Market Overview

Bridge Bancorp, Inc. Reports Fourth Quarter and Year End 2015 Results

Share:

BRIDGEHAMPTON, N.Y., Jan. 29, 2016 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (NASDAQ: BDGE), the parent company of The Bridgehampton National Bank ("BNB"), today announced fourth quarter and year end results for 2015.  Highlights of the Company's financial results for the quarter and year include:

  • Record core net income of $8.5 million, a 75% increase over 2014, and $.49 per share for the quarter.
     
  • Record core net income of $27.3 million, 49% higher than 2014 and $1.85 per share for the year 2015.
     
  • Returns on average assets and equity utilizing core net income for 2015 were .92% and 10.23%, respectively.
     
  • Net interest income for the year increased $28.7 million to $96.1 million, with a net interest margin of 3.57%.
     
  • Total assets of $3.8 billion at year end, 65% higher than 2014.
     
  • Loans exceeded $2.4 billion at year end.  

  • Deposits of $2.84 billion at year end, a 55% increase compared to 2014.  

  • Continued solid asset quality metrics and reserve coverage.  

  • All capital ratios exceed the fully phased in requirements of Basel III.
     
  • Declared a dividend of $.23 during the quarter.

"This was a successful and transformative year for BNB. We delivered sizable increases in net income, earnings per share, and many other financial results. Our scale and reach grew organically and through the acquisition of Community National Bank ("CNB") as we added new customers and expanded relationships, increasing loans and deposits and creating a branch network stretching from Montauk to Manhattan. These milestones were the result of our BNB team delivering on our board's vision, coupled with a resilient economy and customers and business partners who have a shared vision for success.  We are proud of the 2015 achievements and poised to deliver on the challenges of 2016 and beyond," commented Kevin M. O'Connor, President and CEO of Bridge Bancorp, Inc.

Net Earnings and Returns
Net income for the quarter was $8.0 million or $.46 per share, compared to $4.2 million or $.36 per share for the fourth quarter of 2014. Net income for 2015 was $21.1 million or $1.43 per share, compared to $13.8 million or $1.18 per share for 2014.  Core net income for the fourth quarter was $8.5 million or $.49 per share, compared to $4.9 million or $.42 per share, for the same period in 2014.  For 2015, core net income was $27.3 million or $1.85 per share, compared to $18.3 million or $1.57 per share in 2014. Core net income reflects the quarterly and annual results adjusted for certain costs, net of tax, related to the completed CNB acquisition, as well as net securities gains and losses, gains on the sale of loans, and a reduction in income tax expense associated with changes in New York City tax law enacted in the second quarter of 2015.  In addition, 2015 earnings per share reflect the impact of the 5.6 million shares issued on June 19, 2015 in connection with the CNB acquisition.  Rising net income reflects the growth in earning assets generating higher levels of net interest income and offsetting increases in operating expenses.  Returns on average assets and equity for 2015 were .71% and 7.91% compared to .64% and 7.76% in 2014, respectively, while core returns on average assets and equity for 2015 were .92% and 10.23%, compared to .85% and 10.31% in 2014, respectively.

Interest income grew in 2015 as average earning assets increased by 36% or $718.4 million, and the net interest margin increased to 3.57% from 3.41%. The increase in the net interest margin reflects a shift in asset mix from lower yielding securities to higher yielding loans associated with greater loan demand and the acquired earning assets.  Net interest margin increased in the fourth quarter of 2015 to 3.39% from 3.36% in the fourth quarter of 2014. This improvement was primarily attributable to the positive impact of increased loan demand, higher deposit balances, and higher yields on securities, partially offset by higher cost of borrowings related to the subordinated debentures.

The provision for loan losses was $1.0 million for the quarter, $.5 million higher than the 2014 fourth quarter. For 2015, the provision was $4.0 million, an increase of $1.8 million from 2014. The higher provision in the fourth quarter and for the year 2015 is principally due to growth in the loan portfolio.  The Company realized net charge-offs of $.4 million in the fourth quarter of 2015 compared to net recoveries of $.1 million for the 2014 fourth quarter and $.9 million of net charge-offs for 2015, compared to $.6 million in 2014. 

Total non-interest income was $3.4 million for the quarter, $.9 million higher than the fourth quarter of 2014, driven by an increase in other non-interest income, principally customer fee income, bank-owned life insurance ("BOLI") and a gain on sale of the guaranteed portion of Small Business Administration ("SBA") loans.  During 2015, total non-interest income increased $4.5 million over 2014 due to a decrease in net securities losses and higher other income, principally BOLI, customer fee income, gains on the sales of SBA loans, commercial real estate loans, and multi-family loans.

Non-interest expense for 2015 increased in both the quarter and year due to higher operating costs associated with the acquired CNB operations and facilities, investments in technology, additional marketing costs, and CNB related acquisition costs.  Although non-interest expense increased in 2015, the Company's ratio of core operating expenses to average assets decreased to 2.08% from 2.17% in 2014.

Balance Sheet and Asset Quality
Total assets were $3.78 billion at December 31, 2015, $1.5 billion higher than 2014 and average assets for 2015 increased $819 million or 38%. This growth includes the assets from the CNB acquisition.  Total asset growth, excluding the impact of the CNB transaction, was $500 million or 21% over December 2014, including organic growth of $440 million or 41% in loans.  Earning asset growth continues to be funded principally by deposits, which increased $1.0 billion or 55% to $2.84 billion.  The increase in deposits at year end, exclusive of CNB deposits, reflects organic growth of $310 million, or 17% compared to December 2014. Demand deposits totaled $1.16 billion at December 2015, representing 41% of total deposits and an increase of $454 million or 65% higher than December 2014.  The increase in demand deposits, excluding the acquired CNB demand deposits, reflects organic growth of $231 million or 33%. 

Asset quality measures remained strong as non-performing assets were $1.6 million or .04% of total assets at December 2015 compared to $1.2 million or .05% at December 2014. Non-performing loans of $1.4 million represent .06% of total loans at December 2015, compared to $1.2 million or .09% at December 2014. Loans 30 to 89 days past due increased $.2 million to $1.5 million at December 2015, due to the addition of CNB acquired loans. Loans past due 90 days and still accruing at December 2015 was comprised of acquired loans of $1.0 million, an increase of $.8 million, compared to December 2014.  Additionally, the Company held $.3 million of OREO at December 2015 compared to none at December 2014.

The $700 million of acquired CNB loans were recorded at their fair value at acquisition, as required, effectively netting estimated future losses against the loan balances. Accordingly, the allowance for loan losses to total loans ratio is calculated based on BNB originated loans and excludes acquired loans.  The allowance for loan losses increased $3.1 million to $20.7 million at December 2015 from $17.6 million as of December 2014. The allowance as a percentage of BNB originated loans was 1.21% at December 2015 compared to 1.39% at December 2014.  This decline reflects an improving economy, increasing collateral values, and improving asset quality trends.

Stockholders' equity grew $166.0 million to $341.1 million at December 2015, compared to $175.1 million at December 2014.  The growth reflects earnings, as well as $157.5 million of common shares issued in connection with the CNB acquisition, and capital raised in connection with the Dividend Reinvestment Plan, partially offset by a decrease in the fair value of available for sale investment securities and shareholders' dividends. The Company's capital ratios exceed all fully phased in capital requirements under the Basel III rules and the Bank remains classified as well capitalized. Additionally, in connection with its prudent capital management planning, the Company intends on filing a new shelf registration statement in March 2016 to replenish issuable securities.

"After seven years without raising rates, the Federal Reserve in December 2015 raised short term interest rates 25 basis points and signaled possible future increases in rates in 2016. To date, this initial rate change has not resulted in significant movement in deposit and loan rates.  Future Fed rate increases will likely be influenced by various economic factors. Also, given the recent sell off in the stock markets, the Fed will consider whether these indicators portend a future recession.  The Company continues to actively manage its balance sheet and related interest rate and credit risk considering these current economic conditions," commented Mr. O'Connor.

About Bridge Bancorp, Inc.
Bridge Bancorp, Inc. is a 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 $3.8 billion, operates 40 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, the Bank operates two loan production offices: one in Manhattan, and one in Riverhead, New York. Through its 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.  For more information visit www.bridgenb.com.

BNB also has a rich tradition of involvement in the community, 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, 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 CNB 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, except per share amounts and financial ratios)       
        
  December 31,  December 31,    
   2015   2014    
ASSETS       
Cash and Due from Banks $   79,750   $  45,109    
Interest Earning Deposits with Banks    24,808      6,621    
  Total Cash and Cash Equivalents    104,558      51,730    
Securities Available for Sale, at Fair Value     800,203      587,184    
Securities Held to Maturity     208,351      214,927    
  Total Securities    1,008,554      802,111    
Securities, Restricted    24,788      10,037    
Loans Held for Investment    2,410,774      1,338,327    
  Less:  Allowance for Loan Losses    (20,744)    (17,637)   
Loans, net  2,390,030    1,320,690    
Premises and Equipment, net    39,595      32,424    
Goodwill and Other Intangible Assets    106,821      10,292    
Other Real Estate Owned    250      -     
Accrued Interest Receivable and Other Assets    107,363      61,240    
Total Assets $   3,781,959   $  2,288,524    
        
LIABILITIES AND STOCKHOLDERS' EQUITY       
Demand Deposits $   1,156,882   $  703,130    
Savings, NOW and Money Market Deposits    1,393,888      989,287    
Certificates of Deposit of $100,000 or more    167,750      83,071    
Other Time Deposits    125,105      58,291    
  Total Deposits    2,843,625      1,833,779    
Federal Funds Purchased and Repurchase Agreements    170,891      111,263    
Federal Home Loan Bank Advances    297,507      138,327    
Subordinated Debentures    78,363      -     
Junior Subordinated Debentures    15,878      15,873    
Other Liabilities and Accrued Expenses    34,567      14,164    
  Total Liabilities    3,440,831      2,113,406    
Total Stockholders' Equity    341,128      175,118    
Total Liabilities and Stockholders' Equity $   3,781,959   $  2,288,524    
        
Selected Financial Data:        
Tangible Book Value Per Share $   13.47   $  14.15    
Common Shares Outstanding    17,389      11,650    
        
Capital Ratios (1):       
Total capital (to risk weighted assets)  13.6%  13.0%   
Tier 1 capital (to risk weighted assets)  9.9%  11.9%   
Common equity tier 1 capital (to risk weighted assets)  9.3%  N/A    
Tier 1 capital (to average assets)  7.6%  8.4%   
Tangible common equity (to tangible assets) (2)  6.4%  7.2%   
        
Asset Quality:       
Loans 30-89 days past due $   1,505   $  1,310    
Loans 90 days past due and accruing (3) $   964   $  144    
        
Non-performing loans $   1,350   $  1,203    
Real estate owned    250      -     
Non-performing assets $   1,600   $  1,203    
        
Non-performing loans/Total loans  0.06%  0.09%   
Non-performing assets/Total assets  0.04%  0.05%   
Allowance/Non-performing loans  1536.59%  1466.08%   
Allowance/Total loans  0.86%  1.32%   
Allowance/Originated loans  1.21%  1.39%   
        
(1) Q4 2015 Capital ratios have been calculated under the new Basel III requirements.     
(2) Excludes goodwill and other intangible assets.       
(3) Represents loans acquired in connection with the Community National Bank, FNBNY Bancorp, Inc, and Hamptons State Bank acquisitions.  
        



BRIDGE BANCORP, INC. AND SUBSIDIARIES             
Condensed Consolidated Statements of  Income  (unaudited)            
(In thousands, except per share amounts and financial ratios)             
              
  Three months ended   Twelve months ended    
  December 31,  December 31,    
   2015   2014    2015   2014     
              
Interest Income $   31,609   $  19,603   $   106,240   $  74,910     
Interest Expense    3,705      1,866      10,129      7,460     
  Net Interest Income    27,904      17,737      96,111      67,450     
Provision for Loan Losses    1,000      500      4,000      2,200     
  Net Interest Income after Provision for Loan Losses    26,904      17,237      92,111      65,250     
Other Non Interest Income    2,923      2,002      10,810      7,594     
Title Fee Income    486      479      1,866      1,662     
Net Securities Gains (Losses)    2      29      (8)    (1,090)    
  Total Non Interest Income    3,411      2,510      12,668      8,166     
Salaries and Benefits    8,815      6,737      33,871      26,011     
Acquisition Costs and Branch Restructuring    483      770      9,766      5,504     
Amortization of other Intangible Assets    677      50      1,447      300     
Other Non Interest Expense    8,198      5,626      27,806      20,599     
  Total Non Interest Expense    18,173      13,183      72,890      52,414     
Income Before Income Taxes    12,142      6,564      31,889      21,002     
Provision for Income Taxes    4,147      2,396      10,778      7,239     
  Net Income $   7,995   $  4,168   $   21,111   $  13,763     
Basic and Diluted Earnings Per Share $   0.46   $  0.36   $   1.43   $  1.18     
Weighted Average Common Shares    17,384      11,649      14,748      11,600     
              
Selected Financial Data:             
Return on Average Total Assets  0.88%  0.73%   0.71%  0.64%    
Core Return on Average Total Assets (1)  0.94%  0.85%   0.92%  0.85%    
Return on Average Stockholders' Equity  9.27%  9.16%   7.91%  7.76%    
Core Return on Average Stockholders' Equity (1)  9.89%  10.72%   10.23%  10.31%    
Return on Average Tangible Stockholders' Equity (2)  13.33%  9.78%   10.23%  8.25%    
Core Return on Average Tangible Stockholders' Equity (1)  14.56%  11.53%   13.47%  11.08%    
Net Interest Margin  3.39%  3.36%   3.57%  3.41%    
Core Efficiency (1)  53.79%  60.45%   56.14%  59.96%    
Core Operating Expense as a % of Average Assets (1)  1.87%  2.16%   2.08%  2.17%    
              
(1) See reconciliations of GAAP to Core (Non-GAAP) disclosure provided elsewhere herein.         
(2) Tangible Stockholders' Equity excludes goodwill and other intangible assets.           
              
              
BRIDGE BANCORP, INC. AND SUBSIDIARIES             
Non-GAAP Disclosure (unaudited)             
(In thousands, except per share amounts and financial ratios)             
              
Reconciliation of GAAP and core financial measures for the three and twelve months ended December 31, 2015 and 2014:      
              
  Three months ended   Twelve months ended    
  December 31,  December 31,    
   2015   2014    2015   2014     
              
Return on Average Total Assets - As Reported  0.88%  0.73%   0.71%  0.64%    
Acquisition Costs and Branch Restructuring, Net of Income Taxes  0.03%  0.13%   0.21%  0.18%    
Non Compete Agreement, Net of Income Taxes  0.03%  0.00%   0.02%  0.00%    
Net Securities Losses, Net of Income Taxes  0.00%  (0.01%)   0.00%  0.03%    
Tax Benefit Related to NYC Tax Law Change  0.00%  0.00%   (0.01%)  0.00%    
Net Gain on Sale of Loans, Net of Income Taxes  0.00%  0.00%   (0.01%)  0.00%    
  Core Return on Average Total Assets   0.94%  0.85%   0.92%  0.85%    
              
Return on Average Stockholders' Equity - As Reported  9.27%  9.16%   7.91%  7.76%    
Acquisition Costs and Branch Restructuring, Net of Income Taxes  0.35%  1.60%   2.35%  2.15%    
Non Compete Agreement, Net of Income Taxes  0.27%  0.00%   0.17%  0.00%    
Net Securities (Gains) Losses, Net of Income Taxes  0.00%  (0.04%)   0.00%  0.40%    
Tax Benefit Related to NYC Tax Law Change  0.00%  0.00%   (0.13%)  0.00%    
Net Gain on Sale of Loans, Net of Income Taxes  0.00%  0.00%   (0.07%)  0.00%    
  Core Return on Average Stockholders' Equity   9.89%  10.72%   10.23%  10.31%    
              
Return on Average Tangible Common Equity - As Reported  13.33%  9.78%   10.23%  8.25%    
Acquisition Costs and Branch Restructuring, Net of Income Taxes  0.51%  1.72%   3.04%  2.29%    
Amortization of Other Intangible Assets, Net of Income Taxes  0.72%  0.07%   0.45%  0.12%    
Net Securities (Gains) Losses, Net of Income Taxes  0.00%  (0.04%)   0.01%  0.42%    
Tax Benefit Related to NYC Tax Law Change  0.00%  0.00%   (0.17%)  0.00%    
Net Gain on Sale of Loans, Net of Income Taxes  0.00%  0.00%   (0.09%)  0.00%    
  Core Return on Average Tangible Common Equity  14.56%  11.53%   13.47%  11.08%    
              
Efficiency Ratio - As Reported  57.45%  64.37%   66.19%  68.38%    
Non Interest Expense $   18,173   $  13,183   $   72,890   $  52,414     
  Less: Acquisition Costs and Branch Restructuring    483      770      9,766      5,504     
  Less: Amortization of Other Intangible Assets     677      50      1,447      300     
Non Interest Expense excl. Adjustments $   17,013   $  12,363   $   61,677   $  46,610     
Net Interest Income (fully taxable equivalent)    28,222      17,969      97,459      68,480     
Non Interest Income    3,411      2,510      12,668      8,166     
  Less: Net Securities Gains (Losses) and Net Gain on Sale of Loans   2      29      271      (1,090)    
Total Revenues excl. Adjustments $   31,631   $  20,450   $   109,856   $  77,736     
  Core Efficiency Ratio  53.79%  60.45%   56.14%  59.96%    
              
Operating Expense as a % of Average Assets - As Reported  2.00%  2.30%   2.46%  2.44%    
Acquisition Costs and Branch Restructuring  (0.05%)  (0.13%)   (0.33%)  (0.26%)    
Amortization of Other Intangible Assets  (0.08%)  (0.01%)   (0.05%)  (0.01%)    
  Core Operating Expense as a % of Average Assets  1.87%  2.16%   2.08%  2.17%    
              


  Three months ended  Twelve months ended 
  December 31, December 31,
   2015   2014   2015   2014 
                 
Net Income/Diluted Earnings Per Share - As Reported$   7,995   $   0.46   $  4,168    $  0.36  $   21,111   $   1.43   $  13,763  $  1.18 
Adjustments:               
  Acquisition Costs and Branch Restructuring, Net of Income Taxes   309      0.02      730  
 
   0.06     6,272      0.42      3,812     0.33 
  Non Compete Agreement, Net of Income Taxes   234      0.01      -      -      467      0.03      -      -  
  Net Securities (Gains) Losses, Net of Income Taxes   (1)    -       (18)    -      5      -       709     0.06 
  Tax Benefit Related to NYC Tax Law Change   -       -       -      -      (351)    (0.02)    -      -  
  (Gain)/loss on sale of loans    -       -       -      -      (179)    (0.01)    -      -  
Core Net Income/Diluted Earnings Per Share $   8,537   $   0.49   $  4,880 
   
$  0.42  $   27,325   $   1.85   $  18,284  $  1.57 
                 
The tables above provide a reconciliation of GAAP (As Reported) and non-GAAP (Core) financial measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP").  The Company's management believes the presentation of non-GAAP financial measures provide 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)            
(Dollars in thousands)            
               
  Three months ended December 31,  
   2015   2014   
      Average     Average  
  Average   Yield/ Average   Yield/  
  Balance Interest Cost Balance Interest Cost  
Interest earning assets:              
  Loans, net (including loan fee income)  $  2,331,138   $  26,473    4.51% $  1,276,705  $  15,254   4.74%  
  Securities     945,660      5,434      2.28      831,860     4,572     2.18   
  Federal funds sold    -      -      -       -     -     -    
  Deposits with banks    27,248      20      0.29      14,259     9     0.25   
  Total interest earning assets    3,304,046      31,927      3.83      2,122,824     19,835     3.71   
Non interest earning assets:              
  Other Assets    305,407          152,312       
Total assets $  3,609,453       $  2,275,136       
               
Interest bearing liabilities:              
  Deposits $  1,757,201   $   1,613    0.36% $  1,155,844  $  1,056   0.36%  
  Federal funds purchased and repurchase agreements    138,519      154      0.44      106,422     170     0.63   
  Federal Home Loan Bank advances    165,677      462      1.11      163,339     299     0.73   
  Subordinated Debentures    78,378      1,135      5.75      -     -     -   
  Junior Subordinated Debentures    15,877      341      8.52      15,872     341     8.52   
Total interest bearing liabilities    2,155,652      3,705      0.68      1,441,477     1,866     0.51   
Non interest bearing liabilities:              
  Demand deposits    1,079,762          636,969       
  Other liabilities    31,742          16,159       
  Total liabilities    3,267,156          2,094,605       
Stockholders' equity    342,297          180,531       
Total liabilities and stockholders' equity $  3,609,453       $  2,275,136       
               
Net interest income/interest rate spread       28,222    3.15%      17,969   3.20%  
               
Net interest earning assets/net interest margin  $  1,148,394      3.39% $  681,347     3.36%  
               
Less: Tax equivalent adjustment      (318)        (232)    
               
Net interest income   $  27,904       $  17,737     
               
               
               
               
BRIDGE BANCORP, INC. AND SUBSIDIARIES              
Supplemental Financial Information              
Condensed Consolidated Average Balance              
Sheets And Average Rate Data (unaudited)              
(Dollars in thousands)            
               
  Twelve months ended December 31,  
   2015   2014   
      Average     Average  
  Average   Yield/ Average   Yield/  
  Balance Interest Cost Balance Interest Cost  
Interest earning assets:              
  Loans, net (including loan fee income)  $  1,876,934   $  89,204    4.75% $  1,176,715  $  57,637   4.90%  
  Securities     833,712      18,337      2.20      821,742     18,271     2.22   
  Federal funds sold    8      -      -       -     -     -   
  Deposits with banks    18,614      47      0.25      12,423     32     0.26   
  Total interest earning assets    2,729,268      107,588      3.94      2,010,880     75,940     3.78   
Non interest earning assets:              
  Other Assets    234,775          134,001       
Total assets $  2,964,043       $  2,144,881       
               
Interest bearing liabilities:              
  Deposits $  1,520,506   $   5,604    0.37% $  1,150,235  $  4,416   0.38%  
  Federal funds purchased and repurchase agreements    115,648      474      0.41      81,768     588     0.72   
  Federal Home Loan Bank advances    127,358      1,425      1.12      125,949     1,091     0.87   
  Subordinated Debentures    21,911      1,261      5.76      -     -     -   
  Junior Subordinated Debentures    15,875      1,365      8.60      15,870     1,365     8.60   
Total interest bearing liabilities    1,801,298      10,129      0.56      1,373,822     7,460     0.54   
Non interest bearing liabilities:              
  Demand deposits    873,794          578,936       
  Other liabilities    21,936          14,714       
  Total liabilities    2,697,028          1,967,472       
Stockholders' equity    267,015          177,409       
Total liabilities and stockholders' equity $  2,964,043       $  2,144,881       
               
Net interest income/interest rate spread      97,459    3.38%      68,480   3.24%  
               
Net interest earning assets/net interest margin  $   927,970      3.57% $  637,058     3.41%  
               
Less: Tax equivalent adjustment      (1,348)        (1,030)    
               
Net interest income   $  96,111       $  67,450     
               
Contact: Howard H. Nolan Senior Executive Vice President Chief Financial Officer (631) 537-1001, ext. 7255

Primary Logo

View Comments and Join the Discussion!