SB Financial Group, Inc. (SBFG) 10-Year Financial Performance & Capital Metrics

SBFG • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutSB Financial Group, Inc. provides a range of commercial banking and wealth management services to individual and corporate customers primarily in Ohio, Indiana, and Michigan. It offers checking, savings, money market accounts, as well as time certificates of deposit; and commercial, consumer, agricultural, and residential mortgage loans. The company also provides automatic teller machine, personal and corporate trust, commercial leasing, bank credit card, safe deposit box rental, internet banking, private client group, and other personalized banking products and services; and various trust and financial services comprising asset management services for individuals and corporate employee benefit plans, as well as brokerage services. In addition, it sells insurance products to retail and commercial customers. As of December 31, 2021, the company operated a network of 22 banking centers in the Ohio counties of Allen, Defiance, Franklin, Fulton, Hancock, Lucas, Paulding, Wood, and Williams; and one banking center in Allen County, Indiana. It also operated five loan production offices in Franklin and Lucas Counties, Ohio; Hamilton and Steuben Counties, Indiana; and Monroe County, Michigan. The company was formerly known as Rurban Financial Corp. and changed its name to SB Financial Group, Inc. in April 2013. SB Financial Group, Inc. was incorporated in 1983 and is headquartered in Defiance, Ohio.Show more

Net Interest Income $40M +1.7%
Total Revenue $81M +7.2%
Net Income $11M -5.2%
Return on Equity 9.11% -8.6%
Net Interest Margin 2.89% -1.0%
Efficiency Ratio 52.8% -4.5%
ROA 0.84% -6.7%
Equity / Assets 9.24% -0.1%
Book Value per Share 19.09 +6.2%
Tangible BV/Share 13.38 +6.2%
Debt/Equity 0.51 -45.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 52.8% efficiency ratio
✓Healthy dividend yield of 2.6%
✓Share count reduced 3.4% through buybacks
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.13%

5Y5.45%

3Y3.87%

TTM-

Profit (Net Income) CAGR

10Y8.1%

5Y-0.85%

3Y-14.38%

TTM16.84%

EPS CAGR

10Y5.36%

5Y3.62%

3Y-11%

TTM22.54%

ROCE

10Y Avg8.72%

5Y Avg8.09%

3Y Avg6.31%

Latest5.88%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	23.34M	25.85M	28.39M	33.27M	34.83M	35.93M	37.88M	39.4M	39.27M	39.92M
NII Growth %	0.12%	0.11%	0.1%	0.17%	0.05%	0.03%	0.05%	0.04%	-0%	0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	25.93M	29.05M	32.48M	39.48M	44.4M	42.63M	41.9M	44.57M	58.15M	64.35M
Interest Expense	2.58M	3.2M	4.09M	6.21M	9.57M	6.71M	4.02M	5.17M	18.88M	24.43M
Loan Loss Provision	1.1M	750K	400K	600K	800K	4.5M	1.05M	0	315K	124K
Non-Interest Income+	15.71M	17.89M	17.22M	16.62M	18.02M	30.1M	30.7M	18.23M	17.72M	17.02M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	41.63M	46.94M	49.7M	56.1M	62.42M	72.73M	72.6M	62.8M	75.87M	81.37M
Revenue Growth %	0.12%	0.13%	0.06%	0.13%	0.11%	0.17%	-0%	-0.13%	0.21%	0.07%
Non-Interest Expense	26.93M	30.09M	31.58M	34.85M	37.41M	43.09M	44.81M	42.31M	41.96M	42.96M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	11.02M	12.9M	13.63M	14.44M	14.63M	18.44M	22.72M	15.32M	14.72M	13.86M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.5%	0.17%	0.06%	0.06%	0.01%	0.26%	0.23%	-0.33%	-0.04%	-0.06%
Pretax Income+	11.02M	12.9M	13.63M	14.44M	14.63M	18.44M	22.72M	15.32M	14.72M	13.86M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.4M	4.12M	2.56M	2.81M	2.66M	3.5M	4.45M	2.79M	2.62M	2.39M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.62M	8.78M	11.06M	11.64M	11.97M	14.94M	18.28M	12.52M	12.1M	11.47M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.45%	0.15%	0.26%	0.05%	0.03%	0.25%	0.22%	-0.31%	-0.03%	-0.05%
Net Income (Continuing)	7.62M	8.78M	11.06M	11.64M	11.97M	14.94M	18.28M	12.52M	12.1M	11.47M
EPS (Diluted)+	1.13	1.31	1.66	1.44	1.44	1.87	2.44	1.77	1.75	1.72
EPS Growth %	0.11%	0.16%	0.27%	-0.13%	0%	0.3%	0.3%	-0.27%	-0.01%	-0.02%
EPS (Basic)	1.30	1.52	2.00	1.64	1.62	1.87	2.45	1.79	1.77	1.72
Diluted Shares Outstanding	6.74M	6.69M	6.67M	8.1M	8.33M	8.02M	7.49M	7.04M	6.92M	6.68M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	20.46M	17.01M	26.62M	48.36M	27.06M	146.51M	152.15M	29.95M	24.5M	27.49M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	648.26M	732.26M	775.44M	859.26M	925.27M	1.02B	1.08B	1.19B	1.21B	1.24B
Investments Growth %	0.08%	0.13%	0.06%	0.11%	0.08%	0.1%	0.06%	0.1%	0.01%	0.03%
Long-Term Investments	558.47M	642.14M	692.65M	768.29M	824.32M	867.41M	818.49M	951.11M	987.46M	1.07B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	16.35M	16.42M	16.41M	16.4M	17.83M	22.09M	23.19M	23.24M	23.24M	23.24M
Intangible Assets	7.15M	8.42M	9.91M	11.37M	11.02M	7.76M	12.03M	13.5M	13.91M	14.87M
PP&E (Net)	19.01M	19.13M	21.28M	22.08M	23.39M	23.56M	23.21M	22.83M	21.38M	20.46M
Other Assets	20.5M	21.24M	25.15M	26.53M	30.91M	37.31M	35.6M	52.14M	48.4M	48.56M
Total Current Assets	111.51M	108.65M	111.23M	142.15M	131.12M	299.72M	418.33M	272.82M	248.87M	204.16M
Total Non-Current Assets	621.56M	707.35M	765.4M	844.67M	907.46M	958.12M	912.52M	1.06B	1.09B	1.18B
Total Assets+	733.07M	816M	876.63M	985.9M	1.04B	1.26B	1.33B	1.34B	1.34B	1.38B
Asset Growth %	0.07%	0.11%	0.07%	0.12%	0.05%	0.21%	0.06%	0%	0.01%	0.03%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	264K	408K	592K	909K	1.19M	616K	299K	769K	2.44M	2.35M
Total Debt+	47.41M	37.03M	33.58M	31.18M	28.95M	28.19M	40.37M	94.52M	116.63M	65.28M
Net Debt	26.95M	20.02M	6.97M	-17.18M	1.88M	-118.32M	-111.79M	64.57M	92.13M	37.78M
Long-Term Debt	35M	26.5M	18.5M	16M	16M	8M	25.05M	79.59M	103.24M	54.69M
Short-Term Debt	12.41M	10.53M	15.08M	15.18M	12.95M	20.19M	15.32M	14.92M	13.39M	10.59M
Other Liabilities	17.71M	18.94M	18.85M	21.75M	32.13M	37.1M	32.22M	35.25M	29.63M	31.78M
Total Current Liabilities	599.12M	684.01M	745.27M	818.64M	854.36M	1.07B	1.13B	1.1B	1.09B	1.17B
Total Non-Current Liabilities	52.71M	45.44M	37.35M	37.75M	48.13M	45.1M	57.26M	114.85M	132.87M	86.47M
Total Liabilities	651.83M	729.46M	782.63M	855.46M	902.48M	1.11B	1.19B	1.22B	1.22B	1.25B
Total Equity+	81.24M	86.55M	94M	130.44M	136.09M	142.92M	144.93M	118.43M	124.34M	127.51M
Equity Growth %	0.07%	0.07%	0.09%	0.39%	0.04%	0.05%	0.01%	-0.18%	0.05%	0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.1%	0.12%	0.1%	0.09%	0.11%	0.13%	0.1%	0.1%	0.09%
Book Value per Share	12.05	12.93	14.10	16.09	16.33	17.83	19.36	16.82	17.98	19.09
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	12.57M	12.57M	12.57M	40.48M	54.46M	54.46M	54.46M	61.32M	61.32M	61.32M
Additional Paid-in Capital	15.44M	15.36M	15.4M	15.23M	15.02M	14.85M	14.94M	15.09M	15.12M	15.19M
Retained Earnings	40.06M	46.69M	55.42M	64.01M	72.7M	84.58M	99.72M	101.97M	108.49M	116.19M
Accumulated OCI	650K	51K	-141K	-552K	659K	2.21M	-1.84M	-32.12M	-29.83M	-30.23M
Treasury Stock	-1.46M	-2.1M	-3.25M	-2.71M	-6.75M	-13.17M	-22.35M	-27.82M	-30.76M	-34.96M
Preferred Stock	13.98M	13.98M	13.98M	13.98M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.62M	14.03M	9.8M	13.85M	18.83M	23.91M	17.26M	25.57M	13.99M	9.45M
Operating CF Growth %	0.72%	0.63%	-0.3%	0.41%	0.36%	0.27%	-0.28%	0.48%	-0.45%	-0.32%
Net Income	7.62M	8.78M	11.06M	11.64M	11.97M	14.94M	18.28M	12.52M	12.1M	11.47M
Depreciation & Amortization	2.18M	2.86M	2.71M	2.93M	4.01M	6.75M	6.22M	4.01M	3.57M	3.55M
Deferred Taxes	1.52M	738K	-788K	324K	-279K	-2.44M	2.3M	2.71M	1.88M	2.02M
Other Non-Cash Items	-2.83M	1.68M	-2.38M	-2.65M	-3.98M	3.56M	-6.13M	3.08M	-2.71M	-5.92M
Working Capital Changes	52K	-172K	-1.11M	1.33M	6.68M	716K	-3.86M	2.68M	-1.41M	-2.3M
Cash from Investing+	-54.69M	-90.73M	-49.53M	-87.59M	-67.61M	-57.22M	-71.99M	-165.67M	-17.39M	-28.95M
Purchase of Investments	-26.26M	-22.6M	-29.85M	-29.28M	-38.45M	-129.8M	-170.69M	-50.62M	-1.81M	-2.89M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	-2.6M	16.26M	-1.1M	0	0	0
Other Investing	-41.56M	-87.23M	-52.47M	-76.53M	-54.42M	-25.72M	51.76M	-149.03M	-36.79M	-43.62M
Cash from Financing+	38.34M	73.25M	49.33M	95.48M	27.49M	146.94M	63.55M	18.41M	-1.45M	22.46M
Dividends Paid	-1.94M	-2.15M	-2.34M	-3.06M	-3.28M	-3.07M	-3.14M	-3.42M	-3.58M	-3.77M
Share Repurchases	-2K	-1.17M	-1.78M	-109K	-5.05M	-7.17M	-9.52M	-5.9M	-3.47M	-4.77M
Stock Issued	0	0	0	27.91M	139K	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	0	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	35.28M	85.08M	61.45M	73.25M	35.68M	165.17M	78.71M	-26.78M	-18M	79.6M
Net Change in Cash+	-7.74M	-3.45M	9.6M	21.75M	-21.3M	113.63M	8.82M	-121.69M	-4.85M	2.96M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	28.2M	20.46M	17.01M	26.62M	48.36M	27.06M	140.69M	149.51M	27.82M	22.96M
Cash at End	20.46M	17.01M	26.62M	48.36M	27.06M	140.69M	149.51M	27.82M	22.96M	25.93M
Interest Paid	2.58M	3.05M	3.91M	5.89M	9.29M	7.28M	4.34M	4.7M	17.2M	24.52M
Income Taxes Paid	2.06M	3.97M	3.1M	1.87M	3.08M	5.18M	4.23M	0	0	417K
Free Cash Flow+	1.42M	12.39M	6.09M	11.85M	16.79M	21.93M	14.83M	23.67M	13.03M	8.22M
FCF Growth %	-0.54%	7.75%	-0.51%	0.95%	0.42%	0.31%	-0.32%	0.6%	-0.45%	-0.37%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.71%	10.47%	12.26%	10.37%	8.98%	10.71%	12.7%	9.51%	9.96%	9.11%
Return on Assets (ROA)	1.08%	1.13%	1.31%	1.25%	1.18%	1.3%	1.41%	0.94%	0.9%	0.84%
Net Interest Margin	3.18%	3.17%	3.24%	3.37%	3.35%	2.86%	2.85%	2.95%	2.92%	2.89%
Efficiency Ratio	64.68%	64.11%	63.54%	62.11%	59.94%	59.24%	61.72%	67.38%	55.31%	52.8%
Equity / Assets	11.08%	10.61%	10.72%	13.23%	13.1%	11.36%	10.89%	8.87%	9.26%	9.24%
Book Value / Share	12.05	12.93	14.1	16.09	16.33	17.83	19.36	16.82	17.98	19.09
NII Growth	11.54%	10.75%	9.8%	17.2%	4.69%	3.17%	5.44%	4%	-0.32%	1.65%
Dividend Payout	12.9%	13.43%	12.31%	17.96%	19.47%	20.54%	17.17%	27.27%	29.63%	32.87%

Revenue by Segment

	2012	2013
Alls	2.07M	1.15M
Alls Growth	-	-44.37%
Data Processing	1.54M	836K
Data Processing Growth	-	-45.61%
Operatings	289K	295K
Operatings Growth	-	2.08%
All Others	245K	21K
All Others Growth	-	-91.43%
Intersegment Elimination	-1.97M	-1.27M
Intersegment Elimination Growth	-	35.45%

Frequently Asked Questions

Valuation & Price

SB Financial Group, Inc. (SBFG) has a price-to-earnings (P/E) ratio of 12.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

SB Financial Group, Inc. (SBFG) grew revenue by 7.2% over the past year. This is steady growth.

Yes, SB Financial Group, Inc. (SBFG) is profitable, generating $13.7M in net income for fiscal year 2024 (14.1% net margin).

Dividend & Returns

Yes, SB Financial Group, Inc. (SBFG) pays a dividend with a yield of 2.59%. This makes it attractive for income-focused investors.

SB Financial Group, Inc. (SBFG) has a return on equity (ROE) of 9.1%. This is below average, suggesting room for improvement.

Industry Metrics

SB Financial Group, Inc. (SBFG) has a net interest margin (NIM) of 2.9%. NIM has been under pressure due to interest rate environment.

SB Financial Group, Inc. (SBFG) has an efficiency ratio of 52.8%. This is excellent, indicating strong cost control.

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