Bridge Bancorp, Inc. Reports Third Quarter 2005 Earnings.BRIDGEHAMPTON, N.Y. -- Bridge Bancorp, Inc. (the "Company") (NASDAQ/OTCBB: BDGE), the holding company for The Bridgehampton National Bank (the "Bank"), today reported earnings for the third quarter of 2005. Net income for the three months ended September September: see month. 30, 2005 decreased $189,000 or 7.1%, totaling $2,474,000 for the quarter ended September 30, 2005 compared to net income of $2,663,000 for the quarter ended September 30, 2004. Net income for the nine months ended September 30, 2005 decreased $781,000 or 10.0% to $7,049,000 compared to net income of $7,830,000 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 third quarter 2005 decreased 7.1% to $0.39 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 $0.42 per diluted share for the same period in 2004. Diluted earnings per share for the first nine months of 2005 were $1.12 per share decreasing 9.7% from $1.24 per share for the nine month period ended September 30, 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, "The Company continued its strategy that incorporated limiting balance sheet growth. We allowed volatile deposits to run off the balance sheet, as interest rates repriced rapidly and competitors vied for deposits regardless of cost. In addition, the treasury yield curve flattened flat·ten v. flat·tened, flat·ten·ing, flat·tens v.tr. 1. To make flat or flatter. 2. To knock down; lay low: The boxer was flattened with one punch. further during the third quarter in this historically low rate environment causing us to believe that the pressure on the net interest margin will continue. The high cost of these deposits as a funding source, coupled with flat yields at the long end of the curve resulted in less attractive investment opportunities. Total investments decreased $41,048,000 or 16.9% at September 30, 2005 year over year. In addition, loan growth for the third quarter and first nine months of 2005 was slower than in prior years reflecting increased competition for quality credits within our market area. Total loans grew $15,726,000 or 5.5% to $304,157,000 at September 30, 2005 year over year. Total assets at September 30, 2005 were $547,116,000, a decrease of 3.8% compared to $568,767,000 the prior year. Asset quality remains strong. "Consistent with our plan and through attention to our business model, demand deposits increased 10.2%, although total deposits decreased 4.3% at September 30, 2005 year over year. After remaining consistent at 4.9% for the prior two quarters, the net interest margin ticked up slightly to 5.0% for the third quarter." Mr. Tobin continued, "We look towards increasing low cost, stable deposits to fuel asset growth with resulting improvements to net interest income. To this end, we are pleased to report an anticipated fourth quarter opening of our Westhampton Westhampton or Westampton may refer to:
Other financial results reported include an 8.2% increase in other income for the third quarter of 2005 over the same period in 2004, and an increase of 4.9% for the first nine months of 2005 over the nine month period in 2004. This growth was driven by Bridge Abstract, the Bank's title insurance abstract subsidiary, which continues to represent strong potential for noninterest income. Bridge Bancorp, Inc. continues to be ranked among top performing financial institutions nationwide. The Company reported returns of average equity and assets for the nine month period ended September 30, 2005 of 19.7% and 1.71% respectively, as well as an efficiency ratio of 48.4%. The Company has a strong capital position thereby benefiting from opportunities to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares of Company stock under its Board approved stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, as well as supporting business opportunities that promote long term Company growth. Additionally, Bridge Bancorp, Inc. continues its trend of uninterrupted dividends. The Bridgehampton National Bank operates retail branches in Bridgehampton, East Hampton, Greenport Greenport may refer any of the following 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 Southold may refer to:
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)
September 30, December 31, September 30,
2005 2004 2004
-----------------------------------
ASSETS
Cash and cash equivalents $22,771 $8,862 $21,242
Investment in debt and equity
securities, net:
Securities available for sale,
at fair value 189,570 202,042 220,250
Securities, restricted 2,169 1,979 1,979
Securities held to maturity 10,011 21,213 20,569
Loans 304,157 296,134 288,431
Less: Allowance for loan losses (2,393) (2,188) (2,146)
Loans, net 301,764 293,946 286,285
Banking premises and equipment, net 14,748 13,817 13,827
Accrued interest receivable and
other assets 6,083 5,341 4,615
-----------------------------------
Total Assets $547,116 $547,200 $568,767
===================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits $192,927 $158,366 $175,018
Savings, N.O.W. and money market
deposits 257,625 242,814 275,080
Certificates of deposit of $100,000
or more and other time deposits 45,815 68,131 68,641
Overnight borrowings - 26,700 -
Other liabilities and accrued
expenses 3,658 3,976 2,959
Total Stockholders' Equity 47,091 47,213 47,069
-----------------------------------
Total Liabilities and Stockholders'
Equity $547,116 $547,200 $568,767
===================================
BRIDGE BANCORP, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income (unaudited)
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
--------------------------------------------
2005 2004 2005 2004
----------------------------------------------------------------------
Interest income $7,373 $6,955 $21,289 $20,049
Interest expense 1,118 600 3,067 1,702
Net interest income 6,255 6,355 18,222 18,347
Provision for loan losses 150 100 300 150
--------------------------------------------
Net interest income after provision
for loan losses 6,105 6,255 17,922 18,197
Other income 1,391 1,286 3,636 3,466
Net security gains - (2) 115 624
Other expenses 3,771 3,383 10,984 10,082
--------------------------------------------
Income before income taxes 3,725 4,156 10,689 12,205
Provision for income taxes 1,251 1,493 3,640 4,375
--------------------------------------------
Net income $2,474 $2,663 $7,049 $7,830
============================================
Basic earnings per share $0.40 $0.43 $1.13 $1.25
============================================
Diluted earnings per share $0.39 $0.42 $1.12 $1.24
============================================
Weighted average common
shares 6,237 6,266 6,250 6,253
============================================
Weighted average common and common
equivalent shares 6,272 6,328 6,293 6,329
============================================
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion