<SEC-DOCUMENT>0001213900-18-005038.txt : 20180427
<SEC-HEADER>0001213900-18-005038.hdr.sgml : 20180427
<ACCEPTANCE-DATETIME>20180427102417
ACCESSION NUMBER:		0001213900-18-005038
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180427
DATE AS OF CHANGE:		20180427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SB FINANCIAL GROUP, INC.
		CENTRAL INDEX KEY:			0000767405
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				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:		18781507

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k042018_sbfinancialgroup.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Date of Report (Date of earliest event reported) <U>April 27,
2018 (April 20, 2018)</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SB FINANCIAL GROUP, INC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">Ohio</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">0-13507</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">34-1395608</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction<BR>
 of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; text-align: center">401 Clinton Street, Defiance, OH</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; text-align: center">43512</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registrant&rsquo;s telephone number, including area code <U>(419)
783-8950</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744; Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744; Soliciting material
pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744; Pre-commencement
communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744; Pre-commencement
communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Emerging growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 2.02. Results of Operations and Financial Condition</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On April 20, 2018, SB Financial Group, Inc.
(the &ldquo;Company&rdquo;) hosted a conference call and webcast to discuss its financial results for the first quarter ending
March 31, 2018. A copy of the transcript for the conference call and webcast is furnished as Exhibit 99.1 and is incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The information in this Item 2.02, including
Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section 18
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 9.01. Financial Statements and Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 9%; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 0"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="f8k042018ex99-1_sbfinancial.htm">Transcript of conference call and webcast conducted on April 20, 2018.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">SB FINANCIAL GROUP, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;April 27, 2018</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Anthony V. Cosentino</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony V. Cosentino</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">Current Report
on Form 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">Dated April 27,
2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">SB Financial
Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: center; padding-left: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 0"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="f8k042018ex99-1_sbfinancial.htm">Transcript of conference call and webcast conducted on April 20, 2018.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -9pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k042018ex99-1_sbfinancial.htm
<DESCRIPTION>TRANSCRIPT OF CONFERENCE CALL AND WEBCAST CONDUCTED ON APRIL 20, 2018
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">SB Financial Group</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">Q1 2018 Earnings Conference
        Call</FONT></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt">April 20, 2018 at 11:00
        AM Eastern</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CORPORATE PARTICIPANTS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark Klein </B><I>&ndash; Chairman, President, and Chief
        Executive Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anthony Cosentino </B><I>&ndash; Chief Financial Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jonathan Gathman</B> <I>&ndash; Senior Lending Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Melissa Martin </B>&ndash; <I>Executive Assistant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRESENTATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good morning. Welcome to the SB Financial
First Quarter 2018 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance,
please signal a conference specialist by pressing the star key followed by zero. After today&rsquo;s presentation there will be
an opportunity to ask questions. To ask a question you may press star then one on you telephone keypad. To withdraw your question
please press star then two . Please note this event is being recorded.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would now like to turn the conference
over to Melissa Martin, Executive Assistant. Please go ahead.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Melissa Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good morning, everyone. I would like to
remind you that this call is being broadcast live over the Internet and will be archived and available on our website at www.yoursbfinancial.com
under Investor Relations. Joining me today are Mark Klein, Chairman, President and CEO; Tony Cosentino, Chief Financial Officer;
and Jon Gathman, Senior Lending Officer. This call may contain forward-looking statements regarding SB Financial Group's financial
performance, anticipated plans, operational results, and objectives. Forward-looking statements are based on management's expectations
and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed
or implied on our call today. We have identified a number of different factors within the forward-looking statements at the end
of our earnings release which you are encouraged to review. SB Financial Group undertakes no obligation to update any forward-looking
statement except as required by law after the date of this call. In addition to the financial results presented in accordance with
GAAP, this call will also contain certain non-GAAP financial measures.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I will now turn the call over to Mr. Klein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, Melissa and good morning, everyone.
Welcome to our first quarter 2018 webcast. Our comments today on our first quarter performance are a supplement to the earnings
release that we filed yesterday. Briefly, highlights for the quarter include GAAP net income was $2.5 million, a 23% improvement
over the prior-year quarter representing a return on average assets of 1.08% or a 12.5% increase. Net income available to common
shares for the quarter was $2.2 million or $0.35 per share representing a 13% improvement over the prior-year quarter. Trailing
12 months EPS now stands at $1.79, a 25% improvement over the prior year of $1.43. Operating revenue expanded over $1.6 million
or 16%. Loan balances expanded nearly $11 million or 1.5%, while deposits grew over $19 million this quarter or 2.6% and over 5%
from the year ago quarter.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses expanded from the linked quarter
by over 6%, reflecting the tax incentive initiatives that benefited our staff, clients, and our communities that we announced earlier
this year. Assets under management in our wealth management division contracted this quarter to $412 million, a 5.8% decline from
the linked quarter, but were up 1.8% over the year ago quarter and I'll talk about that more in just a moment. Mortgage origination
volume was down nearly 19% from the linked quarter to $58 million, but up over 3% from the year ago quarter. Our production continues
to be constrained by marginally higher rates and limited housing inventory for sale. Asset quality metrics continue to be one of
our core competencies and strengths. SBA loan volume for the quarter was over $10.6 million, representing a 300% increase over
the linked quarter and 130% over the year ago quarter. And finally, we finalized our divestiture of our item processing and statement
production shop, known as Diverse Computer Marketers or DCM, the first of this year. We continue our steady course to deliver on
those five key strategic initiatives that we've discussed for a number of quarters. They are revenue diversity, all important organic
balance sheet growth for scale and efficiency, broader products sets, all about scope for more products in each household; customized
service levels to achieve operational excellence, and of course, continued top-tier asset quality.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And I&rsquo;d just like to expand a bit
on each. First, revenue diversity. This quarter, we delivered over 35% of our revenue from fee-based business lines, down marginally
from the historical number for us of 40%. Our results represented a 3.7% improvement over the linked quarter and a 11.6% expansion
over the year ago quarter. While our mortgage business line volume declined nearly 19%, our SBA lending division closed the gap.
Our strategy from the start has been to augment our strong mortgage lending presence with a newer SBA lending strategy. As the
Federal Reserve increases interest rates reflecting that stronger economy, our two business lines responsible for nearly 55% of
our non-interest income work counter to each other. Our mortgage business volume declines with marginal higher rates as our SBA
line expands in response to those higher rates and a stronger economy. Thus far, in 2018 this theory has held quite well and has
certainly prevailed. With limited housing inventory, as I mentioned, for sale in nearly all of our markets coupled with a bit higher
rates, our net mortgage banking revenue was down by over 24%. Even with this decline we managed to expand our servicing portfolio
to over $1 billion for the first time to over $1.004 billion, representing growth over the prior year end of approximate $100 million.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This past quarter, our $58 million of production
came from each of our three distinct regions. Columbus generated $33 million, Defiance region $14 million, and Findlay $11 million.
We intend to continue to use this business line as a gateway to the household, especially in our lower share, higher growth markets.
To augment our declining production levels, we've recently hired two additional mortgage lenders in the Columbus market. The variable
here is not the production volume, but rather the number of mortgage lending professionals producing the volume. In that spirit,
we continue to keep our sights set on generating $500 million per year in this business line by 2020.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our SBA strategy continues to mature and
gain momentum in an expanding economy. This quarter we sold nearly $8 million of our production for over $600,000 in loan sale
gains. As I mentioned in our year-end webcast, we continue to leverage our Business Development Officer or BDO model to drive us
closer to our annual strategic production goal of $40 million, with nearly $11 million in volume this quarter. We are making meaningful
progress and executing on our detailed strategic plan. We ended 2017 with total assets under our care in our wealth management
division of $437 million, $363 million in traditional wealth assets and $74 million in the brokerage platform. As of March 2018,
traditional assets under our care stood at $366 million and our brokerage assets at $46 million. The decline in brokerage assets
was a result of a large loan payoff that was collateralized by securities held by our brokerage division. With new talent in our
Findlay market and soon-to-have additional new talent in our Fort Wayne market, we continue to have strong prospects to expand
assets under our care.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our second initiative remains to add scale
and improve efficiency. This quarter, we continued to drive organic balance sheet growth. As I mentioned, we grew total loans by
nearly $11 million, absent held for sale. Including held for sale, our loan growth was over $15 million. Lima region grew $3.9
million, Defiance $3.4 million, Columbus region $4.2 million, Toledo $1.3 million, and Findlay $5.5 million. Six of our nine regions
delivered organic loan growth this past quarter. Our strong regional leaders and decentralized business model certainly contributed
to our balanced level of production.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third is our strategy to deliver greater
scope. Our onboarding and reboarding efforts are contributing to our lift in our households and products and services. This quarter
we grew our household by another 177 to over 28,700 or less than 1%. We also grew our products and services from 83,300 at year
end to over 84,378 at quarter end. Our Chief Technology Innovation Officer that we hired recently continues to drive the development
of our digital platform to ensure we remain relevant, timely, and intimate with all of our clients as we leverage all potential
communication channels with our clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operational excellence is our fourth key
theme. At year-end we reported a mortgage servicing portfolio of $995 million, representing over 7000 households. I'm pleased to
report that as of this quarter we've achieved one of our strategic goals to deliver a $1 billion sold mortgage portfolio. Of course,
not only does this business line provide the entryway to the household that we've spoken of a number of quarters, but also delivers
$2.5 million in reoccurring revenue annually along the way. In fact, this quarter our staff identified another 451 client needs
that were referred to another business line. These opportunities in turn enabled us to develop customized strategies to address
those needs with appropriate solutions. As a result, we delivered 144 solutions to our clients that led to additional business
to our Company of over $11 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our fifth key initiative is asset quality,
one of our core competencies. Nonperforming assets declined by $1.2 million to 0.38%, past due loans now stand at 0.32%, and net
charge-offs of just $10,000 or 1 basis point. Our reserve to nonperforming loans now stands at 239%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'll turn the call over to Tony Cosentino,
our CFO shortly, but let me touch on two major events we accomplished this quarter. First, as all of our listeners know from prior
webcasts, we had a small technology company that provided item processing and statement processing to small community banks in
our tri-state region. In order to focus on our core banking franchise, we divested of DCM on January 1st. The buyer is a well-known
provider of these services and we think it&rsquo;s certainly a great opportunity for not only the new owner, but our 20 clients
and our loyal employees as well. This transaction had a small impact on our financials in the quarter and we wish certainly everyone
involved a continued future success. Tony Cosentino will touch on this in more detail shortly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also this quarter we completed a
common share capital raise that added 1.67 million shares and $30 million in Tier 1 equity capital. It was certainly exciting
for Tony and me to tell our story not only to a number of institutional investors but also to our long-standing retail
shareholder base. These results were certainly at the top end of our expectations as we were well oversubscribed and we were
very, very pleased to add 15 new institutional investors to our shareholder base. These added shares and sponsorship has
driven up our daily trading volume to three times our previous levels and our institutional percentage of ownership now
stands at 40%. We are confident of our ability to leverage this growth capital and to expand our presence appropriately in
our markets and adjacent markets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now, I'd like to ask Tony Cosentino to
give us a few more details, Tony, on our performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks Mark. Good morning everyone. For
the quarter as Mark indicated, net income of $2.5 million or $0.35 per share. That EPS of $0.35 was up $0.04 or 13% from the prior
year, and when we adjust for the $1.7 million tax credit in the linked quarter, EPS was down just slightly $0.02 per share. Highlights
for the quarter include operating revenue up 15.9% from the prior year and up 1.7% from the linked quarter. Loan growth was up
$80.5 million from the prior year or 13%, loan sales delivered gains of $1.8 million from mortgage, small business and agriculture.
The reduction in our income tax rate year-over-year from 32% to 19% added $0.4 million to net income or $0.05 per share. As Mark
indicated, we did complete the sale of our processing company DCM which resulted in $0.4 million in revenue and $0.2 million in
expense for the quarter, netting about $200,000 roughly after tax. The common capital raise we completed in February added 715,000
shares to our average share count for the quarter. And lastly, as we've indicated, we continue to reduce our nonperforming ratio,
which is now down to 38 basis points.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our year-over-year comparison, as you
can imagine, had some noise in it, and I thought I'd just take a few minutes to reconcile our EPS growth. This quarter we had
provision expense of $0.3 million, which reduced EPS by $0.03 per share as we had no provision in Q1 of 2017. This was
offset, this $0.03, by our 10% earnings growth for the quarter. The sale of DCM, as we indicated, added $0.02, the decrease
in the tax rate added $0.05, and finally, our new shares reduced EPS by $0.03 from the prior year netting our $0.04
year-over-year calculation. As we break down further the first quarter income statement starting with our margin, net
interest income was up from the prior year by 18.4% and up slightly to the linked quarter. End-of-period loan balances were
up $80.5 million, an increase of 12.9%; the average loan yield of 4.59 percent increased by 31 basis points from the prior
year, and overall earning asset yield was up 37 basis points. In addition to the balance sheet impact, the Fed rate increases
have driven yields higher. We are starting to see some general market rise in loan rates, and we expect that the remainder of
2018 will reveal a gradual increase in loan pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the funding side, we continue to experience
an increase in the costs of our interest-bearing liabilities coming in at 71 basis points for the quarter, up 11 basis points from
the prior year and 2 basis points from the linked quarter. Net interest margin at 3.86% on a taxable equivalent was up 17 basis
points from the prior year, but down from the linked quarter by 10 basis points. These variances were all due to the combination
of higher deposit costs, loan growth, and reduced fees from softer mortgage loan origination volume. Total interest expense costs
have risen by nearly 27% from the prior year with the variance tied almost exclusively to increased volume. Loan activity has increased
-- has influenced margin income from the prior year with total loan interest income of $8.2 million, up 20%. Clearly, $80 million
of increased loan balance is a key driver. We are confident that our pipeline will continue to provide loan growth in this same
growth range throughout the remaining quarters this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total non-interest income of $4.2 million
was up 12% from the prior year with fee income as a percentage of total revenue nearly 36%, as SBA loan sale gains of $0.6 million
offset the softer mortgage origination market. As we said, we finalized the sale of our processing company in the quarter, which
had a net income impact for the quarter of $0.2 million or $0.02 per share and included in fee income from the sale was roughly
$400,000 of revenue. During the quarter, mortgage originations of $58.5 million were up from the prior year by $1.8 million or
3%, but were down $13.6 million or 19% from the linked quarter. This quarter's new purchase volume was 96% as the refinance market
has effectively gone away. Total gains on sale came in at $1.1 million, which is over 2.7% on our sold volume of $41 million. The
servicing portfolio, as Mark indicated, above $1 billion provided revenue for the quarter of $625,000 and is on pace to deliver
between $2.5 million and $2.6 million in total revenue in 2018. This servicing portfolio has increased by $0.09 billion or 9.5%
from the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market value of our mortgage servicing
rights increased this past quarter, reflecting the rise in rates. The calculated fair value is now 122 basis points, which was
up 16 basis points from the prior year and up 8 basis points from the linked quarter. And we did have a slight recapture of impairment
of $92,000 in the quarter. At March 31, 2018, our mortgage servicing rights were $10.2 million, up 17% from the first quarter of
2017 and up 3% from the linked quarter, with a remaining temporary impairment of $59,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total operating expense this quarter of
$8.6 million were up $1.2 million or 16.9% from the prior year and compared to the linked quarter, expenses were also up $0.5 million
or 6.4%. Expense levels were elevated as we had higher SBA commissions, we allocated some of our tax savings to our staff, and
the prior year had some significant credits from our Freddie Mac activity. The sale of the DCM facility added $0.2 million to expense
and for the quarter, total operating expense was up slightly more than our 15.9% revenue growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we turn finally to the balance sheet,
loan outstandings at 3/31 stood at $707.2 million, 76.4% of the total assets of the Company. We had growth of $80.5 million from
the prior year and were up $10.6 million from the linked quarter. Compared to the prior year, our loan book grew in nearly every
category, led by commercial real estate with $55.6 million, followed by residential real estate of $15.1 million. On the deposit
side, we were up from the prior year by $35.9 million, a 5% growth rate, and up from the linked quarter by $19.2 million or 2.6%.
It is clear that deposit pricing is rising in all of our markets. The competition for new and existing deposit relationships has
been elevated. We have restructured our retail group to emphasize more outside sales, especially in treasury management, and we
expect our deposit costs to grow as we fund our ongoing loan pipeline.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we look at capital, obviously, we finished
the quarter at $122.9 million, up $35 million or 39.6% from the prior year. Capital levels for the Company were supplemented with
our common capital raise of 1.67 million shares, resulting in a net increase in capital of $28 million. The equity to asset ratio
of 13.3% was up significantly from the prior year. And finally regarding asset quality, total nonperforming assets now stand at
$3.5 million or 0.38% of total assets with 98% in nonperforming loans. The total level of nonperforming assets is down $1.2 million
from the prior year and down $0.3 million to the linked quarter. Included in our nonperforming asset total is $1.1 million in accruing
restructured credits. These restructured loans, which are nearly all maturity extensions, elevated our nonperforming level by 12
basis points, and absent these credits our total nonperforming asset ratio would be just 26 basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did have provision expense for the quarter
of $0.3 million compared to no provision in the first quarter of 2017, and also up slightly, $0.1 million, from the linked quarter.
We had loan losses in the quarter of just $10,000 and our absolute level of loan loss allowance at $8.2 million is up from the
prior year by $0.5 million or 7%. Due to loan growth, our allowance to total loans percentage has declined from 1.23% at March
31, 2017, to 1.16% currently. This allowance levels still places us at the median of our peer group, which bodes well given our
top quartile peer NPA ratio. Because of the reduction in nonperforming loans this quarter, we now have NPL coverage with our allowance
of 239%, slightly higher than the prior year. A great start to the year: Net income growth of 23%, 13% loan growth, and a quarterly
ROA of 108 basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark, I&rsquo;ll now turn the call back
over to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks Tony, great job. Overall, as Tony
indicated, it was a great start to a new year, certainly with an expanding economy, stable margin, strong asset quality and certainly
much stronger capital position, we are poised to deliver another strong performance in 2018. Our marginal revenue and marginal
cost structure remains favorable to deliver higher operating revenues since our average commercial lender portfolio was just $32
million; a lot of opportunity. Clearly, more organic balance sheet growth is optimal in building shareholder value, but that certainly
doesn&rsquo;t temper our desire to expand our reach into the new markets and leverage our expertise and business lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I will now turn the call back to Melissa
for questions and comments. Melissa?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Melissa Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, Mark. Debbie, we are now ready
for our first question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>QUESTIONS AND ANSWERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will now begin the question-and-answer
session. To ask a question you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up
your handset before pressing the keys. To withdraw your question, you may press star then two. At this time, we will pause a moment
to assemble our roster.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Melissa Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we are waiting for questions to assemble,
I would like to remind you that today&rsquo;s call will be accessible on our website at www.yoursbfinancial.com under Investor
Relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Our first question comes from Brian
Martin with FIG Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hey, good morning guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good morning Brian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hey, good updates. Just a couple of things
for me. Just more big picture kind of questions for you guys, just I don&rsquo;t know how you want to take them, but maybe just
a little bit of commentary if you can about the margin. I know, Tony, you talked about deposit costs going up. Just kind of looking
at the rate environment, a couple more rate increases, and just kind of how you expect the margin to kind of unfold, you know,
the puts and the takes over the next couple quarters, kind of from the current level. So if you can give a little color on that,
that would be helpful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah, Brian thanks for the question. Thanks
for joining us today. Certainly, we know that our betas on deposits are going to certainly increase. We are at 96% plus probably
loan to deposit. We&rsquo;re out on the streets and as Tony indicated, we&rsquo;ve got some great strategies on the treasury management
side to keep pace with the lending side, but there&rsquo;s no question about it. We&rsquo;ve certainly received the Fed increases
quite enthusiastically, but clearly our betas are going to increase and I know, Tony, you&rsquo;ve got you&rsquo;ve got some additional
comments on that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sure. Thanks Brian for the question. Q4
we had a little bit of a one-time event. We recaptured some non-performing interest that added about 7 basis points to margin relative
to this quarter. I would say as we look out going forward we have about $100 million of our loans that are directly impacted by
immediate rate increases that have passed those floors. That&rsquo;s kind of a $250,000 impact to any of normal Fed rate increases.
Deposits &ndash; really we don&rsquo;t have a lot of rate sensitivity, but that&rsquo;s going to be driven by competition, which
we are already seeing is moving fairly swiftly in some of our markets. Columbus is very competitive, Toledo is very competitive
and candidly, we&rsquo;ve probably utilized all we can out of some of our legacy markets in terms of that low-cost funding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just one last comment, Brian, the good
part about our diverse broad market footprint is that we have an opportunity to go to various markets to obtain the best marginal
cost of funding and so we&rsquo;re playing that strongly and we certainly have a renewed focus on C&amp;I lending, which is hopefully
going to bolster those lower-cost core transactional deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. I guess the bias, if you do get a
couple more rate increases, if you get another one this year, then maybe even another one late, the general bias would be kind
of upward bias on the margin is how you would think about it from the current level? IT seems like you&rsquo;re leaning more towards
the pressure on the funding side as opposed to the benefit on the loan side, which maybe suggests it&rsquo;s got a downward bias,
so I guess just trying to understand where the bias is and, given the environment and with rates going higher here?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, yeah, I would say on paper the bias
certainly would be that rate increases are good for us. I would say we&rsquo;ve seen reaction in the marketplace quicker on the
deposit front than we&rsquo;ve seen on the loan side. I think the loan pricing will get there. It might be a little bit delayed.
We&rsquo;re starting to see some inklings that something with a four handle on it is becoming rarer and rarer for us on the loan
side and that had not been the case most of the last 12 to 18 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. So, maybe it&rsquo;s flattish to
down a little bit in the near-term until the loan pricing catches up with what you&rsquo;re going to have to do on the funding
side?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I think that right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would say, Brian, that&rsquo;s exactly
what we&rsquo;re seeing and as Tony mentioned, we&rsquo;re still seeing certainly a lot of pressure on the lending side because
everyone certainly knows the advantages of greater scale. That&rsquo;s very competitive and we are going to see probably a bit
tighter margin before we see widening one.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, that makes sense. I appreciate that
and I also appreciate the comment on the loan, kind of the loan outlook. I guess as far as geographically, it sounds like most
of the markets are doing pretty well this quarter and just kind of your thoughts on loan growth for the year. Maybe can you put
a little color on how you&rsquo;re thinking about it? This quarter was a good start to the year, it kind of seems like it&rsquo;s
a seasonally soft quarter for a lot of people. Kind of that high single-digit, low double-digit-type of growth, is that kind of
how you guys are thinking about the balance of the year?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah, I&rsquo;ll make a couple of comments
and then I&rsquo;ll have Jon add some color to this, but certainly as I mentioned, Brian, with the $30 million average portfolio
balance, if you look at our structure and our marginal revenue and marginal cost structure, we&rsquo;ve got a lot of upside potential.
We&rsquo;re poised for growth and you can see from the past several years growing a couple $100 million, our expectations are equally
high and that double-digit is certainly in our wheelhouse, and we referenced in the past a number of times that we have eight cylinders
in our vehicle and from time to time we hit on four or five of them and certainly with the economy the way it&rsquo;s going, and
I think Jon would probably agree that maybe six or seven of them have begun to fire. All this is good I think, but Jon, what&rsquo;s
your thoughts?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jon Gathman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No, just quickly I agree. We&rsquo;re off
to a good start and we&rsquo;re optimistic about the pipeline here in the second quarter. We&rsquo;ve got our staff, It&rsquo;s
the first full year where we&rsquo;re fully staffed everywhere with the right people in the right places and have the time to build
the pipelines. Some newer markets obviously are doing well, as Mark alluded to earlier, in Findlay, Toledo, Fort Wayne and so forth.
It&rsquo;s worth to note we also had a fair amount of notes that we closed towards the tail-end of the fourth quarter that are
drawn notes. There&rsquo;s a significant level of those that and we intend to see draw up here through the second and third quarters
of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Perfect. No, that&rsquo;s very helpful.
Thanks guys. In the markets it sounds like there is some of the metro markets are maybe a little bit bigger drivers of the growth
this year, is that how you guys would kind of see things unfolding?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well Brian, it&rsquo;s certainly, we have
talked about low-share, high-growth market for a long, long time and clearly when, in the markets that we play and in the specific
counties in Ohio and Indiana, Lower Michigan is about $72 billion worth of deposits and we have less than 1% of that total. Our
opportunity for organic loan and deposit growth is quite high. And as I mentioned in our annual meeting webcast, we expect to certainly
gather our fair share of that larger market deposit base. A lot of opportunity and as Jon mentioned, we are well staffed and certainly
well poised to ride this economic expansion to a much higher level of asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Perfect. Okay. That&rsquo;s helpful. And
then on the fee income side, just kind of talking about both the, your lead businesses, the SBA and the mortgage maybe. You gave
a little bit of color on the SBA business and your goal of where you&rsquo;re going over time, I think you said, $11 million right
now and your goal was 40. Do you expect that business to be pretty consistent or is it going to be lumpy? I know you had a nice
increase this quarter, but some of that; you&rsquo;ve hired some folks as well, but just how do we think about that business and
your goal, and should we expect it to be a little volatile?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jon?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jon Gathman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, I think we expect as we continue
to, on SBA specifically?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jon Gathman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, we expect that to level out a bit
by virtue of adding BDOs. We continue to add BDOs. We&rsquo;re currently in process, we believe, of hiring two. We have some offers
out to a couple. We think that will smooth it out a bit, but as you saw in the first quarter, we had two very large SBA loans close.
Those large numbers are going to continue to create some variability, but our direction and our plan is to continue to smooth those
numbers out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yep Brian, just one comment. You know,
we&rsquo;re very bullish on SBA lending. We kind of have an idea of knowing what we are doing. As of the third quarter of 2017,
given the fiscal year of the government at year-end, we were 283rd out of 2000 banks that are active in US and SBA lending. We
have the expertise. We&rsquo;re expanding out on the fringes of our current market and it&rsquo;s a space that we never played
in before. It was a product that, if we didn&rsquo;t have SBA, we would have walked away from the past $30 or $40 million that
we would have done. We like the space. We like the incremental benefit of building balance sheet with the nonguaranteed portion,
and it gives us certainly someplace to go when it comes to C&amp;I in some of our faster growing markets. We like it a lot and
we intend to achieve our 2020 vision and goal of generating $40 million per year in annual volume.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And how big is that nonguaranteed
portion on the balance sheet today?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We&rsquo;ve done about $42 million or so
in total volume really since we&rsquo;ve ramped up, and we&rsquo;ve got about $11.5 million on our books as we sit here today,
right about that kind of 25% on average level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And Tony, a nice incremental New York and
probably two generally on the balance sheet, it&rsquo;s a win-win all the way round on that front.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah, okay. Perfect. And then just same
thing on the mortgage &ndash;there&rsquo;s been a lot of angst in the market about higher rates, and, you guys had a nice quarter
here and up year-over-year and just trying to understand what your expectations are. It sounds like you&rsquo;re also hiring a
couple folks to maybe offset some of that rate increase in the challenging environment. Your big picture thoughts of how mortgage
unfolds over the balance of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Right. Well, again I&rsquo;ve said a number
of times in various webcasts, but the variable isn't the production number. The variable is the number of people and we have an
offer out to a very high producer in northeast Indiana. We just brought two more in Columbus and our goal is to get that $500 million
annually. Last year, we had a budget of 475 and only brought 316 in and so with the constrained inventory and higher rates certainly
dampened that, but now we&rsquo;re back up to an expectation of 375 to 400 and we just again brought on three high producers and
if they get $15 million, $20 million each, we have high expectations of delivering our budget of 375. But 94% of our clients this
past year were all new to our company, so you can bet that we are leveraging our retail presence and social media channels to a
reach out to those people and increase our services per household to something certainly greater than three per household. And
as I mentioned in our annual meeting, Brian, is if we could just get one more service per household we could increase the size
our bank by nearly 35%. A lot of opportunity and new markets certainly are poised for more opportunity for SB Financial all the
way around.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And how many people have you hired,
Mark, recently, and then you said you&rsquo;ve got an offer out but have there been a lot of recent hires, was it two you said?
I missed what you said on that front.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. We have an offer currently out to
a high producing individual in northeast Indiana, which is going to expand us by one, and we just brought on two additional high
producers in the Columbus market, and of course we&rsquo;re looking for more producers in each of our existing footprints. Again,
if we take on an average of $12 million to $15 million per producer, we know we have to gather at least several more in this upcoming
couple of quarters. We&rsquo;re intent on delivering, we're restructured to deliver $400 million plus, and again the variable is
the number of producers not the dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Right. Okay. That&rsquo;s helpful and just
the gain on the sale margin that was down it look like a little bit on a linked quarter basis, but up year-over-year. Just around
where it&rsquo;s at today, does it feel like it's a sustainable level or how do you see that unfolding?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah, I think that 2.7% range is, if you
look back a couple of years we&rsquo;re clearly 50 to 60 basis points better than we were in the past. We&rsquo;ve made some efficiencies
on the backend with some hedging and with our pricing structure, and I think as rates move, as you know, higher pricing it&rsquo;s
a little bit tighter, but I would be confident we&rsquo;re going to be in at 2.7% to 2.8% range for most of this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Thanks Tony. And maybe just the last
couple of things for me. You talked about the expenses, Tony, and gave some pretty good color at least the pulling out the divestiture
in the quarter. Does the current run rate or how do we think about expenses? If you back out that noise in the quarter that you
talked about with the sale, is this a pretty good benchmark to the $8.4 million or so a quarter, and how do you see that unfolding
in the next couple quarters based on what you guys are anticipating from a budgeting standpoint?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yeah, if we take out the impact of DCM,
we&rsquo;re calling it an $8.4 million. We had some one-time events related to some of the tax initiatives we shared with our people,
which is probably a net-net a couple hundred-thousand-dollar number. Based upon volume on the mortgage side, which is really a
variable, that $8.2 million to $8.3 million level per quarter would be a good baseline, and then it'll drive up or down based upon
mortgage origination and significant SBA origination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. So at least that&rsquo;s a pretty
decent level to think about, like you say, as a baseline. Alright. And then just the last two, just the tax rate. Where it&rsquo;s
at today, now that we&rsquo;ve made a change with Trump here, is this a pretty good level to use as an effective tax rate going
forward or does it modify much from where it's at today?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We had a little noise in the first quarter,
not much, but we do most of our stock incentives in Q1 and with the new FASB we got a little bit of a pickup, so we're going to
be between 19 to probably high 19s to 20% based upon, municipal volume and some of that kind of stuff. I&rsquo;d certainly think
19 would be the absolute floor we would have. We're going to trend probably closer to a 20% tax rate by the end of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Perfect. That's helpful. The last
thing, as far as leveraging the new capital, obviously, it sounds like there&rsquo;s plenty of organic opportunity to put that
to work, maybe you haven't been overly active on the M&amp;A side in a number of years. Wondering how you're thinking about the
external through the M&amp;A part of it and opportunities that are out there, do there seem to be more opportunities today than
there have been in the past? Just any color or commentary you can offer on the M&amp;A side of things, how to think about it would
be helpful?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, a couple of comments, Brian, and
certainly Tony will have some comments I'm sure, but now with the little bit of strength in the currency that we&rsquo;ve found
in the last several years at a 150% of tangible book, in that arena, it&rsquo;s kind of put us in the game and we've had some &ndash;
certainly some great meaningful conversations with some potential strategic partnerships here. Now that we have the capital, we
know where the value&rsquo;s going to come from and the incremental effect of being able to leverage that capital 10 times is going
to be better than just lending the money out. We know how all that works. But given our organic balance sheet growth, which we
have really concentrated on so that we could maintain 80% of our sustainable growth rate by our own generated profits is what we've
keyed on. Keep our capital, hand out a few dividends, but primarily keep that capital to grow organically. Now that we've got our
performance something toward the top decile of our 65-bank peer group, now we're getting a little more bullish and certainly having
more meaningful conversations with some strategic partnerships that could really put us at that next level and well above that
$1 billion mark that we're looking for. And $160 million on a full market capitalization, which quite possibly will get us a ticket
to the Russell 2000, and that's the overarching goal and that's what we want to do with our new-found capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And just &ndash; yeah, go ahead Tony,
sorry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. That&rsquo;s fine. We have fairly consistently
been able to grow with the level of our earnings, so we think this is why the capital raise was so critical to us. It gives us
a bigger checkbook and we're looking at a number of deals and we feel very confident that the marketplace is going to be very positive
towards our Company expanding in an M&amp;A front someway and somehow based upon the right price and the right transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Geographically, it sounds like from
the comments it's more in-market or contiguous, could we expect maybe potentially see a lead to a different area? How are you thinking
geographically? What are the parameters if you will on where you guys would entertain looking?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well again, organically has certainly been
the focus in-market. We certain wouldn&rsquo;t shy away from in-market. We think there&rsquo;s some key opportunities there. And
quite honestly, Brian, we just think we have the bench strength and the products and services and talent to grow to $1.5 billion,
$2 billion, $3 billion. With a, certainly an increased emphasis on the fringes, which would be contiguous and on the borders of
our current footprint would certainly be a focus. And that we think there's a number of opportunities out there today, and we're
certainly pursuing each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian Martin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. All right. I think that's all I had,
guys. I appreciate the time and taking my questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Great. Let's do it again. Thanks for joining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tony Cosentino</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks Brian.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This concludes our question-and-answer
session. I would like to turn the conference back over to Mr. Mark Klein for any closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Klein</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once again, thank you all for joining us
and we certainly look forward to delivering on our second quarter results in July of this year. Good bye.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conference has now concluded. Thank
you for attending today's presentation. You may now disconnect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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