Bridge Bancorp, Inc. Continues Trend of Record Earnings; Net Income for the first six months rises 31.5%.Business Editors Bridge Bancorp, Inc. (the "Company") (NASDAQ/OTC: BDGE), the holding company for The Bridgehampton National Bank (the "Bank"), today reported record earnings for the second quarter of 2002, and for the six months ended June 30th, 2002. Net income for the three months ended June 30, 2002 increased 26.1% totaling $2,114,000 or $0.50 per share compared to $1,676,000 or $0.40 per share for the same period last year. Earnings for the six months ended June 30, 2002 increased 31.5% to $4,121,000 or $0.98 per share, up from to $3,133,000 or $0.74 per share for the six month period last year. Thomas J. Tobin, President and Chief Executive Officer of Bridge Bancorp, Inc. commented on the Company's results, "Our Company continued its trend of record earnings for the three months ended June 30, 2002 as well as the first six months of 2002. Deposit growth remained strong at 14.8% growth over June 30, 2001, including a 16.6% increase in demand deposits. At June 30, 2002 demand deposits represent 31.6% of total deposits contributing to the Bank's low cost of funding and strong net interest margin. Total assets kept pace, growing 15.0% over the June 30, 2001 period." Mr. Tobin continued, "The Bank's strong and steady growth trends reflect BNB's positive reputation in the marketplace among businesses and consumers alike. During the first half of 2002, the Bank began operations of Bridge Abstract, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a title insurance subsidiary, and also introduced our new corporate logo. The new logo graphically communicates the strength and stability of our Company, and also our potential for future growth as we explore opportunities to expand banking relationships with customers in our market area. "During the second quarter of 2002, we continued our business development efforts in existing markets. We are eager to better serve the community of Hampton Bays with the opening of our tenth branch office later this month in the Hampton Bays Town Center at 48 East Montauk Highway Montauk Highway is one of the original through highways of Long Island, New York, extending from Jamaica, in the New York City borough of Queens to Montauk Point in Suffolk County, a distance of approximately 100 miles (~160 km). . We also successfully rolled out Bridge Online Banking at www.bridgenb.com, BNB's internet banking for consumers this year." During the second quarter, the Company engaged Crowe, Chizek and Company LLP LLP - Lower Layer Protocol of Oak Brook, Illinois Oak Brook is a suburb of Chicago in DuPage County, in Illinois. The population was 8,702 at the 2000 census. History Oak Brook was incorporated as a Village in 1958, due in large part to the efforts of Paul Butler, a prominent civic leader and landowner whose father had as independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . Crowe, Chizek is a top 10 public accounting and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , serving clients worldwide as a leading member of the Horwath International  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . network of accounting and consulting firms. The 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. and 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 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
Financial Highlights
(In thousands, except per share data)
June 30, 2002 2001
----------------------------------------------------------------------
Total assets $ 439,775 $ 382,443
Net loans 230,420 217,326
Securities available for sale 142,598 122,715
Securities held to maturity 18,825 7,477
Demand deposits 126,454 108,473
Savings and time deposits 273,690 240,015
Total stockholders' equity 35,786 31,242
Six Months Ended June 30, 2002 2001
----------------------------------------------------------------------
Interest income $ 12,837 $ 13,598
Interest expense 2,324 4,554
-----------------------------
Net interest income 10,513 9,044
Provision for possible loan losses 120 170
-----------------------------
Net interest income after
provision for possible loan losses 10,393 8,874
Other income 1,524 1,210
Other expenses 5,679 5,491
-----------------------------
Income before income taxes 6,238 4,593
Provision for income taxes 2,117 1,460
-----------------------------
Net income $ 4,121 $ 3,133
-----------------------------
Earnings per share 0.98 0.74
=============================
Net income increased 31.54% to $4,121,000 or $.98 per share for the first six months of 2002 compared to $3,133,000 or $.74 per share for the same period last year. Net income for the three months ended June 30, 2002 totaled $2,114,000, a 26.1% increase over earnings of $1,676,000 for the same period last year. Assets totaled $439,775,000 at June 30, 2002, a 15.0% increase over total assets of $382,443,000 at June 30, 2001. Investments in securities available for sale increased to $142,598,000 or 16.2% at June 30, 2002 from $122,715,000 at June 30, 2001. Net loans increased 6.0% from $217,326,000 at June 30, 2001 to $230,420,000 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 14.5% from $31,242,000 at June 30, 2001 to $35,786,000 at June 30, 2002. Total deposits increased 14.8% to $400,144,000 at June 30, 2002 from $348,488,000 at June 30, 2001. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion