QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES
EXCHANGE ACT OF 1934
|
NEW
YORK
|
11-2934195
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification Number)
|
2200
MONTAUK HIGHWAY, BRIDGEHAMPTON, NEW YORK
|
11932
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PART
I -
|
FINANCIAL
INFORMATION
|
Item
1.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
PART
II -
|
|
Item
1.
|
|
Item
1A.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
Item
5.
|
|
Item
6.
|
|
Signatures | |
Exhibit
10.1
|
|
Exhibit
31.1
|
|
Exhibit
31.2
|
|
Exhibit
32.1
|
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||
(In
thousands, except share and per share amounts)
|
June
30,
|
December
31,
|
||||||
2007
|
2006
|
|||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ |
14,094
|
$ |
13,231
|
||||
Interest
earning deposits with banks
|
58
|
32
|
||||||
Federal
funds sold
|
13,500
|
-
|
||||||
Total
cash and cash
equivalents
|
27,652
|
13,263
|
||||||
Securities
available for sale, at fair value
|
187,849
|
202,590
|
||||||
Securities
held to maturity (fair value of $4,987 and $9,442
respectively)
|
4,992
|
9,444
|
||||||
Total
securities,
net
|
192,841
|
212,034
|
||||||
Securities,
restricted
|
812
|
878
|
||||||
Loans
|
346,857
|
325,997
|
||||||
Less: Allowance
for loan losses
|
(2,638 | ) | (2,512 | ) | ||||
Loans,
net
|
344,219
|
323,485
|
||||||
Banking
premises and equipment, net
|
18,298
|
18,005
|
||||||
Accrued
interest receivable
|
2,716
|
2,692
|
||||||
Other
assets
|
4,594
|
3,287
|
||||||
Total
Assets
|
$ |
591,132
|
$ |
573,644
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Demand
deposits
|
$ |
193,863
|
$ |
173,628
|
||||
Savings,
N.O.W. and money market deposits
|
285,446
|
269,966
|
||||||
Certificates
of deposit of $100,000 or more
|
33,664
|
30,518
|
||||||
Other
time deposits
|
28,085
|
30,300
|
||||||
Total
deposits
|
541,058
|
504,412
|
||||||
Overnight
borrowings
|
-
|
18,600
|
||||||
Accrued
interest payable
|
571
|
855
|
||||||
Other
liabilities and accrued expenses
|
4,025
|
4,238
|
||||||
Total
Liabilities
|
545,654
|
528,105
|
||||||
Stockholders’
equity:
|
||||||||
Common
stock, par value $.01 per
share:
|
||||||||
Authorized:
20,000,000 shares;
6,386,306 issued; 6,087,168
|
||||||||
and
6,078,565 shares
outstanding at June 30, 2007 and December 31, 2006,
respectively
|
64
|
64
|
||||||
Surplus
|
21,766
|
21,565
|
||||||
Undivided profits
|
35,505
|
34,347
|
||||||
Less: Treasury
Stock
at cost, 299,138 and 307,741 shares at June 30, 2007 and
December
31, 2006,
respectively
|
(8,113 | ) | (8,176 | ) | ||||
49,222
|
47,800
|
|||||||
Accumulated
other comprehensive
loss:
|
||||||||
Net
unrealized loss on
securities, net of taxes of $1,980 and $1,025 at June 30,
2007
and December 31, 2006,
respectively
|
(3,008 | ) | (1,525 | ) | ||||
Transition due to the adoption of SFAS 158, net of taxes of
$490
|
(736 | ) | (736 | ) | ||||
Total
Stockholders’ Equity
|
45,478
|
45,539
|
||||||
Total
Liabilities and Stockholders’ Equity
|
$ |
591,132
|
$ |
573,644
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||
Consolidated
Statements of
Income (unaudited)
|
||||||||||||||||
(In
thousands, except per share amounts)
|
||||||||||||||||
For
the three months ended June 30,
|
For
the six months ended June 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Interest
income:
|
||||||||||||||||
Loans
(including fee
income)
|
$ |
6,506
|
$ |
5,723
|
$ |
12,710
|
$ |
11,294
|
||||||||
Mortgage-backed
securities
|
1,353
|
1,186
|
2,747
|
2,311
|
||||||||||||
Tax
exempt interest income:
|
||||||||||||||||
State
and
municipal obligations
|
522
|
535
|
1,055
|
1,080
|
||||||||||||
Taxable
interest income:
|
||||||||||||||||
U.S.
Treasury and government agency securities
|
271
|
178
|
635
|
424
|
||||||||||||
Federal
funds
sold
|
195
|
39
|
242
|
83
|
||||||||||||
Other
securities
|
15
|
12
|
27
|
35
|
||||||||||||
Deposits
with
banks
|
-
|
1
|
2
|
2
|
||||||||||||
Total
interest
income
|
8,862
|
7,674
|
17,418
|
15,229
|
||||||||||||
Interest
expense:
|
||||||||||||||||
Savings,
N.O.W. and money market
deposits
|
2,074
|
1,420
|
4,174
|
2,682
|
||||||||||||
Certificates
of deposit of
$100,000 or more
|
345
|
136
|
680
|
234
|
||||||||||||
Other
time
deposits
|
274
|
136
|
545
|
259
|
||||||||||||
Federal
funds
purchased
|
14
|
79
|
65
|
125
|
||||||||||||
Other
borrowed
money
|
-
|
111
|
12
|
158
|
||||||||||||
Total
interest
expense
|
2,707
|
1,882
|
5,476
|
3,458
|
||||||||||||
Net
interest income
|
6,155
|
5,792
|
11,942
|
11,771
|
||||||||||||
Provision
for loan losses
|
50
|
-
|
95
|
-
|
||||||||||||
Net
interest income after provision for loan losses
|
6,105
|
5,792
|
11,847
|
11,771
|
||||||||||||
Other
income:
|
||||||||||||||||
Service
charges on deposit
accounts
|
655
|
586
|
1,216
|
1,090
|
||||||||||||
Fees
for other customer
services
|
419
|
340
|
771
|
501
|
||||||||||||
Title
fee
income
|
386
|
263
|
779
|
562
|
||||||||||||
Net
securities
losses
|
-
|
-
|
(101 | ) | (257 | ) | ||||||||||
Other
operating
income
|
81
|
71
|
110
|
103
|
||||||||||||
Total
other
income
|
1,541
|
1,260
|
2,775
|
1,999
|
||||||||||||
Other
expenses:
|
||||||||||||||||
Salaries
and employee
benefits
|
2,523
|
2,280
|
5,204
|
4,489
|
||||||||||||
Net
occupancy
expense
|
405
|
332
|
848
|
675
|
||||||||||||
Furniture
and fixture
expense
|
202
|
206
|
418
|
396
|
||||||||||||
Other
operating
expenses
|
1,246
|
1,255
|
2,386
|
2,282
|
||||||||||||
Total
other
expenses
|
4,376
|
4,073
|
8,856
|
7,842
|
||||||||||||
Income
before provision for income taxes
|
3,270
|
2,979
|
5,766
|
5,928
|
||||||||||||
Provision
for income taxes
|
1,063
|
941
|
1,810
|
1,951
|
||||||||||||
Net
income
|
$ |
2,207
|
$ |
2,038
|
$ |
3,956
|
$ |
3,977
|
||||||||
Basic
earnings per share
|
$ |
0.36
|
$ |
0.33
|
$ |
0.65
|
$ |
0.64
|
||||||||
Diluted
earnings per share
|
$ |
0.36
|
$ |
0.33
|
$ |
0.65
|
$ |
0.64
|
||||||||
Comprehensive
income
|
$ |
489
|
$ |
698
|
$ |
2,473
|
$ |
2,361
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||||||||||||||
Consolidated
Statement of Stockholders’
Equity (unaudited)
|
||||||||||||||||||||||||||||||||
(In
thousands, except share and per share amounts)
|
||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Common Stock
|
Other
|
|||||||||||||||||||||||||||||||
Shares
|
Comprehensive
|
Undivided
|
Treasury
|
Comprehensive
|
||||||||||||||||||||||||||||
Outstanding
|
Amount
|
Surplus
|
Income
|
Profits
|
Stock
|
Loss
|
Total
|
|||||||||||||||||||||||||
Balance
at December 31, 2006
|
6,078,565
|
$ |
64
|
$ |
21,565
|
$ |
34,347
|
$ | (8,176 | ) | $ | (2,261 | ) | $ |
45,539
|
|||||||||||||||||
Net
income
|
$ |
3,956
|
3,956
|
3,956
|
||||||||||||||||||||||||||||
Stock
awards vested
|
2,030
|
-
|
||||||||||||||||||||||||||||||
Stock
awards forfeited
|
(1,674 | ) |
21
|
(21 | ) |
-
|
||||||||||||||||||||||||||
Exercise
of stock options
|
8,247
|
58
|
84
|
142
|
||||||||||||||||||||||||||||
Share
based compensation expense
|
122
|
122
|
||||||||||||||||||||||||||||||
Cash
dividends declared, $0.46 per share
|
(2,798 | ) | (2,798 | ) | ||||||||||||||||||||||||||||
Other
comprehensive income, net of tax
|
||||||||||||||||||||||||||||||||
Change
in unrealized losses in securities available for sale, net of
tax
|
(1,483 | ) | (1,483 | ) | (1,483 | ) | ||||||||||||||||||||||||||
Comprehensive
income
|
$ |
2,473
|
||||||||||||||||||||||||||||||
Balance
at June 30, 2007
|
6,087,168
|
$ |
64
|
$ |
21,766
|
$ |
35,505
|
$ | (8,113 | ) | $ | (3,744 | ) | $ |
45,478
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||
Consolidated
Statements of Cash Flows
(unaudited)
|
||||||||
(In
thousands)
|
||||||||
Six
months ended June 30,
|
2007
|
2006
|
||||||
Operating
activities:
|
||||||||
Net
Income
|
$ |
3,956
|
$ |
3,977
|
||||
Adjustments
to reconcile net
income to net cash
|
||||||||
provided
by operating
activities:
|
||||||||
Provision
for loan
losses
|
95
|
-
|
||||||
Depreciation
and
amortization
|
617
|
445
|
||||||
Amortization
and accretion,
net
|
(13 | ) |
220
|
|||||
Share
based compensation
expense
|
122
|
33
|
||||||
Tax
benefit from exercise of stock options issued pursuant to equity
incentive
plans
|
(25 | ) |
-
|
|||||
Net
securities
losses
|
101
|
257
|
||||||
(Increase)
decrease
in accrued interest receivable
|
(24 | ) |
316
|
|||||
(Increase)
decrease in other
assets
|
(327 | ) |
575
|
|||||
Decrease
in accrued and other
liabilities
|
(490 | ) | (140 | ) | ||||
Net
cash provided by operating activities
|
4,012
|
5,683
|
||||||
Investing
activities:
|
||||||||
Purchases
of securities
available for sale
|
(23,377 | ) | (27,086 | ) | ||||
Purchase of securities, restricted
|
(2,027 | ) | (8,235 | ) | ||||
Purchases
of securities held to
maturity
|
(2,249 | ) | (201 | ) | ||||
Proceeds
from sales of
securities available for sale
|
8,484
|
17,288
|
||||||
Proceeds from redemption of securities, restricted
|
2,093
|
8,221
|
||||||
Proceeds
from maturing
securities available for sale
|
17,918
|
4,775
|
||||||
Proceeds
from maturing
securities held to maturity
|
6,701
|
8,226
|
||||||
Proceeds
from principal payments
on mortgage-backed securities
|
9,190
|
8,825
|
||||||
Net
increase in
loans
|
(20,829 | ) | (8,744 | ) | ||||
Purchases
of banking premises
and equipment, net of disposals
|
(910 | ) | (1,288 | ) | ||||
Net
cash (used in) provided by investing activities
|
(5,006 | ) |
1,781
|
|||||
Financing
activities:
|
||||||||
Net
increase (decrease) in
deposits
|
36,646
|
(15,290 | ) | |||||
(Decrease)
increase in other
borrowings
|
(18,600 | ) |
9,800
|
|||||
Proceeds
from exercise of stock
options
|
||||||||
issued
pursuant to equity
incentive plan
|
142
|
-
|
||||||
Purchases
of Treasury
Stock
|
-
|
(1,912 | ) | |||||
Cash
dividends
paid
|
(2,805 | ) | (2,853 | ) | ||||
Net
cash provided by (used in) financing activities
|
15,383
|
(10,255 | ) | |||||
Increase
(decrease) in cash and cash equivalents
|
14,389
|
(2,791 | ) | |||||
Cash
and cash equivalents beginning of period
|
13,263
|
15,675
|
||||||
Cash
and cash equivalents end of period
|
$ |
27,652
|
$ |
12,884
|
||||
Supplemental
Information-Cash Flows:
|
||||||||
Cash
paid for:
|
||||||||
Interest
|
$ |
5,760
|
$ |
3,432
|
||||
Income
taxes
|
$ |
1,823
|
$ |
1,643
|
||||
Noncash
investing and financing
activities:
|
||||||||
Dividends
declared and
unpaid
|
$ |
1,401
|
$ |
1,415
|
Computation
of Per Share Income
|
Three
months ended
|
Six
months ended
|
||||||||||||||
(in
thousands, except per share data)
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
Income
|
$ |
2,207
|
$ |
2,038
|
$ |
3,956
|
$ |
3,977
|
||||||||
Common
Equivalent Shares:
|
||||||||||||||||
Weighted
Average Common Shares Outstanding
|
6,072
|
6,176
|
6,071
|
6,190
|
||||||||||||
Weighted
Average Common Equivalent Shares
|
18
|
29
|
20
|
28
|
||||||||||||
Weighted
Average Common and Common Equivalent Shares
|
6,090
|
6,205
|
6,091
|
6,218
|
||||||||||||
Basic
earnings per share
|
$ |
0.36
|
$ |
0.33
|
$ |
0.65
|
$ |
0.64
|
||||||||
Diluted
earnings per share
|
$ |
0.36
|
$ |
0.33
|
$ |
0.65
|
$ |
0.64
|
Weighted
|
|||||||||||||
Weighted
|
Average
|
||||||||||||
Number
|
Average
|
Remaining
|
Aggregate
|
||||||||||
of
|
Exercise
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Price
|
Life
|
Value
|
||||||||||
Outstanding,
December 31, 2006
|
128,245
|
$ |
21.37
|
||||||||||
Granted
|
-
|
-
|
|||||||||||
Exercised
|
(8,950 | ) | $ |
15.03
|
|||||||||
Forfeited
|
(5,497 | ) | $ |
25.25
|
|||||||||
Outstanding,
June 30, 2007
|
113,798
|
$ |
21.69
|
7.03
years
|
$ |
369,483
|
|||||||
Exercisable,
June 30, 2007
|
65,612
|
$ |
19.02
|
5.50
years
|
$ |
369,483
|
|||||||
Number
of
|
|||||||||||||
Range
of Exercise Prices
|
Shares
|
Price
|
|||||||||||
9,900
|
$ |
12.53
|
|||||||||||
14,808
|
$ |
13.17-14.67
|
|||||||||||
13,025
|
$ |
15.47
|
|||||||||||
11,471
|
$ |
24.00
|
|||||||||||
58,486
|
$ |
25.25
|
|||||||||||
6,108
|
$ |
26.55-$30.60
|
Weighted
|
||||||||
Average
Grant-Date
|
||||||||
Shares
|
Fair
Value
|
|||||||
Unvested,
December 31, 2006
|
19,850
|
$ |
25.50
|
|||||
Granted
|
-
|
-
|
||||||
Vested
|
(2,030 | ) | $ |
25.70
|
||||
Forfeited
|
(1,674 | ) | $ |
25.36
|
||||
Unvested,
June 30, 2007
|
16,146
|
$ |
25.47
|
June
30, 2007
|
December
31, 2006
|
|||||||||||||||
(In
thousands)
|
Estimated
|
Estimated
|
||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Available
for sale:
|
||||||||||||||||
U.S.
Treasury and government
agency securities
|
$ |
29,067
|
$ |
28,847
|
$ |
34,123
|
$ |
33,777
|
||||||||
State
and municipal
obligations
|
42,019
|
41,221
|
49,008
|
48,843
|
||||||||||||
Mortgage-backed
securities
|
121,750
|
117,781
|
122,009
|
119,970
|
||||||||||||
Total
available for
sale
|
192,836
|
187,849
|
205,140
|
202,590
|
||||||||||||
Held
to maturity:
|
||||||||||||||||
State
and municipal
obligations
|
4,992
|
4,987
|
9,444
|
9,442
|
||||||||||||
Total
held to
maturity
|
4,992
|
4,987
|
9,444
|
9,442
|
||||||||||||
Total
debt and equity securities
|
$ |
197,828
|
$ |
192,836
|
$ |
214,584
|
$ |
212,032
|
June
30, 2007
|
December
31, 2006
|
|||||||
(In
thousands)
|
||||||||
Real
estate mortgage loans
|
$ |
276,429
|
$ |
265,824
|
||||
Commercial,
financial, and agricultural loans
|
44,146
|
36,498
|
||||||
Installment/consumer
loans
|
9,532
|
8,848
|
||||||
Real
estate construction loans
|
16,525
|
14,767
|
||||||
Total
loans
|
346,632
|
325,937
|
||||||
Net
deferred loan cost
|
225
|
60
|
||||||
346,857
|
325,997
|
|||||||
Allowance
for loan losses
|
(2,638 | ) | (2,512 | ) | ||||
Net
loans
|
$ |
344,219
|
$ |
323,485
|
(In
thousands)
|
For
the Six Months Ended
|
For
the Year Ended
|
||||||||||
June
30, 2007
|
June
30, 2006
|
December
31, 2006
|
||||||||||
Beginning
balance
|
$ |
2,512
|
$ |
2,383
|
$ |
2,383
|
||||||
Provision
for loan loss
|
95
|
-
|
85
|
|||||||||
Net
recoveries
|
31
|
3
|
44
|
|||||||||
Ending
balance
|
$ |
2,638
|
$ |
2,386
|
$ |
2,512
|
(In
thousands)
|
Three
months ended June 30,
|
Six
months ended June 30,
|
||||||||||||||||||||||||||||||
Pension
Benefits
|
SERP
Benefits
|
Pension
Benefits
|
SERP
Benefits
|
|||||||||||||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||||||||
Service
cost
|
$ |
113
|
$ |
105
|
$ |
15
|
$ |
16
|
$ |
224
|
$ |
210
|
$ |
30
|
$ |
32
|
||||||||||||||||
Interest
cost
|
70
|
63
|
13
|
13
|
139
|
125
|
26
|
27
|
||||||||||||||||||||||||
Expected
return on plan assets
|
(100 | ) | (81 | ) |
-
|
-
|
(196 | ) | (162 | ) |
-
|
-
|
||||||||||||||||||||
Amortization
of net loss
|
4
|
10
|
-
|
-
|
7
|
20
|
-
|
-
|
||||||||||||||||||||||||
Amortization
of unrecognized prior service cost
|
2
|
2
|
-
|
-
|
4
|
4
|
-
|
-
|
||||||||||||||||||||||||
Amortization
of unrecognized transition (asset) obligation
|
-
|
-
|
7
|
7
|
-
|
(1 | ) |
14
|
14
|
|||||||||||||||||||||||
Net
periodic benefit cost
|
$ |
89
|
$ |
99
|
$ |
35
|
$ |
36
|
$ |
178
|
$ |
196
|
$ |
70
|
$ |
73
|
Three
months ended June 30,
|
2007
|
2006
|
||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Interest
earning assets:
|
||||||||||||||||||||||||
Loans,
net (including loan fee
income)
|
$ |
342,516
|
$ |
6,506
|
7.6 | % | $ |
304,227
|
$ |
5,723
|
7.6 | % | ||||||||||||
Mortgage-backed
securities
|
113,787
|
1,353
|
4.7
|
109,204
|
1,186
|
4.3
|
||||||||||||||||||
Tax
exempt securities (1)
|
57,789
|
778
|
5.3
|
60,004
|
771
|
5.1
|
||||||||||||||||||
Taxable
securities
|
26,798
|
271
|
4.0
|
20,863
|
178
|
3.4
|
||||||||||||||||||
Federal
funds
sold
|
14,682
|
195
|
5.3
|
3,165
|
39
|
4.9
|
||||||||||||||||||
Securities,
restricted
|
808
|
15
|
7.5
|
1,115
|
12
|
4.3
|
||||||||||||||||||
Deposits
with
banks
|
50
|
-
|
-
|
47
|
1
|
8.5
|
||||||||||||||||||
Total
interest earning
assets
|
556,430
|
9,118
|
6.6
|
498,625
|
7,910
|
6.3
|
||||||||||||||||||
Non
interest earning assets:
|
||||||||||||||||||||||||
Cash
and due from
banks
|
16,183
|
14,403
|
||||||||||||||||||||||
Other
assets
|
22,626
|
17,736
|
||||||||||||||||||||||
Total
assets
|
$ |
595,239
|
$ |
530,764
|
||||||||||||||||||||
Interest
bearing liabilities:
|
||||||||||||||||||||||||
Savings,
N.O.W.
and
|
||||||||||||||||||||||||
money
market
deposits
|
$ |
295,609
|
$ |
2,074
|
2.8 | % | $ |
247,524
|
$ |
1,420
|
2.3 | % | ||||||||||||
Certificates
of deposit of $100,000
|
||||||||||||||||||||||||
or
more
|
32,845
|
345
|
4.2
|
18,226
|
136
|
3.0
|
||||||||||||||||||
Other time deposits
|
29,171
|
274
|
3.8
|
22,718
|
136
|
2.4
|
||||||||||||||||||
Federal
funds
purchased
|
959
|
14
|
5.8
|
6,332
|
79
|
4.9
|
||||||||||||||||||
Other
borrowed
money
|
-
|
-
|
-
|
8,858
|
111
|
5.0
|
||||||||||||||||||
Total
interest bearing
liabilities
|
358,584
|
2,707
|
3.0
|
303,658
|
1,882
|
2.5
|
||||||||||||||||||
Non
interest bearing liabilities:
|
||||||||||||||||||||||||
Demand
deposits
|
185,974
|
179,574
|
||||||||||||||||||||||
Other
liabilities
|
3,609
|
1,096
|
||||||||||||||||||||||
Total
liabilities
|
548,167
|
484,328
|
||||||||||||||||||||||
Stockholders’
equity
|
47,072
|
46,436
|
||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ |
595,239
|
$ |
530,764
|
||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
6,411
|
3.6 | % |
6,028
|
3.8 | % | ||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$ |
197,846
|
4.6 | % | $ |
194,967
|
4.9 | % | ||||||||||||||||
Ratio
of interest earning assets to
|
||||||||||||||||||||||||
interest
bearing
liabilities
|
155.2 | % | 164.2 | % | ||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(256 | ) | (236 | ) | ||||||||||||||||||||
Net
interest income
|
$ |
6,155
|
$ |
5,792
|
(1)
|
The
above table is presented on a tax equivalent basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield
on
interest earning assets and the cost of interest bearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average
interest
earning assets.
|
Six
months ended June 30,
|
2007
|
2006
|
||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Interest
earning assets:
|
||||||||||||||||||||||||
Loans,
net (including loan fee
income)
|
$ |
335,415
|
$ |
12,710
|
7.6 | % | $ |
301,043
|
$ |
11,294
|
7.6 | % | ||||||||||||
Mortgage-backed
securities
|
117,326
|
2,747
|
4.7
|
106,995
|
2,311
|
4.3
|
||||||||||||||||||
Tax
exempt securities (1)
|
58,304
|
1,544
|
5.3
|
60,703
|
1,610
|
5.3
|
||||||||||||||||||
Taxable
securities
|
30,367
|
635
|
4.2
|
24,459
|
424
|
3.5
|
||||||||||||||||||
Federal
funds
sold
|
9,173
|
242
|
5.3
|
3,555
|
83
|
4.6
|
||||||||||||||||||
Securities,
restricted
|
782
|
27
|
7.0
|
1,008
|
35
|
7.0
|
||||||||||||||||||
Deposits
with
banks
|
45
|
2
|
9.0
|
64
|
2
|
6.3
|
||||||||||||||||||
Total
interest earning
assets
|
551,412
|
17,907
|
6.5
|
497,827
|
15,759
|
6.4
|
||||||||||||||||||
Non
interest earning assets:
|
||||||||||||||||||||||||
Cash
and due from
banks
|
15,614
|
14,711
|
||||||||||||||||||||||
Other
assets
|
22,060
|
17,838
|
||||||||||||||||||||||
Total
assets
|
$ |
589,086
|
$ |
530,376
|
||||||||||||||||||||
Interest
bearing liabilities:
|
||||||||||||||||||||||||
Savings,
N.O.W.
and
|
||||||||||||||||||||||||
money
market
deposits
|
$ |
295,127
|
$ |
4,174
|
2.9 | % | $ |
251,118
|
$ |
2,682
|
2.2 | % | ||||||||||||
Certificates
of deposit of
$100,000
|
||||||||||||||||||||||||
or
more
|
32,110
|
680
|
4.3
|
17,989
|
234
|
2.6
|
||||||||||||||||||
Other
time
deposits
|
29,120
|
545
|
3.8
|
23,291
|
259
|
2.2
|
||||||||||||||||||
Federal
funds
purchased
|
2,339
|
65
|
5.5
|
5,173
|
125
|
4.8
|
||||||||||||||||||
Other
borrowed
money
|
429
|
12
|
5.6
|
6,397
|
158
|
5.0
|
||||||||||||||||||
Total
interest bearing
liabilities
|
359,125
|
5,476
|
3.1
|
303,968
|
3,458
|
2.3
|
||||||||||||||||||
Non
interest bearing liabilities:
|
||||||||||||||||||||||||
Demand
deposits
|
179,609
|
178,140
|
||||||||||||||||||||||
Other
liabilities
|
3,712
|
1,208
|
||||||||||||||||||||||
Total
liabilities
|
542,446
|
483,316
|
||||||||||||||||||||||
Stockholders’
equity
|
46,640
|
47,060
|
||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ |
589,086
|
$ |
530,376
|
||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
12,431
|
3.4 | % |
12,301
|
4.1 | % | ||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$ |
192,287
|
4.6 | % | $ |
193,859
|
5.0 | % | ||||||||||||||||
Ratio
of interest earning assets to
|
||||||||||||||||||||||||
interest
bearing
liabilities
|
153.5 | % | 163.8 | % | ||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(489 | ) | (530 | ) | ||||||||||||||||||||
Net
interest income
|
$ |
11,942
|
$ |
11,771
|
(1)
|
The
above table is presented on a tax equivalent basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield
on
interest earning assets and the cost of interest bearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average
interest
earning assets.
|
Three
months ended June 30
|
Six
months ended June 30
|
|||||||||||||||||||||||
2007 Over
2006
|
2007 Over
2006
|
|||||||||||||||||||||||
(In
thousands)
|
Changes
Due To
|
Changes
Due To
|
||||||||||||||||||||||
Volume
|
Rate
|
Net
Change
|
Volume
|
Rate
|
Net
Change
|
|||||||||||||||||||
Interest
income on interest
|
||||||||||||||||||||||||
earning
assets:
|
||||||||||||||||||||||||
Loans
(including loan fee income)
|
$ |
727
|
$ |
56
|
$ |
783
|
$ |
1,301
|
$ |
115
|
$ |
1,416
|
||||||||||||
Mortgage-backed
securities
|
51
|
116
|
167
|
233
|
203
|
436
|
||||||||||||||||||
Tax
exempt securities (1)
|
(124 | ) |
131
|
7
|
(64 | ) | (2 | ) | (66 | ) | ||||||||||||||
Taxable
securities
|
56
|
37
|
93
|
114
|
97
|
211
|
||||||||||||||||||
Federal
funds sold
|
153
|
3
|
156
|
147
|
12
|
159
|
||||||||||||||||||
Securities,
restricted
|
(18 | ) |
21
|
3
|
(8 | ) |
-
|
(8 | ) | |||||||||||||||
Deposits
with banks
|
3
|
(4 | ) | (1 | ) | (2 | ) |
2
|
-
|
|||||||||||||||
Total
interest earning
assets
|
848
|
360
|
1,208
|
1,721
|
427
|
2,148
|
||||||||||||||||||
Interest
expense on interest
|
||||||||||||||||||||||||
bearing
liabilities:
|
||||||||||||||||||||||||
Savings,
N.O.W. and money market deposits
|
304
|
350
|
654
|
523
|
969
|
1,492
|
||||||||||||||||||
Certificates
of deposit of $100,000 or more
|
139
|
70
|
209
|
248
|
198
|
446
|
||||||||||||||||||
Other
time deposits
|
46
|
92
|
138
|
77
|
209
|
286
|
||||||||||||||||||
Federal
funds purchased
|
(143 | ) |
78
|
(65 | ) | (106 | ) |
46
|
(60 | ) | ||||||||||||||
Other
borrowed money
|
(56 | ) | (55 | ) | (111 | ) | (202 | ) |
56
|
(146 | ) | |||||||||||||
Total
interest bearing
liabilities
|
290
|
535
|
825
|
540
|
1,478
|
2,018
|
||||||||||||||||||
Net
interest income
|
$ |
558
|
$ | (175 | ) | $ |
383
|
$ |
1,181
|
$ | (1,051 | ) | $ |
130
|
To
Be Well
|
||||||||||||||||||
For
Capital
|
Capitalized
Under
|
|||||||||||||||||
Adequacy
|
Prompt
Corrective
|
|||||||||||||||||
(In
thousands)
|
Actual
|
Purposes
|
Action
Provisions
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
As
of June 30, 2007
|
||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$ |
50,436
|
12.0 | % | $ |
33,596
|
>8.0%
|
$ |
41,995
|
>10.0%
|
||||||||
Tier
1 Capital (to risk weighted assets)
|
47,798
|
11.4 | % |
16,798
|
>4.0%
|
25,197
|
>6.0%
|
|||||||||||
Tier
1 Capital (to average assets)
|
47,798
|
8.0 | % |
23,803
|
>4.0%
|
29,754
|
>5.0%
|
As
of December 31, 2006
|
||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$ |
50,152
|
12.5 | % | $ |
32,019
|
>8.0%
|
$ |
40,024
|
>10.0%
|
||||||||
Tier
1 Capital (to risk weighted assets)
|
47,640
|
11.9 | % |
16,010
|
>4.0%
|
24,015
|
>6.0%
|
|||||||||||
Tier
1 Capital (to average assets)
|
47,640
|
8.3 | % |
23,073
|
>4.0%
|
28,841
|
>5.0%
|
June
30, 2007
|
December
31, 2006
|
|||||||||||||||||
Change
in Interest
|
Potential
Change
|
Potential
Change
|
||||||||||||||||
Rates
in Basis Points
|
in
Net
|
in
Net
|
||||||||||||||||
(RATE
SHOCK)
|
Interest
Income
|
Interest
Income
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||
$
Change
|
%
Change
|
$
Change
|
%
Change
|
|||||||||||||||
200
|
$ | (1,413 | ) | (5.23 | )% | $ | (1,501 | ) | (5.87 | )% | ||||||||
Static
|
-
|
-
|
-
|
-
|
||||||||||||||
(200 | ) | $ |
109
|
0.40 | % | $ | (27 | ) | (0.11 | )% |
(a)
|
Not
applicable.
|
(b)
|
Not
applicable.
|
(c)
|
Not
applicable.
|
Nominees
for Director
|
Votes
For
|
Votes
Withheld
|
Class
B (three year term):
|
||
Thomas
E. Halsey
|
4,784,942
|
124,137
|
Marcia
Z. Hefter
|
4,784,942
|
124,137
|
Howard
H. Nolan
|
4,738,048
|
171,031
|
Votes
For
|
Votes Against
|
Abstentions
|
|
Ratification
of Independent Auditor Firm, Crowe Chizek and Company LLC
|
4,886,468
|
13,816
|
8,795
|
10.1
Material
Contracts
|
32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350 |
BRIDGE
BANCORP, INC.
|
|
Registrant
|
|
August
8, 2007
|
/s/
Thomas J. Tobin
|
Thomas
J. Tobin
|
|
President
and Chief Executive Officer
|
|
August
8, 2007
|
/s/
Howard H. Nolan
|
Howard
H. Nolan
|
|
Senior
Executive Vice President, Chief Operating Officer and Interim Chief
Financial Officer
|