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Bridge Bancorp, Inc. Reports Fourth Quarter and Year End 2015 Results

BRIDGEHAMPTON, N.Y., Jan. 29, 2016 (GLOBE NEWSWIRE) -- Bridge Bancorp, Inc. (NASDAQ:BDGE), the parent company of The Bridgehampton National Bank (“BNB”), today announced fourth quarter and year end results for 2015. Highlights of the Company's financial results for the quarter and year include:

  • Record core net income of $8.5 million, a 75% increase over 2014, and $.49 per share for the quarter.
  • Record core net income of $27.3 million, 49% higher than 2014 and $1.85 per share for the year 2015.
  • Returns on average assets and equity utilizing core net income for 2015 were .92% and 10.23%, respectively.
  • Net interest income for the year increased $28.7 million to $96.1 million, with a net interest margin of 3.57%.
  • Total assets of $3.8 billion at year end, 65% higher than 2014.
  • Loans exceeded $2.4 billion at year end.

  • Deposits of $2.84 billion at year end, a 55% increase compared to 2014.

  • Continued solid asset quality metrics and reserve coverage.

  • All capital ratios exceed the fully phased in requirements of Basel III.
  • Declared a dividend of $.23 during the quarter.

“This was a successful and transformative year for BNB. We delivered sizable increases in net income, earnings per share, and many other financial results. Our scale and reach grew organically and through the acquisition of Community National Bank (“CNB”) as we added new customers and expanded relationships, increasing loans and deposits and creating a branch network stretching from Montauk to Manhattan. These milestones were the result of our BNB team delivering on our board’s vision, coupled with a resilient economy and customers and business partners who have a shared vision for success. We are proud of the 2015 achievements and poised to deliver on the challenges of 2016 and beyond,” commented Kevin M. O'Connor, President and CEO of Bridge Bancorp, Inc.

Net Earnings and Returns
Net income for the quarter was $8.0 million or $.46 per share, compared to $4.2 million or $.36 per share for the fourth quarter of 2014. Net income for 2015 was $21.1 million or $1.43 per share, compared to $13.8 million or $1.18 per share for 2014. Core net income for the fourth quarter was $8.5 million or $.49 per share, compared to $4.9 million or $.42 per share, for the same period in 2014. For 2015, core net income was $27.3 million or $1.85 per share, compared to $18.3 million or $1.57 per share in 2014. Core net income reflects the quarterly and annual results adjusted for certain costs, net of tax, related to the completed CNB acquisition, as well as net securities gains and losses, gains on the sale of loans, and a reduction in income tax expense associated with changes in New York City tax law enacted in the second quarter of 2015. In addition, 2015 earnings per share reflect the impact of the 5.6 million shares issued on June 19, 2015 in connection with the CNB acquisition. Rising net income reflects the growth in earning assets generating higher levels of net interest income and offsetting increases in operating expenses. Returns on average assets and equity for 2015 were .71% and 7.91% compared to .64% and 7.76% in 2014, respectively, while core returns on average assets and equity for 2015 were .92% and 10.23%, compared to .85% and 10.31% in 2014, respectively.

Interest income grew in 2015 as average earning assets increased by 36% or $718.4 million, and the net interest margin increased to 3.57% from 3.41%. The increase in the net interest margin reflects a shift in asset mix from lower yielding securities to higher yielding loans associated with greater loan demand and the acquired earning assets. Net interest margin increased in the fourth quarter of 2015 to 3.39% from 3.36% in the fourth quarter of 2014. This improvement was primarily attributable to the positive impact of increased loan demand, higher deposit balances, and higher yields on securities, partially offset by higher cost of borrowings related to the subordinated debentures.

The provision for loan losses was $1.0 million for the quarter, $.5 million higher than the 2014 fourth quarter. For 2015, the provision was $4.0 million, an increase of $1.8 million from 2014. The higher provision in the fourth quarter and for the year 2015 is principally due to growth in the loan portfolio. The Company realized net charge-offs of $.4 million in the fourth quarter of 2015 compared to net recoveries of $.1 million for the 2014 fourth quarter and $.9 million of net charge-offs for 2015, compared to $.6 million in 2014.

Total non-interest income was $3.4 million for the quarter, $.9 million higher than the fourth quarter of 2014, driven by an increase in other non-interest income, principally customer fee income, bank-owned life insurance (“BOLI”) and a gain on sale of the guaranteed portion of Small Business Administration (“SBA”) loans. During 2015, total non-interest income increased $4.5 million over 2014 due to a decrease in net securities losses and higher other income, principally BOLI, customer fee income, gains on the sales of SBA loans, commercial real estate loans, and multi-family loans.

Non-interest expense for 2015 increased in both the quarter and year due to higher operating costs associated with the acquired CNB operations and facilities, investments in technology, additional marketing costs, and CNB related acquisition costs. Although non-interest expense increased in 2015, the Company’s ratio of core operating expenses to average assets decreased to 2.08% from 2.17% in 2014.

Balance Sheet and Asset Quality
Total assets were $3.78 billion at December 31, 2015, $1.5 billion higher than 2014 and average assets for 2015 increased $819 million or 38%. This growth includes the assets from the CNB acquisition. Total asset growth, excluding the impact of the CNB transaction, was $500 million or 21% over December 2014, including organic growth of $440 million or 41% in loans. Earning asset growth continues to be funded principally by deposits, which increased $1.0 billion or 55% to $2.84 billion. The increase in deposits at year end, exclusive of CNB deposits, reflects organic growth of $310 million, or 17% compared to December 2014. Demand deposits totaled $1.16 billion at December 2015, representing 41% of total deposits and an increase of $454 million or 65% higher than December 2014. The increase in demand deposits, excluding the acquired CNB demand deposits, reflects organic growth of $231 million or 33%.

Asset quality measures remained strong as non-performing assets were $1.6 million or .04% of total assets at December 2015 compared to $1.2 million or .05% at December 2014. Non-performing loans of $1.4 million represent .06% of total loans at December 2015, compared to $1.2 million or .09% at December 2014. Loans 30 to 89 days past due increased $.2 million to $1.5 million at December 2015, due to the addition of CNB acquired loans. Loans past due 90 days and still accruing at December 2015 was comprised of acquired loans of $1.0 million, an increase of $.8 million, compared to December 2014. Additionally, the Company held $.3 million of OREO at December 2015 compared to none at December 2014.

The $700 million of acquired CNB loans were recorded at their fair value at acquisition, as required, effectively netting estimated future losses against the loan balances. Accordingly, the allowance for loan losses to total loans ratio is calculated based on BNB originated loans and excludes acquired loans. The allowance for loan losses increased $3.1 million to $20.7 million at December 2015 from $17.6 million as of December 2014. The allowance as a percentage of BNB originated loans was 1.21% at December 2015 compared to 1.39% at December 2014. This decline reflects an improving economy, increasing collateral values, and improving asset quality trends.

Stockholders’ equity grew $166.0 million to $341.1 million at December 2015, compared to $175.1 million at December 2014. The growth reflects earnings, as well as $157.5 million of common shares issued in connection with the CNB acquisition, and capital raised in connection with the Dividend Reinvestment Plan, partially offset by a decrease in the fair value of available for sale investment securities and shareholders' dividends. The Company's capital ratios exceed all fully phased in capital requirements under the Basel III rules and the Bank remains classified as well capitalized. Additionally, in connection with its prudent capital management planning, the Company intends on filing a new shelf registration statement in March 2016 to replenish issuable securities.

“After seven years without raising rates, the Federal Reserve in December 2015 raised short term interest rates 25 basis points and signaled possible future increases in rates in 2016. To date, this initial rate change has not resulted in significant movement in deposit and loan rates. Future Fed rate increases will likely be influenced by various economic factors. Also, given the recent sell off in the stock markets, the Fed will consider whether these indicators portend a future recession. The Company continues to actively manage its balance sheet and related interest rate and credit risk considering these current economic conditions,” commented Mr. O’Connor.

About Bridge Bancorp, Inc.
Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, The Bridgehampton National Bank ("BNB"). Established in 1910, BNB, with assets of approximately $3.8 billion, operates 40 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, the Bank operates two loan production offices: one in Manhattan, and one in Riverhead, New York. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB's wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation. For more information visit www.bridgenb.com.

BNB also has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.

Please see the attached tables for selected financial information.

This report may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of management of the Company. Words such as “expects,” “believes,” “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variation of such similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and business of the Company, including earnings growth; revenue growth in retail banking lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies. For this presentation, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes, including increases in FDIC insurance rates; monetary and fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; the cost of funds; demands for loan products; demand for financial services; competition; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act; difficulties related to the integration of the businesses following the CNB merger, which could adversely affect operating results; and other risk factors discussed elsewhere, and in our reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this report, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

BRIDGE BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Condition (unaudited)
(In thousands, except per share amounts and financial ratios)
December 31, December 31,
2015 2014
ASSETS
Cash and Due from Banks $ 79,750 $ 45,109
Interest Earning Deposits with Banks 24,808 6,621
Total Cash and Cash Equivalents 104,558 51,730
Securities Available for Sale, at Fair Value 800,203 587,184
Securities Held to Maturity 208,351 214,927
Total Securities 1,008,554 802,111
Securities, Restricted 24,788 10,037
Loans Held for Investment 2,410,774 1,338,327
Less: Allowance for Loan Losses (20,744) (17,637)
Loans, net 2,390,030 1,320,690
Premises and Equipment, net 39,595 32,424
Goodwill and Other Intangible Assets 106,821 10,292
Other Real Estate Owned 250 -
Accrued Interest Receivable and Other Assets 107,363 61,240
Total Assets $ 3,781,959 $ 2,288,524
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand Deposits $ 1,156,882 $ 703,130
Savings, NOW and Money Market Deposits 1,393,888 989,287
Certificates of Deposit of $100,000 or more 167,750 83,071
Other Time Deposits 125,105 58,291
Total Deposits 2,843,625 1,833,779
Federal Funds Purchased and Repurchase Agreements 170,891 111,263
Federal Home Loan Bank Advances 297,507 138,327
Subordinated Debentures 78,363 -
Junior Subordinated Debentures 15,878 15,873
Other Liabilities and Accrued Expenses 34,567 14,164
Total Liabilities 3,440,831 2,113,406
Total Stockholders' Equity 341,128 175,118
Total Liabilities and Stockholders' Equity $ 3,781,959 $ 2,288,524
Selected Financial Data:
Tangible Book Value Per Share $ 13.47 $ 14.15
Common Shares Outstanding 17,389 11,650
Capital Ratios (1):
Total capital (to risk weighted assets) 13.6% 13.0%
Tier 1 capital (to risk weighted assets) 9.9% 11.9%
Common equity tier 1 capital (to risk weighted assets) 9.3% N/A
Tier 1 capital (to average assets) 7.6% 8.4%
Tangible common equity (to tangible assets) (2) 6.4% 7.2%
Asset Quality:
Loans 30-89 days past due $ 1,505 $ 1,310
Loans 90 days past due and accruing (3) $ 964 $ 144
Non-performing loans $ 1,350 $ 1,203
Real estate owned 250 -
Non-performing assets $ 1,600 $ 1,203
Non-performing loans/Total loans 0.06% 0.09%
Non-performing assets/Total assets 0.04% 0.05%
Allowance/Non-performing loans 1536.59% 1466.08%
Allowance/Total loans 0.86% 1.32%
Allowance/Originated loans 1.21% 1.39%
(1) Q4 2015 Capital ratios have been calculated under the new Basel III requirements.
(2) Excludes goodwill and other intangible assets.
(3) Represents loans acquired in connection with the Community National Bank, FNBNY Bancorp, Inc, and Hamptons State Bank acquisitions.



BRIDGE BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (unaudited)
(In thousands, except per share amounts and financial ratios)
Three months ended Twelve months ended
December 31, December 31,
2015 2014 2015 2014
Interest Income $ 31,609 $ 19,603 $ 106,240 $ 74,910
Interest Expense 3,705 1,866 10,129 7,460
Net Interest Income 27,904 17,737 96,111 67,450
Provision for Loan Losses 1,000 500 4,000 2,200
Net Interest Income after Provision for Loan Losses 26,904 17,237 92,111 65,250
Other Non Interest Income 2,923 2,002 10,810 7,594
Title Fee Income 486 479 1,866 1,662
Net Securities Gains (Losses) 2 29 (8) (1,090)
Total Non Interest Income 3,411 2,510 12,668 8,166
Salaries and Benefits 8,815 6,737 33,871 26,011
Acquisition Costs and Branch Restructuring 483 770 9,766 5,504
Amortization of other Intangible Assets 677 50 1,447 300
Other Non Interest Expense 8,198 5,626 27,806 20,599
Total Non Interest Expense 18,173 13,183 72,890 52,414
Income Before Income Taxes 12,142 6,564 31,889 21,002
Provision for Income Taxes 4,147 2,396 10,778 7,239
Net Income $ 7,995 $ 4,168 $ 21,111 $ 13,763
Basic and Diluted Earnings Per Share $ 0.46 $ 0.36 $ 1.43 $ 1.18
Weighted Average Common Shares 17,384 11,649 14,748 11,600
Selected Financial Data:
Return on Average Total Assets 0.88% 0.73% 0.71% 0.64%
Core Return on Average Total Assets (1) 0.94% 0.85% 0.92% 0.85%
Return on Average Stockholders' Equity 9.27% 9.16% 7.91% 7.76%
Core Return on Average Stockholders' Equity (1) 9.89% 10.72% 10.23% 10.31%
Return on Average Tangible Stockholders' Equity (2) 13.33% 9.78% 10.23% 8.25%
Core Return on Average Tangible Stockholders' Equity (1) 14.56% 11.53% 13.47% 11.08%
Net Interest Margin 3.39% 3.36% 3.57% 3.41%
Core Efficiency (1) 53.79% 60.45% 56.14% 59.96%
Core Operating Expense as a % of Average Assets (1) 1.87% 2.16% 2.08% 2.17%
(1) See reconciliations of GAAP to Core (Non-GAAP) disclosure provided elsewhere herein.
(2) Tangible Stockholders' Equity excludes goodwill and other intangible assets.
BRIDGE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Disclosure (unaudited)
(In thousands, except per share amounts and financial ratios)
Reconciliation of GAAP and core financial measures for the three and twelve months ended December 31, 2015 and 2014:
Three months ended Twelve months ended
December 31, December 31,
2015 2014 2015 2014
Return on Average Total Assets - As Reported 0.88% 0.73% 0.71% 0.64%
Acquisition Costs and Branch Restructuring, Net of Income Taxes 0.03% 0.13% 0.21% 0.18%
Non Compete Agreement, Net of Income Taxes 0.03% 0.00% 0.02% 0.00%
Net Securities Losses, Net of Income Taxes 0.00% (0.01%) 0.00% 0.03%
Tax Benefit Related to NYC Tax Law Change 0.00% 0.00% (0.01%) 0.00%
Net Gain on Sale of Loans, Net of Income Taxes 0.00% 0.00% (0.01%) 0.00%
Core Return on Average Total Assets 0.94% 0.85% 0.92% 0.85%
Return on Average Stockholders' Equity - As Reported 9.27% 9.16% 7.91% 7.76%
Acquisition Costs and Branch Restructuring, Net of Income Taxes 0.35% 1.60% 2.35% 2.15%
Non Compete Agreement, Net of Income Taxes 0.27% 0.00% 0.17% 0.00%
Net Securities (Gains) Losses, Net of Income Taxes 0.00% (0.04%) 0.00% 0.40%
Tax Benefit Related to NYC Tax Law Change 0.00% 0.00% (0.13%) 0.00%
Net Gain on Sale of Loans, Net of Income Taxes 0.00% 0.00% (0.07%) 0.00%
Core Return on Average Stockholders' Equity 9.89% 10.72% 10.23% 10.31%
Return on Average Tangible Common Equity - As Reported 13.33% 9.78% 10.23% 8.25%
Acquisition Costs and Branch Restructuring, Net of Income Taxes 0.51% 1.72% 3.04% 2.29%
Amortization of Other Intangible Assets, Net of Income Taxes 0.72% 0.07% 0.45% 0.12%
Net Securities (Gains) Losses, Net of Income Taxes 0.00% (0.04%) 0.01% 0.42%
Tax Benefit Related to NYC Tax Law Change 0.00% 0.00% (0.17%) 0.00%
Net Gain on Sale of Loans, Net of Income Taxes 0.00% 0.00% (0.09%) 0.00%
Core Return on Average Tangible Common Equity 14.56% 11.53% 13.47% 11.08%
Efficiency Ratio - As Reported 57.45% 64.37% 66.19% 68.38%
Non Interest Expense $ 18,173 $ 13,183 $ 72,890 $ 52,414
Less: Acquisition Costs and Branch Restructuring 483 770 9,766 5,504
Less: Amortization of Other Intangible Assets 677 50 1,447 300
Non Interest Expense excl. Adjustments $ 17,013 $ 12,363 $ 61,677 $ 46,610
Net Interest Income (fully taxable equivalent) 28,222 17,969 97,459 68,480
Non Interest Income 3,411 2,510 12,668 8,166
Less: Net Securities Gains (Losses) and Net Gain on Sale of Loans 2 29 271 (1,090)
Total Revenues excl. Adjustments $ 31,631 $ 20,450 $ 109,856 $ 77,736
Core Efficiency Ratio 53.79% 60.45% 56.14% 59.96%
Operating Expense as a % of Average Assets - As Reported 2.00% 2.30% 2.46% 2.44%
Acquisition Costs and Branch Restructuring (0.05%) (0.13%) (0.33%) (0.26%)
Amortization of Other Intangible Assets (0.08%) (0.01%) (0.05%) (0.01%)
Core Operating Expense as a % of Average Assets 1.87% 2.16% 2.08% 2.17%


Three months ended Twelve months ended
December 31, December 31,
2015 2014 2015 2014
Net Income/Diluted Earnings Per Share - As Reported$ 7,995 $ 0.46 $ 4,168 $ 0.36 $ 21,111 $ 1.43 $ 13,763 $ 1.18
Adjustments:
Acquisition Costs and Branch Restructuring, Net of Income Taxes 309 0.02 730
0.06 6,272 0.42 3,812 0.33
Non Compete Agreement, Net of Income Taxes 234 0.01 - - 467 0.03 - -
Net Securities (Gains) Losses, Net of Income Taxes (1) - (18) - 5 - 709 0.06
Tax Benefit Related to NYC Tax Law Change - - - - (351) (0.02) - -
(Gain)/loss on sale of loans - - - - (179) (0.01) - -
Core Net Income/Diluted Earnings Per Share $ 8,537 $ 0.49 $ 4,880
$ 0.42 $ 27,325 $ 1.85 $ 18,284 $ 1.57
The tables above provide a reconciliation of GAAP (As Reported) and non-GAAP (Core) financial measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.



BRIDGE BANCORP, INC. AND SUBSIDIARIES
Supplemental Financial Information
Condensed Consolidated Average Balance
Sheets And Average Rate Data (unaudited)
(Dollars in thousands)
Three months ended December 31,
2015 2014
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Interest earning assets:
Loans, net (including loan fee income) $ 2,331,138 $ 26,473 4.51% $ 1,276,705 $ 15,254 4.74%
Securities 945,660 5,434 2.28 831,860 4,572 2.18
Federal funds sold - - - - - -
Deposits with banks 27,248 20 0.29 14,259 9 0.25
Total interest earning assets 3,304,046 31,927 3.83 2,122,824 19,835 3.71
Non interest earning assets:
Other Assets 305,407 152,312
Total assets $ 3,609,453 $ 2,275,136
Interest bearing liabilities:
Deposits $ 1,757,201 $ 1,613 0.36% $ 1,155,844 $ 1,056 0.36%
Federal funds purchased and repurchase agreements 138,519 154 0.44 106,422 170 0.63
Federal Home Loan Bank advances 165,677 462 1.11 163,339 299 0.73
Subordinated Debentures 78,378 1,135 5.75 - - -
Junior Subordinated Debentures 15,877 341 8.52 15,872 341 8.52
Total interest bearing liabilities 2,155,652 3,705 0.68 1,441,477 1,866 0.51
Non interest bearing liabilities:
Demand deposits 1,079,762 636,969
Other liabilities 31,742 16,159
Total liabilities 3,267,156 2,094,605
Stockholders' equity 342,297 180,531
Total liabilities and stockholders' equity $ 3,609,453 $ 2,275,136
Net interest income/interest rate spread 28,222 3.15% 17,969 3.20%
Net interest earning assets/net interest margin $ 1,148,394 3.39% $ 681,347 3.36%
Less: Tax equivalent adjustment (318) (232)
Net interest income $ 27,904 $ 17,737
BRIDGE BANCORP, INC. AND SUBSIDIARIES
Supplemental Financial Information
Condensed Consolidated Average Balance
Sheets And Average Rate Data (unaudited)
(Dollars in thousands)
Twelve months ended December 31,
2015 2014
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Interest earning assets:
Loans, net (including loan fee income) $ 1,876,934 $ 89,204 4.75% $ 1,176,715 $ 57,637 4.90%
Securities 833,712 18,337 2.20 821,742 18,271 2.22
Federal funds sold 8 - - - - -
Deposits with banks 18,614 47 0.25 12,423 32 0.26
Total interest earning assets 2,729,268 107,588 3.94 2,010,880 75,940 3.78
Non interest earning assets:
Other Assets 234,775 134,001
Total assets $ 2,964,043 $ 2,144,881
Interest bearing liabilities:
Deposits $ 1,520,506 $ 5,604 0.37% $ 1,150,235 $ 4,416 0.38%
Federal funds purchased and repurchase agreements 115,648 474 0.41 81,768 588 0.72
Federal Home Loan Bank advances 127,358 1,425 1.12 125,949 1,091 0.87
Subordinated Debentures 21,911 1,261 5.76 - - -
Junior Subordinated Debentures 15,875 1,365 8.60 15,870 1,365 8.60
Total interest bearing liabilities 1,801,298 10,129 0.56 1,373,822 7,460 0.54
Non interest bearing liabilities:
Demand deposits 873,794 578,936
Other liabilities 21,936 14,714
Total liabilities 2,697,028 1,967,472
Stockholders' equity 267,015 177,409
Total liabilities and stockholders' equity $ 2,964,043 $ 2,144,881
Net interest income/interest rate spread 97,459 3.38% 68,480 3.24%
Net interest earning assets/net interest margin $ 927,970 3.57% $ 637,058 3.41%
Less: Tax equivalent adjustment (1,348) (1,030)
Net interest income $ 96,111 $ 67,450

Contact: Howard H. Nolan Senior Executive Vice President Chief Financial Officer (631) 537-1001, ext. 7255

Source:Bridge Bancorp, Inc.