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Bridge Capital Holdings Reports Financial Results For The Third Quarter And Nine Months Ended September 30, 2011

Stocks in this article: BBNK

Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the third quarter and nine months ended September 30, 2011.

The Company reported net operating income of $2.2 million for the three months ended September 30, 2011 representing an increase of $417,000, or 23%, from $1.8 million in the quarter ended June 30, 2011 and an increase of $881,000, or 67%, compared to net operating income of $1.3 million for the same period one year ago.

For the quarter ended September 30, 2011, the Company reported earnings per diluted share of $0.15, which compares with $0.12 for the quarter ended June 30, 2011. This also compares with earnings per share of $0.09 for the quarter ended September 30, 2010, which included preferred dividend payments of $299,000. Due to the repayment of TARP funds in 2011, the Company no longer has any preferred dividend payments.

The Company reported net operating income of $5.5 million for the nine months ended September 30, 2011 representing an increase of $3.1 million, compared to net operating income of $2.4 million for the same period one year ago. Net income available to common shareholders was reduced by preferred dividends of $200,000 and $1.7 million during the nine months ended September 30, 2011 and 2010, respectively, resulting in earnings per diluted share of $0.37 and $0.08, respectively.

For the quarter ended September 30, 2011, the Company’s return on average assets and return on average equity were 0.81% and 6.94%, respectively, and compared to 0.73% and 5.82%, respectively, for the quarter ended June 30, 2011 and 0.58% and 4.65%, respectively, for the same period in 2010. For the nine months ended September 30, 2011, the Company’s return on average assets and return on average equity were 0.72% and 5.80%, respectively, and compared to 0.37% and 2.93%, respectively, for the same period in 2010.

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