Bridge Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2016; Provides Effective Income Tax Rate Guidance for the Year 2017
January 27, 2017 at 01:00 pm
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Bridge Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and twelve months ended December 31, 2016. For the quarter, the company reported net interest income of USD 30,165,000 compared to USD 27,904,000 a year ago. Income before income taxes was USD 13,984,000 compared to USD 12,142,000 a year ago. Net income was USD 9,160,000 compared to USD 7,995,000 a year ago. Basic and diluted earnings per share was USD 0.50 compared to USD 0.46 a year ago. Return on average total assets was 0.93% compared to 0.88% a year ago. Return on average stockholders' equity was 9.50% compared to 9.27% a year ago. Return on average tangible stockholders' equity was 13.43% compared to 13.33% a year ago. Core return on average total assets was 0.92% compared to 0.94% a year ago. Core return on average stockholders' equity was 9.43% compared to 9.90% a year ago. Core return on average tangible stockholders' equity was 13.60% compared to 14.56% a year ago.
For the twelve months, the company reported net interest income of USD 120,871,000 compared to USD 96,111,000 a year ago. Income before income taxes was USD 54,286,000 compared to USD 31,889,000 a year ago. Net income was USD 35,491,000 compared to USD 21,111,000 a year ago. Diluted earnings per share were USD 2.00 compared to USD 1.43 a year ago. Return on average total assets was 0.92% compared to 0.71% a year ago. Return on average stockholders' equity was 9.82% compared to 7.91% a year ago. Return on average tangible stockholders' equity was 14.21% compared to 10.23% a year ago. Core return on average total assets was 0.93% compared to 0.92% a year ago. Core return on average stockholders' equity was 9.87% compared to 10.23% a year ago. Core return on average tangible stockholders' equity was 14.57% compared to 13.47% a year ago.
The company anticipate effective income tax rate in 2017 will remain between 34% and 35%.
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, 2016; Provides Effective Income Tax Rate Guidance for the Year 2017