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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Bridge Bancorp, Inc. Reports Fourth Quarter And Year End 2010 Results

BRIDGEHAMPTON, N.Y., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq:BDGE), the parent company of The Bridgehampton National Bank, today announced fourth quarter and year end results for 2010. Highlights for the quarter and the year include:

  • Net income of $2.4 million or $0.38 per share for the quarter, 9% higher than 2009 and $9.2 million or $1.45 per share for the year, a 3% increase from the $1.41 recorded for 2009.  
  • Returns on average equity and assets for 2010 of 15.31% and 0.94%, respectively.  
  • Net interest income increased $1.6 million for the year, with a net interest margin of 4.22%.  
  • Total assets of $1.0 billion at year end, 15% higher than the end of 2009.  
  • Loan growth of 13% with loans exceeding $500 million at year end.  
  • Deposits increased 16% totaling over $900 million at year end, with 26% in demand deposits.  
  • Continued solid asset quality metrics and an increased allowance for loan losses.  
  • Tier 1 Capital increased by $5.6 million or 7.6% from December 2009.  
  • Opened the Bank's 19 th branch, in Deer Park, New York.  
  • Expanded the Dividend Reinvestment Plan and declared a quarterly dividend of $.23 per share.

"The Company reached several significant milestones during 2010: we celebrated our 100 th anniversary, eclipsed $1.0 billion in assets and $500 million in loans, and opened 3 new branches. More importantly, we continue to deliver on our community banking mission, serving new and existing customers, building relationships and supporting the local market. At the same time, our financial results and related returns are again near the top of the industry in performance," commented Kevin M. O'Connor, President and Chief Executive Officer of Bridge Bancorp, Inc.

"The ability to produce results while simultaneously expanding the franchise and enhancing our already rigorous risk management culture, reflects the underlying strength and agility of the core franchise. While it appears that the economy is improving, we remain cautious about sustaining this positive momentum, and hope for continued progress on the employment front," continued Mr. O'Connor.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs