Bridge Bancorp, Inc. Reports Second Quarter 2010 Results
BRIDGEHAMPTON, N.Y., July 23, 2010 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq:BDGE), the parent company of The Bridgehampton National Bank, today announced net income and earnings per share for the second quarter of 2010. Highlights for the quarter include:
- Net income of $2.2 million or $.36 per share, 9% higher than the comparable 2009 period.
- Returns on average assets and equity of .96% and 15.67%, respectively.
- Net interest income of $9.0 million, with a net interest margin of 4.21%.
- Gains from sales of securities of $.4 million.
- Deposits increasing to $859.5 million, 23% higher than the second quarter of 2009.
- Loans growing 5% from year end levels, totaling $468.7 million.
- Strong liquidity with higher levels of securities, and a loan to deposit ratio of 54%.
- Continuing solid asset quality metrics with increased allowance for loan losses.
- Tier 1 Capital increasing by $20.6 million or 37%, from June 2009.
- The opening of the 17 th branch, in Center Moriches, New York.
- A declaration of a quarterly dividend of $.23 per share.
"The results for the first half of 2010 continue to reflect strong fundamental growth in our business as we expanded relationships, added customers and increased deposits. Also during the quarter we eclipsed the $1 billion level in total assets. Offsetting these positive factors were the continued challenges of the economy and the related impacts on loan demand, interest rates and finally, credit and regulatory costs," commented Kevin M. O'Connor, President and CEO of Bridge Bancorp, Inc.
"Despite these headwinds, during 2010 we've increased income, grown our loan portfolio, expanded our capital and reserves and improved our liquidity, all positive factors for our Company," continued Mr. O'Connor.
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