Bridge View Bancorp Announces Growth of Assets, Loans and Deposits and Strong Third Quarter Earnings.Business Editors ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. CLIFFS, N.J.--(BUSINESS WIRE)--Oct. 17, 2002 Bridge View Bancorp (AMEX AMEX See: American Stock Exchange :BVB BVB Basler Verkehrsbetriebe BVB Ballspiel-Verein Borussia 1909 (German soccer club) BVB Belgische Voetbalbond BVB Bundesverband für Buero- und Informationssysteme BVB Boa Vista, Roraima, Brazil (Airport Code) ) today announced that total assets at September September: see month. 30, 2002, increased by 19.3% or $44.1 million to $272.5 million from $228.4 million as of September 30, 2001. Total loans increased by 28.5% or $39.3 million to $177.0 million as of September 30, 2002 from $137.7 million at September 30, 2001. Deposits grew 21.9% or $43.6 million to $243.0 million at September 30, 2002 from $199.4 million at September 30, 2001. The increase in total assets, loans, and deposits remains the result of customer referrals, selective marketing, and the recent opening of four new branch offices. Net income for the nine months ended September 30, 2002 totaled $2,858,000, a decrease of $452,000 or 13.7% below $3,310,000 for the same period in 2001. Net income for the quarter ended September 30, 2002 decreased by 36.6% to $787,000 from $1,242,000 for the quarter ended September 30, 2001. The decrease in net income for the first nine months of 2002 compared to 2001 included the recognition of a "catch-up catch-up n. 1. An approach or strategy intended to overcome a disadvantage or lead: The competition will be playing catch-up for the rest of the season. 2. " adjustment in income tax expense for the first six months of 2002; the effect of certain retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a tax reforms that were passed on July July: see month. 2, 2002, by the New Jersey State Legislature's enactment of the Business Tax Reform Act. This "catch-up" adjustment combined with increases in the provision for loan losses, increases in non-interest expense associated with opening and staffing four new branches, and an increase of 3.8% in the Company's effective tax rate, contributed to the decrease in net income. The Company experienced an increase in non-interest income, reaching $1,768,000 for the nine months ended September 30, 2002 from $1,410,000 for the same period in 2001. The increase in non-interest income reflects the combination of an increase in average deposit levels as well as a recognized gain Recognized Gain The amount of gain reported for income tax purposes. Notes: You can defer recognizing some gains until the following year(s). See also: Capital Gain, Capital Loss, Deferred Income Tax, Drought Sale, Exempt Income, Exemption, Gain, Recognized Loss from the sale of a security during the second quarter of 2002. The decrease in net income during the third quarter of 2002 as compared to third quarter of 2001 reflects the charge for the "catch-up" tax expense as well as the combined increases in non-interest expense, the provision for loan losses, and the Company's effective tax rate. For the quarter ended September 30, 2002, the Company's provision for loan losses was increased by $60,000 over the same time period in 2001. This increased provision is directly related to the growth of the loan portfolio, which experienced a 28.5% increase from $137,706,000 at September 30, 2001 to $176,953,000 at September 30, 2002. Non-interest expense for the nine months ended September 30, 2002 increased by $1,113,000, or 23.0%, to $5,949,000 as compared to $4,836,000 for the nine months ended September 30, 2001. Similarly, non-interest expense for the quarter ended September 30, 2002 rose by $457,000, or 28.7%, to $2,052,000 from $1,595,000 for the quarter ended September 30, 2001. These increases continue to be the result of opening and staffing the four branches obtained during December December: see month. , 2001. Basic earnings per share for the nine month period ended September 30, 2002 were $0.81 as compared to $0.93 for the nine month period ended September 30, 2001, representing a decrease of 12.9%, while 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, 2002 fell to $0.78, a decrease of $0.13 or 14.3% below the $0.91 per share for the nine months ended September 30, 2001. For the quarter ended September 30, 2002, basic earnings per share were $0.22 as compared to $0.35 for the same period in 2001, a decrease of 37.1%. For the quarter ended September 30, 2002, diluted earnings per share were $0.21, a decrease of $0.13 or 38.2%, below the $0.34 per share for the same period in 2001. Bridge View Bancorp is the holding company for Bridge View Bank. The Company operates a commercial banking business from its main office in Englewood Cliffs and ten branch offices: two in Fort Lee, one each in Edgewater Edgewater is a common name used throughout the world as a place name. It is often found in English-speaking countries such as Australia, Canada, United Kingdom and United States. , Hackensack Hackensack, city, United States Hackensack, city (1990 pop. 37,049), seat of Bergen co., NE N.J., on the Hackensack River, a residential and industrial suburb of New York City; settled 1647, inc. as a city 1921. , Tenafly Tenafly (tĕn`əflī), affluent residential borough (1990 pop. 13,326), Bergen co., NE N.J.; settled 1640, inc. 1894. It is a suburb lying along the Palisades and the east bank of the Hudson River. , Harrington Park Harrington Park is the name of the following places:
1 Residential town (1990 pop. 12,557), Norfolk co., E Mass., in the greater Boston area; settled 1640, inc. 1897. It has several early 18th-century buildings. 2 Residential borough (1990 pop. 10,446), Bergen co., NE N.J. , Bergenfield, and Ridgefield Park Ridgefield Park, village (1990 pop. 12,454), Bergen co., NE N.J., on the Hackensack River; inc. 1892. Chiefly residential, it manufactures some paper goods. ; all in Bergen County, NJ. This release may contain certain "forward looking statements" within the meaning of 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 which involve risks and uncertainties. These statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "may," "potential," or similar statements or variations of such terms. Examples of forward looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations, and business of Bridge View Bancorp, that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include: changes in general, economic and market conditions, legislative and regulatory conditions, or the development of an interest rate environment which adversely affects Bridge View Bancorp's interest rate margin or other income anticipated from operations and investments. Contact Michele Albino albino (ălbī`nō) [Port.,=white], animal or plant lacking normal pigmentation. The absence of pigment is observed in the body covering (skin, hair, and feathers) and in the iris of the eye. , Corporate Secretary, for questions or information at 201-871-7800.
BRIDGE VIEW BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
---- ---- ---- ----
Selected Operating
Data:
Total interest
income $ 3,495 $ 3,711 $10,317 $11,314
Total interest
expense 395 694 1,212 2,696
------- ------- ------- -------
Net interest income
before provision
for loan loss 3,100 3,017 9,105 8,618
Provision for loan
loss 120 60 330 100
------- ------- ------- -------
Net interest income
after provision
for loan loss 2,980 2,957 8,775 8,518
Non-interest income 527 548 1,768 1,410
Non-interest
expenses 2,052 1,595 5,949 4,836
------- ------- ------- -------
Income before
income taxes 1,455 1,910 4,594 5,092
Income tax
provision 668 668 1,736 1,782
------- ------- ------- -------
Net income $ 787 $ 1,242 $ 2,858 $ 3,310
======= ======= ======= =======
Basic Earnings per
Share (1) $ 0.22 $ 0.35 $ 0.81 $ 0.93
Diluted Earnings
per Share (1) $ 0.21 $ 0.34 $ 0.78 $ 0.91
(1) All share data has been restated to include the effect of the 10%
stock dividend in March, 2002
At September 30,
Selected Financial Data: 2002 2001
------ ------
Total Assets $272,506 $228,383
Total Loans 176,953 137,706
Allowance for Loan Losses 1,676 1,529
Total Deposits 243,034 199,384
Stockholders' Equity 28,743 26,019
At or for the nine month period ended
Selected Financial Ratios: September 30,
2002 2001
------ ------
Annualized return on average
assets (ROA) 1.51% 1.92%
Annualized return on average
equity (ROE) 13.68% 18.07%
Equity to Total Assets 10.55% 11.39%
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