SB Financial Group, Inc. (NASDAQ:SBFG) Q4 2022 Earnings Conference Call January 27, 2023 11:00 AM ET

Company Participants

Sarah Mekus - Executive Assistant, Corporate Secretary

Mark Klein - Chairman, President and CEO

Tony Cosentino - CFO

Conference Call Participants

Operator

Good morning, and welcome to the SB Financial Fourth Quarter 2022 Conference Call and Webcast. I'd like to inform you that this conference call is being recorded, and that all participants are in listen-only mode. We will begin with remarks by management, and then open the conference up to the investment community for questions and answers.

I'll now turn the conference over to Sarah Mekus with SB Financial. Please go ahead, Sarah.

Sarah Mekus

Thank you. Good morning, everyone. I'd like to remind you that this conference call is being broadcast live over the Internet, and will be archived and available on our website at ir.yourstatebank.com. Joining me today are Mark Klein, Chairman, President and CEO; and Tony Cosentino, Chief Financial Officer.

This call may contain forward-looking statements regarding SB Financial's performance, anticipated plans, operational results, and objectives. Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied on our call today. We have identified a number of different factors within the forward-looking statements at the end of our earnings release, which you are encouraged to review. SB Financial undertakes no obligation to update any forward-looking statements except as required by law after the date of this call. In addition to the financial results presented in accordance with GAAP, this call will also contain certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings release.

I will now turn the call over to Mr. Klein.

Mark Klein

Thank you, Sarah, and good morning, everyone. Welcome to our fourth quarter 2022 conference call and webcast.

Highlights for the quarter net income of $3.5 million up 201,000 or 6% from the prior year quarter, and would have been up 38% excluding the effects of PPP program and the OMSR recapture. For full year of 2022, net income was $12.5 million with diluted and earnings per share for $1.77.

When we exclude the impact of PPP and OMSR from both full year earnings, our results would be off by just $1.2 million or 9.3%. Return average assets of 1.08% with return on equity of just over 12.