x
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES
EXCHANGE ACT OF 1934
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NEW YORK
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11-2934195
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(State
or other jurisdiction of incorporation or organization)
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(IRS
Employer Identification Number)
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2200 MONTAUK HIGHWAY, BRIDGEHAMPTON, NEW
YORK
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11932
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(Address
of principal executive offices)
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(Zip
Code)
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PART
I -
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FINANCIAL
INFORMATION
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|||
Item
1.
|
1
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|||
1
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||||
2
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||||
3
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||||
4
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||||
5
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||||
Item
2.
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11
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|||
Item
3.
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24
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|||
Item
4.
|
25
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|||
PART
II -
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OTHER
INFORMATION
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|||
Item
1.
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26
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|||
Item
1A.
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26
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|||
Item
2.
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26
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|||
Item
3.
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26
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Item
4.
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27
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Item
5.
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27
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|||
Item
6.
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27
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|||
27
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||||
Exhibit
31.1
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Certification
of Principal Executive Officer pursuant to Rule 13a-14(a)
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|||
Exhibit
31.2
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Certification
of Principal Financial Officer pursuant to Rule 13a-14(a)
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|||
Exhibit
32.1
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Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Rule
13a-14(b) and 18 U.S.C. Section 1350
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BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||
Consolidated Balance Sheets (Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
September 30,
|
December 31,
|
|||||||
2008
|
2007
|
|||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ | 15,860 | $ | 14,213 | ||||
Federal
funds sold
|
3,729 | - | ||||||
Interest
earning deposits with banks
|
248 | 135 | ||||||
Total
cash and cash equivalents
|
19,837 | 14,348 | ||||||
Securities
available for sale, at fair value
|
261,845 | 189,771 | ||||||
Securities
held to maturity (fair value of $38,591 and $5,844,
respectively)
|
38,540 | 5,836 | ||||||
Total
securities, net
|
300,385 | 195,607 | ||||||
Loans
|
413,193 | 375,236 | ||||||
Allowance
for loan losses
|
(3,634 | ) | (2,954 | ) | ||||
Loans,
net
|
409,559 | 372,282 | ||||||
Premises
and equipment, net
|
18,322 | 18,469 | ||||||
Accrued
interest receivable
|
3,437 | 2,707 | ||||||
Other
assets
|
3,912 | 4,011 | ||||||
Total
Assets
|
$ | 755,452 | $ | 607,424 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Demand
deposits
|
$ | 209,417 | $ | 176,130 | ||||
Savings,
NOW and money market deposits
|
347,404 | 253,012 | ||||||
Certificates
of deposit of $100,000 or more
|
77,474 | 44,769 | ||||||
Other
time deposits
|
37,255 | 34,998 | ||||||
Total
deposits
|
671,550 | 508,909 | ||||||
Federal
funds purchased and repurchase agreements
|
15,000 | 32,000 | ||||||
Federal
Home Loan Bank advances
|
- | 10,000 | ||||||
Accrued
interest payable
|
644 | 641 | ||||||
Other
liabilities and accrued expenses
|
14,984 | 4,765 | ||||||
Total
Liabilities
|
702,178 | 556,315 | ||||||
Stockholders'
equity:
|
||||||||
Common
stock, par value $.01 per share:
|
||||||||
Authorized:
20,000,000 shares; 6,386,306 issued; 6,146,872 and 6,110,802
shares outstanding, respectively
|
64 | 64 | ||||||
Surplus
|
21,277 | 21,671 | ||||||
Retained
earnings
|
39,316 | 37,031 | ||||||
Less: Treasury
Stock at cost, 239,434 and 276,274 shares, respectively
|
(7,182 | ) | (7,889 | ) | ||||
53,475 | 50,877 | |||||||
Accumulated
other comprehensive income (loss):
|
||||||||
Net
unrealized gain (loss) on securities, net of deferred taxes of
($161) and $140, respectively
|
(244 | ) | 213 | |||||
Change
in pension assets (liabilities), net of deferred taxes of $1 and ($7),
respectively
|
43 | 19 | ||||||
Total
Stockholders' Equity
|
53,274 | 51,109 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 755,452 | $ | 607,424 |
BRIDGE BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||
Unaudited
Consolidated Statements of Income
|
||||||||||||||||
(In thousands,
except per share amounts)
|
||||||||||||||||
For
the three months ended September 30,
|
For
the nine months ended September 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Interest
income:
|
||||||||||||||||
Loans
(including fee income)
|
$ | 7,087 | $ | 6,784 | $ | 20,850 | $ | 19,494 | ||||||||
Mortgage-backed
securities
|
2,174 | 1,513 | 5,649 | 4,260 | ||||||||||||
State
and municipal obligations
|
455 | 411 | 1,353 | 1,467 | ||||||||||||
U.S.
Treasury and government agency securities
|
285 | 305 | 797 | 967 | ||||||||||||
Federal
funds sold
|
73 | 295 | 173 | 537 | ||||||||||||
Deposits
with banks
|
1 | 1 | 5 | 3 | ||||||||||||
Total
interest income
|
10,075 | 9,309 | 28,827 | 26,728 | ||||||||||||
Interest
expense:
|
||||||||||||||||
Savings,
NOW and money market deposits
|
1,384 | 1,893 | 4,286 | 6,068 | ||||||||||||
Certificates
of deposit of $100,000 or more
|
527 | 351 | 1,581 | 1,031 | ||||||||||||
Other
time deposits
|
247 | 252 | 825 | 797 | ||||||||||||
Federal
funds purchased and repurchase agreements
|
108 | - | 338 | 65 | ||||||||||||
Federal
Home Loan Bank Advances
|
- | - | 30 | 12 | ||||||||||||
Total
interest expense
|
2,266 | 2,496 | 7,060 | 7,973 | ||||||||||||
Net
interest income
|
7,809 | 6,813 | 21,767 | 18,755 | ||||||||||||
Provision
for loan losses
|
550 | 150 | 1,075 | 245 | ||||||||||||
Net
interest income after provision for loan losses
|
7,259 | 6,663 | 20,692 | 18,510 | ||||||||||||
Non
interest income:
|
||||||||||||||||
Service
charges on deposit accounts
|
798 | 654 | 2,302 | 1,870 | ||||||||||||
Fees
for other customer services
|
602 | 561 | 1,377 | 1,332 | ||||||||||||
Title
fee income
|
250 | 298 | 945 | 1,077 | ||||||||||||
Net
securities (losses) gains
|
- | - | - | (101 | ) | |||||||||||
Other
operating income
|
27 | 28 | 108 | 138 | ||||||||||||
Total
non interest income
|
1,677 | 1,541 | 4,732 | 4,316 | ||||||||||||
Non
interest expense:
|
||||||||||||||||
Salaries
and employee benefits
|
3,265 | 2,702 | 9,404 | 7,906 | ||||||||||||
Net
occupancy expense
|
481 | 436 | 1,388 | 1,284 | ||||||||||||
Furniture
and fixture expense
|
212 | 205 | 621 | 623 | ||||||||||||
Other
operating expenses
|
1,443 | 1,284 | 4,260 | 3,670 | ||||||||||||
Total
non interest expense
|
5,401 | 4,627 | 15,673 | 13,483 | ||||||||||||
Income
before income taxes
|
3,535 | 3,577 | 9,751 | 9,343 | ||||||||||||
Income
tax expense
|
1,179 | 1,255 | 3,190 | 3,066 | ||||||||||||
Net
income
|
$ | 2,356 | $ | 2,322 | $ | 6,561 | $ | 6,277 | ||||||||
Basic
earnings per share
|
$ | 0.39 | $ | 0.38 | $ | 1.08 | $ | 1.03 | ||||||||
Diluted
earnings per share
|
$ | 0.39 | $ | 0.38 | $ | 1.08 | $ | 1.03 | ||||||||
Comprehensive
Income
|
$ | 2,495 | $ | 4,025 | $ | 6,128 | $ | 6,498 |
BRIDGE BANCORP, INC.
|
||||||||||||||||||||||||||||
Consolidated
Statements of Stockholders' Equity (unaudited)
|
||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
Common
|
Comprehensive
|
Retained
|
Treasury
|
Comprehensive
|
||||||||||||||||||||||||
Stock
|
Surplus
|
Income
|
Earnings
|
Stock
|
Income
(Loss)
|
Total
|
||||||||||||||||||||||
Balance
at December 31, 2007
|
64 | 21,671 | 37,031 | (7,889 | ) | 232 | 51,109 | |||||||||||||||||||||
Net
income
|
6,561 | 6,561 | 6,561 | |||||||||||||||||||||||||
Stock
awards granted
|
(798 | ) | 798 | - | ||||||||||||||||||||||||
Stock
awards forfeited
|
91 | (91 | ) | - | ||||||||||||||||||||||||
Shared
compensation expense, net of deferred tax
|
313 | 313 | ||||||||||||||||||||||||||
Cash
dividends declared
|
(4,241 | ) | (4,241 | ) | ||||||||||||||||||||||||
Other
comprehensive income, net of deferred tax
|
- | |||||||||||||||||||||||||||
Change
in unrealized (losses)/gains in securities available for sale, net of
deferred tax effects
|
(457 | ) | (457 | ) | (457 | ) | ||||||||||||||||||||||
Adjustment
to pension liability, net of deferred taxes
|
24 | (35 | ) | 24 | (11 | ) | ||||||||||||||||||||||
Comprehensive
Income
|
6,128 | - | ||||||||||||||||||||||||||
Balance
at September 30, 2008
|
64 | 21,277 | 39,316 | (7,182 | ) | (201 | ) | 53,274 |
BRIDGE BANCORP, INC. AND SUBSIDIARY
|
||||||||
Consolidated
Statements of Cash Flows (unaudited)
|
||||||||
(In
thousands)
|
||||||||
Nine
months ended September 30,
|
2008
|
2007
|
||||||
Operating
activities:
|
||||||||
Net
Income
|
$ | 6,561 | $ | 6,277 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Provision
for loan losses
|
1,075 | 245 | ||||||
Depreciation
and amortization
|
900 | 908 | ||||||
(Accretion)
and amortization, net
|
(66 | ) | (26 | ) | ||||
Share
based compensation expense
|
313 | 167 | ||||||
Tax
benefit from exercise of stock options issued pursuant to equity
incentive plans
|
- | (25 | ) | |||||
Net
securities losses
|
- | 101 | ||||||
Increase
in accrued interest receivable
|
(730 | ) | (493 | ) | ||||
Decrease
(increase) in other assets
|
84 | (271 | ) | |||||
Increase
in accrued and other liabilities
|
10,520 | 148 | ||||||
Net
cash provided by operating activities
|
18,657 | 7,031 | ||||||
Investing
Activities:
|
||||||||
Purchases
of securities available for sale
|
(162,812 | ) | (33,909 | ) | ||||
Purchases
of FHLB stock
|
(23,817 | ) | (2,027 | ) | ||||
Purchases
of securities held to maturity
|
(38,321 | ) | (3,609 | ) | ||||
Sales
of securities available for sale
|
- | 8,484 | ||||||
Redemption
of FHLB stock
|
25,324 | 2,093 | ||||||
Maturities
of securities available for sale
|
68,505 | 24,978 | ||||||
Maturities
of securities held to maturity
|
5,234 | 7,851 | ||||||
Principal
payments on mortgage-backed securities
|
20,417 | 13,905 | ||||||
Net
increase in loans
|
(38,352 | ) | (36,398 | ) | ||||
Purchase
of premises and equipment
|
(753 | ) | (1,422 | ) | ||||
Net
cash used by investing activities
|
(144,575 | ) | (20,054 | ) | ||||
Financing
Activities:
|
||||||||
Net
increase in deposits
|
162,641 | 92,544 | ||||||
Net
decrease in other borrowings
|
(27,000 | ) | (18,600 | ) | ||||
Net
proceeds from exercise of stock options issued pursuant to equity
incentive plan
|
- | 149 | ||||||
Cash
dividends paid
|
(4,234 | ) | (4,206 | ) | ||||
Net
cash provided by financing activities
|
131,407 | 69,887 | ||||||
Increase
in cash and cash equivalents
|
5,489 | 56,864 | ||||||
Cash
and cash equivalents beginning of period
|
14,348 | 13,263 | ||||||
Cash
and cash equivalents end of period
|
$ | 19,837 | $ | 70,127 | ||||
Supplemental
Information-Cash Flows:
|
||||||||
Cash
paid for:
|
||||||||
Interest
|
$ | 7,056 | $ | 8,161 | ||||
Income
tax
|
$ | 3,130 | $ | 2,948 | ||||
Noncash
investing and financing activities:
|
||||||||
Securities
which settled in the subsequent period
|
$ | 10,000 | $ | - | ||||
Dividends
declared and unpaid at end of period
|
$ | 1,413 | $ | 1,399 |
Computation
of Per Share Income
|
||||||||||||||||
(in
thousands, except per share data)
|
||||||||||||||||
Three
months ended
|
Nine
months ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
Income
|
$ | 2,356 | $ | 2,322 | $ | 6,561 | $ | 6,277 | ||||||||
Common
Equivalent Shares:
|
||||||||||||||||
Weighted
Average Common Shares Outstanding
|
6,076 | 6,073 | 6,076 | 6,071 | ||||||||||||
Weighted
Average Common Equivalent Shares Outstanding
|
21 | 20 | 18 | 19 | ||||||||||||
Weighted
Average Common and Equivalent Shares Outstanding
|
6,097 | 6,093 | 6,094 | 6,090 | ||||||||||||
Basic
Earnings per Share
|
$ | 0.39 | $ | 0.38 | $ | 1.08 | $ | 1.03 | ||||||||
Diluted
Earnings per Share
|
$ | 0.39 | $ | 0.38 | $ | 1.08 | $ | 1.03 |
Weighted
|
|||||||||||||
Weighted
|
Average
|
||||||||||||
Number
|
Average
|
Remaining
|
Aggregate
|
||||||||||
of
|
Exercise
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Price
|
Life
|
Value
|
||||||||||
Outstanding,
December 31, 2007
|
100,415 | $ | 21.72 | ||||||||||
Granted
|
- | - | |||||||||||
Exercised
|
- | - | |||||||||||
Forfeited
|
(2,989 | ) | $ | 25.26 | |||||||||
Expired
|
(2,538 | ) | $ | 25.28 | |||||||||
Outstanding,
September 30, 2008
|
94,888 | $ | 21.52 |
5.64
years
|
$ | 177,724 | |||||||
Vested
or expected to vest
|
91,077 | $ | 21.36 |
5.53
years
|
$ | 177,724 | |||||||
Exercisable,
September 30, 2008
|
64,802 | $ | 19.75 |
4.61
years
|
$ | 177,724 | |||||||
Number
of
|
|||||||||||||
Range
of Exercise Prices
|
Shares
|
Price
|
|||||||||||
8,400 | $ | 12.53 | |||||||||||
13,683 | $ | 14.67 | |||||||||||
11,100 | $ | 15.47 | |||||||||||
56,302 | $ | 24.00-25.25 | |||||||||||
5,403 | $ | 26.55-30.60 |
Weighted
|
||||||||
Average
Grant-Date
|
||||||||
Shares
|
Fair
Value
|
|||||||
Unvested,
December 31, 2007
|
36,673 | $ | 24.82 | |||||
Granted
|
42,470 | $ | 22.00 | |||||
Vested
|
(770 | ) | $ | 27.96 | ||||
Forfeited
|
(7,400 | ) | $ | 24.13 | ||||
Unvested,
September 30, 2008
|
70,973 | $ | 23.21 |
September
30, 2008
|
December
31, 2007
|
|||||||||||||||
(In
thousands)
|
Estimated
|
Estimated
|
||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Available
for sale:
|
||||||||||||||||
U.S.
Treasury and government agency securities
|
$ | 30,442 | $ | 30,501 | $ | 21,422 | $ | 21,523 | ||||||||
State
and municipal obligations
|
45,683 | 45,421 | 47,547 | 47,803 | ||||||||||||
Mortgage-backed
securities
|
186,124 | 185,923 | 120,450 | 120,445 | ||||||||||||
Total
available for sale
|
262,249 | 261,845 | 189,419 | 189,771 | ||||||||||||
Held
to maturity:
|
||||||||||||||||
State
and municipal obligations
|
18,614 | 18,560 | 5,836 | 5,844 | ||||||||||||
Mortgage-backed
securities
|
19,926 | 20,031 | - | - | ||||||||||||
Total
held to maturity
|
38,540 | 38,591 | 5,836 | 5,844 | ||||||||||||
Total
debt and equity securities
|
$ | 300,789 | $ | 300,436 | $ | 195,255 | $ | 195,615 |
Fair
Value Measurements Using
|
||||||||||||||||
September 30, 2008
|
Quoted Prices In Active Markets for Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Significant Unobservable
Inputs
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Available
for sale securities
|
$ | 261,845 | $ | 261,845 |
September 30,
2008
|
December 31,
2007
|
|||||||
(In
thousands)
|
||||||||
Commercial
real estate mortgage loans
|
$ | 191,232 | $ | 175,876 | ||||
Residential
real estate mortgage loans
|
137,185 | 125,317 | ||||||
Commercial,
financial, and agricultural
|
57,499 | 50,531 | ||||||
Installment/consumer
loans
|
10,887 | 8,553 | ||||||
Real
estate-construction loans
|
16,195 | 14,867 | ||||||
Total
loans
|
412,998 | 375,144 | ||||||
Net
deferred loan cost and fees
|
195 | 92 | ||||||
413,193 | 375,236 | |||||||
Allowance
for loan losses
|
(3,634 | ) | (2,954 | ) | ||||
Net
loans
|
$ | 409,559 | $ | 372,282 |
(In
thousands)
|
For
the Nine Months Ended
|
For
the Year Ended
|
||||||||||
September 30,
2008
|
September 30,
2007
|
December 31,
2007
|
||||||||||
Beginning
balance
|
$ | 2,954 | $ | 2,512 | $ | 2,512 | ||||||
Provision
for loan loss
|
1,075 | 245 | 600 | |||||||||
Net
charge-offs
|
(395 | ) | (38 | ) | (158 | ) | ||||||
Ending
balance
|
$ | 3,634 | $ | 2,719 | $ | 2,954 |
(In
thousands)
|
||||||||||||||||||||||||||||||||
Three
months ended September 30,
|
Nine
months ended September 30,
|
|||||||||||||||||||||||||||||||
Pension
Benefits
|
SERP
Benefits
|
Pension
Benefits
|
SERP
Benefits
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Service
Cost
|
$ | 111 | $ | 113 | $ | 18 | $ | 15 | $ | 331 | $ | 337 | $ | 53 | $ | 45 | ||||||||||||||||
Interest
Cost
|
70 | 71 | 12 | 13 | 209 | 210 | 36 | 39 | ||||||||||||||||||||||||
Expected
return on plan assets
|
(124 | ) | (99 | ) | - | - | (371 | ) | (295 | ) | - | - | ||||||||||||||||||||
Amortization
of net loss
|
- | 3 | - | - | - | 10 | - | - | ||||||||||||||||||||||||
Amortization
of unrecognized prior service cost
|
2 | 3 | - | - | 6 | 7 | - | - | ||||||||||||||||||||||||
Amortization
of unrecognized transition (asset) obligation
|
- | - | 7 | 7 | - | - | 20 | 21 | ||||||||||||||||||||||||
Net
periodic benefit cost
|
$ | 59 | $ | 91 | $ | 37 | $ | 35 | $ | 175 | $ | 269 | $ | 109 | $ | 105 |
·
|
Net
income of $2.4 million or $0.39 per diluted share for the third quarter of
2008 as compared to net income of $2.3 million or $0.38 per diluted share
for the third quarter of 2007.
|
·
|
Returns
on average equity and assets of 17.38% and 1.30%, respectively for the
third quarter of 2008.
|
·
|
Net
interest income increased to $7.8 million for the third quarter of 2008 as
compared to $6.8 million in 2007.
|
·
|
A
net interest margin of 4.71% for the third quarter of 2008 as compared to
4.85% for 2007.
|
·
|
Total
loans at September 30, 2008 of $413.2 million, a $50.8 million or 14.0%
increase from September 30, 2007.
|
·
|
Total
assets of $755.5 million at September 30, 2008, an increase of $105.1
million or 16.2% compared to $650.3 million at September 30,
2007.
|
·
|
Deposits
of $671.6 million at September 30, 2008, an increase of $74.6 million or
12.5% from September 2007.
|
·
|
Demand
deposits of $209.4 million at September 30, 2008, representing 31.2% of
total deposits.
|
·
|
Continued
strong credit quality and increases in allowance for loan
losses.
|
·
|
The
declaration of a cash dividend of $0.23 per share for the third quarter of
2008.
|
·
|
Received
approval from the Office of the Comptroller of the Currency for new branch
locations in Shirley and Deer Park.
|
Three
months ended September 30,
|
2008
|
2007
|
||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Interest
earning assets:
|
||||||||||||||||||||||||
Loans,
net (including loan fee income)
|
$ | 400,276 | $ | 7,087 | 7.04 | % | $ | 352,605 | $ | 6,784 | 7.63 | % | ||||||||||||
Mortgage-backed
securities
|
176,716 | 2,174 | 4.89 | 123,571 | 1,513 | 4.86 | ||||||||||||||||||
Tax
exempt securities (1)
|
56,597 | 698 | 4.91 | 47,840 | 626 | 5.19 | ||||||||||||||||||
Taxable
securities
|
31,945 | 285 | 3.55 | 28,183 | 305 | 4.29 | ||||||||||||||||||
Federal
funds sold
|
14,339 | 73 | 2.03 | 22,364 | 295 | 5.23 | ||||||||||||||||||
Deposits
with banks
|
233 | 1 | 1.71 | 168 | 1 | 2.36 | ||||||||||||||||||
Total
interest earning assets
|
680,106 | 10,318 | 6.04 | 574,731 | 9,524 | 6.57 | ||||||||||||||||||
Non
interest earning assets:
|
||||||||||||||||||||||||
Cash
and due from banks
|
16,944 | 17,898 | ||||||||||||||||||||||
Other
assets
|
25,801 | 21,532 | ||||||||||||||||||||||
Total
assets
|
$ | 722,851 | $ | 614,161 | ||||||||||||||||||||
Interest
bearing liabilities:
|
||||||||||||||||||||||||
Savings,
NOW and money market deposits
|
$ | 319,673 | $ | 1,384 | 1.72 | % | $ | 288,618 | $ | 1,893 | 2.60 | % | ||||||||||||
Certificates
of deposit of $100,000 or more
|
70,718 | 527 | 2.96 | 35,454 | 351 | 3.93 | ||||||||||||||||||
Other
time deposits
|
35,131 | 247 | 2.80 | 26,614 | 252 | 3.76 | ||||||||||||||||||
Federal
funds purchased and repurchase agreements
|
18,163 | 108 | 2.37 | - | - | - | ||||||||||||||||||
Total
interest bearing liabilities
|
443,685 | 2,266 | 2.03 | 350,686 | 2,496 | 2.82 | ||||||||||||||||||
Non
interest bearing liabilities:
|
||||||||||||||||||||||||
Demand
deposits
|
218,238 | 211,879 | ||||||||||||||||||||||
Other
liabilities
|
6,986 | 4,079 | ||||||||||||||||||||||
Total
liabilities
|
668,909 | 566,644 | ||||||||||||||||||||||
Stockholders'
equity
|
53,942 | 47,517 | ||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 722,851 | $ | 614,161 | ||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
8,052 | 4.01 | % | 7,028 | 3.75 | % | ||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$ | 236,421 | 4.71 | % | $ | 224,045 | 4.85 | % | ||||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities
|
153.29 | % | 163.89 | % | ||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(243 | ) | (215 | ) | ||||||||||||||||||||
Net
interest income
|
$ | 7,809 | $ | 6,813 |
(1)
|
The
above table is presented on a tax equivalent
basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield on
average interest earning assets and the cost of average interest bearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average interest
earning assets.
|
Nine
months ended September 30,
|
2008
|
2007
|
||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Interest
earning assets:
|
||||||||||||||||||||||||
Loans,
net (including loan fee income)
|
$ | 390,884 | $ | 20,850 | 7.13 | % | $ | 341,208 | $ | 19,494 | 7.64 | % | ||||||||||||
Mortgage-backed
securities
|
153,939 | 5,649 | 4.90 | 119,430 | 4,260 | 4.77 | ||||||||||||||||||
Tax
exempt securities (1)
|
54,216 | 2,078 | 5.12 | 54,778 | 2,179 | 5.32 | ||||||||||||||||||
Taxable
securities
|
25,846 | 797 | 4.12 | 30,150 | 967 | 4.29 | ||||||||||||||||||
Federal
funds sold
|
10,622 | 173 | 2.18 | 13,618 | 537 | 5.27 | ||||||||||||||||||
Deposits
with banks
|
180 | 5 | 3.71 | 86 | 3 | 4.66 | ||||||||||||||||||
Total
interest earning assets
|
635,687 | 29,552 | 6.21 | 559,270 | 27,440 | 6.56 | ||||||||||||||||||
Non
interest earning assets:
|
||||||||||||||||||||||||
Cash
and due from banks
|
16,631 | 16,383 | ||||||||||||||||||||||
Other
assets
|
26,482 | 21,883 | ||||||||||||||||||||||
Total
assets
|
$ | 678,800 | $ | 597,536 | ||||||||||||||||||||
Interest
bearing liabilities:
|
||||||||||||||||||||||||
Savings,
NOW and money market deposits
|
$ | 306,023 | $ | 4,286 | 1.87 | % | $ | 292,934 | $ | 6,068 | 2.77 | % | ||||||||||||
Certificates
of deposit of $100,000 or more
|
62,853 | 1,581 | 3.36 | 33,237 | 1,031 | 4.15 | ||||||||||||||||||
Other
time deposits
|
34,406 | 825 | 3.20 | 28,275 | 797 | 3.77 | ||||||||||||||||||
Federal
funds purchased and repurchase agreements
|
17,879 | 338 | 2.53 | 1,836 | 77 | 5.61 | ||||||||||||||||||
Federal
Home Loan Bank advances
|
1,642 | 30 | 2.44 | - | - | - | ||||||||||||||||||
Total
interest bearing liabilities
|
422,803 | 7,060 | 2.23 | 356,282 | 7,973 | 2.99 | ||||||||||||||||||
Non
interest bearing liabilities:
|
||||||||||||||||||||||||
Demand
deposits
|
197,230 | 190,484 | ||||||||||||||||||||||
Other
liabilities
|
5,294 | 3,689 | ||||||||||||||||||||||
Total
liabilities
|
625,327 | 550,455 | ||||||||||||||||||||||
Stockholders'
equity
|
53,473 | 47,081 | ||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 678,800 | $ | 597,536 | ||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
22,492 | 3.98 | % | 19,467 | 3.57 | % | ||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$ | 212,884 | 4.73 | % | $ | 202,988 | 4.65 | % | ||||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities
|
150.35 | % | 156.97 | % | ||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(725 | ) | (712 | ) | ||||||||||||||||||||
Net
interest income
|
$ | 21,767 | $ | 18,755 |
(1)
|
The
above table is presented on a tax equivalent
basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield on
average interest earning assets and the cost of average interestbearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average interest
earning assets.
|
Three
months ended September 30,
|
Nine
months ended September 30,
|
|||||||||||||||||||||||
2008
vs. 2007
|
2008
vs. 2007
|
|||||||||||||||||||||||
(In
thousands)
|
Changes
Due To
|
Changes
Due To
|
||||||||||||||||||||||
Volume
|
Rate
|
Net
Change
|
Volume
|
Rate
|
Net
Change
|
|||||||||||||||||||
Interest
income on interest earning assets:
|
||||||||||||||||||||||||
Loans
(including loan fee income)
|
$ | 2,839 | $ | (2,536 | ) | $ | 303 | $ | 3,325 | $ | (1,969 | ) | $ | 1,356 | ||||||||||
Mortgage-backed
securities
|
650 | 11 | 661 | 1,267 | 122 | 1,389 | ||||||||||||||||||
Tax
exempt securities (1)
|
265 | (193 | ) | 72 | (22 | ) | (79 | ) | (101 | ) | ||||||||||||||
Taxable
securities
|
174 | (194 | ) | (20 | ) | (133 | ) | (37 | ) | (170 | ) | |||||||||||||
Federal
funds sold
|
(82 | ) | (140 | ) | (222 | ) | (99 | ) | (265 | ) | (364 | ) | ||||||||||||
Deposits
with banks
|
1 | (1 | ) | - | 3 | (1 | ) | 2 | ||||||||||||||||
Total
interest earning assets
|
3,847 | (3,053 | ) | 794 | 4,341 | (2,229 | ) | 2,112 | ||||||||||||||||
Interest
expense on interest bearing liabilities:
|
||||||||||||||||||||||||
Savings,
NOW and money market deposits
|
1,103 | (1,612 | ) | (509 | ) | 422 | (2,204 | ) | (1,782 | ) | ||||||||||||||
Certificates
of deposit of $100,000 or more
|
689 | (513 | ) | 176 | 885 | (335 | ) | 550 | ||||||||||||||||
Other
time deposits
|
281 | (286 | ) | (5 | ) | 206 | (178 | ) | 28 | |||||||||||||||
Federal
funds purchased and repurchase agreements
|
108 | - | 108 | 352 | (91 | ) | 261 | |||||||||||||||||
Federal
Home Loan Bank Advances
|
- | - | - | 2 | 28 | 30 | ||||||||||||||||||
Total
interest bearing liabilities
|
2,181 | (2,411 | ) | (230 | ) | 1,867 | (2,780 | ) | (913 | ) | ||||||||||||||
Net
interest income
|
$ | 1,666 | $ | (642 | ) | $ | 1,024 | $ | 2,474 | $ | 551 | $ | 3,025 |
(1)
|
The
above table is presented on a tax equivalent
basis.
|
Bridge
Bancorp, Inc. (Consolidated)
|
||||||||||||||||||||||||
as
of September 30,
|
2008
|
|||||||||||||||||||||||
(In
thousands)
|
Actual
|
For
Capital Adequacy |
To
Be Well Capitalized
Under |
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
57,227 | 11.6 | % | 39,629 | 8.0 | % | n/a | n/a | ||||||||||||||||
Tier
1 Capital (to risk weighted assets)
|
53,475 | 10.8 | % | 19,815 | 4.0 | % | n/a | n/a | ||||||||||||||||
Tier
1 Capital (to average assets)
|
53,475 | 7.4 | % | 28,916 | 4.0 | % | n/a | n/a |
Bridge
Bancorp, Inc. (Consolidated)
|
||||||||||||||||||||||||
as
of December 31,
|
2007
|
|||||||||||||||||||||||
(In
thousands)
|
Actual
|
For
Capital Adequacy |
To
Be Well Capitalized
Under |
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
53,950 | 12.1 | % | 35,542 | 8.0 | % | n/a | n/a | ||||||||||||||||
Tier
1 Capital (to risk weighted assets)
|
50,877 | 11.5 | % | 17,771 | 4.0 | % | n/a | n/a | ||||||||||||||||
Tier
1 Capital (to average assets)
|
50,877 | 8.4 | % | 24,347 | 4.0 | % | n/a | n/a |
Bridgehampton
National Bank
|
||||||||||||||||||||||||
as
of September 30,
|
2008
|
|||||||||||||||||||||||
(In
thousands)
|
Actual
|
For
Capital Adequacy |
To
Be Well Capitalized
Under |
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
55,280 | 11.2 | % | 39,584 | 8.0 | % | 49,480 | 10.0 | % | |||||||||||||||
Tier
1 Capital (to risk weighted assets)
|
51,528 | 10.4 | % | 19,792 | 4.0 | % | 29,688 | 6.0 | % | |||||||||||||||
Tier
1 Capital (to average assets)
|
51,528 | 7.1 | % | 28,896 | 4.0 | % | 36,120 | 5.0 | % |
Bridgehampton
National Bank
|
||||||||||||||||||||||||
as
of December 31,
|
2007
|
|||||||||||||||||||||||
(In
thousands)
|
Actual
|
For
Capital Adequacy |
To
Be Well Capitalized
Under |
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
47,860 | 10.8 | % | 35,524 | 8.0 | % | 44,405 | 10.0 | % | |||||||||||||||
Tier
1 Capital (to risk weighted assets)
|
44,906 | 10.1 | % | 17,762 | 4.0 | % | 26,643 | 6.0 | % | |||||||||||||||
Tier
1 Capital (to average assets)
|
44,906 | 7.4 | % | 24,338 | 4.0 | % | 30,423 | 5.0 | % |
September
30, 2008
|
December
31, 2007
|
|||||||||||||||
Potential
Change
|
Potential
Change
|
|||||||||||||||
Change
in Interest
|
in
Net
|
in
Net
|
||||||||||||||
Rates
in Basis Points
|
Interest
Income
|
Interest
Income
|
||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
$
Change
|
%
Change
|
$
Change
|
%
Change
|
|||||||||||||
200
|
$ | (2,288 | ) | (6.89 | )% | $ | (1,833 | ) | (7.05 | )% | ||||||
100
|
$ | (1,160 | ) | (3.50 | )% | $ | (897 | ) | (3.45 | )% | ||||||
Static
|
- | - | - | - | ||||||||||||
(100)
|
$ | 287 | 0.86 | % | $ | 555 | 2.13 | % |
(a)
|
Not
applicable.
|
(b)
|
Not
applicable.
|
(c)
|
Not
applicable.
|
BRIDGE BANCORP, INC.
|
|
Registrant
|
|
November
6, 2008
|
/s/ Kevin M. O’Connor
|
Kevin
M. O’Connor
|
|
President
and Chief Executive Officer
|
|
November
6, 2008
|
/s/ Howard H. Nolan
|
Howard
H. Nolan
|
|
Senior
Executive Vice President and Chief Financial
Officer
|