Bridge Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2017; Provides Effective Income Tax Rate Guidance for the Year 2018
January 29, 2018 at 04:35 pm
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Bridge Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and twelve months ended December 31, 2017. For the quarter, the company reported net interest income of USD 33,561,000 compared to USD 30,165,000 a year ago. Interest income was USD 39,960,000 compared to USD 34,615,000 a year ago. Loss before income taxes was USD 1,494,000 compared to income of USD 13,984,000 a year ago. Net loss was USD 6,916,000 compared to net income of USD 9,160,000 a year ago. Basic and diluted loss per share was USD 0.35 compared to earnings per share of USD 0.50 a year ago. Return on average total assets was negative 0.63% compared to positive 0.93% a year ago. Return on average stockholders' equity was negative 6.07% compared to positive 8.41% a year ago. Return on average tangible stockholders' equity was negative 8.04% compared to positive 13.43% a year ago. Adjusted net income (non-GAAP) was USD 5,869,000 compared to USD 9,093,000 a year ago. Adjusted diluted earnings per share (non-GAAP) was USD 0.30 compared to USD 0.50 a year ago. Adjusted return on average total assets was 0.53% compared to 0.92% a year ago. Adjusted return on average stockholders' equity was 5.15% compared to 9.43% a year ago. Adjusted return on average tangible stockholders' equity was 7.01% compared to 13.60% a year ago. Book value per share was USD 21.78 compared to USD 21.36 a year ago. Tangible book value per share was USD 16.14 compared to USD 15.51 a year ago.
For the twelve months, the company reported net interest income of USD 127,160,000 compared to USD 120,871,000 a year ago. Interest income was USD 149,849,000 compared to USD 137,716,000 a year ago. Income before income taxes was USD 39,485,000 compared to USD 54,286,000 a year ago. Net income was USD 20,539,000 compared to USD 35,491,000 a year ago. Diluted earnings per share were USD 1.04 compared to USD 2.00 a year ago. Return on average total assets was 0.49% compared to 0.92% a year ago. Return on average stockholders' equity was 4.64% compared to 9.82% a year ago. Return on average tangible stockholders' equity was 6.21% compared to 14.21% a year ago. Adjusted net income (non-GAAP) was USD 33,324,000 compared to USD 35,641,000 a year ago. Adjusted diluted earnings per share (non-GAAP) was USD 1.68 compared to USD 2.00 a year ago. Adjusted return on average total assets was 0.79% compared to 0.93% a year ago. Adjusted return on average stockholders' equity was 7.53% compared to 9.87% a year ago. Adjusted return on average tangible stockholders' equity was 10.28% compared to 14.57% a year ago.
The company estimates it will record income tax at an effective tax rate of approximately 23% in 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2017; Provides Effective Income Tax Rate Guidance for the Year 2018