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Bridge Bancorp, Inc. (NASDAQ: BDGE) reported its fourth quarter and full year 2020 results, showing a net income of $9.0 million, or $0.45 per diluted share, impacted by merger expenses. Adjusted net income reached $15.0 million, or $0.75 per diluted share. For the full year, net income was $42.0 million, down from $51.7 million in 2019. Total assets increased to $6.4 billion, and total deposits rose by $120.2 million. Non-performing assets grew to $12.2 million. The company declared a quarterly dividend of $0.24 as it anticipates merging with Dime Community Bancshares on February 1, 2021.
Bridge Bancorp has declared a quarterly dividend of $0.24 per share, set for payment on February 12, 2021 to shareholders of record as of February 5, 2021. This dividend payment reflects the company’s commitment to maintaining uninterrupted dividends. The upcoming merger with Dime Community Bancshares, which is expected to close on February 1, 2021, will result in former Dime shareholders receiving shares of Bridge Bancorp. Each Dime share will be exchanged for 0.648 shares of Bridge Bancorp.
Bridge Bancorp (Nasdaq: BDGE) and Dime Community Bancshares (Nasdaq: DCOM) announced the approval of their merger by the New York State Department of Financial Services. Set to close on February 1, 2021, the merged entity will operate as the new Dime Community Bank. The merger aims to enhance financial services, particularly in affordable housing lending, leveraging Dime's expertise in low- and moderate-income housing. The combined institutions will increase efficiency and service delivery across Long Island and New York City.
On December 18, 2020, Bridge Bancorp (Nasdaq: BDGE) and Dime Community Bancshares (Nasdaq: DCOM) announced the proposed Board of Directors for their upcoming merger. The combined Board will include 12 directors, with an equal split between current directors from both companies. Kenneth J. Mahon will serve as non-employee Executive Chairman, while Kevin O'Connor will be the CEO. The merger is expected to close in early 2021, pending regulatory approvals. The new board aims to enhance financial performance and risk management in the New York metropolitan area.
Bridge Bancorp (Nasdaq: BDGE) and Dime Community Bancshares (Nasdaq: DCOM) announced that shareholders approved their merger of equals on December 3, 2020. The merger, which is expected to close in early Q1 2021, has received regulatory approval from the Federal Reserve. Both companies aim to enhance their market position in the New York area. Bridge operates 39 branches with approximately $6.3 billion in assets, while Dime runs 28 branches. The merger is designed to create synergies and growth opportunities in the community banking sector, benefiting shareholders and stakeholders.
Bridge Bancorp, Inc. (Nasdaq: BDGE) and Dime Community Bancshares, Inc. (Nasdaq: DCOM) have received regulatory approval to merge Dime Community Bank into BNB Bank. Both companies filed an application with the New York State Department of Financial Services, and a waiver request with the Federal Reserve Board is pending. Shareholder meetings are scheduled for December 3, 2020. The merger aims to enhance financial results and operational efficiency, though it’s subject to additional conditions and approvals. Both companies highlight their longstanding community involvement.
Bridge Bancorp, Inc. (NASDAQ: BDGE) reported third quarter 2020 net income of $13.1 million, or $0.66 per diluted share, after $2.4 million in merger expenses. Adjusted net income was $15.4 million, or $0.77 per diluted share. Total assets reached $6.3 billion, with deposits up by $288.7 million. Non-performing assets decreased to $7.1 million. The provision for credit losses fell to $1.5 million, showing improvement in asset quality. A quarterly dividend of $0.24 was declared. CEO Kevin O’Connor emphasized the company's strong foundation amid challenges from the pandemic.
Bridge Bancorp, Inc. (NASDAQ: BDGE) has declared a quarterly dividend of $0.24 per share, set to be paid on October 30, 2020 to shareholders on record as of October 23, 2020. This maintains the company's trend of uninterrupted dividends. With approximately $6.2 billion in assets and 39 branch locations, BNB Bank provides various financial services and products. Established in 1910, the bank is dedicated to supporting local communities through various initiatives.
Bridge Bancorp, Inc. (NASDAQ: BDGE) will report its third quarter 2020 earnings on October 27, 2020, after market close. A conference call hosted by President and CEO Kevin O'Connor is scheduled for October 28, 2020, at 10:00 AM ET to discuss the financial results. BNB Bank, the wholly-owned subsidiary, has approximately $6.2 billion in assets and operates 39 branches in Long Island and the greater New York metropolitan area, providing a range of banking and financial services.
Bridge Bancorp (NASDAQ: BDGE) reported a net income of $10.7 million for Q2 2020, equivalent to $0.54 per diluted share. Adjusted pre-tax pre-provision net revenue rose to $20.9 million, with a notable net interest income increase of $4.9 million year-over-year to $40.4 million. Total assets reached $6.2 billion, marking a 30% increase from the previous year. However, non-performing assets rose to $7.7 million, up $2.2 million year-over-year. The company declared a $0.24 dividend during the quarter and plans to merge with Dime Community, aiming to enhance market share.
