Financial Performance - Operating revenue for Q4 2024 was $15.5 million, a 2.2% increase from $15.1 million in Q4 2023[5] - Net income for Q4 2024 was $3.6 million, down 6.4% from $3.9 million in Q4 2023, with diluted EPS at $0.55[6] - Noninterest income for Q4 2024 was $4.6 million, a 17.6% decline from $5.5 million in Q4 2023[9] - Net income for December 2024 was $3,635 thousand, representing a 54.3% increase compared to $2,354 thousand in September 2024[36] - Basic earnings per common share rose to $0.55 in December 2024, up from $0.35 in September 2024, an increase of 57.1%[36] - Net income for 2024 was $11,470 million, down from $12,094 million in 2023, showing a decline of 5.2%[44] - Diluted earnings per share decreased to $1.72 in 2024 from $1.75 in 2023, a reduction of 1.7%[44] Revenue and Income Sources - Interest income rose to $16.8 million, an 11.4% increase from $15.1 million in the prior year[6] - Noninterest income totaled $4,557 thousand in December 2024, an increase of 10.6% from $4,123 thousand in September 2024[35] - Net interest income increased to $10,897 thousand in December 2024, up 7.0% from $10,186 thousand in September 2024[35] - Net interest income for Q4 2024 was $10,897,000, an increase of 6.98% from $10,186,000 in Q3 2024[39] - Adjusted total operating revenue for 2024 was $56,897 million, slightly down from $57,045 million in 2023, indicating a decrease of 0.3%[44] Asset and Liability Management - Total assets reached $1.38 billion, driven by a $46.5 million or 4.7% increase in the loan portfolio[18] - Total assets decreased to $1,379,517 thousand in December 2024 from $1,393,949 thousand in September 2024, a decline of 1.0%[33] - Total liabilities decreased to $1,252,009 thousand in December 2024 from $1,261,108 thousand in September 2024, a decline of 0.7%[33] - Total assets increased to $1,361,274 million in 2024 from $1,334,644 million in 2023, representing a growth of 2.0%[43] Deposits and Loans - Total deposits increased by $82.4 million, or 7.7%, to $1.15 billion year-over-year[19] - Total deposits reached $1,152.6 million, with a growth of $82.4 million or 7.7% compared to the previous year[22] - Total deposits slightly decreased to $1,152,605 thousand in December 2024 from $1,159,533 thousand in September 2024, a decrease of 0.3%[33] - Loan balances increased by $46.5 million year-over-year, achieving a total of $1,046.7 million, reflecting a growth rate of 4.7%[22] - Total loans rose to $1,040,580 million, up from $992,337 million, representing an increase of about 4.9%[42] Shareholder Value and Equity - Shareholders' equity ended the year at $127.5 million, reflecting a $3.2 million increase from the prior year[19] - SB Financial repurchased 130,465 shares in Q4 2024, demonstrating commitment to shareholder value through buybacks and dividends[21] - Tangible book value per share increased by $1.02, or 6.8%, to $16.00 from the prior year[6] - Market price per common share was $20.91, reflecting an increase from $20.56 in the previous quarter[39] - The tangible equity ratio was reported at 7.66%, reflecting a strong equity position relative to tangible assets[40] Asset Quality and Risk Management - Nonperforming assets totaled $5.5 million, representing 0.40% of total assets, an increase from 0.25% the previous year[23] - The allowance for credit losses was 1.44% of total loans, providing 273.7% coverage of nonperforming loans, indicating a conservative risk management approach[24] - Nonperforming commercial and agricultural loans increased by 291.3% year-over-year, totaling $2.9 million[26] - The net loan charge-offs to average loans ratio remained low at 7 basis points for the quarter and 2 basis points for the full year[24] - The allowance for credit loss to nonperforming loans ratio stood at 273.68%, reflecting strong coverage for potential loan losses[40] Efficiency and Performance Ratios - The efficiency ratio improved to 71.09% in Q4 2024 from 76.78% in the linked quarter[17] - Return on average assets (ROAA) improved to 1.04% in Q4 2024, compared to 0.68% in Q3 2024[39] - Return on average equity (ROE) increased to 11.13% in Q4 2024, up from 7.32% in Q3 2024[39] - The common equity tier 1 ratio (Bank) was reported at 13.43%, indicating a solid capital position[40] - The net loan charge-offs to average loans ratio was 0.07%, indicating low levels of loan defaults[40] Future Outlook - The company plans to hold its Q4 2024 earnings conference call on January 24, 2025[27]
SB Financial Group(SBFG) - 2024 Q4 - Annual Results