Bridge Bancorp, Inc. (NASDAQ: BDGE), (the “Company”), the parent
company of BNB Bank (“BNB”), today announced first quarter results
for 2019.
The Company's first quarter 2019 financial
results included:
- Net income for the 2019 first quarter of $12.9 million, or
$0.65 per diluted share, compared to $12.1 million, or $0.61 per
diluted share for the 2018 first quarter.
- Net interest income for the 2019 first quarter increased $0.2
million over the 2018 fourth quarter to $34.3 million, with a
tax-equivalent net interest margin of 3.29%.
- Adjusted net interest margin (excluding purchase accounting)
increased from 3.21% in the 2018 fourth quarter to 3.24% in the
2019 first quarter.
- Total assets of $4.7 billion at March 31, 2019, 4% higher than
March 31, 2018.
- Loan growth of $189 million, or 6%, compared to March 31, 2018,
and $115 million, or 14% annualized, from December 31, 2018.
- Non-public, non-brokered deposit growth of $404 million, or
16%, compared to March 31, 2018.
- Non-performing assets of $3.2 million at March 31, 2019, $3.0
million lower than March 31, 2018 and $0.3 million higher than
December 31, 2018. Loan loss reserve coverage to total loans of
0.94% at March 31, 2019.
- All capital ratios remain strong. Declared a dividend of $0.23
during the quarter.
Commenting on the first quarter results, Kevin
O’Connor, President and CEO said, “We opened the year with another
successful quarter: record revenue, strong loan growth, and an
expanding margin. Our community banking model, built on
relationships and our core businesses, continues to deliver
consistent results- even in this challenging interest rate
environment.”
Net Earnings and
ReturnsNet income in the 2019 first quarter was
$12.9 million, or $0.65 per diluted share, an increase of $0.8
million compared to the 2018 first quarter, driven primarily by a
rise in non-interest income and lower provision for loan losses,
partially offset by a decline in net interest income.
Returns on average assets and equity in the 2019
first quarter were 1.13% and 11.41%, respectively. Return on
average tangible common equity was 15.01% for the 2019 first
quarter.
Net Interest
IncomeInterest income was $44.5 million in the
2019 first quarter, an increase of $1.0 million compared to the
2018 fourth quarter, driven primarily by loan portfolio growth and
higher loan and investment portfolio yields. Interest expense was
$10.2 million in the 2019 first quarter, an increase of $0.8
million compared to the 2018 fourth quarter, primarily due to
deposit growth and an increase in average cost of interest-bearing
liabilities.
The impact of purchase accounting on the net
interest margin continues to decrease. The tax-equivalent net
interest margin for the 2019 first quarter showed a year-over-year
decline of 13 basis points to 3.29% in 2019 from 3.42% in 2018.
However, the adjusted net interest margin, excluding purchase
accounting, is up 2 basis points to 3.24% from 3.22% in 2018.
The decreased impact of purchase accounting can also be observed
regarding loan yields. Reported 2019 first quarter loan
yields showed a year-over-year increase of 4 basis points from
4.62% in 2018 to 4.66% in 2019, while yields excluding purchase
accounting increased 25 basis points to 4.61% in 2019 from 4.36% in
2018.
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Three Months
Ended |
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Change Compared
To |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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March 31, |
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2019 |
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2018 |
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2018 |
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2018 |
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2018 |
Average yield on loans,
tax-equivalent basis - as reported |
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4.66 |
% |
|
4.56 |
% |
|
4.62 |
% |
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10 |
bp |
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4 |
bp |
Adjusted average yield
on loans (non-GAAP) |
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4.61 |
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4.50 |
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4.36 |
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11 |
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25 |
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Net interest margin -
as reported (1) |
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3.27 |
% |
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3.25 |
% |
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3.40 |
% |
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2 |
bp |
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(13 |
) bp |
Net interest margin,
tax-equivalent basis (2) |
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3.29 |
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3.26 |
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3.42 |
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3 |
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(13 |
) bp |
Adjusted net interest
margin (non-GAAP) (3) |
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3.24 |
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3.21 |
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3.22 |
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3 |
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2 |
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_________________________________
(1) Net interest margin represents net interest
income divided by average interest-earning assets.(2) Net interest
margin, tax-equivalent basis represents net interest income on a
tax-equivalent basis divided by average interest-earning assets.(3)
Adjusted net interest margin represents adjusted net interest
income on a tax-equivalent basis divided by adjusted average
interest-earning assets.
“BNB’s focus on providing banking services to
businesses in our footprint results in significant levels of
floating rate loans and non-interest-bearing demand deposit
balances. Both factors sustain and grow our net interest margin,”
stated Mr. O’Connor.
Provision for Loan
LossesThe provision for loan losses was $0.6
million for the 2019 first quarter, $0.2 million lower than the
2018 first quarter. Contributing to the lower provision was
continued improved overall credit metrics throughout 2018,
partially offset by an increase in net charge-offs in the 2019
first quarter compared to the same period in 2018. The Company
recognized net charge-offs of $0.2 million in the 2019 first
quarter, compared to recoveries of $0.3 million in the 2018 first
quarter.
Non-Interest
IncomeNon-interest income was $5.2 million for
the 2019 first quarter, $1.1 million higher than the 2018 first
quarter, primarily attributable to higher loan swap fee income
reported in other operating income and higher service charges and
other fees, partially offset by lower title fee income and gain on
sale of Small Business Administration (“SBA”) loans.
Non-Interest
ExpenseNon-interest expense for the 2019 first
quarter of $22.6 million was flat compared to the 2018 first
quarter. Growth in salaries and benefits expense, and occupancy and
equipment costs were offset by lower professional services and
other operating expenses.
Income Tax
ExpenseIncome tax expense was $3.4 million in the
2019 first quarter, an increase of $0.2 million compared to the
2018 first quarter. The Company estimates it will record income tax
at an effective tax rate of approximately 22% for the remainder of
2019.
Balance
SheetTotal assets were $4.7 billion at March 31,
2019, $25.5 million lower than December 31, 2018, and $174.6
million higher than March 31, 2018. Total loans at March 31, 2019
of $3.4 billion reflect growth of $189.2 million, or 6%, over March
31, 2018. Deposits totaled $3.7 billion at March 31, 2019, an
increase of $294.2 million, or 9%, over March 31, 2018. Demand
deposits increased $89.9 million year-over-year to $1.3 billion at
March 31, 2019, representing 35% of total deposits.
The allowance for loan losses was $31.8 million
at March 31, 2019, $1.0 million lower than March 31, 2018. The
allowance as a percentage of loans was 0.94% at March 31, 2019,
compared to 1.02% at March 31, 2018. The March 31, 2018 allowance
for loan losses included a $1.7 million specific reserve for a
fully reserved impaired loan which was charged-off in the 2018
second quarter.
Stockholders’ equity was $465.0 million at March
31, 2019, $31.7 million higher than March 31, 2018. The growth
reflects earnings, partially offset by shareholders’ dividends.
Book value per share was $23.43 at March 31, 2019, $1.52 higher
than March 31, 2018. Tangible book value per share was $17.88 at
March 31, 2019, $1.58 higher than March 31, 2018.
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Change Compared
To |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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March 31, |
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(Dollars
in thousands) |
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2019 |
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2018 |
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2018 |
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2018 |
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2018 |
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Total assets |
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$ |
4,675,209 |
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$ |
4,700,744 |
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$ |
4,500,624 |
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$ |
(25,535 |
) |
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$ |
174,585 |
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Total stockholders'
equity |
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465,003 |
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453,830 |
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433,323 |
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11,173 |
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31,680 |
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Loans held for investment |
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Investor commercial
real estate ("CRE") |
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$ |
859,797 |
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$ |
863,158 |
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$ |
856,797 |
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$ |
(3,361 |
) |
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$ |
3,000 |
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Multi-family
("MF") |
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624,114 |
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585,827 |
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601,747 |
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38,287 |
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22,367 |
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Construction and land
("C&L") |
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147,116 |
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123,393 |
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104,496 |
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23,723 |
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42,620 |
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Total investor CRE, MF,
and C&L |
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1,631,027 |
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1,572,378 |
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1,563,040 |
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58,649 |
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|
67,987 |
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Commercial and
industrial ("C&I") |
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671,897 |
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645,724 |
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638,711 |
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26,173 |
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33,186 |
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Owner-occupied CRE |
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542,836 |
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510,398 |
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483,195 |
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32,438 |
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59,641 |
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Total C&I and
owner-occupied CRE |
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1,214,733 |
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1,156,122 |
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1,121,906 |
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58,611 |
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92,827 |
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Residential real
estate |
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515,173 |
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519,763 |
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493,153 |
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(4,590 |
) |
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22,020 |
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Installment and
consumer |
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22,781 |
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20,509 |
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19,078 |
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2,272 |
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3,703 |
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Net deferred loan costs
and fees |
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7,390 |
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7,039 |
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4,720 |
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351 |
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2,670 |
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Total loans held for
investment |
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$ |
3,391,104 |
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$ |
3,275,811 |
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$ |
3,201,897 |
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$ |
115,293 |
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$ |
189,207 |
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Deposits |
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Total IPC deposits |
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$ |
2,974,282 |
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$ |
2,965,007 |
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$ |
2,570,079 |
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$ |
9,275 |
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$ |
404,203 |
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Total public and
brokered deposits |
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751,182 |
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921,386 |
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861,166 |
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(170,204 |
) |
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(109,984 |
) |
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Total deposits |
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$ |
3,725,464 |
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$ |
3,886,393 |
|
$ |
3,431,245 |
|
$ |
(160,929 |
) |
|
$ |
294,219 |
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“Our balance sheet management strategies over
the past year and quarter exemplify our commitment to our Community
Banking franchise. We have channeled our efforts in
supporting local businesses by providing capital through C&I
loans and financing their facilities through owner-occupied CRE
loans, growing this business at an annual rate of 26% this
quarter. The expansion of these loan types has outpaced
investor CRE loans. Additionally, we have decreased our
reliance on wholesale brokered deposits, using the strong deposit
growth in the fourth quarter 2018 to fund growth in this quarter,”
Mr. O’Connor said.
Asset
QualityAsset quality measures improved, as
non-performing assets were $3.2 million, or 0.07% of total assets,
at March 31, 2019, compared to $6.3 million, or 0.14% of total
assets, at March 31, 2018. Non-performing assets at March 31, 2019
and 2018 included $175 thousand of other real estate owned.
Non-performing loans were $3.1 million, or 0.09% of total loans at
March 31, 2019, compared to $6.1 million, or 0.19% of total loans
at March 31, 2018. Loans 30 to 89 days past due increased
$13.4 million to $17.9 million at March 31, 2019, compared to $4.5
million at March 31, 2018. The increase in these past due loans is
primarily due to one CRE relationship which has more than
sufficient collateral protection. Loans past due 90 days and
accruing at March 31, 2019 and 2018 were comprised of acquired
loans of $0.3 million and $2.7 million, respectively.
Conference
CallThe Company will host a conference call on
Wednesday, April 24, 2019 at 10:00 AM (ET). Investors who would
like to join the conference call are encouraged to pre-register
using the following link:
http://dpregister.com/10130336.
Callers who pre-register will be given a unique PIN to gain
immediate access to the call and bypass the live operator.
Participants may pre-register at any time, including up to and
after the call start time. Telephonic replay will be available
through the Company’s website approximately one hour after the
conclusion of the call through Wednesday, May 8, 2019.
Call and replay information are as follows:
Call Date: Wednesday, April 24, 2019 Call Time: 10:00 AM
(ET) Domestic Call Dial In: 1-888-317-6016 International Call
Dial In: 1-412-317-6016
Replay Domestic Dial In: 1-877-344-7529 Replay
International Dial In: 1-412-317-0088 Access Code:
10130336
About Bridge Bancorp,
Inc.Bridge Bancorp, Inc. is a bank holding
company engaged in commercial banking and financial services
through its wholly owned subsidiary, BNB Bank, formerly known as
The Bridgehampton National Bank. Established in 1910, BNB, with
assets of approximately $4.7 billion, operates 39 branch locations
serving Long Island and the greater New York metropolitan area. In
addition, BNB 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., a wholly owned
subsidiary of BNB, offers financial planning and investment
consultation. For more information visit www.bnbbank.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 release 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 BNB’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
SUBSIDIARIESCondensed
Consolidated Statements of Condition
(unaudited)(In thousands)
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|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2018 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
68,773 |
|
|
$ |
142,145 |
|
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$ |
50,588 |
|
Interest-earning
deposits with banks |
|
|
31,684 |
|
|
|
153,223 |
|
|
|
48,424 |
|
Total
cash and cash equivalents |
|
|
100,457 |
|
|
|
295,368 |
|
|
|
99,012 |
|
Securities available
for sale, at fair value |
|
|
707,451 |
|
|
|
680,886 |
|
|
|
726,056 |
|
Securities held to
maturity |
|
|
149,512 |
|
|
|
160,163 |
|
|
|
176,089 |
|
Total
securities |
|
|
856,963 |
|
|
|
841,049 |
|
|
|
902,145 |
|
Securities,
restricted |
|
|
28,068 |
|
|
|
24,028 |
|
|
|
36,195 |
|
Loans held for
investment |
|
|
3,391,104 |
|
|
|
3,275,811 |
|
|
|
3,201,897 |
|
Allowance for loan
losses |
|
|
(31,784 |
) |
|
|
(31,418 |
) |
|
|
(32,812 |
) |
Loans
held for investment, net |
|
|
3,359,320 |
|
|
|
3,244,393 |
|
|
|
3,169,085 |
|
Premises and equipment,
net |
|
|
34,478 |
|
|
|
35,008 |
|
|
|
33,892 |
|
Operating lease
right-of-use assets (1) |
|
|
37,621 |
|
|
|
— |
|
|
|
— |
|
Goodwill and other
intangible assets |
|
|
110,100 |
|
|
|
110,324 |
|
|
|
110,953 |
|
Other real estate
owned |
|
|
175 |
|
|
|
175 |
|
|
|
175 |
|
Accrued interest
receivable and other assets |
|
|
148,027 |
|
|
|
150,399 |
|
|
|
149,167 |
|
Total
assets |
|
$ |
4,675,209 |
|
|
$ |
4,700,744 |
|
|
$ |
4,500,624 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity |
|
|
|
|
|
|
|
|
|
Demand deposits |
|
$ |
1,258,544 |
|
|
$ |
1,275,664 |
|
|
$ |
1,164,501 |
|
Savings and negotiable
order of withdrawal ("NOW") deposits |
|
|
513,971 |
|
|
|
496,881 |
|
|
|
433,757 |
|
Money market deposit
accounts ("MMDA") |
|
|
993,920 |
|
|
|
975,531 |
|
|
|
803,267 |
|
Certificates of deposit
of less than $100,000 |
|
|
61,240 |
|
|
|
61,827 |
|
|
|
58,631 |
|
Certificates of deposit
of $100,000 or more |
|
|
146,607 |
|
|
|
155,104 |
|
|
|
109,923 |
|
Total
individual, partnership and corporate ("IPC") deposits |
|
|
2,974,282 |
|
|
|
2,965,007 |
|
|
|
2,570,079 |
|
Brokered deposits |
|
|
166,696 |
|
|
|
255,408 |
|
|
|
280,289 |
|
Public funds - demand
deposits |
|
|
55,403 |
|
|
|
172,941 |
|
|
|
59,542 |
|
Public funds - other
deposits |
|
|
529,083 |
|
|
|
493,037 |
|
|
|
521,335 |
|
Total
public and brokered deposits |
|
|
751,182 |
|
|
|
921,386 |
|
|
|
861,166 |
|
Total
deposits |
|
|
3,725,464 |
|
|
|
3,886,393 |
|
|
|
3,431,245 |
|
Federal funds purchased
and repurchase agreements |
|
|
721 |
|
|
|
539 |
|
|
|
872 |
|
Federal Home Loan Bank
("FHLB") advances |
|
|
330,217 |
|
|
|
240,433 |
|
|
|
520,092 |
|
Subordinated
debentures, net |
|
|
78,815 |
|
|
|
78,781 |
|
|
|
78,676 |
|
Operating lease
liabilities (1) |
|
|
40,454 |
|
|
|
— |
|
|
|
— |
|
Other liabilities and
accrued expenses |
|
|
34,535 |
|
|
|
40,768 |
|
|
|
36,416 |
|
Total
liabilities |
|
|
4,210,206 |
|
|
|
4,246,914 |
|
|
|
4,067,301 |
|
Total stockholders'
equity |
|
|
465,003 |
|
|
|
453,830 |
|
|
|
433,323 |
|
Total
liabilities and stockholders' equity |
|
$ |
4,675,209 |
|
|
$ |
4,700,744 |
|
|
$ |
4,500,624 |
|
_______________________________________________
(1) The Company adopted ASU 2016-02, Leases
(Topic 842) using the transition approach at the beginning of the
period of adoption on January 1, 2019 and did not restate
comparative prior periods.
BRIDGE BANCORP, INC. AND
SUBSIDIARIESCondensed
Consolidated Statements of Income (unaudited)(In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
|
2018 |
|
Interest income |
|
$ |
44,515 |
|
$ |
43,480 |
|
|
$ |
41,364 |
|
Interest expense |
|
|
10,192 |
|
|
9,382 |
|
|
|
6,825 |
|
Net
interest income |
|
|
34,323 |
|
|
34,098 |
|
|
|
34,539 |
|
Provision for loan
losses |
|
|
600 |
|
|
400 |
|
|
|
800 |
|
Net
interest income after provision for loan losses |
|
|
33,723 |
|
|
33,698 |
|
|
|
33,739 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
2,428 |
|
|
2,579 |
|
|
|
2,163 |
|
Title fee
income |
|
|
306 |
|
|
458 |
|
|
|
505 |
|
Gain on
sale of SBA loans |
|
|
217 |
|
|
492 |
|
|
|
371 |
|
BOLI
income |
|
|
553 |
|
|
561 |
|
|
|
546 |
|
Other
operating income |
|
|
1,714 |
|
|
1,025 |
|
|
|
528 |
|
Total
non-interest income |
|
|
5,218 |
|
|
5,115 |
|
|
|
4,113 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
13,280 |
|
|
12,457 |
|
|
|
12,812 |
|
Occupancy
and equipment |
|
|
3,531 |
|
|
3,472 |
|
|
|
3,243 |
|
Net fraud
recovery |
|
|
— |
|
|
(600 |
) |
|
|
— |
|
Office
relocation costs |
|
|
— |
|
|
750 |
|
|
|
— |
|
Amortization of other intangible assets |
|
|
213 |
|
|
214 |
|
|
|
246 |
|
Other
operating expenses |
|
|
5,575 |
|
|
5,778 |
|
|
|
6,297 |
|
Total
non-interest expense |
|
|
22,599 |
|
|
22,071 |
|
|
|
22,598 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
16,342 |
|
|
16,742 |
|
|
|
15,254 |
|
Income tax expense |
|
|
3,415 |
|
|
2,878 |
|
|
|
3,181 |
|
Net
income |
|
$ |
12,927 |
|
$ |
13,864 |
|
|
$ |
12,073 |
|
Basic earnings per
share |
|
$ |
0.65 |
|
$ |
0.70 |
|
|
$ |
0.61 |
|
Diluted earnings per
share |
|
$ |
0.65 |
|
$ |
0.70 |
|
|
$ |
0.61 |
|
Weighted average common
and equivalent shares |
|
|
19,526 |
|
|
19,492 |
|
|
|
19,437 |
|
BRIDGE BANCORP, INC. AND
SUBSIDIARIESConsolidated
Financial Highlights (unaudited)(In thousands,
except per share amounts and financial ratios)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
Selected Financial Data: |
|
|
|
|
|
|
|
Return on average total
assets |
|
1.13 |
% |
1.22 |
% |
1.09 |
% |
Adjusted return on
average total assets (1) |
|
1.13 |
|
1.23 |
|
1.09 |
|
Return on average
stockholders' equity |
|
11.41 |
|
12.32 |
|
10.86 |
|
Adjusted return on
average stockholders' equity (1) |
|
11.41 |
|
12.43 |
|
10.86 |
|
Return on average
tangible common equity (1) (2) |
|
15.01 |
|
16.38 |
|
14.41 |
|
Adjusted return on
average tangible common equity (1) (2) |
|
15.21 |
|
16.72 |
|
14.65 |
|
Net interest margin,
tax-equivalent basis |
|
3.29 |
|
3.26 |
|
3.42 |
|
Adjusted net interest
margin (1) |
|
3.24 |
|
3.21 |
|
3.22 |
|
Efficiency ratio |
|
57.15 |
|
56.28 |
|
58.47 |
|
Adjusted efficiency
ratio (1) |
|
56.43 |
|
55.16 |
|
57.58 |
|
Operating
expense/average assets |
|
1.97 |
|
1.94 |
|
2.05 |
|
Adjusted operating
expense/average assets (1) |
|
1.95 |
|
1.90 |
|
2.03 |
|
______________________________________________
(1) See reconciliation of this non-GAAP
financial measure provided elsewhere herein.(2) Average tangible
common equity represents a non-GAAP financial measure calculated as
average total stockholders' equity less average goodwill and
intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
Selected Financial Data: |
|
|
|
|
|
|
|
|
|
|
Book value per
share |
|
$ |
23.43 |
|
$ |
22.93 |
|
$ |
21.91 |
|
Tangible book value per
share (1) |
|
$ |
17.88 |
|
$ |
17.36 |
|
$ |
16.30 |
|
Common shares
outstanding |
|
|
19,848 |
|
|
19,791 |
|
|
19,780 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets |
|
|
13.3 |
% |
|
13.6 |
% |
|
13.3 |
% |
Tier 1 capital to
risk-weighted assets |
|
|
10.2 |
|
|
10.4 |
|
|
10.0 |
|
Common equity Tier 1
capital to risk-weighted assets |
|
|
10.2 |
|
|
10.4 |
|
|
10.0 |
|
Tier 1 capital to
average assets |
|
|
8.1 |
|
|
8.1 |
|
|
7.9 |
|
Tangible common equity
to tangible assets (1) (2) |
|
|
7.8 |
|
|
7.5 |
|
|
7.3 |
|
Tier 1 capital to
average assets (Bank) |
|
|
9.8 |
|
|
9.9 |
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due |
|
$ |
17,937 |
|
$ |
4,400 |
|
$ |
4,506 |
|
Loans 90 days past due
and accruing (3) |
|
$ |
318 |
|
$ |
308 |
|
$ |
2,665 |
|
Non-performing
loans |
|
$ |
3,071 |
|
$ |
2,808 |
|
$ |
6,071 |
|
Other real estate
owned |
|
|
175 |
|
|
175 |
|
|
175 |
|
Non-performing
assets |
|
$ |
3,246 |
|
$ |
2,983 |
|
$ |
6,246 |
|
Non-performing
loans/total loans |
|
|
0.09 |
% |
|
0.09 |
% |
|
0.19 |
% |
Non-performing
assets/total assets |
|
|
0.07 |
|
|
0.06 |
|
|
0.14 |
|
Allowance/non-performing loans |
|
|
1034.97 |
|
|
1118.87 |
|
|
540.47 |
|
Allowance/total
loans |
|
|
0.94 |
|
|
0.96 |
|
|
1.02 |
|
______________________________________
(1) Tangible common equity represents a non-GAAP
financial measure calculated as total stockholders' equity less
goodwill and intangible assets. (2) Tangible assets represent a
non-GAAP financial measure calculated as total assets less goodwill
and intangible assets.(3) Represents loans acquired in connection
with the Community National Bank and FNBNY Bancorp, Inc.
acquisitions.
BRIDGE BANCORP, INC. AND
SUBSIDIARIESSupplemental
Financial InformationCondensed
Consolidated Average Balance Sheets and Average Rate Data
(unaudited)(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Three Months Ended December 31, |
|
Three Months Ended March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net (including
loan fee income) (1) |
|
$ |
3,275,828 |
|
$ |
37,659 |
|
|
4.66 |
% |
|
$ |
3,206,033 |
|
$ |
36,848 |
|
|
4.56 |
% |
|
$ |
3,127,900 |
|
$ |
35,660 |
|
|
4.62 |
% |
|
Securities (1) |
|
|
885,834 |
|
|
6,442 |
|
|
2.95 |
|
|
|
882,886 |
|
|
6,328 |
|
|
2.84 |
|
|
|
969,292 |
|
|
5,780 |
|
|
2.42 |
|
|
Deposits
with banks |
|
|
91,682 |
|
|
544 |
|
|
2.41 |
|
|
|
74,348 |
|
|
443 |
|
|
2.36 |
|
|
|
23,108 |
|
|
90 |
|
|
1.58 |
|
|
Total
interest-earning assets (1) |
|
|
4,253,344 |
|
|
44,645 |
|
|
4.26 |
|
|
|
4,163,267 |
|
|
43,619 |
|
|
4.16 |
|
|
|
4,120,300 |
|
|
41,530 |
|
|
4.09 |
|
|
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
392,283 |
|
|
|
|
|
|
|
359,740 |
|
|
|
|
|
|
|
354,893 |
|
|
|
|
|
|
Total assets |
|
$ |
4,645,627 |
|
|
|
|
|
|
$ |
4,523,007 |
|
|
|
|
|
|
$ |
4,475,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
398,499 |
|
$ |
905 |
|
|
0.92 |
% |
|
$ |
375,792 |
|
$ |
656 |
|
|
0.69 |
% |
|
$ |
291,488 |
|
$ |
78 |
|
|
0.11 |
% |
|
NOW |
|
|
105,996 |
|
|
41 |
|
|
0.16 |
|
|
|
113,116 |
|
|
40 |
|
|
0.14 |
|
|
|
136,288 |
|
|
26 |
|
|
0.08 |
|
|
MMDA |
|
|
983,942 |
|
|
3,586 |
|
|
1.48 |
|
|
|
906,565 |
|
|
2,950 |
|
|
1.29 |
|
|
|
770,073 |
|
|
1,401 |
|
|
0.74 |
|
|
Savings,
NOW and MMDA |
|
|
1,488,437 |
|
|
4,532 |
|
|
1.23 |
|
|
|
1,395,473 |
|
|
3,646 |
|
|
1.04 |
|
|
|
1,197,849 |
|
|
1,505 |
|
|
0.51 |
|
|
Certificates of deposit of less than $100,000 |
|
|
61,317 |
|
|
261 |
|
|
1.73 |
|
|
|
61,803 |
|
|
250 |
|
|
1.60 |
|
|
|
58,792 |
|
|
161 |
|
|
1.11 |
|
|
Certificates of deposit of $100,000 or more |
|
|
150,102 |
|
|
732 |
|
|
1.98 |
|
|
|
156,806 |
|
|
739 |
|
|
1.87 |
|
|
|
109,094 |
|
|
332 |
|
|
1.23 |
|
|
Total IPC
deposits |
|
|
1,699,856 |
|
|
5,525 |
|
|
1.32 |
|
|
|
1,614,082 |
|
|
4,635 |
|
|
1.14 |
|
|
|
1,365,735 |
|
|
1,998 |
|
|
0.59 |
|
|
Brokered
deposits |
|
|
209,409 |
|
|
1,210 |
|
|
2.34 |
|
|
|
263,580 |
|
|
1,528 |
|
|
2.30 |
|
|
|
201,872 |
|
|
785 |
|
|
1.58 |
|
|
Public
funds |
|
|
534,568 |
|
|
1,179 |
|
|
0.89 |
|
|
|
433,845 |
|
|
787 |
|
|
0.72 |
|
|
|
497,438 |
|
|
443 |
|
|
0.36 |
|
|
Total
public and brokered deposits |
|
|
743,977 |
|
|
2,389 |
|
|
1.30 |
|
|
|
697,425 |
|
|
2,315 |
|
|
1.32 |
|
|
|
699,310 |
|
|
1,228 |
|
|
0.71 |
|
|
Total deposits |
|
|
2,443,833 |
|
|
7,914 |
|
|
1.31 |
|
|
|
2,311,507 |
|
|
6,950 |
|
|
1.19 |
|
|
|
2,065,045 |
|
|
3,226 |
|
|
0.63 |
|
|
Federal
funds purchased and repurchase agreements |
|
|
7,691 |
|
|
45 |
|
|
2.37 |
|
|
|
3,180 |
|
|
15 |
|
|
1.87 |
|
|
|
151,647 |
|
|
606 |
|
|
1.62 |
|
|
FHLB
advances |
|
|
243,290 |
|
|
1,098 |
|
|
1.83 |
|
|
|
265,235 |
|
|
1,282 |
|
|
1.92 |
|
|
|
428,247 |
|
|
1,858 |
|
|
1.76 |
|
|
Subordinated debentures |
|
|
78,793 |
|
|
1,135 |
|
|
5.84 |
|
|
|
78,758 |
|
|
1,135 |
|
|
5.72 |
|
|
|
78,653 |
|
|
1,135 |
|
|
5.85 |
|
|
Total borrowings |
|
|
329,774 |
|
|
2,278 |
|
|
2.80 |
|
|
|
347,173 |
|
|
2,432 |
|
|
2.78 |
|
|
|
658,547 |
|
|
3,599 |
|
|
2.22 |
|
|
Total interest-bearing
liabilities |
|
|
2,773,607 |
|
|
10,192 |
|
|
1.49 |
|
|
|
2,658,680 |
|
|
9,382 |
|
|
1.40 |
|
|
|
2,723,592 |
|
|
6,825 |
|
|
1.02 |
|
|
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
|
1,333,498 |
|
|
|
|
|
|
|
1,370,428 |
|
|
|
|
|
|
|
1,262,989 |
|
|
|
|
|
|
Other
liabilities |
|
|
79,083 |
|
|
|
|
|
|
|
47,547 |
|
|
|
|
|
|
|
37,838 |
|
|
|
|
|
|
Total
liabilities |
|
|
4,186,188 |
|
|
|
|
|
|
|
4,076,655 |
|
|
|
|
|
|
|
4,024,419 |
|
|
|
|
|
|
Stockholders' equity |
|
|
459,439 |
|
|
|
|
|
|
|
446,352 |
|
|
|
|
|
|
|
450,774 |
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
4,645,627 |
|
|
|
|
|
|
$ |
4,523,007 |
|
|
|
|
|
|
$ |
4,475,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread |
|
|
|
|
|
|
|
2.77 |
% |
|
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
3.07 |
% |
|
Net interest-earning
assets |
|
$ |
1,479,737 |
|
|
|
|
|
|
$ |
1,504,587 |
|
|
|
|
|
|
$ |
1,396,708 |
|
|
|
|
|
|
Net interest margin -
tax-equivalent |
|
|
|
|
|
34,453 |
|
|
3.29 |
% |
|
|
|
|
|
34,237 |
|
|
3.26 |
% |
|
|
|
|
|
34,705 |
|
|
3.42 |
% |
|
Less: Tax-equivalent
adjustment |
|
|
|
|
|
(130 |
) |
|
(0.02 |
) |
|
|
|
|
|
(139 |
) |
|
(0.01 |
) |
|
|
|
|
|
(166 |
) |
|
(0.02 |
) |
|
Net interest
income |
|
|
|
|
$ |
34,323 |
|
|
|
|
|
|
|
$ |
34,098 |
|
|
|
|
|
|
|
$ |
34,539 |
|
|
|
|
Net interest
margin |
|
|
|
|
|
|
|
3.27 |
% |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________________________
(1) Presented on a tax-equivalent basis.
BRIDGE BANCORP, INC. AND
SUBSIDIARIESNon-GAAP Financial
Measures
(unaudited)Reconciliation of as
reported (GAAP) and non-GAAP financial
measures
The following tables below provide a
reconciliation of certain financial measures calculated under
generally accepted accounting principles ("GAAP") (as reported) and
non-GAAP. A non-GAAP financial measure is a numerical measure of
historical or future financial performance, financial position or
cash flows that excludes or includes amounts that are required to
be disclosed in the most directly comparable measure calculated and
presented in accordance with GAAP in the United States. The
Company’s management believes the presentation of non-GAAP
financial measures provide investors with a greater understanding
of the Company’s operating results in addition to the results
measured in accordance with GAAP. While management uses these
non-GAAP measures in its analysis of the Company’s performance,
this information should not be viewed as a substitute for financial
results determined in accordance with GAAP or considered to be more
important than financial results determined in accordance with
GAAP.
The following non-GAAP financial measures
exclude a net fraud recovery and office relocation costs during the
fourth quarter of 2018.
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
Return
on average total assets - as reported |
|
1.13 |
% |
|
1.22 |
% |
|
1.09 |
% |
|
Net fraud recovery |
|
— |
|
|
(0.05 |
) |
|
— |
|
|
Office relocation
costs |
|
— |
|
|
0.07 |
|
|
— |
|
|
Income tax effect of
adjustments above |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
Adjusted return on average total assets
(non-GAAP) |
|
1.13 |
|
|
1.23 |
|
|
1.09 |
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity - as
reported |
|
11.41 |
% |
|
12.32 |
% |
|
10.86 |
% |
|
Net fraud recovery |
|
— |
|
|
(0.53 |
) |
|
— |
|
|
Office relocation
costs |
|
— |
|
|
0.67 |
|
|
— |
|
|
Income tax effect of
adjustments above |
|
— |
|
|
(0.03 |
) |
|
— |
|
|
Adjusted return on average stockholders' equity
(non-GAAP) |
|
11.41 |
|
|
12.43 |
|
|
10.86 |
|
|
|
|
|
|
|
|
|
|
Return
on average tangible common equity - as
reported |
|
15.01 |
% |
|
16.38 |
% |
|
14.41 |
% |
|
Net fraud recovery |
|
— |
|
|
(0.71 |
) |
|
— |
|
|
Office relocation
costs |
|
— |
|
|
0.89 |
|
|
— |
|
|
Amortization of other
intangible assets |
|
0.25 |
|
|
0.25 |
|
|
0.29 |
|
|
Income tax effect of
adjustments above |
|
(0.05 |
) |
|
(0.09 |
) |
|
(0.05 |
) |
|
Adjusted return on average tangible common equity
(non-GAAP) |
|
15.21 |
|
|
16.72 |
|
|
14.65 |
|
|
BRIDGE BANCORP, INC. AND
SUBSIDIARIESNon-GAAP Financial
Measures (unaudited)
The following table presents a reconciliation of
net income and diluted earnings per share (as reported) to adjusted
net income and adjusted diluted earnings per share excluding a net
fraud recovery and office relocation costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars
in thousands, except per share amounts) |
|
2019 |
|
2018 |
|
2018 |
|
Net
income - as reported |
|
$ |
12,927 |
|
$ |
13,864 |
|
|
$ |
12,073 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Net fraud
recovery |
|
|
— |
|
|
(600 |
) |
|
|
— |
|
Office
relocation costs |
|
|
— |
|
|
750 |
|
|
|
— |
|
Income
tax effect of adjustments above |
|
|
— |
|
|
(32 |
) |
|
|
— |
|
Adjusted net income
(non-GAAP) |
|
$ |
12,927 |
|
$ |
13,982 |
|
|
$ |
12,073 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share - as reported |
|
$ |
0.65 |
|
$ |
0.70 |
|
|
$ |
0.61 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Net fraud
recovery |
|
|
— |
|
|
(0.03 |
) |
|
|
— |
|
Office
relocation costs |
|
|
— |
|
|
0.04 |
|
|
|
— |
|
Income
tax effect of adjustments above |
|
|
— |
|
|
(0.01 |
) |
|
|
— |
|
Adjusted diluted earnings per share
(non-GAAP) |
|
$ |
0.65 |
|
$ |
0.70 |
|
|
$ |
0.61 |
|
The following table presents a reconciliation of
efficiency ratio (as reported) and adjusted efficiency ratio
(non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars
in thousands, except per share amounts) |
|
2019 |
|
2018 |
|
2018 |
|
Efficiency ratio - as
reported |
|
|
57.15 |
% |
|
|
56.28 |
% |
|
|
58.47 |
% |
|
Non-interest expense -
as reported |
|
$ |
22,599 |
|
|
$ |
22,071 |
|
|
$ |
22,598 |
|
|
Less: Net
fraud recovery |
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
Less:
Office relocation costs |
|
|
— |
|
|
|
(750 |
) |
|
|
— |
|
|
Less:
Amortization of intangible assets |
|
|
(213 |
) |
|
|
(214 |
) |
|
|
(246 |
) |
|
Adjusted non-interest
expense (non-GAAP) |
|
$ |
22,386 |
|
|
$ |
21,707 |
|
|
$ |
22,352 |
|
|
Net interest income -
as reported |
|
$ |
34,323 |
|
|
$ |
34,098 |
|
|
$ |
34,539 |
|
|
Tax-equivalent adjustment |
|
|
130 |
|
|
|
139 |
|
|
|
166 |
|
|
Net interest income,
tax-equivalent basis |
|
$ |
34,453 |
|
|
$ |
34,237 |
|
|
$ |
34,705 |
|
|
Non-interest income -
as reported |
|
$ |
5,218 |
|
|
$ |
5,115 |
|
|
$ |
4,113 |
|
|
Less: Net
securities losses/(gains) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted non-interest
income (non-GAAP) |
|
$ |
5,218 |
|
|
$ |
5,115 |
|
|
$ |
4,113 |
|
|
Adjusted total revenues
for adjusted efficiency ratio (non-GAAP) |
|
$ |
39,671 |
|
|
$ |
39,352 |
|
|
$ |
38,818 |
|
|
Adjusted efficiency ratio (non-GAAP)
(1) |
|
|
56.43 |
% |
|
|
55.16 |
% |
|
|
57.58 |
% |
|
______________________________________
(1) Adjusted efficiency ratio is calculated by
dividing adjusted non-interest expense by the sum of net interest
income on a tax-equivalent basis and adjusted non-interest
income.
BRIDGE BANCORP, INC. AND
SUBSIDIARIESNon-GAAP Financial
Measures (unaudited)
The following table presents a reconciliation of
operating expense as a percentage of average assets (as reported)
and adjusted operating expense as a percentage of average assets
(non-GAAP):
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
Operating expense as a % of average assets - as
reported |
|
1.97 |
% |
|
1.94 |
% |
|
2.05 |
% |
|
Net fraud recovery |
|
— |
|
|
0.05 |
|
|
— |
|
|
Office relocation
costs |
|
— |
|
|
(0.07 |
) |
|
— |
|
|
Amortization of other
intangible assets |
|
(0.02 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
|
Adjusted operating expense as a % of average assets
(non-GAAP) |
|
1.95 |
|
|
1.90 |
|
|
2.03 |
|
|
_______________________________________
The following table reconciles net interest
margin (as reported) to adjusted net interest margin on a
tax-equivalent basis, excluding accretion income and average
purchase accounting adjustments on acquired loans (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars
in thousands) |
|
2019 |
|
2018 |
|
2018 |
|
Net interest income - as
reported |
|
$ |
34,323 |
|
|
$ |
34,098 |
|
|
$ |
34,539 |
|
|
Tax-equivalent adjustment |
|
|
130 |
|
|
|
139 |
|
|
|
166 |
|
|
Net interest income,
tax-equivalent basis |
|
$ |
34,453 |
|
|
$ |
34,237 |
|
|
$ |
34,705 |
|
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Less:
Accretion income on acquired loans |
|
|
(385 |
) |
|
|
(463 |
) |
|
|
(1,959 |
) |
|
Adjusted net interest
income, tax-equivalent basis (non-GAAP) |
|
$ |
34,068 |
|
|
$ |
33,774 |
|
|
$ |
32,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets - as reported |
|
$ |
4,253,344 |
|
|
$ |
4,163,267 |
|
|
$ |
4,120,300 |
|
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Average
purchase accounting adjustments on acquired loans |
|
|
4,941 |
|
|
|
5,379 |
|
|
|
9,131 |
|
|
Adjusted average
interest-earning assets (non-GAAP) |
|
$ |
4,258,285 |
|
|
$ |
4,168,646 |
|
|
$ |
4,129,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average yield on loans,
tax-equivalent basis - as reported |
|
|
4.66 |
% |
|
|
4.56 |
% |
|
|
4.62 |
% |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Purchase
accounting adjustments on acquired loans |
|
|
(0.05 |
) |
|
|
(0.06 |
) |
|
|
(0.26 |
) |
|
Adjusted average yield
on loans (non-GAAP) |
|
|
4.61 |
|
|
|
4.50 |
|
|
|
4.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin -
as reported (1) |
|
|
3.27 |
% |
|
|
3.25 |
% |
|
|
3.40 |
% |
|
Tax-equivalent adjustment |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
Net interest margin,
tax-equivalent basis (2) |
|
|
3.29 |
|
|
|
3.26 |
|
|
|
3.42 |
|
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Purchase
accounting adjustments on acquired loans |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.20 |
) |
|
Adjusted net interest
margin (non-GAAP) (3) |
|
|
3.24 |
|
|
|
3.21 |
|
|
|
3.22 |
|
|
________________________________
(1) Net interest margin represents net interest
income divided by average interest-earning assets.(2) Net interest
margin, tax-equivalent basis represents net interest income on a
tax-equivalent basis divided by average interest-earning assets.(3)
Adjusted net interest margin represents adjusted net interest
income on a tax-equivalent basis divided by adjusted average
interest-earning assets.
BRIDGE BANCORP, INC. AND
SUBSIDIARIESNon-GAAP Financial
Measures (unaudited)
The following table presents the tangible common
equity to tangible assets calculation (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars
in thousands) |
|
2019 |
|
2018 |
|
2018 |
|
Total assets - as
reported |
|
$ |
4,675,209 |
|
|
$ |
4,700,744 |
|
|
$ |
4,500,624 |
|
|
Less:
Goodwill and other intangible assets - as reported |
|
|
(110,100 |
) |
|
|
(110,324 |
) |
|
|
(110,953 |
) |
|
Tangible assets
(non-GAAP) |
|
$ |
4,565,109 |
|
|
$ |
4,590,420 |
|
|
$ |
4,389,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity - as reported |
|
$ |
465,003 |
|
|
$ |
453,830 |
|
|
$ |
433,323 |
|
|
Less:
Goodwill and other intangible assets - as reported |
|
|
(110,100 |
) |
|
|
(110,324 |
) |
|
|
(110,953 |
) |
|
Tangible common equity
(non-GAAP) |
|
$ |
354,903 |
|
|
$ |
343,506 |
|
|
$ |
322,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets
(non-GAAP) (1) |
|
|
7.8 |
% |
|
|
7.5 |
% |
|
|
7.3 |
% |
|
______________________________
(1) Calculated by dividing tangible common
equity by tangible assets.
Contact: |
John M. McCaffery |
|
Executive Vice President |
|
Chief Financial Officer |
|
(631) 537-1001, ext. 7290 |
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