Form 8-K

8-K — SB FINANCIAL GROUP, INC.

Accession: 0001213900-26-111997

Filed: 2026-10-23

Period: 2026-10-23

CIK: 0000767405

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ea0309498-8k_sbfinancial.htm (Primary)

EX-99.1 — NEWS RELEASE ISSUED BY SB FINANCIAL GROUP, INC. ON OCTOBER 22, 2026, REPORTING FINANCIAL RESULTS FOR THE THIRD QUARTER 2026 (ea030949801ex99-1.htm)

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8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0309498-8k_sbfinancial.htm · Sequence: 1

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0000767405

2026-10-23

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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) October 22, 2026 (October 23, 2026)

SB FINANCIAL GROUP, INC

(Exact

name of registrant as specified in its charter)

Ohio

001-36785

34-1395608

(State or other

jurisdiction

of incorporation)

(Commission

File Number)

(IRS

Employer

Identification

No.)

401 Clinton Street, Defiance, OH

43512

(Address

of principal executive offices)

(Zip

Code)

Registrant’s

telephone number, including area code (419) 783-8950

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 registererd

Common

Shares, No Par Value 6,246,178 Outstanding at October 23, 2026

SBFG

The

NASDAQ Stock Market, 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 ☐

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. ☐

Item

2.02. Results of Operations and Financial Condition.

October 22, 2026, SB Financial Group, Inc. (the “Company”) issued a news release reporting financial results for the third

quarter 2026. A copy of the October 22, 2026 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.

Item

9.01. Financial Statements and Exhibits.

(a)

Not

Applicable

(b)

Not

Applicable

(c)

Not

Applicable

(d)

Exhibits

Exhibit

No.

Description

99.1

News release issued by SB Financial Group, Inc. on October 22, 2026, reporting financial results for the third quarter 2026.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

-1-

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.

FINANCIAL GROUP, INC.

Dated:

October 23, 2026

By:

/s/

Anthony V. Cosentino

Anthony

V. Cosentino

Chief

Financial Officer

-2-

INDEX

TO EXHIBITS

Current

Report on Form 8-K

Dated

October 23, 2026

Financial Group, Inc.

Exhibit

No.

Description

99.1

News release issued by SB Financial Group, Inc. on October 22, 2026, reporting financial results for the third quarter 2026.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

-3-

EX-99.1 — NEWS RELEASE ISSUED BY SB FINANCIAL GROUP, INC. ON OCTOBER 22, 2026, REPORTING FINANCIAL RESULTS FOR THE THIRD QUARTER 2026

EX-99.1

Filename: ea030949801ex99-1.htm · Sequence: 2

Exhibit

99.1

Financial Group Announces Third Quarter 2026 Results

DEFIANCE,

OH, October 22, 2026 -- SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”),

a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client

and title insurance services today reported earnings for the quarter ended September 30, 2026.

Third

Quarter 2026 Highlights compared to the third quarter of the prior year and linked quarter include:

● GAAP

net income and Diluted Earnings per Share (“DEPS”) were $3.9 million, or $0.63

per DEPS, a slight decline from the $4.0 million, or $0.64 per DEPS in the prior-year quarter.

● Total

loans reached $1.22 billion, reflecting an increase of $108.2 million, or 9.7 percent, from

the prior-year quarter and an improvement of $29.2 million, or 2.5 percent, from the linked

quarter. The performance this quarter marks SBFG’s tenth consecutive quarter of expansion

in our loan portfolio.

● Total

deposits climbed to $1.38 billion, increasing by $120.3 million, or 9.5 percent, from the

prior year quarter, and down $8.3 million, or 0.6 percent, from the linked quarter.

● Tangible

book value (“TBV”) per common share finished the quarter at $18.65, climbing

$1.44 per share, or 8.3 percent, from $17.21 in the prior-year quarter. Adjusted tangible

book value excluding AOCI advanced to $23.03 at quarter end.

Nine

months ended September 30, 2026 Highlights compared to the same period of the prior-year:

● GAAP

net income increased to $12.7 million, a 26.7 percent expansion compared to $10.1 million

reported for the previous nine months, and diluted EPS was $2.04, an improvement of 31.1

percent from $1.56, same period last year.

● Net

interest income rose to $39.1 million, representing a 9.4 percent improvement from the $35.7

million reported in the prior-year period.

● Noninterest

income increased by 7.1 percent to $14.4 million compared to $13.4 million reported in the

previous nine months.

● Noninterest

expense expanded, increasing by 4.1 percent to $37.2 million from $35.8 million in the prior-year

period. YTD operating leverage was strong at 1.7 times.

Earnings Highlights

Three Months Ended

Nine Months Ended

($ in thousands, except per share & ratios)

Sep. 2026

Sep. 2025

% Change

Sep. 2026

Sep. 2025

% Change

Operating revenue

$ 18,075

$ 16,578

9.0 %

$ 53,440

$ 49,140

8.8 %

Interest income

20,526

18,809

9.1 %

59,653

54,648

9.2 %

Interest expense

7,102

6,475

9.7 %

20,563

18,907

8.8 %

Net interest income

13,424

12,334

8.8 %

39,090

35,741

9.4 %

Provision for credit losses

127

124

-2.4 %

640

1,108

-42.2 %

Noninterest income

4,651

4,244

9.6 %

14,350

13,399

7.1 %

Noninterest expense

13,157

11,498

14.4 %

37,223

35,760

4.1 %

Net income

3,946

4,046

-2.5 %

12,739

10,056

26.7 %

Adjusted Earnings per diluted share

0.63

0.68

-7.4 %

1.99

1.67

19.2 %

Earnings per diluted share

0.63

0.64

-1.6 %

2.04

1.56

30.8 %

Adjusted Return on Avg. Assets

0.95 %

1.13 %

-15.9 %

1.03 %

0.96 %

7.3 %

Return on average assets

0.96 %

1.07 %

-10.3 %

1.06 %

0.90 %

17.8 %

Adjusted Return on Avg. Equity

10.44 %

12.79 %

-18.4 %

11.34 %

10.84 %

4.6 %

Return on average equity

10.53 %

12.08 %

-12.8 %

11.62 %

10.15 %

14.5 %

“Net

income for the third quarter of 2026 was stable at $3.9 million, a 2.5 percent decrease from the prior-year quarter, with GAAP DEPS of

$0.63, a decrease of 1.6 percent,” said Mark A. Klein, Chairman, President, and Chief Executive Officer. While our bottom-line

results were slightly lower compared to the prior year, this marks our 63rd consecutive quarter of profitability. Our performance this

quarter reflects the continued resilience of our core community banking operations—highlighted by our tenth consecutive quarter

of loan growth—and dynamic contributions from our fee-based business lines, which helped mitigate the impact of elevated operating

expenses and broader economic pressures.

RESULTS

OF OPERATIONS

Total

operating revenue for the third quarter of 2026 was $18.1 million, an increase of 9.0 percent year-over-year and slightly improved from

the linked quarter. This revenue growth was primarily driven by steady gains in our loan portfolio and resilience in noninterest income

categories. Net interest income was $13.4 million for the third quarter of 2026, an increase from $12.3 million in the third quarter

of 2025 and $13.0 million in the second quarter of 2026. Total interest income rose to $20.5 million, propelled by robust loan volume

and repricing dynamics. Total interest expense was $7.1 million, a 9.7 percent increase from the prior-year period as deposit costs adjusted

to the current rate environment. As a result, net interest margin was 3.50 percent, expanding 2 basis points from the third quarter of

2025.

Total

loans increased $108.2 million, or 9.7 percent, from the prior-year quarter and $29.2 million, or 2.5 percent, from the linked quarter.

Total deposits at quarter end expanded $120.3 million, or 9.5 percent, year-over-year to $1.38 billion, anchored by durable core customer

relationships and ongoing deposit gathering initiatives across our footprint, despite a minor linked-quarter decrease of $8.3 million.

Overall quarterly performance demonstrated disciplined balance sheet management, robust credit quality, and the strategic resilience

of our diversified revenue streams.

Mortgage

Loan Business

Net

mortgage banking revenue for the quarter reached $1.8 million, an increase of $293,000 from the prior-year quarter. Loan servicing fees

added $946,000 for the quarter, an increase from the prior-year period. The OMSR valuation adjustment for the third quarter of 2026 was

a recapture of $43,000, compared to a negative adjustment of $301,000 in the third quarter of 2025.

Mortgage Banking

($ in thousands)

Sep. 2026

Jun. 2026

Mar. 2026

Dec. 2025

Sep. 2025

Prior Year

Growth

Mortgage originations

$ 77,678

$ 79,346

$ 65,768

$ 72,398

$ 67,609

$ 10,069

Mortgage sales

66,529

70,253

53,420

70,361

66,408

121

Mortgage servicing portfolio

1,517,593

1,504,657

1,482,052

1,479,982

1,470,360

47,233

Mortgage servicing rights

16,204

15,953

15,728

15,254

15,347

857

Revenue

Loan servicing fees

946

934

928

914

OMSR amortization

(472 )

(497 )

(529 )

(572 )

(455 )

(17 )

Net administrative fees

474

437

399

356

459

OMSR valuation adjustment

(54 )

452

(157 )

(301 )

344

Net loan servicing fees

517

383

851

199

158

359

Gain on sale of mortgages

1,262

1,541

978

1,272

1,328

(66 )

Mortgage banking revenue, net

$ 1,779

$ 1,924

$ 1,829

$ 1,471

$ 1,486

$ 293

Noninterest

Income and Noninterest Expense

Total

noninterest income for the third quarter of 2026 was $4.7 million, up 9.6 percent from the $4.2 million reported in the third quarter

of 2025. The year-over-year expansion was driven primarily by higher net mortgage banking revenue, supported by increased loan servicing

fees of $946,000 and a positive OMSR valuation recapture, alongside steady, consistent contributions from our Wealth Management and Title

Insurance divisions. “The resilience of our fee based revenue stream validates our diversified business model, as cross-functional

referral strategies continue to anchor our above median level of growth,” Klein noted.

Noninterest Income/Noninterest Expense

($ in thousands, except ratios)

Sep. 2026

Jun. 2026

Mar. 2026

Dec. 2025

Sep. 2025

Prior Year Growth

Noninterest Income (NII)

$ 4,651

$ 4,987

$ 4,712

$ 3,708

$ 4,244

$ 407

NII / Total Revenue

25.7 %

27.8 %

27.0 %

22.6 %

25.6 %

0.1 %

NII / Average Assets

1.1 %

1.2 %

1.0 %

1.1 %

0.0 %

Total Revenue Growth

9.0 %

4.5 %

13.3 %

6.3 %

15.9 %

-6.9 %

Noninterest Expense (NIE)

$ 13,157

$ 12,137

$ 11,929

$ 11,239

$ 11,498

$ 1,659

Efficiency Ratio

72.5 %

67.3 %

68.1 %

69.0 %

3.5 %

NIE / Average Assets

3.2 %

3.0 %

3.1 %

2.9 %

3.0 %

0.2 %

Net Noninterest Expense/Avg. Assets

-2.1 %

-1.8 %

-1.9 %

-0.2 %

Total Expense Growth

14.4 %

2.4 %

-3.9 %

2.1 %

4.5 %

9.9 %

Noninterest

expense for the third quarter of 2026 increased 14.4 percent to $13.2 million from $11.5 million in the prior-year quarter, driven by

an increase of $1.14 million in salaries and employee benefits, which totaled $7.3 million, reflecting higher incentive costs and medical

expenses. Data processing fees for the quarter stood at $1.12 million compared to $723,000 in the prior-year quarter, while marketing

expenses increased to $358,000 from $174,000 in 3Q25. Both of these categories reflect higher costs related to several pending client

and product conversions. These increases were partially offset by disciplined reductions in other expenses, which declined $95,000, and

employee expenses, which decreased $41,000 from the prior-year period. “Our core efficiency ratio for the third quarter of 2026

was 72.46 percent, compared to 69.00 percent in the third quarter of 2025 and 67.32 percent in the linked quarter,” stated Mr.

Klein. “While overhead was elevated this quarter, our fundamental focus on positive operating leverage and disciplined expense

management remains a vital pillar as we proactively fund expansion across our growth markets.”

Balance

Sheet

of September 30, 2026, SB Financial reported total assets of $1.61 billion, representing an increase of $69.1 million from December 31,

2025, and $118.2 million, or 7.9 percent, from September 30, 2025. The year-over-year asset growth was primarily driven by steady organic

loan generation across our commercial and real estate lines. Cash and due from banks increased by $17.4 million from the prior-year period

to $102.4 million, normalizing during the quarter as funds were strategically deployed into the loan portfolio. Key balance-sheet metrics

for the quarter included a loan-to-deposit ratio of 88.1 percent and a loan-to-asset ratio of 75.5 percent, both of which remained well-aligned

with our target operating bands.

Total

deposits at quarter end reached $1.38 billion, an increase of $120.3 million, or 9.5 percent, from the prior-year quarter, supported

by a competitive community banking footprint and durable client retention efforts. Noninterest-bearing demand deposits totaled $270.0

million, accounting for 19.5 percent of the total deposit portfolio. Shareholders’ equity finished the period at $144.3 million,

representing an increase of $7.4 million, or 5.4 percent from the prior-year period, providing a solid foundation for ongoing organic

loan growth initiatives.

During

the third quarter of 2026, SB Financial repurchased approximately 6,700 shares of its common stock, reflecting a measured approach to

capital allocation and ongoing evaluation of corporate priorities during the period. The Company remains committed to a prudent capital

allocation strategy, supporting shareholder returns through dividends and share buybacks while preserving the financial flexibility to

fund organic expansion, strategic initiatives, and capital stability.

“In

summary, as we enter the final quarter of 2026, SB Financial continues to operate from a position of fundamental strength, anchored by

robust capital levels, exceptional credit quality, and a durable core deposit franchise,” stated Mr. Klein. “Achieving our

tenth consecutive quarter of loan expansion demonstrates the strength of our relationship-based community banking model and localized

lending expertise. Meanwhile, our nonperforming assets remain near historic lows at 0.27 percent of total assets, backed by strong reserve

coverage that reflects our unyielding commitment to disciplined credit administration. Positioned with a resilient deposit base, growing

fee-generating business lines, and careful overhead control, we remain focused on finishing 2026 with strong momentum and driving long-term

value for our shareholders.”

Loan Balances

($ in thousands, except ratios)

Sep. 2026

Jun. 2026

Mar. 2026

Dec. 2025

Sep. 2025

Annual

Growth

Commercial

$ 106,915

$ 111,128

$ 112,226

$ 113,878

$ 117,581

$ (10,666 )

% of Total

8.8 %

9.3 %

9.5 %

9.6 %

10.6 %

-9.1 %

Commercial RE

640,127

611,274

601,556

596,983

535,307

104,820

% of Total

52.5 %

51.4 %

50.9 %

50.6 %

48.2 %

19.6 %

Agriculture

83,804

81,341

78,569

76,514

65,150

18,654

% of Total

6.9 %

6.8 %

6.7 %

6.5 %

5.9 %

28.6 %

Residential RE

294,321

295,481

299,741

304,741

309,140

(14,819 )

% of Total

24.1 %

24.8 %

25.4 %

25.8 %

27.8 %

-4.8 %

Consumer & Other

93,622

90,335

89,043

88,475

83,367

10,255

% of Total

7.7 %

7.6 %

7.5 %

12.3 %

Total Loans

$ 1,218,789

$ 1,189,559

$ 1,181,135

$ 1,180,591

$ 1,110,545

$ 108,244

Total Growth Percentage

9.7 %

Deposit Balances

($ in thousands, except ratios)

Sep. 2026

Jun. 2026

Mar. 2026

Dec. 2025

Sep. 2025

Annual

Growth

Non-Int DDA

$ 270,029

$ 258,576

$ 248,239

$ 254,063

$ 246,725

$ 23,304

% of Total

19.5 %

18.6 %

18.1 %

19.4 %

19.5 %

9.4 %

Interest DDA

205,459

206,593

215,594

202,501

194,420

11,039

% of Total

14.9 %

15.7 %

15.5 %

15.4 %

5.7 %

Savings

312,212

325,675

333,662

296,484

290,111

22,101

% of Total

22.6 %

23.4 %

24.3 %

22.7 %

23.0 %

7.6 %

Money Market

322,395

315,363

300,028

280,896

261,953

60,442

% of Total

23.3 %

22.7 %

21.9 %

21.5 %

20.7 %

23.1 %

Time Deposits

272,769

284,940

274,300

273,300

269,313

3,456

% of Total

19.7 %

20.5 %

20.0 %

20.9 %

21.3 %

1.3 %

Total Deposits

$ 1,382,864

$ 1,391,147

$ 1,371,823

$ 1,307,244

$ 1,262,522

$ 120,342

Total Growth Percentage

9.5 %

Asset Quality

As of September 30, 2026, SB Financial continued

to focus on maintaining strong asset quality metrics. Nonperforming assets totaled $4.3 million, representing 0.27 percent of total assets,

an improvement of $574,000 compared to $4.9 million, or 0.32 percent of total assets, in the prior-year quarter, and relatively stable

compared to the linked-quarter balance of $4.4 million, or 0.27 percent of total assets. Total nonaccruing loans declined significantly

to $3.2 million from $4.6 million in the prior-year period, while foreclosed properties and repossessed assets stood at $1.1 million.

The allowance for credit losses remained strong

at 1.34 percent of total loans, providing 508.9 percent coverage of nonperforming loans—a substantial increase from 345.4 percent

in 3Q25 and consistent with 470.3 percent in the linked quarter, reflecting a conservative approach to risk management. Annualized net

loan charge-offs to average loans remained exceptionally modest at less than 1 basis point, improving from 6 basis points in the linked

quarter and comparable to less than 1 basis point in the prior year quarter, with net charge-offs totaling $17,000.

“Our asset quality metrics embody our commitment

to disciplined risk management within a dynamic economic environment,” stated Mr. Klein. “With nonperforming assets down

year-over-year and our allowance providing over 500 percent coverage of nonperforming loans, our reserve position underscores the inherent

quality of our loan portfolio and the strength of our client relationships. We remain dedicated to balancing our conservative credit

discipline with proactive support for high-quality loan growth across all nine of our major markets.”

Nonperforming Assets

Annual

($ in thousands, except ratios)

Sep. 2026

Jun. 2026

Mar. 2026

Dec. 2025

Sep. 2025

Change

Commercial & Agriculture

$ 1,054

$ 1,304

$ 1,359

$ 2,256

$ 2,243

$ (1,189 )

% of Total Com./Ag. loans

0.55 %

0.68 %

0.71 %

1.18 %

1.23 %

-53.0 %

Commercial RE

195

339

668

771

778

(583 )

% of Total CRE loans

0.03 %

0.06 %

0.11 %

0.13 %

0.15 %

-74.9 %

Residential RE

1,493

1,476

1,439

1,322

1,400

% of Total Res. RE loans

0.51 %

0.50 %

0.48 %

0.43 %

0.45 %

6.6 %

Consumer & Other

476

367

233

230

195

281

% of Total Con./Oth. loans

0.51 %

0.41 %

0.26 %

0.23 %

144.1 %

Total Nonaccruing Loans

3,218

3,486

3,699

4,579

4,616

(1,398 )

% of Total loans

0.26 %

0.29 %

0.31 %

0.39 %

0.42 %

-30.3 %

Foreclosed Assets and Other Assets

1,061

936

974

104

237

824

Total Change (%)

N/M

Total Nonperforming Assets

$ 4,279

$ 4,422

$ 4,673

$ 4,683

$ 4,853

$ (574 )

% of Total assets

0.27 %

0.29 %

0.30 %

0.32 %

-11.83 %

Webcast and Conference Call

The Company will hold the third quarter 2026 earnings

conference call and webcast on October 22, 2026, at 3:30 p.m. EST. Interested parties may access the conference call by dialing 1-888-338-9469.

The webcast can be accessed at ir.yourstatebank.com. An audio

replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial

is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title

(Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management,

private client services, mortgage banking and commercial and agricultural lending, operating through a total of 27 offices: 25 in eleven

Ohio counties and two in Northeast, Indiana, and 27 ATMs. State Bank has four Residential loan production offices located throughout Ohio

and Indiana. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common

stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which

are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform

Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted

by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in

the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries

operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in

interest rates, demand for loans in the market areas in which 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

FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS -

(Unaudited)

September

June

March

December

September

($ in thousands)

2026

2025

ASSETS

Cash and due from banks

$ 102,427

$ 138,152

$ 126,293

$ 71,543

$ 85,025

Interest bearing time deposits

1,715

2,455

1,965

1,140

2,025

Available-for-sale securities

177,767

179,026

183,626

188,626

193,190

Loans held for sale

5,391

7,438

7,203

1,761

4,736

Loans, net of unearned income

1,218,789

1,189,559

1,181,135

1,180,591

1,110,545

Allowance for credit losses

(16,377 )

(16,395 )

(16,388 )

(16,114 )

(15,943 )

Premises and equipment, net

20,775

21,088

21,295

21,688

21,764

Federal Reserve and FHLB Stock, at cost

5,674

5,502

5,463

5,610

5,466

Foreclosed assets

1,061

936

974

104

237

Interest receivable

5,989

5,455

5,499

5,490

5,455

Goodwill

27,158

Cash value of life insurance

32,469

32,354

32,401

32,208

32,004

Mortgage servicing rights

16,204

15,953

15,728

15,254

15,347

Other assets

15,449

11,383

12,246

10,308

9,254

Total assets

$ 1,614,491

$ 1,620,064

$ 1,604,598

$ 1,545,367

$ 1,496,263

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Non interest bearing demand

$ 270,029

$ 258,576

$ 248,239

$ 254,063

$ 246,725

Interest bearing demand

205,459

206,593

215,594

202,501

194,420

Savings

312,212

325,675

333,662

296,484

290,111

Money market

322,395

315,363

300,028

280,896

261,953

Time deposits

272,769

284,940

274,300

273,300

269,313

Total deposits

1,382,864

1,391,147

1,371,823

1,307,244

1,262,522

Short-term borrowings

6,285

6,732

9,433

9,230

10,976

Federal Home Loan Bank advances

22,500

27,500

35,000

Trust preferred securities

10,310

Subordinated debt net of issuance costs

19,775

19,763

19,751

19,739

19,726

Interest payable

2,572

2,470

2,553

2,460

2,739

Other liabilities

25,841

20,402

19,573

20,148

18,051

Total liabilities

1,470,147

1,473,324

1,460,943

1,404,131

1,359,324

Shareholders' Equity

Common stock

61,319

Additional paid-in capital

15,178

15,275

15,065

15,160

15,086

Retained earnings

136,071

133,125

129,631

126,311

123,370

Accumulated other comprehensive loss

(27,138 )

(21,854 )

(21,861 )

(21,481 )

(23,412 )

Treasury stock

(41,086 )

(41,125 )

(40,499 )

(40,073 )

(39,424 )

Total shareholders' equity

144,344

146,740

143,655

141,236

136,939

Total liabilities and shareholders' equity

$ 1,614,491

$ 1,620,064

$ 1,604,598

$ 1,545,367

$ 1,496,263

SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)

($ in thousands, except per share & ratios)

At and for the Three Months Ended

Nine Months Ended

September

June

March

December

September

2026

2025

2026

2025

Interest income

Loans

Taxable

$ 18,244

$ 17,498

$ 17,246

$ 17,234

$ 16,449

$ 52,988

$ 47,752

Tax exempt

107

117

294

348

Securities

Taxable

1,004

1,006

1,029

1,096

1,097

3,039

3,399

Tax exempt

108

Other interest income

1,145

1,182

897

799

1,111

3,224

3,041

Total interest income

20,526

19,820

19,307

19,272

18,809

59,653

54,648

Interest expense

Deposits

6,369

6,237

5,957

5,820

5,721

18,563

16,670

Repurchase agreements & other

Federal Home Loan Bank advances

230

234

285

370

369

749

1,097

Trust preferred securities

146

145

144

154

162

435

483

Subordinated debt

351

243

195

194

195

789

584

Total interest expense

7,102

6,866

6,595

6,560

6,475

20,563

18,907

Net interest income

13,424

12,954

12,712

12,334

39,090

35,741

Provision for credit losses

127

299

214

198

124

640

1,108

Net interest income after provision for credit losses

13,297

12,655

12,498

12,514

12,210

38,450

34,633

Noninterest income

Wealth management fees

954

955

941

900

912

2,850

2,635

Customer service fees

932

917

910

892

887

2,759

2,652

Gain on sale of mtg. loans & OMSR

1,262

1,541

978

1,272

1,328

3,781

3,743

Mortgage loan servicing fees, net

517

383

851

199

158

1,751

1,363

Gain on sale of non-mortgage loans

144

235

105

Title insurance revenue

514

577

485

525

544

1,576

1,523

Gain (loss) on sale of assets

(32 )

(9 )

(33 )

Other

475

561

395

(118 )

407

1,431

1,378

Total noninterest income

4,651

4,987

4,712

3,708

4,244

14,350

13,399

Noninterest expense

Salaries and employee benefits

7,339

7,005

6,096

6,047

6,198

20,440

19,030

Net occupancy expense

831

802

882

822

801

2,515

2,487

Equipment expense

1,205

1,226

1,244

1,154

1,188

3,675

3,381

Data processing fees

1,124

693

726

790

723

2,543

3,050

Professional fees

854

844

1,016

805

863

2,714

2,789

Marketing expense

358

255

277

122

174

890

529

Telephone and communication expense

119

126

118

124

123

363

387

Postage and delivery expense

149

146

187

140

157

482

401

State, local and other taxes

311

221

288

331

268

820

760

Employee expense

214

177

184

158

255

575

605

Other expenses

653

642

911

746

748

2,206

2,341

Total noninterest expense

13,157

12,137

11,929

11,239

11,498

37,223

35,760

Income before income tax expense

4,791

5,505

5,281

4,983

4,956

15,577

12,272

Income tax expense

845

1,008

985

1,065

910

2,838

2,216

Net income

$ 3,946

$ 4,497

$ 4,296

$ 3,918

$ 4,046

$ 12,739

$ 10,056

Common share data:

Basic earnings per common share

$ 0.64

$ 0.72

$ 0.69

$ 0.63

$ 0.64

$ 2.05

$ 1.57

Diluted earnings per common share

$ 0.63

$ 0.72

$ 0.69

$ 0.63

$ 0.64

$ 2.04

$ 1.56

Average shares outstanding (in thousands):

Basic:

6,194

6,205

6,230

6,252

6,297

6,210

6,408

Diluted:

6,218

6,220

6,243

6,266

6,311

6,230

6,427

SB FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

- (Unaudited)

($ in thousands, except per share & ratios)

At and for the Three Months Ended

Nine Months Ended

September

June

March

December

September

2026

2025

2026

2025

SUMMARY OF OPERATIONS

Net interest income

$ 13,424

$ 12,954

$ 12,712

$ 12,334

$ 39,090

$ 35,741

Tax-equivalent adjustment

107

121

Tax-equivalent net interest income

13,459

12,990

12,748

12,750

12,374

39,197

35,862

Provision for credit loss

127

299

214

198

124

640

1,108

Noninterest income

4,651

4,987

4,712

3,708

4,244

14,350

13,399

Total operating revenue

18,075

17,941

17,424

16,420

16,578

53,440

49,140

Noninterest expense

13,157

12,137

11,929

11,239

11,498

37,223

35,760

Pre-tax pre-provision income

4,918

5,804

5,495

5,181

5,080

16,217

13,380

Net income

3,946

4,497

4,296

3,918

4,046

12,739

10,056

PER SHARE INFORMATION:

Basic earnings per share (EPS)

0.64

0.72

0.69

0.63

0.64

2.05

1.57

Diluted earnings per share

0.63

0.72

0.69

0.63

0.64

2.04

1.56

Common dividends

0.160

0.155

0.150

0.475

0.450

Book value per common share

23.30

23.70

23.10

22.65

21.85

23.30

21.85

Tangible book value per common share (TBV)

18.65

19.04

18.45

18.00

17.21

18.65

17.21

Market price per common share

28.61

25.27

21.00

22.27

19.29

28.61

19.29

Market price to TBV

153.4 %

132.7 %

113.8 %

123.7 %

112.1 %

153.4 %

112.1 %

Market price to trailing 12 month EPS

10.7

9.4

8.2

10.1

9.1

10.7

9.1

PERFORMANCE RATIOS:

Return on average assets (ROAA)

0.96 %

1.12 %

1.10 %

1.01 %

1.07 %

1.06 %

0.90 %

Pre-tax pre-provision ROAA

1.20 %

1.45 %

1.41 %

1.34 %

1.44 %

1.29 %

Return on average equity (ROE)

10.34 %

12.44 %

12.04 %

11.08 %

12.08 %

11.51 %

10.15 %

Return on average tangible equity

12.77 %

15.53 %

15.06 %

13.97 %

15.47 %

14.31 %

12.89 %

Efficiency ratio

72.46 %

67.32 %

68.12 %

68.09 %

69.00 %

69.32 %

72.41 %

Earning asset yield

5.35 %

5.20 %

5.29 %

5.32 %

5.31 %

5.27 %

Cost of interest bearing liabilities

2.38 %

2.31 %

2.34 %

2.33 %

2.35 %

2.33 %

Net interest margin

3.50 %

3.43 %

3.48 %

3.51 %

3.48 %

3.47 %

3.44 %

Tax equivalent effect

0.01 %

0.02 %

Net interest margin, tax equivalent

3.51 %

3.44 %

3.49 %

3.52 %

3.50 %

3.49 %

3.46 %

Non interest income/Average assets

1.13 %

1.24 %

1.21 %

0.96 %

1.12 %

1.19 %

1.20 %

Non interest expense/Average assets

3.21 %

3.03 %

3.06 %

2.90 %

3.04 %

3.10 %

3.21 %

Net noninterest expense/Average assets

-2.07 %

-1.78 %

-1.85 %

-1.94 %

-1.92 %

-1.90 %

-2.01 %

ASSET QUALITY RATIOS:

Gross charge-offs

133

196

133

362

146

Recoveries

116

126

Net charge-offs

193

130

236

132

Nonperforming loans/Total loans

0.26 %

0.29 %

0.31 %

0.39 %

0.42 %

0.26 %

0.42 %

Nonperforming assets/Loans & OREO

0.35 %

0.37 %

0.40 %

0.44 %

0.35 %

0.44 %

Nonperforming assets/Total assets

0.27 %

0.29 %

0.30 %

0.32 %

0.27 %

0.32 %

Allowance for credit loss/Nonperforming loans

508.92 %

470.31 %

443.04 %

351.91 %

345.39 %

508.92 %

345.39 %

Allowance for credit loss/Total loans

1.34 %

1.38 %

1.39 %

1.36 %

1.44 %

1.34 %

1.44 %

Net loan charge-offs/Average loans (ann.)

0.01 %

0.06 %

0.01 %

0.04 %

0.00 %

0.03 %

0.02 %

CAPITAL & LIQUIDITY RATIOS:

Loans/ Deposits

88.14 %

85.51 %

86.10 %

90.31 %

87.96 %

88.14 %

87.96 %

Equity/ Assets

8.94 %

9.06 %

8.95 %

9.14 %

9.15 %

8.94 %

9.15 %

Tangible equity/Tangible assets

7.29 %

7.41 %

7.28 %

7.40 %

7.35 %

7.29 %

7.35 %

Common equity tier 1 ratio (Bank)

12.09 %

12.37 %

12.11 %

11.78 %

12.48 %

12.09 %

12.48 %

END OF PERIOD BALANCES

Total assets

1,614,491

1,620,064

1,604,598

1,545,367

1,496,263

1,614,491

1,496,263

Total loans

1,218,789

1,189,559

1,181,135

1,180,591

1,110,545

1,218,789

1,110,545

Deposits

1,382,864

1,391,147

1,371,823

1,307,244

1,262,522

1,382,864

1,262,522

Shareholders equity

144,344

146,740

143,655

141,236

136,939

144,344

136,939

Goodwill and intangibles

28,811

28,870

28,929

28,989

29,048

28,811

29,048

Tangible equity

115,533

117,870

114,726

112,247

107,891

115,533

107,891

Mortgage servicing portfolio

1,517,593

1,504,657

1,482,052

1,479,982

1,470,360

1,517,593

1,470,360

Wealth/Brokerage assets under care

578,292

585,919

556,930

566,004

563,036

578,292

563,036

Total assets under care

3,710,376

3,710,640

3,643,580

3,591,353

3,529,659

3,710,376

3,529,659

Full-time equivalent employees

266

258

252

253

266

253

Period end common shares outstanding

6,196

6,191

6,219

6,236

6,268

6,196

6,268

Market capitalization (all)

177,274

156,436

130,597

138,883

120,907

177,274

120,907

AVERAGE BALANCES

Total assets

1,628,195

1,608,355

1,579,781

1,536,215

1,502,389

1,606,315

1,487,251

Total earning assets

1,521,057

1,479,667

1,436,207

1,404,330

1,502,326

1,387,258

Total loans

1,217,995

1,193,207

1,186,225

1,158,567

1,104,175

1,199,258

1,091,670

Deposits

1,393,085

1,381,439

1,347,351

1,299,512

1,270,783

1,373,977

1,256,732

Shareholders equity

151,417

145,034

144,659

140,315

132,866

147,936

132,426

Goodwill and intangibles

28,840

28,899

28,959

29,027

29,077

28,899

28,140

Tangible equity

122,577

116,135

115,700

111,288

103,789

119,037

104,286

Average basic shares outstanding

6,194

6,205

6,230

6,252

6,297

6,210

6,408

Average diluted shares outstanding

6,218

6,220

6,243

6,266

6,311

6,230

6,427

SB FINANCIAL GROUP, INC.

Rate Volume Analysis - (Unaudited)

For the Three & Nine Months Ended Sep. 30,

2026 and 2025

($ in thousands)

Three Months Ended Sep. 30, 2026

Three Months Ended Sep. 30, 2025

Average

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Taxable securities

$ 177,850

$ 1,004

2.24 %

$ 193,893

$ 1,097

2.24 %

Overnight Cash

120,444

1,145

3.77 %

100,164

1,111

4.40 %

Nontaxable securities

4,768

3.00 %

6,098

2.28 %

Loans, net

1,217,995

18,341

5.97 %

1,104,175

16,566

5.95 %

Total earning assets

1,521,057

20,526

5.35 %

1,404,330

18,809

5.31 %

Cash on hand

5,415

5,044

Allowance for loan losses

(16,515 )

(15,750 )

Premises and equipment

21,003

21,854

Other assets

97,235

86,911

Total assets

$ 1,628,195

$ 1,502,389

Liabilities

Savings, MMDA and interest bearing demand

$ 845,195

$ 4,121

1.93 %

$ 753,639

$ 3,442

1.81 %

Time deposits

277,406

2,248

3.22 %

267,984

2,279

3.37 %

Repurchase agreements & other

7,689

0.31 %

14,015

0.79 %

Advances from Federal Home Loan Bank

22,500

230

4.06 %

35,000

369

4.18 %

Trust preferred securities

10,310

146

5.62 %

10,310

162

6.23 %

Subordinated debt

19,767

351

7.04 %

19,719

195

3.92 %

Total interest bearing liabilities

1,182,867

7,102

2.38 %

1,100,667

6,475

2.33 %

Non interest bearing demand

270,484

249,160

Total funding

1,453,351

1.94 %

1,349,827

1.90 %

44.20 %

Other liabilities

23,427

19,696

Total liabilities

1,476,778

1,369,523

Equity

151,417

132,866

Total liabilities and equity

$ 1,628,195

$ 1,502,389

Net interest income

$ 13,424

$ 12,334

Net interest income as a percent of average interest-earning assets - GAAP measure

3.50 %

3.48 %

Net interest income as a percent of average

interest-earning assets - non GAAP- Computed on a fully tax equivalent (FTE) basis

3.51 %

3.50 %

Nine

Months Ended Sep. 30, 2026

Nine Months Ended Sep. 30, 2025

Average

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Taxable securities

$ 182,870

$ 3,039

2.22 %

$ 198,463

$ 3,399

2.29 %

Overnight Cash

115,431

3,224

3.73 %

90,829

3,041

4.48 %

Nontaxable securities

4,767

108

3.03 %

6,296

108

2.29 %

Loans, net

1,199,258

53,282

5.94 %

1,091,670

48,100

5.89 %

Total earning assets

1,502,326

59,653

5.31 %

1,387,258

54,648

5.27 %

Cash on hand

5,429

4,880

Allowance for loan losses

(16,398 )

(15,492 )

Premises and equipment

21,245

21,555

Other assets

93,713

89,050

Total assets

$ 1,606,315

$ 1,487,251

Liabilities

Savings, MMDA and interest bearing demand

$ 831,888

$ 11,767

1.89 %

$ 734,938

$ 9,624

1.75 %

Time deposits

276,916

6,796

3.28 %

273,508

7,046

3.44 %

Repurchase agreements & Other

8,341

0.43 %

12,549

0.78 %

Advances from Federal Home Loan Bank

24,533

749

4.08 %

35,015

1,097

4.19 %

Trust preferred securities

10,310

435

5.64 %

10,310

483

6.26 %

Subordinated debt

19,755

789

5.34 %

19,707

584

3.96 %

Total interest bearing liabilities

1,171,743

20,563

2.35 %

1,086,027

18,907

2.33 %

Non interest bearing demand

265,173

1.91 %

248,286

1.89 %

Total funding

1,436,916

1,334,313

Other liabilities

21,463

20,512

Total liabilities

1,458,379

1,354,825

Equity

147,936

132,426

Total liabilities and equity

$ 1,606,315

$ 1,487,251

Net interest income

$ 39,090

$ 35,741

Net interest income as a percent of average interest-earning assets - GAAP measure

3.48 %

3.44 %

Net interest income as a percent of average

interest-earning assets - non GAAP - Computed on a fully tax equivalent (FTE) basis

3.49 %

3.46 %

Non-GAAP reconciliation

Three Months Ended

Nine Months Ended

($ in thousands, except per

share & ratios)

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Total Operating Revenue

$ 18,075

$ 16,578

$ 53,440

$ 49,140

Adjustment to (deduct)/add OMSR recapture/impairment *

(43 )

301

(398 )

131

Adjusted Total Operating Revenue

18,032

16,879

53,042

49,271

Total Operating Expense

13,157

11,498

37,223

35,760

Adjustment for merger expenses

(726 )

Adjusted Total Operating Expense

13,157

11,498

37,223

35,034

Income before Income Taxes

4,791

4,956

15,577

12,272

Adjustment for OMSR*/Merger Expenses

(43 )

301

(398 )

857

Adjusted Income before Income Taxes

4,748

5,257

15,179

13,129

Provision for Income Taxes

845

910

2,838

2,216

Adjustment for OMSR/Merger Expenses **

(9 )

(84 )

180

Adjusted Provision for Income Taxes

836

973

2,754

2,396

Net Income

3,946

4,046

12,739

10,056

Adjustment for OMSR*/Merger Expenses

(34 )

238

(314 )

677

Adjusted Net Income

3,912

4,284

12,425

10,733

Diluted Earnings per Share

0.63

0.64

2.04

1.56

Adjustment for OMSR*/Merger Expenses

(0.01 )

0.04

(0.05 )

0.11

Adjusted Diluted Earnings per Share

$ 0.63

$ 0.68

$ 1.99

$ 1.67

Return on Average Assets

0.96 %

1.07 %

1.06 %

0.90 %

Adjustment for OMSR*/Merger Expenses

(0.00 )

0.06 %

-0.03 %

0.06 %

Adjusted Return on Average Assets

0.95 %

1.13 %

1.03 %

0.96 %

* valuation adjustment to the Company's mortgage servicing rights

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

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Cover

Oct. 23, 2026

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Oct. 23, 2026

Entity File Number

001-36785

Entity Registrant Name

SB FINANCIAL GROUP, INC

Entity Central Index Key

0000767405

Entity Tax Identification Number

34-1395608

Entity Incorporation, State or Country Code

Entity Address, Address Line One

401 Clinton Street

Entity Address, City or Town

Defiance

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43512

City Area Code

419

Local Phone Number

783-8950

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Common

Shares, No Par Value 6,246,178 Outstanding at October 23, 2026

Trading Symbol

SBFG

Security Exchange Name

NASDAQ

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