Bridge Bancorp, Inc. Reports Third Quarter 2019 Results With Earnings Per Share of $0.70 and Record Net Income of $13.9 Million

BRIDGEHAMPTON, N.Y., Oct. 24, 2019 (GLOBE NEWSWIRE) — Bridge Bancorp, Inc. (NASDAQ: BDGE) (the “Company”), the parent company of BNB Bank (“BNB”), today announced third quarter results for 2019.

The Company’s third quarter 2019 financial results included:

Net income for the 2019 third quarter of $13.9 million, or $0.70 per diluted share, compared to $6.5 million, or $0.33 per diluted share for the 2018 third quarter, inclusive of pre-tax charge of $9.5 million, or $0.37 per diluted share after tax, related to the fraudulent conduct of a business customer through its deposit accounts at BNB in the 2018 period.

Net interest income for the 2019 third quarter increased $1.2 million over the 2019 second quarter to $36.7 million.

Tax-equivalent net interest margin for the 2019 third quarter increased 10 basis points over the 2019 second quarter to 3.40%.

Total assets of $4.7 billion at September 30, 2019, 6% higher than September 30, 2018.

Loan growth of $311 million, or 10%, compared to September 30, 2018, and $233 million, or 9% annualized, from December 31, 2018.

Non-public, non-brokered deposit growth of $306 million, or 11%, compared to September 30, 2018, and $195 million, or 9% annualized, from December 31, 2018.

Non-performing assets of $4.2 million at September 30, 2019, $2.1 million higher than September 30, 2018 and $1.2 million higher than December 31, 2018. Loan loss reserve coverage to total loans of 0.92% at September 30, 2019.

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

Commenting on the third quarter results, Kevin O’Connor, President and CEO said, “This quarter’s results illustrate that our core community banking model delivers returns despite a challenging rate environment- producing record net income, an expanded margin, and strong non-interest income. Our model focuses on relationship banking and delivering customized products to our customers and returns to our shareholders.”

Net Earnings and Returns
Net income in the 2019 third quarter was $13.9 million, or $0.70 per diluted share, an increase of $7.4 million compared to the 2018 third quarter, driven primarily by lower non-interest expense and a rise in net interest income and non-interest income, partially offset by higher provision for loan losses. Excluding the impact of the fraud loss, net income in the 2018 third quarter was $14.0 million, or $0.70 per diluted share. Net income for the nine months ended September 30, 2019 was $37.5 million, or $1.88 per diluted share, compared to $25.4 million, or $1.28 per diluted share, in 2018.