Profile: Bridge Bancorp Inc (BDGE.OQ)
30 Jan 2015
Bridge Bancorp, Inc., incorporated in 1988, is a bank holding company for The Bridgehampton National Bank (the Bank). Through its subsidiaries, the company engages in service 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 in commercial real estate loans, home equity loans, construction loans, residential mortgage loans, secured and unsecured commercial and consumer loans, non agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities, New York State and local municipal obligations, and United State Government sponsored entity (U.S. GSE) securities. The Bank operates twenty three branches on eastern Long Island.
The Bank also offers the Certificate of Deposit Account Registry Service (CDARS) program, providing multi-millions of Federal Deposit Insurance Corporation (FDIC) insurance on CD deposits to its customers. 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. 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.
The Bank’s loan portfolio consists of real estate loans secured by commercial and residential real estate properties located in the Bank’s lending area of Suffolk County which is located on the eastern portion of Long Island. As of December 31, 2013, approximately $5.9 million of classified loans were residential real estate loans with $3.1 million.
The Company’s investment portfolio includes the state and municipal obligations, residential mortgage-backed securities, commercial collateralized mortgage obligations, held to maturity, residential collateralized mortgage obligations and corporate bonds. As of December 31, 2013, its securities portfolio totaled $776.5 million.
Source of Funds
The Bank owns its earnings, additional capital raised and borrowings as sources of funds. The Bank also generates non-interest income, such as fee income on deposit accounts and merchant credit and debit card processing programs, investment services, income from its title abstract subsidiary and net gains on sales of securities and loans.
Bridge Bancorp Inc
2200 Montauk Highway,
P.O Box 3005
BRIDGEHAMPTON NY 11932