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SB Financial Group Announces Fourth Quarter 2024 Results
SBFGSB Financial Group(SBFG) GlobeNewswire·2025-01-23 21:15

Core Viewpoint - SB Financial Group, Inc. reported its fourth-quarter and full-year 2024 financial results, highlighting growth in key areas despite a slight decline in net income and earnings per share compared to the previous year. The company emphasized its ability to navigate challenges while maintaining operational efficiency and delivering shareholder value [4][6][22]. Financial Performance - For the fourth quarter of 2024, operating revenue increased by 2.2% to 15.5millioncomparedto15.5 million compared to 15.1 million in the prior year, while net income decreased by 6.4% to 3.6million[4][8].−Interestincomeforthequarterroseby11.43.6 million [4][8]. - Interest income for the quarter rose by 11.4% to 16.8 million, driven by strong loan performance, with loans increasing by 46.5millionyear−over−year[5][7].−Noninterestincomedeclinedby17.646.5 million year-over-year [5][7]. - Noninterest income declined by 17.6% year-over-year to 4.6 million, primarily due to the Visa B share sale recorded in the prior year quarter [9][14]. - The company reported a full-year net income of 11.5million,down5.211.5 million, down 5.2% from 12.1 million in 2023, with diluted earnings per share of 1.72,adecreaseof1.71.72, a decrease of 1.7% from 1.75 [7][20]. Loan and Deposit Growth - Total loans reached 1.05billion,markingayear−over−yearincreaseof4.71.05 billion, marking a year-over-year increase of 4.7% [19][23]. - Total deposits increased by 82.4 million, or 7.7%, to 1.15billion,reflectingstrongcustomerengagement[20][25].MortgageBankingOperations−Mortgageoriginationssurgedto1.15 billion, reflecting strong customer engagement [20][25]. Mortgage Banking Operations - Mortgage originations surged to 72.5 million, an 83.3% increase year-over-year, with mortgage sales rising to 62.3million,an86.762.3 million, an 86.7% increase compared to the same period last year [10][11]. - The mortgage servicing portfolio expanded to 1.43 billion, achieving a year-over-year increase of 4.4% [10][11]. Asset Quality - As of December 31, 2024, nonperforming assets totaled 5.5million,representing0.405.5 million, representing 0.40% of total assets, an increase from 0.25% in the prior year [26][30]. - The allowance for credit losses remained robust at 1.44% of total loans, providing 273.7% coverage of nonperforming loans [27][28]. Shareholder Value and Capital Management - The tangible book value per share increased by 6.8% to 16.00, reflecting the company's commitment to delivering shareholder value [5][7]. - During the fourth quarter, the company repurchased 130,465 shares, continuing its active buyback program [21].