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DEFIANCE, Ohio, July 27, 2020 /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, private client and title insurance services today reported earnings for the second quarter and six months ended June 30, 2020.
Second quarter 2020 highlights over prior-year second quarter include:
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- Net income of $3.7 million; diluted earnings per share ("EPS") of $0.47
- Adjusted net income, excluding the impact of the Originated Mortgage Servicing Rights ("OMSR") impairment of $1.1 million and Edon merger costs of $1.2 million with a combined after-tax impact of $1.8 million, was $5.5 million, with EPS of $0.71
- Mortgage origination volume of $223.7 million, an increase of $125.2 million, or 127.2 percent
Six months ended June 30, 2020, highlights over prior-year six months include:
- Net income of $4.3 million; adjusted for OMSR and merger costs of $3.6 million after-tax net income rises to $7.9 million, which was up $2.0 million, or 33.0 percent
- Diluted EPS of $0.56; adjusted EPS of $1.03
- Return on Average Assets ("ROA") of 0.78 percent; adjusted ROA of 1.42 percent
Second quarter 2020 trailing twelve-month highlights include:
- Loan growth of $87.0 million, or 10.7 percent, which includes Paycheck Protection Program ("PPP") loan balances of $82.9 million and loans acquired in the Edon acquisition of $16.3 million.
- Deposit growth of $151.2 million, or 18.0 percent, driven by PPP balances and the Edon acquisition
- Mortgage origination volume of $620.5 million; servicing portfolio of $1.26 billion, which is up $0.15 billion, or 13.4 percent
Highlights | Three Months Ended | Six Months Ended | |||||
($ in thousands, except per share & ratios) | Jun. 2020 | Jun. 2019 | % Change | Jun. 2020 | Jun. 2019 | % Change | |
Operating revenue | $ 17,487 | $ 12,523 | 39.6% | $ 28,196 | $ 23,863 | 18.2% | |
Interest income | 10,595 | 11,151 | -5.0% | 21,239 | 21,649 | -1.9% | |
Interest expense | 1,723 | 2,319 | -25.7% | 3,819 | 4,477 | -14.7% | |
Net interest income | 8,872 | 8,832 | 0.5% | 17,420 | 17,172 | 1.4% | |
Provision for loan losses | 1,300 | 200 | 550.0% | 1,900 | 200 | 850.0% | |
Noninterest income | 8,615 | 3,691 | 133.4% | 10,776 | 6,691 | 61.1% | |
Noninterest expense | 11,662 | 9,108 | 28.0% | 21,068 | 17,734 | 18.8% | |
Net income | 3,655 | 2,627 | 39.1% | 4,336 | 4,853 | -10.7% | |
Earnings per diluted share | 0.47 | 0.33 | 42.4% | 0.56 | 0.61 | -8.2% | |
Return on average assets | 1.25% | 1.03% | 21.4% | 0.78% | 0.96% | -18.8% | |
Return on average equity | 10.31% | 7.92% | 30.2% | 6.22% | 7.36% | -15.5% | |
Non-GAAP Measures | |||||||
Adjusted net income | $ 5,495 | $ 3,172 | 73.2% | $ 7,923 | $ 5,958 | 33.0% | |
Adjusted diluted EPS | 0.71 | 0.40 | 77.5% | 1.03 | 0.75 | 37.3% | |
Adjusted return on average assets | 1.88% | 1.09% | 72.5% | 1.42% | 1.18% | 20.3% | |
Adjusted pre-tax, pre-provision income | 8,154 | 4,105 | 98.6% | 11,668 | 7,527 | 55.0% |
"SB Financial's second quarter results reflect the efforts of our staff working at full capacity to best serve our residential mortgage and small business clients and to integrate the Edon acquisition. Despite an OMSR impairment of $1.1 million and merger costs of $1.2 million, our GAAP diluted EPS were up 42 percent from the prior year. Adjusting for those events, EPS of $0.71 were up 78 percent from $0.40 in the prior year, reflecting the success of our balance sheet growth and revenue diversity strategies" said Mark A. Klein, Chairman, President, and CEO of SB Financial. "Our offices are back open and we remain committed to serving all of our clients in a safe and productive manner as we monitor the COVID-19 situation."
RESULTS OF OPERATIONS
Consolidated Revenue
Total operating revenue, consisting of net interest income and noninterest income, was up 39.6 percent from the second quarter of 2019, and up 63.3 percent to the linked quarter.
- Net interest income was flat from the year-ago quarter, and up 3.8 percent from the linked quarter.
- Net interest margin on a fully taxable equivalent basis (FTE) was down from both year-ago and linked quarters by 56 and 16 basis points, respectively as cash balances were higher and the PPP loans held down loan yields.
- Noninterest income was up 133 and 299 percent from the year ago and linked quarters, respectively.
Mortgage Loan Business
Mortgage loan originations for the second quarter of 2020 were $223.7 million, up $125.2 million, or 127.2 percent, from the year-ago quarter. Total sales of originated loans were $204.6 million, up $133.6 million, or 188.2 percent, from the year-ago quarter. Refinance activity accelerated in the quarter, with total internal refinance volume of $88.4 million or 39 percent, compared to 19 percent for all of 2019. For the first six months, SB Financial had total volume of $325.0 million, of which $113.1 million (35 percent) was internal refinance, $100.7 million was external refinance (31 percent), and the remaining $111.2 million was new purchase/construction lending.
Net mortgage banking revenue, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $6.2 million for the second quarter of 2020, compared to $1.2 million for the year-ago quarter. The mortgage servicing valuation adjustment for the second quarter of 2020 was a negative $1.1 million, compared to a negative adjustment of $0.7 million for the second quarter of 2019. For the first six months, the impairment on servicing rights was $3.3 million compared to $1.4 million for the prior year six months. The aggregate servicing valuation impairment ended the quarter at $4.6 million. The servicing portfolio at June 30, 2020, was $1.26 billion, up $0.15 billion, or 13.4 percent, from $1.11 billion at June 30, 2019. Normal amortization is up 242 percent from the prior year due to higher refinance activity.
Mr. Klein noted, "Mortgage volume accelerated again in the quarter as we originated over $223 million in volume. Given the volatility in the mortgage markets early in the quarter, our disciplined approach was critical in achieving the record number of originations and sales in the quarter. We remain very bullish on the mortgage business and our pipelines in all markets are near capacity."
Mortgage Banking | |||||
($ in thousands) | Jun. 2020 | Mar. 2020 | Dec. 2019 | Sep. 2019 | Jun. 2019 |
Mortgage originations | $ 223,671 | $ 101,365 | $ 137,528 | $ 157,947 | $ 98,447 |
Mortgage sales | 204,628 | 84,476 | 127,441 | 125,386 | 70,993 |
Mortgage servicing portfolio | 1,261,746 | 1,216,292 | 1,199,107 | 1,153,020 | 1,112,857 |
Mortgage servicing rights | 8,168 | 8,974 | 11,017 | 10,447 | 10,264 |
Mortgage servicing revenue | |||||
Loan servicing fees | 782 | 757 | 740 | 709 | 691 |
OMSR amortization | (1,574) | (597) | (709) | (701) | (460) |
Net administrative fees | (792) | 160 | 31 | 8 | 231 |
OMSR valuation adjustment | (1,088) | (2,212) | 303 | - | (690) |
Net loan servicing fees | (1,880) | (2,052) | 334 | 8 | (459) |
Gain on sale of mortgages | 8,119 | 1,949 | 3,048 | 2,495 | 1,678 |
Mortgage banking revenue, net | $ 6,239 | $ (103) | $ 3,382 | $ 2,503 | $ 1,219 |
Noninterest Income and Noninterest Expense
SB Financial's noninterest income includes revenue from a diverse group of services, such as wealth management, deposit fees, residential loan sales and the sale of Small Business Administration (SBA) and U.S. Department of Agriculture (USDA) loans. SBA and USDA activity outside of the PPP program for the quarter consisted of total origination volume of $0.1 million, with sales volume of $0.4 million resulting in gains of $0.07 million. Wealth management assets under the Company's care rebounded to $495.0 million as of June 30, 2020. For the second quarter of 2020, noninterest income as a percentage of total operating revenue was 49.3 percent. Reflective of the robust mortgage market, SB Financial's Title Agency provided revenue in the quarter of $0.6 million, up 98 percent from the prior year.
For the second quarter of 2020, noninterest expense of $11.7 million was up $2.6 million compared to the prior year or 28.0 percent. Excluding the $1.2 million of legal, technology and processing costs incurred for the Edon merger, year-over-year growth was 15.4 percent, which is driven by higher mortgage commission and higher expenses in the Title Agency.
Mr. Klein stated, "We actively participated in the SBA's PPP program and helped nearly 650 small business clients with $83 million in loans on our way to help preserve over 9,000 jobs. Our efforts rested exclusively with the small business owner as our average loan size was $124 thousand and our median loan size was $42 thousand; just 15 clients borrowed in excess of $1.0 million. Interest and fees from these loans increased revenue in the quarter by $450,000; the remaining deferred fees associated with the PPP initiative now stands at $2.7 million. We were especially pleased with the nearly 200 new relationships we were able to garner by our participation in the program. In the aggregate, net non-interest expense was the lowest ever at -1.0 percent and led to a positive adjusted operating leverage for the first half of 2020."
Noninterest Income / Noninterest Expense | |||||
($ in thousands, except ratios) | Jun. 2020 | Mar. 2020 | Dec. 2019 | Sep. 2019 | Jun. 2019 |
Noninterest Income (NII) | $ 8,615 | $ 2,161 | $ 5,959 | $ 5,366 | $ 3,691 |
NII / Total Revenue | 49.3% | 20.2% | 40.9% | 37.2% | 29.5% |
NII / Average Assets | 3.0% | 0.8% | 2.3% | 2.1% | 1.5% |
Noninterest Expense (NIE) | $ 11,662 | $ 9,406 | $ 10,176 | $ 9,500 | $ 9,108 |
Efficiency Ratio | 66.7% | 87.8% | 69.9% | 65.9% | 72.7% |
NIE / Average Assets | 4.0% | 3.5% | 3.9% | 3.6% | 3.6% |
Net Noninterest Expense/Avg. Assets | -1.0% | -2.7% | -1.6% | -1.6% | -2.1% |
Balance Sheet
Total assets as of June 30, 2020, were $1.2 billion, up $173.8 million, or 16.9 percent, from the year ago quarter due to the impact of the Edon acquisition ( $68.1 million) and the PPP activity. Total equity as of June 30, 2020, was $137.9 million, up 2.9 percent from a year ago, and comprised 11.5 percent of total assets.
Total loans held for investment were $901.5 million at June 30, 2020, up $87.0 million, or 10.7 percent, from June 30, 2019. Commercial loans were up $78.3 million, or 54.5 percent, commercial real estate up $15.0 million or 4.1 percent and agricultural loans increasing $4.5 million or 8.3 percent. The Edon acquisition added $16.3 million in loan balances. Absent the effects of the Edon acquisition and PPP loans, loan balances were down $12.0 million from the year ago quarter.
The investment portfolio of $109.1 million, including shares in the Federal Reserve Bank and Federal Home Loan Bank, represented 9.1 percent of assets at June 30, 2020, and was up 21.4 percent from the year-ago period. Deposit balances of $990.6 million at June 30, 2020, increased by $151.2 million, or 18.0 percent, since June 30, 2019. Growth from the prior year included $112.2 million in checking and $39.0 million in savings and time deposit balances. The Edon acquisition added $52.3 million in deposit balances and retention of PPP funding in the Bank increased checking deposits significantly.
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Mr. Klein continued, "A large percentage of our PPP clients have retained their loan balances in their operating accounts and the successful integration of the Edon acquisition added to our deposit balances in the quarter. Like all banks we have seen some weakness in certain industries and our nonperforming assets to total assets increased to 64 basis points at quarter end, up 21 basis points from the prior year. We did set aside much higher reserves in the quarter, totaling $1.3 million."
Loan Balances | ||||||
($ in thousands, except ratios) | Jun. 2020 | Mar. 2020 | Dec. 2019 | Sep. 2019 | Jun. 2019 | Annual Growth |
Commercial | $ 222,108 | $ 151,538 | $ 151,018 | $ 145,147 | $ 143,798 | $ 78,310 |
% of Total | 24.6% | 18.2% | 18.3% | 17.6% | 17.7% | 54.5% |
Commercial RE | 375,450 | 378,212 | 369,962 | 362,580 | 360,491 | 14,959 |
% of Total | 41.6% | 45.5% | 44.8% | 44.0% | 44.2% | 4.1% |
Agriculture | 58,817 | 47,660 | 50,994 | 51,946 | 54,317 | 4,500 |
% of Total | 6.5% | 5.7% | 6.2% | 6.3% | 6.7% | 8.3% |
Residential RE | 184,684 | 189,738 | 189,290 | 199,036 | 191,642 | -6,958 |
% of Total | 20.6% | 22.9% | 22.9% | 24.2% | 23.5% | -3.6% |
Consumer & Other | 60,489 | 63,616 | 64,246 | 64,658 | 64,261 | -3,772 |
% of Total | 6.7% | 7.7% | 7.8% | 7.9% | 7.9% | -5.9% |
Total Loans | $ 901,548 | $ 830,764 | $ 825,510 | $ 823,367 | $ 814,509 | $ 87,039 |
Total Growth Percentage | 10.7% | |||||
Deposit Balances | ||||||
($ in thousands, except ratios) | Jun. 2020 | Mar. 2020 | Dec. 2019 | Sep. 2019 | Jun. 2019 | Annual Growth |
Non-Int DDA | $ 229,042 | $ 170,920 | $ 158,357 | $ 152,932 | $ 141,216 | $ 87,826 |
% of Total | 23.1% | 19.8% | 18.8% | 18.0% | 16.8% | 62.2% |
Interest DDA | 154,143 | 133,722 | 131,084 | 131,655 | 129,710 | 24,433 |
% of Total | 15.6% | 15.5% | 15.6% | 15.5% | 15.5% | 18.8% |
Savings | 161,182 | 138,863 | 119,359 | 121,991 | 118,931 | 42,251 |
% of Total | 16.2% | 16.0% | 14.1% | 14.3% | 14.1% | 35.5% |
Money Market | 189,380 | 169,209 | 173,666 | 173,237 | 175,455 | 13,925 |
% of Total | 19.1% | 19.6% | 20.7% | 20.4% | 20.9% | 7.9% |
Time Deposits | 256,840 | 251,177 | 257,753 | 268,139 | 274,062 | (17,222) |
% of Total | 25.9% | 29.1% | 30.8% | 31.8% | 32.7% | -6.3% |
Total Deposits | $ 990,587 | $ 863,891 | $ 840,219 | $ 847,954 | $ 839,374 | $ 151,213 |
Total Growth Percentage | 18.0% |
Asset Quality
SB Financial reported nonperforming assets of $7.7 million as of June 30, 2020, up $3.3 million from the year-ago quarter. The Company took $0.2 million in charge-offs in the quarter and expects further pressure on the portfolio due to the COVID-19 impact. The coverage of problem loans by the loan loss allowance was at 136 percent at June 30, 2020, down from 212 percent at June 30, 2019. The Company continued to provide payment relief to clients as needed, with total forbearance as of June 30, 2020 of 510 loans at $195.1 million. The detail on these deferrals; 200 commercial at $142.7 million, 62 portfolio residential and consumer at $10.6 million and 248 sold residential real estate at $41.8 million.
Nonperforming Assets | Annual Change | |||||
($ in thousands, except ratios) | Jun. 2020 | Mar. 2020 | Dec. 2019 | Sep. 2019 | Jun. 2019 | |
Commercial & Agriculture | $ 1,204 | $ 1,309 | $ 1,772 | $ 834 | $ 674 | $ 530 |
% of Total Com./Ag. loans | 0.43% | 0.66% | 0.88% | 0.42% | 0.34% | 78.6% |
Commercial RE | 2,484 | 1,816 | 1,826 | 262 | 208 | 2,276 |
% of Total CRE loans | 0.66% | 0.48% | 0.49% | 0.07% | 0.06% | 1094.2% |
Residential RE | 2,538 | 2,330 | 1,635 | 1,763 | 1,768 | 770 |
% of Total Res. RE loans | 1.37% | 1.23% | 0.86% | 0.89% | 0.92% | 43.6% |
Consumer & Other | 308 | 327 | 267 | 416 | 456 | (148) |
% of Total Con./Oth. loans | 0.51% | 0.51% | 0.42% | 0.64% | 0.71% | -32.5% |
Total Nonaccruing Loans | 6,534 | 5,782 | 5,500 | 3,275 | 3,106 | 3,428 |
% of Total loans | 0.72% | 0.70% | 0.67% | 0.40% | 0.38% | 110.4% |
Accruing Restructured Loans | 804 | 816 | 874 | 825 | 814 | (10) |
Total Change (%) | -1.2% | |||||
Total Nonaccruing & Restructured Loans | 7,338 | 6,598 | 6,374 | 4,100 | 3,920 | 3,418 |
% of Total loans | 0.81% | 0.79% | 0.77% | 0.50% | 0.48% | 87.2% |
Foreclosed Assets | 382 | 85 | 305 | 489 | 530 | (148) |
Total Change (%) | -27.9% | |||||
Total Nonperforming Assets | $ 7,720 | $ 6,683 | $ 6,679 | $ 4,589 | $ 4,450 | $ 3,270 |
% of Total assets | 0.64% | 0.61% | 0.64% | 0.44% | 0.43% | 73.5% |
Webcast and Conference Call
The Company will hold a related conference call and webcast on July 28, 2020, 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 ir.yourstatebank.com. An audio replay of the call will be available on the Company's website.
About SB Financial Group
Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). 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 21 offices; 20 in nine Ohio counties and one in Fort Wayne, Indiana, and 23 full-service ATMs. State Bank has five loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and opinions throughout the Tri-State region. SB Financial's common stock is listed on the NASDAQ Capital Market under the symbol "SBFG".
In May 2020, SB Financial was ranked #125 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, the duration and scope of the COVID-19 outbreak in the United States and the market areas in which SB Financial and its subsidiaries operate, including the impact to the state and local economies of prolonged shelter in place orders and the pandemic generally, 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
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company's management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the non-GAAP items of OMSR impairment and merger related costs from net income to report an adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Investor Contact Information:
Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com
Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com
SB FINANCIAL GROUP, INC. | |||||||||||||
CONSOLIDATED BALANCE SHEETS - (Unaudited) | |||||||||||||
June | March | December | September | June | |||||||||
($ in thousands) | 2020 | 2020 | 2019 | 2019 | 2019 | ||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ 96,203 | $ 56,393 | $ 27,064 | $ 49,824 | $ 42,786 | ||||||||
Available-for-sale securities | 104,289 | 107,727 | 100,948 | 77,029 | 85,261 | ||||||||
Loans held for sale | 13,742 | 11,328 | 7,258 | 13,655 | 9,579 | ||||||||
Loans, net of unearned income | 901,548 | 830,764 | 825,510 | 823,367 | 814,509 | ||||||||
Allowance for loan losses | (10,013) | (8,958) | (8,755) | (8,492) | (8,306) | ||||||||
Premises and equipment, net | 23,662 | 23,599 | 23,385 | 23,898 | 23,150 | ||||||||
Federal Reserve and FHLB Stock, at cost | 4,837 | 4,648 | 4,648 | 4,648 | 4,648 | ||||||||
Foreclosed assets held for sale, net | 382 | 85 | 305 | 489 | 530 | ||||||||
Interest receivable | 4,272 | 2,940 | 3,106 | 3,176 | 3,209 | ||||||||
Goodwill and other intangibles | 22,813 | 17,830 | 17,832 | 17,834 | 17,836 | ||||||||
Cash value of life insurance | 17,375 | 17,299 | 17,221 | 17,137 | 17,051 | ||||||||
Mortgage servicing rights | 8,168 | 8,974 | 11,017 | 10,447 | 10,264 | ||||||||
Other assets | 15,658 | 15,684 | 9,038 | 9,749 | 8,606 | ||||||||
Total assets | $ 1,202,936 | $ 1,088,313 | $ 1,038,577 | $ 1,042,761 | $ 1,029,123 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Deposits | |||||||||||||
Non interest bearing demand | $ 229,042 | $ 170,920 | $ 158,357 | $ 152,932 | $ 141,216 | ||||||||
Interest bearing demand | 154,143 | 133,722 | 131,084 | 131,655 | 129,710 | ||||||||
Savings | 161,182 | 138,863 | 119,359 | 121,991 | 118,931 | ||||||||
Money market | 189,380 | 169,209 | 173,666 | 173,237 | 175,455 | ||||||||
Time deposits | 256,840 | 251,177 | 257,753 | 268,139 | 274,062 | ||||||||
Total deposits | 990,587 | 863,891 | 840,219 | 847,954 | 839,374 | ||||||||
Short-term borrowings | 23,826 | 36,881 | 12,945 | 14,659 | 13,968 | ||||||||
Federal Home Loan Bank advances | 13,000 | 16,000 | 16,000 | 16,000 | 16,000 | ||||||||
Trust preferred securities | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||
Interest payable | 929 | 1,131 | 1,191 | 1,391 | 1,188 | ||||||||
Other liabilities | 26,403 | 24,195 | 21,818 | 18,201 | 14,346 | ||||||||
Total liabilities | 1,065,055 | 952,408 | 902,483 | 908,515 | 895,186 | ||||||||
Shareholders' Equity | |||||||||||||
Preferred stock | - | - | - | 13,241 | 13,978 | ||||||||
Common stock | 54,463 | 54,463 | 54,463 | 41,223 | 40,486 | ||||||||
Additional paid-in capital | 14,780 | 14,655 | 15,023 | 15,219 | 15,259 | ||||||||
Retained earnings | 75,526 | 72,641 | 72,704 | 70,184 | 67,236 | ||||||||
Accumulated other comprehensive income (loss) | 2,320 | 2,049 | 659 | 900 | 801 | ||||||||
Treasury stock | (9,208) | (7,903) | (6,755) | (6,521) | (3,823) | ||||||||
Total shareholders' equity | 137,881 | 135,905 | 136,094 | 134,246 | 133,937 | ||||||||
Total liabilities and shareholders' equity | $ 1,202,936 | $ 1,088,313 | $ 1,038,577 | $ 1,042,761 | $ 1,029,123 |
SB FINANCIAL GROUP, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - (Unaudited) | |||||||||||||||||
($ in thousands, except per share & ratios) | At and for the Three Months Ended | Six Months Ended | |||||||||||||||
June | March | December | September | June | June | June | |||||||||||
Interest income | 2020 | 2020 | 2019 | 2019 | 2019 | 2020 | 2019 | ||||||||||
Loans | |||||||||||||||||
Taxable | $ 9,945 | $ 9,795 | $ 10,313 | $ 10,607 | $ 10,182 | $ 19,740 | $ 19,609 | ||||||||||
Tax exempt | 59 | 79 | 83 | 82 | 73 | 138 | 135 | ||||||||||
Securities | |||||||||||||||||
Taxable | 510 | 692 | 737 | 776 | 802 | 1,202 | 1,713 | ||||||||||
Tax exempt | 81 | 78 | 72 | 81 | 94 | 159 | 192 | ||||||||||
Total interest income | 10,595 | 10,644 | 11,205 | 11,546 | 11,151 | 21,239 | 21,649 | ||||||||||
Interest expense | |||||||||||||||||
Deposits | 1,549 | 1,880 | 2,392 | 2,258 | 2,092 | 3,429 | 4,010 | ||||||||||
Repurchase agreements & other | 20 | 28 | 17 | 22 | 17 | 48 | 43 | ||||||||||
Federal Home Loan Bank advances | 92 | 100 | 101 | 101 | 100 | 192 | 200 | ||||||||||
Trust preferred securities | 62 | 88 | 99 | 107 | 110 | 150 | 224 | ||||||||||
Total interest expense | 1,723 | 2,096 | 2,609 | 2,488 | 2,319 | 3,819 | 4,477 | ||||||||||
Net interest income | 8,872 | 8,548 | 8,596 | 9,058 | 8,832 | 17,420 | 17,172 | ||||||||||
Provision for loan losses | 1,300 | 600 | 300 | 300 | 200 | 1,900 | 200 | ||||||||||
Net interest income after provision | |||||||||||||||||
for loan losses | 7,572 | 7,948 | 8,296 | 8,758 | 8,632 | 15,520 | 16,972 | ||||||||||
Noninterest income | |||||||||||||||||
Wealth management fees | 775 | 768 | 801 | 775 | 783 | 1,543 | 1,517 | ||||||||||
Customer service fees | 667 | 682 | 712 | 729 | 689 | 1,349 | 1,320 | ||||||||||
Gain on sale of mtg. loans & OMSR | 8,119 | 1,949 | 3,048 | 2,495 | 1,678 | 10,068 | 2,870 | ||||||||||
Mortgage loan servicing fees, net | (1,880) | (2,052) | 334 | 8 | (459) | (3,932) | (739) | ||||||||||
Gain on sale of non-mortgage loans | 107 | 104 | 250 | 462 | 216 | 211 | 543 | ||||||||||
Title insurance revenue | 609 | 265 | 393 | 400 | 308 | 874 | 327 | ||||||||||
Net gain on sales of securities | - | - | - | - | 206 | - | 206 | ||||||||||
Gain (loss) on sale of assets | (80) | (46) | 1 | 1 | (5) | (126) | (7) | ||||||||||
Other | 298 | 491 | 420 | 496 | 275 | 789 | 654 | ||||||||||
Total noninterest income | 8,615 | 2,161 | 5,959 | 5,366 | 3,691 | 10,776 | 6,691 | ||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | 6,419 | 5,427 | 6,142 | 5,715 | 5,305 | 11,846 | 10,207 | ||||||||||
Net occupancy expense | 675 | 698 | 675 | 656 | 627 | 1,373 | 1,272 | ||||||||||
Equipment expense | 780 | 700 | 764 | 688 | 665 | 1,480 | 1,376 | ||||||||||
Data processing fees | 1,288 | 548 | 543 | 499 | 488 | 1,836 | 931 | ||||||||||
Professional fees | 1,224 | 757 | 639 | 571 | 649 | 1,981 | 1,266 | ||||||||||
Marketing expense | 141 | 208 | 171 | 239 | 246 | 349 | 485 | ||||||||||
Telephone and communication expense | 122 | 115 | 121 | 118 | 112 | 237 | 227 | ||||||||||
Postage and delivery expense | 96 | 115 | 86 | 89 | 81 | 211 | 165 | ||||||||||
State, local and other taxes | 262 | 254 | 347 | 243 | 247 | 516 | 502 | ||||||||||
Employee expense | 93 | 184 | 207 | 199 | 236 | 277 | 389 | ||||||||||
Other expenses | 562 | 400 | 481 | 483 | 452 | 962 | 914 | ||||||||||
Total noninterest expense | 11,662 | 9,406 | 10,176 | 9,500 | 9,108 | 21,068 | 17,734 | ||||||||||
Income before income tax expense | 4,525 | 703 | 4,079 | 4,624 | 3,215 | 5,228 | 5,929 | ||||||||||
Income tax expense | 870 | 22 | 721 | 862 | 588 | 892 | 1,076 | ||||||||||
Net income | $ 3,655 | $ 681 | $ 3,358 | $ 3,762 | $ 2,627 | $ 4,336 | $ 4,853 | ||||||||||
Preferred share dividends | - | - | 230 | 233 | 243 | - | 487 | ||||||||||
Net income available to common shareholders | 3,655 | 681 | 3,128 | 3,529 | 2,384 | 4,336 | 4,366 | ||||||||||
Common share data: | |||||||||||||||||
Basic earnings per common share | $ 0.47 | $ 0.09 | $ 0.48 | $ 0.55 | $ 0.37 | $ 0.56 | $ 0.68 | ||||||||||
Diluted earnings per common share | $ 0.47 | $ 0.09 | $ 0.42 | $ 0.48 | $ 0.33 | $ 0.56 | $ 0.61 | ||||||||||
Average shares outstanding (in thousands): | |||||||||||||||||
Basic: | 7,708 | 7,756 | 6,445 | 6,397 | 6,454 | 7,750 | 6,469 | ||||||||||
Diluted: | 7,708 | 7,756 | 7,799 | 7,876 | 7,967 | 7,750 | 7,982 |
SB FINANCIAL GROUP, INC. | |||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited) | |||||||||||||||
($ in thousands, except per share & ratios) | At and for the Three Months Ended | Six Months Ended | |||||||||||||
June | March | December | September | June | June | June | |||||||||
SUMMARY OF OPERATIONS | 2020 | 2020 | 2019 | 2019 | 2019 | 2020 | 2019 | ||||||||
Net interest income | $ 8,872 | $ 8,548 | $ 8,596 | $ 9,058 | $ 8,832 | $ 17,420 | $ 17,172 | ||||||||
Tax-equivalent adjustment | 37 | 42 | 41 | 43 | 44 | 79 | 87 | ||||||||
Tax-equivalent net interest income | 8,909 | 8,590 | 8,637 | 9,101 | 8,876 | 17,499 | 17,259 | ||||||||
Provision for loan loss | 1,300 | 600 | 300 | 300 | 200 | 1,900 | 200 | ||||||||
Noninterest income | 8,615 | 2,161 | 5,959 | 5,366 | 3,691 | 10,776 | 6,691 | ||||||||
Total operating revenue | 17,487 | 10,709 | 14,555 | 14,424 | 12,523 | 28,196 | 23,863 | ||||||||
Noninterest expense | 11,662 | 9,406 | 10,176 | 9,500 | 9,108 | 21,068 | 17,734 | ||||||||
Pre-tax pre-provision income | 5,825 | 1,303 | 4,379 | 4,924 | 3,415 | 7,128 | 6,129 | ||||||||
Pretax income | 4,525 | 703 | 4,079 | 4,624 | 3,215 | 5,228 | 5,929 | ||||||||
Net income | 3,655 | 681 | 3,358 | 3,762 | 2,627 | 4,336 | 4,853 | ||||||||
Net income available to common shareholders | 3,655 | 681 | 3,128 | 3,529 | 2,384 | 4,336 | 4,366 | ||||||||
PER SHARE INFORMATION: | |||||||||||||||
Basic earnings per share (EPS) | 0.47 | 0.09 | 0.48 | 0.55 | 0.37 | 0.56 | 0.68 | ||||||||
Diluted earnings per share | 0.47 | 0.09 | 0.42 | 0.48 | 0.33 | 0.56 | 0.61 | ||||||||
Common dividends | 0.100 | 0.095 | 0.095 | 0.090 | 0.090 | 0.195 | 0.175 | ||||||||
Book value per common share | 17.97 | 17.64 | 17.53 | 17.28 | 16.89 | 17.97 | 16.89 | ||||||||
Tangible book value per common share (TBV) | 15.00 | 15.32 | 15.23 | 16.23 | 15.83 | 15.00 | 15.83 | ||||||||
Fully converted TBV per common share | - | - | - | 14.98 | 14.64 | - | 14.64 | ||||||||
Market price per common share | 16.62 | 11.12 | 19.69 | 16.72 | 16.46 | 16.62 | 16.46 | ||||||||
Market price per preferred share | - | - | - | 16.50 | 16.10 | - | 16.10 | ||||||||
Market price to TBV | 110.8% | 72.6% | 129.2% | 103.0% | 104.0% | 110.8% | 104.0% | ||||||||
Market price to fully converted TBV | - | - | - | 111.6% | 112.4% | - | 112.4% | ||||||||
Market price to trailing 12 month EPS | 11.4 | 8.4 | 13.0 | 11.5 | 12.1 | 11.4 | 12.1 | ||||||||
PERFORMANCE RATIOS: | |||||||||||||||
Return on average assets (ROAA) | 1.25% | 0.26% | 1.28% | 1.44% | 1.03% | 0.78% | 0.96% | ||||||||
Pre-tax pre-provision ROAA | 1.99% | 0.49% | 1.67% | 1.89% | 1.34% | 1.28% | 1.22% | ||||||||
Return on average equity | 10.31% | 1.99% | 9.93% | 11.24% | 7.92% | 6.22% | 7.36% | ||||||||
Return on average tangible equity | 11.91% | 2.29% | 12.83% | 14.67% | 10.41% | 7.17% | 9.65% | ||||||||
Efficiency ratio | 66.68% | 87.81% | 69.90% | 65.85% | 72.71% | 74.71% | 74.30% | ||||||||
Earning asset yield | 3.95% | 4.32% | 4.80% | 4.98% | 4.88% | 4.13% | 4.82% | ||||||||
Cost of interest bearing liabilities | 0.89% | 1.12% | 1.42% | 1.33% | 1.28% | 1.00% | 1.24% | ||||||||
Net interest margin | 3.30% | 3.47% | 3.68% | 3.91% | 3.86% | 3.39% | 3.83% | ||||||||
Tax equivalent effect | 0.02% | 0.01% | 0.02% | 0.02% | 0.02% | 0.01% | 0.01% | ||||||||
Net interest margin, tax equivalent | 3.32% | 3.48% | 3.70% | 3.93% | 3.88% | 3.40% | 3.84% | ||||||||
Non interest income/Average assets | 2.95% | 0.81% | 2.27% | 2.06% | 1.45% | 1.93% | 1.33% | ||||||||
Non interest expense/Average assets | 3.99% | 3.54% | 3.87% | 3.64% | 3.58% | 3.78% | 3.52% | ||||||||
Net noninterest expense/Average assets | -1.04% | -2.73% | -1.60% | -1.58% | -2.13% | -1.85% | -2.19% | ||||||||
ASSET QUALITY RATIOS: | |||||||||||||||
Gross charge-offs | 254 | 400 | 51 | 128 | 20 | 654 | 80 | ||||||||
Recoveries | 10 | 3 | 14 | 15 | 5 | 13 | 18 | ||||||||
Net charge-offs | 244 | 397 | 37 | 113 | 15 | 641 | 62 | ||||||||
Nonaccruing loans/Total loans | 0.72% | 0.70% | 0.67% | 0.40% | 0.38% | 0.72% | 0.38% | ||||||||
Nonperforming loans/Total loans | 0.81% | 0.79% | 0.77% | 0.50% | 0.48% | 0.81% | 0.48% | ||||||||
Nonperforming assets/Loans & OREO | 0.86% | 0.80% | 0.81% | 0.56% | 0.55% | 0.86% | 0.55% | ||||||||
Nonperforming assets/Total assets | 0.64% | 0.61% | 0.64% | 0.44% | 0.43% | 0.64% | 0.43% | ||||||||
Allowance for loan loss/Nonperforming loans | 136.45% | 135.77% | 137.35% | 207.12% | 211.89% | 136.45% | 211.89% | ||||||||
Allowance for loan loss/Total loans | 1.11% | 1.08% | 1.06% | 1.03% | 1.02% | 1.11% | 1.02% | ||||||||
Net loan charge-offs/Average loans (ann.) | 0.11% | 0.19% | 0.02% | 0.05% | 0.01% | 0.15% | 0.02% | ||||||||
Loan loss provision/Net charge-offs | 532.79% | 151.13% | 810.81% | 265.49% | 1333.33% | 296.41% | 322.58% | ||||||||
CAPITAL & LIQUIDITY RATIOS: | |||||||||||||||
Loans/ Deposits | 91.01% | 96.17% | 98.25% | 97.10% | 97.04% | 91.01% | 97.04% | ||||||||
Equity/ Assets | 11.46% | 12.49% | 13.10% | 12.87% | 13.01% | 11.46% | 13.01% | ||||||||
Tangible equity/Tangible assets | 9.75% | 11.03% | 11.59% | 10.07% | 10.10% | 9.75% | 10.10% | ||||||||
Tangible equity adjusted for conversion | - | - | - | 11.36% | 11.48% | - | 11.48% | ||||||||
Common equity tier 1 ratio (Bank) 6/20 estimate | 11.21% | 12.17% | 12.46% | 12.07% | 12.53% | 11.21% | 12.53% | ||||||||
END OF PERIOD BALANCES | |||||||||||||||
Total assets | 1,202,936 | 1,088,313 | 1,038,577 | 1,042,761 | 1,029,123 | 1,202,936 | 1,029,123 | ||||||||
Total loans | 901,548 | 830,764 | 825,510 | 823,367 | 814,509 | 901,548 | 814,509 | ||||||||
Deposits | 990,587 | 863,891 | 840,219 | 847,954 | 839,374 | 990,587 | 839,374 | ||||||||
Stockholders equity | 137,881 | 135,905 | 136,094 | 134,246 | 133,937 | 137,881 | 133,937 | ||||||||
Goodwill and intangibles | 22,813 | 17,830 | 17,832 | 17,834 | 17,836 | 22,813 | 17,836 | ||||||||
Preferred equity | - | - | - | 13,241 | 13,978 | - | 13,978 | ||||||||
Tangible equity | 115,068 | 118,075 | 118,262 | 103,171 | 102,123 | 115,068 | 102,123 | ||||||||
Mortgage servicing portfolio | 1,261,746 | 1,216,292 | 1,199,107 | 1,153,020 | 1,112,857 | 1,261,746 | 1,112,857 | ||||||||
Wealth/Brokerage assets under care | 495,025 | 427,129 | 507,670 | 484,295 | 479,442 | 495,025 | 479,442 | ||||||||
Total assets under care | 2,959,707 | 2,731,734 | 2,745,354 | 2,680,076 | 2,621,422 | 2,959,707 | 2,621,422 | ||||||||
Full-time equivalent employees | 254 | 253 | 252 | 247 | 250 | 254 | 250 | ||||||||
Period end common shares outstanding | 7,672 | 7,705 | 7,763 | 6,357 | 6,451 | 7,672 | 6,451 | ||||||||
Period end outstanding (Series A Converted) | - | - | - | 1,414 | 1,478 | - | 1,478 | ||||||||
Market capitalization (all) | 127,509 | 85,680 | 152,853 | 129,620 | 130,324 | 127,509 | 130,324 | ||||||||
AVERAGE BALANCES | |||||||||||||||
Total assets | 1,169,030 | 1,061,365 | 1,051,071 | 1,043,791 | 1,016,493 | 1,115,527 | 1,008,559 | ||||||||
Total earning assets | 1,073,490 | 986,216 | 934,540 | 927,360 | 914,652 | 1,028,114 | 897,611 | ||||||||
Total loans | 898,216 | 832,975 | 828,108 | 829,699 | 804,716 | 865,595 | 790,080 | ||||||||
Deposits | 946,053 | 855,272 | 856,961 | 849,984 | 827,615 | 900,812 | 819,252 | ||||||||
Stockholders equity | 141,821 | 136,930 | 135,267 | 133,891 | 132,734 | 139,521 | 131,861 | ||||||||
Goodwill and intangibles | 19,066 | 17,831 | 17,833 | 17,835 | 17,837 | 18,537 | 17,359 | ||||||||
Preferred equity | - | - | 12,707 | 13,459 | 13,978 | - | 13,978 | ||||||||
Tangible equity | 122,755 | 119,099 | 104,727 | 102,597 | 100,919 | 120,984 | 100,524 | ||||||||
Average basic shares outstanding | 7,708 | 7,756 | 6,445 | 6,397 | 6,454 | 7,750 | 6,469 | ||||||||
Average diluted shares outstanding | 7,708 | 7,756 | 7,799 | 7,876 | 7,967 | 7,750 | 7,982 |
SB FINANCIAL GROUP, INC. | ||||||||||
Rate Volume Analysis - (Unaudited) | ||||||||||
At and for the Three Months Ended June 30, 2020 and 2019 | ||||||||||
($ in thousands) | Three Months Ended Jun. 30, 2020 | Three Months Ended Jun. 30, 2019 | ||||||||
Average | Average | Average | Average | |||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||
Taxable securities/Cash | $ 168,373 | $ 510 | 1.21% | $ 100,768 | $ 802 | 3.18% | ||||
Nontaxable securities | 6,901 | 81 | 4.69% | 9,168 | 94 | 4.10% | ||||
Loans, net | 898,216 | 10,004 | 4.46% | 804,716 | 10,255 | 5.10% | ||||
Total earning assets | 1,073,490 | 10,595 | 3.95% | 914,652 | 11,151 | 4.88% | ||||
Cash and due from banks | 18,937 | 36,908 | ||||||||
Allowance for loan losses | (9,369) | (8,232) | ||||||||
Premises and equipment | 23,896 | 23,555 | ||||||||
Other assets | 62,076 | 49,610 | ||||||||
Total assets | $ 1,169,030 | $ 1,016,493 | ||||||||
Liabilities | ||||||||||
Savings, MMDA and interest bearing demand | $ 473,793 | $ 1,220 | 1.03% | $ 422,327 | $ 740 | 0.70% | ||||
Time deposits | 251,482 | 334 | 0.53% | 261,746 | 1,352 | 2.07% | ||||
Repurchase agreements & other | 19,200 | 20 | 0.42% | 13,645 | 17 | 0.50% | ||||
Advances from Federal Home Loan Bank | 24,472 | 92 | 1.50% | 16,000 | 100 | 2.50% | ||||
Trust preferred securities | 10,310 | 62 | 2.41% | 10,310 | 110 | 4.27% | ||||
Total interest bearing liabilities | 779,257 | 1,728 | 0.89% | 724,028 | 2,319 | 1.28% | ||||
Non interest bearing demand | 220,778 | - | 143,542 | - | ||||||
Total funding | 1,000,035 | 0.69% | 867,570 | 1.07% | ||||||
Other liabilities | 27,174 | 16,189 | ||||||||
Total liabilities | 1,027,209 | 883,759 | ||||||||
Equity | 141,821 | 132,734 | ||||||||
Total liabilities and equity | $ 1,169,030 | $ 1,016,493 | ||||||||
Net interest income | $ 8,867 | $ 8,832 | ||||||||
Net interest income as a percent of average interest-earning assets - GAAP measure | 3.30% | 3.86% | ||||||||
Net interest income as a percent of average interest-earning assets - non GAAP | 3.32% | 3.88% | ||||||||
- Computed on a fully tax equivalent (FTE) basis | ||||||||||
Six Months Ended Jun. 30, 2020 | Six Months Ended Jun. 30, 2019 | |||||||||
Average | Average | Average | Average | |||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||
Taxable securities | $ 155,787 | $ 1,202 | 1.54% | $ 98,203 | $ 1,713 | 3.49% | ||||
Nontaxable securities | 6,732 | 159 | 4.72% | 9,328 | 192 | 4.12% | ||||
Loans, net | 865,595 | 19,878 | 4.59% | 790,080 | 19,744 | 5.00% | ||||
Total earning assets | 1,028,114 | 21,239 | 4.13% | 897,611 | 21,649 | 4.82% | ||||
Cash and due from banks | 12,693 | 41,724 | ||||||||
Allowance for loan losses | (9,118) | (8,258) | ||||||||
Premises and equipment | 23,797 | 23,536 | ||||||||
Other assets | 60,041 | 53,946 | ||||||||
Total assets | $ 1,115,527 | $ 1,008,559 | ||||||||
Liabilities | ||||||||||
Savings, MMDA and interest bearing demand | $ 458,116 | $ 2,303 | 1.01% | $ 422,494 | $ 1,462 | 0.69% | ||||
Time deposits | 252,912 | 1,131 | 0.89% | 255,734 | 2,548 | 1.99% | ||||
Repurchase agreements & Other | 20,868 | 48 | 0.46% | 15,663 | 43 | 0.55% | ||||
Advances from Federal Home Loan Bank | 20,302 | 192 | 1.89% | 16,133 | 200 | 2.48% | ||||
Trust preferred securities | 10,310 | 150 | 2.91% | 10,310 | 224 | 4.35% | ||||
Total interest bearing liabilities | 762,508 | 3,824 | 1.00% | 720,334 | 4,477 | 1.24% | ||||
Non interest bearing demand | 189,784 | 0.80% | 141,024 | 1.04% | ||||||
Total funding | 952,292 | 861,358 | ||||||||
Other liabilities | 23,714 | 15,340 | ||||||||
Total liabilities | 976,006 | 876,698 | ||||||||
Equity | 139,521 | 131,861 | ||||||||
Total liabilities and equity | $ 1,115,527 | $ 1,008,559 | ||||||||
Net interest income | $ 17,415 | $ 17,172 | ||||||||
Net interest income as a percent of average interest-earning assets - GAAP measure | 3.39% | 3.83% | ||||||||
Net interest income as a percent of average interest-earning assets - non GAAP | 3.40% | 3.84% | ||||||||
- Computed on a fully tax equivalent (FTE) basis |
Non-GAAP reconciliation | Three Months Ended | Six Months Ended | ||||||
($ in thousands, except per share & ratios) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Total Operating Revenue | $ 17,487 | $ 12,523 | $ 28,196 | $ 23,863 | ||||
Adjustment to (deduct)/add OMSR impairment* | 1,088 | 690 | 3,300 | 1,398 | ||||
Adjusted Total Operating Revenue | 18,575 | 13,213 | 31,496 | 25,261 | ||||
Total Operating Expense | $ 11,662 | $ 9,108 | $ 21,068 | $ 17,734 | ||||
Adjustment for merger expenses** | (1,241) | - | (1,241) | - | ||||
Adjusted Total Operating Expense | 10,421 | 9,108 | 19,827 | 17,734 | ||||
Income before Income Taxes | 4,525 | 3,215 | 5,228 | 5,929 | ||||
Adjustment for OMSR & merger expense | 2,329 | 690 | 4,541 | 1,398 | ||||
Adjusted Income before Income Taxes | 6,854 | 3,905 | 9,769 | 7,327 | ||||
Provision for Income Taxes | 870 | 588 | 892 | 1,076 | ||||
Adjustment for OMSR & merger expense*** | 489 | 145 | 954 | 294 | ||||
Adjusted Provision for Income Taxes | 1,359 | 733 | 1,846 | 1,371 | ||||
Net Income | 3,655 | 2,627 | 4,336 | 4,853 | ||||
Adjustment for OMSR & merger expense | 1,840 | 545 | 3,587 | 1,104 | ||||
Adjusted Net Income | 5,495 | 3,172 | 7,923 | 5,958 | ||||
Diluted Earnings per Share | 0.47 | 0.33 | 0.56 | 0.61 | ||||
Adjustment for OMSR & merger expense | 0.24 | 0.07 | 0.46 | 0.14 | ||||
Adjusted Diluted Earnings per Share | $ 0.71 | $ 0.40 | $ 1.02 | $ 0.75 | ||||
Return on Average Assets | 1.25% | 1.03% | 0.78% | 0.96% | ||||
Adjustment for OMSR & merger expense | 0.63% | 0.05% | 0.64% | 0.11% | ||||
Adjusted Return on Average Assets | 1.88% | 1.09% | 1.42% | 1.07% | ||||
*valuation adjustment to the Company's mortgage servicing rights | ||||||||
**transactions costs related to the Edon acquisition | ||||||||
***tax effect is calculated using a 21% statutory federal corporate income tax rate |
SOURCE SB Financial Group, Inc.
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