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TWO RIVER BANCORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 8, 2019. Its latest SEC filing is a EFFECT from Jan 17, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Offers commercial and retail banking services, including business and consumer loans, deposits and online banking, to individuals, businesses and community organizations in New Jersey.

How Did They Make Money?

Customers pay fees for deposit-account services, card and ATM activity, merchant processing and other services, generally immediately or the following month. Monthly account fees cover services provided over the month, while transaction fees are charged when a service is completed.

FY2018 revenue

Who Were Their Customers?

Individuals, businesses, municipalities, nonprofits and professionals in its New Jersey markets use its branches, ATMs and online banking for deposits, loans and related financial services.

Did Revenues Turn Into Profits?

Yes. Its net income in FY2018 was larger than its revenue and turned 991 cents into free cash flow.

Net income, FY2018
784% of revenue
▲ +72% vs FY2017 ($6.5M, 428%)
Free cash flow, FY2018
991% of revenue
▲ +36% vs FY2017 ($10.4M, 686%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▼ −1%
vs $363K in Q3 FY2018
Net income
▼ −25%
vs $2.8M in Q3 FY2018
  • Jan 2, 2020 OceanFirst completed its acquisition of Two River Two River merged into OceanFirst, and its common stock ceased trading on Nasdaq.
  • Aug 13, 2019 Two River agreed to merge with OceanFirst The agreement provided for shareholders to receive OceanFirst shares and cash for each Two River common share.

Shrank. Revenue fell 96% in 3 years, from $32.1M in FY2015 to $1.4M in FY2018, about 65% a year.

Broader stated market area The older report describes customers primarily in Monmouth, Middlesex and Union Counties; the latest also identifies Ocean County among the primary markets served.

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