Profile: Bridge Bancorp Inc (BDGE.OQ)
23 May 2017
Bridge Bancorp, Inc., incorporated on September 13, 1988, is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank's operations include its real estate investment trust subsidiary, Bridgehampton Community, Inc. (BCI), a financial title insurance subsidiary, Bridge Abstract LLC (Bridge Abstract), and an investment services subsidiary, Bridge Financial Services LLC (Bridge Financial Services).
As of December 31, 2016, the Bank operated 40 branches in its primary market areas of Suffolk and Nassau Counties on Long Island and the New York City boroughs, including 38 in Suffolk and Nassau Counties, one in Bayside, Queens and one in Manhattan. The Bank engages in full service commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities in its market area. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; residential mortgage loans; secured and unsecured commercial and consumer loans; home equity loans; construction 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, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States Government sponsored entity securities. The Bank also offers the Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) programs. 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, and individual retirement accounts, as well as investment services through Bridge Financial Services, which offers 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 loan portfolio consists primarily of real estate loans secured by commercial, multi-family and residential real estate properties located in Nassau and Suffolk Counties on Long Island, and in the New York City boroughs. As of December 31, 2016, the Bank's net loans amounted to $2.5 billion.
The Bank's investment securities are classified as securities available for sale and securities held to maturity. As of December 31, 2016, the Bank's total securities available for sale amounted to $819 million and total securities held to maturity amounted to $222 million.
Source of Funds
The Company's sources of funds are dependent on dividends from the Bank, its own earnings, additional capital raised and borrowings. As of December 31, 2016, the Bank's total deposits amounted to $2.9 billion.
Bridge Bancorp Inc
2200 Montauk Hwy
BRIDGEHAMPTON NY 11932-4001