EX-99.1 2 a14-4413_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Press Release

FOR IMMEDIATE RELEASE

 

Contact:  Howard H. Nolan

Senior Executive Vice President

Chief Financial Officer

(631) 537-1001, ext. 7255

GRAPHIC

 

BRIDGE BANCORP, INC.

REPORTS FOURTH QUARTER AND YEAR END 2013 RESULTS

Growth in Loans, Core Deposits and Net Income

 

(Bridgehampton, NY – January 27, 2014)  Bridge Bancorp, Inc. (NASDAQ:BDGE), the parent company of The Bridgehampton National Bank (BNB), today announced fourth quarter and year end results for 2013.  Highlights of the Company’s financial results for the quarter and year end include:

 

·               Core net income of $3.7 million and $.33 per share for the quarter, a 9% increase in core net income over 2012.

 

·               Core net income of $13.5 million and $1.40 per share for the year 2013, a 5% increase over 2012 core net income.

 

·             Returns on average assets and equity utilizing core net income for 2013 were .79% and 10.18%, respectively.

 

·                 Net interest income increased $6.8 million for 2013, with a net interest margin of 3.24%.

 

·                 Total assets of $1.9 billion at year end, 17% higher than 2012.

 

·                 Loan growth of 27% for 2013, with loans exceeding $1 billion at year end.

 

·                 Deposits of $1.54 billion at year end, a 9% increase compared to 2012.

 

·                 Continued solid asset quality metrics and reserve coverage.

 

·                 Successful completion of a $37.5 million common stock offering following the announcement of agreement to acquire FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York (collectively “FNBNY”).

 

·                 Tier 1 Capital increased by $53.6 million, over 40% higher than year end 2012.

 

·                 Declared a dividend of $.23 during the quarter.

 



 

“This was another year marked by significant achievements for Bridgehampton National Bank. Through organic growth, we eclipsed $1 billion in loans and $1.5 billion in deposits. In October, we announced the acquisition of, FNBNY Bancorp, increasing our franchise’s scale and extending our footprint into Nassau County. Finally, we strengthened our Company with the completion of an equity offering.  Complementing these milestones was our continued strong financial performance with record levels of revenues and net income. The Company has a strong, well-capitalized balance sheet, funded by core branch deposits, positioning us to successfully fulfill our mission to be the community bank of choice for the communities we serve,” commented Kevin M. O’Connor, President and CEO of Bridge Bancorp, Inc.

 

Net Earnings and Returns

Net income for this quarter was $3.6 million or $.32 per share, while core net income was $3.7 million or $.33 per share, a 9% increase compared to $3.4 million or $.39 per share, for the same period in 2012. Net income for 2013 was $13.1 million or $1.36 per share, while core net income was $13.5 million or $1.40 per share, a 5% increase compared to $12.8 million or $1.48 per share in 2012. Core net income reflects the quarterly and annual results adjusted for acquisition costs, net of tax, related to the FNBNY acquisition that is expected to close on February 14, 2014. The decreases in earnings per share reflect the additional 1.9 million shares issued in connection with the $37.5 million common stock offering in October 2013. Rising net income reflects the growth in earning assets generating higher levels of net interest income, offsetting increases in operating expenses.  Returns on average assets and equity for 2013 were .77% and 9.89%, respectively, while core returns on average assets and equity, were .79% and 10.18%, respectively.

 

Interest income grew in 2013 as average earning assets increased by 17% or $239.9 million, offsetting the reduction in the net interest margin from 3.52% to 3.24%. This decline was attributable to several factors, as the positive impact of increased loan demand and higher deposit balances were offset by the continuing impact of historically low market interest rates. Net interest margin increased in the fourth quarter to 3.25% from 3.21% in the third quarter of 2013. This improvement reflects higher yields on earning assets, primarily securities, and a reduced cost of funds associated with lower deposit costs.

 

The provision for loan losses was $.7 million for the quarter, $.4 million lower than the 2012 fourth quarter. For 2013, the provision was $2.4 million, a decrease of $2.6 million from 2012. Net charge-offs were $.2 million for the fourth quarter of 2013, a decrease from $.7 million in the fourth quarter of 2012 and $.8 million for 2013, a decrease from $1.4 million in 2012.  These declines reflect an improving economy, increasing collateral values and stable asset quality trends.

 

Total non-interest income decreased $.4 million for the fourth quarter due to a $.5 million decrease in net securities gains, offset in part by higher title revenue. During the year, total non-interest income declined $1.8 million reflecting $2.0 million less in securities gains, partially offset by higher title revenue, fee income and service charges. Non-interest expense for 2013 increased in both the quarter and year due to investments in new facilities, including three new branches, enhancements to technology, additional staffing and acquisition costs.  Although non-interest expense increased in 2013, the Company’s ratio of operating expenses to average assets decreased to 2.21% from 2.34% in 2012.

 

“Our revenue growth reflects the benefits of the Bank’s increased scale as we continue to expand our customer base, grow core deposits and provide funding for businesses and consumers in the communities we serve.  Following our agreement to acquire FNBNY, we successfully completed a 1.9 million share common equity offering adding $37.5 million in net new capital.  This new equity capital significantly increased all relevant capital ratios, and will allow us to continue to exceed all “well-capitalized” ratios following the expected 1st quarter closing of the FNBNY acquisition.  During this quarter certain profitability measures were impacted by

 



 

this equity and increase in shares outstanding.  However, a strong, well-capitalized balance sheet enables us to continue executing our community banking business strategy for the long term,” noted Mr. O’Connor.

 

Balance Sheet and Asset Quality

Total assets were $1.9 billion at year end, $272 million higher than 2012 and average assets increased $251 million or 17%. These increases reflect strong organic growth, and changes in overall asset composition, as loans increased $214.8 million or 27%, while investment securities increased $40.8 million or 5%. Earning asset growth continues to be funded principally by deposits, as these increased $129.8 million or 9% to $1.54 billion at December 2013.  Demand deposits totaled $582.9 million, $53.7 million or 10% higher than December 2012.

 

Asset quality measures remained strong. Loans past due 30 to 89 days declined to $1.5 million at December 2013 from $2.4 million at December 2012.  Non-performing loans at December 2013 were $3.8 million or 0.38% of total loans, compared to $3.3 million or 0.41% at December 2012.  Non-performing assets increased, as we converted a $2.4 million loan through a negotiated deed in lieu of foreclosure and partial pay down into OREO, with no resulting charge-off.  The allowance for loan losses increased $1.6 million to $16.0 million from $14.4 million, as of December 2012. The allowance as a percentage of total loans was 1.58% at December 2013, compared to 1.66% at September 2013, and 1.81% at December 2012.

 

Stockholders’ equity grew $40.8 million to $159.5 million at December 2013, compared to $118.7 million at December 2012.  The growth reflects earnings, as well as the capital raised in connection with the October 2013 common stock offering and Dividend Reinvestment Plan, partially offset by shareholders’ dividends, and a decline in the fair value of available for sale investment securities.  Overall, Tier 1 Capital increased to $186.5 million, 40% higher than the December 2012 level.  The Company’s capital ratios continue to exceed all regulatory minimums, and the Bank remains classified as well capitalized.

 

FNBNY Acquisition Update

All regulatory approvals have been received in connection with the acquisition of FNBNY and a special meeting of shareholders will be held on February 12, 2014 to obtain shareholder approval of the acquisition.  Shareholders representing a majority of the FNBNY voting shares previously have entered into voting agreements to approve the acquisition, and the transaction is expected to close on Friday, February 14, 2014.

 

“We are excited about the anticipated February 14, 2014 closing of the FNBNY acquisition and look forward to welcoming FNBNY customers.  We have been working closely on the integration with the Board, management and employees of FNBNY to ensure all our new and future customers benefit from the expanded branch network and our community banking model,” 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 $1.9 billion, and a primary market area of Suffolk County, Long Island, operates 23 retail branch locations. Following the closing of the FNBNY acquisition, the combined institution will have over $2.0 billion in assets, $1.7 billion in deposits and 26 branches serving Long Island. Through this 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 Investment Services 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, a failure to satisfy the conditions to closing for the proposed merger with FNBNY in a timely manner or at all; disruption to the parties’ businesses as a result of the announcement and pendency of the transaction; and difficulties related to the integration of the businesses following the merger, which could adversely affect operating results; and other factors discussed elsewhere in this report, and in other reports filed by the Company 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)

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

 

 

2013

 

2012

 

ASSETS

 

 

 

 

 

Cash and Due from Banks

 

  $

39,997

 

  $

46,855

 

Interest Earning Deposits with Banks

 

5,576

 

4,394

 

Total Cash and Cash Equivalents

 

45,573

 

51,249

 

 

 

 

 

 

 

Securities Available for Sale, at Fair Value

 

575,179

 

529,070

 

Securities Held to Maturity

 

201,328

 

210,735

 

Total Securities

 

776,507

 

739,805

 

 

 

 

 

 

 

Securities, Restricted

 

7,034

 

2,978

 

 

 

 

 

 

 

Loans Held for Investment

 

1,013,263

 

798,446

 

Less: Allowance for Loan Losses

 

(16,001)

 

(14,439

)

Loans, net

 

997,262

 

784,007

 

Premises and Equipment, net

 

27,983

 

26,001

 

Goodwill and Other Intangible Assets

 

2,224

 

2,283

 

Accrued Interest Receivable and Other Assets

 

40,163

 

18,390

 

Total Assets

 

  $

1,896,746

 

  $

1,624,713

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Demand Deposits

 

  $

582,938

 

  $

529,205

 

Savings, NOW and Money Market Deposits

 

855,246

 

722,869

 

Certificates of Deposit of $100,000 or more

 

64,445

 

118,724

 

Other Time Deposits

 

36,450

 

38,524

 

Total Deposits

 

1,539,079

 

1,409,322

 

Federal Funds Purchased and Repurchase Agreements

 

133,370

 

56,890

 

Federal Home Loan Bank Advances

 

40,000

 

15,000

 

Junior Subordinated Debentures

 

16,002

 

16,002

 

Other Liabilities and Accrued Expenses

 

8,835

 

8,827

 

Total Liabilities

 

1,737,286

 

1,506,041

 

Total Stockholders’ Equity

 

159,460

 

118,672

 

Total Liabilities and Stockholders’ Equity

 

  $

1,896,746

 

  $

1,624,713

 

 

 

 

 

 

 

Selected Financial Data:

 

 

 

 

 

 

 

 

 

 

 

Tangible Book Value Per Share

 

  $

13.90

 

  $

13.07

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Total Capital (to risk weighted assets)

 

16.3%

 

14.2

%

Tier 1 Capital (to risk weighted assets)

 

15.1%

 

12.9

%

Tier 1 Capital (to average assets)

 

10.3%

 

8.4

%

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

Loans 30-89 days past due

 

  $

1,549

 

  $

2,410

 

 

 

 

 

 

 

Non-performing loans

 

  $

3,822

 

  $

3,289

 

Real estate owned

 

2,242

 

250

 

Non-performing assets

 

  $

6,064

 

  $

3,539

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

0.38%

 

0.41

%

Non-performing assets/Total assets

 

0.32%

 

0.22

%

Allowance/Non-performing loans

 

418.66%

 

439.01

%

Allowance/Total loans

 

1.58%

 

1.81

%

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of  Income  (unaudited)

(In thousands, except per share amounts)

 

 

 

Three months ended

 

Twelve months ended

 

 

December 31,

 

December 31,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Interest Income

 

  $

 15,678

 

  $

 13,832

 

  $

 58,430

 

  $

 54,514

Interest Expense

 

1,802

 

1,896

 

7,272

 

7,555

Net Interest Income

 

13,876

 

11,936

 

51,158

 

46,959

Provision for Loan Losses

 

700

 

1,075

 

2,350

 

5,000

Net Interest Income after Provision for Loan Losses

 

13,176

 

10,861

 

48,808

 

41,959

Other Non Interest Income

 

1,613

 

1,619

 

6,545

 

6,391

Title Fee Income

 

646

 

598

 

1,687

 

1,635

Net Securities Gains

 

-  

 

468

 

659

 

2,647

Total Non Interest Income

 

2,259

 

2,685

 

8,891

 

10,673

Salaries and Benefits

 

5,520

 

5,121

 

21,532

 

20,705

Acquisition Costs

 

161

 

-  

 

499

 

-  

Amortization of Core Deposit Intangible

 

14

 

16

 

59

 

67

Cost of Extinguishment of Debt

 

-  

 

-  

 

-  

 

158

Other Non Interest Expense

 

4,118

 

3,376

 

15,847

 

12,850

Total Non Interest Expense

 

9,813

 

8,513

 

37,937

 

33,780

Income Before Income Taxes

 

5,622

 

5,033

 

19,762

 

18,852

Provision for Income Taxes

 

2,017

 

1,623

 

6,669

 

6,080

Net Income

 

  $

 3,605

 

  $

 3,410

 

  $

 13,093

 

  $

 12,772

Basic Earnings Per Share

 

  $

 0.32

 

  $

 0.39

 

  $

 1.36

 

  $

 1.48

Diluted Earnings Per Share

 

  $

 0.32

 

  $

 0.39

 

  $

 1.36

 

  $

 1.48

Weighted Average Common Shares

 

11,115

 

8,786

 

9,594

 

8,612

 

 

 

 

 

 

 

 

 

Selected Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Total Assets

 

0.79%

 

0.86%

 

0.77%

 

0.88%

Effect of Acquisition Costs, Net of Tax

 

0.02%

 

-     

 

0.02%

 

-    

Core Return on Average Total Assets

 

0.81%

 

0.86%

 

0.79%

 

0.88%

Return on Average Stockholders’ Equity

 

8.72%

 

11.96%

 

9.89%

 

11.78%

Effect of Acquisition Costs, Net of Tax

 

0.27%

 

-     

 

0.29%

 

-  

Core Return on Average Stockholders’ Equity

 

8.99%

 

11.96%

 

10.18%

 

11.78%

Net Interest Margin

 

3.25%

 

3.24%

 

3.24%

 

3.52%

Operating Efficiency

 

58.71%

 

58.57%

 

61.72%

 

59.73%

Operating Expense as a % of Average Assets

 

2.11%

 

2.14%

 

2.21%

 

2.34%

 

 

Reconciliation of GAAP and core net income and earnings per share for the three and twelve months ended December 31, 2013 and 2012:

 

 

 

Three months ended

 

Twelve months ended

 

 

December 31,

 

December 31,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Net Income Reported (GAAP)

 

  $

 3,605

 

  $

 3,410

 

  $

 13,093

 

  $

 12,772

Adjustments:

 

 

 

 

 

 

 

 

Acquisition Costs, Net of Tax

 

114

 

-   

 

376

 

-   

Core Net Income

 

  $

 3,719

 

  $

 3,410

 

  $

 13,469

 

  $

 12,772

 

 

 

 

 

 

 

 

 

Diluted GAAP Earnings Per Share

 

  $

 0.32

 

  $

 0.39

 

  $

 1.36

 

  $

 1.48

Adjustments:

 

 

 

 

 

 

 

 

Acquisition Costs, Net of Tax

 

0.01

 

-   

 

0.04

 

-   

Diluted Core Earnings Per Share

 

  $

 0.33

 

  $

 0.39

 

  $

 1.40

 

  $

 1.48

 

 

 

The table above provides a reconciliation of GAAP net income and core net income (GAAP net income minus acquisition costs for the FNBNY merger) and GAAP earnings per share and core earnings per share.  The Company’s management believes that 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 December 31,

 

 

2013

 

2012

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

Balance

 

Interest

 

Cost

 

Balance

 

Interest

 

Cost

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net (including loan fee income)

 

  $

952,645

 

  $

11,819

 

4.92%

 

  $

739,602

 

  $

10,502

 

5.65%

Securities

 

762,844

 

4,131

 

2.15

 

761,169

 

3,677

 

1.92

Deposits with banks

 

11,078

 

8

 

0.29

 

8,013

 

8

 

0.40

Total interest earning assets

 

1,726,567

 

15,958

 

3.67

 

1,508,784

 

14,187

 

3.74

Non interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

86,597

 

 

 

 

 

72,121

 

 

 

 

Total assets

 

  $

1,813,164

 

 

 

 

 

  $

1,580,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

  $

964,293

 

  $

1,130

 

0.46%

 

  $

889,643

 

  $

1,341

 

0.60%

Federal funds purchased and repurchase agreements

 

106,403

 

171

 

0.64

 

78,074

 

138

 

0.70

Federal Home Loan Bank term advances

 

40,000

 

160

 

1.59

 

49,435

 

76

 

0.61

Junior Subordinated Debentures

 

16,002

 

341

 

8.45

 

16,002

 

341

 

8.48

Total interest bearing liabilities

 

1,126,698

 

1,802

 

0.63

 

1,033,154

 

1,896

 

0.73

Non interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

512,118

 

 

 

 

 

424,494

 

 

 

 

Other liabilities

 

10,304

 

 

 

 

 

9,874

 

 

 

 

Total liabilities

 

1,649,120

 

 

 

 

 

1,467,522

 

 

 

 

Stockholders’ equity

 

164,044

 

 

 

 

 

113,383

 

 

 

 

Total liabilities and stockholders’ equity

 

  $

1,813,164

 

 

 

 

 

  $

1,580,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

14,156

 

3.04%

 

 

 

12,291

 

3.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest earning assets/net interest margin

 

  $

599,869

 

 

 

3.25%

 

  $

475,630

 

 

 

3.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Tax equivalent adjustment

 

 

 

(280)

 

 

 

 

 

(355)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

  $

13,876

 

 

 

 

 

  $

11,936

 

 

 



 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance

Sheets And Average Rate Data (unaudited)

(In thousands)

 

 

 

Twelve months ended December 31,

 

 

2013

 

2012

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

Balance

 

Interest

 

Cost

 

Balance

 

Interest

 

Cost

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net (including loan fee income)

 

  $

883,511

 

  $

45,257

 

5.12%

 

  $

671,103

 

  $

40,255

 

6.00%

Securities

 

721,163

 

14,323

 

1.99

 

675,646

 

15,640

 

2.31

Deposits with banks

 

9,773

 

28

 

0.29

 

27,840

 

78

 

0.28

Total interest earning assets

 

1,614,447

 

59,608

 

3.69

 

1,374,589

 

55,973

 

4.07

Non interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

82,952

 

 

 

 

 

71,596

 

 

 

 

Total assets

 

  $

1,697,399

 

 

 

 

 

  $

1,446,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

  $

965,825

 

  $

4,962

 

0.51%

 

  $

891,203

 

  $

5,607

 

0.63%

Federal funds purchased and repurchase agreements

 

73,871

 

560

 

0.76

 

38,613

 

461

 

1.19

Federal Home Loan Bank term advances

 

26,989

 

385

 

1.43

 

18,068

 

122

 

0.68

Junior Subordinated Debentures

 

16,002

 

1,365

 

8.53

 

16,002

 

1,365

 

8.53

Total interest bearing liabilities

 

1,082,687

 

7,272

 

0.67

 

963,886

 

7,555

 

0.78

Non interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

474,367

 

 

 

 

 

365,999

 

 

 

 

Other liabilities

 

7,993

 

 

 

 

 

7,923

 

 

 

 

Total liabilities

 

1,565,047

 

 

 

 

 

1,337,808

 

 

 

 

Stockholders’ equity

 

132,352

 

 

 

 

 

108,377

 

 

 

 

Total liabilities and stockholders’ equity

 

  $

1,697,399

 

 

 

 

 

  $

1,446,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

52,336

 

3.02%

 

 

 

48,418

 

3.29%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest earning assets/net interest margin

 

  $

531,760

 

 

 

3.24%

 

  $

410,703

 

 

 

3.52%

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Tax equivalent adjustment

 

 

 

(1,178)

 

 

 

 

 

(1,459)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

  $

51,158

 

 

 

 

 

  $

46,959