PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2016

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

17. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

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

Condensed Balance Sheets

	December 31,
(In thousands)	2016		2015
Assets:
Cash and cash equivalents	$	29,049	$	25,475
Other assets		228		16
Investment in the Bank		474,035		411,106
Total assets	$	503,312	$	436,597
Liabilities and stockholders’ equity:
Subordinated debentures	$	78,502	$	78,363
Junior subordinated debentures		15,244		15,878
Other liabilities		1,579		1,228
Total liabilities		95,325		95,469
Total stockholders’ equity		407,987		341,128
Total liabilities and stockholders’ equity	$	503,312	$	436,597

Condensed Statements of Income

	Year Ended December 31,
(In thousands)	2016			2015			2014
Dividends from the Bank	$	14,800		$	10,000		$	—
Interest expense		5,903			2,626			1,365
Non-interest expense		260			73			86
Income (loss) before income taxes and equity in undistributed earnings of the Bank		8,637			7,301			(1,451	)
Income tax benefit		(2,126	)		(933	)		(463	)
Income (loss) before equity in undistributed earnings of the Bank		10,763			8,234			(988	)
Equity in undistributed earnings of the Bank		24,728			12,877			14,751
Net income	$	35,491		$	21,111		$	13,763

Condensed Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2016			2015			2014
Cash flows from operating activities:
Net income	$	35,491		$	21,111		$	13,763
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of the Bank		(24,728	)		(12,877	)		(14,751	)
Amortization		152			44			5
(Increase) decrease in other assets		(212	)		72			76
Increase (decrease) in other liabilities		351			1,228			(48	)
Net cash provided by (used in) operating activities		11,054			9,578			(955	)
Cash flows from investing activities:
Investment in the Bank		(39,500	)		(50,000	)		(24,000	)
Cash in lieu of fractional shares for business acquisition		—			—			(1	)
Net cash used in investing activities		(39,500	)		(50,000	)		(24,001	)
Cash flows from financing activities:
Net proceeds from issuance of subordinated debentures		—			78,324			—
Repayment of acquired unsecured debt		—			—			(1,450	)
Net proceeds from issuance of common stock		48,442			779			631
Net proceeds from exercise of stock options		62			80			7
Repurchase of surrendered stock from vesting of restricted stock awards		(344	)		(228	)		(173	)
Excess tax benefit from share based compensation		—			50			36
Cash dividends paid		(16,140	)		(13,415	)		(10,657	)
Other, net		—			(303	)		(192	)
Net cash provided by (used in) financing activities		32,020			65,287			(11,798	)
Net increase (decrease) in cash and cash equivalents		3,574			24,865			(36,754	)
Cash and cash equivalents at beginning of year		25,475			610			37,364
Cash and cash equivalents at end of year	$	29,049		$	25,475		$	610