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.
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