SB Financial Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 21, 2016 at 09:15 pm
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SB Financial Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest income of $6,622,000 compared to $6,190,000 for the same period a year ago. Net interest income was $5,976,000 compared to $5,505,000 for the same period a year ago. Net interest income after provision for loan losses was $5,826,000 compared to $5,355,000 for the same period a year ago. Income before income tax expense was $2,703,000 compared to $2,155,000 for the same period a year ago. Net income was $1,868,000 compared to $1,524,000 for the same period a year ago. Net income available to common shares was $1,624,000 compared to $1,524,000 for the same period a year ago. Diluted earnings per common share were $0.29 compared to $0.30 for the same period a year ago. Return on average assets was 1.02% compared to 0.89% for the same period a year ago. Return on average equity was 9.23% compared to 9.40% for the same period a year ago. Return on average tangible equity was 14.80% compared to 13.03% for the same period a year ago.
For the year, the company announced total interest income of $25,927,000 compared to $24,408,000 for the same period a year ago. Net interest income was $23,343,000 compared to $20,928,000 for the same period a year ago. Net interest income after provision for loan losses was $22,243,000 compared to $20,478,000 for the same period a year ago. Income before income tax expense was $11,023,000 compared to $7,348,000 for the same period a year ago. Net income was $7,619,000 compared to $5,263,000 for the same period a year ago. Net income available to common shares was $6,663,000 compared to $5,263,000 for the same period a year ago. Diluted earnings per common share were $1.19 compared to $1.07 for the same period a year ago. Book value per common share was $12.81 compared to $11.96 for the same period a year ago. Tangible book value per common share was $10.39 compared to $9.24 for the same period a year ago. Return on average assets was 1.06% compared to 0.78% for the same period a year ago. Return on average equity was 9.69% compared to 8.74% for the same period a year ago. Return on average tangible equity was 15.84% compared to 12.22% for the same period a year ago. Increase in revenue was due to higher mortgage volume of $103 million and Small Business Administration Loan (SBA) sale gains of $0.56 million.
For the fourth quarter ended December 31, 2015, the company announced net charge-offs of $236,000 compared to $92,000 for the same period a year ago.
SB Financial Group, Inc. is a financial holding company. Through its direct and indirect subsidiaries, the Company is engaged in a various financial activities, including commercial banking, and wealth management services. The Company is primarily engaged in providing a full range of banking and wealth management services to individual and corporate customers primarily located in Ohio, Indiana, and Michigan. Its principal activity is the ownership and management of its wholly owned subsidiaries, The State Bank and Trust Company, SBFG Title, LLC, SB Captive, Inc., RFCBC, Inc., Rurbanc Data Services, Inc., Rurban Statutory Trust II, and SBFG Mortgage, LLC. The State Bank and Trust Company offers a full range of commercial banking services, including checking accounts, savings accounts, money market accounts and time certificates of deposit, automatic teller machines, commercial, consumer, agricultural and residential mortgage loans, commercial leasing, and various other services.
SB Financial Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015