PARENT COMPANY ONLY FINANCIAL (Tables)

12 Months Ended

Dec. 31, 2019

Condensed financial information pertaining only to the parent company, SB One Bancorp, is as follows:

BALANCE SHEETS


	December 31,
(Dollars in thousands)	2019		2018
Assets
Cash	$	38	$	80
Interest-bearing deposits with other banks		396		248
Investment in subsidiary		222,901		209,037
Accrued interest and other assets		3,843		3,995
Total Assets	$	227,178	$	213,360
Liabilities and Stockholders' Equity
Other liabilities	$	80	$	58
Subordinated debentures		27,869		27,859
Stockholders' equity		199,229		185,443
Total Liabilities and Stockholders' Equity	$	227,178	$	213,360

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Year Ended December 31,
(Dollars in thousands)	2019		2018
Dividend received from subsidiaries	$	9,075	$	2,803
Other income		1		—
Interest expense on borrowings		(12)		(15)
Interest expense on debentures		(1,265)		(1,263)
Other expenses		(301)		(280)
Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries		7,498		1,245
Income tax benefit		330		305
Income (loss) before equity in undistributed net income of subsidiaries		7,828		1,550
Equity in undistributed net income of subsidiaries		14,715		8,373
Net Income		22,543		9,923
Comprehensive income	$	21,200	$	8,369

STATEMENTS OF CASH FLOWS


	Year Ended December 31,
(Dollars in thousands)	2019		2018
Cash Flows from Operating Activities:
Net Income	$	22,543	$	9,923
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of subordinated debenture		10		11
Net change in other assets and liabilities		595		435
Equity in undistributed net income of subsidiaries		(14,715)		(8,373)
Net Cash Provided by Operating Activities		8,433		1,996
Cash Flows from Investing Activities:
Capital contribution from to subsidiaries		—		—
Net Cash Used in Investing Activities		—		—
Cash Flows from Financing Activities:
Cash dividends paid		(3,029)		(2,263)
Common stock issued		(314)		—
Common stock repurchased		(5,132)		—
Net Cash (Used in) by Financing Activities		(8,475)		(2,263)
Net (Decrease) in Cash and Cash Equivalents		(42)		(267)
Cash and Cash Equivalents - Beginning of Year		80		347
Cash and Cash Equivalents - End of Year	$	38	$	80