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Sep 30, 2020
Dime Q3 2020 Earnings Report
Reported strong third quarter results driven by solid balance sheet and business model, with diluted earnings per common share of $0.66 (as reported) and $0.77 (as adjusted).
Key Takeaways
Bridge Bancorp reported a net income of $13.1 million, or $0.66 per diluted share, for the third quarter of 2020. Excluding merger-related expenses, the adjusted net income was $15.4 million, or $0.77 per diluted share. Total assets grew to $6.3 billion, and deposits increased by $288.7 million.
Net income for the 2020 third quarter of $13.1 million, or $0.66 per diluted share, inclusive of pre-tax merger expenses of $2.4 million, or $0.11 per diluted share after tax.
Excluding merger expenses, adjusted net income was $15.4 million, or $0.77 per diluted share.
Adjusted pre-tax pre-provision net revenue was $20.9 million for the 2020 third quarter, flat compared to the linked quarter, and a $2.2 million, or 12%, increase year-over-year.
Total assets increased to $6.3 billion at September 30, 2020, 3% higher than June 30, 2020.
Dime
Dime
Forward Guidance
The effects of the pandemic, and the economic and fiscal response continue to weigh on our net interest margin. The PPP forgiveness process has just started, and we are helping our customers navigate the SBA procedures. As of September 30, 2020, all PPP loans were still outstanding. Additionally, customers continue to conserve their liquidity as evidenced by the continued growth in deposits.