x |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES
EXCHANGE ACT OF 1934 |
NEW
YORK |
11-2934195 |
(State
or other jurisdiction of incorporation or organization) |
(IRS
Employer Identification Number) |
2200
MONTAUK HIGHWAY, BRIDGEHAMPTON, NEW YORK |
11932 |
(Address
of principal executive offices) |
(Zip
Code) |
Title
of each class |
Name
of each exchange on which registered |
None |
None |
December
31, |
December
31, |
||||||
2004
|
2003 |
||||||
ASSETS |
|||||||
Cash
and due from banks |
$ |
8,744 |
$ |
12,906 |
|||
Interest
earning deposits with banks |
118 |
133 |
|||||
Total
cash and cash equivalents |
8,862 |
13,039 |
|||||
Securities
available for sale, at fair value |
202,042 |
193,699 |
|||||
Securities,
restricted |
1,979 |
1,642 |
|||||
Securities
held to maturity (fair value of $21,131 and $14,379,
respectively) |
21,213 |
14,396 |
|||||
Total
securities, net |
225,234 |
209,737 |
|||||
Loans |
296,134 |
273,188 |
|||||
Less: |
|||||||
Allowance
for loan losses |
(2,188 |
) |
(2,144 |
) | |||
Loans,
net |
293,946 |
271,044 |
|||||
Banking
premises and equipment, net |
13,817 |
11,623 |
|||||
Accrued
interest receivable |
2,469 |
2,359 |
|||||
Other
assets |
2,872 |
3,811 |
|||||
Total
Assets |
$ |
547,200 |
$ |
511,613 |
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|||||||
Demand
deposits |
$ |
158,366 |
$ |
159,405 |
|||
Savings,
N.O.W. and money market deposits |
242,814 |
229,847 |
|||||
Certificates
of deposit of $100,000 or more |
35,306 |
35,841 |
|||||
Other
time deposits |
32,825 |
32,066 |
|||||
Total
deposits |
469,311 |
457,159 |
|||||
Overnight
borrowings |
26,700 |
5,900 |
|||||
Accrued
interest payable |
273 |
266 |
|||||
Other
liabilities and accrued expenses |
3,703 |
5,494 |
|||||
Total
Liabilities |
499,987 |
468,819 |
|||||
Stockholders’
equity: |
|||||||
Common
stock, par value $.01 per share: |
|||||||
Authorized:
20,000,000 shares; 6,386,306 issued; 6,254,489 and 4,155,595
shares, |
|||||||
outstanding
at December 31, 2004 and 2003, respectively |
64 |
43 |
|||||
Surplus |
21,462 |
21,194 |
|||||
Undivided
profits |
27,856 |
21,982 |
|||||
Less:
Treasury Stock at cost, 131,817 and 102,002 shares at December 31, 2004
and 2003, respectively |
(2,330 |
) |
(1,909 |
) | |||
Unearned
stock awards |
(121 |
) |
(81 |
) | |||
46,931 |
41,229 |
||||||
Accumulated
other comprehensive income (loss): |
|||||||
Net
unrealized gain on securities, net of taxes of $267 and $1,151 at December
31, 2004 and 2003, |
|||||||
respectively |
403 |
1,736 |
|||||
Net
minimum pension liability, net of taxes of $81 and $113 at December 31,
2004 and 2003, respectively |
(121 |
) |
(171 |
) | |||
Total
Stockholders’ Equity |
47,213 |
42,794 |
|||||
Total
Liabilities and Stockholders’ Equity |
$ |
547,200 |
$ |
511,613 |
Year
Ended December 31, |
2004 |
2003 |
2002 |
|||||||
Interest
income: |
||||||||||
Loans |
$ |
18,850 |
$ |
17,971 |
$ |
17,485 |
||||
Mortgage-backed
securities |
4,137 |
4,012 |
5,179
|
|||||||
U.S.
Treasury and government agency securities |
2,187 |
2,285 |
1,798
|
|||||||
State
and municipal obligations |
1,615 |
1,559 |
1,660
|
|||||||
Federal
funds sold |
98 |
74 |
295
|
|||||||
Other
securities |
34 |
66 |
68 |
|||||||
Deposits
with banks |
2 |
1 |
1 |
|||||||
Total
interest income |
26,923 |
25,968 |
26,486
|
|||||||
Interest
expense: |
||||||||||
Savings,
N.O.W. and money market deposits |
1,331 |
1,478 |
2,889
|
|||||||
Certificates
of deposit of $100,000 or more |
475 |
477 |
706
|
|||||||
Other
time deposits |
457 |
597 |
871
|
|||||||
Federal
funds purchased |
33 |
44 |
17 |
|||||||
Other
borrowed money |
55 |
5 |
7
|
|||||||
Total
interest expense |
2,351 |
2,601 |
4,490
|
|||||||
Net
interest income |
24,572 |
23,367 |
21,996
|
|||||||
Provision
for loan losses |
300 |
- |
220
|
|||||||
Net
interest income after provision for loan losses |
24,272 |
23,367 |
21,776
|
|||||||
Other
income: |
||||||||||
Service
charges on deposit accounts |
2,328 |
2,278 |
2,024
|
|||||||
Fees
for other customer services |
1,341 |
1,185 |
1,184
|
|||||||
Net
securities gains |
734 |
826 |
-
|
|||||||
Title
fee income |
866 |
342 |
96 |
|||||||
Other
operating income |
171 |
85 |
101
|
|||||||
Total
other income |
5,440 |
4,716 |
3,405
|
|||||||
Other
expenses: |
||||||||||
Salaries
and employee benefits |
7,456 |
6,900 |
6,365
|
|||||||
Net
occupancy expense |
1,283 |
1,226 |
1,136
|
|||||||
Furniture
and fixture expense |
980 |
1,013 |
974
|
|||||||
Advertising |
356 |
378 |
355 |
|||||||
Data/Item
processing |
374 |
322 |
249 |
|||||||
Other
operating expenses |
3,115 |
3,158 |
2,863
|
|||||||
Total
other expenses |
13,564 |
12,997 |
11,942
|
|||||||
Income
before provision for income taxes |
16,148 |
15,086 |
13,239
|
|||||||
Provision
for income taxes |
5,771 |
5,488 |
4,722
|
|||||||
Net
income |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
||||
Basic
earnings per share |
$ |
1.66 |
$ |
1.55 |
$ |
1.38 |
||||
Diluted
earnings per share |
$ |
1.64 |
$ |
1.53 |
$ |
1.37 |
Accumulated |
||||||||||||||||||||||||||||
|
Other |
|||||||||||||||||||||||||||
Common
Stock |
Unearned |
Comprehensive |
||||||||||||||||||||||||||
Shares |
Comprehensive |
Undivided |
Treasury |
Stock |
Income |
|||||||||||||||||||||||
Outstanding |
Amount |
Surplus |
Income
(1) |
Profits |
Stock |
Awards |
(Loss) |
Total |
||||||||||||||||||||
Balance
at December 31, 2001 |
4,166,264 |
43
|
$ |
21,154 |
$ |
11,240 |
$ |
(1,608 |
) |
$ |
2,032 |
$ |
32,861 |
|||||||||||||||
Net
income |
$ |
8,517 |
8,517 |
8,517 |
||||||||||||||||||||||||
Purchase
of treasury stock |
(57,000 |
) |
(1,067 |
) |
(1,067 |
) | ||||||||||||||||||||||
Stock
awards vested |
3,222 |
7 |
53
|
60 |
||||||||||||||||||||||||
Exercise
of stock options |
5,500 |
(36 |
) |
98 |
62 |
|||||||||||||||||||||||
Cash
dividends declared, $0.41 per share |
(2,518 |
) |
(2,518 |
) | ||||||||||||||||||||||||
Other
comprehensive income, net of tax |
||||||||||||||||||||||||||||
Unrealized
net gains in securities available for sale |
2,248
|
2,248 |
2,248 |
|||||||||||||||||||||||||
Minimum
pension liability adjustment |
(192 |
) |
(192 |
) |
(192 |
) | ||||||||||||||||||||||
Comprehensive
Income |
10,573
|
|||||||||||||||||||||||||||
Balance
at December 31, 2002 |
4,117,986
|
43
|
21,125
|
17,239
|
(2,524 |
) |
4,088
|
39,971
|
||||||||||||||||||||
Net
income |
9,598
|
9,598 |
9,598 |
|||||||||||||||||||||||||
Stock
awards vested |
4,872 |
42 |
81 |
$ |
40 |
163 |
||||||||||||||||||||||
Stock
awards granted |
34 |
87 |
(121 |
) |
- |
|||||||||||||||||||||||
Exercise
of stock options, net of tax benefit |
32,737 |
(7 |
) |
38 |
447 |
478 |
||||||||||||||||||||||
Cash
dividends declared, $0.78 per share |
(4,893 |
) |
(4,893 |
) | ||||||||||||||||||||||||
Other
comprehensive income, net of tax |
||||||||||||||||||||||||||||
Unrealized
net losses in securities available for sale |
(2,597 |
) |
(2,597 |
) |
(2,597 |
) | ||||||||||||||||||||||
Minimum
pension liability adjustment |
74 |
74 |
74 |
|||||||||||||||||||||||||
Comprehensive
Income |
7,075 |
|||||||||||||||||||||||||||
Balance
at December 31, 2003 |
4,155,595 |
43 |
21,194 |
21,982 |
(1,909 |
) |
(81 |
) |
1,565 |
42,794 |
||||||||||||||||||
Net
income |
10,377 |
10,377 |
10,377 |
|||||||||||||||||||||||||
Stock
awards vested |
5,040 |
30 |
66 |
73 |
169 |
|||||||||||||||||||||||
Stock
awards granted |
58 |
55 |
(113 |
) |
- |
|||||||||||||||||||||||
Exercise
of stock options, net of tax benefit |
24,417 |
201 |
69 |
270 |
||||||||||||||||||||||||
Treasury
stock purchases |
(20,000 |
) |
(611 |
) |
(611 |
) | ||||||||||||||||||||||
Cash
dividends declared, $0.72 per share |
(4,503 |
) |
(4,503 |
) | ||||||||||||||||||||||||
Effect
of three-for-two stock split (in the form of a stock
dividend) |
2,089,437 |
21 |
(21 |
) |
- |
|||||||||||||||||||||||
Other
comprehensive income, net of tax |
||||||||||||||||||||||||||||
Unrealized
net losses in securities available for sale |
(1,333 |
) |
(1,333 |
) |
(1,333 |
) | ||||||||||||||||||||||
Minimum
pension liability adjustment |
50 |
50 |
50 |
|||||||||||||||||||||||||
Comprehensive
Income |
$ |
9,094 |
||||||||||||||||||||||||||
Balance
at December 31, 2004 |
6,254,489 |
$ |
64 |
$ |
21,462 |
$ |
27,856 |
$ |
(2,330 |
) |
$ |
(121 |
) |
$ |
282 |
$ |
47,213 |
|||||||||||
(1)
Disclosure of reclassification amount: |
||||||||||||||||||||||||||||
December
31, |
2004 |
2003 |
2002 |
|||||||||||||||||||||||||
Comprehensive
Income Items: |
||||||||||||||||||||||||||||
Unrealized
(loss)/gain arising during the period, net of tax |
||||||||||||||||||||||||||||
of
$591, $1,357 and $1,447 in 2004, 2003 and 2002 |
$ |
(891 |
) |
$ |
(2,098 |
) |
$ |
2,248 |
||||||||||||||||||||
Less:
reclassification adjustment, net of taxes |
||||||||||||||||||||||||||||
of
$293, $327, $0 in 2004, 2003 and 2002 |
||||||||||||||||||||||||||||
for
losses/(gains) included in income |
442 |
499 |
- |
|||||||||||||||||||||||||
$ |
(1,333 |
) |
$ |
(2,597 |
) |
$ |
2,248 |
Year
Ended December 31, |
2004
|
2003 |
2002 |
|||||||
Operating
activities: |
||||||||||
Net
Income |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
||||
Adjustments
to reconcile net income to net cash |
||||||||||
provided
by operating activities: |
||||||||||
Provision
for loan losses |
300 |
- |
220
|
|||||||
Depreciation
and amortization |
950 |
956 |
982
|
|||||||
Amortization
and accretion, net |
1,261 |
2,059 |
1,618 |
|||||||
Earned
or allocated expense of restricted stock awards |
73 |
40 |
60 |
|||||||
SERP
expense |
149 |
142 |
107
|
|||||||
Net
securities gains |
(734 |
) |
(826 |
) |
- |
|||||
(Increase)
decrease in accrued interest receivable |
(110 |
) |
249 |
(455 |
) | |||||
(Provision)
benefit for deferred income taxes |
(179 |
) |
(37 |
) |
21 |
|||||
Decrease
(increase) in other assets |
1,118 |
(2,526 |
) |
629 |
||||||
Increase
in accrued and other liabilities |
436 |
243 |
3
|
|||||||
Net
cash provided by operating activities |
13,641 |
9,898 |
11,702
|
|||||||
Investing
activities: |
||||||||||
Purchases
of securities available for sale |
(96,157 |
) |
(146,393 |
) |
(99,930 |
) | ||||
Purchases
of securities held to maturity |
(21,213 |
) |
(14,421 |
) |
(12,946 |
) | ||||
Proceeds
from sales of securities available for sale |
56,005 |
71,637 |
-
|
|||||||
Proceeds
from maturing securities available for sale |
4,750 |
4,752 |
10,385
|
|||||||
Proceeds
from maturing securities held to maturity |
14,396 |
11,022 |
17,859
|
|||||||
Proceeds
from principal payments on mortgage-backed securities |
23,980 |
51,592 |
36,534
|
|||||||
Net
increase in loans |
(23,202 |
) |
(24,950 |
) |
(33,201 |
) | ||||
Purchases
of banking premises and equipment |
(3,144 |
) |
(2,752 |
) |
(2,028 |
) | ||||
Net
cash used by investing activities |
(44,585 |
) |
(49,513 |
) |
(83,327 |
) | ||||
Financing
activities: |
||||||||||
Net
increase in deposits |
12,165 |
50,750 |
49,254
|
|||||||
Increase
(decrease) in other borrowings |
20,800 |
(6,400 |
) |
12,300 |
||||||
Payment
for the purchase of treasury stock |
(611 |
) |
- |
(1,067 |
) | |||||
Net
proceeds from exercise of stock options |
||||||||||
issued
pursuant to equity incentive plan |
203 |
440 |
62
|
|||||||
Cash
dividends paid |
(5,790 |
) |
(2,943 |
) |
(2,480 |
) | ||||
Net
cash provided by financing activities |
26,767 |
41,847 |
58,069
|
|||||||
(Decrease)
increase in cash and cash equivalents |
(4,177 |
) |
2,232 |
(13,556 |
) | |||||
Cash
and cash equivalents beginning of year |
13,039 |
10,807 |
24,363
|
|||||||
Cash
and cash equivalents end of year |
$ |
8,862 |
$ |
13,039 |
$ |
10,807 |
||||
Supplemental
Information-Cash Flows: |
||||||||||
Cash
paid for: |
||||||||||
Interest |
$ |
2,344 |
$ |
2,726 |
$ |
3,973 |
||||
Income
taxes |
$ |
5,336 |
$ |
5,501 |
$ |
3,526 |
||||
Noncash
investing and financing activities: |
||||||||||
Dividends
declared and unpaid |
$ |
1,313 |
$ |
2,609 |
$ |
659 |
Common
Stock |
||||||||||
Shares
Issued |
Shares
Issued and Outstanding |
Treasury
Stock |
||||||||
Balance
at December 31, 2003 |
4,257,597 |
4,155,595 |
102,002 |
|||||||
Stock
awards vested |
5,040 |
(5,040 |
) | |||||||
Exercise
of stock options |
21,417 |
(21,417 |
) | |||||||
Purchase
of Treasury Stock |
(3,000 |
) |
3,000 |
|||||||
Effect
of three for two stock split |
2,128,798 |
2,089,526 |
39,272 |
|||||||
Fractional
shares |
(89 |
) |
(89 |
) |
||||||
Exercise
of stock options |
3,000 |
(3,000 |
) | |||||||
Purchase
of Treasury Stock |
(17,000 |
) |
17,000 |
|||||||
Balance
at December 31, 2004 |
6,386,306 |
6,254,489 |
131,817 |
For
the Year Ended |
2004
|
2003 |
2002 |
||||||||||
(In
thousands, except per share amounts) |
|||||||||||||
Net
Income: |
As
Reported: |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
||||||
Pro
Forma: |
10,332 |
9,514 |
8,441 |
||||||||||
Diluted
EPS: |
As
Reported: |
$ |
1.64 |
$ |
1.53 |
$ |
1.37 |
||||||
Pro
Forma: |
1.64 |
1.52 |
1.35 |
||||||||||
Basic
EPS: |
As
Reported: |
$ |
1.66 |
$ |
1.55 |
$ |
1.38 |
||||||
Pro
Forma: |
1.65 |
1.53 |
1.37 |
For
the Year Ended |
2004
|
2003 |
2002 |
|||||||
Risk
free interest rate |
3.02 |
% |
3.10 |
% |
4.85 |
% | ||||
Expected
dividend yield |
2.75 |
% |
3.19 |
% |
3.24 |
% | ||||
Expected
volatility |
23.5 |
% |
44.4 |
% |
45.6 |
% |
December
31,
|
2004
|
2003
|
|||||||||||||||||||||||
(In
thousands) |
|||||||||||||||||||||||||
Gross
|
Gross
|
Estimated
|
Gross
|
Gross
|
Estimated
|
||||||||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
Available
for sale:
|
|||||||||||||||||||||||||
U.S.
Treasury and government |
|||||||||||||||||||||||||
agency
securities |
$
|
53,736
|
$
|
519
|
$
|
(216
|
)
|
$
|
54,039
|
$
|
52,855
|
$
|
1,479
|
$
|
(165
|
)
|
$
|
54,169
|
|||||||
State
and municipal obligations |
40,027
|
1,098
|
(81
|
)
|
41,044
|
35,495
|
1,619
|
(70
|
)
|
37,044
|
|||||||||||||||
Mortgage-backed
securities |
107,609
|
483
|
(1,133
|
)
|
106,959
|
102,463
|
1,124
|
(1,101
|
)
|
102,486
|
|||||||||||||||
Federal
Reserve Bank Stock |
36
|
-
|
-
|
36
|
36
|
-
|
-
|
36
|
|||||||||||||||||
Federal
Home Loan Bank Stock |
1,943
|
-
|
-
|
1,943
|
1,606
|
-
|
-
|
1,606
|
|||||||||||||||||
Total
available for sale |
203,351
|
2,100
|
(1,430
|
)
|
204,021
|
192,455
|
4,222
|
(1,336
|
)
|
195,341
|
|||||||||||||||
Held
to maturity: |
|||||||||||||||||||||||||
State
and municipal obligations |
21,213
|
-
|
(82
|
)
|
21,131
|
14,396
|
-
|
(17
|
)
|
14,379
|
|||||||||||||||
Total
held to maturity |
21,213
|
-
|
(82
|
)
|
21,131
|
14,396
|
-
|
(17
|
)
|
14,379
|
|||||||||||||||
Total
debt and equity securities |
$
|
224,564
|
$
|
2,100
|
$
|
(1,512
|
)
|
$
|
225,152
|
$
|
206,851
|
$
|
4,222
|
$
|
(1,353
|
)
|
$
|
209,720
|
December
31,
|
2004
|
2003
|
|||||||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||||||||
Less
than 12 months
|
Greater
than 12 months
|
Less
than 12 months
|
Greater
than 12 months
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
Fair
Value
|
Losses
|
||||||||||||||||||
U.S.
Treasury and government |
|||||||||||||||||||||||||
agency
securities |
$
|
26,832
|
$
|
216
|
$
|
-
|
$
|
-
|
$
|
17,778
|
$
|
165
|
$
|
-
|
$
|
-
|
|||||||||
State
and municipal obligations |
26,343
|
127
|
1,070
|
35
|
12,308
|
87
|
-
|
-
|
|||||||||||||||||
Mortgage-backed
securities |
35,146
|
336
|
30,816
|
798
|
55,885
|
1,101
|
-
|
-
|
|||||||||||||||||
Total
temporarily impaired securities |
$
|
88,321
|
$
|
679
|
$
|
31,886
|
$
|
833
|
$
|
85,971
|
$
|
1,353
|
$
|
-
|
$
|
-
|
December
31, 2004 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars
in thousands) |
Within |
After
One But |
After
Five But |
After |
No |
|||||||||||||||||||||||||||||||||||||||||||||||
One
Year |
Within
Five Years |
Within
Ten Years |
Ten
Years |
Maturity |
Total |
|||||||||||||||||||||||||||||||||||||||||||||||
Fair
Value
Amount |
Amortized
Cost
Amount |
Yield |
Fair
Value
Amount |
Amortized
Cost
Amount |
Yield |
Fair
Value
Amount |
Amortized
Cost
Amount |
Yield |
Fair
Value
Amount |
Amortized
Cost
Amount |
Yield |
Fair
Value
Amount |
Amortized
Cost
Amount |
Yield |
Fair
Value
Amount |
Amortized
Cost
Amount |
||||||||||||||||||||||||||||||||||||
Available
for sale: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
Treasury and |
||||||||||||||||||||||||||||||||||||||||||||||||||||
government
agency |
||||||||||||||||||||||||||||||||||||||||||||||||||||
securities |
$ |
324 |
$ |
325 |
3.89 |
% |
$ |
53,715 |
$ |
53,411 |
6.06 |
% |
$ |
- |
$ |
- |
- |
% |
$ |
- |
$ |
- |
- |
% |
$ |
- |
$ |
- |
- |
% |
$ |
54,039 |
$ |
53,736 |
||||||||||||||||||
Mortgage-backed |
||||||||||||||||||||||||||||||||||||||||||||||||||||
securities |
- |
- |
- |
- |
- |
- |
28,545 |
28,543 |
6.08 |
78,414 |
79,066 |
6.45 |
- |
- |
- |
106,959 |
107,609 |
|||||||||||||||||||||||||||||||||||
State
and municipal |
||||||||||||||||||||||||||||||||||||||||||||||||||||
obligations |
2,678 |
2,670 |
4.01 |
23,590 |
22,821 |
5.71 |
10,698 |
10,648 |
4.67 |
4,078 |
3,888 |
6.96 |
- |
- |
- |
41,044 |
40,027 |
|||||||||||||||||||||||||||||||||||
Nonmarketable
equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
securities: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal
Reserve Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
36 |
36 |
3.00 |
36 |
36 |
|||||||||||||||||||||||||||||||||||
Federal
Home Loan |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank
Stock |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,943 |
1,943 |
1.70 |
1,943 |
1,943 |
|||||||||||||||||||||||||||||||||||
Total
available for sale |
3,002 |
2,995 |
4.00 |
77,305 |
76,232 |
5.96 |
39,243 |
39,191 |
5.70 |
82,492 |
82,954 |
6.47 |
1,979 |
1,979 |
1.72 |
204,021 |
203,351 |
|||||||||||||||||||||||||||||||||||
Held
to maturity: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
State
and municipal |
||||||||||||||||||||||||||||||||||||||||||||||||||||
obligations |
21,131 |
21,213 |
2.10 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
21,131 |
21,213 |
|||||||||||||||||||||||||||||||||||
Total
held to maturity |
21,131 |
21,213 |
2.10 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
21,131 |
21,213 |
|||||||||||||||||||||||||||||||||||
Total
debt and equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
securities |
$ |
24,133 |
$ |
24,208 |
2.33 |
% |
$ |
77,305 |
$ |
76,232 |
5.96 |
% |
$ |
39,243 |
$ |
39,191 |
5.70 |
% |
$ |
82,492 |
$ |
82,954 |
6.47 |
% |
$ |
1,979 |
$ |
1,979 |
1.72 |
% |
$ |
225,152 |
$ |
224,564 |
December
31, |
2004
|
2003 |
|||||
(In
thousands) |
|||||||
Real
estate mortgage loans |
$ |
236,812 |
$ |
213,256 |
|||
Commercial,
financial, and agricultural loans |
34,342 |
33,810 |
|||||
Installment/consumer
loans |
6,685 |
6,105 |
|||||
Real
estate construction loans |
18,452 |
20,037 |
|||||
Total
loans |
296,291 |
273,208 |
|||||
Unearned
income |
(157 |
) |
(20 |
) | |||
296,134 |
273,188 |
||||||
Allowance
for loan losses |
(2,188 |
) |
(2,144 |
) | |||
Net
loans |
$ |
293,946 |
$ |
271,044 |
December
31, |
2004
|
2003 |
2002 |
|||||||
(In
thousands) |
||||||||||
Allowance
for loan losses |
||||||||||
balance
at beginning of period |
$ |
2,144 |
$ |
2,294 |
$ |
2,249 |
||||
Charge-offs: |
||||||||||
Real
estate mortgage loans |
3 |
38
|
4
|
|||||||
Commercial,
financial and agricultural loans |
302 |
163
|
212
|
|||||||
Installment/consumer
loans |
65 |
148 |
22
|
|||||||
Total
charge-offs |
370 |
349 |
238 |
|||||||
Recoveries: |
||||||||||
Real
estate mortgage loans |
23 |
13 |
8
|
|||||||
Commercial,
financial and agricultural loans |
61 |
90
|
44
|
|||||||
Installment/consumer
loans |
30 |
96
|
31
|
|||||||
Total
recoveries |
114 |
199
|
83
|
|||||||
Net
charge-offs (recoveries) |
256 |
150
|
155
|
|||||||
Provision
for loan losses |
||||||||||
charged
to operations |
300 |
-
|
220
|
|||||||
Balance
before reclass to other liabilities |
2,188 |
2,144 |
2,314 |
|||||||
Net
change in other liabilities allocated |
||||||||||
to
off balance sheet items |
- |
- |
(20 |
) | ||||||
Balance
at end of period |
$ |
2,188 |
$ |
2,144 |
$ |
2,294 |
Balance
Outstanding |
||||
(In
thousands) |
||||
Balance
at December 31, 2003 |
$ |
888 |
||
New
loans |
373 |
|||
Effective
change in related parties |
(74 |
) | ||
Advances |
41 |
|||
Repayments |
(9 |
) | ||
Balance
at December 31, 2004 |
$ |
1,220 |
Less
than $100,000 |
$100,000
or Greater |
Total |
||||||||
(In
thousands) |
||||||||||
3
months or less |
$ |
14,522 |
$ |
23,798 |
$ |
38,320 |
||||
Over
3 thru 6 months |
6,533 |
4,486 |
11,019 |
|||||||
Over
6 thru 12 months |
6,783 |
3,201 |
9,984 |
|||||||
Over
12 months |
2,881 |
1,687 |
4,568 |
|||||||
Over
24 months |
839 |
1,525 |
2,364 |
|||||||
Over
36 months |
1,123 |
609 |
1,732 |
|||||||
Over
48 months |
144 |
- |
144 |
|||||||
Over
60 months |
- |
- |
- |
|||||||
Total |
$ |
32,825 |
$ |
35,306 |
$ |
68,131 |
December
31, |
2004 |
2003 |
|||||
(In
thousands) |
|||||||
Land |
$ |
6,229 |
$ |
3,846 |
|||
Building
and improvements |
7,036 |
6,871 |
|||||
Furniture
and fixtures |
6,110 |
5,562 |
|||||
Leasehold
improvements |
1,226 |
1,226 |
|||||
20,601 |
17,505 |
||||||
Less:
accumulated |
|||||||
depreciation
and amortization |
(6,784 |
) |
(5,882 |
) | |||
$ |
13,817 |
$ |
11,623 |
Year
Ended December 31, |
2004
|
2003 |
2002 |
|||||||
(In
thousands) |
||||||||||
Current: |
||||||||||
Federal |
$ |
4,453 |
$ |
4,361 |
$ |
3,778 |
||||
State |
1,139 |
1,090 |
923 |
|||||||
5,592 |
5,451 |
4,701 |
||||||||
Deferred: |
||||||||||
Federal |
152 |
30 |
7 |
|||||||
State |
27 |
7 |
14 |
|||||||
179 |
37 |
21 |
||||||||
Total |
$ |
5,771 |
$ |
5,488 |
$ |
4,722 |
Year
Ended December 31, |
2004 |
2003 |
2002 |
||||||||||||||||
(In
thousands) |
Percentage
|
Percentage
|
Percentage
|
||||||||||||||||
of
Pre-tax |
of
Pre-tax |
of
Pre-tax |
|||||||||||||||||
Amount |
Earnings
|
Amount |
Earnings
|
Amount |
Earnings
|
||||||||||||||
|
|||||||||||||||||||
Federal
income tax expense computed by applying the statutory rate to income
before
income taxes |
$ |
5,531 |
34 |
% |
$ |
5,280 |
35 |
% |
$ |
4,502 |
34 |
% | |||||||
Tax
exempt interest |
(552 |
) |
(4 |
) |
(544 |
) |
(4 |
) |
(563 |
) |
(4 |
) | |||||||
State
taxes, net of Federal income tax benefit |
767 |
5 |
721 |
5 |
655
|
5 |
|||||||||||||
Other |
25 |
1 |
31 |
- |
128
|
1 |
|||||||||||||
Provision
for income taxes |
$ |
5,771 |
36 |
% |
$ |
5,488 |
36 |
% |
$ |
4,722 |
36 |
% |
December
31, |
2004
|
2003 |
|||||
(In
thousands) |
|||||||
Deferred
tax assets: |
|||||||
Allowance
for loan losses |
$ |
924 |
$ |
900 |
|||
Pension
expense |
- |
110
|
|||||
Total |
924 |
1,010 |
|||||
Deferred
tax liabilities: |
|||||||
Pension
expense |
(184 |
) |
- |
||||
Other |
(78 |
) |
(181 |
) | |||
Depreciation |
(57 |
) |
(45 |
) | |||
Net
deferred tax asset |
605 |
784 |
|||||
SFAS
No. 115 deferred tax liability |
(267 |
) |
(1,151 |
) | |||
Minimum
pension liability adjustment |
81 |
113 |
|||||
Net
deferred tax asset (liability) |
$ |
419 |
$ |
(254 |
) |
Pension
Benefits |
SERP
Benefits |
||||||||||||
At
December 31, |
2004 |
2003 |
2004 |
2003 |
|||||||||
(In
thousands) |
|||||||||||||
Change
in benefit obligation |
|
||||||||||||
Benefit
obligation at beginning of year |
$ |
3,382 |
$ |
2,847 |
$ |
1,041 |
$ |
936 |
|||||
Service
cost |
277 |
265 |
63 |
59 |
|||||||||
Expenses |
(35 |
) |
(27 |
) |
- |
- |
|||||||
Interest
cost |
200 |
175 |
52 |
46 |
|||||||||
Benefits
paid |
(123 |
) |
(131 |
) |
- |
- |
|||||||
Additional
prior service cost |
- |
- |
- |
- |
|||||||||
Assumption
changes and other |
75 |
253 |
322 |
- |
|||||||||
Benefit
obligation at end of year |
$ |
3,776 |
$ |
3,382 |
$ |
1,478 |
$ |
1,041 |
|||||
Change
in plan assets, at fair value |
|||||||||||||
Plan
assets at beginning of year |
$ |
2,508 |
$ |
2,166 |
-
|
-
|
|||||||
Actual
return on plan assets |
295 |
391 |
-
|
-
|
|||||||||
Employer
contribution |
1,114 |
109 |
-
|
-
|
|||||||||
Benefit
paid |
(123 |
) |
(131 |
) |
-
|
-
|
|||||||
Expenses |
(35 |
) |
(27 |
) |
-
|
-
|
|||||||
Plan
assets at end of year |
$ |
3,759 |
$ |
2,508 |
-
|
-
|
|||||||
Funded
status (plan assets less benefit obligations) |
$ |
(16 |
) |
$ |
(873 |
) |
$ |
(1,452 |
) |
$ |
(1,016 |
) | |
Unrecognized
net actuarial loss |
795 |
836 |
531 |
216 |
|||||||||
Unrecognized
prior service cost |
147 |
155 |
- |
- |
|||||||||
Unrecognized
transition asset |
(12 |
) |
(20 |
) |
426 |
454 |
|||||||
Minimum
additional pension liability |
- |
(166 |
) |
(202 |
) |
(108 |
) | ||||||
Accrued
benefit cost |
$ |
914 |
$ |
(68 |
) |
$ |
(697 |
) |
$ |
(454 |
) |
Pension
Benefits |
SERP
Benefits |
||||||||||||
At
December 31, |
2004 |
2003 |
2004 |
2003 |
|||||||||
(In
thousands) |
|||||||||||||
Prepaid
benefit cost |
$ |
914 |
$ |
98 |
$ |
- |
$ |
- |
|||||
Accrued
benefit cost |
- |
- |
(495 |
) |
(346 |
) | |||||||
Intangible
assets |
- |
(166 |
) |
(202 |
) |
(108 |
) | ||||||
Other |
- |
- |
- |
- |
|||||||||
Net
amount recognized |
$ |
914 |
$ |
(68 |
) |
$ |
(697 |
) |
$ |
(454 |
) |
Pension
Benefits |
SERP
Benefits |
||||||||||||||||||
At
December 31, |
2004 |
2003 |
2002 |
2004 |
2003 |
2002 |
|||||||||||||
(In
thousands) |
|||||||||||||||||||
Components
of net periodic benefit cost |
|||||||||||||||||||
Service
cost |
$ |
277 |
$ |
265 |
$ |
201 |
$ |
63 |
$ |
59 |
$ |
45 |
|||||||
Interest
cost |
200 |
175 |
150
|
52 |
46 |
35
|
|||||||||||||
Expected
return on plan assets |
(208 |
) |
(185 |
) |
(196 |
) |
- |
- |
-
|
||||||||||
Amortization
of net loss |
25 |
29 |
-
|
23 |
7 |
27
|
|||||||||||||
Amortization
of unrecognized prior service cost |
9 |
9 |
9 |
- |
- |
-
|
|||||||||||||
Amortization
of unrecognized transition obligation |
(8 |
) |
(8 |
) |
(9 |
) |
(28 |
) |
(28 |
) |
-
|
||||||||
Net
periodic benefit cost |
$ |
295 |
$ |
285 |
$ |
155 |
$ |
110 |
$ |
84 |
$ |
107 |
Year |
Pension
Payments |
|||
(In
thousands) |
||||
2005 |
$ |
114 |
||
2006 |
133 |
|||
2007 |
132 |
|||
2008 |
131 |
|||
2009 |
183 |
|||
2010-2014 |
893 |
Plan
Assets at September 30, |
2004 |
2003 |
|||||
(In
thousands) |
|||||||
Asset
Category: |
|||||||
Equity
Securities |
64.7 |
% |
59.7 |
% | |||
Debt
Securities |
34.9 |
34.5 |
|||||
Other |
0.4 |
5.8 |
|||||
Total |
100.0 |
% |
100.0 |
% |
Pension
Benefits |
SERP
Benefits |
||||||||||||||||||
At
December 31, |
2004 |
2003 |
2002 |
2004 |
2003 |
2002 |
|||||||||||||
Weighted
Average Assumptions Used to Determine Benefit
Obligations |
|||||||||||||||||||
Discount
Rate |
6.00 |
% |
6.00 |
% |
6.25 |
% |
4.90 |
% |
5.14 |
% |
5.14 |
% | |||||||
Rate
of Compensation Increase |
4.00 |
4.00 |
4.00 |
4.00 |
4.00 |
4.00 |
|||||||||||||
Expected
Long-term Rate of Return |
8.00 |
8.00 |
8.50 |
- |
- |
- |
|||||||||||||
Weighted
Average Assumptions Used to Determine Net Periodic Benefit Cost
(Income) |
|||||||||||||||||||
Discount
Rate |
6.00 |
% |
6.25 |
% |
6.75 |
% |
5.14 |
% |
5.14 |
% |
4.96 |
% | |||||||
Rate
of Compensation Increase |
4.00 |
4.00 |
4.00 |
4.00 |
4.00 |
4.00 |
|||||||||||||
Expected
Long-term Rate of Return |
8.00 |
8.50 |
8.50 |
- |
- |
- |
For
the Year Ended December 31, |
2004 |
2003 |
2002 |
||||||||||||||||
(In
thousands) |
|||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
|||||||||||||||||
Number |
Average
|
Number |
Average
|
Number |
Average
|
||||||||||||||
of |
Exercise
|
of |
Exercise
|
of |
Exercise
|
||||||||||||||
Options |
Price
|
Options |
Price
|
Options |
Price
|
||||||||||||||
Outstanding,
beginning of the year |
136,725 |
$ |
13.22 |
163,575 |
$ |
11.85 |
146,475 |
$ |
11.47 |
||||||||||
Granted |
14,845 |
$ |
24.00 |
26,550 |
$ |
15.47 |
25,350 |
$ |
12.53 |
||||||||||
Exercised |
(49,141 |
) |
$ |
12.54 |
(53,400 |
) |
$ |
10.11 |
(8,250 |
) |
$ |
7.39 |
|||||||
Forfeited |
- |
- |
- |
-
|
- |
-
|
|||||||||||||
Outstanding
and exercisable, end of the year |
102,429 |
$ |
15.10 |
136,725 |
$ |
13.22 |
163,575 |
$ |
11.85 |
||||||||||
Weighted
average fair value of options granted |
$ |
4.45 |
$ |
5.00 |
$ |
5.12 |
|||||||||||||
Weighted
average remaining contractual life |
6.32
years |
||||||||||||||||||
|
Number
of |
||||||||||||||||||
Range
of Exercise Prices |
Shares |
Price |
|||||||||||||||||
4,026 |
$ |
9.78 |
|||||||||||||||||
9,750 |
$ |
11.00 |
|||||||||||||||||
14,775 |
$ |
13.16 |
|||||||||||||||||
37,433 |
$ |
14.67 |
|||||||||||||||||
22,350 |
$ |
15.47 |
|||||||||||||||||
14,095 |
$ |
24.00 |
For
the Year Ended December 31, |
2004 |
2003 |
2002 |
|||||||
(In
thousands, except per share data) |
||||||||||
Net
Income |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
||||
Common
Equivalent Shares: |
||||||||||
Weighted
Average Common Shares Outstanding |
6,255 |
6,197 |
6,183 |
|||||||
Weighted
Average Common Equivalent Shares |
75 |
57 |
44 |
|||||||
Weighted
Average Common and Common Equivalent Shares |
6,330 |
6,254 |
6,227 |
|||||||
Basic
earnings per share |
$ |
1.66 |
$ |
1.55 |
$ |
1.38 |
||||
Diluted
earnings per share |
$ |
1.64 |
$ |
1.53 |
$ |
1.37 |
December
31, 2004 |
||||
(In
thousands) |
||||
2005
|
$ |
464 |
||
2006
|
467 |
|||
2007
|
344 |
|||
2008
|
213 |
|||
2009
|
197 |
|||
Thereafter |
1,273 |
|||
Total
minimum rentals |
$ |
2,958 |
December
31, |
2004
|
2003 |
|||||
(In
thousands) |
|||||||
Standby
letters of credit |
$ |
1,803 |
$ |
1,970 |
|||
Loan
commitments outstanding (1) |
6,090 |
8,798 |
|||||
Unused
equity lines |
37,233 |
33,121 |
|||||
Unused
construction lines |
10,123 |
4,138 |
|||||
Unused
lines of credit |
21,751 |
21,061 |
|||||
Unused
overdraft lines |
11,408 |
10,973 |
|||||
Total
commitments outstanding |
$ |
88,408 |
$ |
80,061 |
December
31, |
2004 |
2003 |
|||||||||||
(In
thousands) |
Carrying |
Fair
|
Carrying |
Fair
|
|||||||||
Amount |
Value
|
Amount |
Value
|
||||||||||
Financial
Assets: |
|||||||||||||
Cash
and due from banks |
$ |
8,744 |
$ |
8,744 |
$ |
12,906 |
$ |
12,906 |
|||||
Interest
bearing deposits with banks |
118 |
118 |
133 |
133 |
|||||||||
Securities
available for sale |
202,042 |
202,042 |
193,699 |
193,699 |
|||||||||
Securities
restricted |
1,979 |
1,979 |
1,642 |
1,642 |
|||||||||
Securities
held to maturity |
21,213 |
21,131 |
14,396 |
14,379 |
|||||||||
Loans |
293,946 |
294,640 |
271,044 |
271,349 |
|||||||||
Accrued
interest receivable |
2,469 |
2,469 |
2,359 |
2,359 |
|||||||||
Financial
Liabilities: |
|||||||||||||
Demand
and other deposits |
469,311 |
469,211 |
457,159 |
457,493 |
|||||||||
Overnight
borrowings |
26,700 |
26,700 |
5,900 |
5,900 |
|||||||||
Accrued
interest payable |
273 |
273 |
266 |
266 |
Bridge
Bancorp, Inc. (Consolidated) |
|||||||||||||||||||
As
of December 31, |
2004 |
||||||||||||||||||
(In
thousands) |
|
To
Be Well
Capitalized
Under
Prompt
Corrective
Action
Provisions |
|||||||||||||||||
For
Capital
Adequacy
Purposes |
|||||||||||||||||||
Actual |
|||||||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||
Total
Capital (to risk weighted assets) |
$ |
48,998 |
13.5 |
% |
$ |
28,940 |
>8.0 |
% |
$ |
36,174 |
>10.0 |
% | |||||||
Tier
1 Capital (to risk weighted assets) |
46,649 |
12.9 |
% |
14,470 |
>4.0 |
% |
21,705 |
>
6.0 |
% | ||||||||||
Tier
1 Capital (to average assets) |
46,649 |
8.3 |
% |
22,468 |
>4.0 |
% |
28,085 |
>
5.0 |
% |
As
of December 31, |
2003 |
||||||||||||||||||
(In
thousands) |
|
To
Be Well
Capitalized
Under
Prompt
Corrective
Action
Provisions |
|||||||||||||||||
For
Capital
Adequacy
Purposes |
|||||||||||||||||||
Actual |
|||||||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||
Total
Capital (to risk weighted assets) |
$ |
43,373 |
13.0 |
% |
$ |
26,708 |
>8.0 |
% |
$ |
33,386 |
>10.0 |
% | |||||||
Tier
1 Capital (to risk weighted assets) |
41,229 |
12.4 |
% |
13,354 |
>4.0 |
% |
20,031 |
>
6.0 |
% | ||||||||||
Tier
1 Capital (to average assets) |
41,229 |
7.9 |
% |
20,953 |
>4.0 |
% |
26,191 |
>
5.0 |
% |
Bridgehampton
National Bank |
|||||||||||||||||||
As
of December 31, |
2004
|
||||||||||||||||||
(In
thousands) |
|
To
Be Well
Capitalized
Under
Prompt
Corrective
Action
Provisions |
|||||||||||||||||
For
Capital
Adequacy
Purposes |
|||||||||||||||||||
Actual |
|||||||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||
Total
Capital (to risk weighted assets) |
$ |
47,773 |
13.2 |
% |
$ |
28,924 |
>8.0 |
% |
$ |
36,154 |
>10.0 |
% | |||||||
Tier
1 Capital (to risk weighted assets) |
45,585 |
12.6 |
% |
14,462 |
>4.0 |
% |
21,693 |
>
6.0 |
% | ||||||||||
Tier
1 Capital (to average assets) |
45,585 |
8.1 |
% |
22,512 |
>4.0 |
% |
28,140 |
>
5.0 |
% |
As
of December 31, |
2003 |
||||||||||||||||||
(In
thousands) |
|
To
Be Well
Capitalized
Under
Prompt
Corrective
Action
Provisions |
|||||||||||||||||
For
Capital
Adequacy
Purposes |
|||||||||||||||||||
Actual |
|||||||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||
Total
Capital (to risk weighted assets) |
$ |
42,415 |
12.7 |
% |
$ |
26,700 |
>8.0 |
% |
$ |
33,376 |
>10.0 |
% | |||||||
Tier
1 Capital (to risk weighted assets) |
40,271 |
12.1 |
% |
13,350 |
>4.0 |
% |
20,025 |
>
6.0 |
% | ||||||||||
Tier
1 Capital (to average assets) |
40,271 |
7.7 |
% |
20,971 |
>4.0 |
% |
26,214 |
>
5.0 |
% |
December
31, |
2004 |
2003 |
|||||
(In
thousands, except share data) |
|||||||
ASSETS |
|||||||
Cash
and cash equivalents |
$ |
1,024 |
$ |
684 |
|||
Dividend
receivable |
1,339 |
2,626 |
|||||
Other
assets |
201 |
99 |
|||||
Investment
in the Bank |
45,988 |
42,007 |
|||||
Total
Assets |
$ |
48,552 |
$ |
45,416 |
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|||||||
Liabilities |
|||||||
Dividends
payable |
$ |
1,313 |
$ |
2,608 |
|||
Other
liabilities |
26 |
14 |
|||||
Total
Liabilities |
1,339 |
2,622 |
|||||
Stockholders’
Equity |
49,543 |
44,703 |
|||||
Treasury
stock at cost, 131,817 and 102,002 shares at |
|||||||
December
31, 2004 and 2003, respectively |
(2,330 |
) |
(1,909 |
) | |||
Total
Stockholders’ Equity |
47,213 |
42,794 |
|||||
Total
Liabilities and Stockholders’ Equity |
$ |
48,552 |
$ |
45,416 |
Year
Ended December 31, |
2004
|
2003 |
2002 |
|||||||
(In
thousands) |
||||||||||
Dividend
income from the Bank |
$ |
5,104 |
$ |
4,893 |
$ |
3,585 |
||||
Other
operating expenses |
- |
1 |
1
|
|||||||
Income
before income taxes and equity in |
||||||||||
undistributed
earnings of the Bank |
5,104 |
4,892 |
3,584
|
|||||||
Income
tax provision |
- |
- |
-
|
|||||||
Income
before equity in undistributed |
||||||||||
earnings
of the Bank |
5,104 |
4,892 |
3,584
|
|||||||
Equity
in undistributed earnings of the Bank |
5,273 |
4,706 |
4,933
|
|||||||
Net
income |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
Year
Ended December 31, |
2004 |
2003 |
2002 |
|||||||
(In
thousands) |
||||||||||
Operating
Activities: |
||||||||||
Net
income |
$ |
10,377 |
$ |
9,598 |
$ |
8,517 |
||||
Adjustments
to reconcile net income to net cash provided by operating
activities: |
||||||||||
Equity
in undistributed earnings of the Bank |
(5,273 |
) |
(4,706 |
) |
(4,933 |
) | ||||
Income
tax benefit from exercise of employee stock options |
7 |
38 |
-
|
|||||||
Decrease
(increase) in other assets |
1,432 |
(2,043 |
) |
- |
||||||
Increase
(decrease) in other liabilities |
(5 |
) |
166 |
(38 |
) | |||||
Net
cash provided by operating activities |
6,538 |
3,053 |
3,546 |
|||||||
Cash
flows used by financing activities: |
||||||||||
Net
proceeds from issuance of common stock upon exercise of stock
options |
203 |
440 |
122
|
|||||||
Payment
for the purchase of treasury stock |
(611 |
) |
- |
(1,067 |
) | |||||
Dividends
paid |
(5,790 |
) |
(2,943 |
) |
(2,480 |
) | ||||
Net
cash used by financing activities |
(6,198 |
) |
(2,503 |
) |
(3,425 |
) | ||||
Net
increase in cash and cash equivalents |
340 |
550 |
121 |
|||||||
Cash
and cash equivalents at beginning of year |
684 |
134 |
13
|
|||||||
Cash
and cash equivalents at end of year |
$ |
1,024 |
$ |
684 |
$ |
134 |
2004
Quarter Ended, |
March
31, |
June
30, |
September
30, |
December
31, |
|||||||||
(In
thousands, except per share amounts) |
|||||||||||||
Interest
income |
$ |
6,443 |
$ |
6,651 |
$ |
6,955 |
$ |
6,874 |
|||||
Interest
expense |
539 |
563 |
600 |
649 |
|||||||||
Net
interest income |
5,904 |
6,088 |
6,355 |
6,225 |
|||||||||
Provision
for loan losses |
- |
50 |
100 |
150 |
|||||||||
Net
interest income after provision for loan losses |
5,904 |
6,038 |
6,255 |
6,075 |
|||||||||
Other
income |
1,591 |
1,215 |
1,284 |
1,350 |
|||||||||
Other
expenses |
3,403 |
3,296 |
3,383 |
3,482 |
|||||||||
Income
before income taxes |
4,092 |
3,957 |
4,156 |
3,943 |
|||||||||
Provision
for income taxes |
1,467 |
1,415 |
1,493 |
1,396 |
|||||||||
Net
income |
$ |
2,625 |
$ |
2,542 |
$ |
2,663 |
$ |
2,547 |
|||||
Basic
earnings per share |
$ |
0.42 |
$ |
0.41 |
$ |
0.43 |
$ |
0.41 |
|||||
Diluted
earnings per share |
$ |
0.41 |
$ |
0.40 |
$ |
0.42 |
$ |
0.41 |
2003
Quarter Ended, |
March
31, |
June
30, |
September
30, |
December
31, |
|||||||||
(In
thousands, except per share amounts) |
|||||||||||||
Interest
income |
$ |
6,568 |
$ |
6,222 |
$ |
6,488 |
$ |
6,690 |
|||||
Interest
expense |
769 |
715 |
560 |
557 |
|||||||||
Net
interest income |
5,799 |
5,507 |
5,928 |
6,133 |
|||||||||
Provision
for loan losses |
- |
- |
- |
- |
|||||||||
Net
interest income after provision for loan losses |
5,799 |
5,507 |
5,928 |
6,133 |
|||||||||
Other
income
(1) |
1,482 |
1,537 |
1,085 |
612 |
|||||||||
Other
expenses |
3,289 |
3,147 |
3,299 |
3,262 |
|||||||||
Income
before income taxes |
3,992 |
3,897 |
3,714 |
3,483 |
|||||||||
Provision
for income taxes |
1,454 |
1,422 |
1,356 |
1,256 |
|||||||||
Net
income |
$ |
2,538 |
$ |
2,475 |
$ |
2,358 |
$ |
2,227 |
|||||
Basic
earnings per share |
$ |
0.42 |
$ |
0.40 |
$ |
0.38 |
$ |
0.35 |
|||||
Diluted
earnings per share |
$ |
0.41 |
$ |
0.40 |
$ |
0.37 |
$ |
0.35 |
(1) |
During
the fourth quarter of 2003, the Company had net realized losses of
$374,000 on sales of available for sale securities. |
Amounts
have been restated for a three-for-two stock split, in the form of a stock
dividend, effective July 9, 2004. |
/s/
Crowe Chizek and Company LLC | |
Crowe
Chizek and Company LLC |
/s/
Crowe Chizek and Company LLC | |
Crowe
Chizek and Company LLC |
BRIDGE
BANCORP, INC. | |
Registrant | |
April
28, 2005 |
/s/
Thomas J. Tobin |
Thomas
J. Tobin | |
President
and Chief Executive Officer | |
April
28, 2005 |
/s/
Janet T. Verneuille |
Janet
T. Verneuille, | |
Senior
Vice President, Chief Financial Officer | |
and
Treasurer | |
Exhibit
Number |
Description
of Exhibit |
Exhibit |
Consent
of Independent Registered Public Accounting Firm |
||
Certification
of Principal Executive Officer pursuant to Rule 13a-14(a) |
||
Certification
of Principal Financial Officer pursuant to Rule 13a-14(a) |