This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BDGE $31.99 0.47%
AAPL $118.91 0.93%
FB $105.02 -0.41%
GOOG $749.81 -0.06%
TSLA $229.45 -0.93%


Chart of I:DJI
DOW 17,781.26 -17.23 -0.10%
S&P 500 2,087.12 -2.99 -0.14%
NASDAQ 5,127.9150 +0.39 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs