SB Financial Group, Inc. (NASDAQ:SBFG) Q2 2024 Earnings Conference Call July 19, 2024 11:00 AM ET
Company Participants
Sarah Mekus - Investor Relations
Mark Klein - Chairman, President & Chief Executive Officer
Tony Cosentino - Chief Financial Officer
Steve Walz - Chief Lending Officer
Conference Call Participants
Brian Martin - Janney Montgomery
Operator
Good morning, and welcome to the SB Financial Second Quarter 2024 Conference Call and Webcast. I would like to inform you that this conference call is being recorded and that all participants are in a 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. 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; Tony Cosentino, Chief Financial Officer; and Steve Walz, Chief Lending Officer.
Today's presentation may contain forward-looking information. Cautionary statements about this information, as well as reconciliations of non-GAAP financial measures are included in today's earnings release materials as well as our SEC filings. These materials are available on our website, and we encourage participants to refer to them for a complete discussion of risk factors and forward-looking statements. These statements speak only as of the date made and SB Financial undertakes no obligation to update them.
I will now turn the call over to Mr. Klein.
Mark Klein
Thank you, Sarah, and good morning, everyone. Welcome to our second quarter 2024 conference call and webcast.
Highlights for this quarter include:
Net income of $3.1 million, up 1.2%. Diluted earnings per share increased to $0.47, a 6.8% increase from $0.44 that we delivered in the prior-year quarter.
Net interest income totaled $9.7 million, a decrease of 1.7% from $9.8 million in the second quarter of the prior year.
Total loans increased to $1.01 billion, up over $20 million or 2.1% from the prior-year quarter and higher compared to the linked quarter by nearly $14 million.
Return on average assets increased to 0.93%, up 2 basis points, while return on average equity declined slightly to 10.16%, down 16 basis points.
Tangible book value per share increased to $15.26, up $1.45 or 11% compared to the prior year, while adjusted tangible book value increased to $20.02.