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SB ONE BANCORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 11, 2020. Its latest SEC filing is a 4 from Sep 3, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides checking, savings and time-deposit accounts, loans and insurance to individuals, small and medium-sized businesses, professionals and government customers in northern New Jersey and New York.

How Did They Make Money?

Borrowers pay interest on loans, and the bank earns interest on its investment securities; depositors and lenders receive interest. The bank also earns account and card fees, while its insurance agency receives commissions when policies take effect or premiums are processed.

FY2019 revenue

Who Were Their Customers?

Individuals, businesses and government customers use the bank’s branches and ATMs for deposits, loans and other financial services. The insurance agency places coverage for customers with insurance carriers.

Did Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2019 and turned 29 cents into free cash flow.

Net income, FY2019
27% of revenue
▲ +127% vs FY2018 ($9.9M, 17%)
Free cash flow, FY2019
29% of revenue
▲ +62% vs FY2018 ($14.8M, 26%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▲ +6%
vs $19.8M in Q1 FY2019
Net income
▼ −12%
vs $5.8M in Q1 FY2019
  • Aug 3, 2020 Provident completed its acquisition of SB One SB One merged into Provident, and SB One Bank merged into Provident Bank; SB One shareholders became entitled to Provident shares.

Grew. Revenue grew 3.5x in 4 years, from $23.6M in FY2015 to $82.3M in FY2019, about 37% a year.

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