Bridge Bancorp, Inc. Reports Third Quarter 2013 Results

BRIDGEHAMPTON, N.Y., Oct. 25, 2013 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (Nasdaq:BDGE), the parent company of The Bridgehampton National Bank (BNB), today announced third quarter results for 2013. The Company's reported net income and earnings per share for the quarter ended September 30, 2013 was $3.1 million or $.34 per share including $0.3 million in acquisition costs, net of tax, associated with the proposed merger of FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York (collectively "FNBNY") announced on September 30, 2013. Highlights of the Company's quarterly financial results include:
  • Core net income of $3.4 million and $.37 per share, a 1% increase in net income over 2012.
  • Core returns on average assets and equity of .77% and 10.69%, respectively.
  • Net interest income of $13.0 million, an increase of $1.2 million over 2012, with a net interest margin of 3.21%.
  • Total assets of $1.7 billion at September 2013, 9% higher than September 2012.
  • Loans aggregating $933 million, with growth of $201 million or 27%, compared to September 2012.
  • Deposits of $1.46 billion, an 11% increase compared to the third quarter of 2012.
  • Continued solid asset quality metrics and reserve coverage.  
  • Tier 1 Capital increased by $15.3 million or 12% from September 2012.    
  • Declared quarterly dividend of $.23 per share in October 2013.

"Our strong financial performance reflects the continued execution of our strategic initiatives resulting in loan and core deposit growth, as well as higher net interest income and core net income. On September 30 th, we announced an agreement to acquire FNBNY, increasing our franchise's scale and continuing our westward expansion into three new markets including Melville, and our first two branches in Nassau County; Massapequa and Merrick. Subsequent to this announcement, we launched and executed a successful public offering of our common stock, increasing our equity by approximately $37.5 million," commented Kevin M. O'Connor, President and CEO, Bridge Bancorp, Inc. 

Net Earnings and Returns

Core net income, which excludes acquisition costs, net of income taxes, for the quarter ended September 2013, was $3.4 million or $.37 per share, compared to $3.4 million or $.39 per share, for the same period in 2012. The decrease in earnings per share reflects the higher shares outstanding for the quarter ended September 30, 2013. Net income for the current quarter reflects growth in earning assets, as we experienced higher net interest income and lower credit costs, offsetting decreases in other income and securities gains and increases in operating expenses. 

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