Bridge Bancorp, Inc. Reports Second Quarter 2005 Earnings.BRIDGEHAMPTON, N.Y. -- Bridge Bancorp, Inc. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on (R)/OTCBB: BDGE), the holding company for The Bridgehampton National Bank (the "Bank"), today reported earnings for the second quarter of 2005. Net income for the three months ended June June: see month. 30, 2005 was $2,325,000, decreasing $217,000 from earnings of $2,542,000 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 second quarter 2005 were $0.37, a decrease of $0.03, or 7.5% from $0.40 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 for the second quarter of 2004. Net income for the six month period ended June 30, 2005 was $4,575,000, decreasing 11.5% from $5,167,000 for the first six months of 2004. Diluted earnings per share for the six month period ended June 30, 2005 were $0.73, a decrease of $.09, or 11.0% from $0.82 per diluted share for the first six months of 2004. 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 of operations, "Total assets of $557,321,000 at June 30, 2005 are relatively flat from June 30, 2004 with growth of less than one percent. During the second quarter, the Federal Reserve Open Market Committee continued raising short term interest rates, while long term rates remained persistently low. Still, consistent with the first quarter of 2005, we maintained a net interest margin of 4.9% for the three month period ended June 30, 2005. The Company gave careful consideration to containing asset growth, as the flatness of the treasury yield curve made longer duration investments and loans less attractive." Mr. Tobin continued, "Controlling asset growth included reducing volatile deposits this year helping to moderate our net interest margin. To this end, average demand deposit growth remains strong at 10.5% or $16.3 million, while overall average deposits increased only 1.8 % or $8.4 million, when comparing the six month periods of 2005 and 2004. Last quarter we reported that the Bank responded to competitive pressures by raising interest rates on interest bearing deposits with the objective of protecting existing customer relationships in the face of increasing competition for deposits in our market area. This strategy was effective as customer retention remains strong. Average loans grew 5.4% or $15.4 million for the six month period year over year, a slower pace than for the comparable periods in the prior two years. "Although earnings decreased year over year, our returns on average equity and assets of 19.3% and 1.68% respectively, continues the Company's ranking among top performing financial institutions nationwide. Further, the Company's capital position remains strong. "Looking toward the positive effects of future deposit growth on our net interest income, we continued to invest in infrastructure that supports core deposit growth without reaching out to more expensive short term wholesale funding. We anticipate that our Westhampton Westhampton or Westampton may refer to:
adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. strive to improve customer service and business opportunities through the development of a more experienced, customer oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. staff. Despite resulting increases to our salaries and benefits expense, the Company maintained an efficiency ratio of 48.8%." Mr. Tobin concluded, "We are confident in our business strategies. We believe that these efforts, along with continued focus on diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our revenue streams, will allow Bridge Bancorp, Inc. to continue to reward our shareholders with long term financial value." The Bridgehampton National Bank continues to be recognized for its steady and consistent financial performance. The Independent Banker reported in its June 2005 issue, "Top 20--Community Banking's Best Performers," that The Bridgehampton National Bank ranked 4th and 10th, respectively, among banks of its asset size nationwide in returns on average equity and assets for 2004. The Bridgehampton National Bank operates retail branches in Bridgehampton, East Hampton East Hampton or its variants is the name of several places in the United States:
Hampton, since 1965 part of the Greater London outer borough of Richmond upon Thames, SE England, on the Thames River. It is the site of Hampton Court Palace, which occupies about eight acres (3. Bays, Mattituck, Montauk Mon·tauk 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. , Peconic Peconic 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 Bank's Westhampton Beach branch will also incorporate a cafe. Attached to this release are selected financial highlights for the quarter. This report may contain statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future results of the Company (including certain projections and business trends) that are considered "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. " as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "PSLRA PSLRA Private Securities Litigation Reform Act PSLRA Public Service Labour Relations Act (Canada) "). Such forward-looking statements, in addition to historical information, which involve risk and uncertainties, 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," "estimates," "assumes," "likely," and variations 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 Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume in the Company's consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and strategies. For this presentation, the Company claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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; 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 Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. ; demand for loan products; demand for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ; 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 guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in real estate values and other factors discussed elsewhere in this report, and in other reports filed by the Company 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 SUBSIDIARY
Condensed Consolidated Statements
of Condition (unaudited)
(In thousands)
June December June
30, 31, 30,
2005 2004 2004
---------------------------
ASSETS
Cash and cash equivalents $ 46,292 $ 8,862 $ 15,988
Investment in debt and equity
securities, net:
Securities available for sale,
at fair value 182,551 202,042 222,169
Securities, restricted 2,169 1,979 1,979
Securities held to maturity 5,951 21,213 11,279
Loans 302,838 296,134 287,932
Less: Allowance for loan losses (2,410) (2,188) (2,172)
Loans, net 300,428 293,946 285,760
Banking premises and equipment, net 14,211 13,817 13,788
Accrued interest receivable and
other assets 5,719 5,341 4,989
---------------------------
Total Assets $557,321 $547,200 $555,952
===========================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Demand deposits $194,402 $158,366 $174,189
Savings, N.O.W. and money market
deposits 253,861 242,814 267,200
Certificates of deposit of $100,000
or more and other time deposits 57,732 68,131 66,882
Overnight borrowings - 26,700 3,100
Other liabilities and accrued
expenses 3,585 3,976 1,641
Total Stockholders' Equity 47,741 47,213 42,940
---------------------------
Total Liabilities and Stockholders'
Equity $557,321 $547,200 $555,952
===========================
BRIDGE BANCORP, INC. AND SUBSIDIARY
Condensed Consolidated Statements
of Income (unaudited)
(In thousands, except per share
amounts)
Three months ended Six months ended
June 30, June 30,
------------------ ----------------
2005 2004 2005 2004
----------------------------------------------------- ----------------
Interest income $7,004 $6,651 $13,916 $13,094
Interest expense 1,033 563 1,949 1,102
Net interest income 5,971 6,088 11,967 11,992
Provision for loan losses 150 50 150 50
-----------------------------------
Net interest income after provision
for loan losses 5,821 6,038 11,817 11,942
Other income 1,287 1,210 2,245 2,180
Net security gains 52 5 115 626
Other expenses 3,645 3,296 7,213 6,699
-----------------------------------
Income before income taxes 3,515 3,957 6,964 8,049
Provision for income taxes 1,190 1,415 2,389 2,882
-----------------------------------
Net income $2,325 $2,542 $ 4,575 $ 5,167
===================================
Basic earnings per share $ 0.37 $ 0.41 $ 0.73 $ 0.83
===================================
Diluted earnings per share $ 0.37 $ 0.40 $ 0.73 $ 0.82
===================================
Weighted average common shares 6,254 6,251 6,256 6,246
===================================
Weighted average common and common
equivalent shares 6,307 6,331 6,308 6,330
===================================
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