"During the fourth quarter of 2012, loans increased $66 million or 36% on an annualized basis. Much of this growth occurred in December, as customers were anxious to close, prior to year end due to uncertainty around the potential "Fiscal Cliff" and future income tax rates," noted Mr. O'Connor.Asset quality measures remained strong as non-performing assets ("NPA") at December 2012 declined 15% to $3.5 million from $4.2 million at December 2011. This represents only 0.22% of total assets, compared to 0.31% at December 2011. For 2012, the allowance for loan losses increased $3.6 million to $14.4 million. The allowance as a percentage of total loans at December 2012 remained stable at 1.81% compared to 1.77% at December 2011.
Bridge Bancorp, Inc. Reports Fourth Quarter And Year End 2012 Results
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