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Bridge Bancorp Inc. Reports Operating Results (10-Q)

May 07, 2009 | About:

Bridge Bancorp Inc. (NASDAQ:BDGE) filed Quarterly Report for the period ended 2009-03-31.

Bridge Bancorp Inc. is the bank holding company of The Bridgehampton National Bank. Bridge Bancorp Inc. has a market cap of $127.4 million; its shares were traded at around $20.5 with a P/E ratio of 13.9 and P/S ratio of 2.8. The dividend yield of Bridge Bancorp Inc. stocks is 4.5%. Bridge Bancorp Inc. had an annual average earning growth of 2.5% over the past 5 years.

Highlight of Business Operations:

On October 14, 2008, the Treasury, FRB and FDIC jointly announced a sweeping plan to invest in banks and thrifts to help restore confidence in the U.S. banking system. Some of the actions taken by these governmental agencies include: (i) temporarily increasing FDIC insurance coverage to $250,000 from $100,000 through December 31, 2009; (ii) reducing the targeted federal funds rate to 1.50% from 2.00% and the discount rate to 1.75% from 2.25%, respectively; (iii) temporarily guaranteeing Money Market mutual funds (iv) introducing a capital purchase program whereby the Treasury will purchase up to $250 billion in senior preferred shares from healthy qualifying financial institutions; and (v) introducing a Temporary Liquidity Guarantee Program (“TLGP”) whereby the FDIC will guarantee newly issued senior unsecured debt on or before June 30, 2009 and provide unlimited FDIC insurance coverage for non-interest bearing transaction accounts for thirty days without charge followed by an annualized 10 basis point assessment for the insurance coverage above $250,000 on such accounts effective until December 31, 2009. In November 2008, the Bank opted to participate in the TLGP. In December 2008, the Federal Reserve reduced the targeted federal fund rate to between 0 and 0.25% from 1.50% and the discount rate to 0.25% from 1.75%. On February 27, 2009, the FDIC issued a final rule, to be effective April 1, 2009, to change the way that the FDIC s assessment system differentiates for risk and to set new assessment rates beginning with the second quarter of 2009. At the same time, the FDIC issued an interim rule to impose an emergency special assessment of 20 basis points on all banks, payable on September 30, 2009. The 30 day comment period has ended and the final ruling should be disseminated in the near future. The Company believes that an emergency special assessment of 20 basis points will cost approximately $1.4 million.

Net income for the three months ended March 31, 2009 totaled $2.2 million or $0.36 per diluted share as compared to $2.0 million or $0.32 per diluted share for the same period in 2008. Changes for the three months ended March 31, 2009 compared to March 31, 2008 include: (i) $2.4 million or 36.6% increase in net interest income; (ii) a provision for loan losses of $0.9 million was recorded during the quarter due to the continued growth of our loan portfolio and changes in economic conditions, as compared to $0.2 million during 2008; (iii) $0.3 million or 18.5% decrease in total non interest income as a result of lower service charges on deposit accounts, lower title insurance income and merchant income and (iv) $1.1 million or 22.0% increase in total non interest expenses, primarily due to increased salaries and employee benefits related to expanding the Company s infrastructure and the opening of new branch offices and higher incentive based compensation, and increased other operating expense due to higher FDIC insurance premiums related to growth in deposits and higher rates, and higher professional fees. The effective income tax rate increased to 32.5% from 32.2% for the same period last year.

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Rating: 2.0/5 (2 votes)


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