Bridge Bancorp, Inc. Reports Second Quarter 2020 Results

BRIDGEHAMPTON, N.Y., July 28, 2020 (GLOBE NEWSWIRE) — Bridge Bancorp, Inc. (NASDAQ: BDGE) (the “Company”), the parent company of BNB Bank (“BNB”), today announced second quarter results for 2020.

The Company’s second quarter 2020 financial results included:

Net income for the 2020 second quarter of $10.7 million, or $0.54 per diluted share.

Adjusted pre-tax pre-provision net revenue was $20.9 million, an increase of $3.9 million over both the 2020 first quarter and 2019 second quarter.

Net interest income for the 2020 second quarter increased $4.9 million over the 2019 second quarter to $40.4 million, with a tax-equivalent net interest margin of 3.00%.

Total assets of $6.2 billion at June 30, 2020, 30% higher than June 30, 2019.

Loan growth of $1.2 billion, or 35%, compared to June 30, 2019, and $940.5 million, or 51% annualized, from December 31, 2019.

Loan and line of credit originations of $1.1 billion for the second quarter of 2020, inclusive of $950 million Paycheck Protection Program (“PPP”) loans.

Non-public, non-brokered deposit growth of $841.8 million, or 27%, compared to June 30, 2019, and $954.4 million, or 63% annualized, from December 31, 2019.

Non-performing assets of $7.7 million at June 30, 2020, $2.2 million higher than June 30, 2019 and $3.4 million higher than December 31, 2019. Allowance for credit losses coverage to total loans of 0.94% at June 30, 2020.

The provision of $4.5 million included approximately $3.5 million related to our estimate of the economic impact of the COVID-19 pandemic. Additionally, we recorded a $2.6 million charge related to our one loan held for sale.

All capital ratios remain strong. Declared a dividend of $0.24 during the quarter.

Reflecting on the second quarter results, Kevin O’Connor, President and CEO said, “The second quarter of 2020 was an unprecedented time for our country, our industry, our customers and our employees. I am proud that our employees rallied to support our customers on several fronts. First, our branches remained open, while adopting measures to protect customers and employees alike. Second, in one capacity or another, the entire bank was involved with processing over 5,000 applications, resulting in almost $1 billion in Paycheck Protection Program loans for our existing customers and the one thousand new customers who came to us because of BNB’s reputation for superior customer service. This program also generated approximately $30 million in fees which will flow into income over the life of the loans. Another milestone event that occurred is our planned merger-of-equals with Dime Community. We consider this a unique opportunity to capture incremental share in a market where we have low penetration by doing what BNB does best – acquiring and retaining business banking customers. This merger of complementary business models and geographies allows BNB and Dime Community to optimize best-in-class practices, consolidate vendor relationships to reduce expenses and expand our product offerings.”

Net Earnings and Returns
Net income in the 2020 second quarter was $10.7 million, or $0.54 per diluted share, which was comparable with the 2019 second quarter, driven primarily by higher net interest income, partially offset by lower non-interest income, higher provision for credit losses, and higher non-interest expense. Net income for the six months ended June 30, 2020 was $20.0 million, or $1.00 per diluted share, compared to $23.6 million, or $1.18 per diluted share, in 2019.