SB Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 04:15 pm
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SB Financial Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $7,512,000 compared to $6,622,000 a year ago. Net interest income was $6,647,000 compared to $5,976,000 a year ago. Income before income tax expense was $3,416,000 compared to $2,703,000 a year ago. Net income available to common shares was $2,073,000 or $0.37 per diluted share compared to $1,624,000 or $0.329 per diluted share a year ago. Return on average assets was 1.14% compared to 1.02% a year ago. Return on average equity was 10.73% compared to 9.23% a year ago. Return on average tangible equity was 16.54% compared to 14.80% a year ago.
For the year, the company reported total interest income of $29,051,000 compared to $25,927,000 a year ago. Net interest income was $25,853,000 compared to $23,343,000 a year ago. Income before income tax expense was $12,900,000 compared to $11,023,000 a year ago. Net income available to common shares was $7,809,000 or $1.38 per diluted share compared to $6,663,000 or $1.19 per diluted share a year ago. Book value per common share was $13.75 compared to $12.81 a year ago. Tangible book value per common share was $11.59 compared to $10.39 a year ago. Return on average assets was 1.11% compared to 1.06% a year ago. Return on average equity was 10.39% compared to 9.69% a year ago. Return on average tangible equity was 16.23% compared to 15.84% a year ago.
For the quarter ended December 31, 2016, the company announced net charge-offs of $95,000 compared to $236,000 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016