Bridge Bancorp, Inc. Reports Third Quarter 2010 Results
BRIDGEHAMPTON, N.Y., Oct. 25, 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 third quarter of 2010. Highlights for the quarter include:
- Net income of $2.4 million or $.38 per share, 3% higher than the comparable 2009 period.
- Returns on average assets and equity of .94% and 15.58%, respectively.
- Net interest income of $9.4 million, with a net interest margin of 4.09%.
- Total assets exceeded $1 billion at September 30, 2010.
- Deposits increased to $926.2 million, 21% higher than the third quarter of 2009.
- Loan growth of 7% from year end levels, with loans totaling $480.0 million.
- Strong liquidity with higher levels of securities, and a net loan to deposit ratio of 51%.
- Continued solid asset quality metrics with an increased allowance for loan losses.
- Tier 1 Capital increased by $20.8 million or 36%, from September 2009.
- Opened the Bank's 18 th branch, in Patchogue, New York.
- Declared a quarterly dividend of $.23 per share.
"We benefited from growth in revenues as success in our existing and new markets provided opportunities to add customers and develop relationships. These new relationships provided the funding and growth opportunities to increase assets to over $1 billion at September 30 th. Revenue gains were however, offset by the recurrent themes of lower loan demand, an historically low interest rate environment and high credit and regulatory costs," commented Kevin M. O'Connor, the President and CEO of Bridge Bancorp, Inc.
"Our current performance, despite the myriad of challenges facing our economy and industry, demonstrates our underlying fundamental strength. However, we remain cautious as we manage through a still weak economy characterized by lackluster job creation, a fragile housing recovery and the consequences, both intended and unintended, of attempts to reverse the country's course. There is also the specter and undetermined impact financial, and otherwise, of recently passed financial legislation," continued Mr. O'Connor.
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