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

Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes, including increases in FDIC insurance rates; monetary and fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; the cost of funds; demands for loan products; demand for financial services; competition; changes in the quality and composition of the Bank's loan and investment portfolios; changes in management's business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act, which could adversely affect operating results; and other factors discussed elsewhere in this report, and in other reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this report, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

     
BRIDGE BANCORP, INC. AND SUBSIDIARIES    
Condensed Consolidated Statements of Condition (unaudited)    
(In thousands)    
     
  December 31, December 31,
  2012 2011
ASSETS    
Cash and Due from Banks  $ 46,855  $ 25,921
Interest Earning Deposits with Banks  4,394  53,625
Total Cash and Cash Equivalents  51,249  79,546
Securities Available for Sale, at Fair Value  529,070  441,439
Securities Held to Maturity  210,735  169,153
Total Securities  739,805  610,592
Securities, Restricted  2,978  1,660
Loans Held for Sale  --   2,300
Loans Held for Investment  798,446  612,143
Less: Allowance for Loan Losses  (14,439)  (10,837)
Loans, net 784,007 601,306
Premises and Equipment, net  26,001  24,171
Goodwill and Other Intangible Assets  2,283  2,350
Accrued Interest Receivable and Other Assets  18,390  15,533
Total Assets  $ 1,624,713  $ 1,337,458
LIABILITIES AND STOCKHOLDERS' EQUITY    
Demand Deposits  $ 529,205  $ 321,496
Savings, NOW and Money Market Deposits  722,869  683,863
Certificates of Deposit of $100,000 or more  118,724  140,578
Other Time Deposits  38,524  42,248
Total Deposits  1,409,322  1,188,185
Federal Funds Purchased and Repurchase Agreements  56,890  16,897
Federal Home Loan Bank Advances  15,000  -- 
Junior Subordinated Debentures  16,002  16,002
Other Liabilities and Accrued Expenses  8,827  9,387
Total Liabilities  1,506,041  1,230,471
Total Stockholders' Equity  118,672  106,987
Total Liabilities and Stockholders' Equity  $ 1,624,713  $ 1,337,458
Selected Financial Data:    
Tangible Book Value Per Share  $ 13.07  $ 12.54
Capital Ratios:    
Total Capital (to risk weighted assets) 14.2% 16.2%
Tier 1 Capital (to risk weighted assets) 12.9% 15.0%
Tier 1 Capital (to average assets) 8.4% 9.3%
Asset Quality:    
Non-performing loans  $ 3,289  $ 4,161
Real estate owned  250  -- 
Non-performing assets  $ 3,539  $ 4,161
Non-performing loans/Total loans 0.41% 0.68%
Non-performing assets/Total assets 0.22% 0.31%
Allowance/Non-performing loans 439.01% 260.44%
Allowance/Total loans 1.81% 1.77%
     
         
BRIDGE BANCORP, INC. AND SUBSIDIARIES        
Condensed Consolidated Statements of Income (unaudited)        
(In thousands, except per share amounts)        
         
  Three months ended Twelve months ended
  December 31, December 31,
  2012 2011 2012 2011
         
Interest Income  $ 13,832  $ 13,026  $ 54,514  $ 50,426
Interest Expense  1,896  1,983  7,555  7,616
Net Interest Income  11,936  11,043  46,959  42,810
Provision for Loan Losses  1,075  850  5,000  3,900
Net Interest Income after Provision for Loan Losses  10,861  10,193  41,959  38,910
Other Non Interest Income  1,619  1,555  6,391  5,798
Title Fee Income  598  349  1,635  1,016
Net Securities Gains  468  --   2,647  135
Total Non Interest Income  2,685  1,904  10,673  6,949
Salaries and Benefits  5,121  4,647  20,705  18,036
Acquisition Costs  --   65  --   793
Amortization of Core Deposit Intangible  16  18  67  42
Cost of Extinguishment of Debt  --   --   158  -- 
Other Non Interest Expense  3,376  3,091  12,850  11,966
Total Non Interest Expense  8,513  7,821  33,780  30,837
Income Before Income Taxes  5,033  4,276  18,852  15,022
Provision for Income Taxes  1,623  1,326  6,080  4,663
Net Income  $ 3,410  $ 2,950  $ 12,772  $ 10,359
Basic/Diluted Earnings Per Share  $ 0.39  $ 0.42  $ 1.48  $ 1.54
Diluted Earnings Per Share  $ 0.39  $ 0.42  $ 1.48  $ 1.54
Weighted Average Common Shares  8,786  7,057  8,612  6,698
         
Selected Financial Data:        
         
Return on Average Total Assets 0.86% 0.92% 0.88% 0.88%
Return on Average Stockholders' Equity 11.96% 14.47% 11.78% 14.37%
Net Interest Margin 3.24% 3.75% 3.52% 3.97%
Efficiency Ratio 58.57% 57.96% 59.73% 58.64%
Operating Expense as a % of Average Assets 2.14% 2.41% 2.34% 2.55%
         
             
BRIDGE BANCORP, INC. AND SUBSIDIARIES            
Supplemental Financial Information            
Condensed Consolidated Average Balance            
Sheets And Average Rate Data (unaudited)            
(In thousands)            
             
  Three months ended December 31,
  2012 2011
      Average     Average
  Average   Yield/ Average   Yield/
  Balance Interest Cost Balance Interest Cost
Interest earning assets:            
Loans, net (including loan fee income)  $ 739,602  $ 10,502 5.65%  $ 588,038  $ 9,360 6.32%
Securities  761,169  3,677  1.92  574,987  4,038  2.79
Deposits with banks  8,013  8  0.40  47,610  31  0.26
Total interest earning assets  1,508,784  14,187  3.74  1,210,635  13,429  4.40
Non interest earning assets:            
Other Assets  72,121      67,692    
Total assets  $ 1,580,905      $ 1,278,327    
             
Interest bearing liabilities:            
Deposits  $ 889,643  $ 1,341 0.60%  $ 823,213  $ 1,504 0.72%
Federal funds purchased and repurchase agreements  78,074  138  0.70  19,378  138  2.83
Federal Home Loan Bank term advances  49,435  76  0.61  --  --  --
Junior Subordinated Debentures  16,002  341  8.48  16,002  341  8.45
Total interest bearing liabilities  1,033,154  1,896  0.73  858,593  1,983  0.92
Non interest bearing liabilities:            
Demand deposits  424,494      329,761    
Other liabilities  9,874      9,102    
Total liabilities  1,467,522      1,197,456    
Stockholders' equity  113,383      80,871    
Total liabilities and stockholders' equity  $ 1,580,905      $ 1,278,327    
             
Net interest income/interest rate spread    12,291 3.01%    11,446 3.48%
             
Net interest earning assets/net interest margin  $ 475,630   3.24%  $ 352,042   3.75%
             
Less: Tax equivalent adjustment    (355)      (403)  
             
Net interest income    $ 11,936      $ 11,043  
             
             
BRIDGE BANCORP, INC. AND SUBSIDIARIES            
Supplemental Financial Information            
Condensed Consolidated Average Balance            
Sheets And Average Rate Data (unaudited)            
(In thousands)            
             
  Twelve months ended December 31,
  2012 2011
      Average     Average
  Average   Yield/ Average   Yield/
  Balance Interest Cost Balance Interest Cost
Interest earning assets:            
Loans, net (including loan fee income)  $ 671,103  $ 40,255 6.00%  $ 554,469  $ 35,434 6.39%
Securities  675,646  15,640  2.31  513,000  16,410  3.20
Deposits with banks  27,840  78  0.28  48,841  123  0.25
Total interest earning assets  1,374,589  55,973  4.07  1,116,310  51,967  4.66
Non interest earning assets:            
Other Assets  71,596      63,977    
Total assets  $ 1,446,185      $ 1,180,287    
             
Interest bearing liabilities:            
Deposits  $ 891,203  $ 5,607 0.63%  $ 772,245  $ 5,707 0.74%
Federal funds purchased and repurchase agreements  38,613  461  1.19  17,582  543  3.09
Federal Home Loan Bank term advances  18,068  122  0.68  82  --  --
Junior Subordinated Debentures  16,002  1,365  8.53  16,002  1,366  8.54
Total interest bearing liabilities  963,886  7,555  0.78  805,911  7,616  0.95
Non interest bearing liabilities:            
Demand deposits  365,999      294,566    
Other liabilities  7,923      7,721    
Total liabilities  1,337,808      1,108,198    
Stockholders' equity  108,377      72,089    
Total liabilities and stockholders' equity  $ 1,446,185      $ 1,180,287    
             
Net interest income/interest rate spread    48,418 3.29%    44,351 3.71%
             
Net interest earning assets/net interest margin  $ 410,703   3.52%  $ 310,399   3.97%
             
Less: Tax equivalent adjustment    (1,459)      (1,541)  
             
Net interest income    $ 46,959      $ 42,810  
             
CONTACT: Howard H. Nolan
         Senior Executive Vice President
         Chief Financial Officer
         (631) 537-1001, ext. 7255

Bridge Bancorp, Inc.

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