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Section 1: 8-K (8-K)

bdge_Current_Folio_8K

   

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8‑K


CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 23, 2019


BRIDGE BANCORP, INC.

(Exact name of the registrant as specified in its charter)


 

 

 

New York

001‑34096

11‑2934195

(State or other jurisdiction of

(Commission File Number)

(IRS Employer

incorporation or organization)

 

Identification No.)

 

 

 

 

2200 Montauk Highway

    

 

Bridgehampton, New York

 

11932

(Address of principal executive offices)

 

(Zip Code)

 

(631) 537‑1000

(Registrant’s telephone number)

N/A

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

          Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

          Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

          Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4c)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b‑2 of the Securities Exchange Act of 1934 (17 CFR §240.12b‑2). Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


 

Item 2.02.      Results of Operations and Financial Condition.

On April 23, 2019, the Company issued a press release announcing its earnings for the quarter ended March 31, 2019. A copy of the press release is attached to this Current Report on Form 8‑K as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.

Item 9.01.      Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits.

 

 

 

Exhibit No.

    

Description

 

 

 

99.1

 

Press Release dated April 23, 2019, announcing the earnings of the Company for the quarter ended March 31, 2019.*


*     Furnished electronically as an exhibit to this Current Report on Form 8‑K. As further described in Item 2.02, this exhibit is being “furnished” and not “filed” with this Current Report on Form 8‑K.

 

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

    

Bridge Bancorp, Inc.

 

 

(Registrant)

 

 

 

 

 

/s/ Kevin M. O’Connor

 

 

Kevin M. O’Connor

 

 

President and Chief Executive Officer

 

 

 

Dated:   April 23, 2019

 

 

 


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

bdge_Ex99_1

Exhibit 99.1

 

Press Release

FOR IMMEDIATE RELEASE

 

 

Contact:

John M. McCaffery

Picture 6

 

Executive Vice President

 

Chief Financial Officer

 

(631) 537-1001, ext. 7290

 

BRIDGE BANCORP,  INC. REPORTS FIRST QUARTER 2019 RESULTS

 

(Bridgehampton, NY – April  23, 2019)  Bridge Bancorp, Inc. (NASDAQ: BDGE), (the “Company”), the parent company of BNB Bank (“BNB”), today announced first quarter results for 2019.

 

The Company's first quarter 2019 financial results included:

 

·

Net income for the 2019 first quarter of $12.9 million, or $0.65 per diluted share, compared to $12.1 million, or $0.61 per diluted share for the 2018 first quarter.

·

Net interest income for the 2019  first quarter increased $0.2 million over the 2018 fourth quarter to $34.3 million, with a tax-equivalent net interest margin of 3.29%.

·

Adjusted net interest margin (excluding purchase accounting) increased from 3.21% in the 2018 fourth quarter to 3.24% in the 2019 first quarter.

·

Total assets of $4.7 billion at March 31, 2019,  4% higher than March 31, 2018.

·

Loan growth of $189 million, or 6%,  compared to March 31, 2018, and $115 million, or 14% annualized, from December 31, 2018.

·

Non-public, non-brokered deposit growth of $404 million, or 16%, compared to March 31, 2018.

·

Non-performing assets of $3.2 million at March 31, 2019, $3.0 million lower than March 31, 2018 and $0.3 million higher than December 31, 2018. Loan loss reserve coverage to total loans of 0.94% at March 31, 2019.

·

All capital ratios remain strong. Declared a dividend of $0.23 during the quarter.

 

Commenting on the first quarter results, Kevin O’Connor, President and CEO said,  “We opened the year with another successful quarter:  record revenue, strong loan growth, and an expanding margin.  Our community banking model, built on relationships and our core businesses, continues to deliver consistent results- even in this challenging interest rate environment.”

 

Net Earnings and Returns

Net income in the 2019 first quarter was $12.9 million, or $0.65 per diluted share, an increase of $0.8 million compared to the 2018 first quarter, driven primarily by a rise in non-interest income and lower provision for loan losses, partially offset by a decline in net interest income.  

 

Returns  on average assets and equity in the 2019 first quarter were 1.13% and 11.41%, respectively.  Return on average tangible common equity was 15.01% for the 2019  first quarter.  

 

Net Interest Income

Interest income was $44.5 million in the 2019 first quarter, an increase of $1.0 million compared to the 2018 fourth quarter,  driven primarily by loan portfolio growth and higher loan and investment portfolio yields. Interest expense was $10.2 million in the 2019 first quarter, an increase of $0.8 million compared to the 2018 fourth quarter,  primarily due to deposit growth and an increase in average cost of interest-bearing liabilities.

 


 

The impact of purchase accounting on the net interest margin continues to decrease.  The tax-equivalent net interest margin for the 2019  first quarter showed a year-over-year decline of 13 basis points to 3.29% in 2019 from 3.42% in 2018. However, the adjusted net interest margin, excluding purchase accounting, is up 2 basis points to 3.24% from 3.22% in 2018.  The decreased impact of purchase accounting can also be observed regarding loan yields.  Reported 2019  first quarter loan yields showed a year-over-year increase of 4 basis points from 4.62% in 2018 to 4.66% in 2019, while yields excluding purchase accounting increased 25 basis points to 4.61% in 2019 from 4.36% in 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Change Compared To

 

 

    

March 31, 

    

December 31, 

    

March 31, 

    

 

December 31, 

 

March 31, 

 

 

 

2019

 

2018

 

2018

 

 

2018

 

2018

 

Average yield on loans, tax-equivalent basis - as reported

 

 

4.66

%  

 

4.56

%  

 

4.62

%  

 

 

10

bp

 

 4

bp

Adjusted average yield on loans (non-GAAP)

 

 

4.61

 

 

4.50

 

 

4.36

 

 

 

11

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin - as reported (1)

 

 

3.27

%  

 

3.25

%  

 

3.40

%  

 

 

 2

bp

 

(13)

bp

Net interest margin, tax-equivalent basis (2)

 

 

3.29

 

 

3.26

 

 

3.42

 

 

 

 3

 

 

(13)

 

Adjusted net interest margin (non-GAAP) (3)

 

 

3.24

 

 

3.21

 

 

3.22

 

 

 

 3

 

 

 2

 


(1)

Net interest margin represents net interest income divided by average interest-earning assets.

(2)

Net interest margin, tax-equivalent basis represents net interest income on a tax-equivalent basis divided by average interest-earning assets.

(3)

Adjusted net interest margin represents adjusted net interest income on a tax-equivalent basis divided by adjusted average interest-earning assets.

 

“BNB’s focus on providing banking services to businesses in our footprint results in significant levels of floating rate loans and non-interest-bearing demand deposit balances. Both factors sustain and grow our net interest margin,” stated Mr. O’Connor.

 

Provision for Loan Losses

The provision for loan losses was $0.6 million for the 2019 first quarter, $0.2 million lower than the 2018 first quarter.  Contributing to the lower provision was continued improved overall credit metrics throughout 2018, partially offset by an increase in net charge-offs in the 2019 first quarter compared to the same period in 2018. The Company recognized net charge-offs of $0.2 million in the 2019 first quarter, compared to recoveries of $0.3 million in the 2018 first quarter.

 

Non-Interest Income

Non-interest income was  $5.2 million for the 2019 first quarter,  $1.1 million higher than the 2018 first quarter, primarily attributable to higher loan swap fee income reported in other operating income and higher service charges and other fees, partially offset by lower title fee income and gain on sale of Small Business Administration (“SBA”) loans.   

 

Non-Interest Expense

Non-interest expense for the 2019 first quarter of $22.6 million was flat compared to the 2018 first quarter.  Growth in salaries and benefits expense, and occupancy and equipment costs were offset by lower professional services and other operating expenses.    

 

Income Tax Expense

Income tax expense was $3.4 million in the 2019 first quarter, an increase of $0.2 million compared to the 2018 first quarter. The Company estimates it will record income tax at an effective tax rate of approximately 22% for the remainder of 2019.    

 

Balance Sheet

Total assets were $4.7 billion at March 31, 2019,  $25.5 million lower than December 31,  2018, and $174.6 million higher than March 31, 2018. Total  loans at March 31, 2019 of $3.4 billion reflect growth of $189.2 million,  or 6%,  over March 31,  2018.  Deposits totaled $3.7 billion at March 31, 2019, an increase of $294.2 million,  or 9%,  over March 31,  2018.  Demand deposits increased $89.9 million year-over-year to $1.3 billion at March 31, 2019, representing 35% of total deposits.

 

The allowance for loan losses was $31.8 million at March 31, 2019, $1.0 million lower than March 31, 2018. The allowance as a percentage of loans was 0.94% at March 31, 2019, compared to 1.02% at March 31, 2018.  The March 31, 2018 allowance for loan losses included a $1.7 million specific reserve for a fully reserved impaired loan which was charged-off in the 2018 second quarter.

Stockholders’ equity was $465.0 million at March 31, 2019, $31.7 million higher than March 31, 2018. The growth reflects earnings, partially offset by shareholders’ dividends. Book value per share was $23.43 at March 31, 2019, $1.52 higher than March 31, 2018. Tangible book value per share was $17.88 at March 31, 2019, $1.58 higher than March 31, 2018.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change Compared To

 

 

 

March 31, 

    

December 31, 

    

March 31, 

 

December 31,

 

March 31, 

 

(Dollars in thousands)

 

2019

 

2018

 

2018

 

2018

 

2018

 

Total assets

 

$

4,675,209

 

$

4,700,744

 

$

4,500,624

 

$

(25,535)

 

$

174,585

 

Total stockholders' equity

 

 

465,003

 

 

453,830

 

 

433,323

 

 

11,173

 

 

31,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor commercial real estate ("CRE")

 

$

859,797

 

$

863,158

 

$

856,797

 

$

(3,361)

 

$

3,000

 

Multi-family ("MF")

 

 

624,114

 

 

585,827

 

 

601,747

 

 

38,287

 

 

22,367

 

Construction and land ("C&L")

 

 

147,116

 

 

123,393

 

 

104,496

 

 

23,723

 

 

42,620

 

Total investor CRE, MF, and C&L

 

 

1,631,027

 

 

1,572,378

 

 

1,563,040

 

 

58,649

 

 

67,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial ("C&I")

 

 

671,897

 

 

645,724

 

 

638,711

 

 

26,173

 

 

33,186

 

Owner-occupied CRE

 

 

542,836

 

 

510,398

 

 

483,195

 

 

32,438

 

 

59,641

 

Total C&I and owner-occupied CRE

 

 

1,214,733

 

 

1,156,122

 

 

1,121,906

 

 

58,611

 

 

92,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate

 

 

515,173

 

 

519,763

 

 

493,153

 

 

(4,590)

 

 

22,020

 

Installment and consumer

 

 

22,781

 

 

20,509

 

 

19,078

 

 

2,272

 

 

3,703

 

Net deferred loan costs and fees

 

 

7,390

 

 

7,039

 

 

4,720

 

 

351

 

 

2,670

 

Total loans held for investment

 

$

3,391,104

 

$

3,275,811

 

$

3,201,897

 

$

115,293

 

$

189,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total IPC deposits

 

$

2,974,282

 

$

2,965,007

 

$

2,570,079

 

$

9,275

 

$

404,203

 

Total public and brokered deposits

 

 

751,182

 

 

921,386

 

 

861,166

 

 

(170,204)

 

 

(109,984)

 

Total deposits

 

$

3,725,464

 

$

3,886,393

 

$

3,431,245

 

$

(160,929)

 

$

294,219

 

 

“Our balance sheet management strategies over the past year and quarter exemplify our commitment to our Community Banking franchise.  We have channeled our efforts in supporting local businesses by providing capital through C&I loans and financing their facilities through owner-occupied CRE loans, growing this business at an annual rate of 26% this quarter.  The expansion of these loan types has outpaced investor CRE loans.  Additionally, we have decreased our reliance on wholesale brokered deposits, using the strong deposit growth in the fourth quarter 2018 to fund growth in this quarter,” Mr. O’Connor said.

 

Asset Quality

Asset quality measures improved, as non-performing assets were $3.2 million, or 0.07%  of total assets, at March 31, 2019, compared to $6.3 million, or 0.14% of total assets, at March 31, 2018. Non-performing assets at March 31, 2019 and 2018 included  $175 thousand of other real estate owned. Non-performing loans were $3.1 million, or 0.09% of total loans at March 31, 2019,  compared to $6.1 million,  or 0.19% of total loans at March 31,  2018.  Loans 30 to 89 days past due increased $13.4 million to $17.9 million at March 31, 2019, compared to $4.5 million at March 31, 2018.  The increase in these past due loans is primarily due to one CRE relationship which has more than sufficient collateral protection. Loans past due 90 days and accruing at March 31, 2019 and 2018 were comprised of acquired loans of $0.3 million and $2.7 million, respectively. 

 

Conference Call

The Company will host a conference call on Wednesday, April  24, 2019 at 10:00 AM (ET). Investors who would like to join the conference call are encouraged to pre-register using the following link: http://dpregister.com/10130336. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Telephonic replay will be available through the Company’s website approximately one hour after the conclusion of the call through Wednesday,  May 8, 2019.

 

Call and replay information are as follows:

Call Date: Wednesday, April 24, 2019
Call Time: 10:00 AM (ET)
Domestic Call Dial In:  1-888-317-6016
International Call Dial In:  1-412-317-6016

Replay Domestic Dial In:  1-877-344-7529
Replay International Dial In:  1-412-317-0088
Access Code: 10130336


 

About Bridge Bancorp, Inc.

Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, BNB  Bank, formerly known as The Bridgehampton National Bank. Established in 1910, BNB, with assets of approximately $4.7 billion, operates 39 branch locations serving Long Island and the greater New York metropolitan area. In addition, BNB operates one loan production office in Manhattan. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB's wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc., a wholly owned subsidiary of BNB, offers financial planning and investment consultation.  For more information visit www.bnbbank.com.

 

BNB also has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.

 

Please see the attached tables for selected financial information.

 

This release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”).  Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and 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,” “estimated,” “assumes,” “likely,” and variation 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 volume in the  consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies.  The Company claims the protection of the safe harbor 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, including increases in FDIC insurance rates; 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; demands for loan products; demand for financial services; competition; changes in the quality and composition of BNB’s loan and investment portfolios; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act; and other risk factors discussed elsewhere, and in our reports filed 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 SUBSIDIARIES

Condensed Consolidated Statements of Condition (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31, 

    

December 31, 

    

March 31, 

 

 

2019

 

2018

 

2018

Assets

 

 

  

 

 

  

 

 

  

Cash and due from banks

 

$

68,773

 

$

142,145

 

$

50,588

Interest-earning deposits with banks

 

 

31,684

 

 

153,223

 

 

48,424

Total cash and cash equivalents

 

 

100,457

 

 

295,368

 

 

99,012

Securities available for sale, at fair value

 

 

707,451

 

 

680,886

 

 

726,056

Securities held to maturity

 

 

149,512

 

 

160,163

 

 

176,089

Total securities

 

 

856,963

 

 

841,049

 

 

902,145

Securities, restricted

 

 

28,068

 

 

24,028

 

 

36,195

Loans held for investment

 

 

3,391,104

 

 

3,275,811

 

 

3,201,897

Allowance for loan losses

 

 

(31,784)

 

 

(31,418)

 

 

(32,812)

Loans held for investment, net

 

 

3,359,320

 

 

3,244,393

 

 

3,169,085

Premises and equipment, net

 

 

34,478

 

 

35,008

 

 

33,892

Operating lease right-of-use assets (1)

 

 

37,621

 

 

 —

 

 

 —

Goodwill and other intangible assets

 

 

110,100

 

 

110,324

 

 

110,953

Other real estate owned

 

 

175

 

 

175

 

 

175

Accrued interest receivable and other assets

 

 

148,027

 

 

150,399

 

 

149,167

Total assets

 

$

4,675,209

 

$

4,700,744

 

$

4,500,624

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

  

 

 

  

 

 

  

Demand deposits

 

$

1,258,544

 

$

1,275,664

 

$

1,164,501

Savings and negotiable order of withdrawal ("NOW") deposits

 

 

513,971

 

 

496,881

 

 

433,757

Money market deposit accounts ("MMDA")

 

 

993,920

 

 

975,531

 

 

803,267

Certificates of deposit of less than $100,000

 

 

61,240

 

 

61,827

 

 

58,631

Certificates of deposit of $100,000 or more

 

 

146,607

 

 

155,104

 

 

109,923

Total individual, partnership and corporate ("IPC") deposits

 

 

2,974,282

 

 

2,965,007

 

 

2,570,079

Brokered deposits

 

 

166,696

 

 

255,408

 

 

280,289

Public funds - demand deposits

 

 

55,403

 

 

172,941

 

 

59,542

Public funds - other deposits

 

 

529,083

 

 

493,037

 

 

521,335

Total public and brokered deposits

 

 

751,182

 

 

921,386

 

 

861,166

Total deposits

 

 

3,725,464

 

 

3,886,393

 

 

3,431,245

Federal funds purchased and repurchase agreements

 

 

721

 

 

539

 

 

872

Federal Home Loan Bank ("FHLB") advances

 

 

330,217

 

 

240,433

 

 

520,092

Subordinated debentures, net

 

 

78,815

 

 

78,781

 

 

78,676

Operating lease liabilities (1)

 

 

40,454

 

 

 —

 

 

 —

Other liabilities and accrued expenses

 

 

34,535

 

 

40,768

 

 

36,416

Total liabilities

 

 

4,210,206

 

 

4,246,914

 

 

4,067,301

Total stockholders' equity

 

 

465,003

 

 

453,830

 

 

433,323

Total liabilities and stockholders' equity

 

$

4,675,209

 

$

4,700,744

 

$

4,500,624


(1)

The Company adopted ASU 2016-02, Leases (Topic 842) using the transition approach at the beginning of the period of adoption on January 1, 2019 and did not restate comparative prior periods.

 


 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 

 

December 31, 

 

March 31, 

 

 

    

2019

    

2018

    

2018

    

Interest income

 

$

44,515

 

$

43,480

 

$

41,364

 

Interest expense

 

 

10,192

 

 

9,382

 

 

6,825

 

Net interest income

 

 

34,323

 

 

34,098

 

 

34,539

 

Provision for loan losses

 

 

600

 

 

400

 

 

800

 

Net interest income after provision for loan losses

 

 

33,723

 

 

33,698

 

 

33,739

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

  

 

 

  

 

 

  

 

Service charges and other fees

 

 

2,428

 

 

2,579

 

 

2,163

 

Title fee income

 

 

306

 

 

458

 

 

505

 

Gain on sale of SBA loans

 

 

217

 

 

492

 

 

371

 

BOLI income

 

 

553

 

 

561

 

 

546

 

Other operating income

 

 

1,714

 

 

1,025

 

 

528

 

Total non-interest income

 

 

5,218

 

 

5,115

 

 

4,113

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

  

 

 

  

 

 

  

 

Salaries and employee benefits

 

 

13,280

 

 

12,457

 

 

12,812

 

Occupancy and equipment

 

 

3,531

 

 

3,472

 

 

3,243

 

Net fraud recovery

 

 

 —

 

 

(600)

 

 

 —

 

Office relocation costs

 

 

 —

 

 

750

 

 

 —

 

Amortization of other intangible assets

 

 

213

 

 

214

 

 

246

 

Other operating expenses

 

 

5,575

 

 

5,778

 

 

6,297

 

Total non-interest expense

 

 

22,599

 

 

22,071

 

 

22,598

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

16,342

 

 

16,742

 

 

15,254

 

Income tax expense

 

 

3,415

 

 

2,878

 

 

3,181

 

Net income

 

$

12,927

 

$

13,864

 

$

12,073

 

Basic earnings per share

 

$

0.65

 

$

0.70

 

$

0.61

 

Diluted earnings per share

 

$

0.65

 

$

0.70

 

$

0.61

 

Weighted average common and equivalent shares

 

 

19,526

 

 

19,492

 

 

19,437

 

 


 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Consolidated Financial Highlights (unaudited)

(In thousands, except per share amounts and financial ratios)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 

 

December 31, 

 

March 31, 

 

 

    

2019

 

2018

    

2018

    

Selected Financial Data:

 

 

 

 

 

 

 

Return on average total assets

 

1.13

%  

1.22

%  

1.09

%  

Adjusted return on average total assets (1)

 

1.13

 

1.23

 

1.09

 

Return on average stockholders' equity

 

11.41

 

12.32

 

10.86

 

Adjusted return on average stockholders' equity (1)

 

11.41

 

12.43

 

10.86

 

Return on average tangible common equity (1) (2)

 

15.01

 

16.38

 

14.41

 

Adjusted return on average tangible common equity (1) (2)

 

15.21

 

16.72

 

14.65

 

Net interest margin, tax-equivalent basis

 

3.29

 

3.26

 

3.42

 

Adjusted net interest margin (1)

 

3.24

 

3.21

 

3.22

 

Efficiency ratio

 

57.15

 

56.28

 

58.47

 

Adjusted efficiency ratio (1)

 

56.43

 

55.16

 

57.58

 

Operating expense/average assets

 

1.97

 

1.94

 

2.05

 

Adjusted operating expense/average assets (1)

 

1.95

 

1.90

 

2.03

 


(1)

See reconciliation of this non-GAAP financial measure provided elsewhere herein.

(2)

Average tangible common equity represents a non-GAAP financial measure calculated as average total stockholders' equity less average goodwill and intangible assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31, 

    

December 31, 

    

March 31, 

 

 

 

2019

 

2018

 

2018

 

Selected Financial Data:

 

 

  

 

 

  

 

 

  

 

Book value per share

 

$

23.43

 

$

22.93

 

$

21.91

 

Tangible book value per share (1)

 

$

17.88

 

$

17.36

 

$

16.30

 

Common shares outstanding

 

 

19,848

 

 

19,791

 

 

19,780

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

  

 

 

  

 

 

  

 

Total capital to risk-weighted assets

 

 

13.3

%  

 

13.6

%  

 

13.3

%

Tier 1 capital to risk-weighted assets

 

 

10.2

 

 

10.4

 

 

10.0

 

Common equity Tier 1 capital to risk-weighted assets

 

 

10.2

 

 

10.4

 

 

10.0

 

Tier 1 capital to average assets

 

 

8.1

 

 

8.1

 

 

7.9

 

Tangible common equity to tangible assets (1) (2)

 

 

7.8

 

 

7.5

 

 

7.3

 

Tier 1 capital to average assets (Bank)

 

 

9.8

 

 

9.9

 

 

9.5

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality:

 

 

  

 

 

  

 

 

  

 

Loans 30-89 days past due

 

$

17,937

 

$

4,400

 

$

4,506

 

Loans 90 days past due and accruing (3)

 

$

318

 

$

308

 

$

2,665

 

Non-performing loans

 

$

3,071

 

$

2,808

 

$

6,071

 

Other real estate owned

 

 

175

 

 

175

 

 

175

 

Non-performing assets

 

$

3,246

 

$

2,983

 

$

6,246

 

Non-performing loans/total loans

 

 

0.09

%  

 

0.09

%  

 

0.19

%

Non-performing assets/total assets

 

 

0.07

 

 

0.06

 

 

0.14

 

Allowance/non-performing loans

 

 

1034.97

 

 

1118.87

 

 

540.47

 

Allowance/total loans

 

 

0.94

 

 

0.96

 

 

1.02

 


(1)

Tangible common equity represents a non-GAAP financial measure calculated as total stockholders' equity less goodwill and intangible assets.

(2)

Tangible assets represent a non-GAAP financial measure calculated as total assets less goodwill and intangible assets.

(3)

Represents loans acquired in connection with the Community National Bank and FNBNY Bancorp, Inc. acquisitions.


 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance Sheets and Average Rate Data (unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

Three Months Ended December 31, 

 

Three Months Ended March 31, 

 

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

 

    

Balance

    

Interest

    

Cost

    

Balance

    

Interest

    

Cost

    

Balance

    

Interest

    

Cost

 

Interest-earning assets:

    

 

  

    

 

  

    

  

    

 

  

    

 

  

    

  

    

 

  

    

 

  

    

  

 

Loans, net (including loan fee income) (1)

 

$

3,275,828

 

$

37,659

 

4.66

%  

$

3,206,033

 

$

36,848

 

4.56

%  

$

3,127,900

 

$

35,660

 

4.62

%

Securities (1)

 

 

885,834

 

 

6,442

 

2.95

 

 

882,886

 

 

6,328

 

2.84

 

 

969,292

 

 

5,780

 

2.42

 

Deposits with banks

 

 

91,682

 

 

544

 

2.41

 

 

74,348

 

 

443

 

2.36

 

 

23,108

 

 

90

 

1.58

 

Total interest-earning assets (1)

 

 

4,253,344

 

 

44,645

 

4.26

 

 

4,163,267

 

 

43,619

 

4.16

 

 

4,120,300

 

 

41,530

 

4.09

 

Non-interest-earning assets:

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

Other assets

 

 

392,283

 

 

 

 

 

 

 

359,740

 

 

 

 

 

 

 

354,893

 

 

  

 

  

 

Total assets

 

$

4,645,627

 

 

 

 

 

 

$

4,523,007

 

 

 

 

 

 

$

4,475,193

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

  Savings

 

$

398,499

 

$

905

 

0.92

%  

$

375,792

 

$

656

 

0.69

%  

$

291,488

 

$

78

 

0.11

%  

  NOW

 

 

105,996

 

 

41

 

0.16

 

 

113,116

 

 

40

 

0.14

 

 

136,288

 

 

26

 

0.08

 

  MMDA

 

 

983,942

 

 

3,586

 

1.48

 

 

906,565

 

 

2,950

 

1.29

 

 

770,073

 

 

1,401

 

0.74

 

  Savings, NOW and MMDA

 

 

1,488,437

 

 

4,532

 

1.23

 

 

1,395,473

 

 

3,646

 

1.04

 

 

1,197,849

 

 

1,505

 

0.51

 

  Certificates of deposit of less than $100,000

 

 

61,317

 

 

261

 

1.73

 

 

61,803

 

 

250

 

1.60

 

 

58,792

 

 

161

 

1.11

 

  Certificates of deposit of $100,000 or more

 

 

150,102

 

 

732

 

1.98

 

 

156,806

 

 

739

 

1.87

 

 

109,094

 

 

332

 

1.23

 

Total IPC deposits

 

 

1,699,856

 

 

5,525

 

1.32

 

 

1,614,082

 

 

4,635

 

1.14

 

 

1,365,735

 

 

1,998

 

0.59

 

  Brokered deposits

 

 

209,409

 

 

1,210

 

2.34

 

 

263,580

 

 

1,528

 

2.30

 

 

201,872

 

 

785

 

1.58

 

  Public funds

 

 

534,568

 

 

1,179

 

0.89

 

 

433,845

 

 

787

 

0.72

 

 

497,438

 

 

443

 

0.36

 

Total public and brokered deposits

 

 

743,977

 

 

2,389

 

1.30

 

 

697,425

 

 

2,315

 

1.32

 

 

699,310

 

 

1,228

 

0.71

 

Total deposits

 

 

2,443,833

 

 

7,914

 

1.31

 

 

2,311,507

 

 

6,950

 

1.19

 

 

2,065,045

 

 

3,226

 

0.63

 

Federal funds purchased and repurchase agreements

 

 

7,691

 

 

45

 

2.37

 

 

3,180

 

 

15

 

1.87

 

 

151,647

 

 

606

 

1.62

 

FHLB advances