Bridge Bancorp, Inc. (NASDAQ:BDGE), the parent company of Bridgehampton National Bank (BNB), today announced fourth quarter and year end results for 2012. Highlights of the company’s financial results for the quarter and year end include:
Net income of $3.4 million, a 16% increase over 2011 representing $.39 per share for the quarter.
Net income of $12.8 million and $1.48 per share for the year, 23% higher than the $10.4 million recorded in 2011.
Total assets of $1.62 billion at year end, 21% higher than year end 2011.
Kevin M. O’Connor, President and CEO of Bridge Bancorp, Inc. said in a press release that “Our record achievements in 2012 of substantial organic loan, deposit and revenue growth, coupled with strong asset quality and capitalization levels combined to deliver industry leading returns. This is a testament to BNB’s unwavering commitment to community banking, whereby we partner with our customers, delivering advice and solutions for their financial needs. This is the core of our business model and dedication to these principles contributes to our current success, and is paramount in all future initiatives.”
Bridgehampton National Bank is continuing a rich tradition of involvement in the community by supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts. I’m a big fan of this bank personally, and it’s numbers have been impressive.
The bank has assets of $1.62 billion at December 2012, which were $287.3 million higher than last year, and average assets increased 23%. This increase reflects strong organic growth in new and existing markets driven by growth in loans of $186.3 million or 30% and investments of $130.5 million or 21%, partially offset by a $28.3 million decrease in cash and cash equivalents. Total deposits were $1.4 billion at December 31, 2012 and included demand deposits of $529.2 million or 38% compared to 27% at December 2011. The increase in total deposits at year end 2012 reflects organic growth of $221.1 million or 19% compared to December 2011.
“This year’s results mark another step in the continuing evolution of our company and demonstrate ongoing commitment to identify, leverage and efficiently execute on market opportunities. Looking ahead, we see the potential to continue this strategic course with similar positive results,” Mr. O’Connor said.