Bridge Bancorp Inc. (BDGE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Bridge Bancorp Inc. has a market cap of $142 million; its shares were traded at around $22.6 with a P/E ratio of 16.1 and P/S ratio of 2.9. The dividend yield of Bridge Bancorp Inc. stocks is 4%. Bridge Bancorp Inc. had an annual average earning growth of 7.5% over the past 10 years.
Net income for the three months ended March 31, 2010 was $2.1 million or $0.34 per diluted share as compared to $2.2 million or $0.36 per diluted share for the same period in 2009. Changes for the three months ended March 31, 2010 compared to March 31, 2009 include: (i) $0.3 million or 2.8% decrease in net interest income; (ii) $1.0 million or 86.8% increase in total non interest income as a result of net securities gains of $0.9 million, higher fees for other customer services and higher title insurance revenues; (iii) $0.5 million or 8.4% increase in total non interest expenses, primarily due to a $0.2 million increase in salaries and employee benefits related to increased staffing and related benefits, a $0.3 million increase in net occupancy expenses, furniture & fixtures and other operating expenses primarily related to the new branches and marketing expenses for the 100th year anniversary of the Bank. In addition, a provision for loan losses of $1.3 million was recorded this quarter due to the continued growth of our loan portfolio as well as our assessment of risk factors considering the continued weak economic environment and overall industry trends. A provision for loan losses of $0.9 million was recorded during the first quarter of 2009. The effective income tax rate was 32.0% for the quarter ended March 31, 2010 compared to 32.5% for the same period last year.
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Bridge Bancorp Inc. has a market cap of $142 million; its shares were traded at around $22.6 with a P/E ratio of 16.1 and P/S ratio of 2.9. The dividend yield of Bridge Bancorp Inc. stocks is 4%. Bridge Bancorp Inc. had an annual average earning growth of 7.5% over the past 10 years.
Highlight of Business Operations:
On February 27, 2009, the FDIC issued a final rule, effective April 1, 2009, to change the way that the FDICs assessment system differentiates for risk and to set new assessment rates beginning with the second quarter of 2009. In May 2009, the FDIC issued a final rule to impose an emergency special assessment of 5 basis points on all banks based on their total assets less tier one capital as of June 30, 2009. The special assessment was payable on September 30, 2009. During the second quarter of 2009, the Company recorded an expense of $375,000 related to the FDIC special assessment. In November 2009, the FDIC issued a final rule that required insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC also adopted a uniform 3 basis point increase in assessment rates effective on January 1, 2011. The Companys prepayment of FDIC assessments for 2010, 2011 and 2012 was made on December 31, 2009 totaling $3.8 million which will be amortized to expense over three years.Net income for the three months ended March 31, 2010 was $2.1 million or $0.34 per diluted share as compared to $2.2 million or $0.36 per diluted share for the same period in 2009. Changes for the three months ended March 31, 2010 compared to March 31, 2009 include: (i) $0.3 million or 2.8% decrease in net interest income; (ii) $1.0 million or 86.8% increase in total non interest income as a result of net securities gains of $0.9 million, higher fees for other customer services and higher title insurance revenues; (iii) $0.5 million or 8.4% increase in total non interest expenses, primarily due to a $0.2 million increase in salaries and employee benefits related to increased staffing and related benefits, a $0.3 million increase in net occupancy expenses, furniture & fixtures and other operating expenses primarily related to the new branches and marketing expenses for the 100th year anniversary of the Bank. In addition, a provision for loan losses of $1.3 million was recorded this quarter due to the continued growth of our loan portfolio as well as our assessment of risk factors considering the continued weak economic environment and overall industry trends. A provision for loan losses of $0.9 million was recorded during the first quarter of 2009. The effective income tax rate was 32.0% for the quarter ended March 31, 2010 compared to 32.5% for the same period last year.
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