BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

BUSINESS COMBINATIONS

20. BUSINESS COMBINATIONS

On June 19, 2015, the Company acquired CNB at a purchase price of $157.5 million, issued an aggregate of 5.647 million Bridge Bancorp common shares in exchange for all the issued and outstanding common stock of CNB and recorded goodwill of $96.5 million, which is not deductible for tax purposes. The transaction expanded the Company’s geographic footprint across Long Island including Nassau County, Queens and into New York City. It complements the Bank’s existing branch network and enhances asset generation capabilities. The expanded branch network allows the Bank to serve a greater portion of Long Island and the New York City boroughs through a network of 40 branches.

The acquisition was accounted for under the acquisition method of accounting in accordance with FASB ASC 805, “Business Combinations.” Accordingly, the assets acquired and liabilities assumed were recorded at their respective acquisition date fair values, and identifiable intangible assets were recorded at fair value. The operating results of the Company for the years ended December 31, 2016 and 2015 include the operating results of CNB since the acquisition date of June 19, 2015.

The following table summarizes the finalized fair values of the assets acquired and liabilities assumed on June 19, 2015:

			Measurement
	As Initially		Period
(In thousands)	Reported		Adjustments(1)			As Adjusted
Cash and due from banks	$	24,628	$	-		$	24,628
Securities		90,109		-			90,109
Loans		736,348		(6,935	)		729,413
Bank owned life insurance		21,445		-			21,445
Premises and equipment		6,398		(5,122	)		1,276
Other intangible assets		6,698		-			6,698
Other assets		14,484		7,245			21,729
Total assets acquired	$	900,110	$	(4,812	)	$	895,298
Deposits	$	786,853	$	-		$	786,853
Federal Home Loan Bank term advances		35,581		-			35,581
Other liabilities and accrued expenses		5,647		6,214			11,861
Total liabilities assumed	$	828,081	$	6,214		$	834,295
Net assets acquired		72,029		(11,026	)		61,003
Consideration paid		157,503		-			157,503
Goodwill recorded on acquisition	$	85,474	$	11,026		$	96,500

(1) Explanation of measurement period adjustments:

Loans – represents adjustments to the initial fair values related to certain purchased credit impaired loans based on the finalization of the initial provisional analyses.

Premises and equipment – represents write down to estimated fair value based on the final valuation performed on leasehold improvements.

Other assets – represents adjustments to the net deferred tax asset resulting from the adjustments to the initial fair values related to acquired assets and liabilities assumed.

Other liabilities and accrued expenses – represents adjustments to the initial fair values reported to adjust other liabilities to estimated fair value and record certain liabilities directly related to the CNB acquisition.