Financial Performance - Net income for Q1 2025 was $2.2 million, a decrease of 8.9% from $2.4 million in Q1 2024, with diluted earnings per share at $0.33 compared to $0.35[159] - Operating revenue for Q1 2025 was $15.4 million, an increase of $2.3 million or 17.2% from $13.1 million in Q1 2024[161] - Net interest income for Q1 2025 was $11.3 million, up from $9.2 million in Q1 2024, with a net interest margin of 3.40% compared to 2.99%[162] - Total noninterest income for Q1 2025 was $4.1 million, slightly up from $4.0 million in Q1 2024, with SBFG Title contributing $0.4 million[163] - Total noninterest expense for Q1 2025 was $12.4 million, an increase of $2.1 million from $10.3 million in Q1 2024, including over $0.7 million in merger-related expenses[165] - Income taxes for Q1 2025 were $0.43 million, representing an effective tax rate of 16.7%, compared to $0.48 million and 16.9% in Q1 2024[166] Loan and Asset Management - Total loans reached $1.09 billion, an increase of $41.5 million or 4.0% from year-end 2024[167] - Total delinquent loans at the end of Q1 2025 were $5.9 million, representing 0.54% of total loans[160] - The allowance for credit losses was $15.4 million, reflecting a $0.3 million increase from December 2024[169] - Non-performing asset ratio remained stable at 41 basis points with coverage on non-performing loans at 254%[169] - The commercial real estate and mortgage portfolios totaled $890.3 million, which can be used to collateralize borrowings[174] Deposits and Assets - Total assets increased to $1.5 billion, up $121.5 million or 8.8% since December 31, 2024[167] - Total deposits rose to $1.27 billion, up $118.6 million or 10.3% since the end of 2024[167] - Liquid assets totaled $310.7 million, an increase from $235.9 million at December 31, 2024[172] Cash Flow - Net cash provided by operating activities was $6.7 million for the three months ended March 31, 2025, compared to $0.3 million for the same period in 2024[176] - Net cash provided by financing activities was $63.3 million for the three months ended March 31, 2025, compared to a net cash used of $8.4 million in the prior year[178] Credit Losses - Provision for credit losses for Q1 2025 was $387,000, compared to zero in Q1 2024, with net charge-offs of $84,000 versus $57,000 in the prior year[160] - State Bank originated $39.8 million in mortgage loans during Q1 2025, with $39.3 million sold, resulting in $0.9 million of gains[164] Borrowing Capacity - The Company had approximately $145.4 million of additional borrowing capacity as of March 31, 2025[180]
SB Financial Group(SBFG) - 2025 Q1 - Quarterly Report