3A — November 22 - December 12, 2019 — M id A tlantic
Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal Anthony Labozzetta is the president and CEO of SB One Bancorp and SB One Bank SB One Bancorp reports a 57% increase in net income and diluted EPS of $0.55 for 3rd Qtr. 2019
P
dent and CEO of SB One Ban- corp and SB One Bank said, “We continue to have strong growth in all of our business lines. Despite the volatile in- terest 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.” Labozzetta added, “While our
margin compressed this quar- ter, 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”. Labozzetta also said, “We continue to experience improv- ing trends in asset quality with our ratio of non-performing as- sets to total assets decreasing 26 basis points to 0.87%”. Declaration of Quarterly Dividend On October 24, 2019, the Company’s board of direc-
tors declared a quarterly cash dividend of $0.085 per share, which is payable on November 20, 2019 to common sharehold- ers of record as of the close of business on November 6, 2019. Financial Performance Net 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 Septem- ber 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 mil- lion for the third quarter 2018. The increase in non-interest expenses was primarily attrib- continued on page 22A
ARAMUS, NJ — SB One Bancorp ( The Company’s) , the holding
company for SB One Bank (the “Bank”), reported net i n c o m e o f $5.1 million, or $0.55 per basic and di- luted share, for the quar-
Anthony Labozzetta
ter ended September 30, 2019, an increase of 57.3%, as com- pared 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 (“Enter- prise”), 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 mil- lion, or 23.7%, increase inAB 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 ex- penses of $605 thousand. The Company reported net income of $17.2 million, or $1.84 per basic and $1.83 di- luted share, for the nine months ended September 30, 2019, an increase of 127.4%, as com- pared 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 ad- dition, non-interest income in- creased $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 , presi-
Made with FlippingBook Ebook Creator