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 March 31, 2020, as compared to net income of $5.8 million, or
$0.62 per basic and diluted share, for the quarter ended March 31,
2019. The Company reported net income, adjusted for merger-related
expenses net of tax of $249 thousand, of $5.4 million, or $0.58 per
basic and diluted share, for the quarter ended March 31, 2020.
The Company reported net income of $5.1 million,
or $0.55 per basic and diluted share, and net income adjusted for
merger-related expenses net of tax, of $249 thousand, of $5.4
million, or $0.58 per basic and diluted share, for the quarter
ended March 31, 2020, as compared to net income of $5.3 million, or
$0.57 per basic and diluted share, for the quarter ended December
31, 2019.
On March 12, 2020, the Company announced the
signing of a definitive merger agreement with Provident Financial
Services, Inc. (“Provident”) where Provident will acquire the
Company in an all-stock transaction (the “Merger”). Each
outstanding share of Company common stock will be exchanged for
1.357 shares of Provident common stock. The Merger is
expected to close in the third quarter of 2020, subject to
satisfaction of customary closing conditions, including receipt of
required regulatory approvals and approval by the shareholders of
the Company.
Anthony Labozzetta, President and CEO of SB One
Bancorp and SB One Bank stated, “As we closed out the first
quarter, like most, we were confronted with the social and economic
uncertainty associated with Covid-19. Our employees quickly
rose to the challenge and implemented our pandemic
plan. Being an essential service, we remained open and
implemented plans to protect our employees and customers. At
the same time, we worked intensely to assist many of our customers
who needed temporary relief in loan payments and/or help accessing
the SBA Paycheck Protection Program (“PPP”) loans. I am grateful to
my colleagues for their hard work and dedication”. Through
April 28, 2020, approximately 374 loans totaling $318.8 million
have received some form of payment assistance due to the COVID-19
pandemic. In addition, we have processed approximately $72.5
million in PPP loans and an additional $20.4 million in PPP loans
through our Fintech partner.
“The first quarter began with strong momentum in
our business lines. Beginning the year with a strong
pipeline, the commercial lending group grew loans at an annualized
rate of 18.1% and the retail banking group grew deposits at an
annualized rate 19.3%. Notably, our non-interest bearing
deposits grew 17.1%. In addition, we expanded our core net
interest margin approximately 4 basis points. The growth and
improvement in core net interest margin helped offset the year over
year decrease in accretion income resulting from prior mergers,”
stated Mr. Labozzetta.
Mr. Labozzetta also stated, “we are very excited
about the prospects of our future partnership with Provident
Bank. As we begin the merger process and interact with the
Provident Bank team, albeit virtually, our decision to combine our
organization is further reinforced. It is great to see two
strong cultures come together.”
Declaration of Quarterly
DividendOn April 29, 2020, the Company’s Board of
Directors declared a quarterly cash dividend of $0.085 per share,
which is payable on May 26, 2020 to common shareholders of record
as of the close of business on May 12, 2020.
Financial PerformanceNet
Income. For the quarter ended March 31, 2020, the Company reported
net income of $5.1 million, or $0.55 per basic and diluted share, a
decrease of 11.9%, as compared to net income of $5.8 million, or
$0.62 per basic and diluted share, for the quarter ended March 31,
2019. The decrease in net income was primarily driven by a decrease
in purchase accounting amortization of $653 thousand and
merger-related expenses net of tax of $249 thousand as a result of
the merger with Provident.
For the quarter ended March 31, 2020, the
Company reported net income of $5.1 million, or $0.55 per basic and
diluted share, a decrease of 3.8%, as compared to net income of
$5.3 million, or $0.57 per basic and diluted share, for the quarter
ended December 31, 2019. The decrease in net income was primarily
driven by merger-related expenses net of tax of $249 thousand.
The Company reported net income, adjusted for
merger-related expenses net of tax of $249 thousand, of $5.4
million, or $0.58 per basic and diluted share, for the quarter
ended March 31, 2020.
Net Interest Income. Net interest income
on a fully tax equivalent basis increased $572 thousand, or 3.9%,
to $15.2 million for the first quarter of 2020, as compared to
$14.7 million for the same period in 2019. The increase in
net interest income was largely due to a $191.3 million, or 11.1%,
increase in average interest earning assets, principally organic
growth of loans receivable, which increased $155.6 million, or
10.4%. Net interest margin decreased 25 basis points to 3.21% for
the first quarter of 2020, as compared to the same period in 2019.
The decrease in net interest margin for the first quarter 2020 is
mostly due to a decrease in purchase accounting amortization of
$653 thousand, a decrease of prepayment penalties on loans
receivable of $207 thousand and a down rate environment on interest
earning assets. The Company’s average deposits grew $153.9 million,
or 10.9%, for the first quarter of 2020, as compared to the same
period in 2019. The Company’s cost of funds in the first quarter of
2020 decreased by 6 basis points as compared to the first quarter
of 2019.
Net interest income on a fully tax equivalent
basis increased $227 thousand, or 1.5%, to $15.2 million for the
quarter ended March 31, 2020 as compared to $15.0 million for the
quarter ended December 31, 2019. The increase in net interest
income was largely due to a $75.2 million growth in average
interest earning assets, principally loans receivable, which
increased $64.1 million, or 4.0%, for the quarter ended March 31,
2020, as compared to the quarter ended December 31, 2019. The rate
earned on interest bearing assets decreased 12 basis points, to
4.41%, for the quarter ended March 31, 2020, as compared to 4.53%
for the quarter ended December 31, 2019. The decrease in rate
earned on interest bearing assets for the first quarter 2020 is
mostly due to a decrease of prepayment penalties on loans
receivable of $203 thousand. The Company’s average deposits grew
$42.6 million, or 2.8%, for the first quarter of 2020, as compared
to the fourth quarter of 2019. The Company’s cost of funds
decreased by 8 basis points as compared to the fourth quarter of
2019.
Provision for Loan Losses. Provision for loan
losses increased $308 thousand, or 53.9%, to $879 thousand for the
first quarter of 2020, as compared to $571 thousand for the same
period in 2019.
Provision for loan losses increased $331
thousand, or 60.4%, to $879 thousand for the first quarter of 2020,
as compared to $548 thousand for the fourth quarter of 2019.
The increase in provision for loan losses was
primarily driven by changes to our qualitative modeling factors for
a possible deterioration of the economic environment due to the
circumstances surrounding the state of COVID-19.
Non-interest Income. Non-interest income
increased $48 thousand, or 1.3%, to $3.7 million for the first
quarter of 2020, as compared to the same period in 2019. The growth
was largely due to increases in other income of $52 thousand, and
insurance commissions and fees relating to SB One Insurance Agency
of $36 thousand, for the first quarter of 2020, as compared to the
same period in 2019. The increases in non-interest income were
partially offset by a decrease in investment brokerage fees of $41
thousand for the first quarter of 2020, as compared to the same
period in 2019.
Non-interest income increased $464 thousand, or
14.4%, to $3.7 million for the quarter ended March 31, 2020 as
compared to the quarter ended December 31, 2019. The increase
was principally due to a $1.1 million increase in insurance
commissions and fees relating to SB One Insurance Agency, partially
offset by a $531 thousand decrease in gains on sale of
securities.
Non-interest Expense. The Company’s non-interest
expenses excluding merger related expenses of $315 thousand
increased $0.9 million, or 8.6%, to $11.1 million for the first
quarter of 2020, as compared to the same period in 2019. The
increase in non-interest expenses, excluding merger related
expenses, occurred largely in salaries and employee benefits, which
increased $640 thousand, data processing, which increased
$114 thousand, and occupancy, which increased $100 thousand, for
the first quarter of 2020, as compared to the same period in
2019.
Salary and employee benefits increased for the
first quarter of 2020 versus the first quarter of 2019 mostly due
to annual staff pay increases and additional staff to support the
continued growth of the Company. Data processing increased as a
result of increased customer transaction volume period over
period.
The Company’s non-interest expenses increased
$1.0 million, or 9.9%, to $11.4 million for the first quarter of
2020, as compared to the fourth quarter of 2019. The increase in
non-interest expenses occurred largely in salaries and employee
benefits, which increased $524 thousand, merger-related expenses,
which increased $315 thousand, and FDIC assessment, which increased
$131 thousand, for the first quarter of 2020, as compared to the
fourth quarter of 2019. The increase in non-interest expenses for
the first quarter of 2020 as compared to the fourth quarter of 2019
were partially offset by a decrease in professional fees of $138
thousand.
Salary and employee benefits increased for the
first quarter of 2020 versus the fourth quarter of 2019 due to a
discretionary bonus payment to Company employees of $225 thousand,
annual staff pay increases and additional staff to support the
continued growth of the Company. The increase in FDIC assessment
period over period was driven by an FDIC assessment credit the
Company received during the third and fourth quarter of 2019.
Income Tax Expense. The Company’s income tax
expenses decreased $13 thousand to $1.5 million for the first
quarter of 2020, as compared to the same period last year. The
Company’s effective tax rate for the first quarter of 2020 was
22.5%, as compared to 20.5% for the same period in 2019.
The Company’s income tax expenses decreased $453
thousand to $1.5 million for the quarter ended March 31, 2020, as
compared to the quarter ended December 31, 2019. The Company’s
effective tax rate for the quarter ended March 31, 2020 was 22.5%,
as compared to 26.7% for the quarter ended December 31, 2019.
Financial Condition At March
31, 2020, the Company’s total assets were $2.1 billion, an increase
of $78.6 million, or 3.9%, as compared to total assets of $2.0
billion at December 31, 2019. The increase was mainly
attributable to an increase in loans receivable of $56.3 million,
or 3.5%, to $1.7 billion.
The Company’s total deposits increased $73.5
million, or 4.8%, to $1.6 billion at March 31, 2020, from $1.5
billion at December 31, 2019. The growth in deposits was mostly due
to an increase in interest bearing deposits of $46.0 million, or
3.6%.
At March 31, 2020, the Company’s total
stockholders’ equity was $194.9 million, a decrease of $4.3 million
when compared to December 31, 2019. At March 31, 2020, the
leverage, Tier I risk-based capital, total risk-based capital and
common equity Tier I capital ratios for the Bank were 9.97%,
11.52%, 12.15% and 11.52%, 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
increased to 0.85% at March 31, 2020, as compared to 0.83% at
December 31, 2019. The ratio of NPAs to total assets decreased to
0.85% at March 31, 2020, as compared to 1.35% at March 31, 2019.
NPAs exclude $2.5 million of Purchased Credit-Impaired (“PCI”)
loans acquired through the merger with Community Bank of Bergen
County (“Community Bank”). NPAs increased $942 thousand to $17.6
million at March 31, 2020, as compared to $16.7 million at December
31, 2019. Non-accrual loans, excluding $2.5 million of PCI
loans, increased $1.6 million, or 14.4%, to $13.1 million at March
31, 2020, as compared to $11.4 million at December 31, 2019.
Loans past due 30 to 89 days totaled $5.0 million at March
31, 2020, representing a decrease of $2.8 million, or 36.4%, as
compared to $7.8 million at December 31, 2019.
The Company continues to actively market its
foreclosed real estate properties, the value of which decreased
$696 thousand to $3.1 million at March 31, 2020 as compared to $3.8
million at December 31, 2019. The decrease in foreclosed real
estate properties was attributable to the sale of two properties
totaling $696 thousand. At March 31, 2020, the Company’s foreclosed
real estate properties had an average carrying value of
approximately $310 thousand per property.
The Company’s allowance for loan losses
increased $600 thousand, or 5.8%, to $10.9 million, at March 31,
2020 as compared to $10.3 million at December 31, 2019. The
Company’s outstanding credit mark recorded on the legacy Community
Bank and Enterprise Bank, N.J. (“Enterprise”) portfolios of $315.5
million totaled $6.1 million at March 31, 2020. The Company’s
combined coverage of allowance for loan loss and credit mark on the
legacy Community Bank and Enterprise portfolios totaled $17.0
million, or 1.00% of the overall loan portfolio, at March 31, 2020.
The Company recorded $866 thousand in provision for loan losses for
the quarter ended March 31, 2020, as compared to $552 thousand for
the quarter ended March 31, 2019. Additionally, the Company
recorded net charge-offs of $276 thousand for the quarter ended
March 31, 2020, as compared to $163 thousand in net charge-offs for
the quarter ended March 31, 2019.
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 is a member of 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 was recognized as one of the 50 Fastest
Growing Companies in New Jersey as ranked by NJBIZ Magazine in
2016. 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 Merger between the Company
and Provident, 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) the effects of the COVID-19
pandemic on the economy generally and on the Company in particular;
(2) the businesses of the Company and Provident may not be combined
successfully, or such combination may take longer, be more
difficult, time-consuming or costly to accomplish than expected;
(3) the expected growth opportunities or cost savings from the
Merger may not be fully realized or may take longer to realize than
expected; (4) deposit attrition, operating costs, customer losses
and business disruption following the Merger, including adverse
effects on relationships with employees and customers, may be
greater than expected; (5) the regulatory approvals required for
the Merger may not be obtained on the proposed terms or on the
anticipated schedule; (6) the Company’s shareholders may fail to
approve the Merger; (7) changes to interest rates; (8) the ability
to control costs and expenses; (9) general economic conditions;
(10) the success of the Company’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 (11)
risks associated with the quality of the Company’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 the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2019 and in subsequent filings with
the Securities and Exchange Commission. The Company 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2020 VS. |
|
|
3/31/2020 |
|
3/31/2019 |
|
12/31/2019 |
|
|
3/31/19 |
|
12/31/19 |
BALANCE SHEET HIGHLIGHTS - Period End
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
$ |
238,544 |
|
|
$ |
196,081 |
|
|
$ |
216,193 |
|
|
|
|
21.7 |
|
% |
|
|
10.3 |
|
% |
Total
loans |
|
|
1,685,138 |
|
|
|
1,513,645 |
|
|
|
1,628,846 |
|
|
|
|
11.3 |
|
% |
|
|
3.5 |
|
% |
Allowance
for loan losses |
|
|
(10,867 |
) |
|
|
(9,190 |
) |
|
|
(10,267 |
) |
|
|
|
18.2 |
|
% |
|
|
5.8 |
|
% |
Total
assets |
|
|
2,080,236 |
|
|
|
1,840,129 |
|
|
|
2,001,657 |
|
|
|
|
13.0 |
|
% |
|
|
3.9 |
|
% |
Total
deposits |
|
|
1,598,551 |
|
|
|
1,461,324 |
|
|
|
1,525,041 |
|
|
|
|
9.4 |
|
% |
|
|
4.8 |
|
% |
Total
borrowings and junior subordinated debt |
|
|
258,143 |
|
|
|
179,370 |
|
|
|
260,983 |
|
|
|
|
43.9 |
|
% |
|
|
(1.1 |
) |
% |
Total
shareholders' equity |
|
|
194,914 |
|
|
|
189,695 |
|
|
|
199,229 |
|
|
|
|
2.8 |
|
% |
|
|
(2.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA - QUARTER ENDED: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (tax equivalent) (a) |
|
$ |
15,238 |
|
|
$ |
14,666 |
|
|
$ |
15,011 |
|
|
|
|
3.9 |
|
% |
|
|
1.5 |
|
% |
Provision
for loan losses |
|
|
879 |
|
|
|
571 |
|
|
|
548 |
|
|
|
|
53.9 |
|
% |
|
|
60.4 |
|
% |
Total
non-interest income |
|
|
3,681 |
|
|
|
3,633 |
|
|
|
3,217 |
|
|
|
|
1.3 |
|
% |
|
|
14.4 |
|
% |
Total
non-interest expense |
|
|
11,367 |
|
|
|
10,178 |
|
|
|
10,344 |
|
|
|
|
11.7 |
|
% |
|
|
9.9 |
|
% |
Income
before provision for income taxes (tax equivalent) |
|
|
6,673 |
|
|
|
7,550 |
|
|
|
7,336 |
|
|
|
|
(11.6 |
) |
% |
|
|
(9.0 |
) |
% |
Provision
for income taxes |
|
|
1,487 |
|
|
|
1,500 |
|
|
|
1,940 |
|
|
|
|
(0.9 |
) |
% |
|
|
(23.4 |
) |
% |
Taxable
equivalent adjustment (a) |
|
|
58 |
|
|
|
227 |
|
|
|
65 |
|
|
|
|
(74.4 |
) |
% |
|
|
(10.8 |
) |
% |
Net
income |
|
$ |
5,128 |
|
|
$ |
5,823 |
|
|
$ |
5,331 |
|
|
|
|
(11.9 |
) |
% |
|
|
(3.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share - Basic |
|
$ |
0.55 |
|
|
$ |
0.62 |
|
|
$ |
0.57 |
|
|
|
|
(11.3 |
) |
% |
|
|
(3.5 |
) |
% |
Net income
per common share - Diluted |
|
$ |
0.55 |
|
|
$ |
0.62 |
|
|
$ |
0.57 |
|
|
|
|
(11.3 |
) |
% |
|
|
(3.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.01 |
|
% |
|
1.28 |
|
% |
|
1.09 |
|
% |
|
|
(20.6 |
) |
% |
|
|
(7.3 |
) |
% |
Return on
average equity |
|
|
10.15 |
|
% |
|
12.39 |
|
% |
|
10.77 |
|
% |
|
|
(18.0 |
) |
% |
|
|
(5.8 |
) |
% |
Efficiency
ratio (b) |
|
|
60.27 |
|
% |
|
56.32 |
|
% |
|
56.95 |
|
% |
|
|
7.0 |
|
% |
|
|
5.8 |
|
% |
Net interest
margin (tax equivalent) |
|
|
3.21 |
|
% |
|
3.46 |
|
% |
|
3.24 |
|
% |
|
|
(7.2 |
) |
% |
|
|
(0.9 |
) |
% |
Avg.
interest earning assets/Avg. interest bearing liabilities |
|
|
1.26 |
|
|
|
1.25 |
|
|
|
1.25 |
|
|
|
|
0.3 |
|
% |
|
|
0.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
20.70 |
|
|
$ |
20.03 |
|
|
$ |
21.29 |
|
|
|
|
3.3 |
|
% |
|
|
(2.8 |
) |
% |
Tangible
book value per common share |
|
|
17.62 |
|
|
|
16.93 |
|
|
|
18.19 |
|
|
|
|
4.1 |
|
% |
|
|
(3.1 |
) |
% |
Outstanding
shares- period ending |
|
|
9,417,933 |
|
|
|
9,470,730 |
|
|
|
9,357,811 |
|
|
|
|
(0.6 |
) |
% |
|
|
0.6 |
|
% |
Average
diluted shares outstanding (year to date) |
|
|
9,304,617 |
|
|
|
9,460,118 |
|
|
|
9,381,642 |
|
|
|
|
(1.6 |
) |
% |
|
|
(0.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
to total assets |
|
|
9.37 |
|
% |
|
10.31 |
|
% |
|
9.95 |
|
% |
|
|
(9.1 |
) |
% |
|
|
(5.9 |
) |
% |
Leverage
ratio (c) |
|
|
9.97 |
|
% |
|
10.21 |
|
% |
|
10.16 |
|
% |
|
|
(2.4 |
) |
% |
|
|
(1.9 |
) |
% |
Tier 1
risk-based capital ratio (c) |
|
|
11.52 |
|
% |
|
12.09 |
|
% |
|
11.65 |
|
% |
|
|
(4.7 |
) |
% |
|
|
(1.1 |
) |
% |
Total
risk-based capital ratio (c) |
|
|
12.15 |
|
% |
|
12.70 |
|
% |
|
12.27 |
|
% |
|
|
(4.3 |
) |
% |
|
|
(1.0 |
) |
% |
Common
equity Tier 1 capital ratio (c) |
|
|
11.52 |
|
% |
|
12.09 |
|
% |
|
11.65 |
|
% |
|
|
(4.7 |
) |
% |
|
|
(1.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans (e) |
|
$ |
13,061 |
|
|
$ |
20,638 |
|
|
$ |
11,415 |
|
|
|
|
(36.7 |
) |
% |
|
|
14.4 |
|
% |
Loans 90
days past due and still accruing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
% |
|
|
- |
|
% |
Troubled
debt restructured loans ("TDRs") (d) |
|
|
1,448 |
|
|
|
1,035 |
|
|
|
1,456 |
|
|
|
|
39.9 |
|
% |
|
|
(0.5 |
) |
% |
Foreclosed
real estate |
|
|
3,097 |
|
|
|
3,241 |
|
|
|
3,793 |
|
|
|
|
(4.4 |
) |
% |
|
|
(18.3 |
) |
% |
Non-performing assets ("NPAs") |
|
$ |
17,606 |
|
|
$ |
24,914 |
|
|
$ |
16,664 |
|
|
|
|
(29.3 |
) |
% |
|
|
5.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed
real estate, criticized and classified assets (e) |
|
$ |
24,571 |
|
|
$ |
28,704 |
|
|
$ |
25,180 |
|
|
|
|
(14.4 |
) |
% |
|
|
(2.4 |
) |
% |
Loans past
due 30 to 89 days |
|
$ |
4,963 |
|
|
$ |
4,842 |
|
|
$ |
7,797 |
|
|
|
|
2.5 |
|
% |
|
|
(36.3 |
) |
% |
Charge-offs
(Recoveries) , net (quarterly) |
|
$ |
276 |
|
|
$ |
163 |
|
|
$ |
30 |
|
|
|
|
69.3 |
|
% |
|
|
820.0 |
|
% |
Charge-offs
(Recoveries) , net as a % of average loans (annualized) |
|
|
0.07 |
|
% |
|
0.04 |
|
% |
|
0.01 |
|
% |
|
|
53.4 |
|
% |
|
|
784.4 |
|
% |
Non-accrual
loans to total loans |
|
|
0.78 |
|
% |
|
1.36 |
|
% |
|
0.70 |
|
% |
|
|
(43.2 |
) |
% |
|
|
10.6 |
|
% |
NPAs to
total assets |
|
|
0.85 |
|
% |
|
1.35 |
|
% |
|
0.83 |
|
% |
|
|
(37.5 |
) |
% |
|
|
1.7 |
|
% |
NPAs
excluding TDR loans (d) to total assets |
|
|
0.78 |
|
% |
|
1.30 |
|
% |
|
0.76 |
|
% |
|
|
(40.1 |
) |
% |
|
|
2.2 |
|
% |
Non-accrual
loans to total assets |
|
|
0.63 |
|
% |
|
1.12 |
|
% |
|
0.57 |
|
% |
|
|
(44.0 |
) |
% |
|
|
10.1 |
|
% |
Allowance
for loan losses as a % of non-accrual loans |
|
|
83.20 |
|
% |
|
44.53 |
|
% |
|
89.94 |
|
% |
|
|
86.8 |
|
% |
|
|
(7.5 |
) |
% |
Allowance
for loan losses to total loans |
|
|
0.64 |
|
% |
|
0.61 |
|
% |
|
0.63 |
|
% |
|
|
6.2 |
|
% |
|
|
2.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $2.5 million |
|
SB ONE
BANCORP |
CONSOLIDATED
BALANCE SHEETS |
(Dollars In
Thousands) |
|
|
|
|
|
ASSETS |
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
Cash and due from banks |
$ |
12,377 |
|
|
$ |
9,525 |
Interest-bearing deposits with other banks |
|
27,928 |
|
|
|
34,161 |
Cash and cash equivalents |
|
40,305 |
|
|
|
43,686 |
|
|
|
|
|
Interest
bearing time deposits with other banks |
|
200 |
|
|
|
200 |
Securities
available for sale, at fair value |
|
232,205 |
|
|
|
212,181 |
Securities
held to maturity |
|
6,339 |
|
|
|
4,012 |
Other Bank
Stock, at cost |
|
12,487 |
|
|
|
12,498 |
|
|
|
|
|
Loans
receivable, net of unearned income |
|
1,685,138 |
|
|
|
1,628,846 |
Less: allowance for loan losses |
|
10,867 |
|
|
|
10,267 |
Net loans receivable |
|
1,674,271 |
|
|
|
1,618,579 |
|
|
|
|
|
Foreclosed
real estate |
|
3,097 |
|
|
|
3,793 |
Premises and
equipment, net |
|
19,055 |
|
|
|
19,080 |
Right-of-use
assets, net |
|
4,535 |
|
|
|
4,644 |
Accrued
interest receivable |
|
6,856 |
|
|
|
6,175 |
Goodwill and
intangibles |
|
28,948 |
|
|
|
29,039 |
Bank-owned
life insurance |
|
36,936 |
|
|
|
37,209 |
Other
assets |
|
15,002 |
|
|
|
10,561 |
|
|
|
|
|
Total Assets |
$ |
2,080,236 |
|
|
$ |
2,001,657 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
$ |
285,857 |
|
|
$ |
258,311 |
Interest bearing |
|
1,312,694 |
|
|
|
1,266,730 |
Total Deposits |
|
1,598,551 |
|
|
|
1,525,041 |
|
|
|
|
|
Borrowings |
|
230,272 |
|
|
|
233,114 |
Lease
liability |
|
4,676 |
|
|
|
4,727 |
Accrued
interest payable and other liabilities |
|
23,952 |
|
|
|
11,677 |
Subordinated
debentures |
|
27,871 |
|
|
|
27,869 |
|
|
|
|
|
Total Liabilities |
|
1,885,322 |
|
|
|
1,802,428 |
|
|
|
|
|
Total Stockholders' Equity |
|
194,914 |
|
|
|
199,229 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
2,080,236 |
|
|
$ |
2,001,657 |
|
|
|
|
|
SB ONE
BANCORP |
CONSOLIDATED
STATEMENTS OF INCOME |
(Dollars In
Thousands Except Per Share Data) |
(Unaudited) |
|
Three Months Ended March 31, |
|
3/31/2020 |
|
3/31/2019 |
|
12/31/2019 |
INTEREST INCOME |
|
|
|
|
|
Loans receivable, including fees |
$ |
19,330 |
|
$ |
18,160 |
|
$ |
19,183 |
|
Securities: |
|
|
|
|
|
Taxable |
|
1,508 |
|
|
1,175 |
|
|
1,524 |
|
Tax-exempt |
|
119 |
|
|
448 |
|
|
128 |
|
Federal funds sold |
|
- |
|
|
- |
|
|
- |
|
Interest bearing deposits |
|
20 |
|
|
49 |
|
|
47 |
|
Total Interest Income |
|
20,977 |
|
|
19,832 |
|
|
20,882 |
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
|
4,340 |
|
|
3,864 |
|
|
4,517 |
|
Borrowings |
|
1,141 |
|
|
1,214 |
|
|
1,102 |
|
Junior subordinated debentures |
|
316 |
|
|
315 |
|
|
317 |
|
Total Interest Expense |
|
5,797 |
|
|
5,393 |
|
|
5,936 |
|
|
|
|
|
|
|
Net Interest Income |
|
15,180 |
|
|
14,439 |
|
|
14,946 |
|
PROVISION FOR LOAN LOSSES |
|
879 |
|
|
571 |
|
|
548 |
|
Net Interest Income after Provision for Loan
Losses |
|
14,301 |
|
|
13,868 |
|
|
14,398 |
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
Service fees on deposit accounts |
|
319 |
|
|
330 |
|
|
355 |
|
ATM and debit card fees |
|
245 |
|
|
231 |
|
|
277 |
|
Bank owned life insurance |
|
228 |
|
|
230 |
|
|
234 |
|
Insurance commissions and fees |
|
2,598 |
|
|
2,562 |
|
|
1,535 |
|
Investment brokerage fees |
|
15 |
|
|
56 |
|
|
8 |
|
Gain (loss) on securities transactions |
|
- |
|
|
- |
|
|
531 |
|
(Loss) gain on disposal of fixed assets |
|
- |
|
|
- |
|
|
(42 |
) |
Other |
|
276 |
|
|
224 |
|
|
319 |
|
Total Non-Interest Income |
|
3,681 |
|
|
3,633 |
|
|
3,217 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
Salaries and employee benefits |
|
6,770 |
|
|
6,130 |
|
|
6,246 |
|
Occupancy, net |
|
879 |
|
|
779 |
|
|
779 |
|
Data processing |
|
1,054 |
|
|
940 |
|
|
1,053 |
|
Furniture and equipment |
|
318 |
|
|
318 |
|
|
370 |
|
Advertising and promotion |
|
112 |
|
|
132 |
|
|
151 |
|
Professional fees |
|
443 |
|
|
462 |
|
|
581 |
|
Director fees |
|
177 |
|
|
145 |
|
|
166 |
|
FDIC assessment |
|
252 |
|
|
166 |
|
|
121 |
|
Insurance |
|
32 |
|
|
30 |
|
|
32 |
|
Stationary and supplies |
|
91 |
|
|
84 |
|
|
84 |
|
Merger-related expenses |
|
315 |
|
|
- |
|
|
- |
|
Loan collection costs |
|
75 |
|
|
120 |
|
|
43 |
|
Expenses and write-downs related to foreclosed real estate |
|
90 |
|
|
65 |
|
|
(47 |
) |
Amortization of intangible assets |
|
91 |
|
|
102 |
|
|
101 |
|
Other |
|
668 |
|
|
705 |
|
|
664 |
|
Total Non-Interest Expense |
|
11,367 |
|
|
10,178 |
|
|
10,344 |
|
|
|
|
|
|
|
Income before Income Taxes |
|
6,615 |
|
|
7,323 |
|
|
7,271 |
|
INCOME TAX EXPENSE |
|
1,487 |
|
|
1,500 |
|
|
1,940 |
|
Net Income |
$ |
5,128 |
|
$ |
5,823 |
|
$ |
5,331 |
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
Basic |
$ |
0.55 |
|
$ |
0.62 |
|
$ |
0.57 |
|
Diluted |
$ |
0.55 |
|
$ |
0.62 |
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
SB ONE
BANCORP |
COMPARATIVE
AVERAGE BALANCES AND AVERAGE INTEREST RATES |
(Dollars In
Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2020 |
|
2019 |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
$ |
16,638 |
|
|
$ |
179 |
|
|
4.33 |
% |
|
$ |
62,654 |
|
|
$ |
675 |
|
|
4.37 |
% |
Taxable |
|
212,922 |
|
|
|
1,508 |
|
|
2.85 |
% |
|
|
142,137 |
|
|
|
1,175 |
|
|
3.35 |
% |
Total
securities |
|
229,560 |
|
|
|
1,687 |
|
|
2.96 |
% |
|
|
204,791 |
|
|
|
1,850 |
|
|
3.66 |
% |
Total loans
receivable (1) (4) |
|
1,656,231 |
|
|
|
19,330 |
|
|
4.69 |
% |
|
|
1,500,604 |
|
|
|
18,160 |
|
|
4.91 |
% |
Other
interest-earning assets |
|
25,591 |
|
|
|
20 |
|
|
0.31 |
% |
|
|
14,691 |
|
|
|
49 |
|
|
1.35 |
% |
Total
earning assets |
|
1,911,382 |
|
|
|
21,037 |
|
|
4.43 |
% |
|
|
1,720,086 |
|
|
|
20,059 |
|
|
4.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
earning assets |
|
125,001 |
|
|
|
|
|
|
|
114,358 |
|
|
|
|
|
Allowance
for loan losses |
|
(10,457 |
) |
|
|
|
|
|
|
(8,815 |
) |
|
|
|
|
Total
Assets |
$ |
2,025,926 |
|
|
|
|
|
|
$ |
1,825,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Funds: |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
NOW |
$ |
250,791 |
|
|
$ |
431 |
|
|
0.69 |
% |
|
$ |
255,959 |
|
|
$ |
446 |
|
|
0.71 |
% |
Money market |
|
253,810 |
|
|
|
898 |
|
|
1.42 |
% |
|
|
240,936 |
|
|
|
1,178 |
|
|
1.98 |
% |
Savings |
|
218,326 |
|
|
|
222 |
|
|
0.41 |
% |
|
|
221,608 |
|
|
|
327 |
|
|
0.60 |
% |
Time |
|
562,388 |
|
|
|
2,791 |
|
|
2.00 |
% |
|
|
436,376 |
|
|
|
1,913 |
|
|
1.78 |
% |
Total
interest bearing deposits |
|
1,285,315 |
|
|
|
4,342 |
|
|
1.36 |
% |
|
|
1,154,879 |
|
|
|
3,864 |
|
|
1.36 |
% |
Borrowed funds |
|
206,398 |
|
|
|
1,141 |
|
|
2.22 |
% |
|
|
188,983 |
|
|
|
1,214 |
|
|
2.61 |
% |
Subordinated debentures |
|
27,870 |
|
|
|
316 |
|
|
4.56 |
% |
|
|
27,860 |
|
|
|
315 |
|
|
4.59 |
% |
Total
interest bearing liabilities |
|
1,519,583 |
|
|
|
5,799 |
|
|
1.53 |
% |
|
|
1,371,722 |
|
|
|
5,393 |
|
|
1.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
282,875 |
|
|
|
|
|
|
|
259,363 |
|
|
|
|
|
Other liabilities |
|
21,395 |
|
|
|
|
|
|
|
6,481 |
|
|
|
|
|
Total
non-interest bearing liabilities |
|
304,270 |
|
|
|
|
|
|
|
265,844 |
|
|
|
|
|
Stockholders' equity |
|
202,073 |
|
|
|
|
|
|
|
188,063 |
|
|
|
|
|
Total
Liabilities and Stockholders' Equity |
$ |
2,025,926 |
|
|
|
|
|
|
$ |
1,825,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income and Margin (5) |
|
|
|
15,238 |
|
|
3.21 |
% |
|
|
|
|
14,666 |
|
|
3.46 |
% |
Tax-equivalent basis adjustment |
|
|
|
(58 |
) |
|
|
|
|
|
|
(227 |
) |
|
|
Net Interest
Income |
|
|
$ |
15,180 |
|
|
|
|
|
|
$ |
14,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 2020 and
2019 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, 2020 |
|
Three Months Ended December 31, 2019 |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Balance |
|
Interest |
|
Rate (2) |
|
Balance |
|
Interest |
|
Rate (2) |
Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Tax exempt (3) |
$ |
16,638 |
|
|
$ |
179 |
|
|
4.33 |
% |
|
$ |
17,566 |
|
|
$ |
193 |
|
|
4.36 |
% |
Taxable |
|
212,922 |
|
|
|
1,508 |
|
|
2.85 |
% |
|
|
205,615 |
|
|
|
1,524 |
|
|
2.94 |
% |
Total
securities |
|
229,560 |
|
|
|
1,687 |
|
|
2.96 |
% |
|
|
223,181 |
|
|
|
1,717 |
|
|
3.05 |
% |
Total loans
receivable (1) (4) |
|
1,656,231 |
|
|
|
19,330 |
|
|
4.69 |
% |
|
|
1,592,100 |
|
|
|
19,183 |
|
|
4.78 |
% |
Other
interest-earning assets |
|
25,591 |
|
|
|
20 |
|
|
0.31 |
% |
|
|
20,872 |
|
|
|
47 |
|
|
0.89 |
% |
Total
earning assets |
|
1,911,382 |
|
|
|
21,037 |
|
|
4.43 |
% |
|
|
1,836,153 |
|
|
|
20,947 |
|
|
4.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
earning assets |
|
125,001 |
|
|
|
|
|
|
|
125,299 |
|
|
|
|
|
Allowance
for loan losses |
|
(10,457 |
) |
|
|
|
|
|
|
(10,001 |
) |
|
|
|
|
Total
Assets |
$ |
2,025,926 |
|
|
|
|
|
|
$ |
1,951,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of
Funds: |
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
NOW |
$ |
250,791 |
|
|
$ |
431 |
|
|
0.69 |
% |
|
$ |
256,906 |
|
|
$ |
482 |
|
|
0.74 |
% |
Money market |
|
253,810 |
|
|
|
898 |
|
|
1.42 |
% |
|
|
246,363 |
|
|
|
965 |
|
|
1.55 |
% |
Savings |
|
218,326 |
|
|
|
222 |
|
|
0.41 |
% |
|
|
219,585 |
|
|
|
283 |
|
|
0.51 |
% |
Time |
|
562,388 |
|
|
|
2,791 |
|
|
2.00 |
% |
|
|
531,415 |
|
|
|
2,787 |
|
|
2.08 |
% |
Total
interest bearing deposits |
|
1,285,315 |
|
|
|
4,342 |
|
|
1.36 |
% |
|
|
1,254,269 |
|
|
|
4,517 |
|
|
1.43 |
% |
Borrowed funds |
|
206,398 |
|
|
|
1,141 |
|
|
2.22 |
% |
|
|
182,274 |
|
|
|
1,102 |
|
|
2.40 |
% |
Subordinated debentures |
|
27,870 |
|
|
|
316 |
|
|
4.56 |
% |
|
|
27,867 |
|
|
|
317 |
|
|
4.51 |
% |
Total
interest bearing liabilities |
|
1,519,583 |
|
|
|
5,799 |
|
|
1.53 |
% |
|
|
1,464,410 |
|
|
|
5,936 |
|
|
1.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
282,875 |
|
|
|
|
|
|
|
271,282 |
|
|
|
|
|
Other liabilities |
|
21,395 |
|
|
|
|
|
|
|
17,810 |
|
|
|
|
|
Total
non-interest bearing liabilities |
|
304,270 |
|
|
|
|
|
|
|
289,092 |
|
|
|
|
|
Stockholders' equity |
|
202,073 |
|
|
|
|
|
|
|
197,949 |
|
|
|
|
|
Total
Liabilities and Stockholders' Equity |
$ |
2,025,926 |
|
|
|
|
|
|
$ |
1,951,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income and Margin (5) |
|
|
|
15,238 |
|
|
3.21 |
% |
|
|
|
|
15,011 |
|
|
3.24 |
% |
Tax-equivalent basis adjustment |
|
|
|
(58 |
) |
|
|
|
|
|
|
(65 |
) |
|
|
Net Interest
Income |
|
|
$ |
15,180 |
|
|
|
|
|
|
$ |
14,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 2020 and
2019 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, 2020 |
|
Three Months Ended March 31, 2019 |
|
Banking and |
|
|
|
|
|
|
|
Banking and |
|
|
|
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Financial |
|
Insurance |
|
|
|
|
Services |
|
Services |
|
Total |
|
Services |
|
Services |
|
Total |
Net interest
income from external sources |
$ |
15,180 |
|
$ |
- |
|
$ |
15,180 |
|
$ |
14,439 |
|
$ |
- |
|
$ |
14,439 |
Other income
from external sources |
|
1,028 |
|
|
2,653 |
|
|
3,681 |
|
|
1,032 |
|
|
2,601 |
|
|
3,633 |
Depreciation
and amortization |
|
467 |
|
|
12 |
|
|
479 |
|
|
525 |
|
|
12 |
|
|
537 |
Income
before income taxes |
|
5,437 |
|
|
1,178 |
|
|
6,615 |
|
|
6,057 |
|
|
1,266 |
|
|
7,323 |
Income tax
expense (1) |
|
1,016 |
|
|
471 |
|
|
1,487 |
|
|
1,119 |
|
|
381 |
|
|
1,500 |
Total
assets |
|
2,073,562 |
|
|
6,674 |
|
|
2,080,236 |
|
|
1,834,400 |
|
|
5,729 |
|
|
1,840,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB ONE
BANCORP |
Non-GAAP
Reporting |
(Dollars In
Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2020 |
|
|
2019 |
|
Net income (GAAP) |
$ |
5,128 |
|
|
$ |
5,823 |
|
Merger
related expenses net of tax (1) |
|
249 |
|
|
|
- |
|
Net income,
as adjusted |
$ |
5,377 |
|
|
$ |
5,823 |
|
|
|
|
|
|
|
Average
diluted shares outstanding (GAAP) |
|
9,304,617 |
|
|
|
9,460,118 |
|
Diluted EPS,
as adjusted |
$ |
0.58 |
|
|
$ |
0.62 |
|
Average
assets |
|
2,025,926 |
|
|
|
1,825,629 |
|
Return on
average assets, as adjusted |
|
1.06 |
% |
|
|
1.28 |
% |
Return on
average equity, as adjusted |
|
10.64 |
% |
|
|
12.39 |
% |
(1) The tax effect on the merger related expense was $66 thousand
QTD 2020 |
|
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