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Proc-Type: 2001,MIC-CLEAR
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M_]'&_P`
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Contact: Howard
Nolan
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Senior
Executive Vice President
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Chief
Operating Officer
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Bridge
Bancorp, Inc. and Subsidiary
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||||||||||||||||||||
Five
Year Summary of Operations (unaudited)
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||||||||||||||||||||
(In
thousands, except per share data and financial ratios)
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Set
forth below are selected consolidated financial and other data of
the
Company. The Company's business is primarily the business of the
Bank. This financial data is derived in part from, and should be read
in conjunction with, the Consolidated Financial Statements of the
Company.
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December
31,
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2007
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2006
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2005
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2004
(2)
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2003
(2)
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|||||||||||||||
Selected
Financial Data:
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||||||||||||||||||||
Securities
available for sale
|
$ |
187,384
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$ |
202,590
|
$ |
182,801
|
$ |
202,042
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$ |
193,699
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||||||||||
Securities,
restricted
|
2,387
|
878
|
1,377
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1,979
|
1,642
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|||||||||||||||
Securities
held to maturity
|
5,836
|
9,444
|
10,012
|
21,213
|
14,396
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|||||||||||||||
Total
loans
|
375,236
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325,997
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302,264
|
296,134
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273,188
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|||||||||||||||
Total
assets
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607,424
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573,644
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533,444
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547,200
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511,613
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|||||||||||||||
Total
deposits
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508,909
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504,412
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468,025
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469,311
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457,159
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|||||||||||||||
Total
stockholders' equity
|
51,109
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45,539
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46,651
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47,213
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42,794
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|||||||||||||||
Year
Ended December 31,
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||||||||||||||||||||
Selected
Operating Data:
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||||||||||||||||||||
Total
interest income
|
$ |
35,864
|
$ |
32,030
|
$ |
28,713
|
$ |
26,923
|
$ |
25,968
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||||||||||
Total
interest expense
|
10,437
|
8,337
|
4,319
|
2,351
|
2,601
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|||||||||||||||
Net
interest income
|
25,427
|
23,693
|
24,394
|
24,572
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23,367
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|||||||||||||||
Provision
for loan losses
|
600
|
85
|
300
|
300
|
-
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|||||||||||||||
Net
interest income after provision for loan losses
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24,827
|
23,608
|
24,094
|
24,272
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23,367
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|||||||||||||||
Total
other income
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5,678
|
4,413
|
5,105
|
5,440
|
4,716
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|||||||||||||||
Total
other expenses
|
18,168
|
16,002
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14,647
|
13,564
|
12,997
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|||||||||||||||
Income
before income taxes
|
12,337
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12,019
|
14,552
|
16,148
|
15,086
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|||||||||||||||
Provision
for income taxes
|
4,043
|
3,851
|
4,929
|
5,771
|
5,488
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|||||||||||||||
Net
income
|
$ |
8,294
|
$ |
8,168
|
$ |
9,623
|
$ |
10,377
|
$ |
9,598
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||||||||||
December
31,
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Selected
Financial Ratios and Other Data:
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||||||||||||||||||||
Return
on average equity
|
17.47 | % | 17.68 | % | 20.15 | % | 22.82 | % | 22.58 | % | ||||||||||
Return
on average assets
|
1.38 | % | 1.49 | % | 1.76 | % | 1.89 | % | 1.91 | % | ||||||||||
Average
equity to average assets
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7.91 | % | 8.41 | % | 8.71 | % | 8.30 | % | 8.46 | % | ||||||||||
Dividend
payout ratio (1)
|
67.67 | % | 68.98 | % | 58.88 | % | 43.39 | % | 50.98 | % | ||||||||||
Diluted
earnings per share
|
$ |
1.36
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$ |
1.33
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$ |
1.53
|
$ |
1.64
|
$ |
1.53
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||||||||||
Basic
earnings per share
|
$ |
1.37
|
$ |
1.33
|
$ |
1.54
|
$ |
1.66
|
$ |
1.55
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||||||||||
Cash
dividends declared per common share (1)
|
$ |
0.92
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$ |
0.92
|
$ |
0.91
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$ |
0.72
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$ |
0.78
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||||||||||
(1) On
December 15, 2003, the Company declared a special dividend of
approximately $1,660,000, or $0.27 per share.
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(2)
Amounts have been restated for a three-for-two stock split, in the
form of
a stock dividend, effective July 9, 2004.
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BRIDGE
BANCORP, INC. AND SUBSIDIARY
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||||||||
Condensed
Consolidated Statements of Condition (unaudited)
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(In
thousands)
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||||||||
December
31,
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December
31,
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|||||||
2007
|
2006
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|||||||
ASSETS
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||||||||
Cash
and cash equivalents
|
$ |
14,348
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$ |
13,263
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||||
Investment
in debt and equity securities, net:
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||||||||
Securities
available for sale, at fair value
|
187,384
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202,590
|
||||||
Securities
held to maturity
|
5,836
|
9,444
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||||||
Securities,
restricted
|
2,387
|
878
|
||||||
Loans
|
375,236
|
325,997
|
||||||
Less: Allowance
for loan losses
|
(2,954 | ) | (2,512 | ) | ||||
Loans,
net
|
372,282
|
323,485
|
||||||
Banking
premises and equipment, net
|
18,469
|
18,005
|
||||||
Accrued
interest receivable and other assets
|
6,718
|
5,979
|
||||||
Total
Assets
|
$ |
607,424
|
$ |
573,644
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Demand
deposits
|
$ |
176,130
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$ |
173,628
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||||
Savings,
N.O.W. and money market deposits
|
253,012
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269,966
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||||||
Certificates
of deposit of $100,000 or more and other time deposits
|
79,767
|
60,818
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||||||
Overnight
borrowings
|
42,000
|
18,600
|
||||||
Other
liabilities and accrued expenses
|
5,406
|
5,093
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||||||
Total
Stockholders' Equity
|
51,109
|
45,539
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||||||
Total
Liabilities and Stockholders' Equity
|
$ |
607,424
|
$ |
573,644
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BRIDGE
BANCORP, INC. AND SUBSIDIARY
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||||||||||||||||
Condensed
Consolidated Statements
of Income (unaudited)
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||||||||||||||||
(In
thousands, except per share amounts)
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||||||||||||||||
Three
months ended December 31,
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Years
ended December 31,
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|||||||||||||||
2007
|
2006
|
2007
|
2006
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|||||||||||||
Interest
income
|
$ |
9,137
|
$ |
8,520
|
$ |
35,864
|
$ |
32,030
|
||||||||
Interest
expense
|
2,465
|
2,612
|
10,437
|
8,337
|
||||||||||||
Net
interest income
|
6,672
|
5,908
|
25,427
|
23,693
|
||||||||||||
Provision
for loan losses
|
355
|
85
|
600
|
85
|
||||||||||||
Net
interest income after provision for loan losses
|
6,317
|
5,823
|
24,827
|
23,608
|
||||||||||||
Other
income
|
1,362
|
1,214
|
5,779
|
4,702
|
||||||||||||
Net
security losses
|
-
|
-
|
(101 | ) | (289 | ) | ||||||||||
Other
expenses
|
4,685
|
4,023
|
18,168
|
16,002
|
||||||||||||
Income
before income taxes
|
2,994
|
3,014
|
12,337
|
12,019
|
||||||||||||
Provision
for income taxes
|
978
|
975
|
4,043
|
3,851
|
||||||||||||
Net
income
|
$ |
2,016
|
$ |
2,039
|
$ |
8,294
|
$ |
8,168
|
||||||||
Basic
earnings per share
|
$ |
0.33
|
$ |
0.34
|
$ |
1.37
|
$ |
1.33
|
||||||||
Diluted
earnings per share
|
$ |
0.33
|
$ |
0.34
|
$ |
1.36
|
$ |
1.33
|
||||||||
Weighted
average common shares
|
6,075
|
6,064
|
6,072
|
6,139
|
||||||||||||
Weighted
average common and common equivalent shares
|
6,096
|
6,083
|
6,092
|
6,159
|