This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bridge Bancorp, Inc. Reports Fourth Quarter And Year End 2012 Results

Stocks in this article: BDGE

BRIDGEHAMPTON, N.Y., Jan. 25, 2013 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq:BDGE), the parent company of The Bridgehampton National Bank (BNB), today announced fourth quarter and year end results for 2012. Highlights of the Company's financial results for the quarter and year end include:

  • Net income of $3.4 million, a 16% increase over 2011 representing $.39 per share for the quarter.
  • Net income of $12.8 million and $1.48 per share for the year, 23% higher than the $10.4 million recorded in 2011.
  • Returns on average assets and equity for 2012 of .88% and 11.78%, respectively.
  • Net interest income increased $4.1 million for 2012, with a net interest margin of 3.52%.
  • Total assets of $1.62 billion at year end, 21% higher than year end 2011.
  • Loan growth of 30%, with loans exceeding $798 million at year end.
  • Deposits of $1.4 billion at year end, an increase of 19% over 2011, continuing strong growth trends.
  • Continued solid asset quality metrics.
  • Tier 1 Capital increased by $14.6 million, over 12% higher than year end 2011.
  • Accelerated fourth quarter dividend payment of $.23 per share in December 2012.

"Our record achievements in 2012 of substantial organic loan, deposit and revenue growth, coupled with strong asset quality and capitalization levels combined to deliver industry leading returns. This is a testament to BNB's unwavering commitment to community banking, whereby we partner with our customers, delivering advice and solutions for their financial needs. This is the core of our business model and dedication to these principles contributes to our current success, and is paramount in all future initiatives," commented Kevin M. O'Connor, President and CEO of Bridge Bancorp, Inc. "The key to delivering on our mission is combining our expanding branch network, improving technology, and experienced professionals with the critical element of local decision making," added Mr. O'Connor.

Net Earnings and Returns

Net income for the quarter ended December 2012 was $3.4 million or $.39 per share, compared to $3.0 million or $.42 per share, for the same period in 2011, reflecting a 16% increase in net income and a 7% decrease in earnings per share. In 2012, net income was $12.8 million or $1.48 per share, compared to $10.4 million and $1.54 per share. Earnings per share for the quarter and year ended December 31, 2012 reflect the higher share count associated with the $24 million in capital raised in the fourth quarter of 2011. Returns on average assets and equity for 2012 were .88% and 11.78%, respectively.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs