UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)May 24, 2019 (May 20, 2019)
SB FINANCIAL GROUP, INC
(Exact name of registrant as specified in its charter)
| Ohio | 0-13507 | 34-1395608 | ||
(State or other jurisdiction of incorporation) | (Commission | (IRS Employer |
| 401 Clinton Street, Defiance, OH | 43512 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code(419) 783-8950
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12) |
| ☐ | Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Shares, No Par Value | SBFG | The NASDAQ Stock Market, LLC | ||
| 6,452,921 Outstanding at May 24, 2019 | (NASDAQ Capital Market) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(f) SB Financial Group, Inc. (“SB Financial” or the “Company”) is filing this Current Report on Form 8-K to report the allocation of shares of the Company’s common stock to the Company’s Named Executive Officers (“NEOs”) under the Employee Stock Ownership Plan (“ESOP”). These amounts were not calculable as of the printing of the Company’s definitive Proxy Statement for its 2019 Annual Meeting (filed with the Securities and Exchange Commission on March, 8, 2019) (the “Proxy Statement”) and therefor were omitted from the Summary Compensation Table included in the Proxy Statement. On May 20, 2019, SB Financial made the annual statement of accounts available to all Company employees, including the NEOs, under the ESOP.
The following information updates the Summary Compensation Table set forth on pages 17 and 18 of the Proxy Statement:
| Summary Compensation Table for 2018 | ||||||||||||||||||||||||||||||
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||
| Name and Prinicpal Position | Year | Salary | Bonus | Stock Awards | Non-Equity Incentive Plan Comp. | Change in Pension Value & Defferred Compensation Earnings | All Other Comp. (1) | Total | ||||||||||||||||||||||
| Mark A. Klein | ||||||||||||||||||||||||||||||
| Chairman, President & CEO of the Company and State Bank | 2018 | $ | 361,789 | $ | - | $ | 63,360 | $ | 100,580 | $ | 137,447 | $ | 29,267 | $ | 692,443 | |||||||||||||||
| 2017 | 343,789 | - | 110,628 | 119,700 | 128,129 | 26,542 | 728,789 | |||||||||||||||||||||||
| Anthony V. Cosentino | ||||||||||||||||||||||||||||||
| Executive Vice President & Chief Financial Officer of the Company and State Bank | 2018 | $ | 207,129 | $ | - | $ | 31,680 | $ | 48,382 | $ | 25,294 | $ | 18,114 | $ | 330,599 | |||||||||||||||
| 2017 | 199,214 | - | 55,314 | 57,196 | 23,921 | 17,836 | 353,482 | |||||||||||||||||||||||
| Juan Ernesto Garcia Gaytan | ||||||||||||||||||||||||||||||
| Executive Vice President & Chief Technology Innovation & Operations Officer of State Bank | 2018 | $ | 186,609 | $ | - | $ | 35,360 | $ | 26,612 | $ | - | $ | 8,139 | $ | 256,719 | |||||||||||||||
| Jonathan R. Gathman | ||||||||||||||||||||||||||||||
| Executive Vice President & Senior Lender of State Bank | 2018 | $ | 189,419 | $ | - | $ | 31,680 | $ | 33,964 | $ | - | $ | 14,819 | $ | 269,881 | |||||||||||||||
| 2017 | 181,768 | - | 55,314 | 49,382 | - | 14,736 | 301,201 | |||||||||||||||||||||||
| (1) | The amount shown in column (h) reflects “All Other Compensation”, which includes the following perquisites and personal benefits: |
| All Other Compensation Table | ||||||||||||||||||||||||||||||
| Name | Year | 401 (k)/HSA Match Contribution | Auto Allowance | Whole Life Insurance Benefit | ESOP Contributions | Social Dues & Memberships | Other (A) | Total All Other Compensation | ||||||||||||||||||||||
| Mark A. Klein | 2018 | $ | 10,771 | $ | 2,207 | $ | 6,177 | $ | 3,189 | $ | 2,242 | $ | 4,682 | $ | 29,267 | |||||||||||||||
| 2017 | 10,464 | 2,811 | 2,778 | 3,811 | 2,082 | 4,596 | 26,542 | |||||||||||||||||||||||
| Anthony V. Cosentino | 2018 | $ | 11,353 | $ | - | $ | 2,569 | $ | 2,410 | $ | - | $ | 1,782 | $ | 18,114 | |||||||||||||||
| 2017 | 11,685 | - | 1,794 | 2,812 | - | 1,546 | 17,836 | |||||||||||||||||||||||
| Juan Ernesto Garcia Gaytan | 2018 | $ | 4,564 | $ | - | $ | 566 | $ | 2,368 | $ | - | $ | 640 | $ | 8,139 | |||||||||||||||
| Jonathn R. Gathman | 2018 | $ | 10,272 | $ | - | $ | 663 | $ | 2,197 | $ | - | $ | 1,686 | $ | 14,819 | |||||||||||||||
| 2017 | 10,264 | - | 442 | 2,564 | - | 1,466 | 14,736 | |||||||||||||||||||||||
| (A) | Includes dividends on unvested restricted stock. In addition, Mr. Klein and Mr. Cosentino were reimbursed for personal income tax preparation expense in 2018 and 2017. This number was revised for 2017 which excluded the vesting of prior year restricted stock grants. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SB FINANCIAL GROUP, INC. | ||
| Dated: May 24, 2019 | By: | /s/ Anthony V. Cosentino |
| Anthony V. Cosentino Chief Financial Officer | ||
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