Bridge Bancorp Inc. the parent company of BNB Bank yesterday announced $10.7 million in net income, or $0.53 per diluted share, for the second quarter results for 2019, up from $6.7 million, or $0.34 per diluted share for the second quarter of 2018.
The company declared a dividend of $0.23 during the quarter.
The company also reported net interest income for the second quarter was $35.5 million, up $1.2 million over the 2019 first quarter.
It also reported:
total assets of $4.7 billion at June 30, 2019, 7 percent higher than June 30, 2018.
loan growth of $249 million, or 8 percent, compared to June 30, 2018, and $154 million, or 9 percent annualized, from December 31, 2018.
non-public, non-brokered deposit growth of $431 million, or 16 percent, compared to June 30, 2018, and $190 million, or 13%
annualized, from December 31, 2018.
non-performing assets of $5.5 million at June 30, 2019, $3.7 million higher than June 30, 2018 and $2.5 million higher than
December 31, 2018. Loan loss reserve coverage to total loans of 0.91 percent at June 30, 2019.
All capital ratios remain strong, the company said in a press release.
“Our continued growth as measured by an expanded customer base, and higher loan and deposit balance reflects the strength in our markets and our ability to attract clients to BNB Bank,”
Bridge Bancorp president and CEO Kevin O’Connor said.
“The quarterly results show record revenue, a stabilizing margin, and continued prudent liquidity management, notwithstanding an increased loan loss provision related to one specific credit,” O’Connor said.
“Our SBA business bolstered our non-interest income. Expenses grew as we capitalized on branch closures by our competitors with targeted advertising campaigns and hired more bankers. BNB Bank remains a strong, core funded community bank making loans funded by deposits supporting our customers and our marketplace,” he said.
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