In This Story
SB Financial Group Inc. (SBFG-1.57%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $1.38 billion from $1.34 billion in the previous year. The increase is primarily attributed to growth in loans and deposits.
Loans held for investment increased by $46.5 million, or 4.7%, to $1.05 billion at December 31, 2024, driven by an increase in commercial real estate lending.
Total deposits rose by $82.4 million, or 7.7%, to $1.15 billion at year-end 2024, with the State of Ohio Homebuyer Plus program contributing to this growth.
Net income for 2024 was $11.5 million, or $1.72 per diluted share, compared to $12.1 million, or $1.75 per diluted share, in 2023. The decrease is attributed to a slight decline in noninterest income.
Noninterest income totaled $17.0 million, down from $17.7 million in 2023, with gains on sale of residential mortgage loans increasing by 26.5% to $4.6 million.
Noninterest expense increased by 2.4% to $43.0 million in 2024, primarily due to higher salaries and employee benefits.
The company reported a provision for credit losses of $0.12 million in 2024, a decrease from $0.32 million in 2023, with net charge-offs totaling $0.25 million.
SB Financial Group's capital ratios remained strong, with State Bank meeting all regulatory capital requirements to be considered well-capitalized as of December 31, 2024.
The filing details various financial agreements, including subordinated debt issued in 2021 and trust preferred securities.
SB Financial Group continues to focus on expanding its market presence and product utilization across its service areas in Ohio, Indiana, and Michigan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SB Financial Group Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.