SB One Bancorp (the “Company”) (Nasdaq: SBBX), the holding company
for SB One Bank (the “Bank”), today reported net income of $5.8
million, or $0.62 per basic and diluted share, for the quarter
ended March 31, 2019, an increase of 345.2%, as compared to net
income of $1.3 million, or $0.17 per basic and diluted share, for
the quarter ended March 31, 2018. Net income of $5.8 million, or
$0.62 per basic and diluted share, increased 58.4%, as compared to
net income of $3.7 million, or $0.47 per basic and diluted share,
adjusted for tax effected merger-related expenses of $2.4 million,
for the quarter ended March 31, 2018. The Company’s return on
average assets for the quarter ended March 31, 2019, was 1.28%, an
increase from 1.10%, adjusted for tax effected merger-related
expenses of $2.4 million, for the quarter ended March 31, 2018.
The increase in net income for the three months
ended March 31, 2019 as compared to the same period last year was
mainly attributable to continued double digit organic commercial
loan and deposit growth, the merger with Enterprise Bank NJ
(“Enterprise”) and an increase in SB One Insurance Agency three
month pretax profit of 39.3%.
The Company’s net income increased to $5.8
million, or $0.62 per basic and diluted share, for the quarter
ended March 31, 2019, an increase of 54.3%, as compared to net
income of $3.8 million, or $0.47 per basic and diluted share,
adjusted for tax effected merger-related expenses and non-recurring
expenses of $1.3 million and $119 thousand, respectively, for the
quarter ended December 31, 2018.
The increase in net income for the three months
ended March 31, 2019 as compared to the three months ended December
31, 2018 was mainly attributable to continued double digit organic
commercial loan growth and deposit growth, the merger with
Enterprise and a $1.1 million increase in SB One Insurance Agency
three month pretax profit.
“I am very excited to report record earnings of
$0.62 per share for the first quarter of 2019. We continued to
build momentum for the year with strong double-digit growth in all
of our key business lines. Even with a larger balance sheet,
our loans and deposits continue to grow at a double-digit
annualized rate, while our insurance agency grew its pretax profit
by over 39%. This success along with the positive effects of the
recent mergers has helped produce a 60% increase in net income over
the prior year,” said Anthony Labozzetta, President and Chief
Executive Officer of SB One Bancorp and SB One Bank. Mr. Labozzetta
also stated, “We are now experiencing reduced deposit betas, which
has resulted in a stabilized net interest margin and perhaps we can
see some expansion moving forward.”
“We are excited about the opening of our newest
regional banking and lending center in Weehawken (Hudson County),
NJ in May of 2019. We are already seeing positive momentum and
growth in the market, which links well with the service areas of
our most recent merger partner, Enterprise Bank,” added Mr.
Labozzetta.
Financial PerformanceNet
Income. For the quarter ended March 31, 2019, the Company reported
net income of $5.8 million, or $0.62 per basic and diluted share,
an increase of 345.2%, as compared to net income of $1.3 million,
or $0.17 per basic and diluted share, for the quarter ended March
31, 2018. Net income of $5.8 million, or $0.62 per basic and
diluted share, for the quarter ended March 31, 2019, increased
58.4%, as compared to net income of $3.7 million, or $0.47 per
basic and diluted share, adjusted for tax effected merger-related
expenses of $2.4 million, for the quarter ended March 31, 2018.
The increase in net income for the quarter ended
March 31, 2019 was driven by a $3.7 million, or 34.1%, increase in
net interest income resulting from loan and deposit growth and a
$776 thousand increase in non-interest income driven by insurance
commissions and fees. Non-interest expenses increased $1.9 million
to $10.2 million for the first quarter of 2019 as compared to $8.3
million, adjusted for merger-related expenses, for the same period
in 2018. The changes were largely attributable to double digit
organic commercial loan and deposit growth, the growth of the
Company resulting from the merger with Enterprise and an increase
in SB One Insurance Agency three month pretax profit of 39.3%.
Net Interest Income. Net interest income on a
fully tax equivalent basis increased $3.7 million, or 33.8%, to
$14.7 million for the first quarter of 2019, as compared to $11.0
million for the same period in 2018. The increase in net interest
income was largely due to a $468.2 million, or 37.4%, increase in
average interest earning assets, principally loans receivable,
which increased $436.9 million, or 41.1%, driven by organic loan
and deposit growth and the December 2018 closing of the Enterprise
merger. The aforementioned was partly offset by a decrease in the
net interest margin of 0.09% to 3.46% for the first quarter of
2019, as compared to the same period in 2018. The decrease was
primarily driven by the effects of higher market rates on interest
bearing liabilities costs, which increased 0.65 %, and was
partially offset by an increase in earning asset yields, which grew
0.44% during the comparison period. The increase in interest
earning asset yields was partially attributed to the addition of
the Enterprise loan portfolio and the increase in purchase
accounting loan accretion of $674.5 thousand to $934.4 thousand,
$163.3 thousand from the Community Bank of Bergen County
(“Community Bank”) merger and $771.1 from the Enterprise merger,
for the first quarter of 2019, as compared to $259.9 thousand from
the Community Bank merger, for the same period in 2018.
Net interest income on a fully tax equivalent
basis increased $3.1 million, or 26.7%, to $14.7 million for the
first quarter of 2019, as compared to $11.6 million for the fourth
quarter of 2018. The increase in net interest income was driven by
a 20.3% increase in average interest earning assets, principally
due to an increase in loans receivable of 22.4%. Net interest
margin increased 0.25% to 3.46% for the quarter ended March 31,
2019, as compared to 3.21 % for the quarter ended December 31,
2018.
Provision for Loan Losses. Provision for loan
losses increased $63 thousand, or 12.4%, to $571 thousand for the
first quarter of 2019, as compared to $508 thousand for the same
period in 2018.
Non-interest Income. Non-interest income
increased $776 thousand, or 27.2%, to $3.6 million for the first
quarter of 2019, as compared to the same period in 2018. The growth
was largely due to an increase of $667 thousand, or 35.2%, in
insurance commissions and fees relating to SB One Insurance Agency
largely attributable to a $365 thousand increase in contingency
commission income. In addition, bank owned life insurance and
investment brokerage fee, increased $45 thousand and $34 thousand,
respectively.
Non-interest Expense. The Company’s non-interest
expenses decreased $1.4 million to $10.2 million for the first
quarter of 2019, as compared to the same period in 2018.
Non-interest expenses, adjusted for merger-related expenses of $3.3
million, increased $1.9 million to $10.2 million for the first
quarter of 2019 as compared to $8.3 million, for the same period in
2018. The increase in non-interest expenses occurred largely in
salaries and employee benefits of $1.1 million, driven by growth in
staff, inclusive of the addition of Enterprise employees resulting
from the merger, and a bonus payment to employees for $255
thousand. Additionally, occupancy increased $177 thousand, fraud
and check loss increased $166 thousand, and data processing
increased $149 thousand. The growth in operating expenses was
largely due to the merger with Enterprise and to support the
Company’s growth.
Income Tax Expense. The Company’s income tax
expenses increased $1.3 million, or 597.7% to $1.5 million for the
first quarter of 2019, as compared to the same period last year.
The Company’s effective tax rate for the first quarter of 2019 was
20.5%, as compared to 14.1% for the first quarter of 2018.
Financial ConditionAt March 31,
2019, the Company’s total assets were $1.8 billion, an increase of
$44.5 million, or 2.5%, 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 $38.9 million, or 2.6%, to $1.5
billion. During the three months ended March 31, 2019, the Company
had $62.3 million of commercial loan production, which was partly
offset by $7.6 million in commercial loan payoffs.
The Company’s total deposits increased $107.4
million, or 7.9%, to $1.5 billion at March 31, 2019, from $1.4
billion at December 31, 2018. The growth in deposits was mostly due
to an increase in interest bearing deposits of $97.2 million, or
8.9%, and non-interest bearing deposits of $10.1 million, or 3.9%,
at March 31, 2019, as compared to December 31, 2018,
respectively.
At March 31, 2019, the Company’s total
stockholders’ equity was $189.7 million, an increase of $4.3
million when compared to December 31, 2018. At March 31, 2019, the
leverage, Tier I risk-based capital, total risk-based capital and
common equity Tier I capital ratios for the Bank were 10.21%,
12.09%, 12.70% and 12.09%, 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 1.35% at March 31, 2019 as compared to 1.43% at
December 31, 2018. NPAs exclude $3.0 million of Purchased
Credit-Impaired (“PCI”) loans acquired through the merger with
Community Bank. NPAs decreased $891 thousand to $24.9 million at
March 31, 2019, as compared to $25.8 million at December 31, 2018.
Non-accrual loans, excluding $3.0 million of PCI loans, decreased
$112 thousand, or 0.54%, to $20.6 million at March 31, 2019, as
compared to $20.7 million at December 31, 2018. Loans past due 30
to 89 days totaled $4.8 million at March 31, 2019, representing an
increase of $1.0 million, or 27.9%, as compared to $3.8 million at
December 31, 2018. The top 5 NPA’s totaled $12.1 million at March
31, 2019, made up of 4 non-accrual loans totaling $10.8 million, or
52.6% of total non-accrual loans, and one foreclosed real estate
property in the amount of $1.3 million acquired in the Enterprise
merger. The top 5 NPA’s totaled 48.5% of total NPAs at March 31,
2019.
The Company continues to actively market its
foreclosed real estate properties, the value of which decreased
$908 thousand to $3.2 million at March 31, 2019 as compared to $4.1
million at December 31, 2018. The decrease in foreclosed real
estate properties was largely attributed to the sale of three
properties totaling $902 thousand. At March 31, 2019, the Company’s
foreclosed real estate properties had an average carrying value of
approximately $360 thousand per property.
The Company’s allowance for loan losses
increased $415 thousand, or 4.7%, to $9.2 million, or 0.86% of its
legacy loan portfolio, at March 31, 2019 as compared to $8.8
million at December 31, 2018. The Company’s outstanding credit mark
recorded on the legacy Community Bank portfolio of $197.7 million
totaled $5.0 million at March 31, 2019. The Company’s outstanding
credit mark recorded on the legacy Enterprise portfolio of $259.7
million totaled $3.2 million at March 31, 2019. The Company’s
combined coverage of allowance for loan loss and credit mark on the
legacy Community Bank and Enterprise portfolios totaled $17.3
million, or 1.13% of the overall loan portfolio, at March 31, 2019.
The Company recorded $571 thousand in provision for loan losses for
the three months ended March 31, 2019 as compared to $508 thousand
for the three months ended March 31, 2018. Additionally, the
Company recorded net charge-offs of $163 thousand for the three
months ended March 31, 2019, as compared to $15 thousand in net
charge-offs for the three months ended March 31, 2018. The
allowance for loan losses as a percentage of non-accrual loans
increased to 44.6% at March 31, 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 17 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,
(i) statements about the benefits of the mergers between SB One
Bancorp and Community Bank and SB One Bancorp and Enterprise,
including future financial and operating results, cost savings and
accretion to reported earnings that may be realized from the
merger; and (ii) 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2019 VS. |
|
|
3/31/2019 |
|
12/31/2018 |
|
3/31/2018 |
|
|
12/31/2018 |
|
3/31/2018 |
BALANCE SHEET HIGHLIGHTS - Period End
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
$ |
196,081 |
|
|
$ |
186,217 |
|
|
$ |
179,635 |
|
|
|
|
5.3 |
|
% |
|
|
9.2 |
|
% |
Total
loans |
|
|
1,513,645 |
|
|
|
1,474,775 |
|
|
|
1,088,429 |
|
|
|
|
2.6 |
|
% |
|
|
39.1 |
|
% |
Allowance for loan losses |
|
|
(9,190 |
) |
|
|
(8,775 |
) |
|
|
(7,828 |
) |
|
|
|
4.7 |
|
% |
|
|
17.4 |
|
% |
Total
assets |
|
|
1,840,129 |
|
|
|
1,795,703 |
|
|
|
1,376,484 |
|
|
|
|
2.5 |
|
% |
|
|
33.7 |
|
% |
Total
deposits |
|
|
1,461,324 |
|
|
|
1,353,939 |
|
|
|
1,043,331 |
|
|
|
|
7.9 |
|
% |
|
|
40.1 |
|
% |
Total
borrowings and junior subordinated debt |
|
|
179,370 |
|
|
|
247,765 |
|
|
|
182,876 |
|
|
|
|
(27.6 |
) |
% |
|
|
(1.9 |
) |
% |
Total shareholders'
equity |
|
|
189,695 |
|
|
|
185,444 |
|
|
|
146,292 |
|
|
|
|
2.3 |
|
% |
|
|
29.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA - QUARTER
ENDED: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (tax equivalent) (a) |
|
$ |
14,666 |
|
|
$ |
11,575 |
|
|
$ |
10,962 |
|
|
|
|
26.7 |
|
% |
|
|
33.8 |
|
% |
Provision for loan losses |
|
|
571 |
|
|
|
210 |
|
|
|
508 |
|
|
|
|
171.9 |
|
% |
|
|
12.4 |
|
% |
Total
other income |
|
|
3,633 |
|
|
|
2,493 |
|
|
|
2,857 |
|
|
|
|
45.7 |
|
% |
|
|
27.2 |
|
% |
Total
other expenses |
|
|
10,178 |
|
|
|
10,273 |
|
|
|
11,594 |
|
|
|
|
(0.9 |
) |
% |
|
|
(12.2 |
) |
% |
Income
before provision for income taxes (tax equivalent) |
|
|
7,550 |
|
|
|
3,585 |
|
|
|
1,717 |
|
|
|
|
110.6 |
|
% |
|
|
339.7 |
|
% |
Provision for income taxes |
|
|
1,500 |
|
|
|
991 |
|
|
|
215 |
|
|
|
|
51.4 |
|
% |
|
|
597.7 |
|
% |
Taxable
equivalent adjustment (a) |
|
|
227 |
|
|
|
807 |
|
|
|
194 |
|
|
|
|
(71.9 |
) |
% |
|
|
17.0 |
|
% |
Net
income |
|
$ |
5,823 |
|
|
$ |
1,787 |
|
|
$ |
1,308 |
|
|
|
|
225.9 |
|
% |
|
|
345.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per common share - Basic |
|
$ |
0.62 |
|
|
$ |
0.29 |
|
|
$ |
0.17 |
|
|
|
|
113.8 |
|
% |
|
|
266.9 |
|
% |
Net
income per common share - Diluted |
|
$ |
0.62 |
|
|
$ |
0.29 |
|
|
$ |
0.17 |
|
|
|
|
113.8 |
|
% |
|
|
269.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets |
|
|
1.28 |
|
% |
|
0.53 |
|
% |
0.39 |
|
% |
|
139.3 |
|
% |
|
|
226.9 |
|
% |
Return
on average equity |
|
|
12.39 |
|
% |
|
4.97 |
|
% |
3.64 |
|
% |
|
149.3 |
|
% |
|
|
240.6 |
|
% |
Efficiency ratio (b) |
|
|
56.32 |
|
% |
|
77.47 |
|
% |
85.09 |
|
% |
|
(27.3 |
) |
% |
|
|
(33.8 |
) |
% |
Net
interest margin (tax equivalent) |
|
|
3.46 |
|
% |
|
3.55 |
|
% |
3.56 |
|
% |
|
(2.5 |
) |
% |
|
|
(2.8 |
) |
% |
Avg.
interest earning assets/Avg. interest bearing liabilities |
|
|
1.25 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
|
(1.5 |
) |
% |
|
|
(1.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
value per common share |
|
$ |
20.03 |
|
|
$ |
19.45 |
|
|
$ |
18.43 |
|
|
|
|
3.0 |
|
% |
|
|
8.7 |
|
% |
Tangible
book value per common share |
|
|
16.93 |
|
|
|
16.36 |
|
|
|
15.12 |
|
|
|
|
3.5 |
|
% |
|
|
12.0 |
|
% |
Outstanding shares- period ending |
|
|
9,470,730 |
|
|
|
9,532,943 |
|
|
|
7,929,613 |
|
|
|
|
(0.7 |
) |
% |
|
|
19.4 |
|
% |
Average diluted shares
outstanding (year to date) |
|
|
9,460,118 |
|
|
|
7,921,269 |
|
|
|
7,791,736 |
|
|
|
|
19.4 |
|
% |
|
|
21.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity to total assets |
|
|
10.31 |
|
% |
|
10.32 |
|
% |
10.62 |
|
% |
|
(0.1 |
) |
% |
|
|
(2.9 |
) |
% |
Leverage
ratio (c) |
|
|
10.21 |
|
% |
|
12.06 |
|
% |
10.90 |
|
% |
|
(15.3 |
) |
% |
|
|
(6.3 |
) |
% |
Tier 1
risk-based capital ratio (c) |
|
|
12.09 |
|
% |
|
12.34 |
|
% |
13.58 |
|
% |
|
(2.0 |
) |
% |
|
|
(11.0 |
) |
% |
Total
risk-based capital ratio (c) |
|
|
12.70 |
|
% |
|
12.94 |
|
% |
14.33 |
|
% |
|
(1.9 |
) |
% |
|
|
(11.4 |
) |
% |
Common
equity Tier 1 capital ratio (c) |
|
|
12.09 |
|
% |
|
12.34 |
|
% |
13.58 |
|
% |
|
(2.0 |
) |
% |
|
|
(11.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans (e) |
|
$ |
20,592 |
|
|
$ |
20,704 |
|
|
$ |
9,096 |
|
|
|
|
(0.5 |
) |
% |
|
|
126.4 |
|
% |
Loans 90
days past due and still accruing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
% |
|
|
- |
|
% |
Troubled
debt restructured loans ("TDRs") (d) |
|
|
1,035 |
|
|
|
906 |
|
|
|
2,133 |
|
|
|
|
14.2 |
|
% |
|
|
(51.5 |
) |
% |
Foreclosed real estate |
|
|
3,241 |
|
|
|
4,149 |
|
|
|
3,546 |
|
|
|
|
(21.9 |
) |
% |
|
|
(8.6 |
) |
% |
Non-performing assets ("NPAs") |
|
$ |
24,868 |
|
|
$ |
25,759 |
|
|
$ |
14,775 |
|
|
|
|
(3.5 |
) |
% |
|
|
68.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed real estate, criticized and classified assets (e) |
|
$ |
21,136 |
|
|
$ |
24,006 |
|
|
$ |
34,361 |
|
|
|
|
(12.0 |
) |
% |
|
|
(38.5 |
) |
% |
Loans
past due 30 to 89 days |
|
$ |
4,842 |
|
|
$ |
3,787 |
|
|
$ |
13,593 |
|
|
|
|
27.9 |
|
% |
|
|
(64.4 |
) |
% |
Charge-offs (Recoveries) , net (quarterly) |
|
$ |
163 |
|
|
$ |
30 |
|
|
$ |
15 |
|
|
|
|
443.3 |
|
% |
|
|
986.7 |
|
% |
Charge-offs (Recoveries) , net as a % of average loans
(annualized) |
|
|
0.04 |
|
% |
|
0.01 |
|
% |
0.01 |
|
% |
|
343.9 |
|
% |
|
|
670.3 |
|
% |
Non-accrual loans to total loans |
|
|
1.36 |
|
% |
|
1.40 |
|
% |
0.84 |
|
% |
|
(2.8 |
) |
% |
|
|
62.8 |
|
% |
NPAs to
total assets |
|
|
1.35 |
|
% |
|
1.43 |
|
% |
1.07 |
|
% |
|
(5.5 |
) |
% |
|
|
25.9 |
|
% |
NPAs
excluding TDR loans (d) to total assets |
|
|
1.30 |
|
% |
|
1.35 |
|
% |
0.92 |
|
% |
|
(4.3 |
) |
% |
|
|
41.0 |
|
% |
Non-accrual loans to total assets |
|
|
1.12 |
|
% |
|
1.12 |
|
% |
0.66 |
|
% |
|
(0.3 |
) |
% |
|
|
69.4 |
|
% |
Allowance for loan losses as a % of non-accrual loans |
|
|
44.63 |
|
% |
|
43.51 |
|
% |
86.06 |
|
% |
|
2.6 |
|
% |
|
|
(48.1 |
) |
% |
Allowance for loan losses to total loans |
|
|
0.61 |
|
% |
|
0.60 |
|
% |
0.72 |
|
% |
|
2.0 |
|
% |
|
|
(15.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
March 31, 2019 |
|
|
December 31, 2018 |
|
|
|
|
Cash and due from
banks |
$ |
12,509 |
|
|
$ |
11,768 |
Interest-bearing
deposits with other banks |
|
10,494 |
|
|
|
14,910 |
Cash and
cash equivalents |
|
23,003 |
|
|
|
26,678 |
|
|
|
|
|
Interest bearing time
deposits with other banks |
|
200 |
|
|
|
200 |
Securities available
for sale, at fair value |
|
192,050 |
|
|
|
182,139 |
Securities held to
maturity |
|
4,031 |
|
|
|
4,078 |
Other Bank Stock, at
cost |
|
9,347 |
|
|
|
11,764 |
|
|
|
|
|
Loans receivable, net
of unearned income |
|
1,513,645 |
|
|
|
1,474,775 |
Less:
allowance for loan losses |
|
9,190 |
|
|
|
8,775 |
Net loans
receivable |
|
1,504,455 |
|
|
|
1,466,000 |
|
|
|
|
|
Foreclosed real
estate |
|
3,241 |
|
|
|
4,149 |
Premises and equipment,
net |
|
19,459 |
|
|
|
19,215 |
Right-of-use assets,
net |
|
2,564 |
|
|
|
- |
Accrued interest
receivable |
|
6,589 |
|
|
|
6,546 |
Goodwill and
intangibles |
|
29,344 |
|
|
|
29,446 |
Bank-owned life
insurance |
|
36,008 |
|
|
|
35,778 |
Other assets |
|
9,838 |
|
|
|
9,710 |
|
|
|
|
|
Total
Assets |
$ |
1,840,129 |
|
|
$ |
1,795,703 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
$ |
269,949 |
|
|
$ |
259,807 |
Interest
bearing |
|
1,191,375 |
|
|
|
1,094,132 |
Total
Deposits |
|
1,461,324 |
|
|
|
1,353,939 |
|
|
|
|
|
Borrowings |
|
151,508 |
|
|
|
219,906 |
Lease liability |
|
2,568 |
|
|
|
- |
Accrued interest
payable and other liabilities |
|
7,172 |
|
|
|
8,555 |
Subordinated
debentures |
|
27,862 |
|
|
|
27,859 |
|
|
|
|
|
Total
Liabilities |
|
1,650,434 |
|
|
|
1,610,259 |
|
|
|
|
|
Total
Stockholders' Equity |
|
189,695 |
|
|
|
185,444 |
|
|
|
|
|
Total
Liabilities and Stockholders' Equity |
$ |
1,840,129 |
|
|
$ |
1,795,703 |
SB ONE BANCORP |
CONSOLIDATED STATEMENTS OF
INCOME |
(Dollars In Thousands Except Per Share Data) |
(Unaudited) |
|
|
Three Months Ended |
|
3/31/2019 |
|
3/31/2018 |
|
12/31/2018 |
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees |
$ |
18,160 |
|
$ |
11,900 |
|
$ |
13,888 |
Securities: |
|
|
|
|
|
Taxable |
|
1,175 |
|
|
736 |
|
|
1,031 |
Tax-exempt |
|
448 |
|
|
381 |
|
|
472 |
Interest
bearing deposits |
|
49 |
|
|
30 |
|
|
30 |
Total Interest Income |
|
19,832 |
|
|
13,047 |
|
|
15,421 |
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
Deposits |
|
3,864 |
|
|
1,458 |
|
|
2,805 |
Borrowings |
|
1,214 |
|
|
506 |
|
|
965 |
Junior
subordinated debentures |
|
315 |
|
|
315 |
|
|
317 |
Total Interest Expense |
|
5,393 |
|
|
2,279 |
|
|
4,087 |
|
|
|
|
|
|
Net Interest Income |
|
14,439 |
|
|
10,768 |
|
|
11,334 |
PROVISION FOR
LOAN LOSSES |
|
571 |
|
|
508 |
|
|
210 |
Net Interest Income after Provision for Loan
Losses |
|
13,868 |
|
|
10,260 |
|
|
11,124 |
|
|
|
|
|
|
OTHER
INCOME |
|
|
|
|
|
Service
fees on deposit accounts |
|
330 |
|
|
328 |
|
|
331 |
ATM and
debit card fees |
|
231 |
|
|
213 |
|
|
266 |
Bank
owned life insurance |
|
230 |
|
|
185 |
|
|
198 |
Insurance
commissions and fees |
|
2,562 |
|
|
1,895 |
|
|
1,379 |
Investment brokerage fees |
|
56 |
|
|
22 |
|
|
12 |
Other |
|
224 |
|
|
214 |
|
|
307 |
Total Other Income |
|
3,633 |
|
|
2,857 |
|
|
2,493 |
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
Salaries
and employee benefits |
|
6,130 |
|
|
5,058 |
|
|
5,208 |
Occupancy, net |
|
779 |
|
|
602 |
|
|
690 |
Data
processing |
|
940 |
|
|
791 |
|
|
911 |
Furniture
and equipment |
|
318 |
|
|
281 |
|
|
301 |
Advertising and promotion |
|
132 |
|
|
56 |
|
|
99 |
Professional fees |
|
462 |
|
|
329 |
|
|
410 |
Director
fees |
|
145 |
|
|
147 |
|
|
140 |
FDIC
assessment |
|
166 |
|
|
110 |
|
|
136 |
Insurance |
|
30 |
|
|
95 |
|
|
28 |
Stationary and supplies |
|
84 |
|
|
57 |
|
|
80 |
Merger-related expenses |
|
- |
|
|
3,293 |
|
|
1,460 |
Loan
collection costs |
|
120 |
|
|
61 |
|
|
52 |
Expenses
and write-downs related to foreclosed real estate |
|
65 |
|
|
207 |
|
|
96 |
Amortization of intangible assets |
|
102 |
|
|
61 |
|
|
65 |
Other |
|
705 |
|
|
446 |
|
|
597 |
Total Other Expenses |
|
10,178 |
|
|
11,594 |
|
|
10,273 |
|
|
|
|
|
|
Income before Income Taxes |
|
7,323 |
|
|
1,523 |
|
|
3,344 |
INCOME TAX
EXPENSE |
|
1,500 |
|
|
215 |
|
|
991 |
Net Income |
$ |
5,823 |
|
$ |
1,308 |
|
$ |
2,353 |
|
|
|
|
|
|
EARNINGS PER
SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.62 |
|
$ |
0.17 |
|
$ |
0.29 |
Diluted |
$ |
0.62 |
|
$ |
0.17 |
|
$ |
0.29 |
SB ONE BANCORP |
COMPARATIVE AVERAGE BALANCES AND AVERAGE
INTEREST RATES |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
|
$ |
62,654 |
|
|
$ |
675 |
|
|
4.37 |
% |
|
$ |
54,987 |
|
|
$ |
575 |
|
|
4.24 |
% |
Taxable |
|
|
142,137 |
|
|
|
1,175 |
|
|
3.35 |
% |
|
|
120,776 |
|
|
|
736 |
|
|
2.47 |
% |
Total securities |
|
|
204,791 |
|
|
|
1,850 |
|
|
3.66 |
% |
|
|
175,763 |
|
|
|
1,311 |
|
|
3.03 |
% |
Total loans receivable
(1) (4) |
|
|
1,500,604 |
|
|
|
18,160 |
|
|
4.91 |
% |
|
|
1,063,727 |
|
|
|
11,900 |
|
|
4.54 |
% |
Other interest-earning
assets |
|
|
14,691 |
|
|
|
49 |
|
|
1.35 |
% |
|
|
12,397 |
|
|
|
30 |
|
|
0.98 |
% |
Total earning
assets |
|
|
1,720,086 |
|
|
|
20,059 |
|
|
4.73 |
% |
|
|
1,251,887 |
|
|
|
13,241 |
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets |
|
|
114,358 |
|
|
|
|
|
|
|
96,249 |
|
|
|
|
|
Allowance for loan
losses |
|
|
(8,815 |
) |
|
|
|
|
|
|
(7,505 |
) |
|
|
|
|
Total Assets |
|
$ |
1,825,629 |
|
|
|
|
|
|
$ |
1,340,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
$ |
255,959 |
|
|
$ |
446 |
|
|
0.71 |
% |
|
$ |
259,677 |
|
|
$ |
398 |
|
|
0.62 |
% |
Money
market |
|
|
240,936 |
|
|
|
1,178 |
|
|
1.98 |
% |
|
|
96,463 |
|
|
|
248 |
|
|
1.04 |
% |
Savings |
|
|
221,608 |
|
|
|
327 |
|
|
0.60 |
% |
|
|
221,946 |
|
|
|
77 |
|
|
0.14 |
% |
Time |
|
|
436,376 |
|
|
|
1,913 |
|
|
1.78 |
% |
|
|
265,139 |
|
|
|
735 |
|
|
1.12 |
% |
Total interest bearing
deposits |
|
|
1,154,879 |
|
|
|
3,864 |
|
|
1.36 |
% |
|
|
843,225 |
|
|
|
1,458 |
|
|
0.70 |
% |
Borrowed
funds |
|
|
188,983 |
|
|
|
1,214 |
|
|
2.61 |
% |
|
|
111,886 |
|
|
|
506 |
|
|
1.83 |
% |
Subordinated debentures |
|
|
27,860 |
|
|
|
315 |
|
|
4.59 |
% |
|
|
27,849 |
|
|
|
315 |
|
|
4.59 |
% |
Total interest bearing
liabilities |
|
|
1,371,722 |
|
|
|
5,393 |
|
|
1.59 |
% |
|
|
982,960 |
|
|
|
2,279 |
|
|
0.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
|
259,363 |
|
|
|
|
|
|
|
208,694 |
|
|
|
|
|
Other
liabilities |
|
|
6,481 |
|
|
|
|
|
|
|
5,112 |
|
|
|
|
|
Total non-interest
bearing liabilities |
|
|
265,844 |
|
|
|
|
|
|
|
213,806 |
|
|
|
|
|
Stockholders'
equity |
|
|
188,063 |
|
|
|
|
|
|
|
143,865 |
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
1,825,629 |
|
|
|
|
|
|
$ |
1,340,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and
Margin (5) |
|
|
|
|
14,666 |
|
|
3.46 |
% |
|
|
|
|
10,962 |
|
|
3.55 |
% |
Tax-equivalent basis
adjustment |
|
|
|
|
(227 |
) |
|
|
|
|
|
|
(194 |
) |
|
|
Net Interest
Income |
|
|
|
$ |
14,439 |
|
|
|
|
|
|
$ |
10,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31,
2019 |
|
Three Months Ended December 31,
2018 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax
exempt (3) |
|
$ |
62,654 |
|
|
$ |
675 |
|
|
4.37 |
% |
|
$ |
63,114 |
|
|
$ |
713 |
|
|
4.48 |
% |
Taxable |
|
|
142,137 |
|
|
|
1,175 |
|
|
3.35 |
% |
|
|
130,105 |
|
|
|
1,031 |
|
|
3.14 |
% |
Total securities |
|
|
204,791 |
|
|
|
1,850 |
|
|
3.66 |
% |
|
|
193,219 |
|
|
|
1,744 |
|
|
3.58 |
% |
Total loans receivable
(1) (4) |
|
|
1,500,604 |
|
|
|
18,160 |
|
|
4.91 |
% |
|
|
1,225,917 |
|
|
|
13,888 |
|
|
4.49 |
% |
Other interest-earning
assets |
|
|
14,691 |
|
|
|
49 |
|
|
1.35 |
% |
|
|
10,973 |
|
|
|
30 |
|
|
1.08 |
% |
Total earning
assets |
|
|
1,720,086 |
|
|
|
20,059 |
|
|
4.73 |
% |
|
|
1,430,109 |
|
|
|
15,662 |
|
|
4.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest earning
assets |
|
|
114,358 |
|
|
|
|
|
|
|
98,408 |
|
|
|
|
|
Allowance for loan
losses |
|
|
(8,815 |
) |
|
|
|
|
|
|
(8,753 |
) |
|
|
|
|
Total Assets |
|
$ |
1,825,629 |
|
|
|
|
|
|
$ |
1,519,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
$ |
255,959 |
|
|
$ |
446 |
|
|
0.71 |
% |
|
$ |
261,737 |
|
|
$ |
417 |
|
|
0.63 |
% |
Money
market |
|
|
240,936 |
|
|
|
1,178 |
|
|
1.98 |
% |
|
|
185,419 |
|
|
|
879 |
|
|
1.88 |
% |
Savings |
|
|
221,608 |
|
|
|
327 |
|
|
0.60 |
% |
|
|
210,092 |
|
|
|
284 |
|
|
0.54 |
% |
Time |
|
|
436,376 |
|
|
|
1,913 |
|
|
1.78 |
% |
|
|
292,389 |
|
|
|
1,225 |
|
|
1.66 |
% |
Total interest bearing
deposits |
|
|
1,154,879 |
|
|
|
3,864 |
|
|
1.36 |
% |
|
|
949,637 |
|
|
|
2,805 |
|
|
1.17 |
% |
Borrowed
funds |
|
|
188,983 |
|
|
|
1,214 |
|
|
2.61 |
% |
|
|
144,703 |
|
|
|
965 |
|
|
2.65 |
% |
Subordinated debentures |
|
|
27,860 |
|
|
|
315 |
|
|
4.59 |
% |
|
|
27,857 |
|
|
|
317 |
|
|
4.51 |
% |
Total interest bearing
liabilities |
|
|
1,371,722 |
|
|
|
5,393 |
|
|
1.59 |
% |
|
|
1,122,197 |
|
|
|
4,087 |
|
|
1.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
|
259,363 |
|
|
|
|
|
|
|
235,342 |
|
|
|
|
|
Other
liabilities |
|
|
6,481 |
|
|
|
|
|
|
|
5,304 |
|
|
|
|
|
Total non-interest
bearing liabilities |
|
|
265,844 |
|
|
|
|
|
|
|
240,646 |
|
|
|
|
|
Stockholders'
equity |
|
|
188,063 |
|
|
|
|
|
|
|
156,921 |
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
1,825,629 |
|
|
|
|
|
|
$ |
1,519,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and
Margin (5) |
|
|
|
|
14,666 |
|
|
3.46 |
% |
|
|
|
|
11,575 |
|
|
3.21 |
% |
Tax-equivalent basis
adjustment |
|
|
|
|
(227 |
) |
|
|
|
|
|
|
(241 |
) |
|
|
Net Interest
Income |
|
|
|
$ |
14,439 |
|
|
|
|
|
|
$ |
11,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2019 |
|
Three Months Ended March 31, 2018 |
|
Banking and |
|
|
|
|
|
|
|
Banking and |
|
|
|
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Services |
|
Services |
|
Total |
|
Services |
|
Services |
|
Total |
Net interest income from
external sources |
$ |
14,439 |
|
$ |
- |
|
$ |
14,439 |
|
$ |
10,768 |
|
|
$ |
- |
|
$ |
10,768 |
Other income from
external sources |
|
1,032 |
|
|
2,601 |
|
|
3,633 |
|
|
925 |
|
|
|
1,932 |
|
|
2,857 |
Depreciation and
amortization |
|
525 |
|
|
12 |
|
|
537 |
|
|
448 |
|
|
|
6 |
|
|
454 |
Income before income
taxes |
|
6,057 |
|
|
1,266 |
|
|
7,323 |
|
|
614 |
|
|
|
909 |
|
|
1,523 |
Income tax expense
(benefit) (1) |
|
1,119 |
|
|
381 |
|
|
1,500 |
|
|
(59 |
) |
|
|
274 |
|
|
215 |
Total assets |
|
1,834,400 |
|
|
5,729 |
|
|
1,840,129 |
|
|
1,371,795 |
|
|
|
4,689 |
|
|
1,376,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
Three Months Ended December 31,
2018 |
|
Banking and |
|
|
|
|
|
|
|
Banking and |
|
|
|
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Services |
|
Services |
|
Total |
|
Services |
|
Services |
|
Total |
Net interest income
from external sources |
$ |
14,439 |
|
$ |
- |
|
$ |
14,439 |
|
$ |
11,334 |
|
|
$ |
- |
|
$ |
11,334 |
Other income from
external sources |
|
1,032 |
|
|
2,601 |
|
|
3,633 |
|
|
1,074 |
|
|
|
1,419 |
|
|
2,493 |
Depreciation and
amortization |
|
525 |
|
|
12 |
|
|
537 |
|
|
376 |
|
|
|
8 |
|
|
384 |
Income before income
taxes |
|
6,057 |
|
|
1,266 |
|
|
7,323 |
|
|
3,178 |
|
|
|
166 |
|
|
3,344 |
Income tax expense
(1) |
|
1,119 |
|
|
381 |
|
|
1,500 |
|
|
925 |
|
|
|
50 |
|
|
991 |
Total assets |
|
1,834,400 |
|
|
5,729 |
|
|
1,840,129 |
|
|
1,791,975 |
|
|
|
4,852 |
|
|
1,796,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated at statutory tax rate of 30.09% in 2019
and 2018 for the insurance services segment |
SB ONE BANCORP |
Non-GAAP Reporting |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Net income (GAAP) |
$ |
5,823 |
|
|
$ |
1,308 |
|
Merger related expenses
net of tax (1) |
|
- |
|
|
|
2,367 |
|
Net income, as
adjusted |
$ |
5,823 |
|
|
$ |
3,675 |
|
|
|
|
|
|
|
Average diluted shares
outstanding (GAAP) |
|
9,460,118 |
|
|
|
7,791,736 |
|
Diluted EPS, as
adjusted |
$ |
0.62 |
|
|
$ |
0.47 |
|
Average assets |
|
1,825,629 |
|
|
|
1,340,631 |
|
Return on average
assets, as adjusted |
|
1.28 |
% |
|
|
1.10 |
% |
Return on average
equity, as adjusted |
|
12.39 |
% |
|
|
10.22 |
% |
|
|
|
|
|
|
(1) Merger related expense net of tax expense of $926
thousand. |
(2) Average diluted shares outstanding includes
acquisition of CBBC shares of 1,873,028 |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March 31, 2019 |
|
December 31, 2018 |
Net income (GAAP) |
$ |
5,823 |
|
|
$ |
2,353 |
|
Merger related expenses
net of tax (1) |
|
- |
|
|
|
1,301 |
|
Non-recurring expenses
net of tax (2) |
|
- |
|
|
|
119 |
|
Net income, as
adjusted |
$ |
5,823 |
|
|
$ |
3,773 |
|
|
|
|
|
|
|
Average diluted shares
outstanding (GAAP) |
|
9,460,118 |
|
|
|
8,082,270 |
|
Diluted EPS, as
adjusted |
$ |
0.62 |
|
|
$ |
0.47 |
|
Average assets |
|
1,825,629 |
|
|
|
1,519,764 |
|
Return on average
assets, as adjusted |
|
1.28 |
% |
|
|
0.99 |
% |
Return on average
equity, as adjusted |
|
12.39 |
% |
|
|
9.62 |
% |
|
|
|
|
|
|
(1) Merger related expense net of tax expense of $159
thousand QTD December 31, 2018. |
(2) Non-recurring expenses net of tax expense of $51
thousand QTD December 31, 2018 |
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