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SB Financial Group
(NASDAQ:SBFG)
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Rating:76Outperform
Price Target:
$34.00
▲(22.92% Upside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by improving financial performance (accelerating revenue, stronger profitability, and strong free cash flow) and a constructive earnings outlook highlighting continued loan growth, strong asset quality, and solid capital/liquidity. Technicals add support via an uptrend above key moving averages, while valuation is reasonable (P/E 11.22, ~2.10% yield) but not compelling enough to materially lift the score.
Positive Factors
Loan Growth
Consistent loan expansion demonstrates sustained demand for SBFG’s commercial and consumer banking products. Continued growth can increase recurring interest income, deepen customer relationships, and support operating leverage if credit quality and funding remain well controlled.
Negative Factors
Operating Expense Pressure
Expense growth materially exceeded recent revenue growth, creating pressure on efficiency and near-term margins. Rising personnel, benefit, and technology costs could remain a drag if productivity gains or revenue expansion do not offset the investments and elevated operating base.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan Growth
Consistent loan expansion demonstrates sustained demand for SBFG’s commercial and consumer banking products. Continued growth can increase recurring interest income, deepen customer relationships, and support operating leverage if credit quality and funding remain well controlled.
Read all positive factors
SB Financial Group (SBFG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$186.96M
Dividend Yield2.1%
Average Volume (3M)13.78K
Price to Earnings (P/E)11.2
Beta (1Y)0.33
Revenue Growth9.50%
EPS Growth46.27%
CountryUS
Employees254
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.68
Shares Outstanding6,252,992
10 Day Avg. Volume11,223
30 Day Avg. Volume13,775
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)1.00
Price to Sales (P/S)1.56
P/FCF Ratio6.62
Enterprise Value/Market Cap0.42
Enterprise Value/Revenue0.83
Enterprise Value/Gross Profit1.16
Enterprise Value/Ebitda3.10
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.56
Revenue Forecast (FY)N/A
SB Financial Group Business Overview & Revenue Model
Company Description
SB Financial Group, Inc., based in Defiance, Ohio, was established in 1983 and rebranded from Rurban Financial Corp. in April 2013. The company delivers a comprehensive array of commercial banking and wealth management solutions to both individual...
How the Company Makes Money
SBFG primarily makes money through its banking subsidiary by generating net interest income and noninterest income.
1) Net interest income (core earnings driver): The bank collects interest and fees on loans and other interest-earning assets and ...
SB Financial Group Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was broadly constructive, with sustained loan and revenue growth, stronger net interest margin performance, diversified fee income, robust liquidity, strong capital, and exceptionally low credit losses. These strengths outweighed the year-over-year earnings decline, linked-quarter deposit runoff, mortgage-market constraints, below-expectation SBA production, and elevated operating expenses tied to personnel and technology investments.Positive Updates
Sustained Profitability
Third-quarter net income was $3.9 million with diluted earnings per share of $0.63. SB Financial recorded its 63rd consecutive quarter of profitability.
Negative Updates
Year-Over-Year Earnings Decline
Net income declined to $3.9 million and diluted earnings per share declined to $0.63, compared with $4.0 million and $0.64 per diluted share in the prior-year quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Sustained Profitability
Third-quarter net income was $3.9 million with diluted earnings per share of $0.63. SB Financial recorded its 63rd consecutive quarter of profitability.
Read all positive updates
Company Guidance
Management said it was looking at around 8%, 8.5%, I think, high single digit loan growth in 2027, with a commercial and construction C&D pipeline that could be in the $20 million to $30 million, $40 million net after a few credits exit, while the earlier pipeline was over $53 million plus another $15 million to $25 million; the base model assumes 2 rate increases from now until the end of '27, with the margin ratio probably a couple basis points tick down in Q4, kind of stay flat in Q1 and then accelerate in the midpoints next year, with 3.50% to 3.51% at the upper end; mortgage production is expected at a $50 million to $60 million quarter in Q4, lending the year, call it, 280, with a 10% to 15% increase indicating the low 3s for 2027; normalized 4% to 5% base level of expense growth is expected in 2027, while Q3 was clearly an aberration and technology spending will level out over the next 2 quarters, with a year-over-year expense level and then kind of maybe add a point or two.SB Financial Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 94.86M | 91.03M | 81.37M | 75.87M | 62.80M | 72.60M |
| Gross Profit | 67.53M | 64.25M | 56.81M | 56.68M | 57.63M | 67.53M |
| EBITDA | 25.28M | 21.48M | 17.41M | 18.28M | 19.33M | 28.94M |
| Net Income | 16.76M | 13.97M | 11.47M | 12.10M | 12.52M | 18.28M |
Balance Sheet | ||||||
| Total Assets | 1.62B | 1.55B | 1.38B | 1.34B | 1.34B | 1.33B |
| Cash, Cash Equivalents and Short-Term Investments | 317.18M | 146.21M | 199.25M | 244.21M | 268.73M | 415.41M |
| Total Debt | 59.30M | 63.97M | 65.28M | 116.63M | 94.52M | 40.37M |
| Total Liabilities | 1.47B | 1.40B | 1.25B | 1.22B | 1.22B | 1.19B |
| Stockholders Equity | 146.74M | 141.24M | 127.51M | 124.34M | 118.43M | 144.93M |
Cash Flow | ||||||
| Free Cash Flow | 23.05M | 21.44M | 8.22M | 13.03M | 23.67M | 14.83M |
| Operating Cash Flow | 24.80M | 24.04M | 9.45M | 13.99M | 25.57M | 17.26M |
| Investing Cash Flow | -78.16M | -68.08M | -28.95M | -17.39M | -165.67M | -71.99M |
| Financing Cash Flow | 112.05M | 89.66M | 22.46M | -1.45M | 18.41M | 63.55M |
SB Financial Group Technical Analysis
Positive
27.66
Price Trends
28.80
Positive
26.80
Positive
23.97
Positive
Market Momentum
0.22
Negative
59.31
Neutral
85.10
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBFG, the sentiment is Positive. The current price of 27.66 is below the 20-day moving average (MA) of 29.50, below the 50-day MA of 28.80, and above the 200-day MA of 23.97, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 59.31 is Neutral, neither overbought nor oversold. The STOCH value of 85.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SBFG.
SB Financial Group Risk Analysis
SB Financial Group disclosed 35 risk factors in its most recent earnings report. SB Financial Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SB Financial Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $186.96M | 11.22 | 11.79% | 2.10% | 9.50% | 46.27% | |
76 Outperform | $170.05M | 11.72 | 8.00% | 1.68% | -6.41% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $184.49M | 14.54 | 7.07% | 0.70% | 3.34% | 48.71% | |
45 Neutral | $254.63M | -7.40 | -5.77% | 5.85% | -17.41% | -674.10% | |
44 Neutral | $135.95M | -3.19 | -16.19% | 0.49% | -8.66% | -155.96% |
* Financial Sector Average
SBFG
SB Financial Group
30.22
11.47
61.17%
BCBP
BCB Bancorp
8.59
1.01
13.28%
FGBI
First Guaranty Bancshares
8.44
0.56
7.16%
MNSB
MainStreet Bancshares
24.68
6.37
34.80%
ECBK
ECB Bancorp, Inc.
21.33
5.17
31.99%
BVFL
BV Financial, Inc.
22.57
6.23
38.13%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.