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

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.

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