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Mar 31, 2020
Dime Q1 2020 Earnings Report
Bridge Bancorp's first quarter results were announced, showing a decrease in net income due to higher provision for credit losses and non-interest expense, despite an increase in net interest income.
Key Takeaways
Bridge Bancorp reported a net income of $9.3 million, or $0.47 per diluted share, for the first quarter of 2020. This represents a decrease compared to the first quarter of 2019, primarily driven by increased provision for credit losses and non-interest expense, which was partially offset by higher net interest income. The company's performance was impacted by the economic effects of the COVID-19 pandemic.
Net income for the first quarter of 2020 was $9.3 million, or $0.47 per diluted share.
Net interest income for the first quarter of 2020 increased to $36.7 million, with a tax-equivalent net interest margin of 3.26%.
Total assets reached $5.1 billion as of March 31, 2020, an 8% increase compared to March 31, 2019.
Loan growth amounted to $371 million, or 11%, compared to March 31, 2019.
Dime
Dime
Forward Guidance
The Company estimates it will record income tax at an effective tax rate of approximately 22.5% for the remainder of 2020.