Bridge Bancorp, Inc. Reports Fourth Quarter and Year End 2019 Results With Record Earnings Per Share of $0.71 and Record Net Income of $14.2 Million

BRIDGEHAMPTON, N.Y., Jan. 29, 2020 (GLOBE NEWSWIRE) — Bridge Bancorp, Inc. (NASDAQ: BDGE) (the “Company”), the parent company of BNB Bank (“BNB”), today announced fourth quarter and year end results for 2019.

The Company’s fourth quarter and full year 2019 financial results included:

Net income for the 2019 fourth quarter of $14.2 million, or $0.71 per diluted share.

Net income for the full year 2019 of $51.7 million, or $2.59 per diluted share, compared to $39.2 million, or $1.97 per diluted share, for the full year 2018.

Net interest income for the 2019 fourth quarter increased $1.6 million over the 2018 fourth quarter to $35.6 million.

Tax-equivalent net interest margin was 3.26% in the 2019 fourth quarter, flat compared to the 2018 fourth quarter.

Total assets of $4.9 billion at December 31, 2019, 4% higher than September 30, 2019, and 5% higher than December 31, 2018.

2019 loan growth of $404 million, or 12%, with 2019 fourth quarter growth of $172 million, or 19% annualized.

Loan and line of credit originations of $1.1 billion for the full year 2019.

Non-public, non-brokered deposit growth of $77 million, or 3%, compared to December 31, 2018.

Non-performing assets of $4.4 million at December 31, 2019, $1.4 million higher than December 31, 2018 and $0.2 million higher than September 30, 2019. Loan loss reserve coverage to total loans of 0.89% at December 31, 2019.

All capital ratios remain strong. Declared a dividend of $0.24 during the quarter, an increase of 4% over the previous dividend.

Commenting on the fourth quarter results, Kevin O’Connor, President and CEO said, “The results for the quarter were strong, reflecting record levels of income and earnings per share, and the fourth quarter provides the opportunity to reflect on the totality of 2019 and the continued expansion and evolution of our company. We had strong increases in net loans and core deposit growth, with much of this activity occurring in our western markets. This allowed us to aggressively manage the funding mix and deposit costs, offsetting, in large part, the repricing of our larger floating rate loan portfolio. We believe the greater geographic diversity and increased product offerings we have been developing allowed us to adjust to the varied market conditions and specific opportunities of 2019.”

Net Earnings and Returns
Net income in the 2019 fourth quarter was $14.2 million, or $0.71 per diluted share, an increase of $0.3 million compared to the 2018 fourth quarter, driven primarily by higher net interest income and non-interest income, partially offset by higher provision for loan losses and non-interest expense. Net income for the full year 2019 was $51.7 million, or $2.59 per diluted share, compared to $39.2 million, or $1.97 per diluted share, in 2018.