SB One Bancorp (the “Company”) (Nasdaq: SBBX), the holding company
for SB One Bank (the “Bank”), today reported net income of $5.1
million, or $0.55 per basic and diluted share, for the quarter
ended September 30, 2019, an increase of 57.3%, as compared to net
income of $3.3 million, or $0.42 per basic share and $0.41 per
diluted share, for the quarter ended September 30, 2018. The
increase in net income for the quarter ended September 30, 2019 was
driven by a $3.7 million, or 33.6%, increase in net interest income
attributable to loan and deposit growth and the merger with
Enterprise Bank NJ (“Enterprise”), and a $585 thousand increase in
non-interest income as compared to the same period last year. The
increase in net income was partially offset by a $1.2 million, or
13.7%, increase in non-interest expense. The non-interest expense
increase was mainly due to a $1.2 million, or 23.7%, increase in
compensation mainly from the Enterprise merger, net of realized
cost savings, and to support the continued growth of the Company
offset by a decrease in merger related expenses of $605 thousand.
The Company reported net income of $17.2
million, or $1.84 per basic and $1.83 diluted share, for the nine
months ended September 30, 2019, an increase of 127.4%, as compared
to $7.6 million, or $0.97 per basic share and $0.96 per diluted
share, for the same period last year. For the nine months ended
September 30, 2019, net income growth was driven by an increase in
net interest income of $11.4 million, or 34.7%, resulting from
growth of $18.9 million in loan interest income which was
attributable to organic loan growth and the merger with Enterprise.
In addition, non-interest income increased $2.9 million, or 34.8%,
from a $1.2 million increase in insurance commissions and fees as
compared to the same period last year. The increase in net income
was partially offset by an increase in non-interest expense of $754
thousand, or 2.5%.
Anthony Labozzetta, President and CEO of SB One
Bancorp and SB One Bank stated, “We continue to have strong growth
in all of our business lines. Despite the volatile interest
rate environment, our commercial lending team grew loans at an
annualized rate of 10.2%. Our Insurance Company continues to
out-perform and grew commission income 19.4% over the same period
last year. Our Retail deposits grew at an annualized rate of
14.5%. Furthermore, the activities and pipelines in each of
our business lines remain robust.” Mr. Labozzetta added,
“While our margin compressed this quarter, we are seeing a
reduction in our costs of deposits and borrowings, which was
evident in the month of September and we expect that positive trend
to continue into the fourth quarter”.
Mr. Labozzetta also stated, “We continue to
experience improving trends in asset quality with our ratio of
non-performing assets to total assets decreasing 26 basis points to
0.87%”.
Declaration of Quarterly
DividendOn October 24, 2019, the Company’s Board of
Directors declared a quarterly cash dividend of $0.085 per share,
which is payable on November 20, 2019 to common shareholders of
record as of the close of business on November 6, 2019.
Financial PerformanceNet
Income. For the quarter ended September 30, 2019, the Company
reported net income of $5.1 million, or $0.55 per basic and diluted
share, an increase of 57.3%, as compared to net income of $3.3
million, or $0.42 per basic and $0.41 diluted share, for the
quarter ended September 30, 2018.
The increase in net income for the quarter ended
September 30, 2019 was driven by a $3.7 million, or 33.6%, increase
in net interest income resulting from loan and deposit growth, the
Enterprise merger, and a $585 thousand increase in non-interest
income mainly due to a $297 thousand increase in insurance
commissions and fees. Non-interest expenses increased $1.2 million
to $10.2 million for the third quarter 2019 as compared to $9.0
million for the third quarter 2018. The increase in non-interest
expenses was primarily attributable to an increase in salaries and
employee benefits of $1.2 million resulting from the merger with
Enterprise and the continued growth of the Company. In addition,
data processing increased $290 thousand and write-downs related to
foreclosed real estate increased $152 thousand. The increase in
non-interest expenses was partially offset by a decrease in merger
related expenses of $605 thousand as compared to the same quarter
of 2018.
For the nine months ended September 30, 2019,
the Company reported net income of $17.2 million, or $1.84 per
basic share and $1.83 per diluted share, an increase of 127.4%, as
compared to net income of $7.6 million, or $0.97 per basic share
and $0.96 diluted share, for the same period last year.
Net Interest Income. Net interest income
on a fully tax equivalent basis increased $3.5 million, or 31.5%,
to $14.8 million for the third quarter of 2019, as compared to
$11.2 million for the same period in 2018. The increase in
net interest income was largely due to a $440.4 million, or 32.5%,
increase in average interest earning assets, principally loans
receivable, which increased $395.8 million, or 34.3%, led by
organic growth and the December 2018 closing of the Enterprise
merger. The net interest margin decreased 3 basis points to
3.26% for the third quarter of 2019, as compared to the same period
in 2018, as a result of an increase in cost of funds of 44 basis
points mainly due to a surge in rates on deposits. The increase in
the Company’s cost of funds was partially offset by an increase in
yield on earning assets of 34 basis points driven by an increase in
yields on loans receivable of 42 basis points.
Net interest income on a fully tax equivalent
basis increased $11.2 million, or 33.5%, to $44.6 million for the
first nine months of 2019 as compared to $33.4 million for the same
period in 2018. The increase in net interest income was
largely due to a $446.1 million, or 34.2%, increase in average
interest earning assets, principally loans receivable, which
increased $412.2 million, or 37.1%, driven by organic growth and
the Enterprise merger.
Provision for Loan Losses. Provision for loan
losses increased $315 thousand, or 98.1%, to $636 thousand for the
third quarter of 2019, as compared to $321 thousand for the same
period in 2018.
Provision for loan losses increased $756
thousand, or 61.6%, to $2.0 million for the first nine months of
2019, as compared to $1.2 million for the same period in 2018.
Non-interest Income. Non-interest income
increased $585 thousand, or 23.2%, to $3.1 million for the third
quarter of 2019, as compared to the same period in 2018. The
growth was largely due to an increase in insurance commissions and
fees relating to SB One Insurance Agency of $297 thousand, or
19.4%, for the third quarter of 2019, as compared to the same
period in 2018.
Non-interest income increased $2.9 million, or
34.8%, to $11.1 million for the first nine months of 2019 as
compared to the same period last year. The increase was
principally due to $1.2 million increase in insurance commissions
and fees relating to SB One Insurance Agency, and a $1.5 million
increase in gains on sale of securities. The aforementioned
increases were partially offset by a $292 thousand loss on the
disposal of fixed assets relating to closing of the Company’s
corporate center in Rockaway, NJ, and the sale of the Andover
branch.
Non-interest Expense. The Company’s non-interest
expenses increased $1.2 million, or 13.7%, to $10.2 million for the
third quarter of 2019, as compared to the same period in 2018. The
increase in non-interest expenses occurred largely in salaries and
employee benefits of $1.2 million, data processing of $290 thousand
and expenses and write-downs related to foreclosed real estate of
$152 thousand. The increase in non-interest expenses for the third
quarter of 2019, as compared to the same period in 2018, was the
result of the Company’s continued growth, inclusive of the
Enterprise merger net of cost savings. The increase in expenses and
write-downs related to foreclosed real estate was driven by a
one-time charge for write-downs of $149 thousand on three
properties. The aforementioned increases were partially offset by
decreases in professional fees and FDIC assessment costs of $111
thousand and $45 thousand, respectively.
The Company’s non-interest expenses increased
$754 thousand, or 2.5%, to $30.9 million for the first nine months
of 2019 as compared to the same period last year. The increase in
non-interest expenses was primarily due to increases in salaries
and employee benefits of $3.2 million, occupancy of $518 thousand
and data processing of $499 thousand. The aforementioned
increase was partially offset by a decrease in merger related
expenses of $4.3 million.
Income Tax Expense. The Company’s income tax
expenses increased $863 thousand to $1.8 million for the third
quarter of 2019, as compared to the same period last year. The
Company’s effective tax rate for the third quarter of 2019 was
26.1%, as compared to 22.6% for the same period in 2018.
The Company’s income tax expenses increased $3.1
million to $5.2 million for the first nine months of 2019, as
compared to the same period last year as a result of increased
pre-tax income. The Company’s effective tax rate for the first nine
months of 2019 was 23.1%, as compared to 21.5% for the nine months
ended September 30, 2018.
Financial ConditionAt September
30, 2019, the Company’s total assets were $1.9 billion, an increase
of $138.6 million, or 7.7%, as compared to total assets of $1.8
billion at December 31, 2018. The increase was mainly
attributable to an increase in loans receivable of $88.8 million,
or 6.0%, to $1.6 billion.
The Company’s total deposits increased $172.9
million, or 12.8%, to $1.5 billion at September 30, 2019, from $1.4
billion at December 31, 2018. The growth in deposits was mostly due
to an increase in interest bearing deposits of $157.0 million, or
14.3%, and an increase in non-interest bearing deposits of $15.9
million, or 6.1%, at September 30, 2019, as compared to December
31, 2018.
At September 30, 2019, the Company’s total
stockholders’ equity was $196.1 million, an increase of $10.6
million when compared to December 31, 2018. At September 30,
2019, the leverage, Tier I risk-based capital, total risk-based
capital and common equity Tier I capital ratios for the Bank were
10.22%, 12.00%, 12.61% and 12.00%, respectively, all in excess of
the ratios required to be deemed “well-capitalized.”
Asset and Credit QualityThe
ratio of non-performing assets (“NPAs”), which include non-accrual
loans, loans 90 days past due and still accruing, troubled debt
restructured loans currently performing in accordance with
renegotiated terms and foreclosed real estate, to total assets
decreased to 0.87% at September 30, 2019 as compared to 1.43% at
December 31, 2018. The decrease in NPAs is mainly
attributable to the payoff of two non-accrual commercial real
estate loans totaling approximately $8.9 million. NPAs exclude $3.0
million of Purchased Credit-Impaired (“PCI”) loans acquired through
the merger with Community Bank of Bergen County (“Community Bank”).
NPAs decreased $8.9 million to $16.9 million at September 30, 2019,
as compared to $25.8 million at December 31, 2018.
Non-accrual loans, excluding $3.0 million of PCI loans, decreased
$8.7 million, or 41.9%, to $12.0 million at September 30, 2019, as
compared to $20.7 million at December 31, 2018. Loans past
due 30 to 89 days totaled $5.5 million at September 30, 2019,
representing an increase of $1.7 million, or 45.8%, as compared to
$3.8 million at December 31, 2018.
The Company continues to actively market its
foreclosed real estate properties, the value of which decreased
$549 thousand to $3.6 million at September 30, 2019 as compared to
$4.1 million at December 31, 2018. The decrease in foreclosed
real estate properties was largely attributable to the sale of six
properties totaling $1.5 million which was partially offset by two
new foreclosed properties valued at $1.1 million. At September 30,
2019, the Company’s foreclosed real estate properties had an
average carrying value of approximately $400 thousand per
property.
The Company’s allowance for loan losses
increased $975 thousand, or 11.1%, to $9.8 million, at September
30, 2019 as compared to $8.8 million at December 31, 2018. The
Company’s outstanding credit mark recorded on the legacy Community
Bank and Enterprise portfolios of $433.8 million totaled $6.8
million at September 30, 2019. The Company’s combined coverage of
allowance for loan loss and credit mark on the legacy Community
Bank and Enterprise portfolios totaled $16.8 million, or 1.05% of
the overall loan portfolio, at September 30, 2019. The Company
recorded $2.0 million in provision for loan losses for the nine
months ended September 30, 2019 as compared to $1.2 million for the
nine months ended September 30, 2018. Additionally, the
Company recorded net charge-offs of $1.0 million for the nine
months ended September 30, 2019, as compared to $33 thousand in net
recoveries for the nine months ended September 30, 2018. The
allowance for loan losses as a percentage of non-accrual loans
increased to 81.1% at September 30, 2019 from 43.5% at December 31,
2018.
About SB One Bancorp
SB One Bancorp (Nasdaq: SBBX), is the holding
company for SB One Bank, a full-service, commercial bank that
operates regionally with 18 branch locations in New Jersey and New
York. Established in 1975, SB One Bank's strength is in its ability
to build strong personal relationships with its customers and to
serve the communities in which it operates. In addition to its
branches and loan production offices, SB One Bank offers a
full-service insurance agency, SB One Insurance Agency, Inc. and
wealth services through SB One Wealth. SB One Bank reinforces its
commitment to the communities in which it lives and serves through
the SB One Foundation, Inc. which supports various local charitable
organizations.
SB One Bancorp was recently added to the Russell
2000® Index and Russell 3000® Index. In 2017, it was recognized as
one of the top 29 banks and thrifts nationwide and one of three
from New Jersey that comprise the Sandler O’Neill Sm-All Stars
Class of 2017. SB One Bancorp is one of the 50 Fastest Growing
Companies in New Jersey as ranked by NJBIZ Magazine. SB One Bancorp
President and Chief Executive Officer, Anthony Labozzetta, was
named one of America’s Business Leaders in Banking by Forbes
magazine and American Banker’s Community Banker of the Year in
2016.
For more details on SB One Bank, visit: www.SBOne.bank
Forward-Looking Statements
This press release contains statements that are
forward looking and are made pursuant to the “safe-harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to
statements that may be identified by the use of words such as
"expect," "estimate," “assume,” "believe," "anticipate," "will,"
"forecast," "plan," "project" or similar words. Such statements are
based on SB One Bancorp’s current expectations and are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those projected. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, (1) difficulties
and delays in integrating the business or fully realizing cost
savings and other benefits; (2) operating costs, customer loss and
business disruption following the mergers with Community Bank and
Enterprise, including adverse effects on relationships with
employees, may be greater than expected; (3) changes to interest
rates; (4) the ability to control costs and expenses; (5) general
economic conditions; (6) the success of SB One Bancorp’s efforts to
diversify its revenue base by developing additional sources of
non-interest income while continuing to manage its existing
fee-based business; and (7) risks associated with the quality of SB
One Bancorp’s assets and the ability of its borrowers to comply
with repayment. Further information about these and other
relevant risks and uncertainties may be found in SB One Bancorp’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2018 and in subsequent filings with the Securities and Exchange
Commission. SB One Bancorp undertakes no obligation to publicly
release the results of any revisions to those forward looking
statements that may be made to reflect events or circumstances
after this date or to reflect the occurrence of unanticipated
events.
SB ONE BANCORPAnthony Labozzetta, President/CEOAdriano Duarte,
CFO (p) 844-256-7328
|
SB ONE BANCORP |
SUMMARY FINANCIAL HIGHLIGHTS |
(In Thousands, Except Percentages and Per Share Data) |
(Unaudited) |
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|
9/30/2019 VS. |
|
|
9/30/19 |
|
6/30/19 |
|
12/31/18 |
|
9/30/18 |
|
|
6/30/19 |
|
12/31/18 |
|
9/30/18 |
BALANCE SHEET HIGHLIGHTS - Period End
Balances |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
$ |
211,467 |
|
|
$ |
198,191 |
|
|
$ |
186,217 |
|
|
$ |
177,547 |
|
|
|
|
6.7 |
|
% |
|
|
13.6 |
|
% |
|
|
19.1 |
|
% |
Total loans |
|
|
1,563,610 |
|
|
|
1,530,668 |
|
|
|
1,474,775 |
|
|
|
1,171,738 |
|
|
|
|
2.2 |
|
% |
|
|
6.0 |
|
% |
|
|
33.4 |
|
% |
Allowance for loan losses |
|
|
(9,750 |
) |
|
|
(9,627 |
) |
|
|
(8,775 |
) |
|
|
(8,594 |
) |
|
|
|
1.3 |
|
% |
|
|
11.1 |
|
% |
|
|
13.5 |
|
% |
Total assets |
|
|
1,934,259 |
|
|
|
1,866,344 |
|
|
|
1,795,703 |
|
|
|
1,459,642 |
|
|
|
|
3.6 |
|
% |
|
|
7.7 |
|
% |
|
|
32.5 |
|
% |
Total deposits |
|
|
1,526,856 |
|
|
|
1,476,488 |
|
|
|
1,353,939 |
|
|
|
1,114,646 |
|
|
|
|
3.4 |
|
% |
|
|
12.8 |
|
% |
|
|
37.0 |
|
% |
Total borrowings and junior subordinated debt |
|
|
191,715 |
|
|
|
180,535 |
|
|
|
247,765 |
|
|
|
187,756 |
|
|
|
|
6.2 |
|
% |
|
|
(22.6 |
) |
% |
|
|
2.1 |
|
% |
Total shareholders' equity |
|
|
196,079 |
|
|
|
192,416 |
|
|
|
185,444 |
|
|
|
151,222 |
|
|
|
|
1.9 |
|
% |
|
|
5.7 |
|
% |
|
|
29.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
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|
FINANCIAL DATA - QUARTER ENDED: |
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|
|
Net interest income (tax equivalent) (a) |
|
$ |
14,753 |
|
|
$ |
15,161 |
|
|
$ |
11,575 |
|
|
$ |
11,217 |
|
|
|
|
(2.7 |
) |
% |
|
|
27.5 |
|
% |
|
|
31.5 |
|
% |
Provision for loan losses |
|
|
636 |
|
|
|
776 |
|
|
|
210 |
|
|
|
321 |
|
|
|
|
(18.0 |
) |
% |
|
|
202.9 |
|
% |
|
|
98.1 |
|
% |
Total non-interest income |
|
|
3,103 |
|
|
|
4,392 |
|
|
|
2,493 |
|
|
|
2,518 |
|
|
|
|
(29.3 |
) |
% |
|
|
24.5 |
|
% |
|
|
23.2 |
|
% |
Total non-interest expense |
|
|
10,187 |
|
|
|
10,526 |
|
|
|
10,273 |
|
|
|
8,963 |
|
|
|
|
(3.2 |
) |
% |
|
|
(0.8 |
) |
% |
|
|
13.7 |
|
% |
Income before provision for income taxes (tax equivalent) |
|
|
7,033 |
|
|
|
8,251 |
|
|
|
3,585 |
|
|
|
4,451 |
|
|
|
|
(14.8 |
) |
% |
|
|
96.2 |
|
% |
|
|
58.0 |
|
% |
Provision for income taxes |
|
|
1,820 |
|
|
|
1,836 |
|
|
|
991 |
|
|
|
957 |
|
|
|
|
(0.9 |
) |
% |
|
|
83.7 |
|
% |
|
|
90.2 |
|
% |
Taxable equivalent adjustment (a) |
|
|
68 |
|
|
|
171 |
|
|
|
807 |
|
|
|
224 |
|
|
|
|
(60.2 |
) |
% |
|
|
(91.6 |
) |
% |
|
|
(69.6 |
) |
% |
Net income |
|
$ |
5,145 |
|
|
$ |
6,244 |
|
|
$ |
1,787 |
|
|
$ |
3,270 |
|
|
|
|
(17.6 |
) |
% |
|
|
187.9 |
|
% |
|
|
57.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic |
|
$ |
0.55 |
|
|
$ |
0.67 |
|
|
$ |
0.29 |
|
|
$ |
0.42 |
|
|
|
|
(17.9 |
) |
% |
|
|
89.7 |
|
% |
|
|
32.2 |
|
% |
Net income per common share - Diluted |
|
$ |
0.55 |
|
|
$ |
0.66 |
|
|
$ |
0.29 |
|
|
$ |
0.41 |
|
|
|
|
(16.7 |
) |
% |
|
|
89.7 |
|
% |
|
|
33.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.08 |
|
% |
1.35 |
|
% |
0.53 |
|
% |
0.91 |
|
% |
|
(20.0 |
) |
% |
|
|
102.4 |
|
% |
|
|
19.0 |
|
% |
Return on average equity |
|
|
10.56 |
|
% |
12.98 |
|
% |
4.97 |
|
% |
8.67 |
|
% |
|
(18.6 |
) |
% |
|
|
112.6 |
|
% |
|
|
21.9 |
|
% |
Efficiency ratio (b) |
|
|
57.27 |
|
% |
54.31 |
|
% |
77.47 |
|
% |
66.34 |
|
% |
|
5.5 |
|
% |
|
|
(26.1 |
) |
% |
|
|
(13.7 |
) |
% |
Net interest margin (tax equivalent) |
|
|
3.26 |
|
% |
3.49 |
|
% |
3.55 |
|
% |
3.29 |
|
% |
|
(6.6 |
) |
% |
|
|
(8.2 |
) |
% |
|
|
(0.9 |
) |
% |
Avg. interest earning assets/Avg. interest bearing liabilities |
|
|
1.26 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
1.28 |
|
|
|
|
(0.7 |
) |
% |
|
|
(1.2 |
) |
% |
|
|
(1.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA - YEAR TO DATE: |
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|
|
|
|
|
Net interest income (tax equivalent) (a) |
|
$ |
44,580 |
|
|
|
|
|
|
|
|
$ |
33,393 |
|
|
|
|
|
|
|
|
|
|
|
|
33.5 |
|
% |
Provision for loan losses |
|
|
1,983 |
|
|
|
|
|
|
|
|
|
1,227 |
|
|
|
|
|
|
|
|
|
|
|
|
61.6 |
|
% |
Total non-interest income |
|
|
11,128 |
|
|
|
|
|
|
|
|
|
8,256 |
|
|
|
|
|
|
|
|
|
|
|
|
34.8 |
|
% |
Total non-interest expense |
|
|
30,891 |
|
|
|
|
|
|
|
|
|
30,137 |
|
|
|
|
|
|
|
|
|
|
|
|
2.5 |
|
% |
Income before provision for income taxes (tax equivalent) |
|
|
22,834 |
|
|
|
|
|
|
|
|
|
10,285 |
|
|
|
|
|
|
|
|
|
|
|
|
122.0 |
|
% |
Provision for income taxes |
|
|
5,156 |
|
|
|
|
|
|
|
|
|
2,068 |
|
|
|
|
|
|
|
|
|
|
|
|
149.3 |
|
% |
Taxable equivalent adjustment (a) |
|
|
466 |
|
|
|
|
|
|
|
|
|
647 |
|
|
|
|
|
|
|
|
|
|
|
|
(28.0 |
) |
% |
Net income |
|
$ |
17,212 |
|
|
|
|
|
|
|
|
$ |
7,570 |
|
|
|
|
|
|
|
|
|
|
|
|
127.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic |
|
$ |
1.84 |
|
|
|
|
|
|
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
89.7 |
|
% |
Net income per common share - Diluted |
|
$ |
1.83 |
|
|
|
|
|
|
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
90.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.23 |
|
% |
|
|
|
|
|
|
0.72 |
|
% |
|
|
|
|
|
|
|
|
|
70.4 |
|
% |
Return on average equity |
|
|
11.97 |
|
% |
|
|
|
|
|
|
6.84 |
|
% |
|
|
|
|
|
|
|
|
|
74.9 |
|
% |
Efficiency ratio (b) |
|
|
55.92 |
|
% |
|
|
|
|
|
|
73.50 |
|
% |
|
|
|
|
|
|
|
|
|
(23.9 |
) |
% |
Net interest margin (tax equivalent) |
|
|
3.40 |
|
% |
|
|
|
|
|
|
3.42 |
|
% |
|
|
|
|
|
|
|
|
|
(0.6 |
) |
% |
Avg. interest earning assets/Avg. interest bearing liabilities |
|
|
1.26 |
|
|
|
|
|
|
|
|
|
1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
(1.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
20.81 |
|
|
$ |
20.35 |
|
|
$ |
19.45 |
|
|
$ |
19.00 |
|
|
|
|
2.3 |
|
% |
|
|
7.0 |
|
% |
|
|
9.5 |
|
% |
Tangible book value per common share |
|
|
17.71 |
|
|
|
17.25 |
|
|
|
16.36 |
|
|
|
15.73 |
|
|
|
|
2.7 |
|
% |
|
|
8.3 |
|
% |
|
|
12.6 |
|
% |
Outstanding shares- period ending |
|
|
9,423,931 |
|
|
|
9,456,778 |
|
|
|
9,532,943 |
|
|
|
7,959,489 |
|
|
|
|
(0.3 |
) |
% |
|
|
(1.1 |
) |
% |
|
|
18.4 |
|
% |
Average diluted shares outstanding (year to date) |
|
|
9,410,311 |
|
|
|
9,406,175 |
|
|
|
7,921,269 |
|
|
|
7,868,280 |
|
|
|
|
0.0 |
|
% |
|
|
18.8 |
|
% |
|
|
19.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity to total assets |
|
|
10.14 |
|
% |
10.31 |
|
% |
10.32 |
|
% |
10.36 |
|
% |
|
(1.7 |
) |
% |
|
|
(1.7 |
) |
% |
|
|
(2.2 |
) |
% |
Leverage ratio (c) |
|
|
10.22 |
|
% |
10.32 |
|
% |
12.06 |
|
% |
10.51 |
|
% |
|
(1.0 |
) |
% |
|
|
(15.3 |
) |
% |
|
|
(2.8 |
) |
% |
Tier 1 risk-based capital ratio (c) |
|
|
12.00 |
|
% |
12.10 |
|
% |
12.34 |
|
% |
12.74 |
|
% |
|
(0.8 |
) |
% |
|
|
(2.8 |
) |
% |
|
|
(5.8 |
) |
% |
Total risk-based capital ratio (c) |
|
|
12.61 |
|
% |
12.72 |
|
% |
12.94 |
|
% |
13.48 |
|
% |
|
(0.9 |
) |
% |
|
|
(2.6 |
) |
% |
|
|
(6.5 |
) |
% |
Common equity Tier 1 capital ratio (c) |
|
|
12.00 |
|
% |
12.10 |
|
% |
12.34 |
|
% |
12.74 |
|
% |
|
(0.8 |
) |
% |
|
|
(2.8 |
) |
% |
|
|
(5.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans (e) |
|
$ |
12,019 |
|
|
$ |
16,243 |
|
|
$ |
20,704 |
|
|
$ |
19,758 |
|
|
|
|
(26.0 |
) |
% |
|
|
(41.9 |
) |
% |
|
|
(39.2 |
) |
% |
Loans 90 days past due and still accruing |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
% |
|
|
- |
|
% |
|
|
- |
|
% |
Troubled debt restructured loans ("TDRs") (d) |
|
|
1,238 |
|
|
|
1,246 |
|
|
|
906 |
|
|
|
1,986 |
|
|
|
|
(0.6 |
) |
% |
|
|
36.6 |
|
% |
|
|
(37.7 |
) |
% |
Foreclosed real estate |
|
|
3,600 |
|
|
|
3,576 |
|
|
|
4,149 |
|
|
|
2,657 |
|
|
|
|
0.7 |
|
% |
|
|
(13.2 |
) |
% |
|
|
35.5 |
|
% |
Non-performing assets ("NPAs") |
|
$ |
16,858 |
|
|
$ |
21,065 |
|
|
$ |
25,759 |
|
|
$ |
24,401 |
|
|
|
|
(20.0 |
) |
% |
|
|
(34.6 |
) |
% |
|
|
(30.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed real estate, criticized and classified assets (e) |
|
$ |
24,233 |
|
|
$ |
29,039 |
|
|
$ |
24,006 |
|
|
$ |
22,945 |
|
|
|
|
(16.6 |
) |
% |
|
|
0.9 |
|
% |
|
|
5.6 |
|
% |
Loans past due 30 to 89 days |
|
$ |
5,522 |
|
|
$ |
8,904 |
|
|
$ |
3,787 |
|
|
$ |
3,339 |
|
|
|
|
(38.0 |
) |
% |
|
|
45.8 |
|
% |
|
|
65.4 |
|
% |
Charge-offs (Recoveries) , net (quarterly) |
|
$ |
440 |
|
|
$ |
339 |
|
|
$ |
30 |
|
|
$ |
(9 |
) |
|
|
|
29.8 |
|
% |
|
|
1,366.7 |
|
% |
|
|
(4,988.9 |
) |
% |
Charge-offs (Recoveries) , net as a % of average loans
(annualized) |
|
|
0.11 |
|
% |
0.09 |
|
% |
0.01 |
|
% |
(0.00 |
) |
% |
|
27.1 |
|
% |
|
|
1,061.1 |
|
% |
|
|
(3,739.4 |
) |
% |
Non-accrual loans to total loans |
|
|
0.77 |
|
% |
1.06 |
|
% |
1.40 |
|
% |
1.69 |
|
% |
|
(27.6 |
) |
% |
|
|
(45.1 |
) |
% |
|
|
(54.4 |
) |
% |
NPAs to total assets |
|
|
0.87 |
|
% |
1.13 |
|
% |
1.43 |
|
% |
1.67 |
|
% |
|
(22.8 |
) |
% |
|
|
(39.1 |
) |
% |
|
|
(47.9 |
) |
% |
NPAs excluding TDR loans (d) to total assets |
|
|
0.81 |
|
% |
1.06 |
|
% |
1.35 |
|
% |
1.54 |
|
% |
|
(24.0 |
) |
% |
|
|
(40.3 |
) |
% |
|
|
(47.4 |
) |
% |
Non-accrual loans to total assets |
|
|
0.62 |
|
% |
0.87 |
|
% |
1.12 |
|
% |
1.35 |
|
% |
|
(28.6 |
) |
% |
|
|
(44.6 |
) |
% |
|
|
(54.1 |
) |
% |
Allowance for loan losses as a % of non-accrual loans |
|
|
81.12 |
|
% |
59.27 |
|
% |
43.51 |
|
% |
43.50 |
|
% |
|
36.9 |
|
% |
|
|
86.5 |
|
% |
|
|
86.5 |
|
% |
Allowance for loan losses to total loans |
|
|
0.62 |
|
% |
0.63 |
|
% |
0.60 |
|
% |
0.73 |
|
% |
|
(0.9 |
) |
% |
|
|
4.8 |
|
% |
|
|
(15.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Full taxable equivalent basis, using a 30.09% effective tax
rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility
Act) interest expense disallowance |
(b) Efficiency ratio calculated non-interest expense divided by net
interest income plus non-interest income |
(c) SB One Bank capital ratios |
(d) Troubled debt restructured loans currently performing in
accordance with renegotiated terms |
(e) PCI loans acquired through merger with Community Bank excluded
from non-accrual loans and criticized and classified assets totaled
$3.0 million |
|
SB ONE BANCORP |
CONSOLIDATED BALANCE SHEETS |
(Dollars In Thousands) |
|
|
|
|
|
ASSETS |
September 30, 2019 |
|
|
December 31, 2018 |
|
|
|
|
|
Cash and due from banks |
$ |
11,561 |
|
|
$ |
11,768 |
Interest-bearing deposits with other banks |
|
36,380 |
|
|
|
14,910 |
Cash and cash equivalents |
|
47,941 |
|
|
|
26,678 |
|
|
|
|
|
Interest bearing time deposits with other banks |
|
200 |
|
|
|
200 |
Securities available for sale, at fair value |
|
207,136 |
|
|
|
182,139 |
Securities held to maturity |
|
4,331 |
|
|
|
4,078 |
Other Bank Stock, at cost |
|
9,382 |
|
|
|
11,764 |
|
|
|
|
|
Loans receivable, net of unearned income |
|
1,563,610 |
|
|
|
1,474,775 |
Less: allowance for loan losses |
|
9,750 |
|
|
|
8,775 |
Net loans receivable |
|
1,553,860 |
|
|
|
1,466,000 |
|
|
|
|
|
Foreclosed real estate |
|
3,600 |
|
|
|
4,149 |
Premises and equipment, net |
|
19,663 |
|
|
|
19,215 |
Right-of-use assets, net |
|
4,734 |
|
|
|
- |
Accrued interest receivable |
|
6,253 |
|
|
|
6,546 |
Goodwill and intangibles |
|
29,141 |
|
|
|
29,446 |
Bank-owned life insurance |
|
36,475 |
|
|
|
35,778 |
Other assets |
|
11,543 |
|
|
|
9,710 |
|
|
|
|
|
Total Assets |
$ |
1,934,259 |
|
|
$ |
1,795,703 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
$ |
275,730 |
|
|
$ |
259,807 |
Interest bearing |
|
1,251,126 |
|
|
|
1,094,132 |
Total Deposits |
|
1,526,856 |
|
|
|
1,353,939 |
|
|
|
|
|
Borrowings |
|
163,849 |
|
|
|
219,906 |
Lease liability |
|
4,870 |
|
|
|
- |
Accrued interest payable and other liabilities |
|
14,739 |
|
|
|
8,555 |
Subordinated debentures |
|
27,866 |
|
|
|
27,859 |
|
|
|
|
|
Total Liabilities |
|
1,738,180 |
|
|
|
1,610,259 |
|
|
|
|
|
Total Stockholders' Equity |
|
196,079 |
|
|
|
185,444 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,934,259 |
|
|
$ |
1,795,703 |
|
|
|
|
|
SB ONE BANCORP |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars In Thousands Except Per Share Data) |
(Unaudited) |
|
Three Months Ended September 30, |
|
Nine Months Ended |
|
2019 |
|
2018 |
|
9/30/19 |
|
9/30/18 |
INTEREST INCOME |
|
|
|
|
|
|
|
Loans receivable, including fees |
$ |
19,135 |
|
$ |
13,009 |
|
$ |
56,354 |
|
|
$ |
37,471 |
Securities: |
|
|
|
|
|
|
|
Taxable |
|
1,490 |
|
|
936 |
|
|
3,942 |
|
|
|
2,476 |
Tax-exempt |
|
135 |
|
|
442 |
|
|
920 |
|
|
|
1,272 |
Federal funds sold |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Interest bearing deposits |
|
97 |
|
|
23 |
|
|
211 |
|
|
|
69 |
Total Interest Income |
|
20,857 |
|
|
14,410 |
|
|
61,427 |
|
|
|
41,288 |
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
4,755 |
|
|
2,156 |
|
|
13,078 |
|
|
|
5,273 |
Borrowings |
|
1,099 |
|
|
943 |
|
|
3,286 |
|
|
|
2,323 |
Junior subordinated debentures |
|
318 |
|
|
318 |
|
|
949 |
|
|
|
946 |
Total Interest Expense |
|
6,172 |
|
|
3,417 |
|
|
17,313 |
|
|
|
8,542 |
|
|
|
|
|
|
|
|
Net Interest Income |
|
14,685 |
|
|
10,993 |
|
|
44,114 |
|
|
|
32,746 |
PROVISION FOR LOAN LOSSES |
|
636 |
|
|
321 |
|
|
1,983 |
|
|
|
1,227 |
Net Interest Income after Provision for Loan
Losses |
|
14,049 |
|
|
10,672 |
|
|
42,131 |
|
|
|
31,519 |
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
Service fees on deposit accounts |
|
351 |
|
|
320 |
|
|
1,048 |
|
|
|
959 |
ATM and debit card fees |
|
289 |
|
|
254 |
|
|
798 |
|
|
|
717 |
Bank owned life insurance |
|
235 |
|
|
190 |
|
|
697 |
|
|
|
563 |
Insurance commissions and fees |
|
1,824 |
|
|
1,527 |
|
|
6,482 |
|
|
|
5,261 |
Investment brokerage fees |
|
49 |
|
|
29 |
|
|
126 |
|
|
|
92 |
Gain (loss) gain on securities transactions |
|
- |
|
|
- |
|
|
1,524 |
|
|
|
36 |
(Loss) gain on disposal of fixed assets |
|
89 |
|
|
- |
|
|
(292 |
) |
|
|
9 |
Other |
|
266 |
|
|
198 |
|
|
745 |
|
|
|
619 |
Total Non-Interest Income |
|
3,103 |
|
|
2,518 |
|
|
11,128 |
|
|
|
8,256 |
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
6,224 |
|
|
5,033 |
|
|
18,688 |
|
|
|
15,502 |
Occupancy, net |
|
840 |
|
|
757 |
|
|
2,604 |
|
|
|
2,086 |
Data processing |
|
1,000 |
|
|
710 |
|
|
2,939 |
|
|
|
2,440 |
Furniture and equipment |
|
343 |
|
|
286 |
|
|
975 |
|
|
|
893 |
Advertising and promotion |
|
139 |
|
|
147 |
|
|
394 |
|
|
|
488 |
Professional fees |
|
272 |
|
|
383 |
|
|
1,106 |
|
|
|
1,002 |
Director fees |
|
146 |
|
|
121 |
|
|
471 |
|
|
|
410 |
FDIC assessment |
|
138 |
|
|
183 |
|
|
585 |
|
|
|
393 |
Insurance |
|
31 |
|
|
35 |
|
|
94 |
|
|
|
182 |
Stationary and supplies |
|
73 |
|
|
59 |
|
|
247 |
|
|
|
205 |
Merger-related expenses |
|
- |
|
|
605 |
|
|
- |
|
|
|
4,344 |
Loan collection costs |
|
96 |
|
|
53 |
|
|
233 |
|
|
|
203 |
Expenses and write-downs related to foreclosed real estate |
|
172 |
|
|
20 |
|
|
333 |
|
|
|
228 |
Amortization of intangible assets |
|
102 |
|
|
61 |
|
|
305 |
|
|
|
182 |
Other |
|
611 |
|
|
510 |
|
|
1,917 |
|
|
|
1,579 |
Total Non-Interest Expense |
|
10,187 |
|
|
8,963 |
|
|
30,891 |
|
|
|
30,137 |
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
6,965 |
|
|
4,227 |
|
|
22,368 |
|
|
|
9,638 |
INCOME TAX EXPENSE |
|
1,820 |
|
|
957 |
|
|
5,156 |
|
|
|
2,068 |
Net Income |
$ |
5,145 |
|
$ |
3,270 |
|
$ |
17,212 |
|
|
$ |
7,570 |
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
Basic |
$ |
0.55 |
|
$ |
0.42 |
|
$ |
1.84 |
|
|
$ |
0.97 |
Diluted |
$ |
0.55 |
|
$ |
0.41 |
|
$ |
1.83 |
|
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SB ONE BANCORP |
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST
RATES |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
2019 |
|
2018 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
|
$ |
17,712 |
|
|
$ |
203 |
|
|
4.55 |
% |
|
$ |
63,752 |
|
|
$ |
666 |
|
|
4.14 |
% |
Taxable |
|
|
195,463 |
|
|
|
1,490 |
|
|
3.02 |
% |
|
|
126,961 |
|
|
|
936 |
|
|
2.92 |
% |
Total securities |
|
|
213,175 |
|
|
|
1,693 |
|
|
3.15 |
% |
|
|
190,713 |
|
|
|
1,602 |
|
|
3.33 |
% |
Total loans receivable (1) (4) |
|
|
1,548,515 |
|
|
|
19,135 |
|
|
4.90 |
% |
|
|
1,152,741 |
|
|
|
13,009 |
|
|
4.48 |
% |
Other interest-earning assets |
|
|
32,383 |
|
|
|
97 |
|
|
1.19 |
% |
|
|
10,219 |
|
|
|
23 |
|
|
0.89 |
% |
Total earning assets |
|
|
1,794,073 |
|
|
|
20,925 |
|
|
4.63 |
% |
|
|
1,353,673 |
|
|
|
14,634 |
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
122,954 |
|
|
|
|
|
|
|
97,181 |
|
|
|
|
|
Allowance for loan losses |
|
|
(9,898 |
) |
|
|
|
|
|
|
(8,388 |
) |
|
|
|
|
Total Assets |
|
$ |
1,907,129 |
|
|
|
|
|
|
$ |
1,442,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
$ |
242,258 |
|
|
$ |
498 |
|
|
0.82 |
% |
|
$ |
257,671 |
|
|
$ |
365 |
|
|
0.56 |
% |
Money market |
|
|
234,127 |
|
|
|
1,080 |
|
|
1.83 |
% |
|
|
125,430 |
|
|
|
538 |
|
|
1.70 |
% |
Savings |
|
|
221,892 |
|
|
|
369 |
|
|
0.66 |
% |
|
|
213,152 |
|
|
|
266 |
|
|
0.50 |
% |
Time |
|
|
531,178 |
|
|
|
2,808 |
|
|
2.10 |
% |
|
|
262,244 |
|
|
|
987 |
|
|
1.49 |
% |
Total interest bearing deposits |
|
|
1,229,455 |
|
|
|
4,755 |
|
|
1.53 |
% |
|
|
858,497 |
|
|
|
2,156 |
|
|
1.00 |
% |
Borrowed funds |
|
|
168,998 |
|
|
|
1,099 |
|
|
2.58 |
% |
|
|
170,168 |
|
|
|
943 |
|
|
2.20 |
% |
Subordinated debentures |
|
|
27,865 |
|
|
|
318 |
|
|
4.53 |
% |
|
|
27,854 |
|
|
|
318 |
|
|
4.53 |
% |
Total interest bearing liabilities |
|
|
1,426,318 |
|
|
|
6,172 |
|
|
1.72 |
% |
|
|
1,056,519 |
|
|
|
3,417 |
|
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
268,864 |
|
|
|
|
|
|
|
228,993 |
|
|
|
|
|
Other liabilities |
|
|
17,141 |
|
|
|
|
|
|
|
6,081 |
|
|
|
|
|
Total non-interest bearing liabilities |
|
|
286,005 |
|
|
|
|
|
|
|
235,074 |
|
|
|
|
|
Stockholders' equity |
|
|
194,806 |
|
|
|
|
|
|
|
150,873 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
1,907,129 |
|
|
|
|
|
|
$ |
1,442,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
|
|
|
14,753 |
|
|
3.26 |
% |
|
|
|
|
11,217 |
|
|
3.29 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
(68 |
) |
|
|
|
|
|
|
(224 |
) |
|
|
Net Interest Income |
|
|
|
$ |
14,685 |
|
|
|
|
|
|
$ |
10,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities are calculated on amortized
costs |
(3) Full taxable equivalent basis, using an effective tax rate of
30.09% in 2019 and 2018 and adjusted for TEFRA (Tax and Equity
Fiscal Responsibility Act) interest expense disallowance |
(4) Loans outstanding include non-accrual loans |
(5) Represents the difference between interest earned and interest
paid, divided by average total interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB ONE BANCORP |
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST
RATES |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
Three Months Ended June 30, 2019 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
|
$ |
17,712 |
|
|
$ |
203 |
|
|
4.55 |
% |
|
$ |
46,888 |
|
|
$ |
508 |
|
|
4.35 |
% |
Taxable |
|
|
195,463 |
|
|
|
1,490 |
|
|
3.02 |
% |
|
|
158,258 |
|
|
|
1,277 |
|
|
3.24 |
% |
Total securities |
|
|
213,175 |
|
|
|
1,693 |
|
|
3.15 |
% |
|
|
205,146 |
|
|
|
1,785 |
|
|
3.49 |
% |
Total loans receivable (1) (4) |
|
|
1,548,515 |
|
|
|
19,135 |
|
|
4.90 |
% |
|
|
1,516,945 |
|
|
|
19,059 |
|
|
5.04 |
% |
Other interest-earning assets |
|
|
32,383 |
|
|
|
97 |
|
|
1.19 |
% |
|
|
20,386 |
|
|
|
65 |
|
|
1.28 |
% |
Total earning assets |
|
|
1,794,073 |
|
|
|
20,925 |
|
|
4.63 |
% |
|
|
1,742,477 |
|
|
|
20,909 |
|
|
4.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
122,954 |
|
|
|
|
|
|
|
118,391 |
|
|
|
|
|
Allowance for loan losses |
|
|
(9,898 |
) |
|
|
|
|
|
|
(9,332 |
) |
|
|
|
|
Total Assets |
|
$ |
1,907,129 |
|
|
|
|
|
|
$ |
1,851,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
$ |
242,258 |
|
|
$ |
498 |
|
|
0.82 |
% |
|
$ |
249,647 |
|
|
$ |
453 |
|
|
0.73 |
% |
Money market |
|
|
234,127 |
|
|
|
1,080 |
|
|
1.83 |
% |
|
|
230,766 |
|
|
|
1,165 |
|
|
2.02 |
% |
Savings |
|
|
221,892 |
|
|
|
369 |
|
|
0.66 |
% |
|
|
226,511 |
|
|
|
372 |
|
|
0.66 |
% |
Time |
|
|
531,178 |
|
|
|
2,808 |
|
|
2.10 |
% |
|
|
494,823 |
|
|
|
2,469 |
|
|
2.00 |
% |
Total interest bearing deposits |
|
|
1,229,455 |
|
|
|
4,755 |
|
|
1.53 |
% |
|
|
1,201,747 |
|
|
|
4,459 |
|
|
1.49 |
% |
Borrowed funds |
|
|
168,998 |
|
|
|
1,099 |
|
|
2.58 |
% |
|
|
145,937 |
|
|
|
973 |
|
|
2.67 |
% |
Subordinated debentures |
|
|
27,865 |
|
|
|
318 |
|
|
4.53 |
% |
|
|
27,863 |
|
|
|
316 |
|
|
4.55 |
% |
Total interest bearing liabilities |
|
|
1,426,318 |
|
|
|
6,172 |
|
|
1.72 |
% |
|
|
1,375,547 |
|
|
|
5,748 |
|
|
1.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
268,864 |
|
|
|
|
|
|
|
272,667 |
|
|
|
|
|
Other liabilities |
|
|
17,141 |
|
|
|
|
|
|
|
10,934 |
|
|
|
|
|
Total non-interest bearing liabilities |
|
|
286,005 |
|
|
|
|
|
|
|
283,601 |
|
|
|
|
|
Stockholders' equity |
|
|
194,806 |
|
|
|
|
|
|
|
192,388 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
1,907,129 |
|
|
|
|
|
|
$ |
1,851,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
|
|
|
14,753 |
|
|
3.26 |
% |
|
|
|
|
15,161 |
|
|
3.49 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
(68 |
) |
|
|
|
|
|
|
(171 |
) |
|
|
Net Interest Income |
|
|
|
$ |
14,685 |
|
|
|
|
|
|
$ |
14,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities are calculated on amortized
costs |
(3) Full taxable equivalent basis, using an effective tax rate of
30.09% in 2019 and 2018 and adjusted for TEFRA (Tax and Equity
Fiscal Responsibility Act) interest expense disallowance |
(4) Loans outstanding include non-accrual loans |
(5) Represents the difference between interest earned and interest
paid, divided by average total interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB ONE BANCORP |
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST
RATES |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2019 |
|
2018 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
|
$ |
42,253 |
|
|
$ |
1,386 |
|
|
4.39 |
% |
|
$ |
61,187 |
|
|
$ |
1,919 |
|
|
4.19 |
% |
Taxable |
|
|
165,482 |
|
|
|
3,942 |
|
|
3.18 |
% |
|
|
124,756 |
|
|
|
2,476 |
|
|
2.65 |
% |
Total securities |
|
|
207,735 |
|
|
|
5,328 |
|
|
3.43 |
% |
|
|
185,943 |
|
|
|
4,395 |
|
|
3.16 |
% |
Total loans receivable (1) (4) |
|
|
1,522,197 |
|
|
|
56,354 |
|
|
4.95 |
% |
|
|
1,109,975 |
|
|
|
37,471 |
|
|
4.51 |
% |
Other interest-earning assets |
|
|
22,588 |
|
|
|
211 |
|
|
1.25 |
% |
|
|
10,456 |
|
|
|
69 |
|
|
0.88 |
% |
Total earning assets |
|
|
1,752,520 |
|
|
|
61,893 |
|
|
4.72 |
% |
|
|
1,306,374 |
|
|
|
41,935 |
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
118,562 |
|
|
|
|
|
|
|
96,629 |
|
|
|
|
|
Allowance for loan losses |
|
|
(9,353 |
) |
|
|
|
|
|
|
(7,993 |
) |
|
|
|
|
Total Assets |
|
$ |
1,861,729 |
|
|
|
|
|
|
$ |
1,395,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
$ |
249,238 |
|
|
$ |
1,397 |
|
|
0.75 |
% |
|
$ |
255,823 |
|
|
$ |
1,110 |
|
|
0.58 |
% |
Money market |
|
|
235,252 |
|
|
|
3,423 |
|
|
1.95 |
% |
|
|
104,603 |
|
|
|
1,073 |
|
|
1.37 |
% |
Savings |
|
|
223,338 |
|
|
|
1,068 |
|
|
0.64 |
% |
|
|
218,359 |
|
|
|
534 |
|
|
0.33 |
% |
Time |
|
|
487,806 |
|
|
|
7,190 |
|
|
1.97 |
% |
|
|
263,533 |
|
|
|
2,556 |
|
|
1.30 |
% |
Total interest bearing deposits |
|
|
1,195,634 |
|
|
|
13,078 |
|
|
1.46 |
% |
|
|
842,318 |
|
|
|
5,273 |
|
|
0.84 |
% |
Borrowed funds |
|
|
167,899 |
|
|
|
3,286 |
|
|
2.62 |
% |
|
|
152,178 |
|
|
|
2,323 |
|
|
2.04 |
% |
Subordinated debentures |
|
|
27,863 |
|
|
|
949 |
|
|
4.55 |
% |
|
|
27,852 |
|
|
|
946 |
|
|
4.54 |
% |
Total interest bearing liabilities |
|
|
1,391,396 |
|
|
|
17,313 |
|
|
1.66 |
% |
|
|
1,022,348 |
|
|
|
8,542 |
|
|
1.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
266,999 |
|
|
|
|
|
|
|
220,156 |
|
|
|
|
|
Other liabilities |
|
|
11,558 |
|
|
|
|
|
|
|
4,978 |
|
|
|
|
|
Total non-interest bearing liabilities |
|
|
278,557 |
|
|
|
|
|
|
|
225,134 |
|
|
|
|
|
Stockholders' equity |
|
|
191,776 |
|
|
|
|
|
|
|
147,528 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
1,861,729 |
|
|
|
|
|
|
$ |
1,395,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
|
|
|
44,580 |
|
|
3.40 |
% |
|
|
|
|
33,393 |
|
|
3.42 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
(466 |
) |
|
|
|
|
|
|
(647 |
) |
|
|
Net Interest Income |
|
|
|
$ |
44,114 |
|
|
|
|
|
|
$ |
32,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities are calculated on amortized
costs |
(3) Full taxable equivalent basis, using an effective tax rate of
30.09% in 2019 and 2018 and adjusted for TEFRA (Tax and Equity
Fiscal Responsibility Act) interest expense disallowance |
(4) Loans outstanding include non-accrual loans |
(5) Represents the difference between interest earned and interest
paid, divided by average total interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
SB ONE BANCORP |
Segment Reporting |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
Three Months Ended September 30, 2018 |
|
Banking and |
|
|
|
|
|
|
|
Banking and |
|
|
|
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Services |
|
Services |
|
Total |
|
Services |
|
Services |
|
Total |
Net interest income from external sources |
$ |
14,685 |
|
$ |
- |
|
$ |
14,685 |
|
$ |
10,993 |
|
$ |
- |
|
$ |
10,993 |
Other income from external sources |
|
1,239 |
|
|
1,864 |
|
|
3,103 |
|
|
967 |
|
|
1,551 |
|
|
2,518 |
Depreciation and amortization |
|
488 |
|
|
10 |
|
|
498 |
|
|
455 |
|
|
7 |
|
|
462 |
Income before income taxes |
|
6,648 |
|
|
317 |
|
|
6,965 |
|
|
3,907 |
|
|
320 |
|
|
4,227 |
Income tax expense (1) |
|
1,693 |
|
|
127 |
|
|
1,820 |
|
|
829 |
|
|
128 |
|
|
957 |
Total assets |
|
1,927,351 |
|
|
6,908 |
|
|
1,934,259 |
|
|
1,453,536 |
|
|
6,106 |
|
|
1,459,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
Nine Months Ended September 30, 2018 |
|
Banking and |
|
|
|
|
|
|
|
Banking and |
|
|
|
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Services |
|
Services |
|
Total |
|
Services |
|
Services |
|
Total |
Net interest income from external sources |
$ |
44,114 |
|
$ |
- |
|
$ |
44,114 |
|
$ |
32,746 |
|
$ |
- |
|
$ |
32,746 |
Other income from external sources |
|
4,518 |
|
|
6,610 |
|
|
11,128 |
|
|
2,901 |
|
|
5,355 |
|
|
8,256 |
Depreciation and amortization |
|
1,529 |
|
|
33 |
|
|
1,562 |
|
|
1,347 |
|
|
19 |
|
|
1,366 |
Income before income taxes |
|
20,205 |
|
|
2,163 |
|
|
22,368 |
|
|
7,809 |
|
|
1,829 |
|
|
9,638 |
Income tax expense (1) |
|
4,291 |
|
|
865 |
|
|
5,156 |
|
|
1,336 |
|
|
732 |
|
|
2,068 |
Total assets |
|
1,927,351 |
|
|
6,908 |
|
|
1,934,259 |
|
|
1,453,536 |
|
|
6,106 |
|
|
1,459,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated at statutory tax rate of 30.09% in 2019 and 2018 for
the insurance services segment |
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