SB Financial Group Inc SBFG

FinancialsBanking ServicesUnited States of America

Last close 31.43 USD on Nov 2, 2026, +44.1% year to date

Quant rating

Quant rating C Rank 465 of 799 in Financials

Growth D 593 of 799
Valuation C 423 of 799
Quality D 715 of 799
Revisions C 461 of 799
Momentum A 7 of 799

Wall Street consensus Hold (3.00)Average target 32.00 USD +1.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 195M
Enterprise value: 129M
52-week range: 18.72 – 32.28
3-year range: 13.00 – 32.28
Dividend yield: 2.14%
Beta (5 years): 0.16
Shares outstanding: 6.2M
Next earnings: Jan 27, 2027

About the company

SB Financial Group, Inc. is a financial services holding company for The State Bank and 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 approximately 25 offices in Ohio counties and two in Northeast, Indiana, and 27 automatic teller machines (ATMs). State Bank offers commercial banking services, including checking accounts, savings accounts, money market accounts and time certificates of deposit, ATMs, agricultural and residential mortgage loans, personal and corporate trust services, commercial leasing, bank credit card services, among others. State Bank has over 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.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	73.9	64.3	58.2	44.6	41.9	–
Revenue growth	14.9%	10.7%	30.5%	6.4%	−1.7%	11.6%
EPS (basic, normalized)	2.28	1.72	1.77	1.78	2.58	–
EPS growth	32.7%	−2.8%	−0.9%	−30.8%	5.7%	−1.4%
Gross margin	–	–	–	–	–	–
Net margin	18.9%	17.8%	20.7%	28.0%	43.6%	25.8%
ROE	–	9.1%	10.2%	12.7%	12.7%	11.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.4%
Long-term debt (mil)	30.1
Net debt (mil)	–
Total equity (mil)	144
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	73.9	+14.9%	1.7x	22.50	+16.6%	1.4x	2.19	+27.3%	14.4x
2026	–	–	–	23.70	+5.3%	1.3x	2.56	+16.9%	12.3x
2027	–	–	–	25.70	+8.4%	1.2x	2.65	+3.5%	11.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	2.56	0.0%	+3.6%	+3.6%
2027	–	–	–	–	2.65	+1.9%	+2.7%	+2.7%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9.2	9.7	10.2	10.9	–	–	–	–	–	–
Sales mean (mil)	9.5	9.4	9.7	9.9	–	–	–	–	–	–
Surprise	−3.4%	+2.8%	+5.0%	+10.1%	–	–	–	–	–	–
EPS reported	0.35	0.47	0.35	0.55	0.33	0.60	0.64	0.63	0.69	0.72
EPS mean	0.30	0.35	0.42	0.41	0.40	0.54	0.62	0.64	0.60	0.69
Surprise	+16.7%	+34.3%	−16.7%	+34.1%	−17.5%	+11.1%	+3.2%	−1.6%	+15.0%	+4.3%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
SBFG SB Financial Group Inc	195M	12.4%	18.9%	1.12x	12.3x	11.9x	1.3x	1.2x
UCB United Community Banks Inc	4.5B	13.5%	23.0%	1.24x	12.4x	10.9x	1.3x	1.2x
CWBC Community West Bancshares	715M	11.5%	20.6%	1.23x	15.9x	8.8x	1.1x	1.0x
PFIS Peoples Financial Services Corp	750M	11.1%	22.8%	1.10x	11.6x	10.3x	1.4x	1.3x
BMRC Bank of Marin Bancorp	474M	12.9%	−23.4%	1.63x	12.6x	12.0x	1.2x	1.1x
BRBS Blue Ridge Bankshares Inc	360M	19.2%	7.8%	1.04x	–	–	–	–
Mean		13.4%	11.6%	1.23x	13.0x	10.8x	1.3x	1.2x
Median		12.7%	19.7%	1.18x	12.4x	10.9x	1.3x	1.2x

Technical analysis

1M+6.9%
3M+20.3%
1Y+65.3%
3Y+160.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SB Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	73.9	64.3	58.2	44.6	41.9	42.6
Total interest expense	25.5	24.4	18.9	5.2	4.0	6.7
Net interest income	48.5	39.9	39.3	39.4	37.9	35.9
Loan loss provision	1.3	0.1	0.3	0	1.1	–
Net interest income after loan loss provision	47.1	39.8	39.0	39.4	36.8	35.9
Non-interest income	17.1	17.0	17.7	18.2	30.7	30.1
Non-interest expense	−47.0	−43.0	−42.0	−42.3	−44.8	−47.6
Net income before taxes	17.3	13.9	14.7	15.3	22.7	18.4
Provision for taxes	3.3	2.4	2.6	2.8	4.4	3.5
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	14.0	11.5	12.1	12.5	18.3	14.9
Extraordinary items	–	–	–	–	–	–
Net income	14.0	11.5	12.1	12.5	18.3	14.9
Basic weighted average shares (mil)	6.4	6.7	6.8	7.0	7.1	7.6
Diluted weighted average shares (mil)	6.4	6.7	6.9	7.0	7.1	7.6
Basic EPS excluding extraordinary items	2.19	1.72	1.77	1.78	2.58	1.96
Basic EPS, normalized	2.28	1.72	1.77	1.78	2.58	2.44

Balance sheet in millions of USD, fiscal years

Balance sheet, SB Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	71.5	25.9	23.0	27.8	150	141
Other earning assets	197	215	231	249	279	168
Net loans	1,164	1,032	984	948	809	860
Property, plant & equipment	21.7	20.5	21.4	22.8	23.2	23.6
Goodwill	27.2	23.2	23.2	23.2	23.2	22.1
Intangibles	17.1	15.2	14.3	14.0	12.6	8.4
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	46.3	47.9	45.9	50.2	34.7	35.2
Total assets	1,545	1,380	1,343	1,336	1,331	1,258
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2.5	2.4	2.4	0.8	0.3	0.6
Total deposits	1,307	1,153	1,070	1,087	1,113	1,049
Other bearing liabilities	35.0	35.0	83.6	60.0	5.5	8.0
Short-term borrowings	9.2	10.6	13.4	14.9	15.3	20.2
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	30.0	30.0	30.0	29.9	29.9	10.3
Minority interest	–	–	–	–	–	–
Other liabilities	20.1	21.5	19.3	24.9	21.9	26.8
Total liabilities	1,404	1,252	1,219	1,217	1,186	1,115
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	61.3	61.3	61.3	61.3	54.5	54.5
Additional paid-in capital	15.2	15.2	15.1	15.1	14.9	14.8
Retained earnings (accumulated deficit)	126	116	108	102	99.7	84.6
Treasury stock	−40.1	−35.0	−30.8	−27.8	−22.3	−13.2
Other equity	−21.5	−30.2	−29.8	−32.1	−1.8	2.2
Total equity	141	128	124	118	145	143
Total liabilities & shareholders' equity	1,545	1,380	1,343	1,336	1,331	1,258

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SB Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	14.0	11.5	12.1	12.5	18.3	14.9
Depreciation, depletion & amortization	4.2	3.6	3.6	4.0	6.2	6.7
Deferred taxes	−0.1	2.0	1.9	2.7	2.3	−2.4
Non-cash items	1.3	1.1	1.1	0.2	−1.8	4.6
Changes in working capital	4.7	−8.7	−4.7	6.1	−7.8	0.1
Cash from operations	24.0	9.5	14.0	25.6	17.3	23.9
Investing activities
Capital expenditures	−2.6	−1.2	−1.0	−1.9	−2.4	−2.0
Other investing cash flows	−65.5	−27.7	−16.4	−164	−69.6	−55.2
Cash from investing	−68.1	−28.9	−17.4	−166	−72.0	−57.2
Financing activities
Financing cash flow items	99.2	31.0	5.6	27.7	56.7	157
Cash dividends paid	−3.8	−3.8	−3.6	−3.4	−3.1	−3.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5.7	−4.8	−3.5	−5.9	10.0	−7.0
Cash from financing	89.7	22.5	−1.5	18.4	63.6	147
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	45.6	3.0	−4.9	−122	8.8	114
Free cash flow	21.4	8.2	13.0	23.7	14.8	21.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.