Kroll Bond Rating Agency Assigns BBB/K3 Senior Unsecured Debt & Short-Term Ratings to Bridge Bancorp, Inc.
NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term rating of K3 to Bridge Bancorp, Inc. (NASDAQ: “BDGE”, “Bridge”, or “the Company”) a bank holding company headquartered in Bridgehampton, New York. In addition, KBRA has assigned a deposit rating of BBB+, senior unsecured debt rating of BBB+, and short-term deposit/debt rating of K2 to its subsidiary, The Bridgehampton National Bank (“the Bank”). The outlook on all ratings is stable.
The ratings are supported by BDGE’s sound financial fundamentals as indicated by the Company’s adequate market share in target geographies, attractive geographic footprint in Long Island, skilled management team, historically strong asset quality metrics, and stable earnings.
These strengths are balanced by the Company’s large exposure to commercial real estate (CRE), integration risks following the completion of the proposed acquisition with Community National Bank, and relatively low TCE ratio. Concerns over CRE exposure are reduced by management’s strong knowledge of its home market, solid underwriting practices, and favorable historical loss experience.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on January 28, 2015.
Please use the following link to access the report:www.krollbondratings.com/show_report/2599
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
View source version on businesswire.com: http://www.businesswire.com/news/home/20150717005695/en/
Analytical:
Kroll Bond Rating
Agency
Leah Hallfors, Associate
240-394-4147
[email protected],
or
Christopher
Whalen, Senior Managing Director
646-731-2366
[email protected],
or
Joe
Scott, Senior Director
646-731-2438
[email protected],
Source: Kroll Bond Rating Agency
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