SB One Bank (merged into Provident Bank)
SB One Bank reported total assets of $2.2 bn at Q2 2020, its last Call Report before it merged into Provident Bank. The CET1 capital ratio at SB One Bank was 12.11%, and the uninsured share of SB One Bank was 16.63%. Source: FDIC Call Reports.
Key takeaways
- Since , SB One Bank has taken over 2 institutions; the latest was Enterprise Bank NJ on (FDIC Call Reports).
What sets SB One Bank apart
How large is SB One Bank?
The balance sheet of SB One Bank at : assets $2.2 bn, deposits $1.7 bn, net loans $1.8 bn (loans equal to 101.57% of deposits). Securities make up 11.1% of total assets at SB One Bank. Since , when SB One Bank held $719.6 mn, its assets grew 205.6%. In the year to , deposits at SB One Bank rose 17.5% while its total assets rose 17.9%. At , SB One Bank employed 223 full-time equivalent staff across 18 offices, about $9.9 mn of assets per employee and $96.4 mn of deposits per office.
How much funding at SB One Bank is uninsured?
At SB One Bank, uninsured deposits (above the FDIC limit) made up 16.63% of domestic deposits at (+2.49 pp on a year earlier). In dollars, SB One Bank estimated $288.6 mn of uninsured deposits.
Key facts, Q2 2020
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $1.7 bn | $1.5 bn (Q2 2019) | |
| Net loans and leases | $1.8 bn | $1.5 bn (Q2 2019) | |
| Loan-to-deposit ratio | 101.57% | 103.02% (Q2 2019) | |
| Tier 1 leverage ratio | 9.77% | 10.32% (Q2 2019) | |
| Total risk-based capital ratio | 12.78% | 12.72% (Q2 2019) | |
| Net interest margin | 3.29% | 3.54% (Q2 2019) | |
| Return on assets (ROA) | 1.10% | 1.39% (Q2 2019) | |
| Efficiency ratio | 61.09% | 55.62% (Q2 2019) | |
| Unrealized gain/loss on held-to-maturity securities | Gain of $41,000 | Fell by $51,000 | |
| Unrealized gain/loss on available-for-sale securities | Gain of $5.1 mn | Rose by $2.7 mn | |
| Noncurrent loans to total loans | 0.76% | 1.25% (Q2 2019) | |
| Net charge-offs to average loans | 0.03% | 0.07% (Q2 2019) |
US rank of SB One Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
SB One Bank: assets, deposits and loans
- Total assets $2.2bn
- Deposits $1.7bn
- Net loans $1.8bn
Capital and securities
The CET1 ratio of SB One Bank stood at 12.11% in , +0.01 pp year on year. Low and high at SB One Bank since : 10.50% () to 14.93% (). Equity capital of SB One Bank at : $224.8 mn, or 10.2% of total assets. SB One Bank also reported a total capital ratio of 12.78% for , and a tier 1 leverage ratio of 9.77%.
On held-to-maturity securities, SB One Bank carried an unrealized gain of $41,000 at , equal to 0.0% of equity capital. The gain fell by $51,000 over the year. The available-for-sale portfolio of SB One Bank showed an unrealized gain of $5.1 mn at ; the gain rose by $2.7 mn over the year.
SB One Bank: capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 9.8%
SB One Bank: unrealized securities gains and losses
- Available for sale $5mn
- Held to maturity $41,000
Profitability and loan quality
For the year to , SB One Bank earned a return on equity of 10.43%; return on assets: 1.10%. Net interest margin at SB One Bank: 3.29%, -0.25 pp in a year. SB One Bank net income: $11.6 mn, down 8.9% year on year. The efficiency ratio of SB One Bank was 61.09%: about 61 cents cost per revenue dollar, against 62 cents at the median peer.
At , noncurrent loans were 0.76% of total loans at SB One Bank; net charge-offs: 0.03% of average loans. Gross loans and leases at SB One Bank: $1.8 bn at , against $1.5 bn at .
SB One Bank: profitability
- Return on equity 10%
- Net interest margin 3.3%
- Return on assets 1.1%
Peer group of SB One Bank
The peer group of SB One Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of SB One Bank (state nonmember bank) and 0 have head offices in New Jersey. Against them, SB One Bank shows CET1 ratio 12.11% against a peer median of 12.76%, return on equity 10.43% against a peer median of 17.32% and uninsured deposit share 16.63% against a peer median of 44.43%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| WestStar Bank | State member bank | TX | $2.2 bn | 12.50% | 21.29% | 51.05% | |
| MVB Bank, Inc | State nonmember bank | WV | $2.2 bn | 12.24% | 21.09% | 21.85% | |
| Bessemer Trust Company | National bank | NY | $2.2 bn | 38.49% | 29.42% | 73.69% | |
| SB One Bank | State nonmember bank | NJ | $2.2 bn | 12.11% | 10.43% | 16.63% | |
| Austin Bank, Texas | National bank | TX | $2.2 bn | not reported | 9.95% | 24.38% | |
| United Business Bank | State member bank | CA | $2.2 bn | 12.76% | 4.88% | 46.18% | |
| Jefferson Bank | State nonmember bank | TX | $2.2 bn | 12.87% | 13.55% | 42.69% | |
. FDIC Call Reports.
Last eight quarters
Two years at SB One Bank, to : assets $1.5 bn to $2.2 bn, deposits $1.1 bn to $1.7 bn, equity $174.2 mn to $224.8 mn. Staff 198 to 223; offices 14 to 18.
| Metric | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $1.5 bn | $1.8 bn | $1.8 bn | $1.9 bn | $1.9 bn | $2.0 bn | $2.1 bn | $2.2 bn |
| Total deposits | $1.1 bn | $1.4 bn | $1.5 bn | $1.5 bn | $1.5 bn | $1.5 bn | $1.6 bn | $1.7 bn |
| Bank equity capital | $174.2 mn | $208.7 mn | $213.1 mn | $215.9 mn | $219.6 mn | $222.5 mn | $217.8 mn | $224.8 mn |
| CET1 ratio | 12.74% | 12.35% | 12.09% | 12.10% | 12.00% | 11.64% | 11.52% | 12.11% |
| Return on equity (ROE) | 7.18% | 6.64% | 11.68% | 11.94% | 11.29% | 11.02% | 9.89% | 10.43% |
| Uninsured share of domestic deposits | 0.00% | 12.95% | 11.91% | 14.14% | 16.41% | 16.98% | 15.05% | 16.63% |
| Full-time equivalent employees | 198 | 230 | 226 | 233 | 235 | 238 | 228 | 223 |
| Number of offices | 14 | 18 | 17 | 18 | 18 | 18 | 18 | 18 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of SB One Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Community Bank of Bergen County, N. J. (FDIC certificate 571).
- . Absorbed Enterprise Bank NJ (FDIC certificate 57055).
- . Merged into Provident Bank (FDIC certificate 12010).
Large one-quarter moves at SB One Bank
- Total assets at SB One Bank changed by +40.6% in the quarter to 2018-03-31: Absorbtion - Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Community Bank of Bergen County, N. J..
Questions and identifiers
What were the total assets of SB One Bank?
SB One Bank reported $2.2 bn at in its Call Report.
Is SB One Bank the same as its holding company?
No. This page covers SB One Bank, FDIC certificate 22221; SB ONE BCORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is SB One Bank profitable?
SB One Bank reported net income of $11.6 mn for the year to ; annualized return on equity: 10.43%. So yes: SB One Bank made a profit over these months.
When is data for SB One Bank next updated?
SB One Bank no longer files Call Reports; its data ends at .
Where can I check the figures for SB One Bank?
In the FDIC BankFind Suite record for certificate 22221, and in the Call Reports of SB One Bank (RSSD ID 403106) at the FFIEC Central Data Repository.