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Bridge Bancorp, Inc. Reports Fourth Quarter And Year End 2013 Results

Stocks in this article: BDGE

BRIDGEHAMPTON, N.Y., Jan. 27, 2014 (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 2013. Highlights of the Company's financial results for the quarter and year end include:

  • Core net income of $3.7 million and $.33 per share for the quarter, a 9% increase in core net income over 2012.  
  • Core net income of $13.5 million and $1.40 per share for the year 2013, a 5% increase over 2012 core net income.  
  • Returns on average assets and equity utilizing core net income for 2013 were .79% and 10.18%, respectively.  
  • Net interest income increased $6.8 million for 2013, with a net interest margin of 3.24%.  
  • Total assets of $1.9 billion at year end, 17% higher than 2012.  
  • Loan growth of 27% for 2013, with loans exceeding $1 billion at year end.  
  • Deposits of $1.54 billion at year end, a 9% increase compared to 2012.   
  • Continued solid asset quality metrics and reserve coverage.    
  • Successful completion of a $37.5 million common stock offering following the announcement of agreement to acquire FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York (collectively "FNBNY").  
  • Tier 1 Capital increased by $53.6 million, over 40% higher than year end 2012.  
  • Declared a dividend of $.23 during the quarter.

"This was another year marked by significant achievements for Bridgehampton National Bank. Through organic growth, we eclipsed $1 billion in loans and $1.5 billion in deposits. In October, we announced the acquisition of, FNBNY Bancorp, increasing our franchise's scale and extending our footprint into Nassau County. Finally, we strengthened our Company with the completion of an equity offering.  Complementing these milestones was our continued strong financial performance with record levels of revenues and net income. The Company has a strong, well-capitalized balance sheet, funded by core branch deposits, positioning us to successfully fulfill our mission to be the community bank of choice for the communities we serve," commented Kevin M. O'Connor, President and CEO of Bridge Bancorp, Inc.

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