SB Financial Group, Inc. (SBFG) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. Total assets increased to $1.39 billion, up $50.7 million (3.8%) from $1.34 billion at year-end 2023. Total loans, net of unearned income, rose to $1.03 billion, a $29.7 million (3.0%) increase, while total deposits grew by $89.3 million (8.3%) to $1.16 billion.
Net income for the third quarter was $2.4 million, a decrease of 12.4% from $2.7 million in Q3 2023. For the nine months ended September 30, 2024, net income was $7.8 million, down from $8.2 million in the same period of 2023, marking a 4.6% decline. Diluted earnings per share for Q3 2024 were $0.35, down from $0.39 in Q3 2023, while for the nine months, it was $1.17, slightly lower than $1.18 in the prior year.
The company experienced an increase in total interest income by 11.8% in Q3 2024, driven by a 15.5% rise in mortgage loan volume. However, net interest income for the nine months decreased to $29.0 million from $29.7 million in 2023, with the net interest margin narrowing to 3.08% from 3.18%. Noninterest income for the nine months increased to $12.5 million, up from $12.2 million, while total noninterest expenses rose to $32.0 million from $31.6 million.
SBFG announced a definitive agreement to merge with Marblehead Bancorp, valued at approximately $5.0 million, which will enhance its presence in Northwest Ohio. The merger is expected to add two full-service branches and one limited-service branch to its operations.
The company adopted the current expected credit loss (CECL) methodology, resulting in an increase in the allowance for credit losses by $1.4 million. As of September 30, 2024, the allowance for credit losses stood at $15.3 million, down $0.5 million from the previous year-end. Nonperforming assets increased to $5.5 million, compared to $4.0 million in September 2023.
Cash and cash equivalents at the end of the period were $49.3 million, significantly up from $19.0 million a year earlier. The company reported net cash provided by financing activities of $37.8 million for the nine months, a turnaround from net cash used of $5.6 million in the same period of 2023.
About SB FINANCIAL GROUP, INC.
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