# SB FINANCIAL GROUP, INC. (SBFG)

Informational only - not investment advice.

CIK: 0000767405
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=767405
Filing source: https://www.sec.gov/Archives/edgar/data/767405/000121390026024471/ea0279644-10k_sbfinancial.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-06 · accession 0001213900-26-024471 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000767405.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 48,453,000 USD | 2025 | verified |
| Net income | 13,974,000 USD | 2025 | verified |
| Assets | 1,545,367,000 USD | 2025 | verified |
| Free cash flow | 21,437,000 USD | 2025 | computed |
| Net margin | 28.84% | 2025 | computed |
| Revenue YoY | +21.37% | 2025 | computed |
| ROE | 9.89% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SBFG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 28.8% | 21.9% | 82 | 149 |
| Revenue growth | 21.4% | 6.0% | 91 | 148 |
| FCF margin | 44.2% | 23.8% | 95 | 133 |
| ROE | 9.9% | 9.6% | 54 | 149 |
| ROA | 0.9% | 1.1% | 34 | 149 |
| Liabilities / equity | 9.94 | 8.04 | 81 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 48453000 | USD | 2025 | 2026-03-06 |
| Net income | 13974000 | USD | 2025 | 2026-03-06 |
| Assets | 1545367000 | USD | 2025 | 2026-03-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000767405.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 23,343,000 | 25,853,000 | 28,386,000 | 33,267,000 | 36,307,000 | 36,429,000 |  | 39,399,000 | 39,273,000 | 39,922,000 | 48,453,000 |
| Net income |  | 8,784,000 | 11,065,000 | 11,638,000 | 11,973,000 | 14,944,000 | 18,277,000 | 12,521,000 | 12,095,000 | 11,470,000 | 13,974,000 |
| Diluted EPS |  | 1.38 | 1.74 | 1.51 | 1.51 | 1.96 | 2.56 | 1.77 | 1.75 | 1.72 | 2.19 |
| Operating cash flow |  | 14,026,000 | 9,803,000 | 13,850,000 | 18,829,000 | 23,907,000 | 17,257,000 | 25,569,000 | 13,989,000 | 9,451,000 | 24,039,000 |
| Capital expenditures |  | 1,636,000 | 3,714,000 | 1,999,000 | 2,043,000 | 1,980,000 | 2,427,000 | 1,896,000 | 958,000 | 1,229,000 | 2,602,000 |
| Dividends paid |  | 1,180,000 | 1,362,000 | 2,090,000 | 2,331,000 | 3,070,000 | 3,139,000 | 3,415,000 | 3,584,000 | 3,770,000 | 3,849,000 |
| Share buybacks |  | 1,168,000 | 1,785,000 | 109,000 | 5,050,000 | 7,166,000 | 9,520,000 | 5,900,000 | 3,471,000 | 4,768,000 | 5,686,000 |
| Assets |  | 816,005,000 | 876,627,000 | 986,828,000 | 1,038,577,000 | 1,257,839,000 | 1,330,854,000 | 1,335,633,000 | 1,343,249,000 | 1,379,517,000 | 1,545,367,000 |
| Liabilities |  | 729,457,000 | 782,627,000 | 856,393,000 | 902,483,000 | 1,114,916,000 | 1,185,925,000 | 1,217,205,000 | 1,218,907,000 | 1,252,009,000 | 1,404,131,000 |
| Stockholders' equity |  | 86,548,000 | 94,000,000 | 130,435,000 | 136,094,000 | 142,923,000 | 144,929,000 | 118,428,000 | 124,342,000 | 127,508,000 | 141,236,000 |
| Free cash flow |  | 12,390,000 | 6,089,000 | 11,851,000 | 16,786,000 | 21,927,000 | 14,830,000 | 23,673,000 | 13,031,000 | 8,222,000 | 21,437,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 33.98% | 38.98% | 34.98% | 32.98% | 41.02% |  | 31.78% | 30.80% | 28.73% | 28.84% |
| Return on equity |  | 10.15% | 11.77% | 8.92% | 8.80% | 10.46% | 12.61% | 10.57% | 9.73% | 9.00% | 9.89% |
| Return on assets |  | 1.08% | 1.26% | 1.18% | 1.15% | 1.19% | 1.37% | 0.94% | 0.90% | 0.83% | 0.90% |
| Liabilities / equity |  | 8.43 | 8.33 | 6.57 | 6.63 | 7.80 | 8.18 | 10.28 | 9.80 | 9.82 | 9.94 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SBFG/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000767405.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2021-Q1 | 2021-03-31 | 9,625,000 |  |  | reported discrete quarter |
| 2021-Q2 | 2021-06-30 |  | 3,761,000 |  | reported discrete quarter |
| 2021-Q3 | 2021-09-30 |  | 4,103,000 |  | reported discrete quarter |
| 2022-Q1 | 2022-03-31 |  |  | 0.40 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | 0.40 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.47 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.35 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 9,829,000 |  | 0.44 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 9,536,000 | 2,680,000 | 0.39 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 9,584,000 | 3,877,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q3 | 2024-09-30 | 10,186,000 | 2,346,000 | 0.35 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 10,897,000 | 3,627,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 11,279,000 | 2,151,000 | 0.33 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 12,128,000 | 3,838,000 | 0.60 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 12,334,000 | 4,040,000 | 0.64 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 12,712,000 | 3,912,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 12,712,000 | 4,286,000 | 0.69 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 12,954,000 | 4,486,000 | 0.72 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Risk Factors

Verbatim Item 1A Risk Factors from SBFG's latest 10-K: [/company/SBFG/risk-factors/](/company/SBFG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/767405/000121390026086100/ea0300255-10q_sbfinan.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking
Information

This Quarterly Report on Form 10-Q, including
Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains certain forward-looking statements,
which are not historical fact, that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking
statements, which are provided to assist in the understanding of anticipated future financial performance, provide current expectations
or forecasts of future events and are not guarantees of future performance. Examples of forward-looking statements include: (a) projections
of income or expense, earnings per share, the payment or non-payment of dividends, capital structure and other financial items; (b) statements
of plans and objectives of the Company or our management or Board of Directors, including those relating to products or services; (c)
statements of future economic performance; (d) statements regarding future customer attraction or retention; and (e) statements of assumptions
underlying such statements. Words such as “anticipates”, “believes”, “plans”, “intends”,
“expects”, “projects”, “estimates”, “should”, “may”, “would be”,
“will allow”, “will likely result”, “will continue”, “will remain”, or other similar expressions
are intended to identify forward-looking statements, but are not the exclusive means of identifying those statements. Forward-looking
statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes
that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed
or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation:

[[GREPCENT_TABLE]]
[["","\u25cf","current and future economic and financial market conditions, either nationally or in the states in which we do business, including conditions such as inflation, recession, unemployment, changes in interest rates, fiscal and monetary policy, U.S. government shutdowns, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, slowing gross domestic product, energy price volatility, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other change in trade regulation, and other factors beyond our control, any of which may result in adverse impacts on our deposit levels and composition, the quality of investment securities available for purchase, demand for loans, the ability of our borrowers to repay their loans, and the value of the collateral securing loans made by us;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","recent and future bank failures may reduce customer confidence, affect sources of funding and liquidity, increase regulatory requirements and costs, adversely affect financial markets and/or have a negative reputational ramification for the banking industry as a whole, any of which could adversely affect the Company\u2019s business, earnings and financial condition;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","instability in global economic conditions and geopolitical matters (including the ongoing military conflicts in Ukraine and the Middle East), and volatility in financial markets, which could have a material adverse effect on our results of operations and financial condition;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in interest rates resulting from national and local economic conditions and the policies of regulatory authorities, including monetary policies of the Board of Governors of the Federal Reserve System, which may adversely affect interest rates, interest margins, loan demand and interest rate sensitivity;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the volatility of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","factors that can impact the performance of our loan portfolio, including changes in real estate values and liquidity in our primary market areas, the financial health of our borrowers and the success of construction projects that we finance;"]]
[[/GREPCENT_TABLE]]

34

[[GREPCENT_TABLE]]
[["","\u25cf","changes in customers\u2019, suppliers\u2019, and other counterparties\u2019 performance and creditworthiness may be different than anticipated due to inflationary pressures and/or other economic and financial market conditions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","operational risks, reputational risks, legal and compliance risks, and other risks related to potential fraud or theft by employees or outsiders, unauthorized transactions by employees or operational errors, or failures, disruptions or breaches in security of our systems, including those resulting from computer viruses or cyber-attacks;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to secure sensitive or confidential client information against unauthorized disclosure or access through computer systems and telecommunication networks, including those of our third-party vendors and other service providers, which may prove inadequate;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors and other service providers, resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems, including as a result of cyber-attacks;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","competitive pressures and factors among financial services organizations could increase significantly, including product and pricing pressures, changes to third-party relationships and our ability to recruit and retain qualified management and banking personnel;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","unexpected losses of services of our key management personnel, or the inability to recruit and retain qualified personnel in the future;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks inherent in pursuing strategic growth initiatives, including integration and other risks involved in past and possible future acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","uncertainty regarding the nature, timing, cost and effect of legislative or regulatory changes in the banking industry or otherwise affecting the Company, including major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes, FDIC insurance premium levels, pensions, bankruptcy, consumer protection, rent regulation and housing, financial accounting and reporting, environmental protection, insurance, bank products and services, bank and bank holding company capital and liquidity standards, fiduciary standards, securities and other aspects of the financial services industry;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in federal, state and/or local tax laws may adversely affect our reported financial condition or results of operations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in accounting standards, policies and practices may adversely affect our reported financial condition or results of operations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","litigation and regulatory compliance exposure, including the costs and effects of any adverse developments in legal proceedings or other claims and the costs and effects of unfavorable resolution of regulatory and other governmental examinations or inquiries;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","continued availability of earnings and dividends from State Bank and excess capital sufficient for us to service our debt and pay dividends to our shareholders in compliance with applicable legal and regulatory requirements;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to adapt to or comply with regulatory requirements and increasing scrutiny and evolving expectations from customers, regulators, investors and other stakeholders with respect to the Company\u2019s environmental, social and governance (ESG) practices, which could affect our reputation and business and operating results;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to anticipate and successfully keep pace with technological changes affecting the financial services industry;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an unexpected inability to obtain needed liquidity which could adversely affect our business, profitability, and viability as a going concern;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact on our businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters (including severe weather events), pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts, including Russia\u2019s ongoing war in Ukraine and the conflict in Iran (and the resulting disruptions to oil and other commodity markets and supply chains), which can affect our earnings and capital as well as the ability of our customers to repay loans; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","other risks identified from time to time in the Company\u2019s other filings with the Securities and Exchange Commission, including the risks identified under the heading \u201cItem 1A. Risk Factors\u201d of Part I of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2025."]]
[[/GREPCENT_TABLE]]

Undue reliance should
not be placed on the forward-looking statements, which speak only as of the date hereof. Except as may be required by law, the Company
undertakes no obligation to update any forward-looking statement to reflect unanticipated events or circumstances after the date on which
the statement is made.

35

Overview of SB Financial

SB Financial Group, Inc. (“SB Financial”)
is an Ohio corporation and a financial holding company registered with the Board of Governors of the Federal Reserve System (“Federal
Reserve Board”). SB Financial’s wholly owned subsidiary, The State Bank and Trust Company (“State Bank”), is an
Ohio-chartered bank engaged in commercial banking.

Rurban Statutory Trust II (“RST II”)
was established in August 2005. In September 2005, RST II completed a pooled private offering of 10,000 Trust Preferred Securities with
a liquidation amount of $1,000 per security. The proceeds of the offering were loaned to SB Financial in exchange for junior subordinated
debentures of SB Financial with terms substantially similar to the Trust Preferred Securities. The sole assets of RST II are the junior
subordinated debentures, and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee by SB Financial
of the obligations of RST II.

State Bank Insurance, LLC (“SBI”)
is an Ohio corporation and a wholly owned subsidiary of State Bank incorporated in June 2010. SBI is an insurance company that engages
in the sale of insurance products to retail and commercial customers of State Bank.

SBFG Title, LLC (“SBFG Title”) is
an Ohio corporation that was formed in March 2019. SBFG Title engages in the sale of title insurance services.

SB Captive, Inc. (“SB Captive”) is
a Nevada

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/767405/000121390026024471/ea0279644-10k_sbfinancial.htm
Complete FY 2025 MD&A: /company/SBFG/mda/fy2025/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-03-06
Report date: 2025-12-31

Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

SB
Financial Group, Inc. (“SB Financial”), is a financial holding company registered with the Federal Reserve Board and subject
to regulation under the Bank Holding Company Act of 1956, as amended. Through its direct and indirect subsidiaries, including The State
Bank and Trust Company (“State Bank”), SB Financial is engaged in commercial and retail banking, wealth management and private
client financial services.

The
following discussion provides a review of the consolidated financial condition and results of operations of SB Financial and its subsidiaries
(collectively, the “Company”). This discussion should be read in conjunction with the Company’s Consolidated Financial
Statements and related Notes as of and for the years ended December 31, 2025, and 2024 included in this Annual Report on Form 10-K.

Strategic
Discussion

The
focus and strategic goal of the Company is to grow into and remain a top decile (90th percentile) independent financial
services company, as measured by annual return on average assets compared to our defined peer group. The Company intends to achieve and
maintain that goal by executing our five key initiatives.

Increase
profitability through ongoing diversification of revenue streams: For the twelve months ended December 31, 2025, the Company generated
$17.1 million in noninterest income, or 26.1 percent of total operating revenue, from fee-based products. These revenue sources include
fees generated from saleable residential mortgage loans, retail deposit products, wealth management services, saleable business-based
loans (small business and farm service) and title agency revenue. For the twelve months ended December 31, 2024, the Company generated
$17.0 million in noninterest income, or 29.9 percent of total operating revenue, from fee-based products.

Strengthen
our penetration in all markets served: Over our 123-year history of continuous operation in Northwest Ohio, we have established a
significant presence in our traditional markets in Defiance, Fulton, Paulding and Williams counties in Ohio. In our newer markets of
Bowling Green, Columbus, Findlay, Toledo (Ohio) and Ft. Wayne (Indiana), our current market penetration is minimal, but we believe our
potential for growth is significant. Over the past few years, we have expanded and committed additional resources to our presence in
the Findlay and Edgerton markets in particular; however, we continue to seek to expand the presence and penetration in all of our markets.
On January 17, 2025, we established our presence in Ottawa County with the acquisition of The Marblehead Bank located in Marblehead,
Ohio. In late 2025, we expanded our Loan Production office in Angola, Indiana into a full service retail location and we expanded into
the neighboring community of Napoleon, Ohio with a hybrid retail location.

Expand
product utilization by new and existing customers: As of December 31, 2025, we operated in 15 counties in Northwest Ohio, Central
Ohio and Northeast Indiana with 27 full-service offices, 27 ATM’s and four loan production offices. Combined in the 15 counties
of operation, we command 0.93 percent of the deposit market share, which has steadily grown. In our traditional markets of Northwest
Ohio, the deposit market share is 4.63 percent, which is up from 4.40 percent in 2024.

Deliver
gains in operational excellence: Our management team believes that becoming and remaining a high-performance financial services company
will depend upon seamlessly and consistently delivering operational excellence, as demonstrated by the Company’s leadership in
the origination and servicing of residential mortgage loans. As of December 31, 2025, the Company serviced 8,886 residential mortgage
loans with an aggregate principal balance of $1.48 billion. As of December 31, 2024, the Company serviced 8,750 loans with an aggregate
principal balance of $1.43 billion.

Sustain
asset quality: As of December 31, 2025, the Company’s asset quality metrics remained strong. Specifically, total nonperforming
assets were $4.7 million, or 0.30 percent of total assets. Total delinquent loans at December 31, 2025, were 0.49 percent of total loans.
As of December 31, 2024, the Company
had total nonperforming assets of $5.5 million, or 0.40 percent of total assets. Total delinquent loans at December 31, 2024, were 0.63
percent of total loans.

31

The
successful execution of these five strategies has enabled the Company to improve financial performance across a broad series of metrics.
These metrics over the last five years are outlined in the following table. Specifically, the Company has increased total assets by $286.2
million, or 22.7 percent. The growth has been on both sides of the balance sheet over the five-year period, with loans growing $307.9
million, or 35.3 percent and deposits growing $258.2 million, or 24.6 percent.

During
the prior five-year period, the Company has raised capital through the issuance of debt securities to the market, which has improved
capital significantly and expanded liquidity for potential strategic expansion. Strategic expansion has also occurred during the period
with the acquisition of two small community banks (The Edon State Bank of Edon, Ohio in 2020 and The Marblehead Bank in January 2025),
the opening of five branch offices and the acquisition of two full-service title agencies.

Financial Highlights

Year Ended December 31,

[[GREPCENT_TABLE]]
[["($ in thousands, except per share data)","","2025","","","2024","","","2023","","","2022","","","2021"],["Earnings"],["Interest income","","$","73,920","","","$","64,349","","","$","58,152","","","$","44,569","","","$","41,904"],["Interest expense","","","25,467","","","","24,427","","","","18,879","","","","5,170","","","","4,020"],["Net interest income","","","48,453","","","","39,922","","","","39,273","","","","39,399","","","","37,884"],["Provision for loan losses","","","1,306","","","","124","","","","315","","","","-","","","","1,050"],["Noninterest income","","","17,107","","","","17,017","","","","17,721","","","","18,231","","","","30,697"],["Noninterest expense","","","46,999","","","","42,959","","","","41,962","","","","42,314","","","","44,808"],["Provision for income taxes","","","3,281","","","","2,386","","","","2,622","","","","2,795","","","","4,446"],["Net income","","","13,974","","","","11,470","","","","12,095","","","","12,521","","","","18,277"],["Net income available to common shareholders","","","13,974","","","","11,470","","","","12,095","","","","12,521","","","","18,277"],["Per Common Share Data"],["Basic earnings","","$","2.19","","","$","1.72","","","$","1.77","","","$","1.79","","","$","2.58"],["Diluted earnings","","","2.19","","","","1.72","","","","1.75","","","","1.77","","","","2.56"],["Cash dividends declared","","","0.60","","","","0.56","","","","0.52","","","","0.48","","","","0.44"],["Total equity per share","","","22.65","","","","19.64","","","","18.50","","","","17.08","","","","21.05"],["Average Balances"],["Average total assets","","$","1,499,323","","","$","1,361,274","","","$","1,334,644","","","$","1,318,781","","","$","1,322,253"],["Average equity","","","134,606","","","","124,742","","","","118,315","","","","126,963","","","","144,223"],["Ratios"],["Return on average total assets","","","0.93","%","","","0.84","%","","","0.91","%","","","0.95","%","","","1.38","%"],["Return on average equity","","","10.38","","","","9.19","","","","10.22","","","","9.86","","","","12.67"],["Cash dividend payout ratio1","","","27.54","","","","32.87","","","","29.62","","","","27.25","","","","17.18"],["Average equity to average assets","","","8.98","","","","9.16","","","","8.86","","","","9.63","","","","10.91"],["Period End Totals"],["Total assets","","$","1,545,367","","","$","1,379,517","","","$","1,343,249","","","$","1,335,633","","","$","1,330,854"],["Available-for-sale securities","","","188,626","","","","201,587","","","","219,708","","","","238,780","","","","263,259"],["Loans held for sale","","","1,761","","","","6,770","","","","2,525","","","","2,073","","","","7,472"],["Total loans & leases","","","1,180,591","","","","1,046,735","","","","1,000,212","","","","962,075","","","","822,714"],["Allowance for credit losses","","","16,114","","","","15,096","","","","15,786","","","","13,818","","","","13,805"],["Total deposits","","","1,307,244","","","","1,152,605","","","","1,070,205","","","","1,086,665","","","","1,113,045"],["Advances from FHLB","","","35,000","","","","35,000","","","","83,600","","","","60,000","","","","5,500"],["Trust preferred securities","","","10,310","","","","10,310","","","","10,310","","","","10,310","","","","10,310"],["Subordinated debt, net","","","19,739","","","","19,690","","","","19,642","","","","19,594","","","","19,546"],["Total equity","","","141,236","","","","127,508","","","","124,342","","","","118,428","","","","144,929"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","1","Cash dividends on common shares divided by net income available to common."]]
[[/GREPCENT_TABLE]]

32

Critical
Accounting Policies and Estimates

The
accounting and reporting policies of the Company are in accordance with U.S. GAAP and conform to general practices within the banking
industry. The Company’s significant accounting policies are described in detail in the Notes to the Company’s Consolidated
Financial Statements for the years ended December 31, 2025, and 2024. The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions. The Company’s financial position and results of operations can be affected
by these estimates and assumptions and are integral to the understanding of reported results. Critical accounting policies are those
policies that management believes are the most important to the portrayal of the Company’s financial condition and results, and
they require management to make estimates that are difficult, subjective or complex.

Allowance
for Credit Losses: The Company believes the determination of the ACL involves a higher degree of judgment and complexity than its
other significant accounting policies. The ACL is calculated with the objective of maintaining a reserve level believed by management
to be sufficient to absorb estimated credit losses over the life of an asset or an off-balance sheet credit exposure. Management’s
determination of the adequacy of the ACL is based on periodic evaluations of past events, including historical credit loss experience
on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability
of the remaining cash flows over the contractual term of the financial assets. However, this evaluation has subjective components requiring
material estimates, including expected default probabilities, the expected loss given default, the amounts and timing of expected future
cash flows on individually evaluated loans, and estimated losses based on historical loss experience and forecasted economic conditions.
All of these factors may be susceptible to significant change. To the extent that actual results differ from management estimates, additional
provisions for credit losses may be required that would adversely impact earnings in future periods.

Goodwill
and Other Intangibles: The Company records all assets and liabilities acquired in purchase acquisitions, including goodwill and other
intangibles, at fair value as required. Goodwill is subject, at a minimum, to annual tests for impairment. Other intangible assets are
amortized over their estimated useful lives using straight-line and accelerated methods, and are subject to impairment if events or circumstances
indicate a possible inability to realize the carrying amount. The initial goodwill and other intangibles recorded and subsequent impa

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SBFG/mda/fy2025/
All MD&A years: /company/SBFG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SBFG/mda/fy2024/): filed 2025-03-07; accession 0001213900-25-021622 (https://www.sec.gov/Archives/edgar/data/767405/000121390025021622/ea0232680-10k_sbfin.htm)
- [FY 2023 MD&A](/company/SBFG/mda/fy2023/): filed 2024-03-08; accession 0001213900-24-021013 (https://www.sec.gov/Archives/edgar/data/767405/000121390024021013/ea0200906-10k_sbfin.htm)
- [FY 2022 MD&A](/company/SBFG/mda/fy2022/): filed 2023-03-07; accession 0001213900-23-018266 (https://www.sec.gov/Archives/edgar/data/767405/000121390023018266/f10k2022_sbfinancial.htm)
- [FY 2021 MD&A](/company/SBFG/mda/fy2021/): filed 2022-03-07; accession 0001213900-22-010887 (https://www.sec.gov/Archives/edgar/data/767405/000121390022010887/f10k2021_sbfinancial.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SBFG.md · JSON record: /company/SBFG.json · verified financials: /company/SBFG/financials.json / /company/SBFG/financials.csv · machine TOC for the whole site: /llms.txt