Bridge Bancorp, Inc. Continues Trend of Record Earnings.Business Editors BRIDGEHAMPTON, N.Y.--(BUSINESS WIRE)--Jan. 22, 2001 Bridge Bancorp, Inc. (the "Company") (NASDAQ/OTC:BDGE), the holding company of The Bridgehampton National Bank (the "Bank), announced the results of operations for the fiscal year ended December December: see month. 31, 2000. The Company continued its trend of record earnings posting net income of $5,636,000 or $1.32 per share for 2000, an increase of $18.2% over earnings of $4,767,000 or $1.11 per share in 1999. Earnings for the three months ended December 31, 2000 increased 20.8%, totaling $1,623,000 for the period compared to $1,343,000 for the same period last year. 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 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results and quarterly earnings: "Results of operations for 2000 represent another banner year for our Company. Our dedication to high performance goals and the effectiveness of our Company's business development strategies are reflected by the 18.2% increase in earnings for the year. Return on average equity for 2000 of 21.9%, and return on average assets of 1.62% continue our Company's consistent ranking among top performing banks of our asset size nationwide. The Company's five year trend of steady growth in earnings reflects solid increases in both quality assets and core deposits. Total deposits increased 14.2% to $313,379,000 at year end, including 18.5% growth in demand deposits. This trend is supported by our commitment to superior levels of customer service, and the opening of branch offices to better serve the East End community. Disciplined underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards uphold up·hold tr.v. up·held , up·hold·ing, up·holds 1. To hold aloft; raise: upheld the banner proudly. 2. To prevent from falling or sinking; support. 3. asset quality while our branch expansion strategy sets the pace for continued deposit and revenue growth. We are mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind that the changeable economic environment has potential to affect challenges in our regional economy. The Company's steadfast attention to asset quality enhances our ability to face the effects of unpredictable markets with confidence, enabling us to continue returning 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. value to shareholders." Other year end financial highlights include an 18.5% increase in demand deposits to $99,979,000 at December 31, 2000 from $84,392,000 at December 31, 1999; a 17.8% increase in net loans to $198,992,000 at December 31, 2000 from $168,899,000 at year end 1999, and 18.2% growth in total assets to $354,642,000 at December 31, 2000 from $300,044,000 at year end 1999. Total stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. increased 21.6% to $28,788,000 at December 31, 2000 from $23,672,000 at December 31, 1999. The Bridgehampton National Bank will open its ninth branch office in Sag Harbor Sag Harbor 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. , located at 2 Bay Street, during the first quarter of 2001. Construction of the facility is nearing completion. The Bridgehampton National Bank is the oldest independent commercial bank headquartered on the South Fork South Fork may refer to:
n. pl. Montauk or Mon·tauks 1. a. A Native American people formerly inhabiting the eastern end of Long Island in New York. b. A member of this people. 2. , Southampton Southampton, county district (1991 pop. 194,400), Hampshire, S England, at the head of Southampton Water. Southampton is Britain's second largest port. The London-Southampton railway, finished in 1840, and the double tide of the harbor made Southampton an important , Southampton Village, and Southold Southold may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State and 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. . Note: Please see the attached Five Year Summary of Operations for selected financial data. 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
Five Year Summary of Operations
(In thousands, except per share data and financial ratios)
Set forth below are selected consolidated
financial and other data of the Company.
The Company's business is primarily the
business of the Bank. This financial data
is derived in part from, and should be read
in conjunction with, the consolidated financial
statements of the Company.
December 31, 2000 1999 1998 1997 1996
----------------------------------------------------------------------
Selected Financial
Data:
Securities
available
for sale $114,454 $84,596 $69,443 $60,190 $57,779
Securities held
to maturity/for
investment 12,397 13,373 5,052 11,812 6,262
Loans, net 198,992 168,899 166,983 137,243 117,643
Total assets 354,642 300,044 266,951 233,112 204,614
Total deposits 313,379 274,322 241,531 203,697 184,847
Total stockholders'
equity (4) 28,788 23,672 22,232 19,451 16,926
Year Ended
December 31,
----------------------------------------------------------------------
Selected Operating
Data:
Total interest
income (including
fee income) $25,458 $21,056 $19,019 $17,224 $15,501
Total interest
expense 8,753 6,135 5,978 5,543 5,072
Net interest income 16,705 14,921 13,041 11,681 10,429
Provision for
loan losses 105 420 425 410 330
Net interest
income after
provision for
loan losses 16,600 14,501 12,616 11,271 10,099
Total other income 2,546 2,669 3,005 4,323 -2 2,422
Total other
expenses 11,046 10,016 9,637 9,067 7,960
Income before
income taxes 8,100 7,154 5,984 6,527 -2 4,561
Provision for
income taxes 2,464 2,387 2,089 2,332 1,555
Net income $5,636 $4,767 $3,895 $4,195 -2 $3,006
December 31,
----------------------------------------------------------------------
Selected Financial
Ratios and
Other Data:
Return on
average equity (1) 21.86% 21.00% 19.19% 23.08% -2 18.84%
Return on
average assets(1) 1.62% 1.59% 1.51% 1.86% -2 1.51%
Equity to assets 7.77% 8.15% 8.00% 8.00% 8.07%
Dividend payout
ratio 36.83% 37.47% 38.05% 47.00% -2 32.87%
Diluted earnings
per share(3) $1.32 $1.11 $0.91 $0.99 -2 -
Basic earnings
per share(3) $1.33 $1.12 $0.92 $0.99 -2 $0.70
Cash dividends
declared per
common share(3) $0.49 $0.42 $0.35 $0.47 -2 $0.23
(1) For purposes of these calculations, average stockholders'
equity excludes the effect of changes in the unrealized
appreciation (depreciation) on securities available for sale,
net of taxes.
(2) On June 17, 1997, the Bank sold its former headquarters
building resulting in a gain, net of taxes, of approximately
$829,000. Return on average equity excluding this gain, net of
taxes, was 18.52%. Return on average assets excluding this
gain, net of taxes, was 1.49%. On December 15, 1997 the Bank
declared a one time special dividend of approximately
$845,000, or $.20 per share, paying out this gain to the
shareholders.
(3) On July 20, 1998, the Board of Directors declared a
three-for-one stock split in the form of a stock dividend
payable August 31, 1998, to stockholders of record as of
August 19, 1998. As a result, $14,439,990 was transferred from
Undivided Profits and Capital Surplus at August 19, 1998 to
reflect the issuance. On April 15, 1997, the Board of
Directors declared a three-for-one stock split in the form of
a stock dividend payable on May 30, 1997 to stockholders of
record as of May 1, 1997. As a result, $4,801,000 was
transferred from Undivided Profits and Capital Surplus at May
1, 1997 to reflect the issuance. All per share amounts have
been adjusted to reflect the effects of these splits.
(4) The equity section of the balance sheet also reflects the
decrease in the par value of the Company's Common Stock from a
par value of Five Dollars ($5.00) per share to a par value of
One Cent ($0.01) per share. This change was authorized by the
Board of Directors and adopted by the Shareholders at the
Company's April 19, 1999 annual meeting. The change was
effectuated during the second quarter of 1999 by filing of an
amendment to the Company's certificate of incorporation. Such
reduction in par value permitted the Company to decrease its
stated capital by approximately $21,203,000. Capital surplus
increased by approximately $21,203,000, thereby providing the
Company with the ability to allow payments of dividends from
surplus if deemed advisable or necessary by the Board of
Directors. Capital surplus has not been restated for prior
periods. It should be realized, however, that as a practical
matter the Company would only have the ability to pay out a
moderate proportion of the aggregate increase in capital
surplus as dividends since there are regulatory restrictions
on the payment of dividends.
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