6,944 Basi

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View this 10-Q filing on SEC EDGAR