SB Financial (SBFG)
Market Price (6/23/2026): $23.0 | Market Cap: $143.3 MilSector: Financials | Industry: Regional Banks
SB Financial (SBFG)
Market Price (6/23/2026): $23.0Market Cap: $143.3 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 8.7% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -75% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Trading close to highsDist 52W High is -1.6%, Dist 3Y High is -1.6% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.75 | Key risksSBFG key risks include [1] a reduced net interest margin resulting from a shift in its funding mix to higher-cost deposits driven by liquidity concerns. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 8.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -75% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Trading close to highsDist 52W High is -1.6%, Dist 3Y High is -1.6% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.75 |
| Key risksSBFG key risks include [1] a reduced net interest margin resulting from a shift in its funding mix to higher-cost deposits driven by liquidity concerns. |
Qualitative Assessment
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Updated on 6/9/2026
SB Financial (SBFG) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
SB Financial Group (SBFG) reported robust results for its fiscal Q1 2026, which ended on March 31, 2026, significantly surpassing analyst expectations. The company's adjusted earnings per share (EPS) of $0.63 exceeded the forecast of $0.57 by 10.53%. GAAP diluted EPS also saw a substantial increase of 109.1% year-over-year, reaching $0.69. This strong performance was accompanied by a 13.2% year-over-year increase in revenue, totaling $17.4 million. Following the announcement, the stock rose by 2.25%.
2. Positive Analyst Sentiment and Rating Upgrade.
The company experienced an improvement in analyst sentiment during the period. On April 7, 2026, SB Financial Group received an upgrade to a Zacks Rank #2 (Buy). This upgrade was primarily driven by an upward trend in earnings estimates, with the Zacks Consensus Estimate for the fiscal year ending December 2026 increasing by 0.8% over three months to $2.47 per share. As of June 9, 2026, SBFG continued to hold a Zacks Rank #2 (Buy) and a Value grade of A.
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SB Financial (SBFG) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
SB Financial Group (SBFG) reported robust results for its fiscal Q1 2026, which ended on March 31, 2026, significantly surpassing analyst expectations. The company's adjusted earnings per share (EPS) of $0.63 exceeded the forecast of $0.57 by 10.53%. GAAP diluted EPS also saw a substantial increase of 109.1% year-over-year, reaching $0.69. This strong performance was accompanied by a 13.2% year-over-year increase in revenue, totaling $17.4 million. Following the announcement, the stock rose by 2.25%.
2. Positive Analyst Sentiment and Rating Upgrade.
The company experienced an improvement in analyst sentiment during the period. On April 7, 2026, SB Financial Group received an upgrade to a Zacks Rank #2 (Buy). This upgrade was primarily driven by an upward trend in earnings estimates, with the Zacks Consensus Estimate for the fiscal year ending December 2026 increasing by 0.8% over three months to $2.47 per share. As of June 9, 2026, SBFG continued to hold a Zacks Rank #2 (Buy) and a Value grade of A.
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Updated on 6/9/2026
SB Financial (SBFG) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
SB Financial Group (SBFG) reported robust results for its fiscal Q1 2026, which ended on March 31, 2026, significantly surpassing analyst expectations. The company's adjusted earnings per share (EPS) of $0.63 exceeded the forecast of $0.57 by 10.53%. GAAP diluted EPS also saw a substantial increase of 109.1% year-over-year, reaching $0.69. This strong performance was accompanied by a 13.2% year-over-year increase in revenue, totaling $17.4 million. Following the announcement, the stock rose by 2.25%.
2. Positive Analyst Sentiment and Rating Upgrade.
The company experienced an improvement in analyst sentiment during the period. On April 7, 2026, SB Financial Group received an upgrade to a Zacks Rank #2 (Buy). This upgrade was primarily driven by an upward trend in earnings estimates, with the Zacks Consensus Estimate for the fiscal year ending December 2026 increasing by 0.8% over three months to $2.47 per share. As of June 9, 2026, SBFG continued to hold a Zacks Rank #2 (Buy) and a Value grade of A.
3. Growth in Net Interest Income and Noninterest Income.
SB Financial Group demonstrated strong growth in its core revenue streams in fiscal Q1 2026. Total operating revenue increased to $17.4 million, marking a 13.2% rise from the prior-year quarter. Net interest income for the quarter totaled $12.7 million, up from $11.3 million in the prior-year period, driven by higher interest income on loans and a stable funding profile. Additionally, noninterest income surged by 14.7% year-over-year to $4.7 million, primarily due to increased mortgage loan servicing fees and gains on the sale of mortgage and non-mortgage loans. The company also reported a significant increase in loan balances, up approximately $92 million from the prior-year quarter.
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SB Financial (SBFG) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
SB Financial Group (SBFG) reported robust results for its fiscal Q1 2026, which ended on March 31, 2026, significantly surpassing analyst expectations. The company's adjusted earnings per share (EPS) of $0.63 exceeded the forecast of $0.57 by 10.53%. GAAP diluted EPS also saw a substantial increase of 109.1% year-over-year, reaching $0.69. This strong performance was accompanied by a 13.2% year-over-year increase in revenue, totaling $17.4 million. Following the announcement, the stock rose by 2.25%.
2. Positive Analyst Sentiment and Rating Upgrade.
The company experienced an improvement in analyst sentiment during the period. On April 7, 2026, SB Financial Group received an upgrade to a Zacks Rank #2 (Buy). This upgrade was primarily driven by an upward trend in earnings estimates, with the Zacks Consensus Estimate for the fiscal year ending December 2026 increasing by 0.8% over three months to $2.47 per share. As of June 9, 2026, SBFG continued to hold a Zacks Rank #2 (Buy) and a Value grade of A.
3. Growth in Net Interest Income and Noninterest Income.
SB Financial Group demonstrated strong growth in its core revenue streams in fiscal Q1 2026. Total operating revenue increased to $17.4 million, marking a 13.2% rise from the prior-year quarter. Net interest income for the quarter totaled $12.7 million, up from $11.3 million in the prior-year period, driven by higher interest income on loans and a stable funding profile. Additionally, noninterest income surged by 14.7% year-over-year to $4.7 million, primarily due to increased mortgage loan servicing fees and gains on the sale of mortgage and non-mortgage loans. The company also reported a significant increase in loan balances, up approximately $92 million from the prior-year quarter.
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Stock Movement Drivers
Fundamental Drivers
The 11.8% change in SBFG stock from 2/28/2026 to 6/22/2026 was primarily driven by a 12.5% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.61 | 23.03 | 11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 65 | 68 | 4.7% |
| Net Income Margin (%) | 21.2% | 23.8% | 12.5% |
| P/E Multiple | 9.5 | 8.9 | -6.1% |
| Shares Outstanding (Mil) | 6 | 6 | 1.1% |
| Cumulative Contribution | 11.8% |
Market Drivers
2/28/2026 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SBFG | 11.8% | |
| Market (SPY) | 8.8% | 25.6% |
| Sector (XLF) | 5.0% | 31.2% |
Fundamental Drivers
The 9.2% change in SBFG stock from 11/30/2025 to 6/22/2026 was primarily driven by a 12.5% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.08 | 23.03 | 9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 65 | 68 | 4.7% |
| Net Income Margin (%) | 21.2% | 23.8% | 12.5% |
| P/E Multiple | 9.7 | 8.9 | -8.2% |
| Shares Outstanding (Mil) | 6 | 6 | 1.1% |
| Cumulative Contribution | 9.2% |
Market Drivers
11/30/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SBFG | 9.2% | |
| Market (SPY) | 9.5% | 23.0% |
| Sector (XLF) | 1.6% | 36.8% |
Fundamental Drivers
The 22.2% change in SBFG stock from 5/31/2025 to 6/22/2026 was primarily driven by a 25.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.84 | 23.03 | 22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59 | 68 | 14.2% |
| Net Income Margin (%) | 19.0% | 23.8% | 25.3% |
| P/E Multiple | 10.8 | 8.9 | -17.9% |
| Shares Outstanding (Mil) | 6 | 6 | 4.0% |
| Cumulative Contribution | 22.2% |
Market Drivers
5/31/2025 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SBFG | 22.2% | |
| Market (SPY) | 27.7% | 22.7% |
| Sector (XLF) | 7.0% | 41.5% |
Fundamental Drivers
The 102.8% change in SBFG stock from 5/31/2023 to 6/22/2026 was primarily driven by a 37.6% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6222026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.35 | 23.03 | 102.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 68 | 17.9% |
| Net Income Margin (%) | 21.2% | 23.8% | 12.4% |
| P/E Multiple | 6.5 | 8.9 | 37.6% |
| Shares Outstanding (Mil) | 7 | 6 | 11.3% |
| Cumulative Contribution | 102.8% |
Market Drivers
5/31/2023 to 6/22/2026| Return | Correlation | |
|---|---|---|
| SBFG | 102.8% | |
| Market (SPY) | 85.1% | 18.6% |
| Sector (XLF) | 77.5% | 30.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SBFG Return | 10% | -7% | -6% | 41% | 10% | 5% | 56% |
| Peers Return | 32% | -4% | -2% | 12% | -2% | 13% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| SBFG Win Rate | 50% | 33% | 58% | 42% | 50% | 67% | |
| Peers Win Rate | 60% | 40% | 47% | 47% | 50% | 77% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SBFG Max Drawdown | -12% | -20% | -31% | -17% | -28% | -13% | |
| Peers Max Drawdown | -23% | -23% | -34% | -16% | -21% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FMNB, SRCE, LKFN, GABC, FRME.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/22/2026 (YTD)
How Low Can It Go
| Event | SBFG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.7% | 23.1% |
| Time to Breakeven | 243 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.7% | -6.7% |
| % Gain to Breakeven | 42.2% | 7.1% |
| Time to Breakeven | 445 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.2% | -24.5% |
| % Gain to Breakeven | 11.3% | 32.4% |
| Time to Breakeven | 780 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.7% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 406 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.1% | -12.2% |
| % Gain to Breakeven | 11.3% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
In The Past
SB Financial's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | SBFG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.7% | 23.1% |
| Time to Breakeven | 243 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.7% | -6.7% |
| % Gain to Breakeven | 42.2% | 7.1% |
| Time to Breakeven | 445 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.6% | -33.7% |
| % Gain to Breakeven | 94.7% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 406 days | 105 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -51.1% | -15.4% |
| % Gain to Breakeven | 104.5% | 18.2% |
| Time to Breakeven | 690 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.5% | -53.4% |
| % Gain to Breakeven | 32.5% | 114.4% |
| Time to Breakeven | 2134 days | 1085 days |
In The Past
SB Financial's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SB Financial (SBFG)
SB Financial Group, Inc. (SBFG) is a regional financial services company that delivers a broad spectrum of commercial banking and wealth management solutions. The company caters to both individual consumers and corporate entities, primarily operating within the states of Ohio, Indiana, and Michigan.
Its core offerings include a full suite of banking products such as checking, savings, money market accounts, and certificates of deposit. On the lending side, SB Financial provides commercial, consumer, agricultural, and residential mortgage loans. Beyond traditional banking, the company offers wealth management services, encompassing asset management for individuals and corporate employee benefit plans, as well as brokerage services. Additionally, it sells various insurance products to both retail and commercial customers.
As of late 2021, SB Financial maintained a physical network comprising 22 banking centers across several Ohio counties and one in Indiana. Complementing its branch network, the company also operated five loan production offices strategically located in Ohio, Indiana, and Michigan, reinforcing its commitment to serving its diverse customer base across its target regions.
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Here are 1-3 brief analogies for SB Financial (SBFG):
- A regional KeyBank focused on Ohio, Indiana, and Michigan.
- Like a smaller, full-service PNC Bank, offering banking, wealth management, and insurance.
- A community-sized JPMorgan Chase for the Ohio, Indiana, and Michigan region, offering banking, wealth, and insurance services.
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- Deposit Accounts: Offers various accounts for individuals and businesses, including checking, savings, money market, and certificates of deposit.
- Lending Services: Provides diverse loans such as commercial, consumer, agricultural, residential mortgages, and commercial leasing.
- Wealth Management & Trust Services: Delivers comprehensive financial services including personal and corporate trust, asset management, and brokerage.
- Insurance Products: Sells insurance policies to both retail and commercial clients.
- General Banking Services: Offers essential banking conveniences like ATM access, credit cards, safe deposit boxes, and internet banking.
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SB Financial (SBFG) serves a diverse customer base, primarily consisting of individuals and businesses within its operating region of Ohio, Indiana, and Michigan. As a regional bank, it does not have a few identifiable major corporate customers. Instead, its customer base can be categorized into the following groups:
- Individuals: The company offers a full suite of retail banking services including checking and savings accounts, money market accounts, time certificates of deposit, consumer and residential mortgage loans, personal trust services, bank credit cards, internet banking, private client group services, asset management, brokerage services, and insurance products to individuals.
- Commercial and Corporate Customers: SB Financial provides commercial banking services, commercial loans, corporate trust services, commercial leasing, corporate employee benefit plan management, and insurance products to a wide range of businesses and corporations.
- Agricultural Customers: Given its presence in areas with agricultural activity, the company specifically offers agricultural loans to support farmers and related businesses.
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Mark A. Klein, Chairman, President & CEO
Mark A. Klein brings extensive experience in the financial institution industry. He was appointed Chairman, President and CEO of the Board of Directors of SB Financial Group, Inc. in 2015. Prior to that, he served as President and CEO of SB Financial Group, Inc. since 2010 and State Bank since 2006. Before joining SB Financial Group, Inc. and State Bank, he held leadership positions at Sky Bank, including Senior Vice President Private Banking from 2004 to 2006, Vice President and Team Leader from 2000 to 2004, and Executive Vice President and Senior Lender at a Sky Bank affiliate from 1994 to 1999.
Anthony V. Cosentino, Executive Vice President, Chief Financial Officer
Anthony V. Cosentino has served as Executive Vice President, Chief Financial Officer of SB Financial Group, Inc. since March 2010.
Keeta J. Diller, Executive Vice President, Chief Operations Officer
Keeta J. Diller serves as Executive Vice President, Chief Operations Officer.
J. Ernesto Gaytan, Executive Vice President, Chief Technology Innovation Officer
J. Ernesto Gaytan holds the title of Executive Vice President, Chief Technology Innovation Officer.
Steven A. Walz, Executive Vice President and Chief Lending Officer
Steven A. Walz is the Executive Vice President and Chief Lending Officer.
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The key risks to SB Financial Group, Inc. (SBFG) largely stem from the inherent nature of the banking industry and the current economic environment.
- Interest Rate Volatility and General Economic Conditions: As a financial institution, SB Financial's profitability is significantly exposed to fluctuations in interest rates, which can impact its net interest margin, loan demand, deposit levels, and the value of its assets. Adverse changes in economic and political conditions within its operating regions of Ohio, Indiana, and Michigan could also negatively affect the company's earnings, the demand for loans, deposit growth, and the repayment capacity of borrowers, thereby impacting loan and collateral values.
- Regulatory and Compliance Burdens, and Banking Industry Volatility: SB Financial operates within a highly regulated environment and is subject to extensive federal and state oversight, including capital and liquidity requirements, and consumer protection rules. Changes in these regulations, or increased compliance costs, can directly impact earnings, capital allocation, and strategic flexibility. Furthermore, the company acknowledges its exposure to sector-wide volatility, as evidenced by recent bank failures, which could affect its liquidity, market perception, and investor confidence.
- Liquidity Risk: The company faces the risk of sudden liquidity stress, which is a critical concern in the banking industry. An unexpected inability to obtain liquidity could threaten its ongoing operations and share value. Maintaining adequate regulatory capital ratios and the financial health of its subsidiaries are crucial for supporting operations and dividend payments, highlighting the importance of managing liquidity effectively.
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The emergence of digital-first fintech companies and the expansion of large technology firms into financial services pose significant threats to traditional regional banks like SB Financial.
**Neobanks and Online Lenders:** Companies operating entirely online offer competitive interest rates on deposits, lower fees, and highly streamlined application processes for loans (e.g., mortgages, consumer, and small business loans). These digital competitors lack the overhead of a physical branch network, allowing them to potentially offer more attractive terms and greater convenience, thereby threatening SB Financial's core checking, savings, and lending customer base across its operating regions.
**Robo-advisors:** Automated investment platforms provide low-cost, accessible wealth management and brokerage services. These offerings directly compete with SB Financial's asset management, trust, and brokerage services, potentially drawing away individuals seeking more affordable or digitally native investment solutions.
**Big Tech's Foray into Financial Services:** Major technology companies like Apple and Google are increasingly integrating financial products (e.g., high-yield savings accounts, payment solutions) into their ecosystems, often through partnerships. Leveraging their vast user bases and strong brand recognition, these firms represent powerful new entrants that could divert customers from traditional banking relationships with institutions like SB Financial.
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SB Financial Group, Inc. (SBFG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Loan Portfolio Expansion: The company has demonstrated consistent loan growth, with a particular focus on commercial lending in the Greater Columbus market and plans to expand its agricultural loan portfolio. This strategy has led to sequential loan growth in recent quarters and is expected to continue contributing significantly to interest income.
- Net Interest Margin Improvement and Stabilization: SB Financial has seen a stabilization and improvement in its net interest margin, with management anticipating it to hold near peak levels through 2026. This is supported by higher loan balances, improved asset yields, ongoing portfolio repricing, and a disciplined approach to managing funding costs.
- Growth in Non-Interest Income: Diversified revenue streams from non-interest income are expected to contribute to growth. This includes increased mortgage servicing rights revenue, enhanced gain-on-sale yields from mortgage loans, rising title service fees (with Peak Title outperforming the general mortgage market), and growth in wealth management fees.
- Strategic Acquisitions and Market Penetration: The completion of the Marblehead Bancorp acquisition in January 2025 has significantly contributed to deposit and loan growth and expanded the company's market presence in Northern Ohio. Continued strategic expansion into key geographic areas like Columbus and Cincinnati is also expected to bolster revenue.
- Deposit Growth Initiatives: SB Financial is focused on driving core deposit growth, both organically and through acquisitions, to support its lending activities and overall balance sheet expansion. Deposits have shown consistent increases, which provides a stable funding base for future loan growth.
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Share Repurchases
- In May 2021, SB Financial authorized a share repurchase program for up to 750,000 common shares, representing approximately 10% of its common shares.
- A new share repurchase program for up to 500,000 common shares was authorized in December 2024.
- In Q2 2025, the company repurchased 124,000 shares at an average price just under $19, with year-to-date repurchases totaling 252,000 shares by November 2025.
Share Issuance
- SB Financial declared a 5% common stock dividend in January 2022.
- The number of common shares outstanding decreased from 6,530,646 as of April 17, 2025, to 6,302,455 as of February 23, 2026, indicating a net reduction in shares.
Outbound Investments
- In January 2025, SB Financial completed the acquisition of Marblehead Bank.
- The Marblehead acquisition contributed $18.0 million in loans and helped drive deposit growth.
Capital Expenditures
- Specific dollar values for capital expenditures or expected capital expenditures for the upcoming year are not available in the provided information.
- Strategic execution in 2025 included opening new retail locations and executing branch conversions to support growth and market penetration, which implies capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SB Financial Stock Lost 11%, Buy Or Wait? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.25 |
| Mkt Cap | 1.6 |
| Rev LTM | 326 |
| Op Inc LTM | - |
| FCF LTM | 130 |
| FCF 3Y Avg | 110 |
| CFO LTM | 140 |
| CFO 3Y Avg | 118 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.9% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 11.2% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 42.3% |
| CFO/Rev 3Y Avg | 41.7% |
| FCF/Rev LTM | 39.8% |
| FCF/Rev 3Y Avg | 40.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking | 66 | 57 | 57 | 58 | 69 |
| Total | 66 | 57 | 57 | 58 | 69 |
| $ Mil | 2013 | 2012 | 2011 | 2010 | 2004 |
|---|---|---|---|---|---|
| Banking | 10 | 6 | 7 | -1 | 2 |
| Intersegment Elimination | -0 | ||||
| Data Processing | -0 | 0 | -2 | -19 | 2 |
| Other | -2 | 2 | -3 | -3 | -1 |
| Intersegment Elimination | 0 | 0 | 0 | ||
| Total | 7 | 9 | 2 | -22 | 3 |
| $ Mil | 2010 | 2008 |
|---|---|---|
| Banking | 0 | 5 |
| Other | -2 | -2 |
| Data Processing | -14 | 3 |
| Total | -16 | 5 |
| $ Mil | 2025 | 2024 | 2023 | 2013 | 2012 |
|---|---|---|---|---|---|
| Banking | 1,545 | 1,380 | 1,343 | 632 | 633 |
| Data Processing | 2 | 2 | |||
| Intersegment Elimination | -80 | ||||
| Other | 78 | 75 | |||
| Intersegment Elimination | -73 | ||||
| Total | 1,545 | 1,380 | 1,343 | 632 | 638 |
Price Behavior
Price Behavior
| Market Price | $23.03 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 01/04/1999 | |
| Distance from 52W High | -1.6% | |
| 50 Days | 200 Days | |
| DMA Price | $21.98 | $20.95 |
| DMA Trend | up | up |
| Distance from DMA | 4.8% | 9.9% |
| 3M | 1YR | |
| Volatility | 34.1% | 33.6% |
| Downside Capture | 57.61 | 47.98 |
| Upside Capture | 69.54 | 69.31 |
| Correlation (SPY) | 22.2% | 22.9% |
SBFG Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 1.62 | 0.70 | 0.64 | 0.67 | 0.42 |
| Up Beta | 1.39 | 2.03 | 1.09 | 1.22 | 1.31 | 0.45 |
| Down Beta | 1.70 | 0.61 | -0.28 | 0.56 | 0.29 | 0.54 |
| Up Capture | 49% | 81% | 71% | 36% | 46% | 15% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 22 | 30 | 57 | 122 | 368 |
| Down Capture | -12% | 266% | 90% | 51% | 65% | 48% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 19 | 32 | 66 | 125 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBFG | |
|---|---|---|---|---|
| SBFG | 36.7% | 33.6% | 0.97 | - |
| Sector ETF (XLF) | 8.6% | 14.6% | 0.35 | 41.8% |
| Equity (SPY) | 26.1% | 12.4% | 1.59 | 22.7% |
| Gold (GLD) | 24.1% | 27.5% | 0.77 | 0.2% |
| Commodities (DBC) | 18.5% | 18.8% | 0.77 | -19.1% |
| Real Estate (VNQ) | 11.8% | 13.8% | 0.57 | 29.1% |
| Bitcoin (BTCUSD) | -40.2% | 42.5% | -1.09 | 12.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBFG | |
|---|---|---|---|---|
| SBFG | 8.2% | 31.6% | 0.31 | - |
| Sector ETF (XLF) | 9.5% | 18.6% | 0.39 | 27.0% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 18.2% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 0.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.28 | 1.1% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 18.8% |
| Bitcoin (BTCUSD) | 9.4% | 54.1% | 0.37 | 10.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBFG | |
|---|---|---|---|---|
| SBFG | 10.8% | 33.0% | 0.40 | - |
| Sector ETF (XLF) | 13.2% | 22.2% | 0.54 | 32.0% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 24.7% |
| Gold (GLD) | 12.2% | 16.1% | 0.62 | 3.4% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 10.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 26.9% |
| Bitcoin (BTCUSD) | 59.9% | 66.8% | 1.00 | 10.1% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/2/2026 | -1.3% | -3.8% | -7.7% |
| 11/4/2025 | 4.8% | 5.6% | 8.8% |
| 7/29/2025 | -1.8% | 1.7% | 6.5% |
| 5/6/2025 | -1.1% | 0.9% | -6.1% |
| 1/29/2025 | 0.2% | 5.5% | -4.1% |
| 10/30/2024 | -2.2% | -4.7% | 11.3% |
| 7/23/2024 | -0.1% | 5.0% | -1.7% |
| 4/29/2024 | -1.9% | -1.0% | 5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 13 | 14 |
| # Negative | 15 | 10 | 9 |
| Median Positive | 1.7% | 2.6% | 6.1% |
| Median Negative | -1.3% | -2.1% | -3.0% |
| Max Positive | 4.8% | 10.8% | 17.5% |
| Max Negative | -3.1% | -5.9% | -7.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/2/2026 | -1.3% | -3.8% | -7.7% |
| 11/4/2025 | 4.8% | 5.6% | 8.8% |
| 7/29/2025 | -1.8% | 1.7% | 6.5% |
| 5/6/2025 | -1.1% | 0.9% | -6.1% |
| 1/29/2025 | 0.2% | 5.5% | -4.1% |
| 10/30/2024 | -2.2% | -4.7% | 11.3% |
| 7/23/2024 | -0.1% | 5.0% | -1.7% |
| 4/29/2024 | -1.9% | -1.0% | 5.0% |
| 1/26/2024 | 3.3% | 1.6% | -6.0% |
| 11/3/2023 | -3.1% | -5.9% | 1.6% |
| 8/4/2023 | 0.0% | 2.4% | 5.7% |
| 4/25/2023 | -2.1% | -2.1% | 0.0% |
| 1/31/2023 | 1.7% | 1.7% | 3.0% |
| 11/8/2022 | -0.9% | 1.1% | -0.3% |
| 8/1/2022 | 3.2% | -2.2% | 1.7% |
| 5/3/2022 | 1.4% | -4.4% | -2.9% |
| 2/1/2022 | 1.7% | 3.0% | -3.0% |
| 11/3/2021 | -1.6% | -0.1% | -1.1% |
| 8/3/2021 | -1.6% | -1.1% | 2.4% |
| 5/10/2021 | -1.0% | 2.6% | 9.2% |
| 2/3/2021 | -0.3% | -0.1% | 6.6% |
| 11/5/2020 | -0.8% | 10.8% | 17.5% |
| 8/3/2020 | -0.2% | 8.7% | 11.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 13 | 14 |
| # Negative | 15 | 10 | 9 |
| Median Positive | 1.7% | 2.6% | 6.1% |
| Median Negative | -1.3% | -2.1% | -3.0% |
| Max Positive | 4.8% | 10.8% | 17.5% |
| Max Negative | -3.1% | -5.9% | -7.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q4 2025 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Interest Margin Change | -0.07% | -0.06% | -0.05% | Higher New | |||
| 2026 Mortgage Production | 310.00 Mil | 320.00 Mil | 330.00 Mil | Higher New | |||
| 2026 Expense Growth | 3.5% | 3.75% | 4.0% | 7.1% | 0.2% | Raised | Guidance: 3.5% for 2026 |
| 2026 Net Income | 15.00 Mil | Higher New | |||||
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Mortgage Volume | 80.00 Mil | ||||||
| 2026 Loan Growth | 8.5% | ||||||
| 2026 Deposit Growth | 4.5% | ||||||
| 2026 Operating Expense Growth | 3.5% | ||||||
| 2026 Nonperforming Assets | 0 | ||||||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hardgrove, Richard L | Direct | Sell | 6152026 | 23.00 | 650 | 14,950 | 332,074 | Form | |
| 2 | Strausbaugh, Sue Ann | JOINT W/ SPOUSE | Buy | 3042026 | 20.68 | 48 | 993 | 58,938 | Form | |
| 3 | Hardgrove, Richard L | Direct | Sell | 2042026 | 22.15 | 977 | 21,641 | 308,727 | Form | |
| 4 | Claxton, Timothy L | Direct | Buy | 6242025 | 17.64 | 2,000 | 35,278 | 178,630 | Form | |
| 5 | Klein, Mark A | CHAIRMAN, PRESIDENT, CEO | TRUST | Buy | 6202025 | 17.55 | 100 | 1,755 | 1,870,251 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hardgrove, Richard L | Direct | Sell | 6152026 | 23.00 | 650 | 14,950 | 332,074 | Form | |
| 2 | Strausbaugh, Sue Ann | JOINT W/ SPOUSE | Buy | 3042026 | 20.68 | 48 | 993 | 58,938 | Form | |
| 3 | Hardgrove, Richard L | Direct | Sell | 2042026 | 22.15 | 977 | 21,641 | 308,727 | Form | |
| 4 | Claxton, Timothy L | Direct | Buy | 6242025 | 17.64 | 2,000 | 35,278 | 178,630 | Form | |
| 5 | Klein, Mark A | CHAIRMAN, PRESIDENT, CEO | TRUST | Buy | 6202025 | 17.55 | 100 | 1,755 | 1,870,251 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/22/2026