# EDGAR Filing Document

**Accession Number:** 0000767405
**File Stem:** 0001213900-25-106163
**Filing Date:** 2025-11
**Character Count:** 52326
**Document Hash:** 17567edd54362a1fb46247ffe13d7e67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-106163.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001213900-25-106163

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SB FINANCIAL GROUP, INC.
- **CENTRAL INDEX KEY:** 0000767405
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 341395608
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36785
- **FILM NUMBER:** 251449759

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CLINTON ST
- **CITY:** DEFIANCE
- **STATE:** OH
- **ZIP:** 43512
- **BUSINESS PHONE:** 4197838930

**MAIL ADDRESS:**
- **STREET 1:** 401 CLINTON STREET
- **STREET 2:** PO BOX 467
- **CITY:** DEFIANCE
- **STATE:** OH
- **ZIP:** 43512

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RURBAN FINANCIAL CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>November 4, 2025 (October 30, 2025)</u>

SB FINANCIAL GROUP, INC

(Exact name of registrant as specified in its charter)

<u>Ohio</u> <u>001-36785</u> <u>34-1395608</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

<u>401 Clinton Street, Defiance, OH</u> <u>43512</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code <u>(419) 783-8950</u>

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Shares, No Par Value<br> 6,298,527 Outstanding at November 4, 2025 | SBFG | The NASDAQ Stock Market, <br> LLC (NASDAQ Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

<u>Item 2.02. Results of Operations and Financial Condition</u>.

On October 30, 2025, SB Financial Group, Inc. (the "Company") issued a news release reporting financial results for the third quarter 2025. A copy of the October 30, 2025 news release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

<u>Item 9.01. Financial Statements and Exhibits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [News release issued by SB Financial Group, Inc. on October 30, 2025, reporting financial results for the third quarter 2025.](ea026397301ex99-1_sbfin.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | SB FINANCIAL GROUP, INC. | SB FINANCIAL GROUP, INC. |
| Dated: November 4, 2025 | By: | /s/ Anthony V. Cosentino |
|  |  | Anthony V. Cosentino |
|  |  | Chief Financial Officer |

---

INDEX TO EXHIBITS

Current Report on Form 8-K

Dated November 4, 2025

SB Financial Group, Inc.

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [News release issued by SB Financial Group, Inc. on October 30, 2025, reporting financial results for the third quarter 2025.](ea026397301ex99-1_sbfin.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**SB Financial Group Announces Third Quarter 2025 Results**

**DEFIANCE, OH, October 30, 2025 -- 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 third quarter ended September 30, 2025.

**Third Quarter 2025 Highlights compared to the third quarter of the prior year include:**

● GAAP net income and Diluted Earnings per Share ("DEPS") were $4.0 million, or $0.64 per DEPS, well above the $2.4 million, or $0.35 per DEPS in the prior year quarter. Net Income, adjusted for Originated Mortgage Servicing Rights ("OMSR"), was $4.3 million, up 57.4 percent compared to $2.7 million for the prior-year period. Adjusted DEPS of $0.68 was also up 65.3 percent, from the prior year.

● Net interest income of $12.3 million increased by 21.1 percent from $10.2 million reported in the prior-year quarter.

● Loan growth of $80.6 million, or 7.8 percent from the prior-year quarter, with growth from the linked quarter of $15.8 million, or 1.4 percent. This marks six consecutive quarters of sequential loan growth. Loan growth adjusted for the Marblehead acquisition was $62.7 and $15.9 million, from the prior year and linked quarters, respectively.

● Deposit growth of $103 million, or 8.9 percent from the prior-year quarter, with an increase from the linked quarter of $12.7 million, or 1.0 percent. Adjusted for the Marblehead acquisition, total deposits increased $52.1 million from the prior year.

● Tangible book value ("TBV") per share ended the quarter at $17.21 up $0.72 per share or 4.4 percent from the prior year quarter.

**Nine months ended September 30, 2025 Highlights compared to the same period of the prior year:**

● Mortgage Banking Revenue increased to $5.1 million, up by 7.8 percent from $4.7 million.

● Net interest income rose to $35.7 million, representing a year-over-year improvement of 23.1 percent from $29.0 million for the nine months ending September 30, 2024.

● Total interest expense came in at $18.9 million, up slightly by 2.3 percent from $18.5 million in the prior year period.

**Earnings Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| <br>**($ in thousands, except per share & ratios)** | **Sep. 2025** | **Sep. 2024** | **% Change** | **Sep. 2025** | **Sep. 2024** | **% Change** |
| Operating revenue | $16578 | $14309 | 15.9% | $49140 | $41485 | 18.5% |
| Interest income | 18809 | 16548 | 13.7% | 54648 | 47502 | 15.0% |
| Interest expense | 6475 | 6362 | 1.8% | 18907 | 18477 | 2.3% |
| Net interest income | 12334 | 10186 | 21.1% | 35741 | 29025 | 23.1% |
| Provision for credit losses | 124 | 200 | -38.0% | 1108 | 200 | 454.0% |
| Noninterest income | 4244 | 4123 | 2.9% | 13399 | 12460 | 7.5% |
| Noninterest expense | 11498 | 11003 | 4.5% | 35760 | 31956 | 11.9% |
| Net income | 4046 | 2354 | 71.9% | 10056 | 7835 | 28.3% |
| Adjusted Earnings per diluted share | 0.68 | 0.41 | 65.9% | 1.67 | 1.20 | 39.2% |
| Earnings per diluted share | 0.64 | 0.35 | 82.9% | 1.56 | 1.17 | 33.3% |
| Adjusted Return on Avg. Assets | 1.13% | 0.79% | 43.0% | 0.96% | 0.79% | 21.5% |
| Return on average assets | 1.07% | 0.68% | 57.4% | 0.90% | 0.77% | 16.9% |
| Adjusted Return on Avg. Equity | 12.79% | 8.42% | 51.9% | 10.84% | 8.62% | 25.8% |
| Return on average equity | 12.08% | 7.28% | 65.9% | 10.15% | 8.41% | 20.7% |

---

"Net income for the third quarter was $4.0 million, a 71.9 percent increase from the prior-year quarter, with the GAAP DEPS of $0.64 up 82.9 percent from the prior year," said Mark A. Klein, Chairman, President, and CEO. This marks our 59<sup>th</sup> consecutive quarter of profitability, which also included the second full quarter of contribution from the Marblehead acquisition, which strengthened our liquidity profile and further extended our market presence in Northern Ohio.

Net interest income for the quarter grew by $2.1 million to $12.3 million compared to the previous year, driven by sustained loan growth and stabilization of funding costs. Total loans increased by $80.6 million, compared to the prior year, and by $15.8 million from the linked quarter. On an organic basis, excluding the Marblehead acquisition, loan balances increased $62.7 million from the prior year. Deposits rose $103.0 million, or 8.9 percent, to $1.26 billion, reflecting both acquired balances and solid client retention. Excluding acquired deposits, organic growth totaled $52.1 million, underscoring the strength of our client relationships and the resiliency of our franchise."

**RESULTS OF OPERATIONS**

In the third quarter of 2025, total operating revenue increased to $16.6 million, a 15.9 percent rise from $14.3 million in the prior year and a 3.5 percent decrease from the linked quarter. The year-over-year increase reflected higher net interest income and continued growth in non-interest income. Net interest income reached $12.3 million, a strong 21 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.9 million to $16.6 million along with a marginal increase in interest expense of $113,000 to $6.5 million. Deposit costs increased by 2.7 percent to $5.7 million but were partially offset by decreases in interest expenses on other funding sources, resulting in a 1.8 percent increase in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 32 basis points year-over-year to 3.48 percent, reflecting disciplined balance sheet management and moderation in funding cost pressures. Noninterest income for the quarter increased by 2.9 percent year-over-year to $4.2 million due primarily to improvements in wealth management fees, mortgage loan servicing fees, title insurance, other non-interest income fees as well as modest increases in customer service fees and gain on sale of mortgage loans. These fees were partially offset by decreases in gain on sales of non-mortgage loans and loss on sale of assets. "We remain focused on executing a balanced growth strategy, maintaining diversified sources of revenue, and exercising disciplined expense management," said Mr. Klein.

**Mortgage Loan Business** 

Net mortgage banking revenue for the quarter reached $1.5 million, up $136,000 from the prior-year quarter. Loan servicing fees added $914,000 to revenue, reflecting an increase of $40,000 from the prior-year quarter. The OMSR net valuation adjustment for the third quarter of 2025 was a negative $301,000 compared to a negative $465,000 in the third quarter of 2024.

**Mortgage Banking**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands)** |<br>**Sep. 2025** |<br>**Jun. 2025** |<br>**Mar. 2025** |<br>**Dec. 2024** |<br>**Sep. 2024** | **Prior Year**<br>**Growth** |
| Mortgage originations | $67609 | $97901 | $39775 | $72534 | $70715 | $(3106) |
| Mortgage sales | 66408 | 74313 | 39279 | 62301 | 61271 | 5137 |
| Mortgage servicing portfolio | 1470360 | 1456374 | 1432184 | 1427318 | 1406273 | 64087 |
| Mortgage servicing rights | 15347 | 15458 | 14965 | 14868 | 14357 | 990 |
| **Revenue** |  |  |  |  |  |  |
| Loan servicing fees | 914 | 904 | 894 | 886 | 874 | 40 |
| OMSR amortization | (455) | (469) | (294) | (358) | (370) | (85) |
| Net administrative fees | 459 | 435 | 600 | 528 | 504 | (45) |
| OMSR valuation adjustment | (301) | 159 | 11 | 288 | (465) | 164 |
| Net loan servicing fees | 158 | 594 | 611 | 816 | 39 | 119 |
| Gain on sale of mortgages | 1328 | 1565 | 849 | 1196 | 1311 | 17 |
| **Mortgage banking revenue, net** | $**1486** | $**2159** | $**1460** | $**2012** | $**1350** | $**136** |

---

**Noninterest Income and Noninterest Expense**

"Noninterest income for the third quarter of 2025 totaled $4.2 million, up $121,000 or 2.9 percent from the prior-year quarter, primarily due to increased mortgage loan servicing fees and other noninterest income fees, underscoring the continued strength of our fee-based businesses. Compared to the prior-year quarter, mortgage loan services fees, improved by $119,000 year over year, and other noninterest income fees added $91,000, reflecting the benefits of our diversified revenue base," Mr. Klein noted.

**Noninterest Income/Noninterest Expense**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands, except ratios)** |<br>**Sep. 2025** |<br>**Jun. 2025** |<br>**Mar. 2025** |<br>**Dec. 2024** |<br>**Sep. 2024** | **Prior Year**<br>**Growth** |
| Noninterest Income (NII) | $4244 | $5048 | $4107 | $4557 | $4123 | $121 |
| NII / Total Revenue | 25.6% | 29.4% | 26.7% | 29.5% | 28.8% | -3.2% |
| NII / Average Assets | 1.1% | 1.4% | 1.1% | 1.3% | 1.2% | -0.1% |
| Total Revenue Growth | 15.9% | 22.3% | 17.2% | 2.2% | 4.5% | 11.4% |
| Noninterest Expense (NIE) | $11498 | $11852 | $12410 | $11003 | $11003 | $495 |
| Efficiency Ratio | 69.0% | 68.9% | 80.0% | 71.1% | 76.8% | -7.8% |
| NIE / Average Assets | 3.0% | 3.2% | 3.4% | 3.2% | 3.2% | -0.2% |
| Net Noninterest Expense/Avg. Assets | -1.9% | -1.8% | -2.3% | -1.8% | -2.0% | 0.1% |
| Total Expense Growth | 4.5% | 11.1% | 20.7% | 6.1% | 5.0% | -0.5% |

---

Noninterest expense for the third quarter of 2025 was $11.5 million, up 4.5 percent from the prior year, driven primarily by increased salary and benefit expenses, equipment expenses and professional fees.

"Our efficiency ratio in the third quarter of 2025 was 69.0 percent highlighting our commitment to disciplined expense management and balanced revenue growth," stated Mr. Klein.

**Balance Sheet** 

As of September 30, 2025, SB Financial reported total assets of $1.50 billion, higher than the linked quarter and the previous year. Year-over-year growth was primarily driven by a robust increase in the loan portfolio, which reached $1.11 billion, marking an $80.6 million or 7.8 percent increase year over year. Loan growth also included $18.0 million in loans added with the completion of the Marblehead acquisition. Cash increased by $35.7 million from the prior year, driven by investment portfolio runoff and deposit growth. Key metrics this quarter included our loan-to-deposit ratio of 88 percent and our loan to asset ratio of 74 percent, both of which were in the upper range of our target levels.

Total deposits increased to $1.26 billion, growing $103.0 million or 8.9 percent year over year, including $50.9 million in low-cost deposits from the acquisition and $52.1 million in organic deposit growth reflecting SB Financial's successful efforts in deposit gathering and customer engagement within dynamic markets. Shareholders' equity ended the quarter at $137.0 million, representing a $4.1 million increase from the prior year. The increase highlights management's consistent efforts to deliver sustainable growth and enhance shareholder returns.

During the third quarter, SB Financial repurchased approximately 101,000 shares, a slight decrease from the prior quarter, reflecting management's disciplined and opportunistic approach to capital deployment when the share price trades below the target range. This activity demonstrates the Company's balanced approach to capital management, prioritizing shareholder returns through dividends and share repurchases while maintaining sufficient capital to fund future growth.

"As we progress through the fourth quarter of 2025, the Company's solid balance sheet and prudent capital management provide a strong foundation to navigate the current environment and support future growth," said Mr. Klein. "We were pleased to achieve our sixth consecutive quarter of sequential loan growth, supported by sound credit quality and consistent execution across our markets, with total loan balances rising $80.6 million from the prior year, including $62.7 million of organic loan growth. This continued trajectory reflects the depth of our client relationships, the resiliency of our business model, and the disciplined manner in which we deploy capital across our markets. Our strong asset quality metrics and top-tier reserve coverage remain central to our financial strength and position us well to navigate the current operating environment. As we look ahead, we remain focused on driving organic growth, maintaining disciplined expense management, and delivering long-term value for our shareholders."

**Loan Balances**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands, except ratios)** |<br>**Sep. 2025** |<br>**Jun. 2025** |<br>**Mar. 2025** |<br>**Dec. 2024** |<br>**Sep. 2024** | **Annual**<br>**Growth** |
| Commercial | $117581 | $118984 | $125878 | $124764 | $123821 | $(6240) |
| &nbsp;&nbsp;&nbsp;% of Total | 10.6% | 10.9% | 11.6% | 11.9% | 12.0% | -5.0% |
| Commercial RE | 535307 | 525671 | 509518 | 479573 | 459449 | 75858 |
| &nbsp;&nbsp;&nbsp;% of Total | 48.2% | 48.0% | 46.8% | 45.8% | 44.6% | 16.5% |
| Agriculture | 65150 | 60924 | 61443 | 64680 | 64887 | 263 |
| &nbsp;&nbsp;&nbsp;% of Total | 5.9% | 5.6% | 5.6% | 6.2% | 6.3% | 0.4% |
| Residential RE | 309140 | 310126 | 319307 | 308378 | 314010 | (4870) |
| &nbsp;&nbsp;&nbsp;% of Total | 27.8% | 28.3% | 29.3% | 29.5% | 30.5% | -1.6% |
| Consumer & Other | 83367 | 79014 | 72128 | 69340 | 67788 | 15579 |
| &nbsp;&nbsp;&nbsp;% of Total | 7.5% | 7.2% | 6.6% | 6.6% | 6.6% | 23.0% |
| **Total Loans** | $**1110545** | $**1094719** | $**1088274** | $**1046735** | $**1029955** | $**80590** |
| Total Growth Percentage |  |  |  |  |  | 7.8% |

---

**Deposit Balances**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands, except ratios)** |<br>**Sep. 2025** |<br>**Jun. 2025** |<br>**Mar. 2025** |<br>**Dec. 2024** |<br>**Sep. 2024** | **Annual**<br>**Growth** |
| Non-Int DDA | $246725 | $241245 | $240446 | $232155 | $222425 | $24300 |
| &nbsp;&nbsp;&nbsp;% of Total | 19.5% | 19.3% | 18.9% | 20.1% | 19.2% | 10.9% |
| Interest DDA | 194420 | 205581 | 208583 | 201085 | 202097 | (7677) |
| &nbsp;&nbsp;&nbsp;% of Total | 15.4% | 16.4% | 16.4% | 17.4% | 17.4% | -3.8% |
| Savings | 290111 | 282311 | 285902 | 237987 | 241761 | 48350 |
| &nbsp;&nbsp;&nbsp;% of Total | 23.0% | 22.6% | 22.5% | 20.6% | 20.8% | 20.0% |
| Money Market | 261953 | 249536 | 257013 | 222161 | 228182 | 33771 |
| &nbsp;&nbsp;&nbsp;% of Total | 20.7% | 20.0% | 20.2% | 19.3% | 19.7% | 14.8% |
| Time Deposits | 269313 | 271149 | 279276 | 259217 | 265068 | 4245 |
| &nbsp;&nbsp;&nbsp;% of Total | 21.3% | 21.7% | 22.0% | 22.5% | 22.9% | 1.6% |
| **Total Deposits** | $**1262522** | $**1249822** | $**1271220** | $**1152605** | $**1159533** | $**102989** |
| Total Growth Percentage |  |  |  |  |  | 8.9% |

---

**Asset Quality**

As of September 30, 2025, SB Financial continued to focus on strong asset quality metrics. Nonperforming assets totaled $4.9 million, representing 0.32 percent of total assets, a decrease of $665,000 compared to $5.5 million or 0.40 percent of total assets reported in the prior year, and a continued improvement from linked quarter balance of $6.2 million, representing 0.41 percent of total assets.

The allowance for credit losses remained strong at 1.44 percent of total loans, providing 345.4 percent coverage of non-performing loans, a level consistent with the linked quarter and reflective of our conservative approach to risk management. The net loan charge-offs to average loans ratio remained modest at 0 basis points, declining from 2 basis points in the linked quarter and 1 basis point recorded in the prior year. These metrics reflect our continued focus on disciplined credit practices and effective collateral management.

"Our asset quality metrics continue to reflect the strength of our portfolio and disciplined approach to risk management", stated Mr. Klein. "We were especially pleased with the improvement in non-performing loans, which were the result of our determined efforts to resolve several longer-term problem credits. We remain focused on maintaining conservative credit practices while supporting prudent growth and delivering long-term value for our shareholders."

**Nonperforming Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands, except ratios)** |<br>**Sep. 2025** |<br>**Jun. 2025** |<br>**Mar. 2025** |<br>**Dec. 2024** |<br>**Sep. 2024** | **Annual**<br>**Change** |
| Commercial & Agriculture | $2243 | $3274 | $3418 | $2927 | $2899 | $(656) |
| &nbsp;&nbsp;&nbsp;% of Total Com./Ag. loans | 1.23% | 1.82% | 1.82% | 1.55% | 1.54% | -22.6% |
| Commercial RE | 778 | 816 | 798 | 807 | 813 | (35) |
| &nbsp;&nbsp;&nbsp;% of Total CRE loans | 0.15% | 0.16% | 0.16% | 0.17% | 0.18% | -4.3% |
| Residential RE | 1400 | 1577 | 1608 | 1539 | 1536 | (136) |
| &nbsp;&nbsp;&nbsp;% of Total Res. RE loans | 0.45% | 0.51% | 0.50% | 0.50% | 0.49% | -8.9% |
| Consumer & Other | 195 | 205 | 227 | 243 | 270 | (75) |
| &nbsp;&nbsp;&nbsp;% of Total Con./Oth. loans | 0.23% | 0.26% | 0.31% | 0.35% | 0.40% | -27.8% |
| Total Nonaccruing Loans | 4616 | 5872 | 6051 | 5516 | 5518 | (902) |
| &nbsp;&nbsp;&nbsp;% of Total loans | 0.42% | 0.54% | 0.56% | 0.53% | 0.54% | -16.3% |
| Foreclosed Assets and Other Assets | 237 | 284 | 73 |  |  | 237 |
| Total Change (%) |  |  |  |  |  | N/M |
| Total Nonperforming Assets | $4853 | $6156 | $6124 | $5516 | $5518 | $(665) |
| % of Total assets | 0.32% | 0.41% | 0.41% | 0.40% | 0.40% | -12.05% |

---

**Webcast and Conference Call**

The Company will hold the third quarter 2025 earnings conference call and webcast on October 31, 2025, at 11:00 a.m. EDT. 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 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has four loan production offices located throughout the Tri-State region of 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

Mark.Klein@YourStateBank.com

Anthony V. Cosentino

Executive Vice President and

Chief Financial Officer

Tony.Cosentino@YourStateBank.com

**SB FINANCIAL GROUP, INC.**

**CONSOLIDATED BALANCE SHEETS - (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**($ in thousands)** | **September**<br>**2025** | **June**<br>**2025** | **March**<br>**2025** | **December**<br>**2024** | **September**<br>**2024** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $85025 | $79463 | $105145 | $25928 | $49348 |
| &nbsp;&nbsp;&nbsp;Interest bearing time deposits | 2025 | 1565 | 1565 | 1565 | 1706 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities | 193190 | 195955 | 199721 | 201587 | 211511 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 4736 | 12774 | 4286 | 6770 | 8927 |
| &nbsp;&nbsp;&nbsp;Loans, net of unearned income | 1110545 | 1094719 | 1088274 | 1046735 | 1029955 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (15943) | (15645) | (15391) | (15096) | (15278) |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 21764 | 21857 | 21875 | 20456 | 20715 |
| &nbsp;&nbsp;&nbsp;Federal Reserve and FHLB Stock, at cost | 5466 | 5466 | 5340 | 5223 | 5223 |
| &nbsp;&nbsp;&nbsp;Foreclosed assets | 237 | 284 | 73 |  |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 5455 | 5299 | 5072 | 4908 | 4842 |
| &nbsp;&nbsp;&nbsp;Goodwill | 27158 | 27158 | 27158 | 23239 | 23239 |
| &nbsp;&nbsp;&nbsp;Cash value of life insurance | 32004 | 31060 | 30871 | 30685 | 30488 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights | 15347 | 15458 | 14965 | 14868 | 14357 |
| &nbsp;&nbsp;&nbsp;Other assets | 9254 | 10888 | 12048 | 12649 | 8916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1496263 | $1486301 | $1501002 | $1379517 | $1393949 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non interest bearing demand | $246725 | $241245 | $240446 | $232155 | $222425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing demand | 194420 | 205581 | 208583 | 201085 | 202097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 290111 | 282311 | 285902 | 237987 | 241761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 261953 | 249536 | 257013 | 222161 | 228182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 269313 | 271149 | 279276 | 259217 | 265068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1262522 | 1249822 | 1271220 | 1152605 | 1159533 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 10976 | 15640 | 11058 | 10585 | 15240 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 35000 | 35000 | 35000 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp;Trust preferred securities | 10310 | 10310 | 10310 | 10310 | 10310 |
| &nbsp;&nbsp;&nbsp;Subordinated debt net of issuance costs | 19726 | 19715 | 19702 | 19690 | 19678 |
| &nbsp;&nbsp;&nbsp;Interest payable | 2739 | 2258 | 2634 | 2351 | 3374 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 18051 | 19908 | 19552 | 21468 | 17973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1359324 | 1352653 | 1369476 | 1252009 | 1261108 |
| Shareholders' Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 61319 | 61319 | 61319 | 61319 | 61319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 15086 | 15139 | 14955 | 15194 | 15090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 123370 | 120273 | 117397 | 116186 | 113515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (23412) | (25492) | (26872) | (30234) | (24870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (39424) | (37591) | (35273) | (34957) | (32213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 136939 | 133648 | 131526 | 127508 | 132841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1496263 | $1486301 | $1501002 | $1379517 | $1393949 |

---

**SB FINANCIAL GROUP, INC.**

**CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| <br>**($ in thousands, except per share & ratios)** | **September**<br>**2025** | **June**<br>**2025** | **March**<br>**2025** | **December**<br>**2024** | **September**<br>**2024** | **September**<br>**2025** | **September**<br>**2024** |
| Interest income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | $16449 | $16059 | $15244 | $14920 | $14513 | $47752 | $41943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax exempt | 117 | 116 | 115 | 122 | 127 | 348 | 374 |
| &nbsp;&nbsp;&nbsp;Securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 1097 | 1133 | 1169 | 1178 | 1192 | 3399 | 3692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax exempt | 35 | 35 | 38 | 35 | 37 | 108 | 111 |
| &nbsp;&nbsp;&nbsp;Other interest income | 1111 | 1124 | 806 | 592 | 679 | 3041 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 18809 | 18467 | 17372 | 16847 | 16548 | 54648 | 47502 |
| Interest expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 5721 | 5597 | 5352 | 5169 | 5568 | 16670 | 15866 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements & other | 28 | 21 | 24 | 41 | 43 | 73 | 113 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 369 | 366 | 362 | 369 | 369 | 1097 | 1352 |
| &nbsp;&nbsp;&nbsp;Trust preferred securities | 162 | 161 | 160 | 177 | 187 | 483 | 562 |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 195 | 194 | 195 | 194 | 195 | 584 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 6475 | 6339 | 6093 | 5950 | 6362 | 18907 | 18477 |
| **Net interest income** | 12334 | 12128 | 11279 | 10897 | 10186 | 35741 | 29025 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 124 | 597 | 387 | (76 | 200 | 1108 | 200 |
| **Net interest income after provision for loan losses** | 12210 | 11531 | 10892 | 10973 | 9986 | 34633 | 28825 |
| Noninterest income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth management fees | 912 | 859 | 864 | 916 | 882 | 2635 | 2595 |
| &nbsp;&nbsp;&nbsp;Customer service fees | 887 | 886 | 879 | 842 | 870 | 2652 | 2625 |
| &nbsp;&nbsp;&nbsp;Gain on sale of mtg. loans & OMSR | 1328 | 1566 | 849 | 1196 | 1311 | 3743 | 3369 |
| &nbsp;&nbsp;&nbsp;Mortgage loan servicing fees, net | 158 | 594 | 611 | 816 | 39 | 1363 | 1367 |
| &nbsp;&nbsp;&nbsp;Gain on sale of non-mortgage loans | 8 | 82 | 15 | 10 | 20 | 105 | 135 |
| &nbsp;&nbsp;&nbsp;Title insurance revenue | 544 | 582 | 397 | 478 | 485 | 1523 | 1157 |
| &nbsp;&nbsp;&nbsp;Net gain on sales of securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of assets |  |  |  |  | 200 |  | 200 |
| &nbsp;&nbsp;&nbsp;Other | 407 | 479 | 492 | 299 | 316 | 1378 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 4244 | 5048 | 4107 | 4557 | 4123 | 13399 | 12460 |
| Noninterest expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 6198 | 6595 | 6237 | 6185 | 6057 | 19030 | 17418 |
| &nbsp;&nbsp;&nbsp;Net occupancy expense | 801 | 793 | 893 | 702 | 706 | 2487 | 2182 |
| &nbsp;&nbsp;&nbsp;Equipment expense | 1188 | 1121 | 1072 | 1127 | 1069 | 3381 | 3206 |
| &nbsp;&nbsp;&nbsp;Data processing fees | 723 | 888 | 1439 | 821 | 758 | 3050 | 2254 |
| &nbsp;&nbsp;&nbsp;Professional fees | 863 | 892 | 1034 | 895 | 659 | 2789 | 2032 |
| &nbsp;&nbsp;&nbsp;Marketing expense | 174 | 190 | 165 | 207 | 241 | 529 | 614 |
| &nbsp;&nbsp;&nbsp;Telephone and communication expense | 123 | 125 | 139 | 136 | 128 | 387 | 389 |
| &nbsp;&nbsp;&nbsp;Postage and delivery expense | 157 | 107 | 137 | 116 | 145 | 401 | 331 |
| &nbsp;&nbsp;&nbsp;State, local and other taxes | 268 | 268 | 224 | 224 | 208 | 760 | 683 |
| &nbsp;&nbsp;&nbsp;Employee expense | 255 | 176 | 174 | 168 | 228 | 605 | 565 |
| &nbsp;&nbsp;&nbsp;Other expenses | 748 | 697 | 896 | 422 | 804 | 2341 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 11498 | 11852 | 12410 | 11003 | 11003 | 35760 | 31956 |
| **Income before income tax expense** | 4956 | 4727 | 2589 | 4527 | 3106 | 12272 | 9329 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 910 | 875 | 431 | 892 | 752 | 2216 | 1494 |
| **Net income** | $4046 | $3852 | $2158 | $3635 | $2354 | $10056 | $7835 |
| **Common share data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings per common share | $0.64 | $0.60 | $0.33 | $0.55 | $0.35 | $1.57 | $1.17 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per common share | $0.64 | $0.60 | $0.33 | $0.55 | $0.35 | $1.56 | $1.17 |
| **Average shares outstanding (in thousands):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic: | 6297 | 6448 | 6481 | 6575 | 6660 | 6408 | 6689 |
| &nbsp;&nbsp;&nbsp;Diluted: | 6311 | 6459 | 6502 | 6599 | 6675 | 6427 | 6704 |

---

**SB FINANCIAL GROUP, INC.**

**CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| <br>**($ in thousands, except per share & ratios)** | **September**<br>**2025** | **June**<br>**2025** | **March**<br>**2025** | **December**<br>**2024** | **September**<br>**2024** | **September**<br>**2025** | **September**<br>**2024** |
| **SUMMARY OF OPERATIONS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $12334 | $12128 | $11279 | $10897 | $10186 | $35741 | $29025 |
| &nbsp;&nbsp;&nbsp;Tax-equivalent adjustment | 40 | 40 | 41 | 42 | 44 | 121 | 129 |
| &nbsp;&nbsp;&nbsp;Tax-equivalent net interest income | 12374 | 12168 | 11320 | 10939 | 10230 | 35862 | 29154 |
| &nbsp;&nbsp;&nbsp;Provision for credit loss | 124 | 597 | 387 | (76) | 200 | 1108 | 200 |
| &nbsp;&nbsp;&nbsp;Noninterest income | 4244 | 5048 | 4107 | 4557 | 4123 | 13399 | 12460 |
| &nbsp;&nbsp;&nbsp;Total operating revenue | 16578 | 17176 | 15386 | 15454 | 14309 | 49140 | 41485 |
| &nbsp;&nbsp;&nbsp;Noninterest expense | 11498 | 11852 | 12410 | 11003 | 11003 | 35760 | 31956 |
| &nbsp;&nbsp;&nbsp;Pre-tax pre-provision income | 5080 | 5324 | 2976 | 4451 | 3306 | 13380 | 9529 |
| &nbsp;&nbsp;&nbsp;Net income | 4046 | 3852 | 2158 | 3635 | 2354 | 10056 | 7835 |
| **PER SHARE INFORMATION:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic earnings per share (EPS) | 0.64 | 0.60 | 0.33 | 0.55 | 0.35 | 1.57 | 1.17 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.64 | 0.60 | 0.33 | 0.55 | 0.35 | 1.56 | 1.17 |
| &nbsp;&nbsp;&nbsp;Common dividends | 0.150 | 0.150 | 0.145 | 0.145 | 0.140 | 0.445 | 0.415 |
| &nbsp;&nbsp;&nbsp;Book value per common share | 21.85 | 21.02 | 20.29 | 19.64 | 20.05 | 21.85 | 20.05 |
| &nbsp;&nbsp;&nbsp;Tangible book value per common share (TBV) | 17.21 | 16.44 | 15.79 | 16.00 | 16.49 | 17.21 | 16.49 |
| &nbsp;&nbsp;&nbsp;Market price per common share | 19.29 | 19.10 | 20.82 | 20.91 | 20.56 | 19.29 | 20.56 |
| &nbsp;&nbsp;&nbsp;Market price to TBV | 112.1% | 116.2% | 131.8% | 130.7% | 124.7% | 112.1% | 124.7% |
| &nbsp;&nbsp;&nbsp;Market price to trailing 12 month EPS | 9.1 | 10.4 | 12.2 | 12.1 | 11.8 | 9.1 | 11.8 |
| **PERFORMANCE RATIOS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average assets (ROAA) | 1.07% | 1.03% | 0.60% | 1.04% | 0.68% | 0.90% | 0.77% |
| &nbsp;&nbsp;&nbsp;Pre-tax pre-provision ROAA | 1.34% | 1.42% | 0.83% | 1.27% | 0.96% | 1.29% | 1.01% |
| &nbsp;&nbsp;&nbsp;Return on average equity (ROE) | 12.08% | 11.67% | 6.63% | 11.07% | 7.28% | 10.15% | 8.41% |
| &nbsp;&nbsp;&nbsp;Return on average tangible equity | 15.47% | 14.97% | 8.32% | 13.51% | 8.92% | 12.89% | 10.39% |
| &nbsp;&nbsp;&nbsp;Efficiency ratio | 69.00% | 68.90% | 80.00% | 71.09% | 76.78% | 72.41% | 76.91% |
| &nbsp;&nbsp;&nbsp;Earning asset yield | 5.31% | 5.29% | 5.23% | 5.18% | 5.16% | 5.27% | 5.05% |
| &nbsp;&nbsp;&nbsp;Cost of interest bearing liabilities | 2.33% | 2.33% | 2.32% | 2.36% | 2.53% | 2.33% | 2.52% |
| &nbsp;&nbsp;&nbsp;Net interest margin | 3.48% | 3.48% | 3.40% | 3.35% | 3.16% | 3.44% | 3.08% |
| &nbsp;&nbsp;&nbsp;Tax equivalent effect | 0.02% | 0.01% | 0.01% | 0.01% | 0.01% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp;Net interest margin, tax equivalent | 3.50% | 3.49% | 3.41% | 3.36% | 3.17% | 3.46% | 3.10% |
| &nbsp;&nbsp;&nbsp;Non interest income/Average assets | 1.12% | 1.35% | 1.14% | 1.30% | 1.19% | 1.20% | 1.23% |
| &nbsp;&nbsp;&nbsp;Non interest expense/Average assets | 3.04% | 3.17% | 3.45% | 3.14% | 3.18% | 3.21% | 3.16% |
| &nbsp;&nbsp;&nbsp;Net noninterest expense/Average assets | -1.92% | -1.82% | -2.31% | -1.84% | -1.99% | -2.01% | -1.93% |
| **ASSET QUALITY RATIOS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross charge-offs | 11 | 49 | 86 | 195 | 29 | 146 | 95 |
| &nbsp;&nbsp;&nbsp;Recoveries | 9 | 3 | 2 | 13 | 2 | 14 | 27 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | 2 | 46 | 84 | 182 | 27 | 132 | 68 |
| &nbsp;&nbsp;&nbsp;Nonperforming loans/Total loans | 0.42% | 0.54% | 0.56% | 0.53% | 0.54% | 0.42% | 0.54% |
| &nbsp;&nbsp;&nbsp;Nonperforming assets/Loans & OREO | 0.44% | 0.56% | 0.56% | 0.53% | 0.54% | 0.44% | 0.54% |
| &nbsp;&nbsp;&nbsp;Nonperforming assets/Total assets | 0.32% | 0.41% | 0.41% | 0.40% | 0.40% | 0.32% | 0.40% |
| &nbsp;&nbsp;&nbsp;Allowance for credit loss/Nonperforming loans | 345.39% | 266.43% | 254.35% | 273.68% | 276.83% | 345.39% | 276.83% |
| &nbsp;&nbsp;&nbsp;Allowance for credit loss/Total loans | 1.44% | 1.43% | 1.41% | 1.44% | 1.48% | 1.44% | 1.48% |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs/Average loans (ann.) | 0.00% | 0.02% | 0.03% | 0.07% | 0.01% | 0.02% | 0.01% |
| **CAPITAL & LIQUIDITY RATIOS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans/ Deposits | 87.96% | 87.59% | 85.61% | 90.81% | 88.82% | 87.96% | 88.82% |
| &nbsp;&nbsp;&nbsp;Equity/ Assets | 9.15% | 8.99% | 8.76% | 9.24% | 9.53% | 9.15% | 9.53% |
| &nbsp;&nbsp;&nbsp;Tangible equity/Tangible assets | 7.35% | 7.17% | 6.96% | 7.66% | 7.97% | 7.35% | 7.97% |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 ratio (Bank) | 12.33% | 12.53% | 12.35% | 13.43% | 13.19% | 12.33% | 13.19% |
| **END OF PERIOD BALANCES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 1496263 | 1486301 | 1501002 | 1379517 | 1393949 | 1496263 | 1393949 |
| &nbsp;&nbsp;&nbsp;Total loans | 1110545 | 1094719 | 1088274 | 1046735 | 1029955 | 1110545 | 1029955 |
| &nbsp;&nbsp;&nbsp;Deposits | 1262522 | 1249822 | 1271220 | 1152605 | 1159533 | 1262522 | 1159533 |
| &nbsp;&nbsp;&nbsp;Shareholders equity | 136939 | 133648 | 131526 | 127508 | 132841 | 136939 | 132841 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangibles | 29048 | 29107 | 29125 | 23597 | 23613 | 29048 | 23613 |
| &nbsp;&nbsp;&nbsp;Tangible equity | 107891 | 104541 | 102401 | 103911 | 109228 | 107891 | 109228 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing portfolio | 1470360 | 1456374 | 1432184 | 1427318 | 1406273 | 1470360 | 1406273 |
| &nbsp;&nbsp;&nbsp;Wealth/Brokerage assets under care | 563036 | 536836 | 519158 | 547697 | 557724 | 563036 | 557724 |
| &nbsp;&nbsp;&nbsp;Total assets under care | 3529659 | 3479511 | 3452344 | 3354532 | 3357946 | 3529659 | 3357946 |
| &nbsp;&nbsp;&nbsp;Full-time equivalent employees | 253 | 256 | 262 | 252 | 248 | 253 | 248 |
| &nbsp;&nbsp;&nbsp;Period end common shares outstanding | 6268 | 6359 | 6483 | 6494 | 6624 | 6268 | 6624 |
| &nbsp;&nbsp;&nbsp;Market capitalization (all) | 120907 | 121453 | 134982 | 135780 | 136189 | 120907 | 136189 |
| **AVERAGE BALANCES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 1502389 | 1498756 | 1459896 | 1395473 | 1376849 | 1487251 | 1350580 |
| &nbsp;&nbsp;&nbsp;Total earning assets | 1404330 | 1399485 | 1346354 | 1301872 | 1283407 | 1387258 | 1255335 |
| &nbsp;&nbsp;&nbsp;Total loans | 1104175 | 1076328 | 1076328 | 1040580 | 1018262 | 1091670 | 1005577 |
| &nbsp;&nbsp;&nbsp;Deposits | 1270783 | 1270798 | 1227449 | 1163531 | 1145964 | 1256732 | 1119276 |
| &nbsp;&nbsp;&nbsp;Shareholders equity | 132866 | 132353 | 131944 | 130647 | 128608 | 132426 | 124218 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangibles | 29077 | 29116 | 26714 | 23605 | 23621 | 28140 | 23720 |
| &nbsp;&nbsp;&nbsp;Tangible equity | 103789 | 103237 | 105230 | 107042 | 104987 | 104286 | 100498 |
| &nbsp;&nbsp;&nbsp;Average basic shares outstanding | 6297 | 6448 | 6481 | 6575 | 6660 | 6408 | 6689 |
| &nbsp;&nbsp;&nbsp;Average diluted shares outstanding | 6311 | 6459 | 6502 | 6599 | 6675 | 6427 | 6704 |

---

**SB FINANCIAL GROUP, INC.**

**Rate Volume Analysis - (Unaudited)**

**For the Three Months Ended Sep. 30, 2025 and 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> Sep. 30, 2025** | **Three Months Ended <br> Sep. 30, 2025** | **Three Months Ended <br> Sep. 30, 2025** | **Three Months Ended <br> Sep. 30, 2024** | **Three Months Ended <br> Sep. 30, 2024** | **Three Months Ended <br> Sep. 30, 2024** |
| <br>**($ in thousands)** | **Average**<br>**Balance** |<br>**Interest** | **Average**<br>**Rate** | **Average**<br>**Balance** |<br>**Interest** | **Average**<br>**Rate** |
| **Assets** | | | | | | |
| &nbsp;&nbsp;&nbsp;Taxable securities | $193893 | $1097 | 2.24% | $208081 | $1192 | 2.28% |
| &nbsp;&nbsp;&nbsp;Overnight Cash | 100164 | 1111 | 4.40% | 51578 | 679 | 5.24% |
| &nbsp;&nbsp;&nbsp;Nontaxable securities | 6098 | 35 | 2.28% | 6402 | 37 | 2.30% |
| &nbsp;&nbsp;&nbsp;Loans, net | 1104175 | 16566 | 5.95% | 1018262 | 14640 | 5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 1404330 | 18809 | 5.31% | 1284323 | 16548 | 5.13% |
| &nbsp;&nbsp;&nbsp;Cash on hand | 5044 |  |  | 4334 |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (15750) |  |  | (15601) |  |  |
| &nbsp;&nbsp;&nbsp;Premises and equipment | 21854 |  |  | 20820 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 86911 |  |  | 82973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1502389 |  |  | $1376849 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings, MMDA and interest bearing demand | $753639 | $3442 | 1.81% | $659879 | $2969 | 1.79% |
| &nbsp;&nbsp;&nbsp;Time deposits | 267984 | 2279 | 3.37% | 264188 | 2599 | 3.91% |
| &nbsp;&nbsp;&nbsp;Repurchase agreements & other | 14015 | 28 | 0.79% | 16240 | 43 | 1.05% |
| &nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank | 35000 | 369 | 4.18% | 35054 | 369 | 4.19% |
| &nbsp;&nbsp;&nbsp;Trust preferred securities | 10310 | 162 | 6.23% | 10310 | 187 | 7.22% |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 19719 | 195 | 3.92% | 19670 | 195 | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 1100667 | 6475 | 2.33% | 1005341 | 6362 | 2.52% |
| &nbsp;&nbsp;&nbsp;Non interest bearing demand | 249160 | - |  | 221897 | - |  |
| &nbsp;&nbsp;&nbsp;Total funding | 1349827 |  | 1.90% | 1227238 |  | 2.06% |
| &nbsp;&nbsp;&nbsp;Other liabilities | 19696 |  |  | 21003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1369523 |  |  | 1248241 |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 132866 |  |  | 128608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1502389 |  |  | $1376849 |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income |  | $12334 |  |  | $10186 |  |
| &nbsp;&nbsp;&nbsp;Net interest income as a percent of average interest-earning assets - GAAP measure |  |  | **3.48%** |  |  | **3.16%** |
| &nbsp;&nbsp;&nbsp;Net interest income as a percent of average interest-earning assets - non GAAP - Computed on a fully tax equivalent (FTE) basis |  |  | **3.50%** |  |  | **3.17%** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended Sep. 30, 2025** | **Nine Months Ended Sep. 30, 2025** | **Nine Months Ended Sep. 30, 2025** | **Nine Months Ended Sep. 30, 2024** | **Nine Months Ended Sep. 30, 2024** | **Nine Months Ended Sep. 30, 2024** |
|  | **Average**<br>**Balance** |<br>**Interest** | **Average**<br>**Rate** | **Average**<br>**Balance** |<br>**Interest** | **Average**<br>**Rate** |
| **Assets** | | | | | | |
| &nbsp;&nbsp;&nbsp;Taxable securities | $198463 | $3399 | 2.29% | $210992 | $3692 | 2.34% |
| &nbsp;&nbsp;&nbsp;Overnight Cash | 90829 | 3041 | 4.48% | 33855 | 1382 | 5.45% |
| &nbsp;&nbsp;&nbsp;Nontaxable securities | 6296 | 108 | 2.29% | 6423 | 111 | 2.31% |
| &nbsp;&nbsp;&nbsp;Loans, net | 1091670 | 48100 | 5.89% | 1005577 | 42317 | 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 1387258 | 54648 | 5.27% | 1256847 | 47502 | 5.05% |
| &nbsp;&nbsp;&nbsp;Cash on hand | 4880 |  |  | 4431 |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (15492) |  |  | (15693) |  |  |
| &nbsp;&nbsp;&nbsp;Premises and equipment | 21555 |  |  | 21026 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 89050 |  |  | 83969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1487251 |  |  | $1350580 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings, MMDA and interest bearing demand | $734938 | $9624 | 1.75% | $634122 | $8270 | 1.74% |
| &nbsp;&nbsp;&nbsp;Time deposits | 273508 | 7046 | 3.44% | 260061 | 7596 | 3.90% |
| &nbsp;&nbsp;&nbsp;Repurchase agreements & Other | 12549 | 73 | 0.78% | 14708 | 113 | 1.03% |
| &nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank | 35015 | 1097 | 4.19% | 40466 | 1352 | 4.46% |
| &nbsp;&nbsp;&nbsp;Trust preferred securities | 10310 | 483 | 6.26% | 10310 | 562 | 7.28% |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 19707 | 584 | 3.96% | 19658 | 584 | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing liabilities | 1086027 | 18907 | 2.33% | 979325 | 18477 | 2.52% |
| &nbsp;&nbsp;&nbsp;Non interest bearing demand | 248286 |  | 1.89% | 225093 |  | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funding | 1334313 |  |  | 1204418 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 20512 |  |  | 21944 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1354825 |  |  | 1226362 |  |  |
| &nbsp;&nbsp;&nbsp;Equity | 132426 |  |  | 124218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1487251 |  |  | $1350580 |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income |  | $35741 |  |  | $29025 |  |
| &nbsp;&nbsp;&nbsp;Net interest income as a percent of average interest-earning assets - GAAP measure |  |  | **3.44%** |  |  | **3.08%** |
| &nbsp;&nbsp;&nbsp;Net interest income as a percent of average interest-earning assets - non GAAP |  |  | **3.46%** |  |  | **3.10%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Non-GAAP reconciliation**<br>**($ in thousands, except per share & ratios)** | **Sep. 30,<br> 2025** | **Sep. 30,<br> 2024** | **Sep. 30,<br> 2025** | **Sep. 30,<br> 2024** |
| Total Operating Revenue | $16578 | $14309 | $49140 | $41485 |
| Adjustment to (deduct)/add OMSR recapture/impairment \* | 301 | 465 | 131 | 246 |
| Adjusted Total Operating Revenue | 16879 | 14774 | 49271 | 41731 |
| Total Operating Expense | $11498 | $10481 | $35760 | $31956 |
| Adjustment for merger expenses | - | - | (726) | - |
| Adjusted Total Operating Expense | 11498 | 10481 | 35034 | 31956 |
| Income before Income Taxes | 4956 | 3106 | 12272 | 9329 |
| Adjustment for OMSR\*/Merger Expenses | 301 | 465 | 857 | 246 |
| Adjusted Income before Income Taxes | 5257 | 3571 | 13129 | 9575 |
| Provision for Income Taxes | 910 | 752 | 2216 | 1494 |
| Adjustment for OMSR/Merger Expenses \*\* | 63 | 98 | 180 | 52 |
| Adjusted Provision for Income Taxes | 973 | 850 | 2396 | 1546 |
| Net Income | 4046 | 2354 | 10056 | 7835 |
| Adjustment for OMSR\*/Merger Expenses | 238 | 367 | 677 | 194 |
| Adjusted Net Income | 4284 | 2721 | 10733 | 8029 |
| Diluted Earnings per Share | 0.64 | 0.35 | 1.56 | 1.17 |
| Adjustment for OMSR\*/Merger Expenses | 0.04 | 0.06 | 0.11 | 0.03 |
| Adjusted Diluted Earnings per Share | $0.68 | $0.41 | $1.67 | $1.20 |
| Return on Average Assets | 1.07% | 0.68% | 0.90% | 0.77% |
| Adjustment for OMSR\*/Merger Expenses | 0.06% | 0.11% | 0.06% | 0.01% |
| Adjusted Return on Average Assets | 1.13% | 0.79% | 0.96% | 0.79% |

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\* valuation adjustment to the Company's mortgage servicing rights

\*\* tax effect is calculated using a 21% statutory federal corporate income tax rate