Bridge Bancorp, Inc. Reports Third Quarter Earnings; Net Income For the First Nine Months Increases 15.6%.Business Editors BRIDGEHAMPTON, N.Y.--(BUSINESS WIRE)--Oct. 15, 2003 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 2003, and for the nine months ended September September: see month. 30, 2003. Continuing its positive earnings trend, net income for the first nine months of 2003 increased 15.6% totaling $7,371,000 compared to $6,376,000 for the nine month 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 nine months ended September 30, 2003 increased 14.9% over the same period last year to $1.77 from $1.54. Net income for the quarter ended September 30, 2003 increased 4.6% to $2,358,000 or $0.56 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 $2,255,000 or $0.54 per diluted share for the three months ended September 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, "The Bank continues to benefit from its focus on both its core business strategies and operational efficiencies. Results were achieved while maintaining an efficiency ratio of 44.2% for the first nine months of 2003. Strong growth in total deposits of 10.7% for the nine months ended September 30, 2003, includes a 14.3% increase in demand deposits and a 10.0% increase in time deposits over the same period last year. Total deposits were $476,032,000 at September 30, 2003 compared to $430,030,000 at September 30, 2002. Demand deposits comprised 31.5% of total deposits at September 30, 2003. Growth in total loans to $263,805,000 at September 30, 2003, represents a 10.9% increase over total loans of $237,807,000 at the same date last year." Mr. Tobin continued, "Growth in total assets of 11.9% to $529,993,000 at September 30, 2003 over total assets of $473,864,000 at September 30, 2002 included a 19.5% increase in total investments in debt and equity securities to $236,368,000 compared to $197,830,000 at the same date last year. "Spread compression persisted into the third quarter of 2003 as asset yields continued adjusting to lower market rates. Low levels of deposit costs have not fully offset lower asset yields. Reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of cash flows from 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 at current market rates added to the shrinking net interest margin." Mr. Tobin commented further, "Credit risk remains low as loan quality remains strong. The entire loan portfolio is subject to regular, periodic analysis and as such, no provision for loan losses was recorded during the first nine months of 2003." Mr. Tobin concluded, "Structurally, our balance sheet remains asset sensitive. However, the benefits of asset sensitivity in a rising rate environment are likely to be delayed over the near term. Going into the last quarter of 2003 and next year we anticipate operating with a lower interest spread than we have enjoyed historically, putting pressure on earnings growth. While fully recognizing the challenges inherent in this environment, we are confident that our commitment to well-defined well-de·fined adj. 1. Having definite and distinct lines or features: a well-defined silhouette. 2. business principles, including planned and sustainable growth, will result in continued 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 our shareholders." 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 9.3% to $42,548,000 at September 30, 2003 from $38,920,000 at September 30, 2002. Founded in 1910, Bridgehampton National Bank is the oldest independent commercial bank headquartered on the South Fork South Fork may refer to:
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, Peconic Landing at Greenport, 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. , 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)
September December September
30, 31, 30,
2003 2002 2002
-----------------------------
ASSETS
Cash and cash equivalents $17,381 $10,807 $27,091
Investment in debt and equity
securities, net:
Securities available for sale, at
fair value 226,525 182,416 186,630
Securities held to maturity 9,843 11,023 11,200
Loans 263,805 248,388 237,807
Less: Allowance for loan losses (2,089) (2,294) (2,413)
Loans, net 261,716 246,094 235,394
Banking premises and equipment, net 10,405 9,827 8,654
Accrued interest receivable and other
assets 4,123 3,819 4,895
-----------------------------
Total Assets $529,993 $463,986 $473,864
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits $149,883 $125,560 $131,135
Savings, N.O.W. and money market
deposits 262,596 218,016 241,096
Certificates of deposit of $100,000 or
more and other time deposits 63,553 62,833 57,799
Overnight borrowings 8,700 12,300 -
Other liabilities and accrued expenses 2,713 5,306 4,914
Total Stockholders' Equity 42,548 39,971 38,920
-----------------------------
Total Liabilities and Stockholders'
Equity $529,993 $463,986 $473,864
=============================
BRIDGE BANCORP, INC. AND SUBSIDIARY
Unaudited Condensed Consolidated Statements of Income
(In thousands)
3 months ended 9 months ended
September 30, September 30,
--------------- -----------------
2003 2002 2003 2002
--------------- -----------------
Interest income $6,488 $6,931 $19,278 $19,768
Interest expense 560 1,230 2,044 3,554
--------------- -----------------
Net interest income 5,928 5,701 17,234 16,214
Provision for loan losses - 60 - 180
--------------- -----------------
Net interest income after provision
for loan losses 5,928 5,641 17,234 16,034
Other income 1,085 1,011 2,904 2,535
Net security gains - - 1,200 -
Other expenses 3,299 3,046 9,735 8,725
--------------- -----------------
Income before income taxes 3,714 3,606 11,603 9,844
--------------- -----------------
Provision for income taxes 1,356 1,351 4,232 3,468
--------------- -----------------
Net income $2,358 $2,255 $7,371 $6,376
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Basic earnings per share $0.57 $0.55 $1.79 $1.55
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Diluted earnings per share $0.56 $0.54 $1.77 $1.54
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