Bridge Bancorp, Inc. (NASDAQ:BDGE), the parent company of The
Bridgehampton National Bank (“BNB”), today announced first quarter
results for 2017. Highlights of the Company's financial
results for the quarter include:
- Record net income of $9.2 million, an increase of $.5 million
or 6% over 2016, and $.47 per diluted share for the quarter.
- Returns on average assets and equity for the 2017 first quarter
were .92% and 8.62%, respectively.
- Net interest income for the 2017 first quarter increased $1.0
million over 2016 to $30.5 million, with a net interest margin of
3.39%.
- Total assets of $4.1 billion at March 2017, 4% higher than
March 2016.
- Loan growth of $176 million or 7% compared to March 2016 and
$57 million or 9% annualized from December 2016.
- Deposit growth of $57 million or 8% annualized from December
2016 to $3.0 billion at March 2017, including $1.1 billion in
non-interest bearing demand deposits.
- Continued solid asset quality metrics and reserve
coverage.
- All capital ratios exceed the fully phased in requirements of
Basel III rules.
- Declared a dividend of $.23 during the quarter.
“2017 is off to a strong start, building on the
additional capital we raised in the fourth quarter and the
organizational changes made throughout 2016 as part of our ‘Believe
iN Beyond’ initiative. The organic growth achieved this
quarter reflects the Company’s strong foundation. We continue
to eclipse previous high points in balance sheet footings and
quarterly net income. We continue to increase our capacity
with the addition of new bankers as well as new branches in East
Moriches and Riverhead. The evolving banking environment on Long
Island provides opportunities for banks like BNB, with local
management and local decision makers,” noted Kevin M. O’Connor,
President and CEO.
Net Earnings and ReturnsNet
income for the quarter was $9.2 million or $.47 per diluted share,
compared to $8.6 million or $.49 per diluted share for the first
quarter of 2016. Returns on average assets and equity for the
first quarter of 2017 were .92% and 8.62%, respectively, compared
to .91% and 9.99% in 2016, respectively. Return on average
tangible common equity for the first quarter of 2017 was 11.63%
compared to 14.43% in 2016. The decreases in the equity
related returns are the result of the increase in average
stockholders’ equity due in part to the $50 million common stock
offering in November 2016.
Interest income increased $1.6 million for the
first quarter of 2017 over the same period in 2016 as average
earning assets increased by $197.1 million or 6%, due primarily to
loan growth, and the net interest margin decreased to 3.39% from
3.43%. The increase in average earning assets for the first quarter
of 2017 reflects organic growth in loans and securities. The
decrease in the net interest margin reflects higher overall funding
costs due in part to the Fed Funds rate increases in December 2016
and March 2017, partially offset by the decrease in costs
associated with the junior subordinated debentures, which were
redeemed in January 2017.
The provision for loan losses was $.8 million
for the 2017 first quarter, $.5 million lower than the first
quarter of 2016. Contributing to the lower provision was lower loan
growth and net charge-offs in the 2017 first quarter compared to
the 2016 first quarter. The Company
recognized net charge-offs of $.1 million in the first quarter of
2017 compared to $.2 million for the same period in 2016.
Total non-interest income was $4.1 million for
the first quarter of 2017, $.1 million higher than 2016, resulting
from an increase in gain on sale of SBA loans, BOLI income and
service charges. The 2016 first quarter included a net
recovery associated with certain identified FNBNY acquired problem
loans.
Non-interest expense for the first quarter of
2017 increased to $20.3 million from $18.9 million in 2016.
The increase is a result of increases in salaries and benefits
expense, occupancy and equipment, technology and communications,
marketing and advertising, other operating expenses and the
reversal of acquisition costs recorded in 2016, offset by decreases
in amortization of intangibles, professional services, and FDIC
assessment. The Company’s ratio of operating
expenses to average assets was 2.04% in the first quarter of 2017
compared to 2.00% in the first quarter of 2016.
The tax rate for the 2017 first quarter was
32.0% due to the accounting for the tax benefits resulting from
stock grants which vested during the quarter. The Company
expects the tax rate to return to a more normalized rate of
approximately 34.5% for the remainder of the year.
Balance Sheet and Asset
QualityTotal assets were $4.1 billion at March 31, 2017,
$151.4 million higher than March 2016. Total loans at March 2017 of
$2.7 billion reflect growth of $176.3 million or 7% over March
2016. This growth was net of a bulk loan sale and the exit of
two loan participations in the 2016 fourth quarter totaling
approximately $47 million. Deposits totaled $3.0 billion at
March 2017, an increase of $42.5 million over 2016. Demand deposits
totaled $1.1 billion at March 2017, representing 36% of total
deposits.
Asset quality measures remained strong, as
non-performing assets, comprised exclusively of non-performing
loans, were $1.3 million or .03% of total assets and .05% of total
loans at March 2017 compared to $1.6 million or .04% of total
assets and .07% of total loans at March 2016. Loans 30 to 89
days past due increased $2.3 million to $4.7 million at March 2017,
with $3.2 million representing CNB acquired loans. Loans past due
90 days and still accruing at March 31, 2017 and 2016 were
comprised of acquired loans of $1.1 million and $2.0 million,
respectively.
The allowance for loan losses increased $4.8
million to $26.6 million at March 2017 from $21.8 million as of
March 2016. The allowance as a percentage of loans was 1.00% at
March 31, 2017 compared to .88% at March 31, 2016. The allowance as
a percentage of BNB originated loans was 1.22%, based on BNB
originated loans totaling $2.2 billion, at March 2017, compared to
1.21%, based on BNB originated loans totaling $1.8 billion, at
March 2016. The increase in the allowance for loan losses is due to
portfolio growth as well as certain acquired loans being refinanced
by BNB. Acquired loans are recorded at fair value at
acquisition, effectively netting estimated future losses against
the loan balances, whereas loans originated and refinanced by BNB
have recorded allowances for loan losses.
Stockholders’ equity grew $78.6 million to
$429.5 million at March 2017, compared to $350.9 million at March
2016. The growth reflects earnings, the $47.5 million in net
capital raised in connection with the November 2016 common stock
offering, conversions of trust preferred securities and the
dividend reinvestment plan, partially offset by shareholders'
dividends and a decrease in the fair value of available for sale
investment securities. The Company's capital ratios exceed all
fully phased in capital requirements under the Basel III rules and
the Bank remains classified as well capitalized.
“On March 15th the Federal Reserve raised rates
another 25 basis points and recent comments from FOMC members
indicate that more increases should be expected this year. We
continually assess our asset/liability mix, product pricing, and
growth strategy against the possibility of rising rates.
Different financial institutions will react to rising rates in
different ways and we must also be aware of the competitive
landscape as we move through 2017 and beyond. It has been
more than 10 years since the banking system has had to deal with a
sustained rate increase. BNB will continue to weigh current
earnings against future risk,” noted Mr. O’Connor.
“During the first quarter we continued to build
the Company’s tangible common equity by calling our $16 million
Trust Preferred Securities, substantially all of which converted to
our common stock. These securities served us well when they were
issued and helped BNB begin its growth trajectory. We are grateful
to those who purchased these securities during a time of turmoil in
the financial markets, and thank them for their support and
continued investment in the Company through their common stock
holdings,” stated Mr. O’Connor.
About Bridge Bancorp,
Inc.Bridge Bancorp, Inc. is a bank holding company engaged
in commercial banking and financial services through its wholly
owned subsidiary, The Bridgehampton National Bank. Established in
1910, BNB, with assets of approximately $4.1 billion, operates 43
retail branch locations serving Long Island and the greater New
York metropolitan area. In addition, the Bank operates one loan
production office in Manhattan. Through its branch network and its
electronic delivery channels, BNB provides deposit and loan
products and financial services to local businesses, consumers and
municipalities. Title insurance services are offered through BNB's
wholly owned subsidiary, Bridge Abstract. Bridge Financial
Services, Inc. offers financial planning and investment
consultation. For more information visit
www.bridgenb.com.
BNB also has a rich tradition of involvement in
the community, supporting programs and initiatives that promote
local business, the environment, education, healthcare, social
services and the arts.
Please see the attached tables for selected
financial information.
This report may contain statements relating to
the future results of the Company (including certain projections
and business trends) that are considered “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995 (the “PSLRA”). Such forward-looking statements,
in addition to historical information, involve risk and
uncertainties, and are based on the beliefs, assumptions and
expectations of management of the Company. Words such as
“expects,” “believes,” “should,” “plans,” “anticipates,” “will,”
“potential,” “could,” “intend,” “may,” “outlook,” “predict,”
“project,” “would,” “estimated,” “assumes,” “likely,” and variation
of such similar expressions are intended to identify such
forward-looking statements. Examples of forward-looking
statements include, but are not limited to, possible or assumed
estimates with respect to the financial condition, expected or
anticipated revenue, and results of operations and business of the
Company, including earnings growth; revenue growth in retail
banking lending and other areas; origination volume in the
consumer, commercial and other lending businesses; current and
future capital management programs; non-interest income levels,
including fees from the title abstract subsidiary and banking
services as well as product sales; tangible capital generation;
market share; expense levels; and other business operations and
strategies. The Company claims the protection of the safe
harbor for forward-looking statements contained in the PSLRA.
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; and other risk factors discussed elsewhere, and
in our reports filed 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, except per share amounts and financial ratios) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
ASSETS |
|
|
|
|
|
|
Cash and
Due from Banks |
|
$ |
47,541 |
|
|
$ |
102,280 |
|
|
$ |
44,797 |
|
Interest
Earning Deposits with Banks |
|
|
23,423 |
|
|
|
11,558 |
|
|
|
22,411 |
|
Total
Cash and Cash Equivalents |
|
|
70,964 |
|
|
|
113,838 |
|
|
|
67,208 |
|
Securities Available for Sale, at Fair Value |
|
|
823,515 |
|
|
|
819,722 |
|
|
|
883,626 |
|
Securities Held to Maturity |
|
|
214,961 |
|
|
|
223,237 |
|
|
|
218,278 |
|
Total
Securities |
|
|
1,038,476 |
|
|
|
1,042,959 |
|
|
|
1,101,904 |
|
Securities, Restricted |
|
|
35,249 |
|
|
|
34,743 |
|
|
|
24,865 |
|
Loans
Held for Investment |
|
|
2,657,519 |
|
|
|
2,600,440 |
|
|
|
2,481,247 |
|
Allowance for Loan Losses |
|
|
(26,618 |
) |
|
|
(25,904 |
) |
|
|
(21,799 |
) |
Loans,
net |
|
|
2,630,901 |
|
|
|
2,574,536 |
|
|
|
2,459,448 |
|
Premises
and Equipment, net |
|
|
35,124 |
|
|
|
35,263 |
|
|
|
34,828 |
|
Goodwill
and Other Intangible Assets |
|
|
111,599 |
|
|
|
111,774 |
|
|
|
113,657 |
|
Accrued
Interest Receivable and Other Assets |
|
|
142,665 |
|
|
|
141,457 |
|
|
|
111,646 |
|
Total Assets |
|
$ |
4,064,978 |
|
|
$ |
4,054,570 |
|
|
$ |
3,913,556 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Demand
Deposits |
|
$ |
1,087,434 |
|
|
$ |
1,151,268 |
|
|
$ |
1,052,864 |
|
Savings,
NOW and Money Market Deposits |
|
|
1,685,546 |
|
|
|
1,568,009 |
|
|
|
1,619,970 |
|
Certificates of Deposit of $100,000 or more |
|
|
131,193 |
|
|
|
126,198 |
|
|
|
150,651 |
|
Other
Time Deposits |
|
|
78,694 |
|
|
|
80,534 |
|
|
|
116,927 |
|
Total
Deposits |
|
|
2,982,867 |
|
|
|
2,926,009 |
|
|
|
2,940,412 |
|
Federal Funds Purchased
and Repurchase Agreements |
|
|
50,707 |
|
|
|
100,674 |
|
|
|
185,965 |
|
Federal Home Loan Bank
Advances |
|
|
491,177 |
|
|
|
496,684 |
|
|
|
299,174 |
|
Subordinated
Debentures |
|
|
78,537 |
|
|
|
78,502 |
|
|
|
78,397 |
|
Junior Subordinated
Debentures |
|
|
- |
|
|
|
15,244 |
|
|
|
15,879 |
|
Other
Liabilities and Accrued Expenses |
|
|
32,232 |
|
|
|
29,470 |
|
|
|
42,791 |
|
Total
Liabilities |
|
|
3,635,520 |
|
|
|
3,646,583 |
|
|
|
3,562,618 |
|
Total
Stockholders' Equity |
|
|
429,458 |
|
|
|
407,987 |
|
|
|
350,938 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
4,064,978 |
|
|
$ |
4,054,570 |
|
|
$ |
3,913,556 |
|
|
|
|
|
|
|
|
Selected Financial
Data: |
|
|
|
|
|
|
Book
Value Per Share |
|
$ |
21.80 |
|
|
$ |
21.36 |
|
|
$ |
20.11 |
|
Tangible
Book Value Per Share (1) |
|
$ |
16.14 |
|
|
$ |
15.51 |
|
|
$ |
13.60 |
|
Common
Shares Outstanding |
|
|
19,698 |
|
|
|
19,100 |
|
|
|
17,449 |
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
Total
Capital to Risk Weighted Assets |
|
|
14.8 |
% |
|
|
15.0 |
% |
|
|
13.2 |
% |
Tier 1
Capital to Risk Weighted Assets |
|
|
11.2 |
% |
|
|
11.3 |
% |
|
|
9.5 |
% |
Common
Equity Tier 1 Capital to Risk Weighted Assets |
|
|
11.2 |
% |
|
|
10.8 |
% |
|
|
8.9 |
% |
Tier 1
Capital to Average Assets |
|
|
8.5 |
% |
|
|
8.6 |
% |
|
|
7.1 |
% |
Tangible
Common Equity to Tangible Assets (1) (2) |
|
|
8.0 |
% |
|
|
7.5 |
% |
|
|
6.2 |
% |
Tier 1
Capital to Average Assets (Bank) |
|
|
9.9 |
% |
|
|
9.9 |
% |
|
|
8.7 |
% |
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
Loans
30-89 Days Past Due |
|
$ |
4,676 |
|
|
$ |
2,156 |
|
|
$ |
2,394 |
|
Loans 90
Days Past Due and Accruing (3) |
|
$ |
1,072 |
|
|
$ |
1,027 |
|
|
$ |
1,980 |
|
|
|
|
|
|
|
|
Non-performing Loans/Non-performing Assets |
|
$ |
1,257 |
|
|
$ |
1,241 |
|
|
$ |
1,635 |
|
|
|
|
|
|
|
|
Non-performing Loans/Total Loans |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.07 |
% |
Non-performing Assets/Total Assets |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.04 |
% |
Allowance/Non-performing Loans |
|
|
2117.58 |
% |
|
|
2087.35 |
% |
|
|
1333.27 |
% |
Allowance/Total Loans |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
0.88 |
% |
Allowance/Originated Loans |
|
|
1.22 |
% |
|
|
1.23 |
% |
|
|
1.21 |
% |
|
|
|
|
|
|
|
(1) Tangible stockholder's equity totaled $317.9 million,
$296.2 million and $237.3 million at March 31, 2017, December 31,
2016 and March 31, 2016, respectively, and represents total
stockholder's equity less goodwill and other intangible
assets. |
(2) Tangible assets totaled $3.95 billion, $3.94 billion and
$3.80 billion at March 31, 2017, December 31, 2016 and
March 31, 2016, respectively, and represents total assets less
goodwill and other intangible assets. |
(3) Represents loans acquired in connection with the Community
National Bank, FNBNY Bancorp, Inc., and Hamptons State Bank
acquisitions. |
|
|
|
|
|
|
|
BRIDGE BANCORP, INC. AND SUBSIDIARIES |
|
|
|
|
Condensed Consolidated Statements
of
Income
(unaudited) |
|
|
|
|
(In
thousands, except per share amounts and financial ratios) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Interest
Income |
|
$ |
35,217 |
|
|
$ |
33,607 |
|
Interest
Expense |
|
|
4,756 |
|
|
|
4,175 |
|
Net
Interest Income |
|
|
30,461 |
|
|
|
29,432 |
|
Provision for Loan Losses |
|
|
800 |
|
|
|
1,250 |
|
Net
Interest Income after Provision for Loan Losses |
|
|
29,661 |
|
|
|
28,182 |
|
Other
Non Interest Income |
|
|
3,572 |
|
|
|
3,452 |
|
Title
Fee Income |
|
|
550 |
|
|
|
477 |
|
Net
Securities Gains |
|
|
- |
|
|
|
66 |
|
Total Non
Interest Income |
|
|
4,122 |
|
|
|
3,995 |
|
Salaries
and Benefits |
|
|
11,304 |
|
|
|
10,537 |
|
Acquisition Costs |
|
|
- |
|
|
|
(270 |
) |
Amortization of Other Intangible Assets |
|
|
279 |
|
|
|
676 |
|
Other
Non Interest Expense |
|
|
8,713 |
|
|
|
7,964 |
|
Total Non
Interest Expense |
|
|
20,296 |
|
|
|
18,907 |
|
Income
Before Income Taxes |
|
|
13,487 |
|
|
|
13,270 |
|
Provision for Income Taxes |
|
|
4,316 |
|
|
|
4,644 |
|
Net
Income |
|
$ |
9,171 |
|
|
$ |
8,626 |
|
Basic
Earnings Per Share |
|
$ |
0.47 |
|
|
$ |
0.49 |
|
Diluted
Earnings Per Share |
|
$ |
0.47 |
|
|
$ |
0.49 |
|
Weighted
Average Common and Equivalent Shares |
|
|
19,296 |
|
|
|
17,137 |
|
|
|
|
|
|
Selected Financial Data: |
|
|
|
|
Return
on Average Total Assets |
|
|
0.92 |
% |
|
|
0.91 |
% |
Return
on Average Stockholders' Equity |
|
|
8.62 |
% |
|
|
9.99 |
% |
Return
on Average Tangible Stockholders' Equity (1) |
|
|
11.63 |
% |
|
|
14.43 |
% |
Net
Interest Margin |
|
|
3.39 |
% |
|
|
3.43 |
% |
Efficiency |
|
|
58.10 |
% |
|
|
56.03 |
% |
Operating Expense as a % of Average Assets |
|
|
2.04 |
% |
|
|
2.00 |
% |
|
|
|
|
|
(1) Average tangible stockholder's equity totaled $319.8
million and $240.4 million for the three months ended March 31,
2017 and 2016, respectively, and represents average total
stockholder's equity less average goodwill and other intangible
assets. |
|
|
|
|
|
BRIDGE BANCORP, INC. AND SUBSIDIARIES |
Supplemental Financial Information |
Condensed Consolidated Average Balance Sheets And
Average Rate Data (unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
Interest
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
net (including loan fee income) (1) |
|
$ |
2,587,999 |
|
$ |
29,478 |
|
|
4.62 |
% |
|
$ |
2,423,498 |
|
$ |
28,047 |
|
|
4.65 |
% |
Securities (1) |
|
|
1,071,530 |
|
|
6,040 |
|
|
2.29 |
|
|
|
1,028,474 |
|
|
5,841 |
|
|
2.28 |
|
Deposits
with Banks |
|
|
21,411 |
|
|
46 |
|
|
0.87 |
|
|
|
31,911 |
|
|
37 |
|
|
0.47 |
|
Total
Interest Earning Assets (1) |
|
|
3,680,940 |
|
|
35,564 |
|
|
3.92 |
|
|
|
3,483,883 |
|
|
33,925 |
|
|
3.92 |
|
Non Interest
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets |
|
|
346,827 |
|
|
|
|
|
|
310,570 |
|
|
|
|
Total Assets |
|
$ |
4,027,767 |
|
|
|
|
|
$ |
3,794,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
1,842,003 |
|
$ |
2,108 |
|
|
0.46 |
% |
|
$ |
1,852,364 |
|
$ |
1,687 |
|
|
0.37 |
% |
Federal Funds Purchased and Repurchase Agreements |
|
143,565 |
|
|
316 |
|
|
0.89 |
|
|
|
106,757 |
|
|
185 |
|
|
0.70 |
|
Federal
Home Loan Bank Advances |
|
|
404,252 |
|
|
1,149 |
|
|
1.15 |
|
|
|
287,646 |
|
|
827 |
|
|
1.16 |
|
Subordinated Debentures |
|
|
78,514 |
|
|
1,135 |
|
|
5.86 |
|
|
|
78,374 |
|
|
1,135 |
|
|
5.82 |
|
Junior
Subordinated Debentures |
|
|
2,710 |
|
|
48 |
|
|
7.18 |
|
|
|
15,878 |
|
|
341 |
|
|
8.64 |
|
Total Interest Bearing
Liabilities |
|
|
2,471,044 |
|
|
4,756 |
|
|
0.78 |
|
|
|
2,341,019 |
|
|
4,175 |
|
|
0.72 |
|
Non Interest
Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand
Deposits |
|
|
1,094,786 |
|
|
|
|
|
|
1,068,944 |
|
|
|
|
Other
Liabilities |
|
|
30,464 |
|
|
|
|
|
|
37,191 |
|
|
|
|
Total
Liabilities |
|
|
3,596,294 |
|
|
|
|
|
|
3,447,154 |
|
|
|
|
Stockholders'
Equity |
|
|
431,473 |
|
|
|
|
|
|
347,299 |
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
4,027,767 |
|
|
|
|
|
$ |
3,794,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income/Interest Rate Spread (1) |
|
|
|
|
30,808 |
|
|
3.14 |
% |
|
|
|
|
29,750 |
|
|
3.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets/Net Interest Margin (1) |
|
$ |
1,209,896 |
|
|
|
3.39 |
% |
|
$ |
1,142,864 |
|
|
|
3.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent
Adjustment |
|
|
|
|
(347 |
) |
|
|
|
|
|
|
(318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
|
$ |
30,461 |
|
|
|
|
|
|
$ |
29,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Presented on a tax equivalent basis. |
|
Contact:
John M. McCaffery
Executive Vice President
Chief Financial Officer
(631) 537-1001, ext. 7290
Bridge Bancorp (NASDAQ:BDGE)
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