x
|
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.
|
Risk Factors |
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
Item
5.
|
|
Item
6.
|
|
Signatures
|
|
Exhibit
31.1
|
|
Exhibit
31.2
|
|
Exhibit
32.1
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||
Consolidated
Statements of Condition
(unaudited)
|
|||||||
(In
thousands, except share and per share amounts)
|
September
30,
|
December
31,
|
|||||
2006
|
2005
|
||||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
12,314
|
$
|
15,649
|
|||
Interest
earning deposits with banks
|
185
|
26
|
|||||
Federal
funds sold
|
48,409
|
-
|
|||||
Total
cash and cash equivalents
|
60,908
|
15,675
|
|||||
Securities
available for sale
|
201,647
|
182,801
|
|||||
Securities
held to maturity (fair value of $4,854 and $9,989,
respectively)
|
4,856
|
10,012
|
|||||
Total
securities, net
|
206,503
|
192,813
|
|||||
Securities,
restricted
|
716
|
1,377
|
|||||
Loans
|
314,688
|
302,264
|
|||||
Less:
Allowance for loan losses
|
(2,413
|
)
|
(2,383
|
)
|
|||
Loans,
net
|
312,275
|
299,881
|
|||||
Banking
premises and equipment, net
|
17,078
|
15,640
|
|||||
Accrued
interest receivable
|
2,713
|
2,624
|
|||||
Other
assets
|
4,112
|
5,434
|
|||||
Total
Assets
|
$
|
604,305
|
$
|
533,444
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Demand
deposits
|
$
|
180,933
|
$
|
190,426
|
|||
Savings,
N.O.W. and money market deposits
|
314,147
|
233,728
|
|||||
Certificates
of deposit of $100,000 or more
|
30,599
|
19,021
|
|||||
Other
time deposits
|
29,128
|
24,850
|
|||||
Total
deposits
|
554,807
|
468,025
|
|||||
Overnight
borrowings
|
-
|
14,500
|
|||||
Accrued
interest payable
|
535
|
328
|
|||||
Other
liabilities and accrued expenses
|
3,797
|
3,940
|
|||||
Total
Liabilities
|
559,139
|
486,793
|
|||||
Stockholders’
equity:
|
|||||||
Common
stock, par value $0.01 per share:
|
|||||||
Authorized:
20,000,000 shares; 6,386,306 issued; 6,071,650
|
|||||||
and
6,206,539 shares outstanding at September 30, 2006 and December 31,
2005,
respectively
|
64
|
64
|
|||||
Surplus
|
21,618
|
21,631
|
|||||
Undivided
profits
|
33,705
|
31,813
|
|||||
Less:
Treasury Stock at cost, 314,656 and 179,767 shares at September 30,
2006
and
December
31, 2005, respectively
|
(8,067
|
)
|
(4,285
|
)
|
|||
Unearned
stock awards
|
-
|
(108
|
)
|
||||
47,320
|
49,115
|
||||||
Accumulated
other comprehensive loss:
|
|||||||
Net
unrealized loss on securities, net of taxes of ($1,388) and ($1,596)
at
September 30,
2006
and December 31, 2005, respectively
|
(2,066
|
)
|
(2,376
|
)
|
|||
Net
minimum pension liability, net of taxes of $81 and $59 at September
30,
2006 and
December
31, 2005
|
(88
|
)
|
(88
|
)
|
|||
Total
Stockholders’ Equity
|
45,166
|
46,651
|
|||||
Total
Liabilities and Stockholders’ Equity
|
$
|
604,305
|
$
|
533,444
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||||||||
Consolidated
Statements of Income
(unaudited)
|
|||||||||||||
(In
thousands, except per share amounts)
|
|||||||||||||
For
the three months ended September 30,
|
For
the nine months ended September 30,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Interest
income:
|
|||||||||||||
Loans
|
$
|
5,982
|
$
|
5,275
|
$
|
17,276
|
$
|
15,267
|
|||||
Mortgage-backed
securities
|
1,246
|
1,044
|
3,557
|
3,133
|
|||||||||
State
and municipal obligations
|
482
|
505
|
1,562
|
1,402
|
|||||||||
U.S.
Treasury and government agency securities
|
196
|
350
|
620
|
1,171
|
|||||||||
Federal
funds sold
|
358
|
172
|
441
|
248
|
|||||||||
Other
securities
|
16
|
26
|
51
|
66
|
|||||||||
Deposits
with banks
|
1
|
1
|
3
|
2
|
|||||||||
Total
interest income
|
8,281
|
7,373
|
23,510
|
21,289
|
|||||||||
Interest
expense:
|
|||||||||||||
Savings,
N.O.W. and money market deposits
|
1,694
|
856
|
4,376
|
2,120
|
|||||||||
Certificates
of deposit of $100,000 or more
|
315
|
138
|
549
|
446
|
|||||||||
Other
time deposits
|
196
|
124
|
455
|
343
|
|||||||||
Other
borrowed money
|
50
|
-
|
208
|
136
|
|||||||||
Federal
funds purchased
|
12
|
-
|
137
|
22
|
|||||||||
Total
interest expense
|
2,267
|
1,118
|
5,725
|
3,067
|
|||||||||
Net
interest income
|
6,014
|
6,255
|
17,785
|
18,222
|
|||||||||
Provision
for loan losses
|
-
|
150
|
-
|
300
|
|||||||||
Net
interest income after provision for loan losses
|
6,014
|
6,105
|
17,785
|
17,922
|
|||||||||
|
|||||||||||||
Other
income:
|
|||||||||||||
Service charges on deposit accounts
|
491
|
488
|
1,581
|
1,632
|
|||||||||
Fees
for other customer services
|
533
|
525
|
1,034
|
1,106
|
|||||||||
Title
fee income
|
179
|
360
|
741
|
815
|
|||||||||
Net
securities (losses) gains
|
(32
|
)
|
-
|
(289
|
)
|
115
|
|||||||
Other
operating income
|
29
|
18
|
132
|
83
|
|||||||||
Total
other income
|
1,200
|
1,391
|
3,199
|
3,751
|
|||||||||
Other
expenses:
|
|||||||||||||
Salaries and employee benefits
|
2,457
|
2,144
|
6,946
|
6,327
|
|||||||||
Net
occupancy expense
|
359
|
299
|
1,034
|
926
|
|||||||||
Furniture
and fixture expense
|
186
|
181
|
582
|
574
|
|||||||||
Other
operating expenses
|
1,135
|
1,147
|
3,417
|
3,157
|
|||||||||
Total
other expenses
|
4,137
|
3,771
|
11,979
|
10,984
|
|||||||||
Income
before provision for income taxes
|
3,077
|
3,725
|
9,005
|
10,689
|
|||||||||
Provision
for income taxes
|
925
|
1,251
|
2,876
|
3,640
|
|||||||||
Net
income
|
$
|
2,152
|
$
|
2,474
|
$
|
6,129
|
$
|
7,049
|
|||||
Basic
earnings per share
|
$
|
0.35
|
$
|
0.40
|
$
|
0.99
|
$
|
1.13
|
|||||
Diluted
earnings per share
|
$
|
0.35
|
$
|
0.39
|
$
|
0.99
|
$
|
1.12
|
|||||
Comprehensive
income
|
$
|
4,078
|
$
|
1,649
|
$
|
6,439
|
$
|
5,525
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||||||||||
Consolidated
Statements of Stockholders’ Equity
(unaudited)
|
||||||||||||||||||||||||||||
(In
thousands, except share and per share amounts)
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Common
|
Stock
|
Unearned
|
Other
|
|||||||||||||||||||||||||
Shares
|
Comprehensive
|
Undivided
|
Treasury
|
Stock
|
Comprehensive
|
|||||||||||||||||||||||
Outstanding
|
Amount
|
Surplus
|
Income
|
Profits
|
Stock
|
Awards
|
Income
(Loss)
|
Total
|
||||||||||||||||||||
Balance
at December 31, 2005
|
6,206,539
|
$
|
64
|
$
|
21,631
|
$
|
31,813
|
$
|
(4,285
|
)
|
$
|
(108
|
)
|
$
|
(2,464
|
)
|
$
|
46,651
|
||||||||||
Net
income
|
$
|
6,129
|
6,129
|
6,129
|
||||||||||||||||||||||||
Transfer
due to adoption of SFAS 123(r)
|
(108
|
)
|
108
|
-
|
||||||||||||||||||||||||
Stock
awards vested
|
3,491
|
22
|
22
|
|||||||||||||||||||||||||
Exercise
of stock options
|
8,954
|
73
|
(3
|
)
|
70
|
|||||||||||||||||||||||
Treasury
stock repurchases
|
(147,334
|
)
|
(3,779
|
)
|
(3,779
|
)
|
||||||||||||||||||||||
Cash
dividends declared, $0.69 per share
|
(4,237
|
)
|
(4,237
|
)
|
||||||||||||||||||||||||
Other
comprehensive income, net of tax
|
||||||||||||||||||||||||||||
Unrealized
gains in securities available for sale,
net
of tax
|
310
|
310
|
310
|
|||||||||||||||||||||||||
Comprehensive
income
|
$
|
6,439
|
||||||||||||||||||||||||||
Balance
at September 30, 2006
|
6,071,650
|
$
|
64
|
$
|
21,618
|
$
|
33,705
|
$
|
(8,067
|
)
|
$
|
-
|
$
|
(2,154
|
)
|
$
|
45,166
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||
Consolidated
Statements of Cash Flows
(unaudited)
|
|||||||
(In
thousands)
|
|||||||
Nine
months ended September 30,
|
2006
|
2005
|
|||||
Operating
activities:
|
|||||||
Net
Income
|
$
|
6,129
|
$
|
7,049
|
|||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Provision
for loan losses
|
-
|
300
|
|||||
Depreciation
and amortization
|
664
|
635
|
|||||
Amortization
and accretion, net
|
294
|
620
|
|||||
Earned
or allocated expense of restricted stock awards
|
22
|
82
|
|||||
Net
securities losses (gains)
|
289
|
(115
|
)
|
||||
Increase
in accrued interest receivable
|
(89
|
)
|
(126
|
)
|
|||
Decrease
in other assets
|
1,113
|
266
|
|||||
Increase
(decrease) in accrued and other liabilities
|
95
|
(219
|
)
|
||||
Net
cash provided by operating activities
|
8,517
|
8,492
|
|||||
Investing
activities:
|
|||||||
Purchases
of securities available for sale
|
(56,724
|
)
|
(30,861
|
)
|
|||
Purchases of securities, restricted
|
(9,171
|
)
|
(190
|
)
|
|||
Purchases
of securities held to maturity
|
(4,850
|
)
|
(12,837
|
)
|
|||
Proceeds
from sales of securities available for sale
|
19,537
|
21,172
|
|||||
Proceeds from sales of securities, restricted
|
9,832
|
-
|
|||||
Proceeds
from maturing securities available for sale
|
4,775
|
2,670
|
|||||
Proceeds
from maturing securities held to maturity
|
10,006
|
24,039
|
|||||
Proceeds
from principal payments on mortgage-backed securities
|
13,502
|
16,440
|
|||||
Net
increase in loans
|
(12,394
|
)
|
(8,118
|
)
|
|||
Purchases
of banking premises and equipment, net of disposals
|
(2,102
|
)
|
(1,566
|
)
|
|||
Net
cash (used by) provided by investing activities
|
(27,589
|
)
|
10,749
|
||||
Financing
activities:
|
|||||||
Net
increase in deposits
|
86,782
|
27,056
|
|||||
Decrease
in other borrowings
|
(14,500
|
)
|
(26,700
|
)
|
|||
Net
proceeds from exercise of stock options
|
|||||||
issued
pursuant to equity incentive plan
|
70
|
216
|
|||||
Purchases
of Treasury Stock
|
(3,779
|
)
|
(1,775
|
)
|
|||
Cash
dividends paid
|
(4,268
|
)
|
(4,129
|
)
|
|||
Net
cash provided by (used by) financing activities
|
64,305
|
(5,332
|
)
|
||||
Increase
in cash and cash equivalents
|
45,233
|
13,909
|
|||||
Cash
and cash equivalents beginning of period
|
15,675
|
8,862
|
|||||
Cash
and cash equivalents end of period
|
$
|
60,908
|
$
|
22,771
|
|||
Supplemental
Information-Cash Flows:
|
|||||||
Cash
paid for:
|
|||||||
Interest
|
$
|
5,518
|
$
|
3,063
|
|||
Income
taxes
|
$
|
2,253
|
$
|
3,761
|
|||
Noncash
investing and financing activities:
|
|||||||
Dividends
declared and unpaid
|
$
|
1,397
|
$
|
1,433
|
Computation
of Per Share Income
|
Three
months ended
|
Nine
months ended
|
|||||||||||
(in
thousands, except per share data)
|
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Net
Income
|
$
|
2,152
|
$
|
2,474
|
$
|
6,129
|
$
|
7,049
|
|||||
Common
Equivalent Shares:
|
|||||||||||||
Weighted
Average Common Shares Outstanding
|
6,116
|
6,237
|
6,165
|
6,250
|
|||||||||
Weighted
Average Common Equivalent Shares
|
31
|
35
|
31
|
43
|
|||||||||
Weighted
Average Common and Common Equivalent Shares
|
6,147
|
6,272
|
6,196
|
6,293
|
|||||||||
Basic
earnings per share
|
$
|
0.35
|
$
|
0.40
|
$
|
0.99
|
$
|
1.13
|
|||||
Diluted
earnings per share
|
$
|
0.35
|
$
|
0.39
|
$
|
0.99
|
$
|
1.12
|
Three
months ended,
|
Nine
months ended,
|
||||||||||||
(In
thousands, except per share data)
|
September
30, 2005
|
September
30, 2005
|
|||||||||||
Net
Income:
|
As
Reported:
|
$
|
2,474
|
$
|
7,049
|
||||||||
Pro
Forma:
|
$
|
2,473
|
$
|
7,033
|
|||||||||
Basic
EPS:
|
As
Reported:
|
$
|
0.40
|
$
|
1.13
|
||||||||
Pro
Forma:
|
$
|
0.40
|
$
|
1.13
|
|||||||||
Diluted
EPS:
|
As
Reported:
|
$
|
0.39
|
$
|
1.12
|
||||||||
Pro
Forma:
|
$
|
0.39
|
$
|
1.12
|
Weighted
|
|||||||
Number
|
Average
|
||||||
of
|
Exercise
|
||||||
Options
|
Price
|
||||||
Outstanding,
December 31, 2005
|
83,107
|
$
|
16.88
|
||||
Granted
|
-
|
-
|
|||||
Exercised
|
(13,125
|
)
|
$
|
11.83
|
|||
Forfeited
|
(2,767
|
)
|
$
|
25.68
|
|||
Outstanding
and exercisable, September 30, 2006
|
67,215
|
$
|
17.50
|
||||
Weighted
average fair value of options granted
|
$
|
-
|
|||||
Weighted
average remaining contractual life
|
5.03
years
|
||||||
|
Number of
|
||||||
Range
of Exercise Prices
|
Shares
|
Price
|
|||||
9,900
|
$
|
12.53
|
|||||
21,933
|
$
|
13.17-14.67
|
|||||
17,100
|
$
|
15.47
|
|||||
18,282
|
$
|
24.00-$30.60
|
Weighted
|
|||||||
Average
Grant-Date
|
|||||||
Shares
|
Fair
Value
|
||||||
Unvested,
December 31, 2005
|
7,214
|
$
|
23.44
|
||||
Granted
|
-
|
-
|
|||||
Vested
|
(3,491
|
)
|
$
|
20.10
|
|||
Forfeited
|
(12
|
)
|
$
|
30.60
|
|||
Unvested,
September 30, 2006
|
3,711
|
$
|
26.56
|
September
30, 2006
|
December
31, 2005
|
||||||||||||
(In
thousands)
|
Estimated
|
Estimated
|
|||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
||||||||||
Cost
|
Value
|
Cost
|
Value
|
||||||||||
Available
for sale:
|
|||||||||||||
U.S.
Treasury and government agency securities
|
$
|
33,627
|
$
|
33,205
|
$
|
38,443
|
$
|
37,662
|
|||||
State
and municipal obligations
|
49,542
|
49,389
|
51,392
|
51,220
|
|||||||||
Mortgage-backed
securities
|
121,932
|
119,053
|
96,938
|
93,919
|
|||||||||
Total
available for sale
|
205,101
|
201,647
|
186,773
|
182,801
|
|||||||||
Held
to maturity:
|
|||||||||||||
State
and municipal obligations
|
4,856
|
4,858
|
10,012
|
9,989
|
|||||||||
Total
held to maturity
|
4,856
|
4,858
|
10,012
|
9,989
|
|||||||||
Total
debt and equity securities
|
$
|
209,957
|
$
|
206,505
|
$
|
196,785
|
$
|
192,790
|
September
30, 2006
|
December
31, 2005
|
||||||
(In
thousands)
|
|||||||
Real
estate mortgage loans
|
$
|
263,930
|
$
|
242,928
|
|||
Commercial,
financial, and agricultural loans
|
34,355
|
31,644
|
|||||
Installment/consumer
loans
|
8,199
|
9,827
|
|||||
Real
estate construction loans
|
8,103
|
17,960
|
|||||
Total
loans
|
314,587
|
302,359
|
|||||
Unamortized
cost/(Unearned income)
|
101
|
(95
|
)
|
||||
314,688
|
302,264
|
||||||
Allowance
for loan losses
|
(2,413
|
)
|
(2,383
|
)
|
|||
Net
loans
|
$
|
312,275
|
$
|
299,881
|
(In
thousands)
|
For
the Nine Months Ended
|
For
the Year Ended
|
||||||||
September
30, 2006
|
September
30, 2005
|
December
31, 2005
|
||||||||
Beginning
balance
|
$
|
2,383
|
$
|
2,188
|
$
|
2,188
|
||||
Provision
for loan loss
|
-
|
300
|
300
|
|||||||
Net
recoveries (charge-offs)
|
30
|
(95
|
)
|
(105
|
)
|
|||||
Ending
balance
|
$
|
2,413
|
$
|
2,393
|
$
|
2,383
|
(In
thousands)
|
At
September 30,
|
||||||||||||
Pension
Benefits
|
SERP
Benefits
|
||||||||||||
Components
of net periodic benefit cost
|
2006
|
2005
|
2006
|
2005
|
|||||||||
Service
cost
|
$
|
317
|
$
|
237
|
$
|
49
|
$
|
65
|
|||||
Interest
cost
|
188
|
167
|
41
|
53
|
|||||||||
Expected
return on plan assets
|
(245
|
)
|
(222
|
)
|
-
|
-
|
|||||||
Amortization
of net loss
|
30
|
18
|
-
|
17
|
|||||||||
Amortization
of unrecognized prior service cost
|
7
|
7
|
-
|
-
|
|||||||||
Amortization
of unrecognized transition (asset) obligation
|
(2
|
)
|
(7
|
)
|
21
|
21
|
|||||||
Net
periodic benefit cost
|
$
|
295
|
$
|
200
|
$
|
111
|
$
|
156
|
· |
Net
income of $6,129,000 or $0.99 per diluted share for the first nine
months
of 2006 as compared to net income of $7,049,000 or $1.12 per diluted
share
for the first nine months of
2005;
|
· |
Net
income of $2,152,000 or $0.35 per diluted share for the third quarter
2006
as compared with $2,474,000 or $0.39 per diluted share for the same
period
one year ago;
|
· |
Total
assets of $604,305,000 at September 30, 2006, an increase of 10.5%
over
the same date last year;
|
· |
Total
loans of $314,688,000, an increase of 3.5% at September 30, 2006
from
September 30, 2005.
|
· |
Continued
strong credit quality;
|
· |
Total
deposits of $554,807,000 at September 30, 2006, an increase of 11.8%
over
September 30, 2005;
|
· |
Balance
sheet and interest rate risk management included a repositioning
of a
portion of the available for sale investment securities portfolio
resulting in a net pretax loss of $257,000 during the first quarter
of
2006;
|
· |
Returns
on average equity and average assets of 17.66% and 1.52% respectively
for
the nine-month period ended September 30,
2006;
|
· |
The
Company’s capital levels remain strong with a Tier 1 Capital to Average
Assets ratio of 8.4% and the Company is positioned well for future
growth.
Stockholders’ equity totaled $45,166,000 at September 30, 2006 as compared
to $47,091,000 at September 30, 2005 and $46,651,000 at December
31,
2005;
|
· |
Declaration
of a regular quarterly cash dividend of $0.23 per share for the quarter,
and $0.69 for the first nine months of 2006;
and
|
· |
Anticipated
fourth quarter opening of the Bank’s Cutchogue, NY branch, as well as an
application in process for regulatory approval of the Bank’s 14th branch
office which will be located in Wading River,
NY.
|
Three
months ended September 30,
|
2006
|
2005
|
|||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||||
Interest
earning assets:
|
|||||||||||||||||||||||||
Loans,
net (including loan fee income)
|
$308,089
|
$
|
5,982
|
7.7
|
%
|
$300,323
|
$
|
5,275
|
7.0
|
%
|
|||||||||||||||
Mortgage-backed
securities
|
111,406
|
1,246
|
4.4
|
103,834
|
1,044
|
3.9
|
|||||||||||||||||||
Tax
exempt securities (1)
|
53,429
|
674
|
4.9
|
58,088
|
762
|
5.1
|
|||||||||||||||||||
Taxable
securities
|
22,238
|
196
|
3.5
|
38,856
|
350
|
3.5
|
|||||||||||||||||||
Federal
funds sold
|
27,966
|
358
|
5.0
|
19,337
|
172
|
3.5
|
|||||||||||||||||||
Securities,
restricted
|
871
|
16
|
7.3
|
2,169
|
26
|
4.8
|
|||||||||||||||||||
Deposits
with banks
|
81
|
1
|
4.9
|
87
|
1
|
4.6
|
|||||||||||||||||||
Total
interest earning assets
|
524,080
|
8,473
|
6.4
|
522,694
|
7,630
|
5.8
|
|||||||||||||||||||
Non
interest earning assets:
|
|||||||||||||||||||||||||
Cash
and due from banks
|
15,938
|
16,841
|
|||||||||||||||||||||||
Other
assets
|
19,275
|
18,401
|
|||||||||||||||||||||||
Total
assets
|
$559,293
|
$557,936
|
|||||||||||||||||||||||
Interest
bearing liabilities:
|
|||||||||||||||||||||||||
Savings,
N.O.W. and
|
|||||||||||||||||||||||||
money
market deposits
|
$256,746
|
$
|
1,694
|
2.6
|
%
|
$251,609
|
$
|
856
|
1.4
|
%
|
|||||||||||||||
Certificates
of deposit of $100,000
|
|||||||||||||||||||||||||
or
more
|
29,788
|
315
|
4.2
|
26,641
|
138
|
2.1
|
|||||||||||||||||||
Other
time deposits
|
25,307
|
196
|
3.1
|
27,006
|
124
|
1.8
|
|||||||||||||||||||
Other
borrowed money
|
3,482
|
50
|
5.6
|
-
|
-
|
-
|
|||||||||||||||||||
Federal
funds purchased
|
793
|
12
|
5.9
|
45
|
-
|
-
|
|||||||||||||||||||
Total
interest bearing liabilities
|
316,116
|
2,267
|
2.9
|
305,301
|
1,118
|
1.5
|
|||||||||||||||||||
Non
interest bearing liabilities:
|
|||||||||||||||||||||||||
Demand
deposits
|
193,945
|
201,336
|
|||||||||||||||||||||||
Other
liabilities
|
4,079
|
3,273
|
|||||||||||||||||||||||
Total
liabilities
|
514,140
|
509,910
|
|||||||||||||||||||||||
Stockholders’
equity
|
45,153
|
48,026
|
|||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$559,293
|
$557,936
|
|||||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
6,206
|
3.5
|
%
|
6,512
|
4.3
|
%
|
|||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$207,964
|
4.7
|
%
|
$217,393
|
5.0
|
%
|
|||||||||||||||||||
Ratio
of interest earning assets to
|
|||||||||||||||||||||||||
interest
bearing liabilities
|
165.8
|
%
|
171.2
|
%
|
|||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(192
|
)
|
(257
|
)
|
|||||||||||||||||||||
Net
interest income
|
$
|
6,014
|
$
|
6,255
|
(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.
|
Nine
months ended September 30,
|
2006
|
2005
|
|||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||||
Interest
earning assets:
|
|||||||||||||||||||||||||
Loans,
net (including loan fee income)
|
$303,418
|
$
|
17,276
|
7.6
|
%
|
$299,165
|
$
|
15,267
|
6.8
|
%
|
|||||||||||||||
Mortgage-backed
securities
|
108,482
|
3,557
|
4.3
|
103,309
|
3,133
|
4.0
|
|||||||||||||||||||
Tax
exempt securities (1)
|
58,252
|
2,295
|
5.2
|
59,571
|
2,126
|
4.7
|
|||||||||||||||||||
Taxable
securities
|
23,711
|
620
|
3.4
|
42,445
|
1,171
|
3.6
|
|||||||||||||||||||
Federal
funds sold
|
11,782
|
441
|
4.9
|
10,099
|
248
|
3.2
|
|||||||||||||||||||
Securities,
restricted
|
962
|
51
|
7.1
|
2,104
|
66
|
4.2
|
|||||||||||||||||||
Deposits
with banks
|
70
|
3
|
5.7
|
76
|
2
|
3.5
|
|||||||||||||||||||
Total
interest earning assets
|
506,677
|
24,243
|
6.4
|
516,769
|
22,013
|
5.7
|
|||||||||||||||||||
Non
interest earning assets:
|
|||||||||||||||||||||||||
Cash
and due from banks
|
15,125
|
16,266
|
|||||||||||||||||||||||
Other
assets
|
18,321
|
18,434
|
|||||||||||||||||||||||
Total
assets
|
$540,123
|
$551,469
|
|||||||||||||||||||||||
Interest
bearing liabilities:
|
|||||||||||||||||||||||||
Savings,
N.O.W. and
|
|||||||||||||||||||||||||
money
market deposits
|
$253,015
|
$
|
4,376
|
2.3
|
%
|
$251,078
|
$
|
2,120
|
1.1
|
%
|
|||||||||||||||
Certificates
of deposit of $100,000
|
|||||||||||||||||||||||||
or
more
|
21,966
|
549
|
3.3
|
31,903
|
446
|
1.9
|
|||||||||||||||||||
Other
time deposits
|
23,970
|
455
|
2.5
|
28,628
|
343
|
1.6
|
|||||||||||||||||||
Other
borrowed money
|
5,415
|
208
|
5.1
|
6,670
|
136
|
2.7
|
|||||||||||||||||||
Federal
funds purchased
|
3,697
|
137
|
4.9
|
1,096
|
22
|
2.7
|
|||||||||||||||||||
Total
interest bearing liabilities
|
308,063
|
5,725
|
2.5
|
319,375
|
3,067
|
1.3
|
|||||||||||||||||||
Non
interest bearing liabilities:
|
|||||||||||||||||||||||||
Demand
deposits
|
183,467
|
181,668
|
|||||||||||||||||||||||
Other
liabilities
|
2,191
|
2,528
|
|||||||||||||||||||||||
Total
liabilities
|
493,721
|
503,571
|
|||||||||||||||||||||||
Stockholders’
equity
|
46,402
|
47,898
|
|||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$540,123
|
$551,469
|
|||||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
18,518
|
3.9
|
%
|
18,946
|
4.4
|
%
|
|||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$198,614
|
4.9
|
%
|
$197,394
|
4.9
|
%
|
|||||||||||||||||||
Ratio
of interest earning assets to
|
|||||||||||||||||||||||||
interest
bearing liabilities
|
164.5
|
%
|
161.8
|
%
|
|||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(733
|
)
|
(724
|
)
|
|||||||||||||||||||||
Net
interest income
|
$
|
17,785
|
$
|
18,222
|
(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 September 30
|
Nine
months ended September 30
|
||||||||||||||||||
2006
Over 2005
|
2006
Over 2005
|
||||||||||||||||||
(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)
|
$
|
145
|
$
|
562
|
$
|
707
|
$
|
214
|
$
|
1,795
|
$
|
2,009
|
|||||||
Mortgage-backed
securities
|
76
|
126
|
202
|
162
|
262
|
424
|
|||||||||||||
Tax
exempt securities (1)
|
(63
|
)
|
(25
|
)
|
(88
|
)
|
(73
|
)
|
242
|
169
|
|||||||||
Taxable
securities
|
(149
|
)
|
(5
|
)
|
(154
|
)
|
(493
|
)
|
(58
|
)
|
(551
|
)
|
|||||||
Federal
funds sold
|
95
|
91
|
186
|
45
|
148
|
193
|
|||||||||||||
Securities,
restricted
|
(63
|
)
|
53
|
(10
|
)
|
(60
|
)
|
45
|
(15
|
)
|
|||||||||
Deposits
with banks
|
-
|
-
|
-
|
(1
|
)
|
2
|
1
|
||||||||||||
Total
interest earning assets
|
41
|
802
|
843
|
(206
|
)
|
2,436
|
2,230
|
||||||||||||
Interest
expense on interest
|
|||||||||||||||||||
bearing
liabilities:
|
|||||||||||||||||||
Savings,
N.O.W. and money market deposits
|
19
|
819
|
838
|
16
|
2,240
|
2,256
|
|||||||||||||
Certificates
of deposit of $100,000 or more
|
19
|
158
|
177
|
(238
|
)
|
341
|
103
|
||||||||||||
Other
time deposits
|
(50
|
)
|
122
|
72
|
(92
|
)
|
204
|
112
|
|||||||||||
Other
borrowed money
|
50
|
-
|
50
|
(44
|
)
|
116
|
72
|
||||||||||||
Federal
funds purchased
|
9
|
3
|
12
|
86
|
29
|
115
|
|||||||||||||
Total
interest bearing liabilities
|
47
|
1,102
|
1,149
|
(272
|
)
|
2,930
|
2,658
|
||||||||||||
Net
interest income
|
$
|
(6
|
)
|
$
|
(300
|
)
|
$
|
(306
|
)
|
$
|
66
|
$
|
(494
|
)
|
$
|
(428
|
)
|
|
To
Be Well
|
||||||||||||||||||
For
Capital
|
Capitalized
Under
|
||||||||||||||||||
|
Adequacy
|
Prompt
Corrective
|
|||||||||||||||||
(In
thousands)
|
Actual
|
Purposes
|
Action
Provisions
|
||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||
As
of September 30, 2006
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$
|
49,583
|
12.6
|
%
|
$
|
31,606
|
>8.0
|
%
|
$
|
39,507
|
>10.0
|
%
|
|||||||
Tier
1 Capital (to risk weighted assets)
|
47,170
|
11.9
|
15,803
|
>4.0
|
23,704
|
>6.0
|
|||||||||||||
Tier
1 Capital (to average assets)
|
47,170
|
8.4
|
22,371
|
>4.0
|
27,963
|
>5.0
|
As
of December 31, 2005
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$
|
51,234
|
14.0
|
%
|
$
|
29,392
|
>8.0
|
%
|
$
|
35,805
|
>10.0
|
%
|
|||||||
Tier
1 Capital (to risk weighted assets)
|
48,851
|
13.3
|
14,696
|
>4.0
|
21,483
|
>6.0
|
|||||||||||||
Tier
1 Capital (to average assets)
|
48,851
|
9.0
|
21,658
|
>4.0
|
27,073
|
>5.0
|
September
30, 2006
|
December
31, 2005
|
||||||||||||
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
|
$
|
(1,196
|
)
|
(4.73
|
)%
|
$
|
(1,620
|
)
|
(6.16
|
)%
|
|||
Static
|
-
|
-
|
-
|
-
|
|||||||||
(200)
|
$
|
189
|
0.75
|
%
|
$
|
(438
|
)
|
(1.67
|
)%
|
(a) |
Not
applicable.
|
(b) |
Not
applicable.
|
(c) |
The
following information is provided regarding the repurchase of treasury
shares of the Company during the
quarter:
|
Period
|
Total
Number of Shares Purchased in Month
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs-2006 (1)
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plans or
Programs
|
July
2006
|
10,000
|
$25.50
|
68,300
|
240,700
|
August
2006
|
210
|
$25.75
|
68,510
|
240,490
|
September
2006
|
63,449
|
$25.31
|
131,959
|
177,041
|
(1)
|
The
Board of Directors approved a stock repurchase program on March 27,
2006.
|
-
|
The
Board of Directors approved repurchase of shares up to 309,000
shares.
|
-
|
There
is no expiration date for the stock repurchase plan.
|
-
|
There
is no stock repurchase plan that has expired nor been terminated
during
the three month period ended September 30,
2006.
|
31.1 Certification
of Principal Executive Officer pursuant to Rule
13a-14(a)
|
31.2 Certification
of Principal Financial Officer pursuant to Rule
13a-14(a)
|
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
|
|
November
7, 2006
|
/s/
Thomas J. Tobin
|
Thomas
J. Tobin
|
|
President
and Chief Executive Officer
|
|
November
7, 2006
|
/s/
Janet T. Verneuille
|
Janet
T. Verneuille
|
|
Executive
Vice President, Chief Financial Officer
|
|
and
Treasurer
|
|
1) |
I
have reviewed this quarterly report on Form 10-Q of Bridge Bancorp,
Inc.;
|
2) |
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3) |
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4) |
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15(d)-15(f)) for the registrant and
have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
b) |
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d) |
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting;
|
5) |
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors:
|
a) |
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b) |
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
1. |
I
have reviewed this quarterly report on Form 10-Q of Bridge Bancorp,
Inc.;
|
2. |
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3. |
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4. |
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15(d)-15(f)) for the registrant and
have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
b) |
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d) |
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting;
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors:
|
a) |
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b) |
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
(1)
|
The
Report fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934, as amended;
and
|
(2)
|
The
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.
|
Date:
November 7,
2006
|
/s/
Thomas J. Tobin
|
Thomas
J. Tobin
|
|
President
and Chief Executive Officer
|
|
/s/
Janet T. Verneuille
|
|
Janet
T. Verneuille
|
|
Executive
Vice President, Chief Financial Officer,
|
|
and
Treasurer
|