T
|
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 -
|
|
Item
1.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
PART
II -
|
|
Item
1.
|
|
Item
1A.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
Item
5.
|
|
Item
6.
|
|
Exhibit
31.1
|
Certification
of Principal Executive Officer pursuant to Rule
13a-14(a)
|
Exhibit
31.2
|
Certification
of Principal Financial Officer pursuant to Rule
13a-14(a)
|
Exhibit
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. AND SUBSIDIARY
|
||||||||
Consolidated
Balance Sheets (Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
March 31,
|
December 31,
|
|||||||
2008
|
2007
|
|||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ |
16,643
|
$ |
14,213
|
||||
Interest
earning deposits with banks
|
168
|
135
|
||||||
Total
cash and cash equivalents
|
16,811
|
14,348
|
||||||
|
||||||||
Securities
available for sale, at fair value
|
220,552
|
187,384
|
||||||
Securities
held to maturity (fair value of $5,475 and $5,844,
respectively)
|
5,460
|
5,836
|
||||||
Total
securities, net
|
226,012
|
193,220
|
||||||
|
|
|||||||
Loans
|
387,971
|
375,236
|
||||||
Allowance
for loan losses
|
(3,122
|
) |
(2,954
|
) | ||||
Loans,
net
|
384,849
|
372,282
|
||||||
Premises
and equipment, net
|
18,394
|
18,469
|
||||||
Accrued
interest receivable
|
3,388
|
2,707
|
||||||
Other
assets
|
5,159
|
6,398
|
||||||
Total
Assets
|
$ |
654,613
|
$ |
607,424
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Demand
deposits
|
$ |
205,231
|
$ |
176,130
|
||||
Savings,
NOW and money market deposits
|
278,691
|
253,012
|
||||||
Certificates
of deposit of $100,000 or more
|
58,592
|
44,769
|
||||||
Other
time deposits
|
31,305
|
34,998
|
||||||
Total
deposits
|
573,819
|
508,909
|
||||||
|
||||||||
Federal
funds purchased and repurchase agreements
|
16,600
|
32,000
|
||||||
Federal
Home Loan Bank advances
|
-
|
10,000
|
||||||
Accrued
interest payable
|
650
|
641
|
||||||
Other
liabilities and accrued expenses
|
9,590
|
4,765
|
||||||
Total
Liabilities
|
600,659
|
556,315
|
||||||
Stockholders'
equity:
|
||||||||
Common
stock, par value $.01 per share:
|
||||||||
Authorized:
20,000,000 shares; 6,386,306 issued; 6,147,072 and 6,110,802
shares outstanding, respectively
|
64
|
64
|
||||||
Surplus
|
21,039
|
21,671
|
||||||
Retained
earnings
|
37,552
|
37,031
|
||||||
Less: Treasury
Stock at cost, 239,234 and 276,274 shares, respectively
|
(7,179
|
) |
(7,889
|
) | ||||
51,476
|
50,877
|
|||||||
Accumulated
other comprehensive income:
|
|
|
||||||
Net
unrealized gain on securities, net of deferred taxes of $1,612 and
$140, respectively
|
2,450
|
213
|
||||||
Change
in pension assets, net of deferred taxes of ($9) and ($7),
respectively
|
28
|
19
|
||||||
Total
Stockholders' Equity
|
53,954
|
51,109
|
||||||
Total
Liabilities and Stockholders' Equity
|
$ |
654,613
|
$ |
607,424
|
Three months ended March
31,
|
2008
|
2007
|
||||||
Interest
income:
|
||||||||
Loans
(including fee income)
|
$ |
6,857
|
$ |
6,204
|
||||
Mortgage-backed
securities
|
1,600
|
1,394
|
||||||
State
and municipal obligations
|
452
|
533
|
||||||
U.S.
Treasury and government agency securities
|
228
|
364
|
||||||
Federal
funds sold
|
30
|
47
|
||||||
Deposits
with banks
|
3
|
2
|
||||||
Total
interest income
|
9,170
|
8,544
|
||||||
|
|
|||||||
Interest
expense:
|
|
|
||||||
Savings,
NOW and money market deposits
|
1,577
|
2,100
|
||||||
Certificates
of deposit of $100,000 or more
|
531
|
335
|
||||||
Other
time deposits
|
324
|
271
|
||||||
Federal
funds purchased and repurchase agreements
|
110
|
63
|
||||||
Federal
Home Loan Bank Advances
|
4
|
-
|
||||||
Total
interest expense
|
2,546
|
2,769
|
||||||
|
|
|||||||
Net
interest income
|
6,624
|
5,775
|
||||||
Provision
for loan losses
|
200
|
45
|
||||||
Net
interest income after provision for loan losses
|
6,424
|
5,730
|
||||||
|
|
|||||||
Non
interest income:
|
|
|
||||||
Service
charges on deposit accounts
|
699
|
561
|
||||||
Fees
for other customer services
|
338
|
352
|
||||||
Title
fee income
|
378
|
393
|
||||||
Net
securities losses
|
-
|
(101
|
) | |||||
Other
operating income
|
55
|
41
|
||||||
Total
non interest income
|
1,470
|
1,246
|
||||||
|
|
|||||||
Non
interest expense:
|
|
|
||||||
Salaries
and employee benefits
|
3,058
|
2,681
|
||||||
Net
occupancy expense
|
467
|
443
|
||||||
Furniture
and fixture expense
|
205
|
216
|
||||||
Other
operating expenses
|
1,259
|
1,140
|
||||||
Total
non interest expense
|
4,989
|
4,480
|
||||||
|
||||||||
|
|
|||||||
Income
before income taxes
|
2,905
|
2,496
|
||||||
Income
tax expense
|
935
|
747
|
|
|||||
Net
income
|
$ |
1,970
|
$ |
1,749
|
|
|||
Basic
earnings per share
|
$ |
0.32
|
$ |
0.29
|
|
|||
Diluted
earnings per share
|
$ |
0.32
|
$ |
0.29
|
|
|||
Comprehensive
Income
|
$ |
4,216
|
$ |
1,984
|
Accumulated
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
Common
|
Comprehensive
|
Retained
|
Treasury
|
Comprehensive
|
||||||||||||||||||||||||
Stock
|
|
Surplus
|
Income
|
Earnings
|
Stock
|
Income (Loss)
|
Total
|
|||||||||||||||||||||
Balance
at December 31, 2007
|
64
|
|
21,671
|
37,031
|
(7,889
|
) |
232
|
51,109
|
||||||||||||||||||||
Net
income
|
|
1,970
|
1,970
|
1,970
|
||||||||||||||||||||||||
Stock
awards vested
|
|
-
|
||||||||||||||||||||||||||
Stock
awards granted
|
(798
|
) |
798
|
-
|
||||||||||||||||||||||||
Stock
awards forfeited
|
88
|
(88
|
) |
-
|
||||||||||||||||||||||||
Shared
based compensation expense
|
78
|
|
78
|
|||||||||||||||||||||||||
Cash
dividends declared, $0.23 per share
|
(1,414
|
) |
(1,414
|
) | ||||||||||||||||||||||||
Other
comprehensive income, net of deferred tax
|
-
|
|||||||||||||||||||||||||||
Change
in unrealized gains in securities available for sale, net of
reclassification and deferred tax effects
|
2,237
|
2,237
|
2,237
|
|||||||||||||||||||||||||
Adjustment
to pension liability, net of deferred taxes
|
9
|
(35
|
) |
9
|
(26
|
) | ||||||||||||||||||||||
Comprehensive
Income
|
4,216
|
-
|
|
|||||||||||||||||||||||||
Balance
at March 31, 2008
|
64
|
21,039
|
37,552
|
(7,179
|
) |
2,478
|
53,954
|
|
Three months ended March
31,
|
2008
|
2007
|
||||||
Operating
activities:
|
||||||||
Net
Income
|
$ | 1,970 | $ | 1,749 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Provision
for loan losses
|
200 | 45 | ||||||
Depreciation
and amortization
|
312 | 304 | ||||||
(Accretion)
and amortization, net
|
(1 | ) | (30 | ) | ||||
Share
based compensation expense
|
78 | 66 | ||||||
Tax
benefit from exercise of stock options issued pursuant to equity incentive
plans
|
- | 25 | ||||||
SERP
Expense
|
41 | 35 | ||||||
Net
securities losses
|
- | 101 | ||||||
Increase
in accrued interest receivable
|
(681 | ) | (253 | ) | ||||
Deferred
income tax expense benefit
|
(313 | ) | 76 | |||||
Decrease
(increase) in other assets
|
(2,641 | ) | (312 | ) | ||||
Increase
(decrease) in accrued and other liabilities
|
3,309 | (1,316 | ) | |||||
Net
cash provided by operating activities
|
2,274 | 490 | ||||||
Investing
Activities:
|
||||||||
Purchases
of securities available for sale
|
(44,127 | ) | (3,250 | ) | ||||
Purchases
of securities held to maturity
|
(733 | ) | (749 | ) | ||||
Sales
of securities available for sale
|
- | 8,484 | ||||||
Maturities
of securities available for sale
|
13,000 | 4,000 | ||||||
Maturities
of securities held to maturity
|
1,109 | 201 | ||||||
Principal
payments on mortgage-backed securities
|
5,841 | 4,719 | ||||||
Net
increase in loans
|
(12,767 | ) | (10,252 | ) | ||||
Purchase
of premises and equipment
|
(237 | ) | (675 | ) | ||||
Net
cash (used in) provided by investing activities
|
(37,914 | ) | 2,478 | |||||
Financing
Activities:
|
||||||||
Net
increase in deposits
|
64,909 | 35,452 | ||||||
Net
decrease in other borrowings
|
(25,400 | ) | (18,600 | ) | ||||
Repayment
of Federal Home Loan Bank advances
|
(10,000 | ) | - | |||||
Net
proceeds from exercise of stock options issued pursuant to equity
incentive plan
|
- | 109 | ||||||
Cash
dividends paid
|
(1,406 | ) | (1,405 | ) | ||||
Net
cash provided by financing activities
|
38,103 | 15,556 | ||||||
Increase
in cash and cash equivalents
|
2,463 | 18,524 | ||||||
Cash
and cash equivalents beginning of period
|
14,348 | 13,263 | ||||||
Cash
and cash equivalents end of period
|
$ | 16,811 | $ | 31,787 | ||||
Supplemental
Information-Cash Flows:
|
||||||||
Cash
paid for:
|
||||||||
Interest
|
$ | 2,576 | $ | 3,006 | ||||
Income
tax
|
$ | 1,090 | $ | 1,235 | ||||
Noncash
investing and financing activities:
|
||||||||
Securities
which settled in the subsequent period
|
$ | 4,172 | $ | - | ||||
Dividends
declared and unpaid
|
$ | 1,414 | $ | 1,398 |
Three months ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2008
|
2007
|
|||||||
Net
Income
|
$ |
1,970
|
$ |
1,749
|
||||
|
||||||||
Common
equivalent shares:
|
||||||||
Weighted
average common shares outstanding
|
6,076
|
6069
|
||||||
Weighted
average common equivalent shares
|
18
|
12
|
||||||
Weighted
average common and common equivalent shares
|
6,094
|
6,081
|
||||||
Basic
earnings per share
|
$ |
0.32
|
$ |
0.29
|
||||
Diluted
earnings per share
|
$ |
0.32
|
$ |
0.29
|
Weighted
|
|||||||||||||
Weighted
|
Average
|
|
|||||||||||
Number
|
Average
|
|
Remaining
|
|
Aggregate
|
||||||||
of
|
Exercise
|
Contractual
|
|
Intrinsic
|
|||||||||
Options
|
Price
|
Life
|
Value
|
||||||||||
Outstanding,
December 31, 2007
|
100,415
|
$ |
21.72
|
||||||||||
Granted
|
-
|
-
|
|||||||||||
Exercised
|
-
|
-
|
|||||||||||
Forfeited
|
(2,989
|
) | $ |
25.26
|
|||||||||
Outstanding,
March 31, 2008
|
97,426
|
$ |
21.61
|
6.18
years
|
$ |
193,980
|
|||||||
Vested
or expected to vest
|
93,487
|
$ |
21.46
|
6.07
years
|
|
$ |
193,980
|
||||||
Exercisable,
March 31, 2008
|
67,340
|
$ |
19.96
|
5.21
years
|
$ |
193,980
|
Number
of
|
||||||||
Range
of Exercise Prices
|
Shares
|
Price
|
||||||
8,400
|
$ |
12.53
|
||||||
13,683
|
$ |
14.67
|
||||||
11,100
|
$ |
15.47
|
||||||
58,652
|
$ |
24.00-25.25
|
||||||
5,591
|
$ |
26.55-30.60
|
Weighted
|
||||||||
Average
Grant-Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Unvested,
December 31, 2007
|
36,673
|
$ |
24.82
|
|||||
Granted
|
42,470
|
$ |
22.00
|
|||||
Vested
|
(1,770
|
) | $ |
27.96
|
||||
Forfeited
|
(7,200
|
) | $ |
24.19
|
||||
Unvested,
March 31, 2008
|
70,173
|
$ |
23.16
|
March 31, 2008
|
December 31, 2007
|
|||||||||||||||
(In
thousands)
|
Estimated
|
Estimated
|
||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
|
Value
|
||||||||||||
Available
for sale:
|
||||||||||||||||
U.S.
Treasury and government agency securities
|
$ |
20,928
|
$ |
21,259
|
$ |
19,035
|
$ |
19,136
|
||||||||
State
and municipal obligations
|
47,902
|
48,942
|
47,547
|
47,803
|
||||||||||||
Mortgage-backed
securities
|
147,660
|
150,351
|
120,450
|
120,445
|
||||||||||||
Total
available for sale
|
216,490
|
220,552
|
187,032
|
187,384
|
||||||||||||
Held
to maturity:
|
||||||||||||||||
State
and municipal obligations
|
5,460
|
5,475
|
5,836
|
5,844
|
||||||||||||
Total
held to maturity
|
5,460
|
5,475
|
5,836
|
5,844
|
||||||||||||
Total
debt and equity securities
|
$ |
221,950
|
$ |
226,027
|
$ |
192,868
|
$ |
193,228
|
Fair Value Measurements Using
|
||||||||||
March 31, 2008
|
Quoted
Prices In Active Markets for Identical Assets
(Level 1)
|
Significant
Other Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||
Assets:
|
||||||||||
Available
for sale securities
|
$ |
220,552
|
$ |
220,552
|
March 31,
|
December 31,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
Commercial
real estate mortgage loans
|
$ |
177,745
|
$ |
175,876
|
||||
Residential
real estate mortgage loans
|
124,856
|
125,317
|
||||||
Commercial,
financial, and agricultural
|
56,652
|
50,531
|
||||||
Installment/consumer
loans
|
12,345
|
8,553
|
||||||
Real
estate-construction loans
|
16,174
|
14,867
|
||||||
Total
loans
|
387,772
|
375,144
|
||||||
Net
deferred loan costs and fees
|
199
|
92
|
||||||
387,971
|
375,236
|
|||||||
Allowance
for loan losses
|
(3,122
|
) |
(2,954
|
) | ||||
Net
loans
|
$ |
384,849
|
$ |
372,282
|
For the Three Months Ended
|
For the Year Ended
|
|||||||||||
March 31, 2008
|
March 31, 2007
|
December 31, 2007
|
||||||||||
Beginning
balance
|
$
|
2,954
|
$ |
2,512
|
$ |
2,512
|
||||||
Provisions
for loan loss
|
200
|
45
|
600
|
|||||||||
Net
recoveries (charge-offs)
|
(32
|
) |
14
|
(158
|
) | |||||||
Ending
balance
|
$ |
3,122
|
$ |
,2571
|
$ |
2,954
|
(In
thousands)
|
At March 31,
|
|||||||||||||||
Pension Benefits
|
SERP Benefits
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Service
cost
|
$ |
110
|
$ |
111
|
$ |
17
|
$ |
15
|
||||||||
Interest
cost
|
69
|
69
|
12
|
13
|
||||||||||||
Expected
return on plan assets
|
(123
|
) |
(96
|
) |
-
|
-
|
||||||||||
Amortization
of net loss
|
-
|
3
|
-
|
-
|
||||||||||||
Amortization
of unrecognized prior service cost
|
2
|
2
|
-
|
-
|
||||||||||||
Amortization
of unrecognized transition (asset) obligation
|
-
|
-
|
7
|
7
|
||||||||||||
Net
periodic benefit cost
|
$ |
58
|
$ |
89
|
$ |
36
|
$ |
35
|
·
|
Net
income of $2.0 million or $.32 per diluted share for the first quarter of
2008 as compared to net income of $1.7 million or $.29 per diluted share
for the first quarter of 2007.
|
·
|
Returns
on average equity and assets of 15.0% and 1.25%, respectively for the
first quarter of 2008.
|
·
|
Net
interest income increased to $6.6 million for the first quarter of 2008 as
compared to $5.8 million in 2007.
|
·
|
A
net interest margin of 4.67% for the first quarter of 2008 as compared to
4.46% for 2007.
|
·
|
Total
loans at March 31, 2008 of $384.8 million, a $51.2 million or 15.3%
increase over March 2007.
|
·
|
Total
assets of $654.6 million at March 31, 2008, an increase of $64.5 million
or 10.9% compared to $590.1 million at March 31,
2007.
|
·
|
Deposits
of $573.8 million at March 31, 2008, an increase of $ 34.0 million or 6.3%
over the March 2007 levels.
|
·
|
Demand
deposits of $205.2 million at March 31, 2008, a 15.2% increase over
March 31, 2007, representing 35.8% of total
deposits.
|
·
|
Continued
strong credit quality with increasing reserve
levels.
|
·
|
The
declaration of a cash dividend of $.23 per share for the first quarter of
2008.
|
·
|
The
April 15, 2008 filing of an application to list the Company’s common stock
on the NASDAQ stock market.
|
Three months ended March
31,
|
2008
|
2007
|
||||||||||||||||||||||
(In
thousands)
|
Average
|
Average
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Interest
earning assets:
|
|
|||||||||||||||||||||||
Loans,
net (including loan fee income)
|
$ |
378,386
|
$ |
6,857
|
7.29
|
% | $ |
328,234
|
$ |
6,204
|
7.67
|
% | ||||||||||||
Mortgage-backed
securities
|
131,484
|
1,600
|
4.81
|
120,904
|
1,394
|
4.61
|
||||||||||||||||||
Tax
exempt securities (1)
|
53,331
|
672
|
4.98
|
58,825
|
760
|
5.17
|
||||||||||||||||||
Taxable
securities
|
22,289
|
228
|
4.05
|
33,975
|
364
|
4.29
|
||||||||||||||||||
Federal
funds sold
|
4,048
|
30
|
2.93
|
3,603
|
47
|
5.22
|
||||||||||||||||||
Deposits
with banks
|
178
|
3
|
6.78
|
39
|
2
|
20.80
|
||||||||||||||||||
Total
interest earning assets
|
589,716
|
9,390
|
6.38
|
545,580
|
8,771
|
6.50
|
||||||||||||||||||
Non
interest earning assets:
|
|
|
|
|
||||||||||||||||||||
Cash
and due from banks
|
16,615
|
15,039
|
||||||||||||||||||||||
Other
assets
|
28,187
|
22,245
|
||||||||||||||||||||||
Total
assets
|
$ |
634,518
|
$ |
582,864
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Interest
bearing liabilities:
|
|
|
|
|
|
|||||||||||||||||||
Savings,
NOW and money market deposits
|
$ |
293,915
|
$ |
1,577
|
2.16
|
% | $ |
294,640
|
$ |
2,100
|
2.89
|
% | ||||||||||||
Certificates
of deposit of $100,000 or more
|
55,553
|
531
|
3.84
|
31,366
|
335
|
4.33
|
||||||||||||||||||
Other
time deposits
|
35,232
|
324
|
3.70
|
29,068
|
|
271
|
3.78
|
|||||||||||||||||
Federal
funds purchased and repurchase agreements
|
14,697
|
110
|
3.01
|
4,596
|
63
|
5.56
|
||||||||||||||||||
Federal
Home Loan Bank advances
|
330
|
4
|
4.88
|
-
|
|
-
|
-
|
|||||||||||||||||
Total
interest bearing liabilities
|
399,727
|
2,546
|
2.56
|
359,670
|
|
2,769
|
3.12
|
|||||||||||||||||
Non
interest bearing liabilities:
|
|
|
|
|
||||||||||||||||||||
Demand
deposits
|
176,274
|
173,174
|
|
|||||||||||||||||||||
Other
liabilities
|
5,751
|
3,818
|
|
|||||||||||||||||||||
Total
liabilities
|
581,752
|
536,662
|
|
|||||||||||||||||||||
Stockholders'
equity
|
52,766
|
46,202
|
|
|||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ |
634,518
|
$ |
582,864
|
|
|||||||||||||||||||
|
|
|
||||||||||||||||||||||
Net
interest income/interest rate spread (2)
|
|
6,844
|
3.82
|
% |
|
6,002
|
3.38
|
% | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net
interest earning assets/net interest margin (3)
|
$ |
189,989
|
4.67
|
% | $ |
185,910
|
|
4.46
|
%
|
|||||||||||||||
|
|
|||||||||||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities
|
147.53
|
% |
151.69
|
% | ||||||||||||||||||||
Less:
Tax equivalent adjustment
|
(220
|
) |
(227
|
) | ||||||||||||||||||||
Net
interest income
|
$ |
6,624
|
$ |
5,775
|
(1)
|
The
above table is presented on a tax equivalent
basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield on
average interest earning assets and the cost of average interest bearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average interest
earning assets.
|
Three
months ended March 31,
|
||||||||||||
2008
Over 2007
|
||||||||||||
(In
thousands)
|
Changes Due To
|
|||||||||||
Volume
|
Rate
|
Net
Change
|
||||||||||
Interest
income on interest earning assets:
|
||||||||||||
Loans
(including loan fee income)
|
$ |
2,382
|
$ |
(1,729
|
) | $ |
653
|
|||||
Mortgage-backed
securities
|
137
|
69
|
|
206
|
||||||||
Tax
exempt securities (1)
|
(64
|
) |
(24
|
)
|
(88
|
) | ||||||
Taxable
securities
|
(117
|
) |
(19
|
) |
(136
|
) | ||||||
Federal
funds sold
|
32
|
(49
|
) |
(17
|
) | |||||||
Deposits
with banks
|
6
|
(5
|
) |
1
|
||||||||
Total
interest earning assets
|
2,376
|
(1,757
|
) |
619
|
||||||||
|
|
|
||||||||||
Interest
expense on interest bearing liabilities:
|
||||||||||||
Savings,
NOW and money market deposits
|
(5
|
) |
(518
|
) |
(523
|
) | ||||||
Certificates
of deposit of $100,000 or more
|
438
|
(242
|
) |
196
|
||||||||
Other
time deposits
|
91
|
(38
|
) |
53
|
||||||||
Federal
funds purchased and repurchase agreements
|
233
|
(186
|
) |
47
|
||||||||
Federal
Home Loan Bank Advances
|
4
|
-
|
4
|
|||||||||
Total
interest bearing liabilities
|
761
|
(984
|
) |
(223
|
) | |||||||
Net
interest income
|
$ |
1,615
|
$ |
(773
|
) | $ |
842
|
(Dollars
in thousands)
|
Actual
|
For
Capital Adequacy Purposes
|
To
Be Well Capitalized Under Prompt Corrective Action
Provision
|
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of March 31, 2008
|
||||||||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$ |
50,081
|
10.8
|
% | $ |
37,158
|
8.0
|
% | $ |
46,448
|
10.0
|
% | ||||||||||||
Tier
1 Capital (to risk weighted assets)
|
46,896
|
10.1
|
% |
18,579
|
4.0
|
% |
27,869
|
6.0
|
% | |||||||||||||||
Tier
1 Capital (to average assets)
|
46,896
|
7.4
|
% |
25,300
|
4.0
|
% |
31,625
|
5.0
|
% | |||||||||||||||
As of December 31, 2007
|
||||||||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$ |
47,860
|
10.8
|
% | $ |
35,524
|
8.0
|
% | $ |
44,405
|
10.0
|
% | ||||||||||||
Tier
1 Capital (to risk weighted assets)
|
44,906
|
10.1
|
% |
17,762
|
4.0
|
% |
26,643
|
6.0
|
% | |||||||||||||||
Tier
1 Capital (to average assets)
|
44,906
|
7.4
|
% |
24,338
|
4.0
|
% |
30,423
|
5.0
|
% |
Change
in Interest Rates in Basis
Points
|
March 31, 2008
Potential Change
in
Net Interest
Income
|
|
December 31, 2007
Potential Change in
Net Interest Income
|
|||
(Dollars
in thousands)
|
||||||
$ Change
|
% Change |
$ Change
|
% Change | |||
200 | $ | (1,733) | (6.01)% | $(1,833) | (7.05)% | |
Static
|
- | - | - | - | ||
(200 | ) | $ | 843 | 2.86% | 1,120 | 4.31% |
|
(a)
|
Not
applicable.
|
|
(b)
|
Not
applicable.
|
|
(c)
|
Not
applicable.
|
|
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
|
|
May
8, 2008
|
/s/
Kevin M. O’Connor
|
Kevin M. O’Connor
|
|
President
and Chief Executive Officer
|
|
May
8, 2008
|
/s/ Howard H.
Nolan
|
Howard
H. Nolan
|
|
Senior
Executive Vice President and Chief Financial
Officer
|