Bridge Capital Holdings (BBNK, Financial) filed Quarterly Report for the period ended 2011-09-30.
Bridge Capital Holdings has a market cap of $166.2 million; its shares were traded at around $11.01 with a P/E ratio of 31.5 and P/S ratio of 3.2.
The Company reported net operating income of $2.2 million for the three months ended September 30, 2011 representing an increase of $881,000, or 66.7%, compared to net operating income of $1.3 million for the same period one year ago. For the quarter ended September 30, 2011, the Company did not pay any preferred dividends and as a result reported earnings per diluted share of $0.15. Net income available to common shareholders was reduced by preferred dividends of $299,000 during the third quarter of 2010, resulting in earnings per diluted share of $0.09. There were no preferred dividends during the third quarter of 2011 due to the early conversion of Series B and B-1 preferred shares in March 2010 and the early redemption of Series C preferred shares in March 2011 (see discussion in Capital Resources section under Private Placement 2008 and Trouble Assets Relief Program (TARP)).
The composition of the average balance sheet impacts growth in net interest income. For the quarter ended September 30, 2011 average earning assets of $1.0 billion represented an increase of $162.1 million, or 19.0%, compared to $852.0 million for the same period in 2010. The Companys loan-to-deposit ratio, a measure of leverage, averaged 73.33% during the quarter ended September 30, 2011, which represented a decrease compared to an average of 78.49% for the same quarter of 2010 as a result of slower loan growth relative to deposit funding.
The Company reported net operating income of $5.5 million for the nine months ended September 30, 2011 representing an increase of $3.1 million, or 127.7%, compared to net operating income of $2.4 million for the same period one year ago. Net income available to common shareholders was reduced by preferred dividends of $200,000 and $1.7 million during the first nine months of 2011 and 2010, respectively, resulting in earnings per diluted share of $0.37 and $0.08, respectively. Preferred dividends decreased $1.5 million compared to the same period one year earlier due to the early conversion of Series B and B-1 preferred shares in March 2010 and early redemption of Series C preferred shares in March 2011 (see discussion in Capital Resources section under Private Placement 2008 and Trouble Assets Relief Program (TARP)).
Net interest income for the nine months ended September 30, 2011 was $35.5 million, which was comprised of $37.2 million in interest income and $1.7 million in interest expense. Net interest income for the nine months ended September 30, 2010 was $30.7 million, which was comprised of $33.1 million in interest income and $2.4 million in interest expense. Net interest income for the nine months ended September 30, 2011 represented an increase of $4.8 million or 15.6% from the same period one year earlier. The increase in net interest income from the same period one year ago was primarily attributable to an increase in average earning assets combined with a decrease in average nonperforming loans and a lower cost of funds.
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Bridge Capital Holdings has a market cap of $166.2 million; its shares were traded at around $11.01 with a P/E ratio of 31.5 and P/S ratio of 3.2.
Highlight of Business Operations:
Stock-based compensation reduced basic earnings per share by $0.02 and $0.02 and diluted earnings per share by $0.01 and $0.01 for the three months ended September 30, 2011 and 2010, respectively. Stock-based compensation reduced basic earnings per share by $0.05 and $0.08 and diluted earnings per share by $0.03 and $0.06 for the nine months ended September 30, 2011 and 2010, respectively.The Company reported net operating income of $2.2 million for the three months ended September 30, 2011 representing an increase of $881,000, or 66.7%, compared to net operating income of $1.3 million for the same period one year ago. For the quarter ended September 30, 2011, the Company did not pay any preferred dividends and as a result reported earnings per diluted share of $0.15. Net income available to common shareholders was reduced by preferred dividends of $299,000 during the third quarter of 2010, resulting in earnings per diluted share of $0.09. There were no preferred dividends during the third quarter of 2011 due to the early conversion of Series B and B-1 preferred shares in March 2010 and the early redemption of Series C preferred shares in March 2011 (see discussion in Capital Resources section under Private Placement 2008 and Trouble Assets Relief Program (TARP)).
The composition of the average balance sheet impacts growth in net interest income. For the quarter ended September 30, 2011 average earning assets of $1.0 billion represented an increase of $162.1 million, or 19.0%, compared to $852.0 million for the same period in 2010. The Companys loan-to-deposit ratio, a measure of leverage, averaged 73.33% during the quarter ended September 30, 2011, which represented a decrease compared to an average of 78.49% for the same quarter of 2010 as a result of slower loan growth relative to deposit funding.
The Company reported net operating income of $5.5 million for the nine months ended September 30, 2011 representing an increase of $3.1 million, or 127.7%, compared to net operating income of $2.4 million for the same period one year ago. Net income available to common shareholders was reduced by preferred dividends of $200,000 and $1.7 million during the first nine months of 2011 and 2010, respectively, resulting in earnings per diluted share of $0.37 and $0.08, respectively. Preferred dividends decreased $1.5 million compared to the same period one year earlier due to the early conversion of Series B and B-1 preferred shares in March 2010 and early redemption of Series C preferred shares in March 2011 (see discussion in Capital Resources section under Private Placement 2008 and Trouble Assets Relief Program (TARP)).
Net interest income for the nine months ended September 30, 2011 was $35.5 million, which was comprised of $37.2 million in interest income and $1.7 million in interest expense. Net interest income for the nine months ended September 30, 2010 was $30.7 million, which was comprised of $33.1 million in interest income and $2.4 million in interest expense. Net interest income for the nine months ended September 30, 2011 represented an increase of $4.8 million or 15.6% from the same period one year earlier. The increase in net interest income from the same period one year ago was primarily attributable to an increase in average earning assets combined with a decrease in average nonperforming loans and a lower cost of funds.
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