SB Financial Group, Inc. (NASDAQ:SBFG) Q2 2022 Earnings Conference Call July 26, 2022 11:00 AM ET
Company Participants
Sarah Mekus - Executive Assistant, Corporate Secretary
Mark Klein - Chairman, President and CEO
Tony Cosentino - CFO
Steve Walz - Chief Lending Officer
Conference Call Participants
Operator
Good morning, and welcome to the SB Financial Second Quarter 2022 Conference Call and Webcast. I would 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 will now turn the conference over to Sarah Mekus with SB Financial. Please go ahead, Sarah.
Sarah Mekus
Thank you and good morning, everyone. I would 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; Tony Cosentino, Chief Financial Officer; and Steve Walz, Chief Lending 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 second quarter conference call and webcast. Highlights for the quarter including a small mortgage servicing right recapture of $239,000 including the following; net income as we disclosed in our earnings release of $2.8 million down $1 million or 25% from the prior year quarter. On a year-to-date basis, net income was $5.6 million.
The year-to-date impact from the PPP initiative on our results compared to the prior year. It's a reduction in revenue of $2.1 million and net income of $1.6 million. Return on average assets of 0.87% up from prior quarter of 0.83%, diluted EPS of $0.40, net interest income of $9.6 million was up 4.8% from the prior year as loan growth and rate increases were supplemented by the 12.4% reduction in interest expense.