NASDAQ: SBFG
SB FINANCIAL GROUP, INC.CIK 0000767405 · SIC 6022 · State Savings Banks
Certain statements contained in this Annual Report on Form 10-K which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See “Cautionary Statement Regarding Forward-Looking Information” under About this business →
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SB Financial Q2 net income rises 16.7% to $4.5M on loan growth; NIM compresses 5bp
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SB Financial declares $0.16 quarterly dividend, up 7% year-over-year
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
($ in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Interest Income | ||||
| Loans | ||||
| Taxable | 17,498 | 16,059 | 34,744 | 31,303 |
| Tax exempt | 98 | 116 | 197 | 231 |
| Securities | ||||
| Taxable | 1,006 | 1,133 | 2,035 | 2,302 |
| Tax exempt | 36 | 35 | 72 | 73 |
| Other interest income | 1,182 | 1,124 | 2,079 | 1,930 |
| Total interest income | 19,820 | 18,467 | 39,127 | 35,839 |
| Interest Expense | ||||
| Deposits | 6,237 | 5,597 | 12,194 | 10,949 |
| Repurchase agreements & other | 7 | 21 | 21 | 45 |
| Federal Home Loan Bank advance expense | 234 | 366 | 519 | 728 |
| Trust preferred securities expense | 145 | 161 | 289 | 321 |
| Subordinated debt expense | 243 | 194 | 438 | 389 |
| Total interest expense | 6,866 | 6,339 | 13,461 | 12,432 |
| Net Interest Income | 12,954 | 12,128 | 25,666 | 23,407 |
| Provision for credit losses loans | 200 | 300 | 500 | 674 |
| Provision for unfunded commitments | 99 | 297 | 13 | 310 |
| Total provision for credit losses | 299 | 597 | 513 | 984 |
| Net interest income after provision for credit losses | 12,655 | 11,531 | 25,153 | 22,423 |
| Noninterest Income | ||||
| Wealth management fees | 955 | 859 | 1,896 | 1,723 |
| Customer service fees | 917 | 886 | 1,827 | 1,765 |
| Gain on sale of mortgage loans & OMSR | 1,541 | 1,566 | 2,519 | 2,415 |
| Mortgage loan servicing fees, net | 383 | 594 | 1,234 | 1,205 |
| Gain on sale of non-mortgage loans | 62 | 82 | 206 | 97 |
| Title insurance income | 577 | 582 | 1,062 | 979 |
| Loss on sale of assets | (9) | - | (1) | - |
| Other income | 561 | 479 | 956 | 971 |
| Total noninterest income | 4,987 | 5,048 | 9,699 | 9,155 |
| Noninterest Expense | ||||
| Salaries and employee benefits | 7,005 | 6,595 | 13,101 | 12,832 |
| Net occupancy expense | 802 | 793 | 1,684 | 1,686 |
| Equipment expense | 1,226 | 1,121 | 2,470 | 2,193 |
| Data processing fees | 693 | 888 | 1,419 | 2,327 |
| Professional fees | 844 | 892 | 1,860 | 1,926 |
| Marketing expense | 255 | 190 | 532 | 355 |
| Telephone and communications | 126 | 125 | 244 | 264 |
| Postage and delivery expense | 146 | 107 | 333 | 244 |
| State, local and other taxes | 221 | 268 | 509 | 492 |
| Employee expense | 177 | 176 | 361 | 350 |
| Other expense | 642 | 697 | 1,553 | 1,593 |
| Total noninterest expense | 12,137 | 11,852 | 24,066 | 24,262 |
| Income before income tax | 5,505 | 4,727 | 10,786 | 7,316 |
| Provision for income taxes | 1,008 | 875 | 1,993 | 1,306 |
| Net Income | 4,497 | 3,852 | 8,793 | 6,010 |
| Basic earnings per common share | 0.72 | 0.60 | 1.41 | 0.93 |
| Diluted earnings per common share | 0.72 | 0.60 | 1.41 | 0.93 |
| Average common shares outstanding (in thousands): | ||||
| Basic: | 6,205 | 6,448 | 6,218 | 6,464 |
| Diluted: | 6,220 | 6,459 | 6,233 | 6,483 |
Condensed Consolidated Balance Sheets
($ in thousands)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and due from banks | 138,152 | 71,543 |
| Interest bearing time deposits | 2,455 | 1,140 |
| Available-for-sale securities | 179,026 | 188,626 |
| Loans held for sale | 7,438 | 1,761 |
| Loans, net of unearned income | 1,189,559 | 1,180,591 |
| Allowance for credit losses | (16,395) | (16,114) |
| Premises and equipment, net | 21,088 | 21,688 |
| Federal Reserve and Federal Home Loan Bank Stock, at cost | 5,502 | 5,610 |
| Foreclosed assets and other assets held for sale, net | 936 | 104 |
| Interest receivable | 5,455 | 5,490 |
| Goodwill | 27,158 | 27,158 |
| Cash value of life insurance | 32,354 | 32,208 |
| Mortgage servicing rights | 15,953 | 15,254 |
| Other assets | 11,383 | 10,308 |
| Total assets | 1,620,064 | 1,545,367 |
| Liabilities and shareholders' equity | ||
| Liabilities | ||
| Deposits | ||
| Non interest bearing demand | 258,576 | 254,063 |
| Interest bearing demand | 206,593 | 202,501 |
| Savings | 325,675 | 296,484 |
| Money market | 315,363 | 280,896 |
| Time deposits | 284,940 | 273,300 |
| Total deposits | 1,391,147 | 1,307,244 |
| Repurchase agreements | 6,732 | 9,230 |
| Federal Home Loan Bank advances | 22,500 | 35,000 |
| Trust preferred securities | 10,310 | 10,310 |
| Subordinated debt net of issuance costs | 19,763 | 19,739 |
| Interest payable | 2,470 | 2,460 |
| Other liabilities | 20,402 | 20,148 |
| Total liabilities | 1,473,324 | 1,404,131 |
| Commitments & Contingent Liabilities | ||
| Shareholders' Equity | ||
| Preferred stock, no par value; authorized 200,000 shares; 2026 0 shares outstanding, 2025 - 0 shares outstanding | - | - |
| Common stock, no par value; 2026 10,500,000 shares authorized, 8,525,375 shares issued; 2025 - 10,500,000 shares authorized, 8,525,375 shares issued | 61,319 | 61,319 |
| Additional paid-in capital | 15,275 | 15,160 |
| Retained earnings | 133,125 | 126,311 |
| Accumulated other comprehensive loss | (21,854) | (21,481) |
| Treasury stock, at cost; (2026 2,269,383 common shares; 2025 - 2,249,417 common shares) | (41,125) | (40,073) |
| Total shareholders' equity | 146,740 | 141,236 |
| Total liabilities and shareholders' equity | 1,620,064 | 1,545,367 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
($ in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net Income | 8,793 | 6,010 |
| Items not requiring (providing) cash | ||
| Depreciation and amortization | 1,155 | 1,090 |
| Provision for credit losses | 513 | 984 |
| Expense of share-based compensation plan | 365 | 341 |
| Amortization of premiums and discounts on securities | 206 | 209 |
| Amortization of intangible assets | 119 | 119 |
| Amortization of originated mortgage servicing rights | 1,026 | 762 |
| Recovery of mortgage servicing rights | (398) | (170) |
| Proceeds from sale of loans held for sale | 125,403 | 113,593 |
| Originations of loans held for sale | (129,446) | (118,267) |
| Gain from sale of loans | (2,725) | (2,512) |
| Loss on sale of assets | 1 | - |
| Changes in | ||
| Interest receivable | 35 | (391) |
| Other assets | (1,670) | 3,139 |
| Interest payable & other liabilities | 461 | (1,829) |
| Net cash provided by operating activities | 3,838 | 3,078 |
| Investing Activities | ||
| Purchases of available-for-sale securities | - | (100) |
| Purchases of interest bearing time deposits | (2,450) | - |
| Proceeds from maturities of interest bearing time deposits | 1,135 | - |
| Proceeds from maturities of available-for-sale securities | 8,922 | 11,526 |
| Proceeds from sales of available-for-sale securities | - | 30,123 |
| Net change in loans | (10,294) | (29,742) |
| Purchase of premises, equipment | (595) | (1,451) |
| Proceeds from sales of premises, equipment | 48 | - |
| Proceeds from bank owned life insurance | 243 | - |
| Purchase of Federal Reserve and Federal Home Loan Bank Stock | (618) | (126) |
| Proceeds from sale of Federal Home Loan Bank Stock | 726 | - |
| Proceeds from sale of foreclosed assets | 30 | 10 |
| Acquisition, net of cash acquired (paid) | - | (3,014) |
| Net cash provided by (used in) investing activities | (2,853) | 7,226 |
| Financing Activities | ||
| Net increase in demand deposits, money | ||
| market, interest checking & savings accounts | 72,263 | 32,197 |
| Net increase in time deposits | 11,640 | 11,932 |
| Net increase (decrease) in securities sold under agreements to repurchase | (2,498) | 5,055 |
| Repayment of Federal Home Loan Bank advances | (12,500) | (1,000) |
| Stock repurchase plan | (1,302) | (3,030) |
| Cash dividends on common shares | (1,979) | (1,923) |
| Net cash provided by financing activities | 65,624 | 43,231 |
| Increase in cash and cash equivalents | 66,609 | 53,535 |
| Cash and cash equivalents, beginning of period | 71,543 | 25,928 |
| Cash and cash equivalents, end of period | 138,152 | 79,463 |
| Supplemental cash flow information | ||
| Interest paid | 13,451 | 12,339 |
| Income taxes paid | 1,475 | - |
| Supplemental non-cash disclosure | ||
| Transfer of loans to loans held for sale | 236 | - |
| Transfer of loans to foreclosed assets | 871 | 294 |
| In conjunction with the Marblehead acquisition, liabilities assumed were: | ||
| Fair value of assets acquired | - | 59,161 |
| Cash paid in acquisition | - | (5,009) |
| Liabilities assumed | - | 54,152 |
Amounts as printed on the EDGAR/iXBRL face — ($ in thousands, except per share data); ($ in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About SB FINANCIAL GROUP, INC.
Source: Item 1 (Business) from the 10-K filed March 6, 2026. Description as filed by the company with the SEC.
Item
1. Business.
Certain
statements contained in this Annual Report on Form 10-K which are not statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. See “Cautionary Statement Regarding Forward-Looking
Information” under