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.