<SEC-DOCUMENT>0001213900-19-014056.txt : 20190731
<SEC-HEADER>0001213900-19-014056.hdr.sgml : 20190731
<ACCEPTANCE-DATETIME>20190730173145
ACCESSION NUMBER:		0001213900-19-014056
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190724
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190731
DATE AS OF CHANGE:		20190730

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:		19986563

	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>f8k072419_sbfinancialgroup.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Date of Report (Date of earliest event reported) <U>July 30, 2019
(July 24, 2019)</U></P>

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

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

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

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

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    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0-13507</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34-1395608</FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
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<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: 50%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">401 Clinton Street, Defiance, OH</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43512</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Registrant&rsquo;s telephone number, including area code <U>(419)
783-8950&nbsp;</U></P>

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

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

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

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

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

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)</FONT></TD></TR>
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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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.&#9;&#9744;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities registered pursuant to Section
12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0.05pt; color: #0070C0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: 4.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;Common Shares, No Par Value
         6,554,868 Outstanding at July 30, 2019</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SBFG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center">The NASDAQ
Stock Market, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center">(NASDAQ Capital Market)</P></TD></TR>
</TABLE>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 24, 2019, SB Financial
Group, Inc. (the &ldquo;Company&rdquo;) hosted a conference call and webcast to discuss its financial results for the second quarter
ending June 30, 2019. 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: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0">(d) Exhibits</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 8%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">99.1</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><A HREF="f8k072419ex99-1_sbfinancial.htm">Transcript of conference call and webcast conducted on July 24, 2019.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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: 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-family: Times New Roman, Times, Serif; font-size: 10pt">SB FINANCIAL GROUP, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;&nbsp;July 30, 2019</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">Dated July 30, 2019</P>

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

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

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

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    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">99.1</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><A HREF="f8k072419ex99-1_sbfinancial.htm">Transcript of conference call and webcast conducted on July 24, 2019.</A></FONT></TD></TR>
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<DESCRIPTION>TRANSCRIPT OF CONFERENCE CALL AND WEBCAST CONDUCTED ON JULY 24, 2019.
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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

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    <TD STYLE="width: 100%; border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt">
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0">SB Financial</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Q2 2019 Earnings Conference Call and Webcast</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Wednesday, July 24, 2019, 11:00 A.M. Eastern</FONT></TD></TR>
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    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #4F81BD 2.25pt solid; padding: 0.15in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>CORPORATE PARTICIPANTS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Carol Robbins </B><I>&ndash; Senior Vice President &amp;
        Controller</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Mark Klein</B> <I>&ndash; Chairman, President, and Chief
        Executive Officer </I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Anthony Cosentino</B> <I>&ndash; Chief Financial Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Jonathan Gathman</B> <I>&ndash; Senior Lending Officer</I></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #003399"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #003399"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #003399"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">1</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Good morning and welcome to the SB Financial
Second Quarter 2019 Conference Call and Webcast. I would like to inform you that this conference call is being recorded, and that
all participants are in a listen-only mode. We will begin with remarks by management and then open the conference to the investment
community for questions and answers.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you, Danielle. Good morning, everyone,
I would like to remind you that this conference call is being broadcast live over the internet and will be archived and available
on our website at www.yoursbfinancial.com under Investor Relations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Joining me today are Mark Klein, Chairman,
President and CEO; Tony Cosentino, Chief Financial Officer; and Jon Gathman, Senior Lending Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This call may contain forward-looking statements
regarding SB Financial&rsquo;s 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you, Carol, and good morning everyone.
Welcome to our second quarter 2019 conference call and webcast. Our comments today, as with prior quarters, are supplemented by
the earnings release we filed yesterday.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Highlights for this quarter, excluding the
effects of onetime temporary mortgage servicing rights impairment, include: net income of $3.2 million, up $100,000 or 2.1% increase
over the prior year quarter. After the effect of a onetime mortgage portfolio impairment of $699,000, net income was $2.6 million.
For the full year, excluding the now $1.4 million OMSR impairment, the adjusted net income was $6 million, up 8% over the prior
year. Adjusted return on average assets of 109 basis points, down from the prior year of 135 basis points.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loan balances for the quarter grew $32 million
or a strong 16.4% annualized. Deposits for the quarter increased and grew to $11.7 million, or 5.7% annualized. Mortgage origination
volume improved this quarter to a robust $98 million and over the last 12 months now have a run rate of approximately $324 million.
Asset quality metrics remain strong. Our five key initiatives continue to drive our quest for high performance. They remain: revenue
diversity in growth, more scale through organic balance sheet growth, more scope of services in each client household, operational
excellence and intimacy with our client communications, and lastly, the foundation we feel of all strong performing companies is
the top quartile asset quality.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First up a bit on revenue diversity; this quarter
mortgage origination in sales volume rebounded nicely with loan sale gains up 41% from the linked quarter. Total originations for
the year of $150 million still trail our June 2018 year-to-date production by 10%, but we expect to draw nearly even with the prior
year by the end of this third quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-interest income to total revenue was 29.5%
for the second quarter and 28% for the full year. The exclusion of the impairment would have increased the quarterly and year-to-date
fee to revenue percentage to 33.2% and 32% respectively. While a reported noninterest income of $3.7 million was down $500,000,
or 12% from the prior year, the adjusted number of $4.4 million would be up $200,000, or 4% for the quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We continue to actively pursue additional mortgage
origination talent in each of our markets. We made progress this quarter with our mortgage loan production office in Indianapolis.
We now have three originators hired with a few more to follow and we look forward to competing in this dynamic market that is adjacent
to our Fort Wayne, Indiana market that we feel as much like our strong Columbus office here in Ohio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This quarter we saw the full realization of
the revenue and income from our Title Agency Acquisition that we completed in late March. We have total revenue for the quarter
of $308,000 and net income of $56,000, which is well in line with our projections. We have begun to introduce this new business
line to our lenders outside of the agency&rsquo;s primary market of Columbus. With a recent addition of an outside sales professional,
we expect to continue to expand this revenue source and customer service throughout our footprint in the coming quarters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our SBA production for the quarter came in
at $4 million with loan sales of just $800,000. As our volume included several large construction and draw loans that will be sold
later this year. As a result, our loan sale gains were $124,000, which is up slightly from the prior year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the flattening of the yield curve and
the relaxation of competitors credit standards, the SBA market has become a bit more challenged as a number of our competitor have
begun to channel SBA-type credits into more traditional commercial loans. Our BDOs and business bankers have increased their targeting
calling efforts and we expect a better second half of 2019 in this critical business line force.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our residential portfolio now stands at approximately
$14.5 million with a nicely weighted yield of 7.6%, which is the residual of the approximately $60 million we have done in this
business line in the last several years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wealth management assets under our care of
$479 million represented an increase over the linked quarter of $17 million, or 3.7%, and up from the prior year by $71.8, or 17.6%.
This 18% increase in wealth assets under our care has resulted in a 10.3% increase in quarterly revenue compared to the prior year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our second initiative, more scale. Loan growth
for the second quarter tripled to $32 million from the growth level achieved in the first quarter of 2019 of just $11 million.
This growth increased our loan interest income to $10.3 million for the quarter, which is up $800,000, or 8% and up $1.3 million,
or 13.9% from the prior year same quarter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total assets now stand at $1.03 billion and
reflect year over year growth of $84 million, or 8.9%. From year end 2018, our loan growth of $42.6 million was very diverse in
both product segment and geography. We have had growth in all of our product segments excluding consumer, which is generally flat
for the year. All but three of our 10 regions have grown their loan balances in 2019, with each of the three non-growth regions
contracting under a million each.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deposit growth continued to be positive for
the quarter and year to date. This quarter we grew deposits to $839 million, up $11.7 million, or 1.4% and up $36.8 million, or
4.6% from December 31 year end.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We continue to pursue strategies to expand
our deposit gathering with our existing clients and prospects via technology, more calling efforts, and expanded product offerings
such as what we announced a quarter ago of courier service that we introduced. We currently have two courier clients, one new,
one existing client and two more prospects in current markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Third is our strategy to develop deeper relationships.
Our company passed a key milestone in the quarter, and we are now servicing more than 30,000 households for the first time in our
history. We have added more than 1000 new households since the prior year of same quarter. Products and services to all of our
households also continued to expand as we now exceed 89,000 products and services, which is up over 4500 or 4.2% from the prior
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The second quarter continued our commitment
to identify needs for each of our clients and refer those needs to our business line partners. Following up on the $11 million
we referred in the first quarter of 2019, we uncovered an additional $18 million in opportunities in the second quarter of this
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operational excellence remains the fourth theme.
Late in the quarter our mortgage origination volume turned more towards the refinance market, while our total volume for this quarter
had only 7% of our own refinance activity. Our current pipeline, which exceeds $50 million, is running closer to the 30% refinance
rate. We expect in the second half of the year that we will exceed $150 million volume we were able to originate in the first six
months of this year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There continues to be opportunities to expand
our presence through more originators or potentially even an acquisition focused on the mortgage business line. Expense levels
are up $500,000 from both the prior year and linked quarter due to the impact of the Title Agency, merit increases and higher commission
levels due to mortgage volume. Noninterest expense to average assets is down to 3.6% from the second quarter of 2018 or 3.7%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our net interest expense to average assets
improved to a negative 2.1% compared to the linked quarter of negative 2.3%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, our fifth key initiative of asset
quality, nonperforming assets. As we disclosed 0.43%, in line with prior quarters, total past due loans did spike a bit this past
quarter and now stand at 0.68% due to a couple of timing issues of a couple credits that went past due. We would expect those to
normalize in the third quarter. Net charge-offs for the quarter just $15,000. Our reserve-to-non-performing remains in the top
quartile of our peer group at 212%. Our asset quality on our regimented approach to credit analysis as well as our dynamic loan
review process remain a strength for our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Now I would like to turn it over to Tony Cosentino
who will certainly give us some insight and details on our performance. Tony.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">4</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thanks, Mark. Good morning everyone. Just reminding
that for the quarter we had net income of $2.6 million, or $0.33 per diluted EPS. It has been noted by Mark, our earnings were
impacted by a $690,000 temporary impairment on our mortgage servicing rights, and absent that impairment, net income would be $3.2
million, up $100,000, or 1.6% increase. And for the year adjusting for the large $1.4 in impairment, net income of $6 million is
up $500,000, or 8% compared to the prior year six months. Adjusted diluted earnings per share is roughly flat to the prior year
at $0.75, due to the full-year impact in 2019 of the capital raise we completed late in the first quarter of 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total operating revenue for the quarter was
down 1.2% from prior year, but up 4.3% when we adjust for the impairment. Loan growth, as Mark indicated, is up $32 million from
March and up $61 million from the prior year, or 8.1%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loan sales delivered gains of $1.9 million
from mortgage, small business, and agriculture in the quarter. Mortgage volume of $98 million lowered by 10% from the second quarter
of 2018; however, we are up from the linked quarter by $47 million in originations. Lastly, we continue to hold our nonperforming
assets steady with the NPA ratio at quarter end of 43 basis points.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As we breakdown our second quarter income statement,
starting with the margin, net interest income was up from the prior year by 4.8% and up 5.9% to the linked quarter. Average loan
yield for the quarter of 5.1% increased by 13 basis points from the prior year and overall earning asset yield was up 12 basis
points from prior year to 4.88%. Obviously, our balance sheet impact of growth and the rate increases have affected interest income
over the past year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On the funding side, we continue to experience
an increase in the cost of our interest-bearing liabilities like all community banks, although it has slowed this quarter. The
rate on interest-bearing liabilities came in at 1.28%, which was up 48 basis points from the prior year, but up just 8 basis points
from the linked quarter. Net interest margin at 3.88% was up 7 basis points from the linked quarter. For the full year, our margin
was 3.84%, down 5 basis points from the first six months of 2018. Total interest expense costs have risen significantly from the
prior year due to higher deposit costs, loan growth funding needs, reduced fees from mortgage loan origination, and obviously the
increased competitive nature we have experienced in deposit rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total non-interest income of $3.7 million was
down from the prior year by 13%, reflecting the temporary impairment. Adjusting for that impairment would increase non-interest
income to $4.4 million, up 4.4% from the prior year. As Mark indicated, we had a strong contribution from our newly acquired Title
Agency with total revenue for the quarter of $300,000 and was reflective of our efforts to intergrade the business line into the
rest of our company. Given the pipeline for our mortgage and commercial business lines, we expect an expanded contribution from
the Title Agency in Q3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, this quarter we sold a few bonds
due to the reduction in rates and realized a small gain of $200,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mortgage originations for the quarter of $98.4
million were down from the prior year by 11.1, or 10.1%. Over the last 12 months, we have originated $324 million in mortgage volume
and we expect to eclipse the $300 million mark in originations in 2019 for the fifth consecutive year.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;5</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total mortgage sales were $71 million for the
quarter, which was down from the prior year as well, and as the bulk of our volume occurred late in the quarter, our sold percentage
of originated volume was just 72% compared to 85% from the linked quarter. We expect that third quarter sold percentage to trend
closer to the mid-80s. Total gains on sale came in at $1.7 million, which was 2.4% of our sold volume. The servicing portfolio,
now at $1.11 billion, provided revenue for the quarter of $691,000 and is on pace to deliver $2.8 million in total revenue for
the year. The servicing portfolios increased by $82 million, or 8% from the prior year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Given the impairment, the market value of our
mortgage servicing rights declined again this quarter, our calculated fair value of 98 basis points was down 8 and 23 basis points
from the linked and the prior year quarters respectively and did result in a $690,000 impairment. At June 30, 2019, our mortgage
servicing rights were $10.3 million, which is down $400,000, or 3.5% from the second quarter of 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total temporary impairment remaining on
our books now is $1.6 million. With stabilization of rates potentially in the second half, we do have the potential to recapture
a portion of this impairment prior to year-end 2019. Total operating expenses for the quarter were $9.1 million, up $500,000, or
6% from both the linked and prior year quarters. The quarter included the full impact from the Title Agency of roughly $250,000,
in the commission on $47 million and higher mortgage volume of approximately $350,000. Total head count adjusted from the Title
Agency was up slightly from the prior year as we continued to add staffing in risk management and operations. We expect to remain
stable on staffing for the remainder of 2019 and anticipate expense. Growth and/or reduction will be coordinated with the level
of mortgage and SBA volume.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As we turn to the balance sheet, loans outstanding
at June 30 stood at $814.5 million, which was 79.2% of the total assets of the company. We had loan growth of $61 million and asset
growth of $84 million from the prior year, and we were up $32 million and $8 million respectively from the linked quarter. At $32
million of loan growth from the linked quarter would be a 16% annualized growth rate. And as Mark indicated, compared to the prior
year, our loan book grew in all but one segment led by commercial with $28.7 million followed by residential real estate at $18.9
million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On the deposit side, we are up from the prior
year by $86.5 million, which is an 11.5% growth rate, and up from the linked quarter by $11.7 million. We continued to utilize
our balance sheet very efficiently as our loan-to-deposit ratio improved from the linked quarter to 97%. Our deposit cost of funds
has continued to increase as competitive pressures and funding needs have squeezed the margin. We do expect this to level off somewhat
in the second half of this year, absent rate declines from the Fed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Looking at our capital position, we finished
the quarter at $133.9 million, which is up $8.8 million or 7% from the prior year. We completed a small share buyback in the first
quarter of 2019, and we have just announced the larger buyback of 400,000 shares, which we expect to complete by the end of this
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding asset quality, total non-performing
assets now stand at $4.5 million, or 43 basis points. The total level of non-performing assets is up $200,000 from the linked quarter,
including in our nonperforming asset total is $800,000 in accruing restructured credits, which elevate our nonperforming level
by 8 basis points. Absent these restructured credits, total nonperforming asset ratio would be just 35 basis points for the company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;6</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provision expense for the quarter of 200,000
was down slightly from the prior year but up from the linked quarter. We did have small loan losses in the quarter of $15,000,
or just 1 basis point. Our absolute level of loan loss allowance at $8.3 million is down from the prior year. Due to loan growth,
the allowance to total loan percentage has declined from 1.13% in the prior year to 1.02% currently. This allowance level still
places us above the median of our peer group and our coverage ratio of nonperforming is in the top quartile. We have now NPO coverage
with our allowance of 212% at quarter end.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you, Tony. We certainly accomplished
a number of initiatives this quarter with the integration of our Title Agency. We discussed the announcement of the expanded share
buyback and a return to more normalized stronger production pipelines in commercial and the mortgage business line. With potential
added in the rate curve, we certainly expect our results to continue to improve throughout the second half of 2019. In addition,
this quarter our company was recognized once again by the American Banker Magazine for the fifth consecutive year as one of the
top 200 publicly traded banks, based on our three-year average return on equity. It is certainly gratifying to see our hard work
being recognized amongst our peers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Now I will turn the call back over to Carol
Robbins for questions.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will now begin the question-and-answer session.
To ask a question, you may press star (*), then one (1) on your telephone keypad. If you are using a speaker phone, please pickup
your handset before pressing the keys. To withdraw your question, please press star (*), then two (2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At this time, we will pause momentarily to
assemble our roster.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The first question comes from Brian Martin
of Jannie Montgomery. Please go ahead.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Hey just a few things on the quarter, just
kind of the loan growth was obviously strong this quarter as things pick up, but just, and you talked a little bit about it, I
could not catch quick enough, the geography of where that was, but just kind of looking forward, how does the pipeline look and
geographically are there markets that are stronger than others today or just if you give a little frame to kind of how things are
looking in the back half of year?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes Brian, I will have Jon applying on that.
He is deep in the weeds there. Volume generally has been good all over in our newer markets, but Jon maybe help me out with where
the growth has come from.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">7</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Absolutely we have an interesting cross section
of growth, as Mark said, in our newer markets, particularly Toledo and Columbus have been very strong. Our old footprint here in
Defiance had a nice beginning to the year, and I think looking forward we see something very similar in terms of growth, it is
pretty geographically diverse. We have a number of loans we expect to close in Lima, some of which have already closed at our construction
draws. Lima has done a nice job, so has Findlay, so it is geographically widespread, and we expect a very solid second half of
the year.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, so the current quarter&rsquo;s pace is
probably not sustainable, at least for the back half to the year, but still strong, upper single-digit-type of growth rate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, I think that is our target, somewhere
in that 8% to 10% range.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Hi Brian, and from my perspective Brian, this
is Mark, we have typically been right around that median level, median to maybe the third quartile, which we are really happy at
that level. We are not looking to be in the top quartile on the growth pace. We do not want to get out over our skies. We are pretty
diligent in who we loan our money to and little conservativity in that arena we think will be rewarded.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, okay, all right. In the, you know maybe
just going with the income, maybe if you can touch a little bit on, maybe you Mark, and just on mortgage and just kind of your
outlook for the year, I think Tony said he was&ndash;maybe somewhere that you were targeting over 300 million and kind of originations,
just kind of how that is tracking and kind of what you see based on your comments about refinance value picking up here in the
second half?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yeah, I will make a few comments and Tony can
certainly chime in, but certainly yes, we had a few higher rate mortgages, you know, in our sold portfolio, which was certainly
recognized by the impairment and so we have begun to make sure that we do not lose a lot of those clients to some other competitors.
So, we are not only refinancing those 4.5 to 4.875 our self at a much lower rate and putting them back in the portfolio, but we
still find ourselves now, because of the 3.75 or so on a 30-year, finding robust mortgage volume in all of our markets, particularly
Columbus. So, we were built for that 350 to 400 million. Our expectation is up in the high 300s for this year, and we think we
are going to get that, given the strength of the pipeline that we currently have, which has grown nicely this last quarter, and
we are looking for great things in the second half of the year. But we booked some mortgages on own books, which will be those
private clients, more 3.1, 5.1, 7.1 kind of loans, but generally the mortgage volume has been robust and we expect that to continue
in the last half.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, and the folks you talked about adding
in Indianapolis, were they contributing this quarter, or is that part of the explanation for kind of getting to that you know 350,
mid-350-type of level on originations for this year?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">8</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Clearly, we have said a number of quarters,
Brian, that you know the variable is not the number that we are looking for and that the variable is number of producers, and those
numbers come and go. We will have someone in North East Indiana retire and then we will add somebody in Indianapolis, but currently
we are looking for the 35 million mark or so out in Indianapolis. We have had a little slow start. We have employed a number of
different channels to find those individuals. We now have three, as we have said. We are looking for one more in the third quarter
and another one in the fourth quarter, and quite honestly, we are always contented that Indianapolis has as much promise as Columbus,
Ohio has with their 200 to 250 million that they do. So we look for them to contribute to the second half year. Tony, I do not
know if you have any perspective on that, but if we got $15 to $20 million out of Indianapolis in 2019, I think we would be pleased,
but that we would miss our mark by 30% to 40%.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yeah, I would say from our initial expectations,
Mark, you know we are probably on 50% to 60% of that in 2019 from Indianapolis, but I think we had a bit of slow start, but you
know Columbus maybe has outpaced what we thought going into this year, so I think that will make up for that level.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">And maybe just, Tony, just kind of you talked
about, I think, in your prepared remarks about the sale percentage volume picking up next quarter, just how about the gain on sale
margin, how did you see that playing out, it was a bit of a drop this quarter from 1Q to 2Q, but any thoughts on that?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, I think, early in the quarter we were
trying to help a little bit with volume, we ran a couple of specials and tried to look at some things in some of our markets to
increase the volume a little bit. I think we worked our way through that as the second half of the quarter came together. So, I
anticipate that in Q3 our sale percentage will be in line with what we had in 2018 and the percentage of the originated volume
will certainly increase as we get a better start on the late volume we did in Q2.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, alright, thank you, that is helpful,
and how about just a couple of things here, one more thing on the fee income side, the SBA business, you talked about it being--maybe
Mark talked about it being a bit more competitive with people doing it more in the traditional loan side. But how are things tracking,
I guess, how do you guys see things unfolding in the second half in that business, given kind of the efforts you are taking to
improve momentum there and then but also with the challenges of the completive market?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes.
I will make a couple of comments and Jon can certainly clean this up, but from where I sit, Brain, this remains a critical business
line for us. We have done 60 million that we never would have had, had we not had the business line. The residual portfolio of
7.6% is nice. We are making great gains on the business line and we are committed to the business line, but clearly, and I know
Jon will clean this up, but we face a lot more competition in that arena, what we felt was a perfect SBA because</FONT> of <FONT STYLE="font-family: Times New Roman, Times, Serif">leverage
or liquidity or capital or some of those key attributes of a normal commercial loan. We are finding some competitors are doing,
as you might expect, at this 120-month bull market, they are doing 100% financing in some arenas and kind of rendering that business
line crippled, if you will, a little bit, but we are still finding some good prospects I believe. Jon, would you agree?</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">9</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are obviously disappointed in the second
quarter, but we had a very good first quarter and we are anticipating return to those levels. I think the other thing I will add
to what Mark said is rates are projected to come down here versus the second half of the year and that will certainly also help
that SBA business line, while those competitive forces would not change, certainly the lower rates will help and then also yield
should improve likewise.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">So, Brian, last comment, maybe several of those
loans that we booked that we have enjoyed the benefit of increasing our balances might have gone to SBA maybe several quarters
ago, because now we are having to take a bit of interest rate duration risk to put on our books, where before we might have been
able to push those into the SBA arena, so it is just changing our mix a little bit, but that requires a bit more work and a little
better execution.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, perfect and that is helpful, and just
last couple, just on the margin, I think you guys talked about the funding cost easing a bit here with the linked quarter. How
are you thinking about the margin today with, I mean obviously&ndash;you have the pick-up in mortgage in second half, which helps
the margin, but just as far as the rate environment, if we can get a couple of cuts, particularly one in July here, late July,
and then maybe one later in the year, how does that impact the margin or just kind of your outlook from here?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, Brian this is Tony. I would say our general
movement would be some shrinkage in margin if we get the rate cuts, not demonstrably in 2019, but we are fairly asset sensitive
and we are probably a 2:1 ratio of up versus down on a rate move and how that would help us. So, we have modeled in kind of July
and late of the year rate move, but in general with mortgage volume increasing, we would expect margin to stay roughly in the same
range it was here in Q2, absent anything else that is unseen at this time.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brian just one comment, to tag on to Tony&rsquo;s
comment, is that we know that is going to be met with reductions. When rates went up, we followed some of those rates up to remain
competitive and ensure liquidity. When rates decline, I think we are going to managerially have to take a hard look at what we
have done and make sure that we&rsquo;ve preserve the margin on the way down here.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, because&ndash;-the percentage of loans
at a variable rate versus a percentage of deposits that are indexed, can give I guess an update there, I guess what percentage
of the loans and deposits move with rates I guess?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I would think, as I said, Brian, we generally
look at on the loan side about two times what is on the deposit side in terms of rate moves relative to prime, and that is kind
of an average we used, based upon our portfolio. So, we think a 25-basis point cut will probably cut $400,000 in interest income
on an annualized basis, nothing else being impacted, and we probably could recapture half of that on the deposit side given variable
rate product.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, and the variable rate product just meaning
you are able to, I guess, actively manage the deposits a little bit lower.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, exactly. Money market and interest-bearing
DDA being the primary avenue that we could impact in the short term.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CDs, obviously, Tony, will take a bit to correct
itself, but clearly money market and some of those discretionary items we will have to be fairly aggressive on if we see some declines
here.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, so kind of a flattish margin from this
388 level in the back half of the year, maybe a little bit lower than 388 in the fourth quarter, depending on mortgage volume,
does that seem kind of how you are thinking about it?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">That is exactly what we are forecasting as
we sit here today.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, and if you get an additional cut or two
in 2020, Tony, just kind of a crystal ball, kind of framing how things would look in 2020, what is your big picture outlook on
where the margin trends beyond 2019?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Well, I think, you know, as a general rule,
our margin with further rate cuts is going to trend downward and it is just a matter of how much. We have been able for the most
part to outgrow the margin squeeze via on balance sheet loan growth and our level of mortgage production, which we still are very
committed to on both of those avenues. So, while on paper it would trend down, I think we can outgrow the squeeze in margin in
2020 as we sit here today.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay. All right. That is helpful, and how about
just going to your comment on the buyback, I think the buyback was I guess expanded here, just kind of your or how many shares
are remaining on this, or I guess have you been active thus far on the quarter and I guess it sounds like we get all completed
by year-end?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, we announced the buyback right at the
beginning of the quarter of 400,000 shares. We have done roughly 20% of that, I would say, through the first 20 days or so of the
quarter, and I would anticipate we will be able to get that done by 12/31/2019, based upon what I see out there in the market.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay perfect, in that recapture of the MSR,
I guess, what kind of the parameter to look at as far as when you may recapture that, or how to recapture some of that?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, it really is kind of contingent on two
things: obviously overall market rates, and once they kind of stabilize, and what our remaining portfolio is likely to refinance,
and again, there are some obvious candidates that we will refinance, given how the rates have moved, but that will come to a point
where economics just do not work and that will be time in stabilization of rates. And as prepayment speed slowdown, they were extremely
fast in Q1 and Q2 relative to anything we have ever seen on our portfolio, so that is why I anticipate them stabilizing in the
second half, and if rates stay where they are, then I think we can expect to recapture some of that, not necessarily all but some.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;11</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, all right, and you talked Tony maybe
about the staffing, just kind of not much change in the second half of the year, so the expense level that you see in the second
quarter here is probably pretty, I guess, comparable to what you think in the third quarter, and then maybe in third and fourth
quarter, if volume picks up or volume is on the mortgage side is kind of the driver, maybe expenses are up at touch in third quarter
and down in fourth quarter, is that kind of how or what you are alluding to there?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Just a couple of comments, Brian. We have continued
to make bets in adjacent markets and we have continued that trend on into Indianapolis, and so, as I had told our board this year,
we are going to balance a little bit of pessimism with optimism and maybe be a little critical on the expense side, and so we are
looking hard at the expenses and we try to make sure that we keep some positive margins there with the growth, but lot of our expenses
have come in the operations and the compliance and CRE arena and all the compliance arenas that we have to get better at and get
right. So it has not been because we expanded in the new markets per se. It is more of the backroom kind of things to make sure
we remain compliant and that is mandated. That is something that do we seek ways to do that, no, but we know we have to be seamless
and robust all the way from when we hired our Chief Technology Innovation Officer and adopted a total restructure of the backroom.
So, that has been generally a key source of our increased expense and we are cognizant of that and we know we have to improve on
and grow the balance sheet to improve that efficiency ratio from something in the low 70s to the strategic number for us, which
most likely will be in that middle-to-low 60s.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">That is the goal, but it has not been delivered
yet.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, and with the expenses, at least in the
absolute terms, it sounds like there is less expense growth you expect in the second half of the year and at least relative to
what we said at the second quarter and I guess we should not, given your staffing is not ramping up.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I think it is a fair statement clearly, you
know, our ebbs and tides come with mortgage volume. Clearly when that&ndash;of course on one hand we love it and other hand we
do not, but it is a good variable base pay kind of business line, so when it ramps up, we love the gains we get out of that, assuming
there are no timing differences, and clearly this quarter we seem to have run into some timing differences not only on the production
side, but also the sale side.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, that is fine, and just from a M&amp;A
perspective, I know you announced the buyback, but just, I know you have talked in the past about you know at least kind of looking
at opportunities out there. Just any change on what you are seeing in the market place as far as opportunities, and I guess any
kind of notable changes from the last quarter to opportunities and how are you thinking about that?</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">12</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Well there clearly are opportunities out there.
We continue to push those along a bit. I can honestly say we have taken a bit more of an aggressive stance if you would because
we have realized that banks are sold and not bought, but we think it is also our obligation to our stockholders to make sure that
we are seizing opportunistic kind of acquisitions of small institutions that feel that maybe it is not going to get any better
than it currently is and we are findings some traction there, and some of those decisions are upon us and eminent and we are excited
about some of those that may be forthcoming, and we continue to reach out to several others. But again, if they truly are sold
and not bought, they have to believe that there is a greater opportunity with a billion dollar bank like ours that has certainly
upside potential of trading at 105% of tangible book kind of thing, but that would lead us to more cash deal than it would may
be stock because of our currency strength at this juncture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay and you mention, I do not know if it was
you or Tony, Mark, in the prepared remarks on even outside of bank M&amp;A, maybe a mortgage-type of play is, I guess, are you
seeing opportunities there? Normally it has been hiring people and kind of building like you are doing in Indianapolis, but are
there other opportunities on the mortgage side that are appearing given the rate environment?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, there are niches out there, and again
it is all about you know management succession, it is all about monetizing what maybe someone has built. Clearly, there are opportunities
to augment current business lines for us, such as SBA as the commercial as maybe some other more defined business lines in the
mortgage segment that could certainly augment our production. So we have got some conversations going there and those could be
very good for us.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Both pipelines both the mortgage and the bank
are, you know, at least maybe seemed to have picked up a little bit from where there have been in recent quarters.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yes, clearly, we think we are in some of the
right markets. We have got Indianapolis now up and going, rates are great. We have a defined portfolio, if you will, of mortgages
to call because individuals that do our servicing rights analysis would conclude that we are going to lose some of that portfolio,
so we have a clear strategy to reach out, Brian, to that percentage of the portfolio that most likely are candidates to refinance,
and if we are going to refinance, why not put him back in our portfolio and book the gains again and book the servicing rights.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Okay, well I think that is all I have guys,
maybe one number from Jon, the lease portfolio, what did the lease portfolio growth this quarter, Jon, I guess, was that, I guess,
how is the growth trend of year-to-date in that book?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I do not have that number right in front of me, but I think somewhere
right around $2 million dollar year-to-date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">That&rsquo;s good. I can follow up offline.
Okay, I appreciate the call guys. Thanks.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;13</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thanks Brian. See you again and talk soon.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As a remainder, if you have a question, please press star (*), and
one (1).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The next question comes from Jason O'Donnell from Bluestone. Please
go ahead.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I just have a quick question on just going back to the whole bank
M&amp;A discussion, with regard to just your pricing discipline on bank deals, if you were to do one, what line would you not cross
in terms of tangible book value earnback, just given the currency challenges, would you guys be willing to go over say 4.5 years
on an earnback going forward?</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have been very disciplined Jason in our approach. We like our
$75 million organic growth that we pay for every year, so as opposed to paying a $10 or $15 million dollar premium, we have been
disciplined. We like the three number. Good things come in 3s. Maybe a 3, 3.5, if it is strategic, but again given our currency
or lack of currency value thereof, we have been very diligent in who we have talked with and what we have talked about and how
we presented that, and we have not veered from that.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So, 4.5 year plus deal, it sounds like you are saying would be fairly
unlikely.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">That would be unlikely, yes. Again, given our current success rate
where we are currently growing and how we are doing that in each of our different markets, so we like the organic growth approach,
one client at a time, but if someone can see the value in joining up with a billion dollar bank covering 14 counties, then there
may be certainly some good news to come.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thanks a lot, guys.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;14</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Once again, thanks everyone for joining us this morning. We will
certainly look forward to delivering our third quarter results to you in October. Have a great week.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">SB Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: gray">Wednesday, July 24, 2019, 11:00
A.M. Eastern</P>



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