Bridge Bank Announces its First Quarterly Profit
On February 6, 2003, Bridge Bank reported net income of $23,000 for the three months ended December 31, 2002. The fourth quarter result was the Bank's first profitable quarter and represented improvement of $1.0 million, or 102%, compared to a net loss of $977,000 in the same period one year ago and a net loss of $485,000 for the three months ended September 30, 2002.
"This performance compares favorably in any economic environment and we are particularly pleased given the difficult economic conditions of the past eighteen months," said Daniel P. Myers, President and Chief Executive Officer of Bridge Bank.
On February 6, 2003, Bridge Bank also released financial results for fourth quarter ended December 31, 2002 reporting total assets of $181.2 million, compared to $96.2 million for the same date one year earlier. The increase in total assets represented growth of $85.0 million, or 88%, compared to December 31, 2001.
The Bank's total deposits were $153.4 million as of December 31, 2002, compared to total deposits of $80.1 million at December 31, 2001. The increase in deposits represented growth of $73.3 million, or 92%, compared to December 31, 2001.
The Bank reported total loans outstanding at December 31, 2002 of $128.7 million, which represented an increase of 254% over $36.3 million for the same date last year.
To read the full Bridge Bank Press Release about this announcement, click here.
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