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20.04.2017 22:15:00
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SB Financial Group, Inc. Announces Strong First-Quarter 2017 Results
DEFIANCE, Ohio, April 20, 2017 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial" or the "Company"), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, item and statement processing services, today reported earnings for the first-quarter ended March 31, 2017.
First-quarter 2017 highlights over prior-year first quarter include:
- Net income of $2.0 million, an increase of 20.4 percent, or $0.3 million
- Return on average assets of 0.96 percent, up 10.3 percent, or 9 basis points
- Diluted earnings per share (EPS) of $0.31, an increase of 19.2 percent, or $0.05 per share
- Loan growth of $49.6 million, or 8.6 percent
- Deposit growth of $74.9 million, or 11.7 percent
- Mortgage origination volume of $56.7 million, a decrease of 21.2 percent, or $15.3 million; servicing portfolio of $917.4 million, up 15.7 percent, or $124.7 million
Highlights | Three Months Ended | ||
($000's except ratios and share data) | Mar. 2017 | Mar. 2016 |
% Change |
Operating revenue | $ 10,308 | $ 9,551 | 7.9% |
Interest income | 7,414 | 6,827 | 8.6 |
Interest expense | 908 | 715 | 27.0 |
Net interest income | 6,506 | 6,112 | 6.4 |
Noninterest income | 3,802 | 3,439 | 10.6 |
Noninterest expense | 7,382 | 6,895 | 7.1 |
Net income | 1,993 | 1,655 | 20.4 |
Earnings per diluted share | 0.31 | 0.26 | 19.2 |
Net interest margin (FTE) | 3.59% | 3.75% | (4.3) |
Return on average assets | 0.96% | 0.87% | 10.3 |
Return on average equity | 9.13% | 8.03% | 13.7 |
"SB Financial Group's first-quarter diluted EPS was up 19 percent compared to the prior-year quarter, due to strong SBA loan sales offsetting a softer mortgage origination quarter," said Mark A. Klein, Chairman, President and CEO of SB Financial. "We were encouraged to see asset quality metrics continue to improve, with non-performing assets ending the quarter at just 56 basis points."
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, consisting of net interest income and noninterest income, was up 7.9 percent from the first quarter of 2016, and down 12.5 percent from the linked quarter.
- Net interest income was up 6.4 percent from the year-ago quarter, and down 2.1 percent from the linked quarter.
- Net interest margin (FTE) was down 14 basis points from the year-ago quarter, and down 10 basis points from the linked quarter. The year-over-year decline was due to lower loan volume, decreased mortgage loan fees and higher deposit funding costs.
- Noninterest income was up 10.6 percent from the year-ago quarter, and down 25.9 percent from the linked quarter.
Mortgage Loan Business
Mortgage loan originations for the first quarter of 2017 were $56.7 million, down $15.3 million, or 21.2 percent, from the year-ago quarter. Total sales of originated loans were $50.5 million, down $8.9 million, or 15.0 percent from the year-ago quarter.
Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $1.6 million for the first quarter of 2017, compared to $0.9 million for the year-ago quarter, or a 74.5 percent increase. The mortgage servicing valuation adjustment for the first quarter 2017 was a positive $0.03 million, compared to a negative adjustment of $0.8 million for the first quarter of 2016. The aggregate servicing valuation impairment ended the quarter at $0.2 million. The mortgage servicing portfolio at March 31, 2017, was $917.4 million, up $124.7 million, or 15.7 percent, from $792.7 million at March 31, 2016.
Mr. Klein noted, "The rise in rates impacted our mortgage production as we saw volume decline 15 percent compared to the prior year. Refinance activity has slowed significantly, but our purchase volume hit a high level of 93 percent of total volume for the quarter."
Mortgage Banking ($000's) | |||||
Mar. 2017 | Dec. 2016 | Sep. 2016 | Jun. 2016 | Mar. 2016 | |
Mortgage originations | $ 56,667 | $ 83,469 | $ 117,209 | $ 110,210 | $ 71,941 |
Mortgage sales | 50,473 | 81,689 | 101,147 | 95,150 | 59,383 |
Mortgage servicing portfolio | 917,435 | 899,710 | 868,783 | 831,781 | 792,666 |
Mortgage servicing rights | 8,927 | 8,422 | 6,887 | 6,494 | 6,608 |
Mortgage servicing revenue: | |||||
Loan servicing fees | 566 | 553 | 531 | 505 | 491 |
OMSR amortization | (218) | (462) | (397) | (309) | (170) |
Net administrative fees | 348 | 91 | 134 | 196 | 321 |
OMSR valuation adjustment | 35 | 1,233 | 71 | (469) | (767) |
Net loan servicing fees | 383 | 1,324 | 205 | (273) | (446) |
Gain on sale of mortgages | 1,250 | 2,002 | 2,503 | 2,284 | 1,383 |
Mortgage banking revenue, net | $1,633 | $3,326 | $2,708 | $2,011 | $937 |
Noninterest Income and Noninterest Expense
SB Financial's noninterest income includes revenue from a diverse group of services, such as wealth management, deposit fees and from the sale of small business loans (SBA). SBA activity for the quarter was brisk, with total loan volume of $4.6 million and gains of $0.4 million. Wealth management assets under our care stood at $404.3 million as of March 31, 2017. For the first quarter of 2017, noninterest income as a percentage of total revenue was 36.9 percent. The recapture of servicing rights positively impacted the quarter by $0.03 million.
For the first quarter of 2017, noninterest expense (NIE) of $7.4 million, was up $0.5 million, or 7.1 percent, compared to the same quarter last year. The increase was due mainly to increases in staffing in our mortgage, wealth management and SBA divisions. Compared to the linked quarter, NIE was down $0.5 million, or 6.1 percent.
Mr. Klein stated, "Since we recommitted to SBA lending in 2014, we have achieved steady growth as our gains for the first quarter of 2017 were double the gains we experienced over the entire calendar year of 2014. Our pipeline continues to build in every region. The equity markets and expanded production resulted in total wealth assets under our care eclipsing the $400 million mark at March 31."
Noninterest Income / Noninterest Expense ($000's) | |||||
Mar. 2017 | Dec. 2016 | Sep. 2016 | Jun. 2016 | Mar. 2016 | |
Noninterest Income (NII) | $ 3,802 | $ 5,128 | $ 5,015 | $ 4,307 | $ 3,439 |
NII / Total Revenue | 36.9% | 43.6% | 42.9% | 40.1% | 36.0% |
NII / Average Assets | 1.8% | 2.5% | 2.5% | 2.2% | 1.8% |
Noninterest Expense (NIE) | $ 7,382 | $ 7,859 | $ 7,930 | $ 7,407 | $ 6,895 |
Efficiency Ratio | 71.6% | 66.7% | 67.8% | 69.0% | 72.2% |
NIE / Average Assets | 3.6% | 3.9% | 4.0% | 3.8% | 3.6% |
Net Noninterest Expense | (1.8) | (1.3) | (1.5) | (1.6) | (1.8) |
Balance Sheet
Total assets as of March 31, 2017, were $846.8 million, up $72.0 million, or 9.3 percent, from a year ago. Total equity as of March 31, 2017, was $88.0 million, up 6.0 percent, from a year ago, and was at 10.4 percent of total assets.
Total loans held for investment were $626.7 million at March 31, 2017, up $49.6 million, or 8.6 percent, from March 31, 2016. Commercial real estate loans were up $26.5 million, or 10.3 percent, and accounted for the majority of the total loan growth, Commercial (C & I) also rose $10.3 million or 11.2 percent.
The investment portfolio of $111.7 million, including Federal Reserve Bank and Federal Home Loan Bank stock, represented 13.2 percent of assets at March 31, 2017, and was up 9.8 percent from the year-ago period. Deposit balances of $712.9 million at March 31, 2017, increased by $74.9 million, or 11.7 percent, since March 31, 2016. Growth from the prior year included $7.6 million in checking and $67.3 million in savings and time deposit balances.
"Loan volume was lower than our expectations for the quarter, as we experienced some unanticipated pay-offs and delays in the timing of expected closings," said Mr. Klein. However, our regional leaders are engaged in their markets and our pipelines are expanding. The quarter saw further improvement in our top-quartile asset quality metrics, as net charge-offs were just three basis points and our level of non-performing assets is now down to 56 basis points."
Loan Portfolio ($000's) | Mar. 2017 | Dec. 2016 | Sep. 2016 | Jun. 2016 | Mar. 2016 | Variance | |||
Commercial | $ 102,392 | $ 109,087 | $ 101,245 | $ 100,651 | $ 92,086 | $ 10,306 | |||
% of Total | 16.4% | 16.9% | 16.4% | 16.6% | 16.0% | 11.2% | |||
Commercial RE | 282,951 | 284,084 | 268,408 | 261,923 | 256,461 | 26,490 | |||
% of Total | 45.1% | 44.1% | 43.3% | 43.3% | 44.4% | 10.3% | |||
Agriculture | 47,580 | 52,475 | 54,609 | 52,375 | 42,467 | 5,113 | |||
% of Total | 7.6% | 8.2% | 8.8% | 8.7% | 7.4% | 12.0% | |||
Residential RE | 136,762 | 142,452 | 139,757 | 135,506 | 132,627 | 4,135 | |||
% of Total | 21.8% | 22.1% | 22.6% | 22.4% | 23.0% | 3.1% | |||
Consumer & Other | 57,037 | 56,335 | 55,333 | 54,321 | 53,493 | 3,545 | |||
% of Total | 9.1% | 8.7% | 8.9% | 9.0% | 9.3% | 6.6% | |||
Total Loans | $626,722 | $644,433 | $619,352 | $604,776 | $577,134 | $ 49,588 | |||
Total Growth Percentage | 8.6% | ||||||||
Deposit Bal. ($000's) | Mar. 2017 | Dec. 2016 | Sep. 2016 | Jun. 2016 | Mar. 2016 | Variance | |||
Non-Int DDA | $ 124,664 | $ 125,189 | $ 116,976 | $ 110,899 | $ 112,209 | $ 12,455 | |||
% of Total | 17.5% | 18.6% | 17.7% | 17.1% | 17.6% | 11.1% | |||
Interest DDA | 133,388 | 131,598 | 135,729 | 129,658 | 138,235 | (4,847) | |||
% of Total | 18.7% | 19.5% | 20.5% | 20.0% | 21.7% | (3.5%) | |||
Savings | 103,901 | 95,594 | 89,265 | 84,975 | 86,038 | 17,863 | |||
% of Total | 14.6% | 14.2% | 13.5% | 13.1% | 13.5% | 20.8% | |||
Money Market | 138,915 | 122,976 | 126,501 | 134,365 | 120,672 | 18,243 | |||
% of Total | 19.5% | 18.3% | 19.1% | 20.7% | 18.9% | 15.1% | |||
Certificates | 212,047 | 197,716 | 193,673 | 188,403 | 180,874 | 31,173 | |||
% of Total | 29.7% | 29.4% | 29.3% | 29.1% | 28.4% | 17.2% | |||
Total Deposits | $712,915 | $673,073 | $662,144 | $648,300 | $638,028 | $ 74,887 | |||
Total Growth Percentage | 11.7% | ||||||||
Asset Quality
SB Financial maintained its high-performing peer asset quality level during the quarter, reporting non-performing assets of $4.7 million as of March 31, 2017, down $3.8 million, or 44.3 percent, from the year-ago quarter. The decrease from the prior year resulted from the full principal payoff of an existing delinquent commercial real estate credit that moved through foreclosure without loss. SB Financial's nonperforming assets to total assets of 0.56 percent is in the top quartile of its 65-bank peer group. The coverage of problem loans by the loan loss allowance was at 204.0 percent at March 31, 2017, up from the 89.3 percent at March 31, 2016.
Summary of Nonperforming Assets ($000's) | ||||||
Nonperforming Category | Mar. 2017 | Dec. 2016 | Sep. 2016 | Jun. 2016 | Mar. 2016 | Variance |
Commercial & Agriculture | $ 187 | $ 194 | $ 151 | $ 158 | $ 164 | $23 |
% of Total Com./Ag. loans | 0.13% | 0.12% | 0.10% | 0.12% | 0.12% | 14.0% |
Commercial RE | 939 | 1,194 | 1,393 | 5,309 | 5,218 | (4,279) |
% of Total CRE loans | 0.33% | 0.42% | 0.52% | 2.02% | 2.03% | (82.0%) |
Residential RE | 1,126 | 1,162 | 1,152 | 1,088 | 1,156 | (30) |
% of Total Res. RE loans | 0.82% | 0.82% | 0.82% | 0.80% | 0.87% | (2.6%) |
Consumer & Other | 130 | 187 | 193 | 138 | 46 | 84 |
% of Total Con./Oth. loans | 0.23% | 0.33% | 0.35% | 0.25% | 0.09% | N/M |
Total Nonaccruing Loans | 2,382 | 2,737 | 2,889 | 6,693 | 6,584 | (4,202) |
% of Total loans | 0.38% | 0.43% | 0.47% | 1.11% | 1.14% | (63.8%) |
Accruing Restructured Loans | 1,383 | 1,590 | 1,588 | 1,381 | 1,482 | |
Total Nonaccruing & Restructured Loans | $ 3,765 | $ 4,327 | $ 4,477 | $ 8,074 | $ 8,066 | $ (4,301) |
% of Total loans | 0.60% | 0.67% | 0.72% | 1.34% | 1.40% | (53.3%) |
Foreclosed Assets | 950 | 994 | 73 | 157 | 406 | |
Total Nonperforming Assets | $ 4,715 | $ 5,321 | $ 4,550 | $ 8,231 | $ 8,472 | $ (3,757) |
% of Total assets | 0.56% | 0.65% | 0.57% | 1.04% | 1.09% | (44.3%) |
Webcast and Conference Call
The Company will hold a related conference call and webcast on April 21, 2017, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at http://www.yoursbfinancial.com/investorrelations.html. An audio replay of the call will be available on the SB Financial website.
About SB Financial Group
Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company with two operating subsidiaries: State Bank and Diverse Computer Marketers (DCM). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 19 banking centers; 18 in nine Ohio counties and one center in Fort Wayne, Indiana, and 24 full-service ATMs. The Company has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. DCM provides item processing and statement production services to community banks located primarily in the Midwest. SB Financial's common stock is listed on the NASDAQ Capital Market under the symbol "SBFG". SB Financial's preferred stock is listed on the NASDAQ Capital Market under the symbol "SBFGP".
In May 2016, SB Financial was ranked #160 on the American Banker Magazine's list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity ("ROE").
Forward-Looking Statements
Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial's Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.
Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this release contains certain non-GAAP financial measures. Management believes that including certain non-GAAP financial measures will provide investors with information useful in understanding the Company's financial performance, its performance trends and financial position. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results.
SB FINANCIAL GROUP, INC. | ||||||||||||||
CONSOLIDATED BALANCE SHEETS - (Unaudited) | ||||||||||||||
March | December | September | June | March | ||||||||||
($ in Thousands) | 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 45,740 | 17,012 | 25,167 | 29,945 | 35,529 | ||||||||
Securities available for sale, at fair value | 107,937 | 90,129 | 92,689 | 92,472 | 97,990 | |||||||||
Other securities - FRB and FHLB Stock | 3,748 | 3,748 | 3,748 | 3,748 | 3,748 | |||||||||
Total investment securities | 111,685 | 93,877 | 96,437 | 96,220 | 101,738 | |||||||||
Loans held for sale | 5,104 | 4,434 | 5,865 | 8,441 | 6,890 | |||||||||
Loans, net of unearned income | 626,722 | 644,433 | 619,352 | 604,776 | 577,134 | |||||||||
Allowance for loan losses | (7,679) | (7,725) | (7,320) | (7,450) | (7,205) | |||||||||
Net loans | 619,043 | 636,708 | 612,032 | 597,326 | 569,929 | |||||||||
Premises, equipment and software, net | 19,909 | 19,129 | 18,673 | 18,806 | 18,994 | |||||||||
Cash surrender value of life insurance | 13,791 | 13,725 | 13,653 | 13,581 | 13,509 | |||||||||
Goodwill & other intangibles | 16,419 | 16,422 | 16,426 | 16,429 | 16,432 | |||||||||
Foreclosed assets held for sale, net | 950 | 994 | 73 | 157 | 406 | |||||||||
Mortgage servicing rights | 8,727 | 8,422 | 6,887 | 6,494 | 6,608 | |||||||||
Accrued interest receivable | 1,462 | 1,512 | 1,641 | 1,397 | 1,489 | |||||||||
Other assets | 4,018 | 3,770 | 4,946 | 4,367 | 3,296 | |||||||||
Total assets | $ | 846,848 | 816,005 | 801,800 | 793,163 | 774,820 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Deposits | ||||||||||||||
Non interest bearing demand | $ | 124,664 | 125,189 | 116,976 | 110,899 | 112,209 | ||||||||
Interest bearing demand | 133,388 | 131,598 | 135,729 | 129,658 | 138,235 | |||||||||
Savings deposits | 103,901 | 95,594 | 89,265 | 84,975 | 86,038 | |||||||||
Money market deposits | 138,915 | 122,976 | 126,501 | 134,365 | 120,672 | |||||||||
Time deposits | 212,047 | 197,716 | 193,673 | 188,403 | 180,874 | |||||||||
Total deposits | 712,915 | 673,073 | 662,144 | 648,300 | 638,028 | |||||||||
Advances from Federal Home Loan Bank | 15,500 | 26,500 | 23,000 | 23,000 | 21,000 | |||||||||
Repurchase agreements | 11,796 | 10,532 | 11,363 | 17,797 | 14,524 | |||||||||
Trust preferred securities | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||
Accrued interest payable | 450 | 408 | 427 | 384 | 343 | |||||||||
Other liabilities | 7,849 | 8,634 | 8,293 | 8,422 | 7,564 | |||||||||
Total liabilities | 758,820 | 729,457 | 715,537 | 708,213 | 691,769 | |||||||||
Equity | ||||||||||||||
Preferred shares | 13,983 | 13,983 | 13,983 | 13,983 | 13,983 | |||||||||
Common shares | 12,569 | 12,569 | 12,569 | 12,569 | 12,569 | |||||||||
Additional paid-in capital | 15,224 | 15,362 | 15,370 | 15,367 | 15,365 | |||||||||
Retained earnings | 48,118 | 46,688 | 44,933 | 42,925 | 41,199 | |||||||||
Accumulated other comprehensive income | 136 | 51 | 1,237 | 1,552 | 1,296 | |||||||||
Treasury shares | (2,002) | (2,105) | (1,829) | (1,446) | (1,361) | |||||||||
Total equity | 88,028 | 86,548 | 86,263 | 84,950 | 83,051 | |||||||||
Total liabilities and equity | $ | 846,848 | 816,005 | 801,800 | 793,163 | 774,820 | ||||||||
SB FINANCIAL GROUP, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - (Unaudited) | ||||||||||||||
($ in thousands - except share data) | At and for the Three Months Ended | |||||||||||||
March | December | September | June | March | ||||||||||
Interest income | 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||
Loans | ||||||||||||||
Taxable | $ | 6,800 | 6,984 | 6,954 | 6,648 | 6,260 | ||||||||
Nontaxable | 20 | 20 | 22 | 24 | 9 | |||||||||
Securities | ||||||||||||||
Taxable | 461 | 364 | 378 | 392 | 402 | |||||||||
Nontaxable | 133 | 144 | 145 | 149 | 156 | |||||||||
Total interest income | 7,414 | 7,512 | 7,499 | 7,213 | 6,827 | |||||||||
Interest expense | ||||||||||||||
Deposits | 748 | 709 | 677 | 647 | 545 | |||||||||
Repurchase Agreements & Other | 4 | 2 | 5 | 4 | 5 | |||||||||
Federal Home Loan Bank advances | 86 | 86 | 83 | 77 | 106 | |||||||||
Trust preferred securities | 70 | 68 | 63 | 62 | 59 | |||||||||
Total interest expense | 908 | 865 | 828 | 790 | 715 | |||||||||
Net interest income | 6,506 | 6,647 | 6,671 | 6,423 | 6,112 | |||||||||
Provision for loan losses | - | 500 | - | - | 250 | |||||||||
Net interest income after provision | ||||||||||||||
for loan losses | 6,506 | 6,147 | 6,671 | 6,423 | 5,862 | |||||||||
Noninterest income | ||||||||||||||
Wealth Management Fees | 667 | 657 | 695 | 643 | 633 | |||||||||
Customer service fees | 640 | 653 | 692 | 680 | 680 | |||||||||
Gain on sale of mtg. loans & OMSR's | 1,250 | 2,002 | 2,503 | 2,284 | 1,383 | |||||||||
Mortgage loan servicing fees, net | 383 | 1,324 | 205 | (273) | (446) | |||||||||
Gain on sale of non-mortgage loans | 430 | 52 | 327 | 151 | 449 | |||||||||
Data service fees | 193 | 184 | 223 | 233 | 277 | |||||||||
Net gain on sales of securities | - | - | 59 | 92 | 111 | |||||||||
Gain/(loss) on sale/disposal of assets | - | - | (31) | 186 | 22 | |||||||||
Other income | 239 | 256 | 342 | 311 | 330 | |||||||||
Total non-interest income | 3,802 | 5,128 | 5,015 | 4,307 | 3,439 | |||||||||
Noninterest expense | ||||||||||||||
Salaries and employee benefits | 4,386 | 4,656 | 4,672 | 4,314 | 3,779 | |||||||||
Net occupancy expense | 560 | 533 | 523 | 524 | 565 | |||||||||
Equipment expense | 641 | 735 | 649 | 639 | 595 | |||||||||
Data processing fees | 370 | 384 | 352 | 339 | 305 | |||||||||
Professional fees | 363 | 404 | 380 | 326 | 316 | |||||||||
Marketing expense | 195 | 154 | 123 | 199 | 171 | |||||||||
Telephone and communication | 116 | 111 | 101 | 102 | 99 | |||||||||
Postage and delivery expense | 174 | 148 | 154 | 162 | 197 | |||||||||
State, local and other taxes | 167 | 154 | 170 | 171 | 99 | |||||||||
Employee expense | 145 | 182 | 117 | 128 | 118 | |||||||||
Other expenses | 265 | 398 | 689 | 503 | 651 | |||||||||
Total non-interest expense | 7,382 | 7,859 | 7,930 | 7,407 | 6,895 | |||||||||
Income before income tax expense | 2,926 | 3,416 | 3,756 | 3,323 | 2,406 | |||||||||
Income tax expense | 933 | 1,098 | 1,209 | 1,058 | 751 | |||||||||
Net income | $ | 1,993 | 2,317 | 2,547 | 2,265 | 1,655 | ||||||||
Preferred Share Dividends | 244 | 244 | 244 | 244 | 244 | |||||||||
Net income available to common shares | 1,749 | 2,073 | 2,303 | 2,021 | 1,411 | |||||||||
Common share data: | ||||||||||||||
Basic earnings per common share | $ | 0.36 | 0.43 | 0.47 | 0.41 | 0.29 | ||||||||
Diluted earnings per common share | $ | 0.31 | 0.37 | 0.40 | 0.35 | 0.26 | ||||||||
Average shares outstanding ($ in thousands): | ||||||||||||||
Basic: | 4,859 | 4,846 | 4,874 | 4,893 | 4,896 | |||||||||
Diluted: | 6,387 | 6,359 | 6,376 | 6,390 | 6,401 | |||||||||
SB FINANCIAL GROUP, INC. | ||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited) | ||||||||||
($ in thousands, except per share data) | At and for the Three Months Ended | |||||||||
March | December | September | June | March | ||||||
SUMMARY OF OPERATIONS | 2017 | 2016 | 2016 | 2016 | 2016 | |||||
Net interest income | $ | 6,506 | 6,647 | 6,671 | 6,423 | 6,112 | ||||
Tax-equivalent adjustment | $ | 79 | 84 | 86 | 89 | 85 | ||||
Tax-equivalent net interest income | $ | 6,585 | 6,731 | 6,757 | 6,512 | 6,197 | ||||
Provision for loan loss | $ | - | 500 | - | - | 250 | ||||
Noninterest income | $ | 3,802 | 5,128 | 5,015 | 4,307 | 3,439 | ||||
Total operating revenue | $ | 10,308 | 11,775 | 11,686 | 10,730 | 9,551 | ||||
Noninterest expense | $ | 7,382 | 7,859 | 7,930 | 7,407 | 6,895 | ||||
Pre-tax pre-provision income | $ | 2,926 | 3,916 | 3,756 | 3,323 | 2,656 | ||||
Pretax income | $ | 2,926 | 3,416 | 3,756 | 3,323 | 2,406 | ||||
Net income | $ | 1,993 | 2,317 | 2,547 | 2,265 | 1,655 | ||||
Income available to common shareholders | $ | 1,749 | 2,073 | 2,303 | 2,021 | 1,411 | ||||
PER SHARE INFORMATION: | ||||||||||
Basic earnings per share | $ | 0.36 | 0.43 | 0.47 | 0.41 | 0.29 | ||||
Diluted earnings per share | $ | 0.31 | 0.37 | 0.40 | 0.35 | 0.26 | ||||
Common dividends | $ | 0.065 | 0.065 | 0.060 | 0.060 | 0.055 | ||||
Book value per common share | $ | 13.92 | 13.75 | 13.67 | 13.39 | 13.07 | ||||
Tangible book value per common share | $ | 11.83 | 11.59 | 11.49 | 11.15 | 10.74 | ||||
Market price per common share | $ | 16.72 | 16.05 | 12.53 | 10.87 | 10.31 | ||||
Market price per preferred share | $ | 16.85 | 15.85 | 13.50 | 11.83 | 11.19 | ||||
PERFORMANCE RATIOS: | ||||||||||
Return on average assets (ROAA) | 0.96% | 1.14% | 1.28% | 1.15% | 0.87% | |||||
Pre-tax pre-provision ROAA | 1.41% | 1.92% | 1.89% | 1.69% | 1.40% | |||||
Return on average equity | 9.13% | 10.72% | 11.90% | 10.80% | 8.03% | |||||
Return on average tangible equity | 14.00% | 16.54% | 18.45% | 16.94% | 12.74% | |||||
Efficiency ratio | 71.59% | 66.71% | 67.83% | 69.00% | 72.16% | |||||
Earning asset yield | 4.08% | 4.17% | 4.29% | 4.20% | 4.18% | |||||
Cost of interest bearing liabilities | 0.60% | 0.58% | 0.56% | 0.55% | 0.51% | |||||
Net interest margin | 3.55% | 3.64% | 3.77% | 3.69% | 3.69% | |||||
Tax equivalent effect | 0.04% | 0.05% | 0.05% | 0.06% | 0.06% | |||||
Net interest margin, tax equivalent | 3.59% | 3.69% | 3.82% | 3.75% | 3.75% | |||||
Non interest income/Average assets | 1.84% | 2.52% | 2.52% | 2.20% | 1.81% | |||||
Non interest expense/Average assets | 3.57% | 3.86% | 3.98% | 3.78% | 3.62% | |||||
Net noninterest expense/Average assets | 1.73% | 1.34% | 1.46% | 1.58% | 1.82% | |||||
ASSET QUALITY RATIOS: | ||||||||||
Gross charge-offs | $ | 51 | 269 | 136 | 2 | 94 | ||||
Recoveries | $ | 5 | 175 | 6 | 247 | 59 | ||||
Net charge-offs | $ | 46 | 95 | 130 | (245) | 35 | ||||
Nonaccruing loans/ Total loans | 0.38% | 0.42% | 0.47% | 1.11% | 1.14% | |||||
Nonperforming loans/ Total loans | 0.60% | 0.67% | 0.72% | 1.34% | 1.40% | |||||
Nonperforming assets/ Loans & OREO | 0.75% | 0.82% | 0.73% | 1.36% | 1.47% | |||||
Nonperforming assets/ Total assets | 0.56% | 0.65% | 0.57% | 1.04% | 1.09% | |||||
Allowance for loan loss/ Nonperforming loans | 203.96% | 178.53% | 163.50% | 92.27% | 89.33% | |||||
Allowance for loan loss/ Total loans | 1.23% | 1.20% | 1.18% | 1.23% | 1.25% | |||||
Net loan charge-offs/ Average loans (ann.) | 0.03% | 0.06% | 0.08% | (0.16%) | 0.02% | |||||
Loan loss provision/ Net charge-offs | 0.00% | 526.32% | 0.00% | 0.00% | 714.29% | |||||
CAPITAL & LIQUIDITY RATIOS: | ||||||||||
Loans/ Deposits | 87.91% | 95.74% | 93.54% | 93.29% | 90.46% | |||||
Equity/ Assets | 10.39% | 10.61% | 10.76% | 10.71% | 10.72% | |||||
Tangible equity/ Tangible assets | 6.94% | 7.02% | 7.11% | 7.02% | 6.94% | |||||
Tangible equity adjusted for conversion | 8.62% | 8.77% | 8.89% | 8.82% | 8.78% | |||||
END OF PERIOD BALANCES | ||||||||||
Total assets | $ | 846,848 | 816,005 | 801,800 | 793,163 | 774,820 | ||||
Total loans | $ | 626,722 | 644,433 | 619,352 | 604,776 | 577,134 | ||||
Deposits | $ | 712,915 | 673,073 | 662,144 | 648,300 | 638,028 | ||||
Stockholders equity | $ | 88,028 | 86,548 | 86,263 | 84,950 | 83,051 | ||||
Goodwill & intangibles | $ | 16,419 | 16,422 | 16,426 | 16,429 | 16,432 | ||||
Preferred equity | $ | 13,983 | 13,983 | 13,983 | 13,983 | 13,983 | ||||
Tangible equity | $ | 57,626 | 56,143 | 55,854 | 54,538 | 52,636 | ||||
Mortgage servicing portfolio | $ | 917,435 | 899,710 | 868,783 | 831,781 | 792,666 | ||||
Wealth/Brokerage assets under care | $ | 404,290 | 378,131 | 375,787 | 367,223 | 357,531 | ||||
Total assets under care | $ | 2,168,573 | 2,093,846 | 2,046,370 | 1,992,167 | 1,925,017 | ||||
Full-time equivalent employees | 231 | 227 | 224 | 223 | 218 | |||||
Period end basic shares outstanding | 4,873 | 4,844 | 4,860 | 4,892 | 4,900 | |||||
Period end outstanding (Series A Converted) | 1,452 | 1,452 | 1,452 | 1,452 | 1,452 | |||||
AVERAGE BALANCES | ||||||||||
Total assets | $ | 827,514 | 814,423 | 796,027 | 784,353 | 761,143 | ||||
Total earning assets | $ | 734,378 | 729,525 | 707,679 | 694,629 | 661,891 | ||||
Total loans | $ | 637,490 | 634,664 | 614,731 | 596,724 | 568,925 | ||||
Deposits | $ | 683,639 | 672,226 | 650,751 | 644,429 | 616,124 | ||||
Stockholders equity | $ | 87,344 | 86,433 | 85,616 | 83,894 | 82,378 | ||||
Intangibles | $ | 16,421 | 16,424 | 16,427 | 16,431 | 16,434 | ||||
Preferred equity | $ | 13,983 | 13,983 | 13,983 | 13,983 | 13,983 | ||||
Tangible equity | $ | 56,940 | 56,026 | 55,206 | 53,480 | 51,961 | ||||
Average basic shares outstanding | 4,859 | 4,846 | 4,874 | 4,893 | 4,896 | |||||
Average diluted shares outstanding | 6,387 | 6,359 | 6,376 | 6,390 | 6,401 | |||||
SB FINANCIAL GROUP, INC. | ||||||||||
Rate Volume Analysis - (Unaudited) | ||||||||||
At and for the Three Months Ended March 31, 2017 and 2016 | ||||||||||
($ in Thousands) | Three Months Ended Mar. 31, 2017 | Three Months Ended Mar. 31, 2016 | ||||||||
Average | Average | Average | Average | |||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||
Taxable securities | $ | 82,727 | 461 | 2.23% | $ | 76,617 | 402 | 2.10% | ||
Nontaxable securities | 14,161 | 202 | 5.69% | 16,349 | 236 | 5.77% | ||||
Loans, net | 637,490 | 6,830 | 4.29% | 568,925 | 6,274 | 4.41% | ||||
Total earning assets | 734,378 | 7,493 | 4.08% | 661,891 | 6,912 | 4.18% | ||||
Cash and due from banks | 35,827 | 43,297 | ||||||||
Allowance for loan losses | (7,800) | (7,120) | ||||||||
Premises and equipment | 20,594 | 19,407 | ||||||||
Other assets | 44,515 | 43,668 | ||||||||
Total assets | $ | 827,514 | $ | 761,143 | ||||||
Liabilities | ||||||||||
Savings and interest bearing demand | $ | 358,542 | 172 | 0.19% | $ | 336,864 | 113 | 0.13% | ||
Time deposits | 203,113 | 576 | 1.13% | 167,296 | 432 | 1.03% | ||||
Repurchase agreements & Other | 13,801 | 4 | 0.12% | 16,519 | 5 | 0.12% | ||||
Advances from Federal Home Loan Bank | 22,972 | 86 | 1.50% | 27,049 | 106 | 1.57% | ||||
Trust preferred securities | 10,310 | 70 | 2.72% | 10,310 | 59 | 2.29% | ||||
Total interest bearing liabilities | 608,738 | 908 | 0.60% | 558,038 | 715 | 0.51% | ||||
Non interest bearing demand | 121,984 | - | 111,964 | |||||||
Total funding | 730,722 | 0.50% | 670,002 | 0.43% | ||||||
Other liabilities | 9,448 | 8,763 | ||||||||
Total liabilities | 740,170 | 678,765 | ||||||||
Equity | 87,344 | 82,378 | ||||||||
Total liabilities and equity | $ | 827,514 | $ | 761,143 | ||||||
Net interest income (tax equivalent basis) | $ 6,585 | $ 6,197 | ||||||||
Net interest income as a percent of average interest-earning assets | 3.59% | 3.75% | ||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sb-financial-group-inc-announces-strong-first-quarter-2017-results-300442966.html
SOURCE SB Financial Group, Inc.
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