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SB Financial Group(SBFG) - 2024 Q4 - Annual Results
SBFGSB Financial Group(SBFG)2025-01-29 18:08

Financial Performance - Operating revenue for Q4 2024 was 15.5million,a2.215.5 million, a 2.2% increase from 15.1 million in Q4 2023[5] - Net income for Q4 2024 was 3.6million,down6.43.6 million, down 6.4% from 3.9 million in Q4 2023, with diluted EPS at 0.55[6]−NoninterestincomeforQ42024was0.55[6] - Noninterest income for Q4 2024 was 4.6 million, a 17.6% decline from 5.5millioninQ42023[9]−NetincomeforDecember2024was5.5 million in Q4 2023[9] - Net income for December 2024 was 3,635 thousand, representing a 54.3% increase compared to 2,354thousandinSeptember2024[36]−Basicearningspercommonshareroseto2,354 thousand in September 2024[36] - Basic earnings per common share rose to 0.55 in December 2024, up from 0.35inSeptember2024,anincreaseof57.10.35 in September 2024, an increase of 57.1%[36] - Net income for 2024 was 11,470 million, down from 12,094millionin2023,showingadeclineof5.212,094 million in 2023, showing a decline of 5.2%[44] - Diluted earnings per share decreased to 1.72 in 2024 from 1.75in2023,areductionof1.71.75 in 2023, a reduction of 1.7%[44] Revenue and Income Sources - Interest income rose to 16.8 million, an 11.4% increase from 15.1millionintheprioryear[6]−Noninterestincometotaled15.1 million in the prior year[6] - Noninterest income totaled 4,557 thousand in December 2024, an increase of 10.6% from 4,123thousandinSeptember2024[35]−Netinterestincomeincreasedto4,123 thousand in September 2024[35] - Net interest income increased to 10,897 thousand in December 2024, up 7.0% from 10,186thousandinSeptember2024[35]−NetinterestincomeforQ42024was10,186 thousand in September 2024[35] - Net interest income for Q4 2024 was 10,897,000, an increase of 6.98% from 10,186,000inQ32024[39]−Adjustedtotaloperatingrevenuefor2024was10,186,000 in Q3 2024[39] - Adjusted total operating revenue for 2024 was 56,897 million, slightly down from 57,045millionin2023,indicatingadecreaseof0.357,045 million in 2023, indicating a decrease of 0.3%[44] Asset and Liability Management - Total assets reached 1.38 billion, driven by a 46.5millionor4.746.5 million or 4.7% increase in the loan portfolio[18] - Total assets decreased to 1,379,517 thousand in December 2024 from 1,393,949thousandinSeptember2024,adeclineof1.01,393,949 thousand in September 2024, a decline of 1.0%[33] - Total liabilities decreased to 1,252,009 thousand in December 2024 from 1,261,108thousandinSeptember2024,adeclineof0.71,261,108 thousand in September 2024, a decline of 0.7%[33] - Total assets increased to 1,361,274 million in 2024 from 1,334,644millionin2023,representingagrowthof2.01,334,644 million in 2023, representing a growth of 2.0%[43] Deposits and Loans - Total deposits increased by 82.4 million, or 7.7%, to 1.15billionyear−over−year[19]−Totaldepositsreached1.15 billion year-over-year[19] - Total deposits reached 1,152.6 million, with a growth of 82.4millionor7.782.4 million or 7.7% compared to the previous year[22] - Total deposits slightly decreased to 1,152,605 thousand in December 2024 from 1,159,533thousandinSeptember2024,adecreaseof0.31,159,533 thousand in September 2024, a decrease of 0.3%[33] - Loan balances increased by 46.5 million year-over-year, achieving a total of 1,046.7million,reflectingagrowthrateof4.71,046.7 million, reflecting a growth rate of 4.7%[22] - Total loans rose to 1,040,580 million, up from 992,337million,representinganincreaseofabout4.9992,337 million, representing an increase of about 4.9%[42] Shareholder Value and Equity - Shareholders' equity ended the year at 127.5 million, reflecting a 3.2millionincreasefromtheprioryear[19]−SBFinancialrepurchased130,465sharesinQ42024,demonstratingcommitmenttoshareholdervaluethroughbuybacksanddividends[21]−Tangiblebookvaluepershareincreasedby3.2 million increase from the prior year[19] - SB Financial repurchased 130,465 shares in Q4 2024, demonstrating commitment to shareholder value through buybacks and dividends[21] - Tangible book value per share increased by 1.02, or 6.8%, to 16.00fromtheprioryear[6]−Marketpricepercommonsharewas16.00 from the prior year[6] - Market price per common share was 20.91, reflecting an increase from 20.56inthepreviousquarter[39]−Thetangibleequityratiowasreportedat7.6620.56 in the previous quarter[39] - The tangible equity ratio was reported at 7.66%, reflecting a strong equity position relative to tangible assets[40] Asset Quality and Risk Management - Nonperforming assets totaled 5.5 million, representing 0.40% of total assets, an increase from 0.25% the previous year[23] - The allowance for credit losses was 1.44% of total loans, providing 273.7% coverage of nonperforming loans, indicating a conservative risk management approach[24] - Nonperforming commercial and agricultural loans increased by 291.3% year-over-year, totaling $2.9 million[26] - The net loan charge-offs to average loans ratio remained low at 7 basis points for the quarter and 2 basis points for the full year[24] - The allowance for credit loss to nonperforming loans ratio stood at 273.68%, reflecting strong coverage for potential loan losses[40] Efficiency and Performance Ratios - The efficiency ratio improved to 71.09% in Q4 2024 from 76.78% in the linked quarter[17] - Return on average assets (ROAA) improved to 1.04% in Q4 2024, compared to 0.68% in Q3 2024[39] - Return on average equity (ROE) increased to 11.13% in Q4 2024, up from 7.32% in Q3 2024[39] - The common equity tier 1 ratio (Bank) was reported at 13.43%, indicating a solid capital position[40] - The net loan charge-offs to average loans ratio was 0.07%, indicating low levels of loan defaults[40] Future Outlook - The company plans to hold its Q4 2024 earnings conference call on January 24, 2025[27]