x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES
EXCHANGE ACT OF 1934
|
NEW
YORK
|
11-2934195
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification Number)
|
2200
MONTAUK HIGHWAY, BRIDGEHAMPTON, NEW YORK
|
11932
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PART
I -
|
FINANCIAL
INFORMATION
|
Item
1.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
PART
II -
|
|
Item
1.
|
|
Item
1A.
|
|
Item
2.
|
|
Item
3.
|
|
Item
4.
|
|
Item
5.
|
|
Item
6.
|
|
Signatures
|
|
Exhibit
31.1
|
|
Exhibit
31.2
|
|
Exhibit
32.1
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||
Consolidated
Statements of Condition
(unaudited)
|
|||||||
(In
thousands, except share and per share amounts)
|
March
31,
|
December
31,
|
|||||
2007
|
2006
|
||||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
20,753
|
$
|
13,231
|
|||
Interest
earning deposits with banks
|
34
|
32
|
|||||
Federal
funds sold
|
11,000
|
-
|
|||||
Total cash and cash equivalents
|
31,787
|
13,263
|
|||||
Securities
available for sale, at fair value
|
188,968
|
202,590
|
|||||
Securities
held to maturity (fair value of $9,986 and $9,442,
respectively)
|
9,992
|
9,444
|
|||||
Total
securities, net
|
198,960
|
212,034
|
|||||
Securities,
restricted
|
716
|
878
|
|||||
Loans
|
336,263
|
325,997
|
|||||
Less:
Allowance for loan losses
|
(2,571
|
)
|
(2,512
|
)
|
|||
Loans,
net
|
333,692
|
323,485
|
|||||
Banking
premises and equipment, net
|
18,376
|
18,005
|
|||||
Accrued
interest receivable
|
2,945
|
2,692
|
|||||
Other
assets
|
3,595
|
3,287
|
|||||
Total
Assets
|
$
|
590,071
|
$
|
573,644
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Demand
deposits
|
$
|
178,225
|
$
|
173,628
|
|||
Savings,
N.O.W. and money market deposits
|
299,693
|
269,966
|
|||||
Certificates
of deposit of $100,000 or more
|
31,393
|
30,518
|
|||||
Other
time deposits
|
30,553
|
30,300
|
|||||
Total
deposits
|
539,864
|
504,412
|
|||||
Overnight
borrowings
|
-
|
18,600
|
|||||
Accrued
interest payable
|
617
|
855
|
|||||
Other
liabilities and accrued expenses
|
3,265
|
4,238
|
|||||
Total
Liabilities
|
543,746
|
528,105
|
|||||
Stockholders’
equity:
|
|||||||
Common
stock, par value $.01 per share:
|
|||||||
Authorized:
20,000,000 shares; 6,386,306 issued; 6,088,035
|
|||||||
and
6,078,565 shares outstanding at March 31, 2007 and December 31, 2006,
respectively
|
64
|
64
|
|||||
Surplus
|
21,691
|
21,565
|
|||||
Undivided
profits
|
34,698
|
34,347
|
|||||
Less:
Treasury Stock at cost, 298,271 and 307,741 shares at March 31, 2007
and
|
|||||||
December
31, 2006, respectively
|
(8,102
|
)
|
(8,176
|
)
|
|||
48,351
|
47,800
|
||||||
Accumulated other comprehensive loss:
|
|||||||
Net
unrealized loss on securities, net of taxes of $858 and $1,025 at
March
31, 2007
|
|||||||
and
December 31, 2006, respectively
|
(1,290
|
)
|
(1,525
|
)
|
|||
Transition due to the adoption of SFAS 158, net of taxes of
$490
|
(736
|
)
|
(736
|
)
|
|||
Total
Stockholders’ Equity
|
46,325
|
45,539
|
|||||
Total
Liabilities and Stockholders’ Equity
|
$
|
590,071
|
$
|
573,644
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||
Consolidated
Statements of Income
(unaudited)
|
|||||||
(In
thousands, except per share amounts)
|
|||||||
For
the three months ended March 31,
|
|||||||
2007
|
2006
|
||||||
Interest
income:
|
|||||||
Loans
(including fee income)
|
$
|
6,204
|
$
|
5,571
|
|||
Mortgage-backed
securities
|
1,394
|
1,125
|
|||||
Tax exempt interest income:
|
|||||||
State and municipal obligations
|
533
|
545
|
|||||
Taxable interest income:
|
|||||||
U.S. Treasury and government agency securities
|
364
|
246
|
|||||
Federal
funds sold
|
47
|
44
|
|||||
Other
securities
|
12
|
23
|
|||||
Deposits
with banks
|
2
|
1
|
|||||
Total
interest income
|
8,556
|
7,555
|
|||||
Interest
expense:
|
|||||||
Savings,
N.O.W. and money market deposits
|
2,100
|
1,262
|
|||||
Certificates
of deposit of $100,000 or more
|
335
|
98
|
|||||
Other
time deposits
|
271
|
123
|
|||||
Federal
funds purchased
|
51
|
46
|
|||||
Other
borrowed money
|
12
|
47
|
|||||
Total
interest expense
|
2,769
|
1,576
|
|||||
Net
interest income
|
5,787
|
5,979
|
|||||
Provision
for loan losses
|
45
|
-
|
|||||
Net
interest income after provision for loan losses
|
5,742
|
5,979
|
|||||
|
|||||||
Other
income:
|
|||||||
Service charges on deposit accounts
|
561
|
504
|
|||||
Fees
for other customer services
|
352
|
161
|
|||||
Title
fee income
|
393
|
299
|
|||||
Net
securities losses
|
(101
|
)
|
(257
|
)
|
|||
Other
operating income
|
29
|
32
|
|||||
Total
other income
|
1,234
|
739
|
|||||
Other
expenses:
|
|||||||
Salaries and employee benefits
|
2,681
|
2,209
|
|||||
Net
occupancy expense
|
443
|
343
|
|||||
Furniture
and fixture expense
|
216
|
190
|
|||||
Other
operating expenses
|
1,140
|
1,027
|
|||||
Total
other expenses
|
4,480
|
3,769
|
|||||
Income
before provision for income taxes
|
2,496
|
2,949
|
|||||
Provision
for income taxes
|
747
|
1,010
|
|||||
Net
income
|
$
|
1,749
|
$
|
1,939
|
|||
Basic
earnings per share
|
$
|
0.29
|
$
|
0.31
|
|||
Diluted
earnings per share
|
$
|
0.29
|
$
|
0.31
|
|||
Comprehensive
income
|
$
|
1,984
|
$
|
1,663
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||||||||||||||||||||
Consolidated
Statements of Stockholders’
Equity (unaudited)
|
|||||||||||||||||||||||||
(In
thousands, except share and per share amounts)
|
Accumulated
|
||||||||||||||||||||||||
Other
|
|||||||||||||||||||||||||
Common
|
Stock
|
Comprehensive
|
|||||||||||||||||||||||
Shares
|
Comprehensive
|
Undivided
|
Treasury
|
(Loss)
|
|||||||||||||||||||||
Outstanding
|
Amount
|
Surplus
|
Income
|
Profits
|
Stock
|
Income
|
Total
|
||||||||||||||||||
Balance
at December 31, 2006
|
6,078,565
|
$
|
64
|
$
|
21,565
|
$
|
34,347
|
$
|
(8,176
|
)
|
$
|
(2,261
|
)
|
$
|
45,539
|
||||||||||
Net
income
|
$
|
1,749
|
1,749
|
1,749
|
|||||||||||||||||||||
Stock
awards vested
|
2,030
|
-
|
|||||||||||||||||||||||
Stock
awards forfeited
|
(307
|
)
|
4
|
(4
|
)
|
-
|
|||||||||||||||||||
Exercise
of stock options
|
7,747
|
56
|
78
|
134
|
|||||||||||||||||||||
Share
based compensation expense
|
66
|
66
|
|||||||||||||||||||||||
Cash
dividends declared, $0.23 per share
|
(1,398
|
)
|
(1,398
|
)
|
|||||||||||||||||||||
Other
comprehensive income, net of tax
|
|||||||||||||||||||||||||
Change in unrealized losses in securities available
for sale, net of tax
|
235
|
235
|
235
|
||||||||||||||||||||||
Comprehensive
income
|
$
|
1,984
|
|||||||||||||||||||||||
Balance
at March 31, 2007
|
6,088,035
|
$
|
64
|
$
|
21,691
|
$
|
34,698
|
$
|
(8,102
|
)
|
$
|
(2,026
|
)
|
$
|
46,325
|
BRIDGE
BANCORP, INC. AND SUBSIDIARY
|
|||||||
Consolidated
Statements of Cash Flows
(unaudited)
|
|||||||
(In
thousands)
|
|||||||
Three
months ended March 31,
|
2007
|
2006
|
|||||
Operating
activities:
|
|||||||
Net
Income
|
$
|
1,749
|
$
|
1,939
|
|||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Provision
for loan losses
|
45
|
-
|
|||||
Depreciation
and amortization
|
304
|
224
|
|||||
Amortization
and accretion, net
|
(30
|
)
|
122
|
||||
Share based compensation expense
|
66
|
13
|
|||||
Tax benefit from exercise of stock options
|
|||||||
issued pursuant to equity incentive plan
|
25
|
-
|
|||||
Net
securities losses
|
101
|
257
|
|||||
Increase
in accrued interest receivable
|
(253
|
)
|
(283
|
)
|
|||
(Increase)
decrease in other assets
|
(475
|
)
|
929
|
||||
Decrease
in accrued and other liabilities
|
(1,204
|
)
|
(1,277
|
)
|
|||
Net
cash provided by operating activities
|
328
|
1,924
|
|||||
Investing
activities:
|
|||||||
Purchases
of securities available for sale
|
(3,250
|
)
|
(18,287
|
)
|
|||
Purchases
of securities, restricted
|
(1,931
|
)
|
(3,629
|
)
|
|||
Purchases
of securities held to maturity
|
(749
|
)
|
(201
|
)
|
|||
Proceeds
from sales of securities available for sale
|
8,484
|
17,288
|
|||||
Proceeds
from redemption of securities, restricted
|
2,093
|
3,881
|
|||||
Proceeds
from maturing securities available for sale
|
4,000
|
205
|
|||||
Proceeds
from maturing securities held to maturity
|
201
|
82
|
|||||
Proceeds
from principal payments on mortgage-backed securities
|
4,719
|
4,028
|
|||||
Net
(increase) decrease in loans
|
(10,252
|
)
|
1,537
|
||||
Purchases
of banking premises and equipment, net of disposals
|
(675
|
)
|
(455
|
)
|
|||
Net
cash provided by investing activities
|
2,640
|
4,449
|
|||||
Financing
activities:
|
|||||||
Net
increase (decrease) in deposits
|
35,452
|
(1,410
|
)
|
||||
Decrease
in other borrowings
|
(18,600
|
)
|
(5,600
|
)
|
|||
Purchase
of treasury stock
|
-
|
(391
|
)
|
||||
Net
proceeds from exercise of stock options
|
|||||||
issued
pursuant to equity incentive plan
|
109
|
-
|
|||||
Cash
dividends paid
|
(1,405
|
)
|
(1,428
|
)
|
|||
Net
cash provided (used) by financing activities
|
15,556
|
(8,829
|
)
|
||||
Increase
(decrease) in cash and cash equivalents
|
18,524
|
(2,456
|
)
|
||||
Cash
and cash equivalents beginning of period
|
13,263
|
15,675
|
|||||
Cash
and cash equivalents end of period
|
$
|
31,787
|
$
|
13,219
|
|||
Supplemental
Information-Cash Flows:
|
|||||||
Cash
paid for:
|
|||||||
Interest
|
$
|
3,006
|
$
|
1,598
|
|||
Income taxes
|
$
|
1,235
|
$
|
1,413
|
|||
Noncash
investing and financing activities:
|
|||||||
Dividends declared and unpaid
|
$
|
1,398
|
$
|
1,425
|
Computation
of Per Share Income
|
Three
months ended
|
||||||
(in
thousands, except per share data)
|
March
31,
|
March
31,
|
|||||
2007
|
2006
|
||||||
Net
Income
|
$
|
1,749
|
$
|
1,939
|
|||
Common
Equivalent Shares:
|
|||||||
Weighted
Average Common Shares Outstanding
|
6,069
|
6,204
|
|||||
Weighted
Average Common Equivalent Shares
|
12
|
28
|
|||||
Weighted
Average Common and Common Equivalent Shares
|
6,081
|
6,232
|
|||||
Basic
earnings per share
|
$
|
0.29
|
$
|
0.31
|
|||
Diluted
earnings per share
|
$
|
0.29
|
$
|
0.31
|
Weighted
|
|||||||||||||
Weighted
|
Average
|
||||||||||||
Number
|
Average
|
Remaining
|
Aggregate
|
||||||||||
of
|
Exercise
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Price
|
Life
|
Value
|
||||||||||
Outstanding,
December 31, 2006
|
128,245
|
$
|
21.37
|
||||||||||
Granted
|
-
|
-
|
|||||||||||
Exercised
|
(8,450
|
)
|
$
|
15.01
|
|||||||||
Forfeited
|
(984
|
)
|
$
|
25.25
|
|||||||||
Outstanding,
March 31, 2007
|
118,811
|
$
|
21.80
|
7.37
years
|
$
|
408,592
|
|||||||
Exercisable,
March 31, 2007
|
66,359
|
$
|
19.02
|
5.76
years
|
$
|
408,592
|
|||||||
|
Number
of
|
||||||||||||
Range
of Exercise Prices
|
Shares
|
Price
|
|||||||||||
9,900
|
$
|
12.53
|
|||||||||||
14,808
|
$
|
13.17-14.67
|
|||||||||||
13,525
|
$
|
15.47
|
|||||||||||
11,471
|
$
|
24.00
|
|||||||||||
62,999
|
$
|
25.25
|
|||||||||||
6,108
|
$
|
26.55-$30.60
|
Weighted
|
|||||||
Average
Grant-Date
|
|||||||
Shares
|
Fair
Value
|
||||||
Unvested,
December 31, 2006
|
19,850
|
$
|
25.50
|
||||
Granted
|
-
|
-
|
|||||
Vested
|
(2,030
|
)
|
$
|
25.70
|
|||
Forfeited
|
(307
|
)
|
$
|
25.25
|
|||
Unvested,
March 31, 2007
|
17,513
|
$
|
25.46
|
March
31, 2007
|
December
31, 2006
|
||||||||||||
(In
thousands)
|
Estimated
|
Estimated
|
|||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
||||||||||
Cost
|
Value
|
Cost
|
Value
|
||||||||||
Available
for sale:
|
|||||||||||||
U.S.
Treasury and government agency securities
|
$
|
30,204
|
$
|
29,933
|
$
|
34,123
|
$
|
33,777
|
|||||
State
and municipal obligations
|
48,971
|
48,748
|
49,008
|
48,843
|
|||||||||
Mortgage-backed
securities
|
111,941
|
110,287
|
122,009
|
119,970
|
|||||||||
Total
available for sale
|
191,116
|
188,968
|
205,140
|
202,590
|
|||||||||
Held
to maturity:
|
|||||||||||||
State and municipal obligations
|
9,992
|
9,986
|
9,444
|
9,442
|
|||||||||
Total
held to maturity
|
9,992
|
9.986
|
9,444
|
9,442
|
|||||||||
Total
debt and equity securities
|
$
|
201,108
|
$
|
198,954
|
$
|
214,584
|
$
|
212,032
|
March
31, 2007
|
December
31, 2006
|
||||||
(In
thousands)
|
|||||||
Real
estate mortgage loans
|
$
|
271,119
|
$
|
265,824
|
|||
Commercial,
financial, and agricultural loans
|
40,355
|
36,498
|
|||||
Installment/consumer
loans
|
8,590
|
8,848
|
|||||
Real
estate construction loans
|
16,062
|
14,767
|
|||||
Total
loans
|
336,126
|
325,937
|
|||||
Net
deferred loan cost
|
137
|
60
|
|||||
336,263
|
325,997
|
||||||
Allowance
for loan losses
|
(2,571
|
)
|
(2,512
|
)
|
|||
Net
loans
|
$
|
333,692
|
$
|
323,485
|
(In
thousands)
|
For
the Three Months Ended
|
For
the Year Ended
|
||||||||
March
31, 2007
|
March
31, 2006
|
December
31, 2006
|
||||||||
Beginning
balance
|
$
|
2,512
|
$
|
2,383
|
$
|
2,383
|
||||
Provision
for loan loss
|
45
|
-
|
85
|
|||||||
Net
recoveries (charge-offs)
|
14
|
(4
|
)
|
44
|
||||||
Ending
balance
|
$
|
2,571
|
$
|
2,379
|
$
|
2,512
|
(In
thousands)
|
At
March 31,
|
||||||||||||
Pension
Benefits
|
SERP
Benefits
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Service
cost
|
$
|
111
|
$
|
105
|
$
|
15
|
$
|
16
|
|||||
Interest
cost
|
69
|
62
|
13
|
14
|
|||||||||
Expected
return on plan assets
|
(96
|
)
|
(81
|
)
|
-
|
-
|
|||||||
Amortization
of net loss
|
3
|
10
|
-
|
-
|
|||||||||
Amortization
of unrecognized prior service cost
|
2
|
2
|
-
|
-
|
|||||||||
Amortization
of unrecognized transition (asset) obligation
|
-
|
(1
|
)
|
7
|
7
|
||||||||
Net
periodic benefit cost
|
$
|
89
|
$
|
97
|
$
|
35
|
$
|
37
|
Three
months ended March 31,
|
2007
|
2006
|
|||||||||||||||||
(In
thousands)
|
Average
|
Average
|
|||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||
Interest
earning assets:
|
|||||||||||||||||||
Loans,
net (including loan fee income)
|
$
|
328,234
|
$
|
6,204
|
7.7
|
%
|
$
|
297,824
|
$
|
5,571
|
7.6
|
%
|
|||||||
Mortgage-backed
securities
|
120,904
|
1,394
|
4.6
|
104,762
|
1,125
|
4.3
|
|||||||||||||
Tax
exempt securities (1)
|
58,825
|
760
|
5.2
|
61,410
|
829
|
5.4
|
|||||||||||||
Taxable
securities
|
33,975
|
364
|
4.3
|
28,095
|
246
|
3.5
|
|||||||||||||
Federal
funds sold
|
3,603
|
47
|
5.2
|
3,950
|
44
|
4.5
|
|||||||||||||
Securities,
restricted
|
755
|
12
|
6.5
|
901
|
23
|
10.4
|
|||||||||||||
Deposits
with banks
|
39
|
2
|
20.8
|
82
|
1
|
5.0
|
|||||||||||||
Total
interest earning assets
|
546,335
|
8,783
|
6.5
|
497,024
|
7,839
|
6.4
|
|||||||||||||
Non
interest earning assets:
|
|||||||||||||||||||
Cash
and due from banks
|
15,039
|
15,024
|
|||||||||||||||||
Other
assets
|
21,490
|
17,937
|
|||||||||||||||||
Total
assets
|
$
|
582,864
|
$
|
529,985
|
|||||||||||||||
Interest
bearing liabilities:
|
|||||||||||||||||||
Savings,
N.O.W. and
|
|||||||||||||||||||
money
market deposits
|
$
|
294,640
|
$
|
2,100
|
2.9
|
%
|
$
|
254,752
|
$
|
1,262
|
2.0
|
%
|
|||||||
Certificates of deposit of $100,000
|
|||||||||||||||||||
or
more
|
31,366
|
335
|
4.3
|
17,750
|
98
|
2.2
|
|||||||||||||
Other
time deposits
|
29,068
|
271
|
3.8
|
23,870
|
123
|
2.1
|
|||||||||||||
Federal
funds purchased
|
3,733
|
51
|
5.5
|
4,000
|
46
|
4.7
|
|||||||||||||
Other
borrowed money
|
863
|
12
|
5.6
|
3,908
|
47
|
4.9
|
|||||||||||||
Total
interest bearing liabilities
|
359,670
|
2,769
|
3.1
|
304,280
|
1,576
|
2.1
|
|||||||||||||
Non
interest bearing liabilities:
|
|||||||||||||||||||
Demand
deposits
|
173,174
|
176,691
|
|||||||||||||||||
Other
liabilities
|
3,818
|
1,324
|
|||||||||||||||||
Total
liabilities
|
536,662
|
482,295
|
|||||||||||||||||
Stockholders’
equity
|
46,202
|
47,690
|
|||||||||||||||||
Total
liabilities and stockholders’ equity
|
$
|
582,864
|
$
|
529,985
|
|||||||||||||||
Net
interest income/interest rate spread (2)
|
6,014
|
3.4
|
%
|
6,263
|
4.3
|
%
|
|||||||||||||
Net
interest earning assets/net interest margin (3)
|
$
|
186,665
|
4.5
|
%
|
$
|
192,744
|
5.1
|
%
|
|||||||||||
Ratio
of interest earning assets to
|
|||||||||||||||||||
interest
bearing liabilities
|
151.9
|
%
|
163.3
|
%
|
|||||||||||||||
Less:
Tax equivalent adjustment
|
(227
|
)
|
(284
|
)
|
|||||||||||||||
Net
interest income
|
$
|
5,787
|
$
|
5,979
|
(1)
|
The
above table is presented on a tax equivalent basis.
|
(2)
|
Net
interest rate spread represents the difference between the yield
on
average interest earning assets and the cost of average interest
bearing
liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average
interest
earning assets.
|
Three
months ended March 31
|
||||||||||
2007
Over 2006
|
||||||||||
(In
thousands)
|
Changes
Due To
|
|||||||||
Volume
|
Rate
|
Net
Change
|
||||||||
Interest
income on interest earning assets:
|
||||||||||
Loans
(including loan fee income)
|
$
|
574
|
$
|
59
|
$
|
633
|
||||
Mortgage-backed
securities
|
183
|
86
|
269
|
|||||||
Tax
exempt securities (1)
|
(35
|
)
|
(34
|
)
|
(69
|
)
|
||||
Taxable
securities
|
57
|
61
|
118
|
|||||||
Federal
funds sold
|
(19
|
)
|
22
|
3
|
||||||
Securities,
restricted
|
(3
|
)
|
(8
|
)
|
(11
|
)
|
||||
Deposits
with banks
|
(12
|
)
|
13
|
1
|
||||||
Total
interest earning assets
|
745
|
199
|
944
|
|||||||
Interest
expense on interest bearing liabilities:
|
||||||||||
Savings,
N.O.W. and money market deposits
|
221
|
617
|
838
|
|||||||
Certificates
of deposit of $100,000 or more
|
107
|
130
|
237
|
|||||||
Other
time deposits
|
32
|
116
|
148
|
|||||||
Federal
funds purchased
|
(17
|
)
|
22
|
5
|
||||||
Other
borrowed money
|
(79
|
)
|
44
|
(35
|
)
|
|||||
Total
interest bearing liabilities
|
264
|
929
|
1,193
|
|||||||
Net
interest income
|
$
|
481
|
$
|
(730
|
)
|
$
|
(249
|
)
|
|
To
Be Well
|
||||||||||||||||||
For
Capital
|
Capitalized
Under
|
||||||||||||||||||
|
Adequacy
|
Prompt
Corrective
|
|||||||||||||||||
(Dollars
in thousands)
|
Actual
|
Purposes
|
Action
Provisions
|
||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||
As
of March 31, 2007
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$
|
50,063
|
12.1
|
%
|
$
|
33,097
|
>8.0
|
%
|
$
|
41,372
|
>10.0
|
%
|
|||||||
Tier
1 Capital (to risk weighted assets)
|
47,492
|
11.5
|
%
|
16,549
|
>4.0
|
%
|
24,823
|
>6.0
|
%
|
||||||||||
Tier
1 Capital (to average assets)
|
47,492
|
8.2
|
%
|
23,309
|
>4.0
|
%
|
29,136
|
>5.0
|
%
|
As
of December 31, 2006
|
|||||||||||||||||||
Total
Capital (to risk weighted assets)
|
$
|
50,152
|
12.5
|
%
|
$
|
32,019
|
>8.0
|
%
|
$
|
40,024
|
>10.0
|
%
|
|||||||
Tier
1 Capital (to risk weighted assets)
|
47,640
|
11.9
|
%
|
16,010
|
>4.0
|
%
|
24,015
|
>
6.0
|
%
|
||||||||||
Tier
1 Capital (to average assets)
|
47,640
|
8.3
|
%
|
23,073
|
>4.0
|
%
|
28,841
|
>
5.0
|
%
|
March
31, 2007
|
December
31, 2006
|
||||||||||||
Change
in Interest
|
Potential
Change
|
Potential
Change
|
|||||||||||
Rates
in Basis Points
|
in
Net
|
in
Net
|
|||||||||||
(RATE
SHOCK)
|
Interest
Income
|
Interest
Income
|
|||||||||||
(In
thousands)
|
|||||||||||||
$
Change
|
%
Change
|
$
Change
|
%
Change
|
||||||||||
200
|
$
|
(1,625
|
)
|
(6.62
|
)%
|
$
|
(1,501
|
)
|
(5.87
|
)%
|
|||
Static
|
-
|
-
|
-
|
-
|
|||||||||
(200)
|
$
|
38
|
0.16
|
%
|
$
|
(27
|
)
|
(0.11
|
)%
|
(a) |
Not
applicable.
|
(b) |
Not
applicable.
|
(c) |
Not
applicable.
|
31.1 Certification
of Principal Executive Officer pursuant to Rule
13a-14(a)
|
31.2 Certification
of Principal Financial Officer pursuant to Rule
13a-14(a)
|
32.1 Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Rule
13a-14(b) and 18
U.S.C. Section 1350
|
BRIDGE
BANCORP, INC.
|
|
Registrant
|
|
May
7, 2007
|
/s/
Thomas J. Tobin
|
Thomas
J. Tobin
|
|
President
and Chief Executive Officer
|
|
May
7, 2007
|
/s/
Howard H. Nolan
|
Howard
H. Nolan
|
|
Senior
Executive Vice President, Chief Operating Officer and Interim Chief
Financial Officer
|
|
1) |
I
have reviewed this quarterly report on Form 10-Q of Bridge Bancorp,
Inc.;
|
2) |
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3) |
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4) |
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15(d)-15(f)) for the registrant and
have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
b) |
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d) |
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5) |
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors:
|
a) |
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b) |
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
1. |
I
have reviewed this quarterly report on Form 10-Q of Bridge Bancorp,
Inc.;
|
2. |
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3. |
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4. |
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15(d)-15(f)) for the registrant and
have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly
report is
being prepared;
|
b) |
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d) |
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors:
|
a) |
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b) |
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
(1)
|
The
Report fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934, as amended;
and
|
(2)
|
The
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.
|
Date:
May 7,
2007
|
/s/
Thomas J. Tobin
|
Thomas
J. Tobin
|
|
President
and Chief Executive Officer
|
|
/s/
Howard H. Nolan
|
|
Howard
H. Nolan
|
|
Senior
Executive Vice President, Chief Operating Officer and Interim Chief
Executive Officer
|