SB Financial Group Announces First Quarter 2026 Results

DEFIANCE, Ohio, April 23, 2026 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the quarter ended March 31, 2026.

First Quarter 2026 Highlights compared to the first quarter of the prior year include:

• GAAP net income and Diluted Earnings per Share (“DEPS”) were $4.3 million, or $0.69 per DEPS, an improvement from the $2.2 million, or $0.33 per DEPS in the prior-year quarter. Net Income, adjusted for Originated Mortgage Servicing Rights (“OMSR”) and merger costs, was $3.9 million, up 44.7% percent compared to $2.7 million for the prior-year period. Adjusted DEPS of $0.63 was also up 50.0 percent, from the adjusted prior year.
• Net interest income of $12.7 million increased by 12.7 percent from $11.3 million reported in the prior-year quarter.
• Loan growth of $92.9 million, or 8.5 percent from the prior-year quarter, with growth from the linked quarter of $544,000, or 0.05 percent. This marks the eighth consecutive quarter of sequential loan growth.
• Deposit growth of $100.6 million, or 7.9 percent from the prior-year quarter, with an increase from the linked quarter of $64.6 million, or 4.9 percent.
• Adjusted tangible book value (“ATBV”) per share excluding AOCI increased to $21.96 at quarter end. Tangible book value (“TBV”) per share ended the quarter at $18.45 up $2.66 per share or 16.8 percent from the prior-year quarter.

Earnings Highlights	Three Months Ended
($ in thousands, except per share & ratios)	Mar. 2026			Mar. 2025			% Change
Operating revenue	$	17,424		$	15,386		13.2	%
Interest income		19,307			17,372		11.1	%
Interest expense		6,595			6,093		8.2	%
Net interest income		12,712			11,279		12.7	%
Provision for credit losses		214			387		44.7	%
Noninterest income		4,712			4,107		14.7	%
Noninterest expense		11,929			12,410		-3.9	%
Net income		4,296			2,158		99.1	%
Adjusted Earnings per diluted share		0.63			0.42		50.0	%
Earnings per diluted share		0.69			0.33		109.1	%
Adjusted Return on Avg. Assets		1.01	%		0.76	%	32.9	%
Return on average assets		1.10	%		0.60	%	83.3	%
Adjusted Return on Avg. Equity		11.04	%		8.35	%	32.2	%
Return on average equity		12.04	%		6.63	%	81.6	%

“Net income for the first quarter of 2026 was $4.3 million, a 99.1 percent increase from the prior-year quarter, with GAAP DEPS of $0.69, up 109.1 percent from the prior-year period,” said Mark A. Klein, Chairman, President, and Chief Executive Officer. “This marks our 61st consecutive quarter of profitability and reflects the continued benefits of not only the Marblehead acquisition, but the wider margins and robust balance sheet growth we experienced over the last four quarters.”

For the quarter, net interest income increased to $12.7 million, up 12.7 percent from the prior-year quarter, primarily driven by solid loan growth, higher loan yields, and stable funding costs. Total loans increased $92.9 million from the prior-year quarter and $544,000 from the linked quarter. Total deposits at quarter end increased $100.6 million, or 7.9% percent, to $1.37 billion, supported by stable core deposit relationships and continued customer deposit gathering activities across our markets. Overall results for the quarter reflected continued balance sheet discipline, stable credit performance, and the benefit of our diversified revenue business model.

RESULTS OF OPERATIONS

In the first quarter of 2026, total operating revenue increased to $17.4 million, up 13.2 percent from $15.4 million in the prior-year quarter and 6.1 percent from $16.4 million in the linked quarter. The year-over-year increase was driven by higher net interest income and improved noninterest income, partially offset by a modest increase in total interest expense. Net interest income for the quarter totaled $12.7 million, compared to $11.3 million in the prior-year period and consistent with $12.7 million in the linked quarter. The year-over-year improvement was driven by an increase in interest income on loans, which increased by 13 percent, rising from $15.4 million in the prior-year quarter to $17.3 million. Total interest expense increased modestly from the prior-year quarter, as slightly higher deposit costs were partially offset by lower costs across other funding sources. As a result, net interest margin increased approximately 8 basis points from 3.41 percent in the prior-year quarter to 3.49 percent.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $1.8 million, an increase of $369,000 from the prior-year quarter. Loan servicing fees added $928,000 to revenue, reflecting an increase of $34,000 from the prior-year quarter. The OMSR net valuation adjustment for the first quarter of 2026 was a recapture of $452,000, compared to a recapture of $11,000 in the first quarter of 2025.

Mortgage Banking
($ in thousands)	Mar. 2026			Dec. 2025			Sep. 2025			Jun. 2025			Mar. 2025				Prior Year Growth
Mortgage originations	$	65,768		$	72,398		$	67,609		$	97,901		$	39,775			$	25,993
Mortgage sales		53,420			70,361			66,408			74,313			39,279				14,141
Mortgage servicing portfolio		1,482,052			1,479,982			1,470,360			1,456,374			1,432,184				49,868
Mortgage servicing rights		15,728			15,254			15,347			15,458			14,965				763
Revenue
Loan servicing fees		928			928			914			904			894				34
OMSR amortization		(529	)		(572	)		(455	)		(469	)		(294	)			(235	)
Net administrative fees		399			356			459			435			600				(201	)
OMSR valuation adjustment		452			(157	)		(301	)		159			11				441
Net loan servicing fees		851			199			158			594			611				240
Gain on sale of mortgages		978			1,272			1,328			1,566			849				129
Mortgage banking revenue, net	$	1,829		$	1,471		$	1,486		$	2,160		$	1,460			$	369

Noninterest Income and Noninterest Expense

“Noninterest income for the first quarter of 2026 totaled $4.7 million, an increase of $605,000, or 14.7 percent, from the prior-year quarter, primarily driven by higher mortgage loan servicing fees, increased gains on sale of mortgage loans, and stronger gain on sale of non-mortgage loans, partially offset by a $97,000 decrease in other noninterest income. The year-over-year improvement reflects the Company’s continued progress in strengthening the diversity of its noninterest revenue base,” Mr. Klein noted.

Noninterest Income/Noninterest Expense
($ in thousands, except ratios)		Mar. 2026			Dec. 2025			Sep. 2025			Jun. 2025			Mar. 2025				Prior Year Growth
Noninterest Income (NII)		$	4,712		$	3,708		$	4,244		$	5,048		$	4,107			$	605
NII / Total Revenue			27.0	%		22.6	%		25.6	%		29.4	%		26.7	%			0.3	%
NII / Average Assets			1.2	%		1.0	%		1.1	%		1.4	%		1.1	%			0.1	%
Total Revenue Growth			13.3	%		6.3	%		15.9	%		22.3	%		17.2	%			-3.9	%
Noninterest Expense (NIE)		$	11,929		$	11,239		$	11,498		$	11,852		$	12,410			$	(481	)
Efficiency Ratio			68.1	%		68.1	%		69.0	%		68.9	%		80.0	%			-11.9	%
NIE / Average Assets			3.1	%		2.9	%		3.0	%		3.2	%		3.4	%			-0.3	%
Net Noninterest Expense/Avg. Assets			-1.9	%		-1.9	%		-1.9	%		-1.8	%		-2.3	%			0.4	%
Total Expense Growth			-3.9	%		2.1	%		4.5	%		11.1	%		20.7	%			-24.6	%

Noninterest expense for the first quarter of 2026 totaled $11.9 million, a decrease of 3.9 percent from the prior-year quarter, driven primarily by lower data processing expense of $713,000 due to the 2025 merger expenses and a reduction in salaries and employee benefits of $141,000. These decreases were partially offset by higher marketing expense of $112,000 and a modest increase in state, local and other taxes of $64,000. “We remain focused on maintaining disciplined control over noninterest expense. Our efficiency ratio for the first quarter of 2026 was 68.12 percent, a strong improvement from the prior-year period and largely consistent with the linked quarter, reflecting continued discipline in expense management as we balanced targeted investments with revenue performance,” stated Mr. Klein.

Balance Sheet

As of March 31, 2026, SB Financial reported total assets of $1.60 billion, an increase of $59.2 million from December 31, 2025, and $103.6 million, or 6.9 percent, from March 31, 2025. The year-over-year increase reflects continued growth in the loan portfolio, as well as the ongoing benefit of the Marblehead acquisition, which has further expanded the Company’s market presence and funding base in Northern Ohio. Cash increased by $21.1 million from the prior-year period to $126.3 million, driven by deposit growth and investment portfolio runoff. Key metrics for the quarter included a loan-to-deposit ratio of 86.10 percent and a loan-to-asset ratio of 73.6 percent, both of which remained within the Company’s target range.

Total deposits at quarter end increased to $1.37 billion, up $100.6 million, or 7.9 percent, from the prior-year quarter, reflecting continued organic deposit growth and stable client relationships across the franchise. Shareholders’ equity totaled $143.7 million at quarter end, representing an increase of $12.1 million, or 9.2 percent, from the prior-year period, equivalent to an increase of $2.81 per share.

During the first quarter, SB Financial repurchased approximately 29,000 shares, a slight decrease from the prior quarter, reflecting management’s disciplined capital deployment and its assessment of market conditions and capital priorities during the period. The Company remains focused on a balanced approach to capital management, prioritizing shareholder returns through dividends and share repurchases while maintaining flexibility to support organic growth, strategic opportunities, and capital strength.

“As we enter the second quarter of 2026, we believe the Company is operating from a position of strength, supported by a solid balance sheet, healthy credit metrics, and a stable funding base,” said Mr. Klein. “Loan growth over the past year reflects steady client activity and disciplined execution across our markets, while reserve coverage and overall credit performance remained sound during the quarter. We continue to benefit from a diversified business model and a consistent approach to capital management, which we believe positions us well to support prudent growth and long-term shareholder value.”

Loan Balances
($ in thousands, except ratios)	Mar. 2026			Dec. 2025			Sep. 2025			Jun. 2025			Mar. 2025			Annual Growth
Commercial	$	111,606		$	113,878		$	117,581		$	118,984		$	125,878		$	(14,272	)
% of Total		9.4	%		9.6	%		10.6	%		10.9	%		11.6	%		-11.3	%
Commercial RE		601,678			596,983			535,307			525,671			509,518			92,160
% of Total		50.9	%		50.6	%		48.2	%		48.0	%		46.8	%		18.1	%
Agriculture		78,297			76,514			65,150			60,924			61,443			16,854
% of Total		6.6	%		6.5	%		5.9	%		5.6	%		5.6	%		27.4	%
Residential RE		300,491			304,741			309,140			310,126			319,307			(18,816	)
% of Total		25.4	%		25.8	%		27.8	%		28.3	%		29.3	%		-5.9	%
Consumer & Other		89,063			88,475			83,367			79,014			72,128			16,935
% of Total		7.5	%		7.5	%		7.5	%		7.2	%		6.6	%		23.5	%
Total Loans	$	1,181,135		$	1,180,591		$	1,110,545		$	1,094,719		$	1,088,274		$	92,861
Total Growth Percentage																	8.5	%
Deposit Balances
($ in thousands, except ratios)	Mar. 2026			Dec. 2025			Sep. 2025			Jun. 2025			Mar. 2025			Annual Growth
Non-Int DDA	$	248,239		$	254,063		$	246,725		$	241,245		$	240,446		$	7,793
% of Total		18.1	%		19.4	%		19.5	%		19.3	%		18.9	%		3.2	%
Interest DDA		215,594			202,501			194,420			205,581			208,583			7,011
% of Total		15.7	%		15.5	%		15.4	%		16.4	%		16.4	%		3.4	%
Savings		333,662			296,484			290,111			282,311			285,902			47,760
% of Total		24.3	%		22.7	%		23.0	%		22.6	%		22.5	%		16.7	%
Money Market		300,028			280,896			261,953			249,536			257,013			43,015
% of Total		21.9	%		21.5	%		20.7	%		20.0	%		20.2	%		16.7	%
Time Deposits		274,300			273,300			269,313			271,149			279,276			(4,976	)
% of Total		20.0	%		20.9	%		21.3	%		21.7	%		22.0	%		-1.8	%
Total Deposits	$	1,371,823		$	1,307,244		$	1,262,522		$	1,249,822		$	1,271,220		$	100,603
Total Growth Percentage																	7.9	%

Asset Quality

As of March 31, 2026, SB Financial continued to report strong asset quality metrics. Nonperforming assets totaled $4.8 million representing 0.30 percent of total assets, a decrease of $1.4 million from $6.1 million, or 0.41 percent of total assets in the prior-year quarter, and a modest increase from the linked quarter, which reported nonperforming assets of $4.7 million, or 0.30 percent of total assets. The allowance for credit losses remained strong at 1.39 percent of total loans, providing coverage of 432.2 percent of nonperforming loans. This level was broadly consistent with the linked quarter and represented an improvement from the prior-year period, reflecting the Company’s disciplined credit risk framework. Net loan charge-offs to average loans remained modest at 1 basis point, compared to 4 basis points in the linked quarter and 3 basis points in the prior-year quarter. Collectively, these metrics reflect SB Financial’s continued emphasis on disciplined underwriting and effective credit administration.

“Our credit results this quarter continued to reflect stability across the loan portfolio and disciplined management of problem assets,” said Mr. Klein. “While nonperforming assets increased modestly from the linked quarter, overall credit performance remained sound, and reserve coverage continued to reflect our conservative approach to risk management. We remain focused on disciplined underwriting and proactive credit administration as we support measured growth across our markets.”

Nonperforming Assets																Annual Change
($ in thousands, except ratios)	Mar. 2026			Dec. 2025			Sep. 2025			Jun. 2025			Mar. 2025
Commercial & Agriculture	$	1,357		$	2,256		$	2,243		$	3,306		$	3,418		$	(2,061	)
% of Total Com./Ag. loans		0.71	%		1.18	%		1.23	%		1.84	%		1.82	%		-60.3	%
Commercial RE		764			771			778			784			798			(34	)
% of Total CRE loans		0.13	%		0.13	%		0.15	%		0.15	%		0.16	%		-4.3	%
Residential RE		1,431			1,322			1,400			1,585			1,608			(177	)
% of Total Res. RE loans		0.48	%		0.43	%		0.45	%		0.51	%		0.50	%		-11.0	%
Consumer & Other		240			230			195			197			227			13
% of Total Con./Oth. loans		0.27	%		0.26	%		0.23	%		0.25	%		0.31	%		5.7	%
Total Nonaccruing Loans		3,792			4,579			4,616			5,872			6,051			(2,259	)
% of Total loans		0.32	%		0.39	%		0.42	%		0.54	%		0.56	%		-37.3	%
Foreclosed Assets and Other Assets		974			104			237			284			73			901
Total Change (%)																N/M
Total Nonperforming Assets	$	4,766		$	4,683		$	4,853		$	6,156		$	6,124		$	(1,358	)
% of Total assets		0.30	%		0.30	%		0.32	%		0.41	%		0.41	%		-22.18	%

Webcast and Conference Call

The Company will hold the first quarter 2026 earnings conference call and webcast on April 24, 2026, at 11:00 a.m. EST. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 27 offices: 25 in eleven Ohio counties and two in Northeast, Indiana, and 27 ATMs. State Bank has four Residential loan production offices located throughout Ohio and Indiana. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Investor Contact Information:

Mark A. Klein
Chairman, President and 
Chief Executive Officer
[email protected]

Anthony V. Cosentino
Executive Vice President and 
Chief Financial Officer
[email protected]

		SB FINANCIAL GROUP, INC.
		CONSOLIDATED BALANCE SHEETS – (Unaudited)
					March				December				September				June				March
			($ in thousands)			2026				2025				2025				2025				2025
ASSETS
	Cash and due from banks				$	126,293			$	71,543			$	85,025			$	79,463			$	105,145
	Interest bearing time deposits					1,965				1,140				2,025				1,565				1,565
	Available-for-sale securities					183,876				188,626				193,190				195,955				199,721
	Loans held for sale					7,203				1,761				4,736				12,774				4,286
	Loans, net of unearned income					1,181,135				1,180,591				1,110,545				1,094,719				1,088,274
	Allowance for credit losses					(16,388	)			(16,114	)			(15,943	)			(15,645	)			(15,391	)
	Premises and equipment, net					21,295				21,688				21,764				21,857				21,875
	Federal Reserve and FHLB Stock, at cost					5,463				5,610				5,466				5,466				5,340
	Foreclosed assets					974				104				237				284				73
	Interest receivable					5,499				5,490				5,455				5,299				5,072
	Goodwill					27,158				27,158				27,158				27,158				27,158
	Cash value of life insurance					32,401				32,208				32,004				31,060				30,871
	Mortgage servicing rights					15,728				15,254				15,347				15,458				14,965
	Other assets					11,996				10,308				9,254				10,888				12,048
			Total assets		$	1,604,598			$	1,545,367			$	1,496,263			$	1,486,301			$	1,501,002
LIABILITIES AND SHAREHOLDERS’ EQUITY
	Deposits
		Non interest bearing demand			$	248,239			$	254,063			$	246,725			$	241,245			$	240,446
		Interest bearing demand				215,594				202,501				194,420				205,581				208,583
		Savings				333,662				296,484				290,111				282,311				285,902
		Money market				300,028				280,896				261,953				249,536				257,013
		Time deposits				274,300				273,300				269,313				271,149				279,276
			Total deposits			1,371,823				1,307,244				1,262,522				1,249,822				1,271,220
	Short-term borrowings					9,433				9,230				10,976				15,640				11,058
	Federal Home Loan Bank advances					27,500				35,000				35,000				35,000				35,000
	Trust preferred securities					10,310				10,310				10,310				10,310				10,310
	Subordinated debt net of issuance costs					19,751				19,739				19,726				19,715				19,702
	Interest payable					2,553				2,460				2,739				2,258				2,634
	Other liabilities					19,573				20,148				18,051				19,908				19,552
			Total liabilities			1,460,943				1,404,131				1,359,324				1,352,653				1,369,476
	Shareholders’ Equity
		Common stock				61,319				61,319				61,319				61,319				61,319
		Additional paid-in capital				15,065				15,160				15,086				15,139				14,955
		Retained earnings				129,631				126,311				123,370				120,273				117,397
		Accumulated other comprehensive loss				(21,861	)			(21,481	)			(23,412	)			(25,492	)			(26,872	)
		Treasury stock				(40,499	)			(40,073	)			(39,424	)			(37,591	)			(35,273	)
			Total shareholders’ equity			143,655				141,236				136,939				133,648				131,526
			Total liabilities and shareholders’ equity		$	1,604,598			$	1,545,367			$	1,496,263			$	1,486,301			$	1,501,002

	SB FINANCIAL GROUP, INC.
	CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)
	($ in thousands, except per share & ratios)				At and for the Three Months Ended
					March		December		September		June		March
	Interest income				2026		2025		2025		2025		2025
		Loans
		Taxable			$ 17,246		$ 17,234		$ 16,449		$ 16,059		$ 15,244
		Tax exempt			99		107		117		116		115
		Securities
		Taxable			1,029		1,096		1,097		1,133		1,169
		Tax exempt			36		36		35		35		38
		Other interest income			897		799		1,111		1,124		806
			Total interest income		19,307		19,272		18,809		18,467		17,372
	Interest expense
		Deposits			5,957		5,820		5,721		5,597		5,352
		Repurchase agreements & other			14		22		28		21		24
		Federal Home Loan Bank advances			285		370		369		366		362
		Trust preferred securities			144		154		162		161		160
		Subordinated debt			195		194		195		194		195
			Total interest expense		6,595		6,560		6,475		6,339		6,093
	Net interest income				12,712		12,712		12,334		12,128		11,279
		Provision for credit losses			214		198		124		597		387
	Net interest income after provision
	for credit losses				12,498		12,514		12,210		11,531		10,892
	Noninterest income
		Wealth management fees			941		900		912		859		864
		Customer service fees			910		892		887		886		879
		Gain on sale of mtg. loans & OMSR			978		1,272		1,328		1,566		849
		Mortgage loan servicing fees, net			851		199		158		594		611
		Gain on sale of non-mortgage loans			144		38		8		82		15
		Title insurance revenue			485		525		544		582		397
		Gain (loss) on sale of assets			8		–		–		–		–
		Other			395		(118)		407		479		492
			Total noninterest income		4,712		3,708		4,244		5,048		4,107
	Noninterest expense
		Salaries and employee benefits			6,096		6,047		6,198		6,595		6,237
		Net occupancy expense			882		822		801		793		893
		Equipment expense			1,244		1,154		1,188		1,121		1,072
		Data processing fees			726		790		723		888		1,439
		Professional fees			1,016		805		863		892		1,034
		Marketing expense			277		122		174		190		165
		Telephone and communication expense			118		124		123		125		139
		Postage and delivery expense			187		140		157		107		137
		State, local and other taxes			288		331		268		268		224
		Employee expense			184		158		255		176		174
		Other expenses			911		746		748		697		896
			Total noninterest expense		11,929		11,239		11,498		11,852		12,410
	Income before income tax expense				5,281		4,983		4,956		4,727		2,589
		Income tax expense			985		1,065		910		875		431
	Net income				$ 4,296		$ 3,918		$ 4,046		$ 3,852		$ 2,158
	Common share data:
		Basic earnings per common share			$ 0.69		$ 0.63		$ 0.64		$ 0.60		$ 0.33
		Diluted earnings per common share			$ 0.69		$ 0.63		$ 0.64		$ 0.60		$ 0.33
	Average shares outstanding (in thousands):
		Basic:			6,230		6,252		6,297		6,448		6,481
		Diluted:			6,243		6,266		6,311		6,459		6,502

SB FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)
	($ in thousands, except per share & ratios)		At and for the Three Months Ended
			March				December				September				June				March
	SUMMARY OF OPERATIONS		2026				2025				2025				2025				2025
	Net interest income		$	12,712			$	12,712			$	12,334			$	12,128			$	11,279
	Tax-equivalent adjustment			36				38				40				40				41
	Tax-equivalent net interest income			12,748				12,750				12,374				12,168				11,320
	Provision for credit loss			214				198				124				597				387
	Noninterest income			4,712				3,708				4,244				5,048				4,107
	Total operating revenue			17,424				16,420				16,578				17,176				15,386
	Noninterest expense			11,929				11,239				11,498				11,852				12,410
	Pre-tax pre-provision income			5,495				5,181				5,080				5,324				2,976
	Net income			4,296				3,918				4,046				3,852				2,158
	PER SHARE INFORMATION:
	Basic earnings per share (EPS)			0.69				0.63				0.64				0.60				0.33
	Diluted earnings per share			0.69				0.63				0.64				0.60				0.33
	Common dividends			0.155				0.155				0.150				0.150				0.145
	Book value per common share			23.10				22.65				21.85				21.02				20.29
	Tangible book value per common share (TBV)			18.45				18.00				17.21				16.44				15.79
	Market price per common share			21.00				22.27				19.29				19.10				20.82
	Market price to TBV			113.8	%			123.7	%			112.1	%			116.2	%			131.8	%
	Market price to trailing 12 month EPS			8.2				10.1				9.1				10.4				12.2
	PERFORMANCE RATIOS:
	Return on average assets (ROAA)			1.10	%			1.01	%			1.07	%			1.03	%			0.60	%
	Pre-tax pre-provision ROAA			1.41	%			1.34	%			1.34	%			1.42	%			0.83	%
	Return on average equity (ROE)			12.04	%			11.08	%			12.08	%			11.67	%			6.63	%
	Return on average tangible equity			15.06	%			13.97	%			15.47	%			14.97	%			8.32	%
	Efficiency ratio			68.12	%			68.09	%			69.00	%			68.90	%			80.00	%
	Earning asset yield			5.29	%			5.32	%			5.31	%			5.29	%			5.23	%
	Cost of interest bearing liabilities			2.31	%			2.34	%			2.33	%			2.33	%			2.32	%
	Net interest margin			3.48	%			3.51	%			3.48	%			3.48	%			3.40	%
	Tax equivalent effect			0.01	%			0.01	%			0.02	%			0.01	%			0.01	%
	Net interest margin, tax equivalent			3.49	%			3.52	%			3.50	%			3.49	%			3.41	%
	Non interest income/Average assets			1.21	%			0.96	%			1.12	%			1.35	%			1.14	%
	Non interest expense/Average assets			3.06	%			2.90	%			3.04	%			3.17	%			3.45	%
	Net noninterest expense/Average assets			-1.85	%			-1.94	%			-1.92	%			-1.82	%			-2.31	%
	ASSET QUALITY RATIOS:
	Gross charge-offs			33				133				11				49				86
	Recoveries			7				3				9				3				2
	Net charge-offs			26				130				2				46				84
	Nonperforming loans/Total loans			0.32	%			0.39	%			0.42	%			0.54	%			0.56	%
	Nonperforming assets/Loans & OREO			0.40	%			0.40	%			0.44	%			0.56	%			0.56	%
	Nonperforming assets/Total assets			0.30	%			0.30	%			0.32	%			0.41	%			0.41	%
	Allowance for credit loss/Nonperforming loans			432.17	%			351.91	%			345.39	%			266.43	%			254.35	%
	Allowance for credit loss/Total loans			1.39	%			1.36	%			1.44	%			1.43	%			1.41	%
	Net loan charge-offs/Average loans (ann.)			0.01	%			0.04	%			0.00	%			0.02	%			0.03	%
	CAPITAL & LIQUIDITY RATIOS:
	Loans/ Deposits			86.10	%			90.31	%			87.96	%			87.59	%			85.61	%
	Equity/ Assets			8.95	%			9.14	%			9.15	%			8.99	%			8.76	%
	Tangible equity/Tangible assets			7.28	%			7.40	%			7.35	%			7.17	%			6.96	%
	Common equity tier 1 ratio (Bank)			12.06	%			11.78	%			12.48	%			12.53	%			12.35	%
	END OF PERIOD BALANCES
	Total assets			1,604,598				1,545,367				1,496,263				1,486,301				1,501,002
	Total loans			1,181,135				1,180,591				1,110,545				1,094,719				1,088,274
	Deposits			1,371,823				1,307,244				1,262,522				1,249,822				1,271,220
	Shareholders equity			143,655				141,236				136,939				133,648				131,526
	Goodwill and intangibles			28,929				28,989				29,048				29,107				29,125
	Tangible equity			114,726				112,247				107,891				104,541				102,401
	Mortgage servicing portfolio			1,482,052				1,479,982				1,470,360				1,456,374				1,432,184
	Wealth/Brokerage assets under care			556,930				566,004				563,036				536,836				519,158
	Total assets under care			3,643,580				3,591,353				3,529,659				3,479,511				3,452,344
	Full-time equivalent employees			258				252				253				256				262
	Period end common shares outstanding			6,219				6,236				6,268				6,359				6,483
	Market capitalization (all)			130,597				138,883				120,907				121,453				134,982
	AVERAGE BALANCES
	Total assets			1,579,781				1,536,215				1,502,389				1,498,756				1,459,896
	Total earning assets			1,479,667				1,436,207				1,404,330				1,399,485				1,346,354
	Total loans			1,186,225				1,158,567				1,104,175				1,094,199				1,076,328
	Deposits			1,347,351				1,299,512				1,270,783				1,270,798				1,227,449
	Shareholders equity			144,659				140,315				132,866				132,353				131,944
	Goodwill and intangibles			28,959				29,027				29,077				29,116				26,714
	Tangible equity			115,700				111,288				103,789				103,237				105,230
	Average basic shares outstanding			6,230				6,252				6,297				6,448				6,481
	Average diluted shares outstanding			6,243				6,266				6,311				6,459				6,502

SB FINANCIAL GROUP, INC.
	Rate Volume Analysis – (Unaudited)
	For the Three Months Ended Mar. 31, 2026 and 2025
	($ in thousands)		Three Months Ended Mar. 31, 2026									Three Months Ended Mar. 31, 2025
			Average					Average				Average					Average
Assets			Balance			Interest		Rate				Balance			Interest		Rate
	Taxable securities		$	187,304		$	1,029	2.23	%			$	196,880		$	1,276	2.63	%
	Overnight Cash			100,067			897	3.64	%				66,460			699	4.27	%
	Nontaxable securities			6,071			36	2.40	%				6,686			38	2.30	%
	Loans, net			1,186,225			17,345	5.93	%				1,076,328			15,359	5.79	%
	Total earning assets			1,479,667			19,307	5.29	%				1,346,354			17,372	5.23	%
	Cash on hand			5,407									10,339
	Allowance for loan losses			(16,217	)								(15,238	)
	Premises and equipment			21,494									21,082
	Other assets			89,430									97,359
	Total assets		$	1,579,781								$	1,459,896
Liabilities
	Savings, MMDA and interest bearing demand		$	813,742		$	3,697	1.84	%			$	709,324		$	2,959	1.69	%
	Time deposits			273,832			2,260	3.35	%				276,253			2,393	3.51	%
	Repurchase agreements & other			10,003			14	0.57	%				13,106			24	0.74	%
	Advances from Federal Home Loan Bank			28,167			285	4.10	%				35,044			362	4.19	%
	Trust preferred securities			10,310			144	5.66	%				10,310			160	6.29	%
	Subordinated debt			19,743			195	4.01	%				19,694			195	4.02	%
	Total interest bearing liabilities			1,155,797			6,595	2.31	%				1,063,731			6,093	2.32	%
	Non interest bearing demand			259,777			–						241,872			–
	Total funding			1,415,574				1.89	%				1,305,603				1.89	%
	Other liabilities			19,548									22,349
	Total liabilities			1,435,122									1,327,952
	Equity			144,659									131,944
	Total liabilities and equity		$	1,579,781								$	1,459,896
	Net interest income					$	12,712								$	11,279
	Net interest income as a percent of average interest-earning assets – GAAP measure							3.48	%								3.40	%
	Net interest income as a percent of average interest-earning assets – non GAAP							3.49	%								3.41	%
	– Computed on a fully tax equivalent (FTE) basis

Non-GAAP reconciliation		Three Months Ended
($ in thousands, except per share & ratios)		Mar. 31, 2026		Mar. 31, 2025
Total Operating Revenue		$ 17,424		$ 15,386
Adjustment to (deduct)/add OMSR recapture/impairment *		(452)		(11)
Adjusted Total Operating Revenue		16,972		15,375
Total Operating Expense		11,929		12,410
Adjustment for merger expenses		–		(726)
Adjusted Total Operating Expense		11,929		11,684
Income before Income Taxes		5,281		2,589
Adjustment for OMSR*/Merger Expenses		(452)		715
Adjusted Income before Income Taxes		4,829		3,304
Provision for Income Taxes		985		431
Adjustment for OMSR/Merger Expenses **		(95)		150
Adjusted Provision for Income Taxes		890		581
Net Income		4,296		2,158
Adjustment for OMSR*/Merger Expenses		(357)		565
Adjusted Net Income		3,939		2,723
Diluted Earnings per Share		0.69		0.33
Adjustment for OMSR*/Merger Expenses		(0.06)		0.09
Adjusted Diluted Earnings per Share		$ 0.63		$ 0.42
Return on Average Assets		1.10%		0.60%
Adjustment for OMSR*/Merger Expenses		-0.09%		0.15%
Adjusted Return on Average Assets		1.01%		0.75%
*valuation adjustment to the Company’s mortgage servicing rights
**tax effect is calculated using a 21% statutory federal corporate income tax rate