EX-99.1 2 t1600287_ex99-1.htm EXHIBIT 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

 

BRIDGE BANCORP, INC.

REPORTS FOURTH QUARTER AND YEAR END 2015 RESULTS

Growth in Loans, Core Deposits and Record Core Net Income

 

(Bridgehampton, NY – January 29, 2016) 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