PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2018

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

19. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Bridge Bancorp, Inc. (Parent Company only) follows:

Condensed Balance Sheets

	December 31,
(In thousands)	2018		2017
Assets:
Cash and cash equivalents	$	1,537	$	7,858
Other assets		103		210
Investment in the Bank		532,105		500,896
Total assets	$	533,745	$	508,964
Liabilities and stockholders’ equity:
Subordinated debentures	$	78,781	$	78,641
Other liabilities		1,134		1,123
Total liabilities		79,915		79,764
Total stockholders’ equity		453,830		429,200
Total liabilities and stockholders’ equity	$	533,745	$	508,964

Condensed Statements of Income

	Year Ended December 31,
(In thousands)	2018		2017		2016
Dividends from the Bank	$	15,000	$	—	$	14,800
Interest expense		4,539		4,588		5,903
Non-interest expense		135		147		260
Income (loss) before income taxes and equity in undistributed earnings of the Bank		10,326		(4,735)		8,637
Income tax benefit		(1,005)		(1,774)		(2,126)
Income (loss) before equity in undistributed earnings of the Bank		11,331		(2,961)		10,763
Equity in undistributed earnings of the Bank		27,896		23,500		24,728
Net income	$	39,227	$	20,539	$	35,491

Condensed Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2018		2017		2016
Cash flows from operating activities:
Net income	$	39,227	$	20,539	$	35,491
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of the Bank		(27,896)		(23,500)		(24,728)
Amortization		140		139		152
Decrease (increase) in other assets		108		18		(212)
Increase (decrease) in other liabilities		11		(398)		351
Net cash provided by (used in) operating activities		11,590		(3,202)		11,054
Cash flows from investing activities:
Investment in the Bank		—		—		(39,500)
Net cash used in investing activities		—		—		(39,500)
Cash flows from financing activities:
Repayment of junior subordinated debentures		—		(352)		—
Net proceeds from issuance of common stock		1,017		951		48,442
Net proceeds from exercise of stock options		—		—		62
Repurchase of surrendered stock from vesting of restricted stock awards		(586)		(350)		(344)
Cash dividends paid		(18,342)		(18,238)		(16,140)
Net cash (used in) provided by financing activities		(17,911)		(17,989)		32,020
Net (decrease) increase in cash and cash equivalents		(6,321)		(21,191)		3,574
Cash and cash equivalents at beginning of year		7,858		29,049		25,475
Cash and cash equivalents at end of year	$	1,537	$	7,858	$	29,049