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Form 8-K BRIDGE BANCORP INC For: Jul 28

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July 28, 2016 8:11 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): July 28, 2016

 

 

 

BRIDGE BANCORP, INC.

(Exact name of the registrant as specified in its charter)

 

 

 

New York 001-34096 11-2934195

(State or other jurisdiction of

incorporation or organization)

 (Commission File Number)

(IRS Employer

Identification No.)

 

2200 Montauk Highway    
Bridgehampton, New York   11932
(Address of principal executive offices)   (Zip Code)

 

(631) 537-1000

(Registrant’s telephone number)

  

N/A

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On July 28, 2016, the Company issued a press release announcing its earnings for the quarter ended June 30, 2016. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. 

 

Item 9.01. Financial Statements and Exhibits.

 

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release dated July 28, 2016, announcing the earnings of the Company for the quarter ended June 30, 2016*

 

*          Furnished electronically as an exhibit to this Current Report on Form 8-K. As further described in Item 2.02, this exhibit is being “furnished” and not “filed” with this Current Report on Form 8-K.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Bridge Bancorp, Inc.
  (Registrant)
   
  /s/ Kevin M. O’Connor
  Kevin M. O’Connor
  President and Chief Executive Officer

 

Dated: July 28, 2016

 

 

 

 

Exhibit 99.1

 

Press Release

FOR IMMEDIATE RELEASE

 

Contact: Howard H. Nolan

Senior Executive Vice President

Chief Financial Officer

(631) 537-1001, ext. 7255

  

 

BRIDGE BANCORP, INC.

REPORTS SECOND QUARTER 2016 RESULTS

Growth in Loans, Core Deposits and Record Net Income

  

(Bridgehampton, NY – July 28, 2016) Bridge Bancorp, Inc. (NASDAQ: BDGE), the parent company of The Bridgehampton National Bank (“BNB”), today announced second quarter results for 2016. Highlights of the Company's financial results for the quarter include:

 

·Net income of $8.9 million, an increase of $8.4 million over 2015, and $.50 per diluted share.

 

·Returns on average assets and equity were .91% and 10.07%, respectively.

 

·Core net income was $9.1 million and $.52 per diluted share, an increase of 69% over 2015.

 

·Core returns on average assets and equity were .93% and 10.34%, respectively.

 

·Net interest income increased $10.2 million to $30.6 million, with a net interest margin of 3.48%.

 

·Total assets of $3.7 billion at June 2016, 9% higher than June 2015.

 

·Loan growth of $260 million or 11% compared to June 2015.  

·Deposits of $2.9 billion at June 2016, including $1.1 billion in non-interest bearing demand deposits.  

·Continued solid asset quality metrics and reserve coverage.  

 

·All capital ratios exceed the fully phased in requirements of Basel III.

 

·Declared a dividend of $.23 during the quarter.

 

“This quarter marked the one year anniversary of the CNB acquisition. This acquisition along with organic growth contributed to our record results. We are also seeing traction with the SBA platform as the Bank recently received Preferred Lender Provider (“PLP”) status helping accelerate the origination process going forward,” noted Kevin M. O’Connor, President and CEO.

 

 

 

 

Net Earnings and Returns

Net income for the quarter was $8.9 million or $.50 per diluted share, compared to $.5 million or $.04 per diluted share for the second quarter of 2015. The second quarter of 2015 included $5.3 million of costs, net of income taxes, associated with the Community National Bank (“CNB”) acquisition and a reduction in income tax expense of $.4 million associated with New York City tax legislation signed into law on April 13, 2015. Net income for the six months ended June 2016 was $17.5 million or $.99 per diluted share, compared to $5.2 million or $.43 per diluted share in 2015.

 

Core net income for the second quarter was $9.1 million or $.52 per diluted share, compared to $5.4 million or $.43 per diluted share, for the same period in 2015. Core net income reflects the quarterly results adjusted for certain costs, net of tax, related to the completed CNB acquisition and the tax benefit recorded in 2015. Rising net income reflects the growth in earning assets, generating higher levels of net interest income and offsetting increases in operating expenses. Returns on average assets and equity for the second quarter of 2016 were ..91% and 10.07%, compared to .07% and .91% in 2015, respectively, while core returns on average assets and equity for the second quarter of 2016 were .93% and 10.34%, compared to .86% and 10.50% in 2015, respectively. Return on average tangible common equity for the second quarter of 2016 was 14.83% compared to 1.02% in 2015. Core return on average tangible common equity for the second quarter of 2016 was 15.56% compared to 11.87% in 2015.

 

Interest income grew for the second quarter of 2016 as average earning assets increased by 53% or $1.2 billion, while the net interest margin decreased to 3.48% from 3.57% in the second quarter of 2015. The net interest margin in both periods reflects greater than expected cash flows associated with acquired purchase credit impaired loans. The increase in average earning assets reflects the acquired assets from CNB as well as organic growth in loans and securities. The decrease in the net interest margin reflects the higher costs of borrowings associated with the $80 million in subordinated debentures issued in September 2015, and federal funds purchased and repos.

 

The provision for loan losses was $.9 million for the quarter, $.2 million higher than the second quarter of 2015. The higher provision in the second quarter of 2016 is principally due to growth in the loan portfolio. The Company realized net recoveries of $9,000 in the second quarter of 2016, compared to net charge-offs of $.1 million in the second quarter of 2015.

 

Total non-interest income was $4.3 million for the second quarter of 2016, $1.7 million higher than 2015, driven by an increase in other non-interest income, principally customer fee income, bank-owned life insurance (“BOLI”), net securities gains and gains on sales of the guaranteed portion of Small Business Administration (“SBA”) loans.

 

Non-interest expense for the second quarter of 2016 decreased to $20.4 million from $22.0 million in 2015, which included $8.2 million in costs associated with the CNB acquisition. Non-interest expenses in 2015 excluding CNB acquisition related costs were $13.8 million. The 2016 non-interest expenses compared to the adjusted 2015 non-interest expenses, reflects higher operating costs associated with the acquired CNB operations and facilities, investments in technology, additional marketing costs, and amortization of CNB related intangible assets. Additionally, the Company’s ratio of operating expenses to average assets decreased to 2.10% in the second quarter of 2016 from 3.52% in 2015. Core operating expenses to average assets decreased to 2.03% in the second quarter of 2016 from 2.20% in 2015.

 

Balance Sheet and Asset Quality

Total assets were $3.7 billion at June 30, 2016, $.3 billion higher than June 2015. Average earning assets for the second quarter 2016 increased $1.2 billion or 53% compared to June 2015 reflecting both the acquired assets of CNB and organic growth. Total loans at June 2016 of $2.5 billion reflect organic growth of $260 million or 11% over June 2015. This increase in loans was funded by growth in deposits and borrowings including the $80 million in subordinated debentures issued in September 2015. Demand deposits totaled $1.1 billion at June 2016,

 

 

 

 

representing 39% of total deposits and an increase of $144 million or 15% higher than June 2015. Total assets at June 30, 2016 declined $.2 billion compared to March 31, 2016 reflecting the execution of a strategy to deleverage the balance sheet. During the second quarter, the Company sold $235 million of lower yielding securities at a $.4 million gain, paid down $85 million of borrowings, and funded the runoff of $67 million in acquired high rate certificates of deposits, $44 million in loan growth and $30 million in additional BOLI.

 

Asset quality measures remained strong, as non-performing assets were $2.1 million or .05% of total assets at June 2016 compared to $2.0 million or .06% at June 2015. Non-performing loans of $2.1 million represent .08% of total loans at June 2016, compared to $2.0 million or .09% at June 2015. Loans 30 to 89 days past due increased $1.2 million to $3.8 million at June 2016, with $3.3 million representing CNB acquired loans. Loans past due 90 days and still accruing at June 2016 were comprised of acquired loans of $1.9 million, an increase of $.7 million, compared to June 2015. Additionally, the Company had no other real estate owned (“OREO”) at June 2016 and June 2015.

 

The allowance for loan losses increased $3.9 million to $22.7 million at June 2016 from $18.8 million as of June 2015. The allowance as a percentage of loans was .90% at June 30, 2016. The allowance as a percentage of BNB originated loans was 1.20% at June 2016, compared to 1.27% at June 2015. This decline reflects an improving economy and increasing collateral values.

 

Stockholders’ equity grew $24.2 million to $358.1 million at June 2016, compared to $333.9 million at June 2015. The growth reflects earnings, capital raised in connection with the Dividend Reinvestment Plan, and an increase in the fair value of available for sale investment securities, partially offset by shareholders' dividends. The Company's capital ratios exceed all fully phased in capital requirements under the Basel III rules and the Bank remains classified as well capitalized.

 

“The recent turmoil and volatility in the financial markets and certain events overseas have resulted in historically low interest rates and will likely cause the Federal Reserve to slow the expected pace of increases in short term rates. During the quarter, we executed a strategy to deleverage the balance sheet selling off lower yielding investments at a gain, paying down borrowings and preserving capital to support future loan growth,” noted Mr. O’Connor.

 

Challenges and Opportunities

“The banking industry continues to be faced with new and complex regulatory requirements. Banking regulators have become increasingly concerned about commercial real estate (“CRE”) concentrations, inclusive of multifamily loans, and related risk management practices. We believe our risk management practices include prudent underwriting, extensive data analytics, stress testing and active monitoring of our CRE portfolio consistent with regulatory expectations. However, community banks today operate in an environment of enhanced regulatory oversight potentially resulting in pressure on revenue growth and higher capital levels,” stated Mr. O’Connor.

 

“We continue to see emerging growth opportunities in our marketplace as larger, out-of-state competitors acquire local community banks. We welcome the opportunity to compete for customers, especially customers that value the level of service that a true community bank like BNB can provide.”

 

“In recognition of these challenges and opportunities, and as a result of our internal Believe iN Beyond initiative, we have realigned certain organizational responsibilities. I am pleased to announce that Howard H. Nolan has been named Chief Operating Officer and that John M. McCaffery will become Chief Financial Officer, following the filing of our Form 10-Q in August. In addition to their new roles, Howard will retain his role as Corporate Secretary and John will continue as Treasurer,” commented Mr. O’Connor.

 

 

 

 

About Bridge Bancorp, Inc.

Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, The Bridgehampton National Bank ("BNB"). Established in 1910, BNB, with assets of approximately $3.7 billion, operates 40 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, the Bank operates two loan production offices: one in Manhattan, and one in Riverhead, New York. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB's wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation. For more information visit www.bridgenb.com.

 

BNB also has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.

 

Please see the attached tables for selected financial information.

 

This report may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of management of the Company. Words such as “expects,” “believes,” “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variation of such similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and business of the Company, including earnings growth; revenue growth in retail banking lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies. The Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

 

Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes, including increases in FDIC insurance rates; monetary and fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; the cost of funds; demands for loan products; demand for financial services; competition; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act; difficulties related to the integration of the businesses following the CNB merger, which could adversely affect operating results; and other risk factors discussed elsewhere, and in our reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this report, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 

 

 

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Condition (unaudited)

(In thousands, except per share amounts and financial ratios)

 

   June 30,   December 31,   June 30, 
   2016   2015   2015 
ASSETS               
Cash and Due from Banks  $50,581   $79,750   $56,966 
Interest Earning Deposits with Banks   29,015    24,808    19,229 
Total Cash and Cash Equivalents   79,596    104,558    76,195 
Securities Available for Sale, at Fair Value   627,083    800,203    619,472 
Securities Held to Maturity   222,058    208,351    221,756 
Total Securities   849,141    1,008,554    841,228 
Securities, Restricted   20,894    24,788    15,079 
Loans Held for Investment   2,524,926    2,410,774    2,265,276 
Allowance for Loan Losses   (22,708)   (20,744)   (18,818)
Loans, net   2,502,218    2,390,030    2,246,458 
Premises and Equipment, net   34,712    39,595    40,025 
Goodwill and Other Intangible Assets   113,038    106,821    104,559 
Other Real Estate Owned   -    250    - 
Accrued Interest Receivable and Other Assets   143,686    107,363    104,434 
Total Assets  $3,743,285   $3,781,959   $3,427,978 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Demand Deposits  $1,111,993   $1,156,882   $967,612 
Savings, NOW and Money Market Deposits   1,551,191    1,393,888    1,481,360 
Certificates of Deposit of $100,000 or more   101,542    167,750    193,911 
Other Time Deposits   88,937    125,105    140,697 
Total Deposits   2,853,663    2,843,625    2,783,580 
Federal Funds Purchased and Repurchase Agreements   200,895    170,891    96,573 
Federal Home Loan Bank Advances   198,842    297,507    175,175 
Subordinated Debentures   78,432    78,363    - 
Junior Subordinated Debentures   15,525    15,878    15,875 
Other Liabilities and Accrued Expenses   37,847    34,567    22,868 
Total Liabilities   3,385,204    3,440,831    3,094,071 
Total Stockholders' Equity   358,081    341,128    333,907 
Total Liabilities and Stockholders' Equity  $3,743,285   $3,781,959   $3,427,978 
                
Selected Financial Data:               
Tangible Book Value Per Share (1)  $14.04   $13.47   $13.20 
Common Shares Outstanding   17,459    17,389    17,370 
                
Capital Ratios:               
Total capital to risk weighted assets   13.3%   13.6%   11.1%
Tier 1 capital to risk weighted assets   9.6%   9.9%   10.3%
Common equity tier 1 capital to risk weighted assets   9.1%   9.3%   9.7%
Tier 1 capital to average assets   7.0%   7.6%   10.7%
Tangible common equity to tangible assets (1)   6.8%   6.4%   6.9%
                
Asset Quality:               
Loans 30-89 days past due  $3,764   $1,505   $2,563 
Loans 90 days past due and accruing (2)  $1,894   $964   $1,242 
                
Non-performing loans  $2,050   $1,350   $1,973 
Other real estate owned   -    250    - 
Non-performing assets  $2,050   $1,600   $1,973 
                
Non-performing loans/Total loans   0.08%   0.06%   0.09%
Non-performing assets/Total assets   0.05%   0.04%   0.06%
Allowance/Non-performing loans   1107.71%   1536.59%   953.78%
Allowance/Total loans   0.90%   0.86%   0.83%
Allowance/Originated loans   1.20%   1.21%   1.27%

 

(1) Excludes goodwill and other intangible assets.

(2) Represents loans acquired in connection with the Community National Bank, FNBNY Bancorp, Inc., and Hamptons State Bank acquisitions.

 

 

 

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts and financial ratios)

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2016   2015   2016   2015 
                 
Interest Income  $34,733   $22,380   $68,340   $42,887 
Interest Expense   4,143    1,953    8,318    3,765 
Net Interest Income   30,590    20,427    60,022    39,122 
Provision for Loan Losses   900    700    2,150    1,500 
Net Interest Income after Provision for Loan Losses   29,690    19,727    57,872    37,622 
Other Non Interest Income   3,449    2,035    6,901    4,386 
Title Fee Income   437    492    914    955 
Net Securities Gains (Losses)   383    -    449    (10)
Total Non Interest Income   4,269    2,527    8,264    5,331 
Salaries and Benefits   10,616    7,557    21,153    15,080 
Acquisition Costs   -    8,204    (270)   8,379 
Amortization of Other Intangible Assets   672    45    1,348    93 
Other Non Interest Expense   9,153    6,228    17,117    11,792 
Total Non Interest Expense   20,441    22,034    39,348    35,344 
Income Before Income Taxes   13,518    220    26,788    7,609 
Provision for Income Taxes   4,664    (243)   9,308    2,383 
Net Income  $8,854   $463   $17,480   $5,226 
Basic Earnings Per Share  $0.51   $0.04   $1.00   $0.43 
Diluted Earnings Per Share  $0.50   $0.04   $0.99   $0.43 
Weighted Average Common and Equivalent Shares   17,693    12,186    17,669    11,806 
                     
Selected Financial Data:                    
Return on Average Total Assets   0.91%   0.07%   0.91%   0.44%
Core Return on Average Total Assets (1)   0.93%   0.86%   0.92%   0.87%
Return on Average Stockholders' Equity   10.07%   0.91%   10.03%   5.47%
Core Return on Average Stockholders' Equity (1)   10.34%   10.50%   10.09%   10.75%
Return on Average Tangible Stockholders' Equity (2)   14.83%   1.02%   14.63%   5.99%
Core Return on Average Tangible Stockholders' Equity (1) (2)   15.56%   11.87%   15.05%   11.82%
Net Interest Margin   3.48%   3.57%   3.46%   3.61%
Efficiency   58.09%   94.48%   57.08%   78.26%
Core Efficiency (1)   56.79%   59.11%   56.33%   59.49%
Operating Expense as a % of Average Assets   2.10%   3.52%   2.05%   2.98%
Core Operating Expense as a % of Average Assets (1)   2.03%   2.20%   2.01%   2.27%

 

(1) See reconciliations of As Reported (GAAP) to Core (Non-GAAP) disclosure provided elsewhere herein.

(2) Tangible Stockholders' Equity excludes goodwill and other intangible assets.

 

 

 

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Non-GAAP Disclosure (unaudited)

(In thousands, except per share amounts and financial ratios)

 

Reconciliation of As Reported (GAAP) and Core (Non-GAAP) financial measures for the three months and six months ended June 30, 2016 and 2015 (1):

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2016   2015   2016   2015 
                 
Return on Average Total Assets - As Reported   0.91%   0.07%   0.91%   0.44%
Acquisition Costs   0.00%   1.31%   (0.01)%   0.71%
Amortization of Non Compete Agreement   0.03%   0.00%   0.04%   0.00%
Measurement Period Fixed Asset Adjustment (2)   0.00%   0.00%   (0.02)%   0.00%
Income Tax Effect of Adjustments Above   (0.01)%   (0.47)%   0.00%   (0.25)%
Tax Benefit Related to NYC Tax Law Change   0.00%   (0.05)%   0.00%   (0.03)%
Core Return on Average Total Assets   0.93%   0.86%   0.92%   0.87%
                     
Return on Average Stockholders' Equity - As Reported   10.07%   0.91%   10.03%   5.47%
Acquisition Costs   0.00%   16.04%   (0.15)%   8.78%
Amortization of Non Compete Agreement   0.42%   0.00%   0.42%   0.00%
Measurement Period Fixed Asset Adjustment (2)   0.00%   0.00%   (0.18)%   0.00%
Income Tax Effect of Adjustments Above   (0.15)%   (5.76)%   (0.03)%   (3.13)%
Tax Benefit Related to NYC Tax Law Change   0.00%   (0.69)%   0.00%   (0.37)%
Core Return on Average Stockholders' Equity   10.34%   10.50%   10.09%   10.75%
                     
Return on Average Tangible Common Equity - As Reported   14.83%   1.02%   14.63%   5.99%
Acquisition Costs   0.00%   18.04%   (0.23)%   9.60%
Amortization of Other Intangible Assets   1.12%   0.10%   1.13%   0.11%
Measurement Period Fixed Asset Adjustment (2)   0.00%   0.00%   (0.26)%   0.00%
Income Tax Effect of Adjustments Above   (0.39)%   (6.52)%   (0.22)%   (3.48)%
Tax Benefit Related to NYC Tax Law Change   0.00%   (0.77)%   0.00%   (0.40)%
Core Return on Average Tangible Common Equity   15.56%   11.87%   15.05%   11.82%
                     
Efficiency Ratio - As Reported   58.09%   94.48%   57.08%   78.26%
Non Interest Expense (Operating Expense) - As Reported  $20,441   $22,034   $39,348   $35,344 
Less: Acquisition Costs   -    8,204    (270)   8,379 
Less: Amortization of Other Intangible Assets   672    45    1,348    93 
Less: Measurement Period Fixed Asset Adjustment (2)   -    -    (309)   - 
Core Non Interest Expense (Core Operating Expense)  $19,769   $13,785   $38,579   $26,872 
Net Interest Income (fully taxable equivalent)   30,922    20,795   $60,672   $39,830 
Non Interest Income - As Reported   4,269    2,527    8,264    5,331 
Less: Net Securities Gains (Losses)   383    -    449    (10)
Core Total Revenues for Efficiency Ratio  $34,808   $23,322   $68,487   $45,171 
Core Efficiency Ratio   56.79%   59.11%   56.33%   59.49%
                     
Operating Expense as a % of Average Assets - As Reported   2.10%   3.52%   2.05%   2.98%
Acquisition Costs   0.00%   (1.31)%   0.01%   (0.70)%
Amortization of Other Intangible Assets   (0.07)%   (0.01)%   (0.07)%   (0.01)%
Measurement Period Fixed Asset Adjustment (2)   0.00%   0.00%   0.02%   0.00%
Core Operating Expense as a % of Average Assets   2.03%   2.20%   2.01%   2.27%

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2016   2015   2016   2015 
                                 
Net Income/Diluted Earnings Per Share - As Reported  $8,854   $0.50   $463   $0.04   $17,480   $0.99   $5,226   $0.43 
Adjustments:                                        
Acquisition Costs   -    -    8,204    0.66    (270)   (0.01)   8,379    0.69 
Amortization of Non Compete Agreement   365    0.02    -    -    730    0.04    -    - 
Measurement Period Fixed Asset Adjustment (2)   -    -    -    -    (309)   (0.02)   -    - 
Income Tax Effect of Adjustments Above   (128)   -    (2,944)   (0.24)   (53)   -    (2,995)   (0.24)
Tax Benefit Related to NYC Tax Law Change   -    -    (351)   (0.03)   -    -    (351)   (0.03)
Core Net Income/Core Diluted Earnings Per Share  $9,091   $0.52   $5,372   $0.43   $17,578   $1.00   $10,259   $0.85 

 

(1) The tables above provide a reconciliation of GAAP (As Reported) and non-GAAP (Core) financial measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

 

(2) A fixed asset measurement period adjustment for $0.3 million was recorded in 2016 related to the recovery of depreciation expense recorded in 2015.

 

 

 

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance Sheets And Average Rate Data (unaudited)

(Dollars in thousands)

 

   Three months ended June 30, 
   2016   2015 
           Average           Average 
   Average       Yield/   Average       Yield/ 
   Balance   Interest   Cost   Balance   Interest   Cost 
Interest earning assets:                              
Loans, net (including loan fee income)  $2,497,858   $29,327    4.72%  $1,543,555   $18,605    4.83%
Securities   1,043,113    5,703    2.20    775,697    4,132    2.14 
Federal funds sold   -    -    -    32    -    - 
Deposits with banks   28,916    35    0.49    13,885    11    0.32 
Total interest earning assets   3,569,887    35,065    3.95    2,333,169    22,748    3.91 
Non interest earning assets:                              
Other Assets   353,336              179,659           
Total assets  $3,923,223             $2,512,828           
                               
Interest bearing liabilities:                              
Deposits  $1,819,083   $1,528    0.34%  $1,288,363   $1,180    0.37%
Federal funds purchased and repurchase agreements   182,240    293    0.65    108,764    92    0.34 
Federal Home Loan Bank advances   335,696    844    1.01    134,459    339    1.01 
Subordinated Debentures   78,409    1,135    5.82    -    -    - 
Junior Subordinated Debentures   15,876    343    8.69    15,875    342    8.64 
Total interest bearing liabilities   2,431,304    4,143    0.69    1,547,461    1,953    0.51 
Non interest bearing liabilities:                              
Demand deposits   1,101,229              744,319           
Other liabilities   37,066              15,933           
Total liabilities   3,569,599              2,307,713           
Stockholders' equity   353,624              205,115           
Total liabilities and stockholders' equity  $3,923,223             $2,512,828           
                               
Net interest income/interest rate spread        30,922    3.26%        20,795    3.40%
                               
Net interest earning assets/net interest margin  $1,138,583         3.48%  $785,708         3.57%
                               
Less: Tax equivalent adjustment        (332)             (368)     
                               
Net interest income       $30,590             $20,427      

 

 

 

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance Sheets And Average Rate Data (unaudited)

(Dollars in thousands)

 

   Six months ended June 30, 
   2016   2015 
           Average           Average 
   Average       Yield/   Average       Yield/ 
   Balance   Interest   Cost   Balance   Interest   Cost 
Interest earning assets:                              
Loans, net (including loan fee income)  $2,460,678   $57,374    4.69%  $1,447,309   $35,207    4.91%
Securities   1,035,794    11,544    2.24    765,142    8,370    2.21 
Federal funds sold   -    -    -    16    -    - 
Deposits with banks   30,413    72    0.48    13,295    18    0.27 
Total interest earning assets   3,526,885    68,990    3.93    2,225,762    43,595    3.95 
Non interest earning assets:                              
Other Assets   331,953              163,588           
Total assets  $3,858,838             $2,389,350           
                               
Interest bearing liabilities:                              
Deposits  $1,835,724   $3,215    0.35%  $1,242,910   $2,255    0.37%
Federal funds purchased and repurchase agreements   144,498    478    0.67    114,942    238    0.42 
Federal Home Loan Bank advances   311,671    1,671    1.08    110,207    589    1.08 
Subordinated Debentures   78,392    2,270    5.82    -    -    - 
Junior Subordinated Debentures   15,877    684    8.66    15,874    683    8.68 
Total interest bearing liabilities   2,386,162    8,318    0.70    1,483,933    3,765    0.51 
Non interest bearing liabilities:                              
Demand deposits   1,085,086              697,736           
Other liabilities   37,128              15,161           
Total liabilities   3,508,376              2,196,830           
Stockholders' equity   350,462              192,520           
Total liabilities and stockholders' equity  $3,858,838             $2,389,350           
                               
Net interest income/interest rate spread        60,672    3.23%        39,830    3.44%
                               
Net interest earning assets/net interest margin  $1,140,723         3.46%  $741,829         3.61%
                               
Less: Tax equivalent adjustment        (650)             (708)     
                               
Net interest income       $60,022             $39,122      

 

 

 


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