Bridge Bancorp, Inc. Continues Earnings Trend; Net Income for the First Six Months Rises 21.7%.Business Editors BRIDGEHAMPTON, N.Y.--(BUSINESS WIRE)--July 16, 2003 Bridge Bancorp, Inc. (the "Company") (NASDAQ/OTCBB: BDGE), the holding company for The Bridgehampton National Bank (the "Bank"), today reported earnings for the second quarter of 2003. Net income for the six months ended June June: see month. 30, 2003, increased 21.7% totaling $5,013,000 compared to earnings of $4,121,000 for the same period last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first six months of 2003 increased 23.5% over the same period last year to $1.21 from $0.98. Net income for the three months ended June 30, 2003 increased to $2,475,000 or $0.60 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share from $2,114,000 or $0.50 per diluted share for the three months ended June 30, 2002. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs J. Tobin To·bin , James 1918-2001. American economist. He won a 1981 Nobel Prize for his analyses of financial markets and their influence on the finances of families and businesses. Noun 1. , President and Chief Executive Officer of Bridge Bancorp, Inc. commented on the Company's results. "We continue to experience strong growth in our core business with increases in total loans and deposits of 12.9% and 12.4%, respectively, over June 30, 2002. Deposits totaled $449,811,000 at June 30, 2003, compared to $400,144,000 at June 30, 2002; reflecting a 15.5% increase in demand deposits and an 11.0% increase in interest bearing deposits. Total loans were $262,724,000 at June 30, 2003, increasing from $232,784,000 at the same date last year. Securities available for sale increased 35.2% to $205,029,000 at June 30, 2003, from $151,664,000 at June 30, 2002. Assets totaled $507,704,000 at June 30, 2003, a 15.5% increase over total assets of $439,775,000 at June 30, 2002. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased 21.6% to $43,509,000 at June 30, 2003 from $35,786,000 at June 30, 2002." Tobin continued, "We remain cognizant cog·ni·zant adj. Fully informed; conscious. See Synonyms at aware. [From cognizance.] Adj. 1. of our growth levels and the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. effects of adding assets to our balance sheet in the current rate environment. The pressure the banking industry is experiencing on the net interest margin is impacting our Company as well. Our net interest margin declined to 5.3% from 5.5% for the first six months of 2003 compared to the twelve months ended December December: see month. 31, 2002. Accelerated prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. on mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. and loans with the proceeds being reinvested at lower current market yields have contributed to the lower net interest margin. Our Company sold approximately $22,094,000 in securities during the second quarter and approximately $42,538,000 during the first six months of 2003. The sales have been concentrated in higher coupon mortgage-backed securities that were experiencing rapid prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of principal. The Company's net income for the second quarter and first six months of 2003 has benefitted from the gains on the sale of these securities, net of taxes, by $354,000 and $755,000, respectively. As long as low interest rates are sustained, we expect continued downward pressure on future earnings caused by margin compression. "We will remain focused on our strategies without taking undue risks by extending our asset maturities to chase yield, or by compromising credit quality to record higher yielding assets. Our analysis of credit risk remains strong. Maintaining our efficiency remains a priority while continuing to grow our markets and product offerings." Founded in 1910, Bridgehampton National Bank is the oldest independent commercial bank headquartered on the South Fork South Fork may refer to:
A village of southeast New York on the eastern end of Long Island on an inlet of Long Island Sound. A major whaling port in the early 19th century, it is today primarily a resort. Population: 2,360. , Southampton, Southampton Village and Southold. The Bridgehampton National Bank, which is locally directed and managed maintains a policy of community involvement through programs and initiatives that enhance the environment and quality of life on the East End. The Bank is a member of the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . Bridgehampton National Bank is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. and an Equal Opportunity Employer equal opportunity employer An employer or enterprise that does not discriminate against a job candidate, or subject him/her to adverse exclusionary criteria, based on race, sex, religion, or national origin. See Equal employment opportunity. . This release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.
BRIDGE BANCORP, INC. AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Condition
(In thousands)
June 30, Dec. 31, June 30,
2003 2002 2002
---------------------------
ASSETS
Cash and cash equivalents $ 20,803 $ 10,807 $ 35,224
Investment in debt and equity
securities, net:
Securities available for sale,
at fair value 205,029 182,416 151,664
Securities held to maturity 6,713 11,023 9,759
Loans 262,724 248,388 232,784
Less: Allowance for loan losses (2,175) (2,294) (2,364)
Loans, net 260,549 246,094 230,420
Banking premises and equipment,
net 9,519 9,827 8,691
Accrued interest receivable and
other assets 5,091 3,819 4,017
---------------------------
Total Assets $507,704 $463,986 $439,775
===========================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Demand deposits $146,089 $125,560 $126,454
Savings, N.O.W. and money market
deposits 242,932 218,016 218,993
Certificates of deposit of
$100,000 or more and other time
deposits 60,790 62,833 54,697
Overnight borrowings 10,500 12,300 -
Other liabilities and accrued
expenses 3,884 5,306 3,845
Total Stockholders' Equity 43,509 39,971 35,786
---------------------------
Total Liabilities and
Stockholders' Equity $507,704 $463,986 $439,775
===========================
BRIDGE BANCORP, INC. AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Income
(In thousands)
3 months ended 6 months ended
June 30, June 30,
----------------- ----------------
2003 2002 2003 2002
----------------- ----------------
Interest income $ 6,222 $ 6,413 $ 12,790 $12,837
Interest expense 715 1,143 1,484 2,324
----------------- ----------------
Net interest income 5,507 5,270 11,306 10,513
Provision for loan losses - 60 - 120
----------------- ----------------
Net interest income after
provision for loan losses 5,507 5,210 11,306 10,393
Other income 971 839 1,819 1,524
Net security gains 566 - 1,200 -
Other expenses 3,147 2,847 6,436 5,679
----------------- ----------------
Income before income taxes 3,897 3,202 7,889 6,238
----------------- ----------------
Provision for income taxes 1,422 1,088 2,876 2,117
----------------- ----------------
Net income $ 2,475 $ 2,114 $ 5,013 $ 4,121
================= ================
Basic earnings per share $ 0.60 $ 0.51 $ 1.22 $ 1.00
================= ================
Diluted earnings per share $ 0.60 $ 0.50 $ 1.21 $ 0.98
================= ================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion