PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2014

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

16. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Bridge Bancorp, Inc. (Parent Company only) follows:

Condensed Balance Sheets

December 31,	2014		2013
(In thousands)
ASSETS
Cash and cash equivalents	$	610	$	37,364
Other assets	218		299
Investment in the Bank	190,292		137,799
Total Assets	$	191,120	$	175,462
LIABILITIES AND STOCKHOLDERS’ EQUITY
Junior subordinated debentures	$	16,002	$	16,002
Other liabilities	—		—
Total Liabilities	16,002		16,002
Total Stockholders’ Equity	175,118		159,460
Total Liabilities and Stockholders’ Equity	$	191,120	$	175,462

Condensed Statements of Income

Years ended December 31,	2014			2013			2012
(In thousands)
Interest expense	$	1,365		$	1,365		$	1,365
Non-interest expense	86			69			82
Loss before income taxes and equity in undistributed earnings of the Bank	(1,451		)	(1,434		)	(1,447		)
Income tax benefit	(463		)	(483		)	(466		)
Loss before equity in undistributed earnings of the Bank	(988		)	(951		)	(981		)
Equity in undistributed earnings of the Bank	14,751			14,044			13,753
Net income	$	13,763		$	13,093		$	12,772

Condensed Statements of Cash Flows

Years ended December 31,	2014			2013			2012
(In thousands)
Cash flows from operating activities:
Net income	$	13,763		$	13,093		$	12,772
Adjustments to reconcile net income to net cash (used in) operating activities:
Equity in undistributed earnings of the Bank	(14,751		)	(14,044		)	(13,753		)
Decrease (increase) in other assets	81			(100		)	(7		)
Decrease in other liabilities	(48		)	(5		)	(227		)
Net cash used in operating activities	(955		)	(1,056		)	(1,215		)
Cash flows from investing activities:
Investment in the Bank	(24,000		)	(6,000		)	(7,000		)
Cash in lieu of fractional shares for business acquisition	(1		)	—			—
Net cash used in investing activities	(24,001		)	(6,000		)	(7,000		)
Cash flows from financing activities:
Repayment of acquired unsecured debt	(1,450		)	—			—
Net proceeds from issuance of common stock	631			46,237			10,507
Net proceeds from exercise of stock options	7			4			—
Repurchase of surrendered stock from exercise of stock options and vesting of restricted stock awards	(173		)	(291		)	(175		)
Excess tax benefit (expense) from share based compensation	36			21			(18		)
Cash dividends paid	(10,657		)	(6,754		)	(9,898		)
Other, net	(192		)	—			—
Net cash (used in) provided by financing activities	(11,798		)	39,217			416
Net (decrease) increase in cash and cash equivalents	(36,754		)	32,161			(7,799		)
Cash and cash equivalents at beginning of year	37,364			5,203			13,002
Cash and cash equivalents at end of year	$	610		$	37,364		$	5,203