[SCHEDULE 13G/A] SB Financial Group, Inc. SEC Filing

Rhea-AI Filing Summary

SB Financial Group's Schedule 13G/A discloses that FJ Capital Management LLC, Financial Opportunity Fund LLC and Martin Friedman each report beneficial ownership of 265,791 shares of common stock, equal to 4.07% of the class. The shares are held by Financial Opportunity Fund LLC; FJ Capital Management is the managing member of that fund and Martin Friedman is the managing member of FJ Capital Management. The filing states the reported interests reflect shared voting and shared dispositive power rather than sole control and affirms the position is not held to change or influence control of the issuer.

Insights

Securities Analyst

TL;DR: A passive, sub-5% holding by affiliated entities is disclosed; limited immediate market impact.

The Schedule 13G/A reports a 4.07% stake held via Financial Opportunity Fund LLC with shared voting and dispositive power. Because the filers certify the position is not intended to influence control, this aligns with passive investor treatment and does not trigger activist disclosure thresholds. For investors, the filing increases transparency about a modest concentrated holding but does not imply imminent corporate action or control changes.

Corporate Governance Expert

TL;DR: Affiliated reporting parties disclose shared authority over 4.07% of SBFG; governance influence appears limited.

The filing names the fund, its manager and an individual manager as reporting persons and explicitly disclaims sole beneficial ownership while reporting shared voting and dispositive power for 265,791 shares. This structure suggests coordinated reporting among affiliated entities but, given the stated passive intent and sub-5% ownership, it represents minimal immediate governance pressure on the board or management.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

SB Financial Group, Inc (SBFG)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78408D105

(CUSIP Number)

06/30/2025

(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 265,791.00
7	Sole Dispositive Power
8	Shared Dispositive Power 265,791.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

265,791.00

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)

4.07 %

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 265,791 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 265,791.00
7	Sole Dispositive Power
8	Shared Dispositive Power 265,791.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

265,791.00

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)

4.07 %

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 265,791 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 265,791.00
7	Sole Dispositive Power
8	Shared Dispositive Power 265,791.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

265,791.00

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)

4.07 %

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 265,791 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 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 265,791 shares Financial Opportunity Fund LLC - 265,791 shares Martin Friedman - 265,791 shares
(b)	Percent of class: FJ Capital Management LLC - 4.07% Financial Opportunity Fund LLC - 4.07% Martin Friedman - 4.07%
(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 - 265,791 shares Financial Opportunity Fund LLC - 265,791 shares Martin Friedman - 265,791 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 - 265,791 shares Financial Opportunity Fund LLC - 265,791 shares Martin Friedman - 265,791 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	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:	07/17/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/17/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/17/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/17/2025

FAQ

Who filed the Schedule 13G/A for SB Financial Group (SBFG)?

The filing was made on behalf of FJ Capital Management LLC, Financial Opportunity Fund LLC and Martin Friedman.

How many SBFG shares are reported and what percent of the class do they represent?

The filers report ownership of 265,791 shares, representing 4.07% of the common stock class.

Who holds the reported shares and what is the relationship between the filers?

The shares are held by Financial Opportunity Fund LLC; FJ Capital Management LLC is the fund's managing member and Martin Friedman is the managing member of FJ Capital.

Do the filers claim sole control or a passive position?

The filing states the position involves shared voting and shared dispositive power and the filers certify the securities were not acquired to change or influence control, indicating a passive intent.

Does this Schedule 13G/A indicate an ownership stake above 5%?

No. The reported stake is 4.07%, which is below the 5% threshold referenced in ownership rules.