SB Financial Group, Inc. reported a net income of $11.5 million, or $1.72 per diluted share, for the fiscal year ending December 31, 2024, reflecting a decrease from the previous year's net income of $12.1 million, or $1.75 per diluted share. The company's total assets increased to $1.38 billion, up from $1.34 billion in 2023, driven by a rise in loans and deposits. Total loans reached $1.05 billion, a 4.7% increase from $1.00 billion in 2023, while total deposits grew by 7.7% to $1.15 billion, bolstered by participation in the State of Ohio's Homebuyer Plus program.
In terms of operational metrics, SB Financial's noninterest income decreased to $17.0 million, accounting for 29.9% of total operating revenue, down from $17.7 million or 31.1% in the prior year. The company serviced approximately $1.43 billion in residential mortgage loans, an increase from $1.37 billion in 2023. The allowance for credit losses (ACL) was reported at $15.1 million, down from $15.8 million in 2023, with net charge-offs totaling $250,000 compared to $92,000 the previous year. The company’s asset quality metrics remained strong, with nonperforming assets totaling $5.5 million, or 0.40% of total assets, up from $3.3 million, or 0.25%, in 2023.
Strategically, SB Financial has focused on expanding its market presence, recently acquiring The Marblehead Bank on January 17, 2025, which is expected to enhance its footprint in Ottawa County, Ohio. The company operates 25 banking centers across Ohio and Indiana and has increased its employee count to 252 full-time equivalent employees. The company continues to emphasize operational excellence, particularly in residential mortgage origination and servicing, which has contributed to its growth in loan servicing.
Looking ahead, SB Financial aims to maintain its trajectory of growth while navigating the competitive landscape of the financial services industry. The company plans to continue diversifying its revenue streams and enhancing its market penetration in both traditional and newer markets. However, management acknowledges potential challenges, including economic conditions and regulatory changes, which could impact future performance. The company remains committed to monitoring its capital adequacy and maintaining compliance with regulatory requirements, ensuring it is well-positioned for future opportunities.
About SB FINANCIAL GROUP, INC.
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