Q3 2024 SB Financial Group Inc Earnings Call Transcript
Key Points
- SB Financial Group Inc (SBFG) reported a net income of $2.7 million for the third quarter, with adjusted earnings per share increasing to $0.41, a 3.3% rise from the previous year.
- Net interest income increased by 6.8% to $10.2 million compared to the third quarter of 2023.
- Total loans grew to $1.03 billion, marking a 4.1% increase from the prior year, with a strong pipeline in key markets like Columbus and Fort Wayne.
- The company's mortgage originations for the quarter were $71 million, up 12% year-to-date from the previous year.
- SB Financial Group Inc (SBFG) achieved a 26% increase in book value per share, reaching $16.49, compared to the previous year.
- The return on tangible equity slightly decreased from the prior year, although it remained at a solid 10.4%.
- Operating expenses for the first nine months increased by approximately 1% compared to the same period last year.
- The mortgage servicing rights impairment negatively impacted non-core revenue, halting quarter-over-quarter growth.
- The company's deposit cost of funds increased to 1.94% this quarter, up from 1.86% in the previous quarter.
- Delinquencies were slightly higher at 65 basis points, indicating a need for continued vigilance in credit underwriting.
Good morning and welcome to the SB Financial Group Inc third quarter, 2024 conference call and webcast. I would like to inform you that this call, conference call is being recorded and that all participants are in a listen-only mode. We will begin with remarks by management and then open the conference up to the investment community for questions and answers.
I will now turn the conference over to Carol Robbins with SB Financial. Please go ahead, Carol.
Thanks Dave. Good morning, everyone. I would like to remind you that this conference call is being broadcast live over the internet and will be archived and available on our website at Ir. your statebank.com.
Joining me today are Mark Klein, Chairman, President and CEO Tony Cosentino, Chief Financial Officer and Steve Walls, Chief Lending Officer.
Today's presentation may contain forward-looking information, cautionary statements about this information as well as reconciliations of non-GAAP financial
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