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Last $27.64 USD
Change Today +0.59 / 2.18%
Volume 61.4K
BDGE On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 5:20 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

bridge bancorp inc (BDGE) Key Developments

Bridge Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2015

Bridge Bancorp, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported interest income of $22,380,000 compared to $18,730,000 a year ago. Net interest income was $20,427,000 compared to $16,815,000 a year ago. Income before income taxes was $220,000 compared to $6,483,000 a year ago. Net income was $463,000 or $0.04 per basic and diluted share compared to $4,318,000 or $0.37 per basic and diluted share a year ago. Second quarter 2015 earnings per share reflect the impact of the 5.6 million shares issued on June 19, 2015 in connection with the CNB acquisition. Return on average total assets was 0.07% compared to 0.80% a year ago. Return on average stockholders' equity was 0.91% compared to 9.84% a year ago. Core net income was $5,372,000 or $0.43 per diluted share compared to $4,528,000 or $0.39 per diluted share a year ago. For the six months, the company reported interest income of $42,887,000 compared to $36,088,000 a year ago. Net interest income was $39,122,000 compared to $32,351,000 a year ago. Income before income taxes was $7,609,000 compared to $7,108,000 a year ago. Net income was $5,226,000 or $0.43 per basic and diluted share compared to $4,724,000 or $0.41 per basic and diluted share a year ago. Return on average total assets was 0.44% compared to 0.46% a year ago. Return on average stockholders' equity was 5.47% compared to 5.43% a year ago. Core net income was $10,265,000 or $0.85 per diluted share compared to $8,539,000 or $0.74 per diluted share a year ago. The company recorded net charge-offs of $0.1 million for the second quarter ended June 30, 2015, a decrease of $0.1 million compared to the second quarter of 2014.

Bridge Bancorp, Inc. Announces Second Quarter 2015 Dividend, Payable on July 31, 2015

Bridge Bancorp, Inc. announced the declaration of a second quarterly dividend of $0.23 per share. The dividend will be payable on July 31, 2015 to shareholders of record as of July 22, 2015.

Bridge Bancorp, Inc. Announces Executive Appointments

On June 19, 2015, Bridge Bancorp, Inc. completed its acquisition of Community National Bank through the merger of CNB with and into the Bridgehampton National Bank (bank), with the Bank as the surviving institution. Effective June 19, 2015, as a result of the completion of the merger and pursuant to the merger agreement, Christian Yegen and Daniel Rubin, former directors of CNB, have been appointed to the Boards of Directors of the company and the bank. Yegen and Mr. Rubin are eligible to participate in any compensation and benefit plans applicable to directors of the company and the Bank.

Bridge Bancorp, Inc. Approves Amendment to the Certificate of Incorporation

Bridge Bancorp, Inc. shareholders approved the proposal regarding the amendment of certificate of incorporation to increase the number of shares of common stock, par value $0.01 per share, that Bridge Bancorp is authorized to issue from 20 million to 40 million at its AGM held on May 8, 2015.

Bridge Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Bridge Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, interest income was $20,507,000 against $17,358,000 a year ago. Net interest income was $18,695,000 against $15,536,000 a year ago. Net interest income after provision for loan losses was $17,895,000 against $14,836,000 a year ago. Income before income taxes was $7,389,000 against $625,000 a year ago. Net income was $4,763,000 against $406,000 a year ago. Basic and diluted earnings per share were $0.41 against $0.04 a year ago. Return on average total assets was 0.85% against 0.08% a year ago. Return on average stockholders' equity was 10.74% against 0.94% a year ago. Tangible book value per share was $14.52 against $13.26 a year ago.

 

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Industry Analysis

BDGE

Industry Average

Valuation BDGE Industry Range
Price/Earnings 22.6x
Price/Sales 4.1x
Price/Book 1.0x
Price/Cash Flow 22.2x
TEV/Sales NM Not Meaningful
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