Bridge Bancorp, Inc. (NASDAQ®: BDGE), the parent company of The Bridgehampton National Bank, announced fourth quarter and year end results for 2010. Highlights for the quarter and the year include:
Net income of $2.4 million or $0.38 per share for the quarter, 9% higher than 2009 and $9.2 million or $1.45 per share for the year, a 3% increase from the $1.41 recorded for 2009.
Returns on average equity and assets for 2010 of 15.31% and 0.94%, respectively.
Net interest income increased $1.6 million for the year, with a net interest margin of 4.22%.
Total assets of $1.0 billion at year end, 15% higher than the end of 2009.
Loan growth of 13% with loans exceeding $500 million at year end.
Deposits increased 16% totaling over $900 million at year end, with 26% in demand deposits.
Continued solid asset quality metrics and an increased allowance for loan losses.
Tier 1 Capital increased by $5.6 million or 7.6% from December 2009.
Opened the Bank's 19th branch, in Deer Park, New York.
Expanded the Dividend Reinvestment Plan and declared a quarterly dividend of $.23 per share.
"The Company reached several significant milestones during 2010: we celebrated our 100th anniversary, eclipsed $1.0 billion in assets and $500 million in loans, and opened 3 new branches. More importantly, we continue to deliver on our community banking mission, serving new and existing customers, building relationships and supporting the local market. At the same time, our financial results and related returns are again near the top of the industry in performance," commented Kevin M. O'Connor, President and Chief Executive Officer of Bridge Bancorp, Inc.
Cancer Services Program
The Cancer Services Program of Eastern Suffolk County offers free clinical breast exams, mammograms and pap/pelvic exams for uninsured women over the age of 40. They also offer stool based colorectal cancer screening to uninsured men and women ages 50 and older. Appointments are available every other Friday from 7:30 to 10 AM at the Peconic Bay Medical Center. To schedule an appointment call 631-548-6320.
Salvation Army Captain Richard Sanchez attended the regular meeting of Westhampton Rotary at Finn McCool's restaurant last week to accept a $1,500 check from the club. That amount was raised on one weekend in December by teams of Santa-hatted Westhampton Rotary volunteers who stood outdoors at the local Waldbaums and King Kullen supermarkets ringing the bells, asking for donations and manning the traditional Salvation Army red kettles. This fundraising activity has been an annual event with Westhampton Rotary for many years.
The Arf Thrift & Treasure "Pop up" Shop in Wainscott is having a sale that will run through February 28. They will have 50% off everything plus you can fill a shopping bag from the bargain back room and pay only $5. The shop is open 7 days a week for more information call 631-537-3682.