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Bridge Bancorp, Inc. (BDGE) has reported 14.57 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $9.16 million, or $0.50 a share in the quarter, compared with $8 million, or $0.46 a share for the same period last year.
Revenue during the quarter grew 7.25 percent to $32.51 million from $30.32 million in the previous year period. Net interest income for the quarter rose 8.10 percent over the prior year period to $30.16 million. Non-interest income for the quarter rose 9.88 percent over the last year period to $3.75 million.
Bridge Bancorp, Inc. has made provision of $1.40 million for loan losses during the quarter, up 40 percent from $1 million in the same period last year.
Net interest margin improved 2 basis points to 3.41 percent in the quarter from 3.39 percent in the last year period. Efficiency ratio for the quarter improved to 54.09 percent from 57.45 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
'2016 reflected another strong year for our company as we built on the organization we've worked to create both organically and through acquisition. In addition to adding customers and growing loans and deposits we launched our ‘Believe iN Beyond’ initiative. This created a company stronger and better prepared for further expansion. We also implemented financial and organizational changes to improve financial strength, risk management processes and operating structure providing a platform more appropriate for a bank approaching $5 billion in assets. All of this was accomplished while achieving record earnings and delivering strong results,' noted Kevin M. O'Connor, president and chief executive officer.
Assets outpace liabilities growth
Total assets stood at $4,054.57 million as on Dec. 31, 2016, up 7.21 percent compared with $3,781.96 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,646.58 million as on Dec. 31, 2016, up 5.98 percent from $3,440.83 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $2,574.54 million as on Dec. 31, 2016, up 7.72 percent compared with $2,390.03 million on Dec. 31, 2015. Deposits stood at $2,926.01 million as on Dec. 31, 2016, up 2.90 percent compared with $2,843.62 million on Dec. 31, 2015. Investments stood at $1,042.96 million as on Dec. 31, 2016, up 3.41 percent or $34.41 million from year-ago. Shareholders equity stood at $407.99 million as on Dec. 31, 2016, up 19.60 percent or $66.86 million from year-ago.
Return on average assets moved up 5 basis points to 0.93 percent in the quarter from 0.88 percent in the last year period. At the same time, return on average equity increased 23 basis points to 9.50 percent in the quarter from 9.27 percent in the last year period.
Nonperforming assets moved down 22.44 percent or $0.36 million to $1.24 million on Dec. 31, 2016 from $1.60 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.03 percent in the quarter, down from 0.04 percent in the last year period.
Book value per share was $21.36 for the quarter, up 8.87 percent or $1.74 compared to $19.62 for the same period last year.
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