FJ Capital Management SC 13G/A SB FINANCIAL / FJ Capital Management ownership change

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2 )*

SB Financial Group, Inc (SBFG)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78408D105

(CUSIP Number)

12/31/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

   Rule 13d-1(b)

   Rule 13d-1(c)

   Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 78408D105

1

Names of Reporting Persons

FJ Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power 371,571.00
7	Sole Dispositive Power
8	Shared Dispositive Power 371,571.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

371,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.59 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:   Relating to items 6, 8 and 9 of this page: Consists of 371,571 shares of common stock of the Issuer held by Financial Opportunity Fund LLC which FJ Capital Management LLC is the managing member; as such, the Reporting Person may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 78408D105

1

Names of Reporting Persons

Financial Opportunity Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power 371,571.00
7	Sole Dispositive Power
8	Shared Dispositive Power 371,571.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

371,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.59 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:   Relating to items 6, 8 and 9 of this page: Consists of 371,571 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 78408D105

1

Names of Reporting Persons

Martin Friedman

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power 371,571.00
7	Sole Dispositive Power
8	Shared Dispositive Power 371,571.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

371,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.59 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   Relating to items 6, 8 and 9 of this page: Consists of 371,571 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of reported shares but as to which Mr. Friedman disclaims beneficial ownership.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SB Financial Group, Inc (SBFG)
(b)	Address of issuer's principal executive offices: 401 Clinton Street, Definance, OH 43512
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 78408D105
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 371,571 shares Financial Opportunity Fund LLC - 371,571 shares Martin Friedman - 371,571 shares
(b)	Percent of class: FJ Capital Management LLC - 5.59% Financial Opportunity Fund LLC - 5.59% Martin Friedman - 5.59%  %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote:
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 371,571 shares Financial Opportunity Fund LLC - 371,571 shares Martin Friedman - 371,571 shares
	(iii) Sole power to dispose or to direct the disposition of:
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 371,571 shares Financial Opportunity Fund LLC - 371,571 shares Martin Friedman - 371,571 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE
	After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	02/03/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	02/03/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	02/03/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	02/03/2025