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Bridge Capital Holdings Reports Financial Results For The Fourth Quarter And Year Ended December 31, 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 fourth quarter and year ended December 31, 2011.

The Company reported net operating income of $2.3 million for the three months ended December 31, 2011, representing an increase of $84,000, or 4%, from $2.2 million in the quarter ended September 30, 2011 and an increase of $2.1 million, or 1435%, compared to net operating income of $149,000 for the same period one year ago.

For the quarter ended December 31, 2011, the Company reported earnings per diluted share of $0.16, which compares with $0.15 for the quarter ended September 30, 2011. This also compares with a loss per share of $(0.01) for the quarter ended December 31, 2010, which included preferred dividend payments of $298,000. The Company retired the preferred stock issued under TARP in March of 2011 and, as a result, no longer has any preferred dividend payments.

The Company reported net operating income of $7.8 million for the twelve months ended December 31, 2011, representing an increase of $5.2 million, or 203%, compared to net operating income of $2.6 million for the same period one year ago. Net income available to common shareholders was reduced by preferred dividends of $200,000 and $2.0 million during the twelve months ended December 31, 2011 and 2010, respectively, resulting in earnings per diluted share of $0.52 and $0.06, respectively.

For the quarter ended December 31, 2011, the Company’s return on average assets and return on average equity were 0.82% and 7.09%, respectively, and compared to 0.81% and 6.94%, respectively, for the quarter ended September 30, 2011 and 0.06% and 0.47%, respectively, for the same period in 2010. For the twelve months ended December 31, 2011, the Company’s return on average assets and return on average equity were 0.75% and 6.12%, respectively, and compared to 0.29% and 2.26%, respectively, for the same period in 2010.

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