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Overview of SB Financial Group Inc (SBFG)
SB Financial Group Inc operates as a diversified financial services holding company serving as the backbone for its long-standing subsidiary, The State Bank and Trust Company. With a robust history in community banking, the company is dedicated to providing a full spectrum of financial services including commercial banking, trust services, mortgage banking, agricultural and commercial lending, wealth management, and title insurance support. By anchoring its operations in a traditional yet innovative banking framework, SB Financial has cemented its reputation as a reliable partner for both consumers and small businesses in the region.
Business Model and Services
The company excels in offering traditional banking products such as checking, savings, money market accounts, and time deposits, while also extending specialized financial solutions geared toward personal and business financial growth. Its revenue is driven primarily through interest income generated from loans and deposits, complemented by fee-based services including wealth management and title insurance. This diversified model not only emphasizes stability but also ensures that the needs of various market segments, from individual account holders to local enterprises, are met under one roof.
Legacy and Community Focus
Founded over a century ago, The State Bank and Trust Company has persevered through economic challenges by maintaining a steadfast commitment to its community. With a history that includes operating continuously through economic downturns, the institution has played a crucial role in supporting local economies, fostering savings bond initiatives during wartime, and leading community-centered financial drives. This deep historical involvement has forged trust and enduring relationships with its customers across multiple counties.
Strategic Expansion and Mergers
SB Financial Group Inc has reinforced its market position through strategic mergers, most notably with Marblehead Bancorp. This merger not only expanded its geographical reach but also integrated specialized community-based banking expertise into its portfolio. The combined strengths of the merging entities allow SB Financial to offer an enhanced suite of financial products and localized services, further solidifying its commitment to serving the regional communities.
Market Position and Competitive Landscape
Operating primarily in the Midwest with a significant presence in Ohio and select offices in neighboring regions, SB Financial Group Inc distinguishes itself through its comprehensive service offering and deep community roots. The company’s competitive edge lies in its balanced approach to traditional banking practices and innovative service delivery, ensuring that clients receive personalized financial solutions. In a competitive banking environment where stability and trust are paramount, SB Financial’s legacy and integrated service model offer a distinct advantage for those seeking a reliable financial partner.
Operational Strategy and Expertise
SB Financial Group Inc leverages experienced leadership and a passion for service to drive its day-to-day operations. With an emphasis on maintaining a strong asset quality and operational efficiency, the company utilizes rigorous risk management practices and proactive financial strategies to navigate industry challenges. Its operational framework is built around delivering customer-centric banking solutions that are both innovative and dependable, reflecting a deep understanding of local market dynamics and the broader financial landscape.
Conclusion
In summary, SB Financial Group Inc stands as a multifaceted financial institution that combines a rich legacy with a modern, community-focused approach. Its comprehensive range of services, spanning from everyday banking products to specialized financial solutions, positions the company as a central figure in its local markets. By prioritizing customer service, operational excellence, and sustainable banking practices, SB Financial continues to uphold the values that have defined its enduring success over generations.
SB Financial Group (NASDAQ: SBFG) will release its third quarter 2021 financial results on October 28, 2021, post-market. A conference call is scheduled for October 29 at 11:00 a.m. EDT, which can be accessed via phone at 1-888-338-9469 or through a live webcast at ir.yourstatebank.com. The company, based in Defiance, Ohio, offers diversified financial services including banking, mortgage lending, and wealth management.
SB Financial Group (NASDAQ: SBFG) appointed Timothy L. Claxton as an independent Director effective immediately. Claxton brings over 32 years of experience in financial law, focusing on real estate, banking, and estate planning. He has served on various community boards and holds significant leadership roles. This appointment aims to enhance the company's governance as it continues to provide diversified financial services. Claxton's term will last until the 2023 annual meeting of shareholders.
SB Financial Group reported a net income of $3.8 million for Q2 2021, reflecting a 10.6% increase in diluted EPS at $0.52. Adjusted net income was $3.84 million excluding OMSR impairment. However, mortgage origination volume dropped by 26.3% to $164.9 million. For the first half of the year, net income surged 150% to $10.8 million, with a diluted EPS increase of 166.1%. Total deposits rose by 10.1% to $1.09 billion, while nonperforming assets decreased by 22.6%.
SB Financial Group, Inc. (NASDAQ: SBFG) will release its second-quarter 2021 financial results on July 26, 2021, after market close. A conference call will follow on July 27, 2021, at 11:00 a.m. EDT, accessible by dialing 1-888-338-9469 or via a live webcast. Headquartered in Defiance, Ohio, SBFG offers comprehensive financial services, including community banking and wealth management, across 23 offices in Ohio and Indiana, along with title insurance through Peak Title. Investors can expect key financial updates during the upcoming earnings release.
SB Financial Group (NASDAQ: SBFG) announced a share repurchase program authorized by its board of directors, allowing the company to buy back up to 750,000 common shares, approximately 10% of its total shares. This program will run until May 31, 2022, and aims to enhance shareholder value by repurchasing shares through market transactions at management's discretion, depending on market conditions. The repurchased shares will be held as treasury shares for general corporate purposes.
SB Financial Group, Inc. (NASDAQ: SBFG) has successfully completed a private placement of $20 million in fixed-to-floating rate subordinated notes due 2031. The notes will have a fixed interest rate of 3.65% for the first five years, resetting thereafter to the three-month SOFR rate plus 296 basis points. Proceeds will be used for general corporate purposes, enhancing growth potential, supporting acquisitions, and strengthening capital. The issuance qualifies as Tier 2 capital for SB Financial and Tier 1 for its subsidiary, The State Bank and Trust Company.
SB Financial Group (NASDAQ: SBFG) has been recognized as one of the 2021 KBW Bank Honor Roll winners, highlighting its consistent earnings per share growth over the past decade. Only 4% of the nearly 400 banks evaluated qualified for this honor. The company's Chairman, Mark Klein, attributes this achievement to the team's dedication and focus on expanding net income, even amid the challenges posed by the COVID-19 pandemic. This recognition positions SBFG as a leading performer in the banking sector, reflecting optimism for future growth.
SB Financial Group, Inc. (NASDAQ: SBFG) reported a record-breaking net income of $7.1 million for Q1 2021, a dramatic increase of 939.6% from the previous year. Diluted earnings per share rose to $0.97, a 977.8% increase year-on-year. Adjusted net income was $4.9 million, yielding an adjusted EPS of $0.68. Mortgage origination volume reached $155.8 million, up 53.7%. Total assets increased to $1.33 billion, reflecting a 21.8% year-on-year growth. Deposits grew by 29.7% to $1.12 billion.
SB Financial Group, Inc. (NASDAQ: SBFG) will release its first-quarter 2021 financial results on April 30, 2021, after market close. A conference call and webcast for the announcement is scheduled for May 3, 2021, at 11:00 a.m. EDT. Interested parties can join the call by dialing 1-888-338-9469 or via webcast at ir.yourstatebank.com. The company operates 22 offices and provides various financial services including banking, mortgage banking, and wealth management.
SB Financial Group (NASDAQ: SBFG) reported significant fourth-quarter and annual earnings for 2020. Net income reached $5.4 million, a 59.6% increase, resulting in diluted EPS of $0.71, up 69.0%. Adjusted net income rose to $5.8 million, lifting adjusted EPS to $0.77. Mortgage origination volumes increased by 22.9% to $169 million. For the year, net income was $14.9 million, and diluted EPS was $1.96, representing a 30% increase from 2019. Notably, total assets grew to $1.26 billion, a 21.1% increase driven by acquisitions and PPP activity.
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