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8-K - 8-K - Dime Community Bancshares, Inc. /NY/a14-23062_18k.htm

Exhibit 99.1

 

Press Release

FOR IMMEDIATE RELEASE

 

 

Contact:

Howard H. Nolan

GRAPHIC

 

Senior Executive Vice President

 

Chief Financial Officer

 

(631) 537-1000, ext. 7255

 

 

BRIDGE BANCORP, INC.

REPORTS THIRD QUARTER 2014 RESULTS

Continued Strong Growth in Deposits, Loans and Income

 

(Bridgehampton, NY – October 27, 2014)  Bridge Bancorp, Inc. (NASDAQ:BDGE), the parent company of The Bridgehampton National Bank (BNB), today announced its results for the third quarter of 2014 and reported record net income and earnings per share of $4.9 million and $.42 per share. Highlights of the Company’s financial results for the quarter include:

 

·

Record net income of $4.9 million and $.42 per share, a 56% increase in net income over the September 2013 quarter.

 

 

·

Returns on average assets and equity for the September 2014 quarter were .89% and 10.83%, respectively.

 

 

·

Quarterly net interest income increased $4.3 million to $17.4 million for September 2014, with a net interest margin of 3.45%.

 

 

·

Total assets of $2.2 billion at September 2014, 30% higher than September 2013.

 

 

·

Loan growth of $310 million or 33%, compared to September 2013.

 

 

·

Deposits of $1.80 billion, a 23% increase compared to the third quarter of 2013.

 

 

·

Continued solid asset quality metrics and reserve coverage.

 

 

·

Tier 1 Capital increased by $41.7 million, or 29% higher than September 2013.

 

 

·

Declared a dividend of $.23 during the quarter.

 

“Our growth in deposits, assets and record results reflect our efforts to expand our franchise coupled with the success of our new and legacy customers. Our larger footprint, capital base and related infrastructure investments enabled us to gain operating leverage, resulting in higher net interest income and net income. We continue to consider opportunities to grow our franchise and during the quarter we opened our 27th branch in

 



 

Bay Shore, New York and expect to open branches during the fourth quarter of this year in Port Jefferson and Smithtown, New York,” commented Kevin M. O’Connor, President and CEO of Bridge Bancorp, Inc.

 

Net Earnings and Returns

Net income for the quarter ended September 30, 2014 was $4.9 million or $0.42 per share, compared to $3.1 million or $.34 per share, for the same period in 2013.  Net income for the 2013 third quarter includes $0.3 million or $0.03 per share of charges, net of tax, associated with the February 2014 acquisition of FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York (collectively “FNBNY”). The increase in net income reflects growth in earning assets generating higher net interest income and higher non interest income, with offsetting increases in operating expenses.  Third quarter 2014 earnings per share reflect the additional 1.9 million shares issued with the $37.5 million October 2013 common stock offering.  Returns on average assets and equity for the third quarter of 2014 were .89% and 10.83%, respectively, compared to .71% and 9.86%, respectively, for the third quarter of 2013.

 

Net interest income grew in the third quarter of 2014, as average earning assets increased by 23% or $372.8 million, and the net interest margin increased to 3.45% from 3.21% in September 2013. This growth reflects the positive effects of greater loan demand and higher deposit balances, including the acquired loans and deposits of FNBNY. The net interest margin’s improvement reflects an increase in average loans to average earning assets to 60% for the quarter ended September 30, 2014 from 55% in September 2013. The margin also benefited from higher yields on securities and a reduced cost of funds associated with lower deposit costs.

 

The provision for loan losses was $0.5 million for the quarter, consistent with September 2013, while net charge-offs were $0.2 million for the third quarter of 2014.  Total non-interest income increased $0.5 million, due primarily to $0.3 million in higher other income principally related to BOLI and $0.2 million in increases in service fees and title fee income. Non-interest expense increased $2.2 million for the quarter compared to September 2013, reflecting the additional costs of the acquired FNBNY operations, investments in new branches, technology enhancements and additional staffing partially offset by a decrease of $0.3 million in acquisition related costs.

 

Core net income for the nine months ended September 2014 was $13.4 million or $1.16 per share compared to $9.3 million or $1.02 per share for the same period in 2013. Core net income excludes FNBNY acquisition costs, branch restructuring costs and net gains and losses on securities sales.

 

“Our continued growth in loans and deposits, combined with a favorable change in the mix of our earning assets, contributed to a higher net interest margin and record net interest income. Our higher net income reflects the operating leverage gained from the return on our investments in infrastructure required to support our larger scale,” noted Mr. O’Connor.

 

Balance Sheet and Asset Quality

Total assets at quarter end were $2.2 billion, $514.7 million or 30% higher than September 2013 and average assets for the three months ended September 2014 increased $437.2 million or 25% compared to September 2013. This growth includes the assets acquired in connection with the FNBNY acquisition in February 2014.  Loans grew $310.3 million to $1.24 billion compared to $933.2 million at September 2013.  The increase in loans was primarily driven by organic loan growth of $241.8 million or 26% growth over September 2013.  Earning asset growth continues to be funded principally by deposits, which increased $340.2 million or 23% to $1.80 billion at September 2014. Demand deposits totaled $605.5 million, $118.2 million or 24% higher than September 2013.

 

Asset quality measures remained strong as non-performing assets decreased $1.5 million from $4.3 million at September 30, 2013 to $2.8 million or 0.13% of the total assets at September 2014.  Non-performing assets include real estate owned of $0.6 million acquired through a deed in lieu of foreclosure. This property was sold

 



 

in October 2014 at a modest gain. Non-performing loans of $2.2 million represent 0.18% of total loans, compared to $4.3 million or 0.46% at September 2013.  Loans 30 to 89 days past due decreased $0.4 million to $1.2 million from $1.6 million as of September 2013.

 

The allowance for loan losses to total loans ratio excludes the FNBNY acquired loans, recorded at their fair value, effectively netted estimated future losses against those loan balances. The allowance for loan losses increased $1.0 million to $17.0 million from $16.0 million as of December 2013. The allowance as a percentage of BNB originated loans was 1.45% at September 2014, compared to 1.58% at December 2013, and 1.66% at September 2013. These declines reflect an improving economy, increasing collateral values, and stable asset quality trends.

 

Stockholders’ equity grew $56.0 million to $175.0 million at September 2014, compared to $119.0 million at September 2013.  The growth reflects earnings, as well as the capital raised in connection with the October 2013 common stock offering and Dividend Reinvestment Plan, and an increase in the fair value of available for sale investment securities partially offset by shareholders’ dividends. Overall, Tier 1 Capital increased to $186.3 million, 29% higher than the September 2013 level.  The Company’s capital ratios continue to exceed all regulatory minimums, and the Bank remains classified as “well capitalized”.

 

Challenges and Opportunities

“Despite some signs of economic recovery, interest rates have remained at historically low levels as accommodative central banks continue to evaluate the potential impact of significant worldwide geopolitical turmoil. The consequences of these events and the expected wind down of liquidity by the Federal Reserve present unique challenges to the banking industry. We continue to carefully monitor the possible impact of these events on market interest rates and asset values while remaining focused on managing both interest rate and credit risk,” commented Mr. O’Connor.

 

“While we are mindful of these concerns, we remain committed to executing our business plan and long term growth strategy. Our approach to expansion and investment in infrastructure has extended our footprint and increased our scale allowing us to partner with entrepreneurs as they expand and invest in their enterprises. We continue to seek opportunities for growth with the understanding that we must remain strong and flexible.  Our success has been, and will continue to be, built on our core principles of serving the financial needs of our customers in the communities where we live and work and delivering long term results for our employees and our shareholders,” concluded Mr. O’Connor.

 

About Bridge Bancorp, Inc.

Bridge Bancorp, Inc. is a one bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, The Bridgehampton National Bank (BNB).  Established in 1910, BNB, with assets of approximately $2.2 billion, and a primary market area of Suffolk and Southern Nassau Counties, Long Island, operates 27 retail branch locations and two loan production offices; one in Manhattan, and one in Riverhead, New York.  Through our branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB’s wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation.

 

BNB continues a rich tradition of involvement in the community, by supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.

 

Please see the attached tables for selected financial information.

 



 

This report may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”).  Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of management of the Company.  Words such as “expects,”  “believes,”  “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variation of such similar expressions are intended to identify such forward-looking statements.  Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and business of the Company and FNBNY, including earnings growth; revenue growth in retail banking lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies.  For this presentation, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

 

Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes, including increases in FDIC insurance rates; monetary and fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; the cost of funds; demands for loan products; demand for financial services; competition; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act, difficulties related to the integration of the businesses following the FNBNY merger, which could adversely affect operating results; and other risk factors discussed elsewhere, and in our reports filed with the Securities and Exchange Commission.  The forward-looking statements are made as of the date of this report, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Condition (unaudited)

(In thousands)

 

 

 

September 30,

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

2013

 

ASSETS

 

 

 

 

 

 

 

Cash and Due from Banks

 

$

40,481

 

$

39,997

 

$

32,612

 

Interest Earning Deposits with Banks

 

7,280

 

5,576

 

4,362

 

Total Cash and Cash Equivalents

 

47,761

 

45,573

 

36,974

 

 

 

 

 

 

 

 

 

Securities Available for Sale, at Fair Value

 

612,901

 

575,179

 

488,664

 

Securities Held to Maturity

 

209,777

 

201,328

 

197,622

 

Total Securities

 

822,678

 

776,507

 

686,286

 

 

 

 

 

 

 

 

 

Securities, Restricted

 

10,600

 

7,034

 

4,424

 

 

 

 

 

 

 

 

 

Loans Held for Investment

 

1,243,560

 

1,013,263

 

933,234

 

Less: Allowance for Loan Losses

 

(17,017

)

(16,001

)

(15,483

)

Loans, net

 

1,226,543

 

997,262

 

917,751

 

Premises and Equipment, net

 

31,862

 

27,983

 

27,830

 

Goodwill and Other Intangible Assets

 

11,560

 

2,224

 

2,238

 

Accrued Interest Receivable and Other Assets

 

65,249

 

40,163

 

26,051

 

Total Assets

 

$

2,216,253

 

$

1,896,746

 

$

1,701,554

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Demand Deposits

 

$

605,456

 

$

582,938

 

$

487,281

 

Savings, NOW and Money Market Deposits

 

1,040,566

 

855,246

 

868,318

 

Certificates of Deposit of $100,000 or more

 

97,170

 

64,445

 

69,625

 

Other Time Deposits

 

60,061

 

36,450

 

37,800

 

Total Deposits

 

1,803,253

 

1,539,079

 

1,463,024

 

Federal Funds Purchased and Repurchase Agreements

 

52,774

 

75,370

 

52,315

 

Federal Home Loan Bank Advances

 

150,955

 

98,000

 

40,000

 

Junior Subordinated Debentures

 

16,002

 

16,002

 

16,002

 

Other Liabilities and Accrued Expenses

 

18,294

 

8,835

 

11,206

 

Total Liabilities

 

2,041,278

 

1,737,286

 

1,582,547

 

Total Stockholders’ Equity

 

174,975

 

159,460

 

119,007

 

Total Liabilities and Stockholders’ Equity

 

$

2,216,253

 

$

1,896,746

 

$

1,701,554

 

 

 

 

 

 

 

 

 

Selected Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Book Value Per Share

 

$

14.03

 

$

13.90

 

$

12.62

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

 

Total Capital (to risk weighted assets)

 

13.2

%

16.3

%

14.0

%

Tier 1 Capital (to risk weighted assets)

 

12.1

%

15.1

%

12.8

%

Tier 1 Capital (to average assets)

 

8.6

%

10.3

%

8.4

%

 

 

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

 

 

Loans 30-89 days past due

 

$

1,159

 

$

1,549

 

$

1,648

 

Loans 90 days past due and accruing

 

$

306

 

$

1

 

$

551

 

 

 

 

 

 

 

 

 

Non-performing loans

 

$

2,230

 

$

3,821

 

$

4,279

 

Real estate owned

 

577

 

2,242

 

 

Non-performing assets

 

$

2,807

 

$

6,063

 

$

4,279

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

0.18

%

0.38

%

0.46

%

Non-performing assets/Total assets

 

0.13

%

0.32

%

0.25

%

Allowance/Non-performing loans

 

763.09

%

418.76

%

361.84

%

Allowance/Total loans

 

1.37

%

1.58

%

1.66

%

Allowance/Originated loans

 

1.45

%

1.58

%

1.66

%

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

19,219

 

$

14,913

 

$

55,307

 

$

42,752

 

Interest Expense

 

1,857

 

1,865

 

5,594

 

5,470

 

Net Interest Income

 

17,362

 

13,048

 

49,713

 

37,282

 

Provision for Loan Losses

 

500

 

500

 

1,700

 

1,650

 

Net Interest Income after Provision for Loan Losses

 

16,862

 

12,548

 

48,013

 

35,632

 

Other Non Interest Income

 

2,153

 

1,692

 

5,592

 

4,932

 

Title Fee Income

 

400

 

357

 

1,183

 

1,041

 

Net Securities Gains (Losses)

 

9

 

11

 

(1,119

)

659

 

Total Non Interest Income

 

2,562

 

2,060

 

5,656

 

6,632

 

Salaries and Benefits

 

6,656

 

5,292

 

19,274

 

16,012

 

Acquisition Costs and Branch Restructuring

 

 

338

 

4,734

 

338

 

Amortization of Core Deposit Intangible

 

96

 

14

 

250

 

45

 

Other Non Interest Expense

 

5,342

 

4,217

 

14,973

 

11,729

 

Total Non Interest Expense

 

12,094

 

9,861

 

39,231

 

28,124

 

Income Before Income Taxes

 

7,330

 

4,747

 

14,438

 

14,140

 

Provision for Income Taxes

 

2,459

 

1,624

 

4,843

 

4,652

 

Net Income

 

$

4,871

 

$

3,123

 

$

9,595

 

$

9,488

 

Basic and Diluted Earnings Per Share

 

$

0.42

 

$

0.34

 

$

0.83

 

$

1.04

 

Weighted Average Common Shares

 

11,642

 

9,211

 

11,584

 

9,082

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Total Assets

 

0.89

%

0.71

%

0.61

%

0.76

%

Acquisition Costs and Branch Restructuring, Net of Tax

 

0.00

%

0.06

%

0.19

%

0.02

%

Net Securities Losses (Gains), Net of Tax

 

0.00

%

0.00

%

0.05

%

(0.03

)%

Core Return on Average Total Assets

 

0.89

%

0.77

%

0.85

%

0.75

%

 

 

 

 

 

 

 

 

 

 

Return on Average Stockholders’ Equity

 

10.83

%

9.86

%

7.27

%

10.43

%

Acquisition Costs and Branch Restructuring, Net of Tax

 

0.00

%

0.83

%

2.34

%

0.29

%

Net Securities Losses (Gains), Net of Tax

 

(0.01

)%

(0.03

)%

0.55

%

(0.50

)%

Core Return on Average Stockholders’ Equity

 

10.82

%

10.66

%

10.16

%

10.22

%

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

3.45

%

3.21

%

3.42

%

3.24

%

Core Efficiency

 

59.59

%

61.86

%

59.78

%

62.83

%

Core Operating Expense as a % of Average Assets

 

2.21

%

2.18

%

2.20

%

2.24

%

 

Reconciliation of GAAP and core net income and earnings per share for the three and nine months ended September 30, 2014 and 2013:

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Reported/Diluted Earnings Per Share - (GAAP)

 

$

4,871

 

$

0.42

 

$

3,123

 

$

0.34

 

$

9,595

 

$

0.83

 

$

9,488

 

$

1.04

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition Costs and Branch Restructuring, Net of Tax

 

 

 

 

262

 

0.03

 

3,082

 

0.27

 

262

 

0.03

 

Net Securities (Gains) Losses, Net of Tax

 

(6

)

 

 

(8

)

 

727

 

0.06

 

(447

)

(0.05

)

Net Income/Diluted Earnings Per Share - Core

 

$

4,865

 

$

0.42

 

$

3,377

 

$

0.37

 

$

13,404

 

$

1.16

 

$

9,303

 

$

1.02

 

 

The table above provides a reconciliation of GAAP net income and core net income (GAAP net income adjusted for acquisition costs for the FNBNY merger, and branch restructuring costs, and net securities losses/gains) and GAAP earnings per share and core earnings per share.  The Company’s management believes the presentation of core net income and core earnings per share provides investors with a greater understanding of the Company’s operating results, in addition to the results measured in accordance with GAAP.  While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance

Sheets And Average Rate Data (unaudited)

(In thousands)

 

 

 

Three months ended September 30,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

 

Balance

 

Interest

 

Cost

 

Balance

 

Interest

 

Cost

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net (including loan fee income)

 

$

1,207,009

 

$

14,997

 

4.93

%

$

904,889

 

$

11,585

 

5.08

%

Securities

 

801,939

 

4,433

 

2.19

 

735,050

 

3,595

 

1.94

 

Deposits with banks

 

12,404

 

8

 

0.26

 

8,645

 

7

 

0.32

 

Total interest earning assets

 

2,021,352

 

19,438

 

3.82

 

1,648,584

 

15,187

 

3.65

 

Non interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

149,371

 

 

 

 

 

84,910

 

 

 

 

 

Total assets

 

$

2,170,723

 

 

 

 

 

$

1,733,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,196,502

 

$

1,122

 

0.37

%

$

991,544

 

$

1,248

 

0.50

%

Federal funds purchased and repurchase agreements

 

81,849

 

149

 

0.72

 

51,933

 

123

 

0.94

 

Federal Home Loan Bank advances

 

92,443

 

245

 

1.05

 

46,065

 

153

 

1.32

 

Junior Subordinated Debentures

 

16,002

 

341

 

8.45

 

16,002

 

341

 

8.45

 

Total interest bearing liabilities

 

1,386,796

 

1,857

 

0.53

 

1,105,544

 

1,865

 

0.67

 

Non interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

587,298

 

 

 

 

 

493,989

 

 

 

 

 

Other liabilities

 

18,192

 

 

 

 

 

8,305

 

 

 

 

 

Total liabilities

 

1,992,286

 

 

 

 

 

1,607,838

 

 

 

 

 

Stockholders’ equity

 

178,437

 

 

 

 

 

125,656

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

2,170,723

 

 

 

 

 

$

1,733,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

17,581

 

3.29

%

 

 

13,322

 

2.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest earning assets/net interest margin

 

$

634,556

 

 

 

3.45

%

$

543,040

 

 

 

3.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Tax equivalent adjustment

 

 

 

(219

)

 

 

 

 

(274

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

17,362

 

 

 

 

 

$

13,048

 

 

 

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance

Sheets And Average Rate Data (unaudited)

(In thousands)

 

 

 

Nine months ended September 30,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

 

Balance

 

Interest

 

Cost

 

Balance

 

Interest

 

Cost

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net (including loan fee income)

 

$

1,143,019

 

$

42,383

 

4.96

%

$

860,213

 

$

33,438

 

5.20

%

Securities

 

818,333

 

13,699

 

2.24

 

707,117

 

10,192

 

1.93

 

Deposits with banks

 

11,804

 

23

 

0.26

 

9,332

 

20

 

0.29

 

Total interest earning assets

 

1,973,156

 

56,105

 

3.80

 

1,576,662

 

43,650

 

3.70

 

Non interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

127,963

 

 

 

 

 

81,724

 

 

 

 

 

Total assets

 

$

2,101,119

 

 

 

 

 

$

1,658,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,148,344

 

$

3,360

 

0.39

%

$

966,342

 

$

3,832

 

0.53

%

Federal funds purchased and repurchase agreements

 

73,460

 

418

 

0.76

 

57,290

 

373

 

0.87

 

Federal Home Loan Bank advances

 

113,348

 

792

 

0.93

 

28,222

 

241

 

1.14

 

Junior Subordinated Debentures

 

16,002

 

1,024

 

8.56

 

16,002

 

1,024

 

8.56

 

Total interest bearing liabilities

 

1,351,154

 

5,594

 

0.55

 

1,067,856

 

5,470

 

0.68

 

Non interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

559,379

 

 

 

 

 

461,645

 

 

 

 

 

Other liabilities

 

14,229

 

 

 

 

 

7,214

 

 

 

 

 

Total liabilities

 

1,924,762

 

 

 

 

 

1,536,715

 

 

 

 

 

Stockholders’ equity

 

176,357

 

 

 

 

 

121,671

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

2,101,119

 

 

 

 

 

$

1,658,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

50,511

 

3.25

%

 

 

38,180

 

3.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest earning assets/net interest margin

 

$

622,002

 

 

 

3.42

%

$

508,806

 

 

 

3.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Tax equivalent adjustment

 

 

 

(798

)

 

 

 

 

(898

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

49,713

 

 

 

 

 

$

37,282