UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): October 23, 2006
BRIDGE
BANCORP, INC.
(Exact
name of the registrant as specified in its charter)
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New
York
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000-18546
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11-2934195
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|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
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|
2200
Montauk Highway
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||
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Bridgehampton,
New York
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11932
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|
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(Address
of principal executive offices)
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(Zip
Code)
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(631)
537-1000
(Registrant’s
telephone number)
N/A
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (See General Instruction A.2. below):
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□
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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□
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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□
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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□
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4c)
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Item
2.02 Results
of Operations and Financial Condition.
On
October 23, 2006, Bridge Bancorp, Inc. issued a press release reporting the
unaudited earnings results for the third quarter ended September 30, 2006,
a
copy of which is attached as Exhibit 99.1 of this Current Report on Form 8-K
and
incorporated herein by reference. The information furnished under Item 2.02
of
this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed
to
be “filed” for purposes of the Securities Exchange Act of 1934, as
amended.
Item
9.01 Financial
Statements and Exhibits.
(c) Attached
as an exhibit is the Company’s press release titled, “BRIDGE
BANCORP, INC. REPORTS THIRD QUARTER 2006 EARNINGS,”
Dated
October 23, 2006.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Bridge
Bancorp, Inc.
(Registrant)
By:
/s/ Howard H. Nolan
Howard
H.
Nolan
Senior
Executive Vice President, Chief Operating Officer
Dated:
October 23, 2006
EXHIBIT
INDEX
99.1 Press
release titled, “BRIDGE
BANCORP, INC. REPORTS THIRD QUARTER 2006 EARNINGS,”
Dated
October 23, 2006.
Press
Release
FOR
IMMEDIATE RELEASE
Contact:
Sandra Novick 
Senior
Vice President
Corporate
Secretary
(631)
537-1001, ext. 7263
THIRD
QUARTER 2006 EARNINGS
(Bridgehampton,
NY - October 23, 2006)
Bridge
Bancorp, Inc. (the “Company”) (NASDAQ®/OTCBB:
BDGE), the holding company for The Bridgehampton National Bank (the “Bank,”
“BNB”), today reported financial results for the third quarter of 2006.
Highlights for the nine months ended September 30, 2006 and for the third
quarter include:
-
net
income of $6,129,000 or $0.99 per diluted share for the first nine months of
2006, and $2,152,000 or $0.35 per diluted share for the third quarter
2006;
-
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;
-
returns
on average equity and average assets of 17.66% and 1.52% respectively for the
nine month period ended September 30, 2006;
-
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.
Thomas
J.
Tobin, President and Chief Executive Officer, Bridge Bancorp, Inc. commented
on
the Company’s year to date and quarterly financial results, “It is exciting to
report that total assets at September 30, 2006 surpassed $600 million for the
first time in our Company’s history. Loans totaled $314.7 million at the end of
the third quarter, growing 3.5% over the same date last year. While
acknowledging that our historically high net interest margin has long
differentiated us from other banks in terms of consistent financial performance,
during the third quarter we began offering promotional time deposit products
as
an alternative to core customers who value their relationship with BNB yet
seek
a higher return on their deposits. These products have also drawn new customers
to the Bank in existing markets and we look towards similar benefit as we
continue to expand into new markets. The key challenge facing Bridgehampton
National Bank is the pressure on net interest income as the deposit base shifts
to more interest bearing deposits resulting in higher funding costs.
“The
yield curve remained flat or slightly inverted throughout the quarter, and
it
remains less than certain that we will see the steepness we enjoyed in the
past
restored in the near future. Intense price competition for both core and
municipal deposits, as well as thin pricing on the loan side remain prevalent
in
our markets. Solid growth in earning assets as well as controlling funding
costs
are balance sheet management objectives to offset the declining net interest
income. Protecting our deposit base, and also focusing on profitable growth,
presents a unique set of challenges in this operating environment. While we
have
been successful in stabilizing deposit outflows, competition is intense on
both
sides of the balance sheet as more banks and finance companies extend their
reach with expanded branch networks, pricing tactics, and by embracing the
internet. Our planning includes prioritizing the allocation of our resources
relative to the potential for future revenues.”
Income
Statement
Net
income for the nine month period ended September 30, 2006 was $6,129,000,
decreasing 13.1% from $7,049,000 for the first nine months of 2005. Diluted
earnings per share for the nine month period ended September 30, 2006 were
$0.99, a decrease of $0.13, or 11.6% from $1.12 per diluted share for the first
nine months of 2005. Net income for the three months ended September 30, 2006
was $2,152,000, a decrease of $322,000, or 13.0%, from net income of $2,474,000
for the same period last year. Diluted earnings per share for the third quarter
2006 were $0.35, a decrease of $0.04, or 10.3% from $0.39 per diluted share
for
the third quarter of 2005.
Non-interest
expense increased 9.1% during the first nine months of 2006 over the same period
last year. Higher noninterest expense is primarily associated with salaries
and
employee benefits programs and staffing of new branch offices, increased
occupancy costs associated with the branch network expansion, and higher data
processing expenses.
Balance
Sheet
Mr.
Tobin
continued. “The pace of loan originations continues to pick up, demonstrating
that despite the competitive environment, service and responsiveness have
resulted in a strengthening pipeline, and we are optimistic regarding the
continued uptick in loan growth for the fourth quarter. Additionally, we
recognized opportunities for profitable growth in the investment portfolio,
increasing total investments at September 30, 2006 to $207.2 million. Asset
growth was funded primarily with proceeds from promotional certificates of
deposit at the retail level and increases in public fund deposits. Total
deposits increased 11.8% to $554.8 million at September 30, 2006, over September
30, 2005. Demand deposits at September 30, 2006 totaled $180.9 million,
comprising 32.6% of total deposits at that date.”
Asset
Quality
Although
increased inventory and a moderating pace of appreciation in the local
residential real estate market has been widely reported, management has seen
no
evidence of deterioration within the Bank’s loan portfolio. Credit quality
remains strong through September 30, 2006, and as such, no provision to the
allowance for loan losses was required during the third quarter 2006.
Opportunities
The
Bank
continues to be on target for opening its new Southampton Village facility
at
150 Hampton Road, as well as its Cutchogue branch during the fourth quarter
2006. While expanding its presence on the East End with these two new
facilities, Bridgehampton National Bank will widen its reach bringing its
special brand of service-oriented, community banking to the Wading River market.
BNB is in the process of obtaining regulatory approval for its Wading River
branch, and anticipates opening this branch during 2007.
Thomas
Tobin concluded, “The Bank remains focused on its core competencies and business
niches. Having earned the reputation as the local bank for local businesses,
we
seek to both deepen banking relationships with existing customers and welcome
a
broader customer base to the Bank. We are striving to attract and retain the
highest quality employees that are of the mind to deliver the exceptional
service that is essential to our promise and brand. As we further develop our
strategic plan we are focused on the prospects that position Bridge Bancorp,
Inc. for growth and continued return of long term value to
shareholders.”
About
Bridge Bancorp, Inc.
Bridge
Bancorp, Inc. is a one bank holding company engaged in commercial banking and
financial services through its wholly owned subsidiary, The Bridgehampton
National Bank. With assets of approximately $604 million, the Bank operates
in
markets throughout eastern Long Island. The Bank, established in 1910, provides
services to local businesses, consumers and municipalities. Continuing a rich
tradition of involvement in the community, the Bank supports programs and
initiatives that promote local business, the environment, education, healthcare,
social services and the arts.
The
Bridgehampton National Bank provides deposit and loan products and financial
services through its full service branch network and electronic delivery
channels. Bridge Abstract LLC brokers title insurance services. The Company’s
primary market area includes the South and North Forks of eastern Long Island,
extending westward to Brookhaven Town. BNB currently operates retail branches
in
Bridgehampton, East Hampton, Greenport Village, Hampton Bays, Mattituck,
Montauk, Peconic Landing in Greenport, Sag Harbor, Southampton, Southampton
Village, Southold, and Westhampton Beach. A fourth quarter opening of BNB’s
Cutchogue, NY branch as well as a new facility in Southampton Village is
scheduled. The Bank awaits regulatory approval for a branch office in Wading
River, NY.
Attached
to this release are selected financial highlights for the third quarter and
first nine months of 2006.
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, which involve risk and uncertainties, 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,”
“estimates,” “assumes,” “likely,” and variations 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 Company’s consumer, commercial and other lending
businesses; current and future capital management programs; non-interest income
levels, including fees from the 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; 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; demand
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 and other factors discussed elsewhere
in this report, and in other reports filed by the Company 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.
-more-
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BRIDGE
BANCORP, INC. AND SUBSIDIARY
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|||||||||||||
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Condensed
Consolidated Statements of Condition (unaudited)
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|||||||||||||
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(In
thousands)
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|||||||||||||
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September
30,
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December
31,
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September
30,
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|||||||||||
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2006
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2005
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2005
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|||||||||||
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ASSETS
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|||||||||||||
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Cash
and cash equivalents
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$
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60,908
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$
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15,675
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$
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22,771
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|||||||
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Investment
in debt and equity securities, net:
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|||||||||||||
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Securities
available for sale, at fair value
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201,647
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182,801
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189,570
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||||||||||
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Securities,
restricted
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716
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1,377
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2,169
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||||||||||
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Securities
held to maturity
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4,856
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10,012
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10,011
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||||||||||
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Loans
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314,688
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302,264
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304,157
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||||||||||
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Less:
Allowance for loan losses
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(2,413
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)
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(2,383
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)
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(2,393
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)
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Loans,
net
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312,275
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299,881
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301,764
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||||||||||
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Banking
premises and equipment, net
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17,078
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15,640
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14,748
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||||||||||
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Accrued
interest receivable and other assets
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6,825
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8,058
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6,083
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||||||||||
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Total
Assets
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$
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604,305
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$
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533,444
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$
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547,116
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|||||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||||||||
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Demand
deposits
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$
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180,933
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$
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190,426
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$
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192,927
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|||||||
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Savings,
N.O.W. and money market deposits
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314,147
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233,728
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257,625
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||||||||||
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Certificates
of deposit of $100,000 or more and other time deposits
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59,727
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43,871
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45,815
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||||||||||
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Overnight
borrowings
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-
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14,500
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-
|
||||||||||
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Other
liabilities and accrued expenses
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4,332
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4,268
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3,658
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||||||||||
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Total
Stockholders' Equity
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45,166
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46,651
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47,091
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||||||||||
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Total
Liabilities and Stockholders' Equity
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$
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604,305
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$
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533,444
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$
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547,116
|
|||||||
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BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||||||||
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Condensed
Consolidated Statements of Income (unaudited)
|
|||||||||||||
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(In
thousands, except per share amounts)
|
|||||||||||||
|
Three months
ended September 30,
|
|
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Three months
ended September
30,
|
|
|
Nine
months ended September 30,
|
|
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Nine
months ended September 30,
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||||
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2006
|
2005
|
2006
|
2005
|
||||||||||
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Interest
income
|
$
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8,281
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$
|
7,373
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$
|
23,510
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$
|
21,289
|
|||||
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Interest
expense
|
2,267
|
1,118
|
5,725
|
3,067
|
|||||||||
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Net
interest income
|
6,014
|
6,255
|
17,785
|
18,222
|
|||||||||
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Provision
for loan losses
|
-
|
150
|
-
|
300
|
|||||||||
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Net
interest income after provision for loan losses
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6,014
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6,105
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17,785
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17,922
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|||||||||
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Other
income
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1,232
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1,391
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3,488
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3,636
|
|||||||||
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Net
security (losses) gains
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(32
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)
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-
|
(289
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)
|
115
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|||||||
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Other
expenses
|
4,137
|
3,771
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11,979
|
10,984
|
|||||||||
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Income
before income taxes
|
3,077
|
3,725
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9,005
|
10,689
|
|||||||||
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Provision
for income taxes
|
925
|
1,251
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2,876
|
3,640
|
|||||||||
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Net
income
|
$
|
2,152
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$
|
2,474
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$
|
6,129
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$
|
7,049
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|||||
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Basic
earnings per share
|
$
|
0.35
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$
|
0.40
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$
|
0.99
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$
|
1.13
|
|||||
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Diluted
earnings per share
|
$
|
0.35
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$
|
0.39
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$
|
0.99
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$
|
1.12
|
|||||
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Weighted
average common shares
|
6,116
|
6,237
|
6,165
|
6,250
|
|||||||||
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Weighted
average common and common equivalent shares
|
6,147
|
6,272
|
6,196
|
6,293
|
|||||||||