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Bridge Bancorp, Inc. Reports Third Quarter 2012 Results

Stocks in this article: BDGE

BRIDGEHAMPTON, N.Y., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq:BDGE), the parent company of The Bridgehampton National Bank, today announced net income and earnings per share for the third quarter of 2012. Highlights for the quarter include:

  • Net income of $3.4 million and $.39 per share for the quarter, a 21% increase in net income over 2011.  
  • Returns on average assets and equity of .93% and 12.11%, respectively.  
  • Net interest income of $11.8 million, an increase of $0.3 million over 2011, with a net interest margin of 3.55%.  
  • Total assets of $1.57 billion at September 2012, 22% higher than September 2011.  
  • Loans of $732.5 million, 22% higher than September 2011.  
  • Deposits of $1.31 billion, 14% higher than September 2011.     
  • Continued solid asset quality metrics and increased reserve coverage.     
  • Tier 1 Capital increased by $38 million or 41% from September 2011.     
  • Quarterly dividend of $.23 per share declared.

"This quarter's performance continues a trend of delivering both growth and strong financial returns. We continue building on the achievements of the past several years by expanding our banking franchise, while maintaining a strong focus on our traditional markets. Our team of seasoned relationship bankers is successfully delivering community banking services to customers throughout our markets. During the quarter, we achieved several significant milestones: total assets eclipsed $1.5 billion, and loans and deposits exceeded $700 million and $1.3 billion, respectively including over $400 million in demand deposits. This growth generated higher net interest income and record net income," commented Kevin M. O'Connor, President and CEO, Bridge Bancorp, Inc. 

Net Earnings and Returns

Net income for the quarter ended September 2012 was $3.4 million or $.39 per share, compared to $2.8 million or $.41 per share, for the same period in 2011. The Company's net income and earnings per share for the third quarter of 2011 included $0.1 million in acquisition costs, net of tax, associated with the May 2011 Hamptons State Bank merger.

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