Q2 2024 SB Financial Group Inc Earnings Call Transcript
Key Points
- Net income increased to $3.1 million, up 1.2% from the prior-year quarter.
- Diluted earnings per share rose to $0.47, a 6.8% increase from $0.44 in the prior-year quarter.
- Total loans grew to $1.01 billion, up 2.1% from the prior-year quarter.
- Mortgage banking revenue increased by 18.8% to $1.8 million.
- Asset quality metrics improved, with a low non-performing asset ratio of 0.39% of total assets.
- Net interest income decreased by 1.7% from the prior-year quarter.
- Return on average equity declined slightly to 10.16%, down 16 basis points.
- Total operating revenue experienced a slight downturn, declining by 1% year-over-year.
- Non-interest expenses increased by 3.2% compared to the prior-year quarter.
- Loan growth, while positive, did not meet historical standards of high single-digit growth.
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.
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
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