SB Financial Group, Inc. (NASDAQ:SBFG) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET

Company Participants

Carol Robbins - Senior VP & Controller
Mark Klein - Chairman, President & Chief Executive Officer
Anthony Cosentino - Chief Financial Officer

Conference Call Participants

Brian Martin - Janney Montgomery

Operator

Good morning, and welcome to the SB Financial Third Quarter 2024 Conference Call and Webcast. I would like to inform you that this call -- 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 Carol Robbins with SB Financial. Please go ahead, Carol.

Carol Robbins

Thanks, Dave. 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 Watz, 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, Carol. And good morning, everyone. Welcome to our third quarter conference call and webcast. Highlights for the quarter include: Net income of $2.7 million, and when adjusted for the servicing rights impairment, net income was $2.4 million. Diluted earnings per share as adjusted increased to $0.41, a 3.3% increase from the adjusted $0.40 that we delivered in the prior year quarter. Tangible book value per share ended the quarter at $16.49, up from the $13.90 last year or a 26% increase.

Net interest income totaled $10.2 million, an increase of 6.8% from the $9.5 million in the third quarter of 2023. From the linked quarter, margin revenue was up $527,000 or a 22% increase on an annualized basis. Total loans increased to $1.03 billion, up by nearly $41 million or 4.1% from the prior year quarter and higher compared to the linked quarter by nearly $25 million. The linked quarter growth would equate to an approximate 9.8% annualized increase.