Profile: Bridge Bancorp Inc (BDGE.OQ)

BDGE.OQ on NASDAQ Stock Exchange Global Select Market

12:28pm EST
Price Change (% chg)

$0.44 (+1.71%)
Prev Close
Day's High
Day's Low
Avg. Vol
52-wk High
52-wk Low

Search Stocks

Bridge Bancorp, Inc., incorporated in 1988, is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank operates 20 branches on eastern Long Island. The Bank engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) mortgage-backed securities and collateralized mortgage obligations; New York State and local municipal obligations, and the United States government sponsored entity (U.S. GSE) securities. The Bank also offers the Certificate of Deposit Account Registry Service (CDARS) program. In addition, the Bank offers merchant credit and debit card processing, automated teller machines, cash management services, lockbox processing, online banking services, remote deposit capture, safe deposit boxes, individual retirement accounts and investment services, through Bridge Investment Services, offering a range of investment products and services through a third party broker dealer. Through its title insurance abstract subsidiary, the Bank acts as a broker for title insurance services. The Bank’s customer base consists of small businesses, municipal relationships and consumer relationships. In February 2014, Bridge Bancorp Inc completed the acquisition of FNBNY Bancorp, Inc. and its wholly owned subsidiary, the First National Bank of New York.

Lending Activities

The Bank’s loan portfolio consists primarily of real estate loans secured by commercial and residential real estate properties located in the Bank’s principal lending area in Suffolk County, which is located on eastern Long Island. As of December 31, 2011, approximately $37.2 million of these loans were commercial real estate (CRE) loans, which were well secured with real estate as collateral. Of the $37.2 million of CRE loans, $34.6 million were current and $2.6 million were past due. As of December 31, 2011, approximately $5.3 million of classified loans were residential real estate loans with $1.7 million current and $3.6 million past due. Commercial, financial, and agricultural loans represented $10.2 million of classified loans and $9.6 million was current and $0.6 million was past due. Approximately $4.6 million of classified loans represented real estate construction and land loans and $4.3 million was current and $0.3 million was past due. CRE loans, including multi-family loans, represented $305.3 million or 49.9% of the total loan portfolio at December 31, 2011.

Investment Activities

As of December 31, 2011, the Bank’s total securities totaled $610.6 million. Its investment portfolio includes the state and municipal obligations, residential mortgage-backed securities, commercial collateralized mortgage obligations, residential collateralized mortgage obligations and corporate bonds.

Sources of Funds

The various types of deposits offered by the Bank include demand deposits; savings, negotiable order of withdrawal (NOW) and money market deposits; certificates of deposit of $100,000 or more, and other time deposits. As of December 31, 2011, the Bank’s deposits totaled $1.2 billion.

Company Address

Bridge Bancorp Inc

2200 Montauk Highway,
P.O Box 3005
P: +1631.5371000

Company Web Links

Search Stocks