Bridge Bancorp Inc., the parent company of BNB Bank, announced $10.7 million in net income, or $0.54 per diluted share, for the second quarter results for 2020, on par with from $10.7 million, or $0.53 per diluted share for the second quarter of 2019.
The company declared a dividend of $0.24 during the quarter.
The company also reported net interest income for the second quarter was $40.4 million, up $4.9 million over the 2020 first quarter.
It also reported:
• total assets of $6.2 billion at June 30, 2020, 30% higher than June 30, 2019.
• loan growth of $1.2 billion, or 35%, compared to June 30, 2019, and $940.5 million, or 51% annualized, from December 31, 2019.
• non-public, non-brokered deposit growth of $841.8 million, or 27%, compared to June 30, 2019, and $954.4 million, or 63% annualized, from December 31, 2019.
• non-performing assets of $7.7 million at June 30, 2020, $2.2 million higher than June 30, 2019 and $3.4 million higher than December 31, 2019. Allowance for credit losses coverage to total loans of 0.94% at June 30, 2020.
All capital ratios remain strong, the company said in a press release.
“The second quarter of 2020 was an unprecedented time for our country, our industry, our customers and our employees. I am proud that our employees rallied to support our customers on several fronts,” Bridge Bancorp president and CEO Kevin O’Connor said.
“First, our branches remained open, while adopting measures to protect customers and employees alike. Second, in one capacity or another, the entire bank was involved with processing over 5,000 applications, resulting in almost $1 billion in Paycheck Protection Program loans for our existing customers and the one thousand new customers who came to us because of BNB’s reputation for superior customer service. This program also generated approximately $30 million in fees which will flow into income over the life of the loans,” O’Connor said.
“Another milestone event that occurred is our planned merger-of-equals with Dime Community. We consider this a unique opportunity to capture incremental share in a market where we have low penetration by doing what BNB does best – acquiring and retaining business banking customers. This merger of complementary business models and geographies allows BNB and Dime Community to optimize best-in-class practices, consolidate vendor relationships to reduce expenses and expand our product offerings,” he said.
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