Bridge Bancorp, Inc. Reports First Quarter 2020 Results

BRIDGEHAMPTON, N.Y., April 29, 2020 (GLOBE NEWSWIRE) — Bridge Bancorp, Inc. (NASDAQ: BDGE) (the “Company”), the parent company of BNB Bank (“BNB”), today announced first quarter results for 2020.

The Company’s first quarter 2020 financial results included:

Net income for the 2020 first quarter of $9.3 million, or $0.47 per diluted share.

Net interest income for the 2020 first quarter increased $2.3 million over the 2019 first quarter to $36.7 million, with a tax-equivalent net interest margin of 3.26%.

Total assets of $5.1 billion at March 31, 2020, 8% higher than March 31, 2019.

Loan growth of $371 million, or 11%, compared to March 31, 2019, and $82 million, or 9% annualized, from December 31, 2019.

Loan and line of credit originations of $220 million for the first quarter of 2020.

Non-public, non-brokered deposit growth of $141 million, or 5%, compared to March 31, 2019, and $74 million, or 10% annualized, from December 31, 2019.

Non-performing assets of $4.6 million at March 31, 2020, $1.4 million higher than March 31, 2019 and $0.2 million higher than December 31, 2019. Allowance for credit losses coverage to total loans of 1.04% at March 31, 2020.

The Company adopted CECL on January 1, 2020, which resulted in a charge to retained earnings and reduction to stockholders’ equity of $1.5 million.

The provision of $5.0 million included approximately $4.0 million related to our initial estimate of the economic impact of the COVID-19 pandemic.

Purchased 179,620 shares of the Company’s common stock at a cost of $4.6 million.

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

Commenting on the first quarter results, Kevin O’Connor, President and CEO said, “We ended the first quarter with a sound foundation; our margin holding steady, fee income staying strong, and solid capital. In addition to being well capitalized from a financial perspective, the human capital and cultural values that have developed over the Bank’s 110 year history enabled us to meet the challenges of this current crisis and continue to serve our customers and our communities. To that end, we actively participated in the Payroll Protection Program (PPP) and originated over $900 million for 3,500 small businesses.”

Net Earnings and Returns
Net income in the 2020 first quarter was $9.3 million, or $0.47 per diluted share, a decrease of $3.6 million compared to the 2019 first quarter, driven primarily by higher provision for credit losses and non-interest expense, partially offset by higher net interest income.