Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the first quarter ended March 31, 2012.
The Company reported net operating income of $2.7 million for the three months ended March 31, 2012, representing an increase of $421,000, or 18%, from $2.3 million in the quarter ended December 31, 2011 and an increase of $1.3 million, or 98%, compared to net operating income of $1.4 million for the same period one year ago.
For the quarter ended March 31, 2012, the Company reported earnings per diluted share of $0.18, which compares with $0.16 for the quarter ended December 31, 2011. This also compares with earnings per diluted share of $0.09 for the quarter ended March 31, 2011, which included preferred dividend payments of $200,000. The Company retired the preferred stock issued under TARP in March of 2011 and, as a result, no longer has any preferred dividend payments.
For the quarter ended March 31, 2012, the Company’s return on average assets and return on average equity were 0.94% and 8.21%, respectively, and compared to 0.82% and 7.09%, respectively, for the quarter ended December 31, 2011 and 0.62% and 4.69%, respectively, for the same period in 2011.“We experienced positive trends in virtually all areas of our business in the first quarter, which helped drive a strong improvement in our level of profitability,” said Daniel P. Myers, President and Chief Executive Officer of Bridge Bank, N.A. and Bridge Capital Holdings. “The unique business banking experience we offer continues to attract a wide array of new business clients to the Bank, which is driving well balanced growth in our deposit and loan portfolios spread across loan types, industries, and geographies. We are very pleased that we have been able to generate continued balance sheet growth while maintaining disciplined expense control and continued improving asset quality. Given our strong loan pipeline and the relatively healthy economic conditions in our core Silicon Valley market and business sectors, we anticipate continued positive performance in most of these trends as we move through 2012.”