Bridge Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018
October 23, 2018 at 04:15 pm
Share
Bridge Bancorp, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net income was $6.5 million, or $0.33 per diluted share, a decrease of $2.9 million compared to the 2017 third quarter. Excluding the impact of the fraud loss, net income for the 2018 third quarter was $14.0 million, or $0.70 per diluted share. Returns on average assets and equity in the 2018 third quarter were 0.58% and 5.64%, respectively, compared to 0.88% and 8.41%, respectively, in the 2017 third quarter. Return on average tangible common equity for the third quarter of 2018 was 7.43%, compared to 11.21% in 2017. The decreases in the asset and equity related returns were primarily due to the fraud loss in the 2018 third quarter. Net interest income was $34,214,000 against $32,345,000 a year ago. Income before income taxes was $7,928,000 against $14,146,000 a year ago. Adjusted return on average total assets was 1.24% compared to 0.88% a year ago. Adjusted return on average stockholders' equity was 12.03% compared to 8.41% a year ago. Adjusted return on average tangible common equity was 16.03% compared to 11.40% a year ago. Adjusted net income (non-GAAP) was $13,956,000 compared to $9,443,000 a year ago. Adjusted diluted earnings per share (non-GAAP) were $0.70 compared to $0.48 a year ago. Net interest income, tax-equivalent basis (non-GAAP) was $34,349,000 against $32,684,000 a year ago. Adjusted net interest income, tax-equivalent basis (non-GAAP) was $33,659,000 against $30,946,000 a year ago.
For the nine months, the company reported net income was $25.4 million, or $1.28 per diluted share, compared to $27.5 million, or $1.39 per diluted share, in 2017. Net interest income was $102,682,000 against $93,599,000 a year ago. Income before income taxes was $31,626,000 against $40,979,000 a year ago. Return on average total assets was 0.76% against 0.89% a year ago. Return on average stockholders' equity was 7.45% against 8.36% a year ago. Return on average tangible common equity was 9.86% against 11.21% a year ago. Adjusted return on average total assets was 1.16% compared to 0.89% a year ago. Adjusted return on average stockholders' equity was 11.45% compared to 8.36% a year ago. Adjusted return on average tangible common equity was 15.36% compared to 11.43% a year ago. Book value per share was $22.23 compared to $22.43 a year ago. Tangible book value per share was $16.64 compared to $16.78 a year ago. Adjusted net income (non-GAAP) was $38,951,000 compared to $27,455,000 a year ago. Adjusted diluted earnings per share (non-GAAP) were $1.96 compared to $1.39 a year ago. Net interest income, tax-equivalent basis (non-GAAP) was $103,139,000 against $94,633,000 a year ago. Adjusted net interest income, tax-equivalent basis (non-GAAP) was $99,865,000 against $89,147,000 a year ago.
The company estimates it will record income tax at an effective tax rate of approximately 18% for the remainder of 2018.
Dime Community Bancshares, Inc. is a bank holding company. The Company is engaged in providing commercial banking and financial services through its wholly owned subsidiary, Dime Community Bank (the Bank). It is engaged in providing full-service commercial and consumer banking services, including accepting time, savings and demand deposits from the businesses, consumers, and local municipalities. It also offers the Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) programs. In addition, it 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 Dime Financial Services LLC. Through its title insurance subsidiary, the Bank acts as a broker for title insurance services. It operates 60 branch locations throughout Long Island and the New York City.
Bridge Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018